Germany refusing Intel’s additional demand for subsidies for chip plant: Report

Germany’s Finance Minister Christian Lindner is refusing Intel’s demands for higher subsidies for a 17-billion-euro ($18-billion) chip plant, saying the country could not afford it, the Financial Times reported on Sunday.

“There is no more money available in the budget,” the newspaper quoted Lindner as saying in an interview. “We are trying to consolidate the budget right now, not expand it.”

The company was due to receive 6.8 billion euros in government support for its fabrication plant in Germany. However, due to higher energy and construction costs, it is now demanding about 10 billion euros, the newspaper reported.