The Week in Short World

Samsung to Invest $300 Billion in Construction of South Korean Chip Center

SAMSUNG ELECTRONICS will invest 300 trillion won ($227 billion) over the next 20 years to build five new chip plants in South Korea as part of the government’s goal to establish “the world’s largest” chip center by 2042.

The plans were announced by the South Korean Ministry of Trade, Industry, and Energy. The ministry said the chip center would be established in Gyeonggi Province and attract 150 materials, components, and fabless companies (which include design and sales but outsource manufacturing).

Russian Jet’s Collision With US Drone Part of ‘Pattern of Aggressive’ Actions: Austin

U.S. SECRETARY OF DEFENSE Lloyd Austin called Russia’s aggression toward a U.S. drone “reckless,” in a meeting with the Ukraine Defense Contact Group.

Austin told the group that two Russian aircraft engaged in “dangerous, reckless, and unprofessional practices” over the Black Sea on March 14 when they dumped fuel on an unmanned U.S. MQ-9 aircraft that was conducting routine operations in international airspace.

One jet also “intercepted and hit our MQ-9 aircraft, resulting in a crash,” in what he called a “hazardous episode” that “is part of a pattern of aggressive, risky, and unsafe actions by Russian pilots in international airspace.”

He said that attacks on U.S. aircraft wouldn’t deter American forces. “So make no mistake: The United States will continue to fly and to operate wherever international law allows,” he said.

Argentina’s Inflation Tops 100 Percent in February

ARGENTINA’S ANNUAL INFLATION has exceeded 100 percent for the first time in three decades, with the country’s citizens finding it difficult to make ends meet.

Twelve-month inflation for February came in at 102.5 percent, according to data from the country’s statistics agency. That essentially means that the price of goods has more than doubled in the past year, and it’s the first time since a period of hyperinflation in 1991 that Argentina’s annual inflation has hit triple figures. On a monthly basis, inflation rose by 6.6 percent from January. Year-to-date inflation was 13.1 percent.

Malawi, Mozambique Race to Rescue Survivors After Cyclone

MALAWI AND MOZAMBIQUE have reported almost 380 deaths from Tropical Cyclone Freddy, one of the most powerful and longest-lasting cyclones ever recorded in the Southern Hemisphere.

Freddy tore through southern Africa for the second time over the weekend of March 11, after first making landfall in late February.

It caused mass devastation in several regions, including Malawi’s second-largest city, Blantyre, before dissipating midweek. Some 200 remained missing in the country as Malawian President Lazarus Chakwera declared a 14-day national mourning period on March 16.

In neighboring Mozambique, at least 53 have been killed, with 50,000 more still displaced.