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Toshiba

Apple and Amazon are joining forces to support Foxconn's takeover bid for Toshiba Corp.'s semiconductors business, according to a Nikkei interview with Foxconn CEO Terry Gou. Specific financial details of the arrangement are unclear.

Why it's a big deal: This is the world's second-largest maker of NAND-type flash memory chips, and could be valued at more than $18 billion. Moreover, Japan's Toshiba needs the sale proceeds to help cover the massive losses from its U.S. nuclear energy unit (Westinghouse).

Uphill climb: Foxconn is viewed as an underdog in the auction, due to its Chinese government ties, so adding Apple and Amazon might lighten the geopolitical burden a bit. But it's still a long shot, as its rival bidder is led by a Japanese public-private investment partnership (INCJ), which is working with U.S. private equity firm KKR and, possibly, Western Digital (which jointly operates Toshiba's main NAND chips factory). There also is at least one other formal bid, from the pairing of Broadcom and private equity firm Silver Lake.

Go deeper

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

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FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 7 hours ago - Politics & Policy

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Illustration: Annelise Capossela/Axios