Americans are keeping their cars longer than ever: The average age of a passenger vehicle on the road hit a record 12.5 years this year, according to data gathered by S&P Global Mobility.

LONDON — The European Union was closing in April 18 on approval for a plan to ramp up semiconductor production as it seeks to wean itself off reliance on Asia.

Canada and International Business Machines Corp. will announce a high-level agreement on expanding semiconductor cooperation on March 24, during President Joe Biden’s visit to Ottawa.

The Biden administration unveiled tight restrictions on new operations in China by semiconductor manufacturers that get federal funds to build in the U.S.

Applied Materials Inc., the biggest maker of chip manufacturing equipment, gave a better-than-feared sales forecast for the current quarter as supply chain improvements help offset an economic slowdown.

Chip delivery times shrank by six days in October, the biggest drop since 2016, adding evidence that demand for electronic components is falling off quickly.

Texas Instruments Inc., whose chips go into everything from home appliances to missiles, gave a weak sales forecast for the current quarter, indicating that the falloff in semiconductor demand is spreading beyond computing and phones.

Chip delivery times shrank by four days in September, the biggest drop in years, in a sign that the industry’s supply crunch is easing.

American suppliers are beginning to withdraw staff from one of China’s leading chip companies in the wake of new U.S. regulations, a blow to Communist Party efforts to build a vibrant domestic technology industry.

The Biden administration announced new restrictions on China’s access to U.S. semiconductor technology, escalating tensions between the two countries and adding fresh complications to an industry reeling from a slump in demand.