On Sunday, the Netherlands' Economy Minister, Vincent Karremans, stated that he expects to meet with a Chinese government official in the coming days to discuss how to resolve the standoff over Nexperia NV, a computer chip maker whose issues are threatening global automotive supply chains.
The Dutch government took control of Nexperia, a subsidiary of China’s Wingtechnand a key supplier of essential chips for cars, on September 30. In response, the Chinese government imposed a ban on exports of the company’s finished products.
In an interview on the Dutch television show Buitenhof, Karremans explained that while the Chinese believe the Dutch are aligning with the Americans on the Nexperia intervention, the action was actually intended to prevent the company’s former Chinese CEO from transferring operations and intellectual property out of Europe.
The standoff is causing concern within the automotive industry, as Nexperia's chips, while not the most advanced, are produced in large volumes, primarily in Hamburg, Germany, before being sent to China for packaging and distribution to the global car industry. Carmakers are worried about potential shortages in their supply chains if a resolution is not reached soon.
Karremans also highlighted the interdependent relationship between Chinese carmakers and Nexperia, noting, "We have a mutually dependent relationship. Everyone has an interest... to solve this together."
Nexperia reported a net profit of $331 million in 2024, making it a valuable asset for Wingtech. Karremans mentioned that Dutch diplomats have been working to resolve the dispute, and he is scheduled to meet with the Chinese minister responsible for the matter in the coming days. "This is being discussed at the highest level," he said.
A Norwegian teenager recruited by a Swedish criminal network to carry out a contract killing in Britain has been sentenced to 20 years’ deten...
The U.S. has banned government employees working in Saudi Arabia from using airports in the country without special authorisation. It com...
Student organisations, opposition groups and youth-led activists took to the streets in Patna and Mumbai on Friday (16 October), demanding the resi...
The Saudi-led coalition said early Thursday that it intercepted and destroyed a drone over Saudi Arabia’s Eastern Province.
Yemen’s Houthis have claimed responsibility for the recent drone and missile strikes on Saudi Aramco facilities in Dhahran and Riyadh and at King Khalid International Airport in Saudi Arabia, vowing to carry out more attacks in the coming days.
The U.S. has banned government employees working in Saudi Arabia from using airports in the country without special authorisation. It comes after a deadly Houthi strike on Riyadh's King Khalid International Airport killed at least 13 people last week.
Ukraine's soldiers have had their access to Starlink satellite internet restricted. Kyiv's troops use the terminals, made by Elon Musk's SpaceX, to pilot drones. A source in Ukraine's Defence Ministry said the restrictions would make it harder for Kyiv's army to down Russian drones.
Ukraine is set to restart attacks on Russian oil refineries following a two-day pause, President Volodymyr Zelenskyy said, amid growing tensions with Washington over energy strikes and U.S. military support.
U.S. President Donald Trump has lifted sanctions on Russian diesel exports and announced a Russia-Ukraine energy ceasefire aimed at easing fuel prices ahead of November’s midterm elections. But can Moscow deliver and will the move will bring meaningful relief to markets?
Taiwan plans to buy 30 per cent of Alaska LNG's annual output and invest up to $4.4 billion in the project, but binding contracts and financing remain unresolved as the U.S. pushes to expand energy exports to Asia.
Asian stocks plunged to their lowest level in more than two months on Tuesday as advances by Chinese chipmakers rattled investor confidence in the artificial intelligence boom, despite soaring global semiconductor sales.
Artificial intelligence investment is helping sustain global growth at around 3 per cent, with Asia poised to reap major benefits. But soaring energy costs, unequal investment and growing pressure on young workers threaten to leave some economies behind.
Uzbekistan and Russia have a portfolio of more than 200 joint projects worth almost $6 billion, as the two countries continue to expand regional and business ties. The projects were discussed during the third meeting of the Council of Regions of Russia and Uzbekistan, held in Fergana, Uzbekistan.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment