Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. says firms may meet chip data request amid Taiwan, S.Korea concerns

Stock MarketsOct 23, 2021 01:16
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. Visitors are seen at the Intel booth during the China Digital Entertainment Expo and Conference, also known as ChinaJoy, in Shanghai, China July 30, 2021. REUTERS/Aly Song 2/2

LONDON (Reuters) -The U.S. Commerce Department said on Thursday companies such as Intel (NASDAQ:INTC) and Infineon had signaled they would cooperate with a voluntary request for data on the chips crisis, but may make it compulsory depending on the number and quality of responses.

The White House made the request to automakers, chip companies and others last month, saying the information would boost supply-chain transparency and help understand where bottlenecks exist. The deadline for firms to respond is Nov. 8.

"Companies including Intel, GM, Infineon, and SK Hynix, have indicated that they plan to be very forthcoming with their data. We are very appreciative of their efforts and encourage other companies to follow suit," a Commerce spokesperson told Reuters.

"The (request for information) is voluntary, but this information is crucial to addressing concerns about transparency in the supply chain. Whether or not we have to use compulsory measures depends on how many companies engage and the quality of the data shared."

The request has caused concern in Taiwan that companies such as Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world's largest contract chipmaker and a major Apple Inc (NASDAQ:AAPL) supplier, would have to hand over sensitive data. TSMC said earlier this month it would not leak any sensitive company information.

TSMC said in a statement to Reuters it is preparing and will respond to the U.S. request for information.

"TSMC has been actively supporting and working with all stakeholders to overcome the global semiconductor supply challenge," it said.

"Looking forward, to increase the demand visibility in this complex supply chain should be the path to avoid such shortages from happening in the future. We have been a strong partner in this effort and will continue taking actions to address this challenge."

A GM spokesperson confirmed the Commerce Department statement, saying the company "will submit data within the requested timeframe," while Infineon declined to comment on "ongoing communications with governments." Intel and SK Hynix did not immediately respond to requests for comment.

South Korea's trade ministry has also expressed concern over the request.

"The scope of the requested data is vast and a number of operational secrets are included, which is a big concern in South Korea," it said in an Oct. 6 statement.

However, South Korea's trade minister, Moon Sung-wook, told a parliamentary committee on Thursday that companies were preparing to review and submit data that can be provided without violating contractual confidentiality provisions or domestic laws.

Automakers, including GM, Toyota Motor Corp and Renault (PA:RENA), have slashed output and sales forecasts due to scarce chip supplies, made worse by a COVID-19 resurgence in key Asian semiconductor production hubs.

U.S. says firms may meet chip data request amid Taiwan, S.Korea concerns
 

Related Articles

Kroger Earnings, Revenue Beat in Q3
Kroger Earnings, Revenue Beat in Q3 By Investing.com - Dec 03, 2021

Investing.com - Kroger (NYSE:KR) reported on Thursday third quarter earnings that beat analysts' forecasts and revenue that topped expectations. Kroger announced earnings per...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email