Here are your FOX Business Flash top headlines for March 2.
The CEO of one of the world’s largest tech manufacturers, which has a long history of business with the Chinese market and has previously cooperated with the Chinese Communist Party, was invited by first lady Jill Biden to attend President Biden’s first State of the Union address on Tuesday.
The White House touted Intel CEO Patrick Gelsinger as one of the first lady’s guests in a press release hours before the State of the Union address.
“Gelsinger serves as the CEO of Intel, where he spent the first 30 years of his career and served as Intel’s first Chief Technology Officer,” the White House wrote. “He is a member of the National Security Telecommunications Advisory Committee. On January 21, 2022, Gelsinger announced one of the largest investments in a semiconductor manufacturing facility in recent U.S. history.”
BIDEN ANNOUNCES NEW COVID-19 INITIATIVE AT STATE OF THE UNION ADDRESS
Pat Gelsinger , CEO, VMware, and Ross Mason (not pictured), founder, MuleSoft debate on “The future of technology: Will everybody benefit?” during the third day of Web Summit in Altice Arena on Nov. 8, 2017 in Lisbon, Portugal. (Getty Images)
Intel, a semiconductor manufacturer with a gargantuan share of the world market, attributes approximately 26% of its revenue to business in China. And with such a lucrative arrangement, Intel has gone above and beyond to please the Chinese Communist Party, which has a history of punishing Western corporations for criticizing or opposing the regime.
After the U.S. banned many Chinese imports due to concerns of slave labor and unethical production chains, Intel sent a letter to its suppliers. The company requested that its suppliers source materials outside the Xinjiang region, where reports have shown Uyghur Muslims have been suffering an ongoing ethnic cleansing. Uyghurs have been forced into slave labor at Chinese factories, in addition to demeaning and often violent persecution by Chinese authorities. Forced abortions on Uyghur women have been documented, as well as sterilization.
Intel Corp. is close to a deal to buy Israeli chip company Tower Semiconductor Ltd. for nearly $6 billion, according to people familiar with the matter, bolstering a plan to make more chips for other companies. Pictured: Intel Chief .Executive Pat Ge (Photographer: Patrick T. Fallon/Bloomberg via Getty Images / Getty Images)
However, Intel’s intent to move its supply chain out of the region was met with a sharp response from Beijing and Chinese social media users. The backlash inspired Intel to apologize for attempting to side-step the Xijiang region.
“We apologize for the trouble caused to our respected Chinese customers, partners, and the public,” Intel’s letter said. “To clarify, the paragraph about Xinjiang in the letter is only for expressing the original intention of compliance and legality, not for its intention or position.”
Intel was also a major corporate sponsor of the 2022 Beijing Olympics. The sporting event drew international scrutiny as companies such as Coca-Cola and Visa spent millions on promoting the games inside a country still committing genocide.
Ahead of the Olympics, Fox News Digital reached out to the 13 TOP (The Olympics Partners) sponsors for comment. Intel declined to comment.
President-elect Joe Biden and Jill Biden arrive at Biden’s inauguration on the West Front of the U.S. Capitol on Wednesday, Jan. 20, 2021 in Washington. (Win McNamee/Pool Photo via AP)
CLICK HERE TO GET THE FOX NEWS APP
During the State of the Union address, Biden called for Congress to pass the Bipartisan Innovation Act and said it would be critical for American manufacturing. Biden said, “Some of the most sophisticated manufacturing in the world to make computer chips the size of a fingertip that power the world and everyday lives” is in Ohio, referencing Intel, and said that Gelsinger told him “they are ready to increase their investment from $20 billion to $100 billion.”
“That would be the biggest investment in manufacturing in American history,” Biden said. “And all they’re waiting for is for you to pass this bill. So let’s not wait any longer. Send it to my desk. I’ll sign it. And we will really take off in a big way. And folks, Intel is not alone.”
The White House didn’t immediately respond to Fox News Digital’s request for comment.
