Taylor Rains/Insider

• Marina Bay Sands resort opened in 2010 and is one of the most recognizable hotels in Singapore.
• The property features over 2,200 rooms, celebrity chef restaurants, and the famous rooftop infinity pool.
• Rooms start at $600 in 2023, with the most expensive being the chairman suite for $17,000 per night.

Marina Bay Sands is only 13 years old but has grown to become one of the most popular and recognizable attractions in Singapore.

Rebecca Harrington/Insider

Overlooking the country’s picturesque Supertree Grove, the massive, three-tower hotel is home to over 2,200 guest rooms, delicious food, and endless shopping.A view of Marina Bay Sands from the canopy walk between the Skytrees.

Taylor Rains/Insider

On my recent trip to Singapore, I toured the resort to see everything it has to offer — take a look.Marina Bay Sands Resort in Singapore.

Taylor Rains/Insider

MBS opened in 2010 and is owned by Las Vegas Sands — a company famous for its “integrated resorts” that feature all-in-one hotels with rooms, dining, shopping, meeting space, and gambling.The Venetian casino resort in Macau, which is owned by Las Vegas Sands.

Kin Cheung, File/AP Photo

Singapore’s resort is probably the company’s most spectacular, having been designed by famed architect Moshe Safdie.MBS has seasonal decorations, like the bunny statue for the Chinese New Year.

Taylor Rains/Insider

It consists of three towers, all of which are connected by a long walkway of restaurants, shops, and decor. The resort’s assistant director of communications, Dawn Wang, explained the buildings are sloped, with Tower 1 being the widest and Towers 2 and 3 being more narrow.A view of the sloping buildings viewed from the inside of the resort.

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The design is intended to mimic two playing cards leaning against each other to create a house of cards, which was Safdie’s inspiration for the building.You can see the “playing cards” from this view of the building.

Shutterstock/F11 Photo

Source: Marina Bay Sands

I enjoyed the unique design, which also featured huge windows and impressive plants and trees — all of which are real, according to Wang.A view of the slopes tower.

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She also said the building is focused on sustainability, pointing out that the ceiling design creates natural light and the rooftop features a large solar panel system.The natural light coming in from all angles.

Taylor Rains/Insider

While there are several entry points to MBS, stopping at tower 1 is the most efficient for check-in as this is where the main lobby is.

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Here, guests can get their room key from the front desk…

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…or talk to the concierge.

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When heading to the rooms, there are several sets of elevators, which are being upgraded with a new elegant interior, Wang explained.

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We got out on floor 10, and it was cool looking down at all the plants and decor below.There are three room “collections” at MBS, including original, luxe, and signature.

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On my tour, I was not able to see any of the rooms because they are being renovated as part of the resort’s $1 billion upgrade project announced in early 2022.The resort’s current two-bedroom accommodations.

Marina Bay Sands

Guests will find all of the rooms and suites in Towers 1 and 2 redesigned by the end of this year, according to MBS.The current bathroom in the chairman suite.

Marina Bay Sands

Source: Marina Bay Sands

However, some original rooms will still remain, featuring luxuries like a large TV, plenty of storage, city or garden views, and floor-to-ceiling windows.The resort’s current deluxe king garden view room. This is part of the “original collection.”

Marina Bay Sands

Source: Marina Bay Sands

Currently, a stay in a mid-tier “luxe collection” room costs $1,360 per night in March or about $3,230 for a full weekend.The current Sands Suite living room at MBS, which is part of the “luxe collection.”

Marina Bay Sands

Source: Marina Bay Sands

The most expensive accommodation — the four-bedroom chairman suite — goes for $17,000, before any potential renovations.The current Chairman Suite living room, which is part of the “signature collection.”

Marina Bay Sands

The resort’s huge investment is on top of the multi-billion hotel expansion announced in 2019, which will see the addition of a fourth tower and a large entertainment arena.The current theater at MBS.

Marina Bay Sands

Source: Marina Bay Sands

Considering Marina Bay has attracted celebrities like Katy Perry and David Beckham, the arena is expected to host a wide variety of VIPs and top artists.Katy Perry held a press conference in the infinity pool of MBS in 2010 after its opening.

Jason Kempin/Getty Images

Source: Marina Bay Sands

While the upgrades are all expected to be complete by 2026, the hotel already has plenty to offer. Starting on the ground floor, there are myriad shops for guests to enjoy….

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…bars and lounges, like the 24-hour Renku Club…

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Source: Marina Bay Sands

…and fine-dining restaurants, like Blossom and Rise. In total, the MBS property houses over 60 eateries, many of which are by celebrity chefs, like Gordon Ramsay’s Bread Street Kitchen.

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Connected to the main floor via walkways are other attractions like the ArtScience museum, which has a virtual reality exhibit…Visitors in the VR gallery at the ArtScience Museum.

Marina Bay Sands

…as well as a four-level casino, theater, and nightly light and water show.MBS’ nightly light and water show.

Taylor Rains/Insider

But, the hotel’s crown jewel sits on the resort’s 55th floor — the world’s longest rooftop infinity pool.

Taylor Rains/Insider

The pool stretches a whopping 492 feet, which is about the length of three Olympic-sized pools or 3.5 Airbus A380 aircraft, Wang told Insider.

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Some may remember the pool from the movie Crazy Rich Asians, which featured a team of synchronized swimmers dancing in the water in the film’s final scene.The final scene of the movie on the 55th floor of MBS.

Warner Bros.

I was happy to find the water was warm and only about four feet deep. There were seats in the pool to relax, or guests could swim over the edge and overlook Singapore.

Taylor Rains/Insider

While the thought of looking down may be scary, Wang said there is a wall and a one-meter buffer to keep people from falling over the side. Moreover, kids must be accompanied by an adult, or they can use the dedicated kiddie pool.A full view of the pool.

TILT Photography/Shutterstock

For tourists looking to enjoy the pool, it is unfortunately only reserved for hotel guests. In fact, most of the SkyPark area can only be accessed by those with an active room key.Chairs and cabanas by the pool, which can be reserved.

Taylor Rains/Insider

This means the jacuzzi…

Taylor Rains/Insider

…the gym and spa…The entrance to the gym.

Taylor Rains/Insider

…the plethora of seating…Marina Bay Sands Resort in Singapore.

Taylor Rains/Insider

…and the garden is restricted to resort guests.The garden area is opposite the pool.

Taylor Rains/Insider

However, there are also several rooftop restaurants that can be accessed by non-guests, though a reservation is typically required. However, walk-ins are sometimes accommodated, but they must wait downstairs.The restaurant on the observation deck.

Taylor Rains/Insider

During my tour, I ate at Spago, but there were also other options like CÉ LA VI, which serves contemporary Asian cuisine, or LAVO, which focuses on Italian-American food.Marina Bay Sands Resort in Singapore.

Taylor Rains/Insider

I thought the food at Spago, which is by celebrity chef Wolfgang Puck, was delicious. I tried the burger, Japanese chicken wings, a juicy steak, and pork bao — my favorite of the four.

Taylor Rains/Insider

One other SkyPark attraction that can be visited by non-guests is Marina Bay’s famous observation deck.

Taylor Rains/Insider

The platform, which costs S$26 (about $20), is another two floors higher than the pool and offers a 360-degree view.The elevators for floor 57, which is where the observation deck is.

Taylor Rains/Insider

Here, tourists can overlook the South China Sea and several other famous Singapore attractions, like the beautiful Raffles Hotel…While difficult to see from the photo, the Raffles Hotel sits to the right of the white cylinder skyscraper (it has a red roof).

Taylor Rains/Insider

…and one of the world’s tallest Ferris wheels.Surrounding the ferris wheel is the city’s F1 race track.

Taylor Rains/Insider

Also visible are the several other buildings connected to MBS, including the convention center, the ArtScience museum, a nightclub, a casino, and the Sands Theater.

Taylor Rains/Insider

There is even a floating Louis Vuitton “island” store sitting in the water — a symbol of the wealth and luxury that sits within MBS and Singapore.

Taylor Rains/Insider

Overall, I was impressed with the giant resort and the plethora of amenities and attractions available.Hallway of the 10th floor.

Taylor Rains/Insider

While the rooms may be shockingly expensive, I was not surprised when Wang said the resort has been booked out 90% — both pre and post-pandemic.The car pick-up and drop-out outside the main lobby.

Taylor Rains/Insider

Although I would probably not splurge the $600 per night for even a standard room, it’s clear the allure of the property — as well as the exclusivity of the SkyPark — attracts deep-pocket travelers willing to splash out thousands for the experience.View of the south china sea and gardens by the bay from the observation deck.

Taylor Rains/Insider

David A. Grogan/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images

• Billionaire bond investor Jeffrey Gundlach sees the Fed dashing hopes that it could cut rates this year. 
• “I suspect Fed messaging … will push back against the pivot narrative,” he tweeted Tuesday evening. 
• Bond markets are indicating investors think the Fed will soon roll back rate hikes. 

Billionaire bond investor Jeffrey Gundlach said the Federal Reserve will likely tamp down on the idea in financial markets that the central bank will start cutting interest rates this year. 

Expectations that policymakers will soon begin reducing interest rates fueled a January rally in equity and bond prices. The yield on the 2-year Treasury note, most sensitive to Fed policy, has been moving lower since November as prices rise. The yield was at 4.18% on Wednesday. 

“I suspect Fed messaging will push back against the pivot narrative and thereby current bond market pricing.  Should be interesting,” the chief investment officer at DoubleLine Capital tweeted on Tuesday to his more than 274,000 Twitter followers. 

The Federal Open Market Committee on Wednesday is expected to deliver its eighth straight rate increase that will put the fed funds rate at 4.5%-4.75% range. Policy makers are also expected to push up the key rate further, to 5.1%. 

Fed funds futures pricing suggests investors expect the Fed to start cutting rates mid-year – countering Fed messaging that it’s planning to stay aggressive in its fight to cool inflation to its 2% target. 

The bond market is signaling that a recession is on the horizon, with the spread between the yield on the 2- and 10-year Treasury notes at its widest in about 40 years, research firm DataTrek said this week.

Elizabeth Frantz/Reuters

• US stocks slipped Wednesday ahead of the Federal Reserve’s interest rate hike decision. 
• Investors expect policymakers to raise rates by 25 basis points, which would mark the eight consecutive hike since last March.
• Meanwhile, ADP announced private payrolls grew by 106,000 in January, below expectations. 

US stocks slipped Wednesday ahead of the Federal Reserve’s interest rate decision, which is expected to mark the eighth consecutive increase since last March.

Markets are broadly anticipating policymakers to announce a 25-basis-point hike at 2:00 p.m. ET, representing a further step down in the pace of tightening. In December, the Fed raised rates by 50 basis points after four straight hikes of 75 basis points.

Michael Reinking, senior market strategist for the New York Stock Exchange, said Chairman Jerome Powell will likely reiterate a hawkish message in his Wednesday press conference in a bid to temper market enthusiasm. 

“[Powell’s] message will likely continue to focus on the duration of time rates will stay at a restrictive stance,” Reinking said. “How he couches where we are in achieving that restrictive stance will be closely watched.”

Meanwhile, the ADP announced Wednesday that private payrolls climbed by 106,000 in January, lower than the 190,000 expected. The latest figure is also lower than the prior month’s gain of 235,000. 

Here’s where US indexes stood as the market opened 9:30 a.m. on Wednesday: 

• S&P 500: 4,067.63, down 0.22%

• Dow Jones Industrial Average: 33,891.31, down 0.57% (194.73 points)

• Nasdaq Composite: 11,575.30, down 0.08%

Here’s what else is going on: 

• Cathie Wood’s flagship Ark ETF just finished its best month in history.
• Cheeseburgers and steaks could get more expensive as US beef cow numbers slump.
• Morgan Stanley’s top strategist said investors are hooked on the “heroin” of Fed rate cuts but the focus will turn to downbeat earnings soon.
• The ChatGPT craze has lifted some Chinese AI stocks up to 60% in a matter of weeks.
• “Big Short” legend Michael Burry issued a grave one-word warning: “Sell”.
• Bankrupt crypto lender Celsius reportedly used Quickbooks for its accounting, just like FTX.
• Elon Musk’s “funding secured” tweet cost investors $12 billion over 10 days, according to a report.

In commodities, bonds, and crypto: 

• Oil prices climbed, with West Texas Intermediate up 0.55% to $79.30 a barrel. Brent crude, the international benchmark, inched higher 0.25% to $85.65 a barrel.
• Gold was up 0.03% to $1,946.10 per ounce.
• The 10-year yield fell 6 basis points to 3.461%.
• Bitcoin slipped 0.08% to $23,088.75.

Anadolu Agency / Getty Images

• Private Jet Services filed a lawsuit against Twitter over an unpaid bill of nearly $200,000 last December.
• On Tuesday, Twitter said that the jet company overcharged it and the flights were unauthorized.
• The social-media company is also facing lawsuits alleging it hasn’t paid rent on several offices.

Twitter is fighting back against a private jet company which filed a lawsuit against the social-media company over an unpaid $197,725 bill.

The social-media company accused Private Jet Services of overcharging it for two flights in the days before Elon Musk’s takeover was completed, according to court documents seen by Insider, which were filed Tuesday in the New Hampshire District Court.

Twitter said in the documents that it was sent one invoice for $103,850 on October 26, and one for $93,875 on October 27, totalling $197,725, which it said was well above market rate.

It also frequently referred in the documents to being billed $194,000 by Private Jet Services, but did not explain the discrepancy in figures.

“Market rate for next-day private air charter services, roundtrip, coast-to-coast on midsize jets are estimated at $70,000 to $96,000, and on large jets, $88,000 to $156,000,” Twitter’s lawyers said in a motion to dismiss the case.

“These ranges are substantially less than the $194,000 total invoices PJS sent Twitter.” 

When the suit was first filed in December 2022, Insider reported how Twitter’s one-time chief marketing officer, Leslie Berland, took two flights between New Jersey and San Francisco in late October. Per Bloomberg, Berland was a primary contact for Elon Musk as he closed his $44 billion acquisition of Twitter on October 27.

In June 2022, she also moderated Musk’s first conversation with Twitter staff, according to Insider’s Kali Hays. Since leaving Twitter amid mass layoffs, Berland has taken on the CMO role at fitness company Peloton.

In the documents filed Tuesday, and previously in December, Twitter said that the flights weren’t arranged by one of four employees at the company designated to do so.

Bloomberg reported that the employees named in the court filings as arranging the flights were the executive assistants of Berland, and Twitter’s then-CEO, Parag Agrawal.

Twitter says that it believes the jet company breached this agreement over “designated representatives,” and as such the lawsuit should be dismissed.

Greg Raiff, CEO of Private Jet Services, told Bloomberg: “Suffice it to say, we offered Twitter a price, they agreed to the price, and then they decided afterwards they didn’t want to pay.”

Twitter is also facing a $2 million lawsuit from a consulting firm which says it wasn’t paid for work related to Musk’s hesitation over buying the platform. It is also facing legal action over alleged unpaid rent on its London office, which is owned by  King Charles III’s Crown Estate.

Private Jet Services and Twitter did not immediately respond to requests for comment from Insider.

(NewsNation) —Former South Carolina attorney Alex Murdaugh’s double murder trial on Wednesday is expected to begin with the state questioning Britt Dove, the cellphone data analyst for the South Carolina Law Enforcement Division.

Murdaugh is currently standing trial on two counts of murder in the shooting deaths of his wife and son at their Colleton County home and hunting lodge on June 7, 2021. Maggie, 52, was shot several times with a rifle, while Paul, 22, was shot twice with a shotgun near kennels on the property.

During Tuesday’s court proceedings, Dove went over information from Maggie Murdaugh’s cellphone.

Dove told prosecutors about a flurry of activity starting at 8:49 p.m. on Maggie Murdaugh’s phone, where the orientation changed from portrait to landscape and back several times, and the camera turned on for one second. According to the Associated Press, Maggie Murdaugh’s health app recorded 59 steps, but the activity ended at 9:06 p.m.

When Dove takes the stand Wednesday morning, it could lead to another piece of key testimony, the Associated Press reports — a video made by Paul Murdaugh at the kennels about four minutes before he stopped using his cellphone where his father’s voice can be heard.

On Tuesday, a state agent insisted he heard a possible confession from Alex Murdaugh, although defense attorneys argued against this assertion.

South Carolina Law Enforcement Division Senior Special Agent Jeff Croft testified he was “100% confident,” Murdaugh said, “I did him so bad” as he sobbed and spoke to state agents during an interview three days after his wife and son were killed. The defense, however, said Alex Murdaugh had said “They did him so bad.”

Alex Murdaugh faces 30 years to life in prison if convicted.

The Associated Press contributed to this report.

U.S. stock indexes were set to open lower on Wednesday as investors cautiously awaited the Federal Reserve’s decision on interest rates later in the day, while chipmaker Advanced Micro Devices climbed on an upbeat outlook.

The Fed is widely seen as raising its target interest rate by a quarter of a percentage point in its first policy meeting of the year, after the rapid increases in 2022 to tame decades-high inflation.

Investors will also parse Chair Jerome Powell news conference for clues on the trajectory of future rate hikes.

Money markets are betting on one more 25 basis point (bps) hike in March, and a terminal rate of 4.9% in June.

“Consensus is that the Fed is going to talk very hawkish today even though it’s only doing 25 basis points,” said Thomas Hayes, chairman at investment firm Great Hill Capital.

Recent readings have indicated that inflation is easing, with the Fed also looking at data that will determine the resilience of the labor market and the pace of wage growth.

Meanwhile, the ADP National Employment report showed that private payrolls increased by 106,000 in January, lower than expectations of 178,000 additions. It was also much lower than the 235,000 rise in the previous month.

The survey is seen as a precursor to the Labor Department’s more comprehensive reading on nonfarm payrolls for January on Friday.

“What you’re seeing here is an abrupt drop off in hiring, which implies the Fed is succeeding at what they set out to do – create increased unemployment and reduce demand, which will effectively lower inflation,” Hayes said.

On Tuesday, Wall Street indexes reversed declines and rallied when the Fed’s preferred wages gauge, the U.S. Employment Cost index, showed its smallest increase in a year during the fourth quarter.

Advanced Micro Devices Inc (AMD.O) added 3.2% in premarket trading, bucking the recent nervousness among chipmakers.

The company said it expects its business to improve in the second half of the year, boosting hopes that it is gaining on rival Intel Corp (INTC.O).

Videogame publisher Electronic Arts Inc (EA.O) slumped 9% on lowering its annual bookings forecast, as the busiest week of the current earnings season enters the mid-way mark.

Snap Inc (SNAP.N) tumbled 12.5% after the social media company said it expects current-quarter revenue to decline by as much as 10%. Other social media and internet firms like Meta Platforms Inc (META.O), Alphabet Inc (GOOGL.O) and Pinterest (PINS.N) were 0.3% to 1% lower.

Facebook parent Meta is expected to report quarterly results after the bell.

At 8:37 a.m. ET, Dow e-minis were down 138 points, or 0.4%, S&P 500 e-minis were down 9.75 points, or 0.24%, and Nasdaq 100 e-minis were down 8.25 points, or 0.07%.

Dow Jones Industrial Average component (.DJI) Amgen Inc (AMGN.O) dipped 0.6% as the drugmaker said its fourth-quarter revenue fell slightly.

Fourth-quarter earnings of S&P 500 firms are expected to decline 2.4%, as per Refinitiv estimates.

Ukrainian authorities raided an influential billionaire’s home on Wednesday in what an ally of President Volodymyr Zelenskiy touted as a sweeping wartime clampdown on corruption that would change the country.

Separate raids were carried out at the Tax Office and on the home of former interior minister Arsen Avakov, and a new Customs Service chief was named, two days before Ukraine hosts a summit with the European Union at which Kyiv wants to show it is cracking down after years of chronic corruption.

Ukraine sees Friday’s summit as vital to its hopes of joining the wealthy bloc, a goal that is more urgent following Russia’s invasion, and has also embarked on a political shake-up in which over a dozen officials quit or were sacked last week.

Security officials searched the home of businessman Ihor Kolomoiskiy, one of Ukraine’s richest men and a one-time Zelenskiy ally, in what several media outlets said was an investigation into possible financial crimes.

The Security Service of Ukraine (SBU) later said it had uncovered a scheme to embezzle more than $1 billion at oil producer Ukrnafta and oil refinery Ukrtatnafta, companies that Kolomoiskiy used to partly own.

Photographs circulating on social media appeared to show Kolomoiskiy, dressed in a sweatsuit, looking on in the presence of at least one SBU officer inside a large wooden home. Reuters could not immediately verify the authenticity of the images.

Kolomoiskiy could not be reached for comment. He has previously denied any wrongdoing.

David Arakhamia, a senior member of Zelenskiy’s Servant of the People party, said the entire management of the Customs Service was set to be dismissed and that notices of suspicion had been served to high-ranking defence ministry officials.

“The country will change during the war. If someone is not ready for change, then the state itself will come and help them change,” Arakhamia wrote on the Telegram messaging app.

The government later said Customs Service deputy head Serhiy Zvyahintsev would temporarily take over as its chief.

Ukraine’s long-running battle against corruption has taken on vital significance, as Russia’s invasion has made Kyiv heavily reliant on Western support and it needs to carry out reforms to join the 27-nation EU.

Zelenskiy presided over the first major political shake-up of the war last week after an outcry over a corruption scandal involving an army food contract.

Zelenskiy said on Tuesday that more personnel decisions were in the pipeline and that there would be “new reforms” coming that would affect the social, legal and political reality.

He was elected president in 2019 on an anti-corruption ticket and launched a crackdown on wealthy businessmen known as “oligarchs” in late 2021.

The Ukrainska Pravda media outlet said the search on Kolomoiskiy’s property related to an investigation into alleged embezzlement of oil products and evasion of customs duties.

Separately, Avakov, the former interior minister, said his home was searched as part of an investigation into a helicopter crash on Jan. 18 that killed 14 people including Interior Minister Denys Monastyrskyi.

He said investigators were looking into the purchase six years ago of a model of Airbus helicopter that was involved in the crash, but that “nothing relevant to the interest of the investigation was found.”

Jailed Russian opposition politician Alexei Navalny said on Wednesday he had been moved to a harsher “cell-type” regime of solitary confinement for the next six months where he would be denied visits.

Navalny, 46, is the highest-profile of the few remaining opposition voices in Russia, having gained followers with repeated investigations purporting to show that the ruling class had enriched itself lavishly at the expense of the state.

“I haven’t had any visits for 8 months and yesterday I was told that I’d be transferred to a cell-type facility for the maximum possible term of 6 months,” Navalny said via a Twitter feed maintained by his associates.

“No visits are allowed there. This means more than a year without a visit. Even maniacs and serial killers serving life sentences have the right to receive a visit, but I don’t.”

There was no immediate comment on his statement from the federal penitentiary service.

Navalny is being held at the maximum-security IK-6 penal colony at Melekhovo, about 250 km (115 miles) east of Moscow, and his supporters say his health has deteriorated dramatically after around a dozen spells in solitary confinement.

Almost 500 medics last month signed an open letter to President Vladimir Putin demanding he be given access to civilian doctors.

Navalny was arrested two years ago as he returned to Russia from Germany, where he had been treated for poisoning with a Soviet-era nerve toxin after what he and some Western nations said was a Russian state assassination attempt. The Kremlin denied involvement.

News outlet The Insider, which operates from outside Russia, quoted his lawyer Vadim Kobzev as saying that Navalny had lost 7 kg (15 lb) in jail and was experiencing stomach pains after being given “huge doses” of antibiotics.

“Putin tried to kill Navalny quickly,” Navalny’s spokesperson Kira Yarmysh tweeted. “Now he is killing him slowly and torturing him.”

A Russian prison supervisor said two weeks ago that Navalny’s health was not in danger, while the Kremlin has rejected accusations of any state involvement in his poisoning and cast him as a dangerous extremist.

The lawyer-turned-activist has been sentenced to a combined 11-1/2 years in jail in two separate fraud cases, which he says were trumped up to silence him, and his anti-corruption organisation has been banned as extremist.

The documentary “Navalny” about his poisoning and recovery has been nominated for Best Documentary Film at this year’s Oscars.

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The European Commission on Wednesday proposed allowing increased levels of state aid so that Europe can compete with the United States as a manufacturing hub for electric vehicles and other green products and reduce its dependence on China.

European Commission chief Ursula von der Leyen announced, as part of the plan, a repurposing of existing EU funds, faster approval of green projects and drives to boost skills and to seal trade agreements to secure supplies of critical raw materials.

This is partly a response to multi-billion-dollar support programmes of China and the United States, including the latter’s Inflation Reduction Act.

“Major economies are rightly stepping up investment in net zero industries,” von der Leyen told a news conference. “What we are looking at is that we have a global playing field.”

Many EU leaders are concerned that the local content requirements of the $369 billion of green subsidies in the U.S. legislation will encourage companies to relocate, making the United States a leader in green tech at Europe’s expense.

The International Energy Agency estimates the global market for mass-produced clean energy will triple to around $650 billion a year by 2030, with related manufacturing jobs more than doubling. The European Union wants a part of the action.

“We know that in the next years, the shape of the economy, the net-zero economy, and where it is located will be decided. And we want to be an important part of this net-zero industry that we need globally,” von der Leyen said.

She proposed loosening state aid rules for investments in renewable energy or decarbonising industry, on a temporary basis, until end 2025, while recognising that not all EU countries will be able to offer subsidies to the same extent as France or Germany.

To try and ensure a level playing field within the EU as well, von der Leyen said member states could, for example, draw on about 250 billion euros ($272.3 billion), much of it remaining from the EU’s post-pandemic recovery fund.

The European Commission is hoping member states will back its plan at a Feb.9-10 summit but it faces a hot debate.

German Economy Minister Robert Habeck, who is set to lobby Washington with French Finance Minister Bruno Le Maire next week, said he welcomed the proposals.

But some EU members have previously expressed opposition to parts of the plan, notably the loosening of state aid rules and the prospect that bigger countries such as France and Germany would be able to outspend others.

There is also clear resistance from certain EU members to previous suggestions that the plan could eventually entail further joint borrowing – which one senior EU diplomat said was “very close” to being ruled out.

Some of the initial EU reaction on Wednesday was quite negative.

The centre-right European People’s Party group, of which von der Leyen’s party is a member, described the plan as “too late, too little”.

Solar sector industry group SolarPower Europe said it was concerned by what it called a “lack of focus” on specific technologies in the EU plan.

“Not all net-zero technologies are in the same boat – not in terms of strategic importance, or even the impact they’re feeling from the Inflation Reduction Act,” said SolarPower Europe Policy Director Dries Acke.

Longer term, the Commission will propose creating a European Sovereignty Fund to invest in emerging technologies.

In the coming months, the Commission will propose a Net-Zero Industry Act that could streamline permitting processes and harmonise standards and a Critical Raw Materials Act to promote local extracting, processing and recycling.

The bloc is heavily reliant on China for rare earths and lithium, which are vital materials for the green transition.

The EU executive also wants to seal more free trade agreements and partnerships to make supply chains more resilient and to open markets for green goods.

Meanwhile, German chip supplier ZF Friedrichshafen [RIC:RIC:ZFF.UL] and U.S. chipmaker Wolfspeed (WOLF.N) will announce plans on Wednesday to build an electric vehicle chip plant in the Saarland region, according to three sources close to the matter.

“Amid the concerns that the U.S. wants to divert investments from Europe with its Inflation Reduction Act, we’re showing that a U.S. firm wants to invest in Germany,” a German government source said.

($1 = 0.9180 euros)

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