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Tag: executives

  • South Korean Companies Have Been Playing Fast And Loose With Visas, Won't Hire American Workers For US Factory Construction

    South Korean Companies Have Been Playing Fast And Loose With Visas, Won't Hire American Workers For US Factory Construction

    Late last week, 475 workers at a Hyundai / LG battery plant being built in Ellabell, Georgia – mostly Korean nationals – were arrested by US Immigration and Customs (ICE) in a massive raid. The factory was previously touted by former President Joe Biden as a ‘win for manufacturing jobs in the United States,’ which obviously didn’t mean American jobs.

    A raid at a Hyundai facility in Georgia on Thursday (faces blurred by source).ATF Atlanta via X

    Now we learn that South Korean companies have been using sloppy visa practices for workers sent to the US to build advanced manufacturing sites, according to FT, citing Seoul-based executives and industry groups. 

    Within the industry, it’s an “open secret” that Korean conglomerates used the B-1 visa, which allows entry into the United States for business purposes – but does not allow the holder to work for payment. The companies are also abusing the Electronic System for Travel Authorization (ESTA) which allows for short-term business visits.

    “The business community, the Korean government and diplomats have been well aware of this problem all along,” one industry exec told the Times. “We are very worried that ICE can target other Korean facilities too because they have been following the same practices and have similar problems.”

    According to a South Korean official, the companies are an “impossible position,” after successive US governments pushed them to invest billions of dollars to revive American industry while refusing to facilitate short-term working visas for the projects to be completed on time.

    “The US government is two-faced,” said Chang Sang-sik, head of research at the Korea International Trade Association. “It is asking Korea to invest more in the US, while treating Korean workers like criminals even when it is well aware that they are needed for these projects to happen.”

    Or, they could hire Americans?

    Of note, South Korea has a free trade agreement with the United States dating back to 2012, however it has no country-specific scheme for working visits – unlike FTA countries such as Canada, Australia and Singapore. The official said Seoul has repeatedly brought up the issue over the past two decades, however various US administrations have told them to pound sand – as the scheme would have to be endorsed by Congress. 

    The issue grew in salience during the presidency of Joe Biden, when South Korean companies attracted by generous federal subsidies from the administration’s flagship Inflation Reduction Act, as well as additional state and county-level inducements, pledged tens of billions of dollars to build factories producing chips, batteries and electric vehicles. -FT

    According to Jonathan Cleave, managing director for Korea at Intralink – which provides support for foreign investment projects in the United States, the Biden admin actually told them to “Hire American,” however in practice, the American authorities – “and Georgia in particular,” had “turned a blind eye” to Korea’s shoddy documentation, often for short-term “bursts” of construction activity – which was “part of an understanding that the practice was necessary for projects to be completed on time.”

    Workers at the electric vehicle plant in Ellabell, Georgia, are escorted from the site © Corey Bullard/U.S. Immigration and Customs Enforcement/AP

    An executive from one of the companies building the raided battery plant in Ellabell told the Times: “We need to send our workers to install new equipment and supervise the project. We can hire US workers once the plant is built, but if the US wants us to hire American workers, our plant should be allowed to be built quickly.”

    On Sunday, President Trump wrote on Truth Social that foreign companies investing in the US need to ““LEGALLY bring your very smart people, with great technical talent, to build World Class products,” adding “But we do have to work something out where we bring in experts so that our people can be trained so that they can do it themselves.” 

    Yet, according to Chang, “training US workers won’t solve the problem” since Korean companies would still be wary of sharing sensitive technologies with their American workforce. “In the case of chip plants, Korean technicians need to review the adoption of new technologies, repair facilities and make sure that their high-tech facilities are run stably.”

    Cleave, meanwhile, says that it’s difficult to find reliable construction workers in the US. 

    “They need to build a factory very, very quickly, and it’s very difficult to do that with extreme labour shortages in the US where people are willing to jump ship every time someone opens another factory down the road,” he said. “The Koreans don’t need a workforce that’s loyal to the grave, but they want people who will come in and finish a project.“

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  • Intel and TSMC Plan Chipmaking JV in America First Era

    Intel and TSMC Plan Chipmaking JV in America First Era

    Intel & TSMC Could Be the New Dynamic Duo of Chipmaking

    Companies take turns buying a slice of the future? Intel’s shares jumped 5% as rumors about a new joint venture between the American giant and Taiwan’s TSMC continued to spread like maple syrup on pancakes.

    The Deal in a Nutshell

    • TSMC: Owns 20% of the venture, bringing its killer manufacturing know‑how and a curriculum of hands‑on training for Intel folks.
    • Intel + US rivals: Keep the majority stake. Should tap into some of Intel’s already‑running fabs.
    • Funding mystery: Capital for the rest is still under discussion. No final agreement yet.

    Why This Matters

    Venture is a fortified pushback for the Trump‑era “America First” rally, hoping to revive a tech sector that has been on the slow‑moving side of the lane for years.

    Some Intel execs fear mass layoffs if the venture cannibalizes their own chip‑making prowess. Others see it as a logic plug‑in that might even help the U.S. step away from overseas bottlenecks.

    When the Trump Administration Rears Its Leg

    High‑level contacts from the White House and Commerce Department have urged both companies to sign on. They see it not only as a chance to move Intel out of its slowdown trap but also as a means to strengthen TSMC’s bargaining power—especially after new tariffs on non‑chip goods hit the island.

    Outliers: Other Players on the Horizon

    Rumors tracking back to the last few weeks suggest that TSMC might also be looking to partner with Nvidia, AMD, and Broadcom to run Intel foundries—an offer that’s stirring more heat than a fresh batch of microchips.

    Market Reaction

    On the trading floor, Intel stocks hovered near a $20 price floor, then leapt about 16% year‑to‑date thanks to speculation about the joint venture, with the latest spike right before the market closed.

    In short, it looks like Intel and TSMC may team up to reshape chipmaking, but the final playbook remains unwritten—so stay tuned, and keep your eyes on the price charts.

    Will Intel Shares Take Off in Trump’s America‑First Era?

    Why the buzz is even louder now

    Once a quiet giant buried deep in the silicon veins of America, Intel’s fortunes have been quietly tied to policy, politics and, of course, the ever‑volatile stock market. With the new “America‑First” administration, investors are itching to see whether that chip giant can finally get a dash of the attention it deserves.

    Three key angles investors are drooling over

    • Trade Beltway Bans?
      Trump’s tariff playbook was once a headline nudge, but for a company that does a ton of business overseas, it’s a headline cue for huge cost adjustments. Will Intel’s supply chain face a price war, or will they re‑engineer their fabs to stay in American soil?
    • Patriotic Patents?
      With a new focus on bringing manufacturing back home, Intel’s heavy‑handed stake in domestic fabs could grow. But can the company keep up the pace while still feeding the hype‑fed demand for high‑speed chips?
    • Smart‑Tech Superiority?
      In a world where every gadget claims to be “the next big thing,” Intel’s bend‑to‑future chips—AI, autonomous vehicles, the Internet‑of‑Things—might become the ticket to staying on the front curtain.

    What the numbers say (and don’t)

    Stock charts have shown a mix of scramble and steadiness: on the back of a sales surge, Intel’s shares have hovered above the green line—but they’ve also faced jitters. An analysis of fiscal quarters suggests a volatility that can either be a barometer or a blast zone, depending on how the synergy with Trump’s policies actually pans out.

    Bottom line: look for a bullish signal (or a sideways shuffle)

    It’s like buying a late‑night snack: you’re hoping it satisfies a craving, but you’re also ready for surprises. If the “America‑First” policies see Intel’s plants sprouting more arced, chip-focused skyscrapers in the U.S., the company could gain a spicy upgrade. If not, the market might just keep it in a steady, curi­ous state of “meh.”