U.S. chipmaker Intel has officially cancelled its plans to build a large-scale semiconductor plant in Germany, citing global streamlining efforts. The decision follows a suspension of the project last year and was announced alongside Intel's significant second-quarter net loss.

• Intel reported a net loss of 2.9 billion U.S. dollars in its second quarter.
• The planned factory in Magdeburg, Germany, was projected to cost 30 billion euros (35 billion U.S. dollars) and create 3,000 direct jobs.
• The German government had pledged approximately 10 billion euros in subsidies to support the project.