Manufacturing GlobalFoundries and IBM settle rival lawsuits By Reuters January 3, 2025, 1:32 PM Reuters/Edgar Su A view of the clean room in GlobalFoundries' fabrication plant in Singapore: the company and IBM intend to 'explore new opportunities' Mubadala-owned chipmaker Joint statement with computer giant Terms of deal confidential GlobalFoundries, the chipmaker majority owned by Abu Dhabi’s sovereign wealth fund, Mubadala, and IBM said on Thursday they had settled their duelling lawsuits. GlobalFoundries was accused of breaching a contract with IBM, and the computer company was alleged to have misused the chipmaker’s trade secrets. The companies said in a joint statement that the terms of the settlement were confidential and would allow them to “explore new opportunities for collaboration.” Mubadala-backed GlobalFoundries buys new semiconductor tech Mubadala trims stake in US chipmaker GlobalFoundries Mubadala-backed chipmaker reports 29% drop in profit GlobalFoundries, which has its headquarters in Malta, New York, bought IBM’s semiconductor plants in 2015. IBM sued the company in New York state court in 2021 for allegedly breaking a $1.5 billion contract to make high-performance chips for IBM. GlobalFoundries, which was privately owned by Mubadala until an IPO in 2021, separately sued IBM in New York federal court in 2023 for allegedly misappropriating its chipmaking trade secrets and sharing them with Intel and the Japanese consortium Rapidus during partnerships with the two companies. An Intel spokesperson declined to comment on the settlement. Spokespeople for Rapidus did not immediately respond to a request for comment. The US Commerce Department awarded GlobalFoundries a $1.5 billion subsidy in November to expand its semiconductor production in New York and Vermont.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 4 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 5 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 5 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 6 hours ago
