November 18, 2020 - Biz in 60

US Senate blocks Trump's Fed nominee Judy Shelton The US Senate has blocked the nomination of Judy Shelton to serve on the Federal Reserve's Board of Governors. Shelton was nominated by President Donald Trump 16 months ago, but her confirmation has been delayed by lawmakers' scepticism over her views. Republican Senate majority leader, Mitch McConnell says he's taken steps that will allow the nomination to be reconsidered. Samsung takes on chipmaker TSMC with $116B investment Samsung is speeding up its plans to invest 116 billion dollars into its next-generation chip business to take on industry leader T-S-M-C. According to Bloomberg, the South Korean tech giant is on course to mass-produce 3 nanometer chips in 2022. If it succeeds, that would boost Samsung's efforts to become the chip supplier of companies like Apple and Advanced Micro Devices. Ethiopia freezes assets of 34 firms for 'financing violence' Ethiopia has frozen the assets of dozens of companies linked to a conglomerate run by the ruling party of the dissident Tigray region. Authorities say 34 subsidies of the Endowment Fund for the Rehabilitation of Tigray will not be able to access their bank accounts. The companies have been accused of financing ethnic violence across the country.