The Dutch government's undue interference in semiconductor manufacturer Nexperia's operations could have a serious impact on Europe's crucial auto sector unless a constructive solution is found, according to a Germany-based analyst.
In a ministerial order issued late September, the Dutch Ministry of Economic Affairs moved to freeze the global operations of Nexperia, an overseas subsidiary of Chinese company Wingtech, citing so-called "national security" concerns. China's Ministry of Commerce slammed the decision as violating market principles and said it would damage the Netherlands' own business environment. Martin Geissler, a partner of Munich-based strategy consulting firm Advyce and Company, highlighted how a considerable number of major companies in the manufacturing and auto industry have already been hit by the fallout, and said the knock-on effects could bring more widespread impacts across Europe. "Nexperia chips are in all of their products, and when we look at Bosch and ZF for example, two of their most important suppliers, they have already started to slow down production in their main plants. As we know that in the automotive industry everything is just in time, just in sequence. It will only be days until that will also affect the car plants of VW and the other OEMs (Original Equipment Manufacturers) in Germany," he said in a recent interview with China Central Television (CCTV). Geissler also noted the growing calls across Europe for the Netherlands and other countries to cooperate more closely with China to ensure the stability and smooth operation of the global semiconductor supply chains.
"What we definitely need is for Europe to also have a long-term strategy for its relationship with China, and especially a relationship strategy that is independent of its strategy to the U.S., and if [only] both countries can converge on something like that and start to be real partners. So, this is something that definitely has to change," he said.
Dutch gov't interference in Nexperia's operations threatens wider European auto industry: analyst
Dutch gov't interference in Nexperia's operations threatens wider European auto industry: analyst
After the devastating fire at the housing complex Wang Fuk Court in Hong Kong Special Administrative Region (HKSAR), the central government, Hong Kong authorities, and people from across China have joined forces in a massive outpouring of relief and support.
The blaze, the deadliest Hong Kong had witnessed for decades, broke out at around 14:50 on Nov 26 at the eight-towered residential estate Wang Fuk Court, which was under renovation, in Tai Po district. The fire quickly engulfed seven of the towers, leaving at least 159 dead, 79 injured and thousands of families homeless.
According to the latest official update, the Support Fund for Wang Fuk Court in Tai Po, established by the HKSAR government, has received 3 billion Hong Kong dollars in external donations. Together with the HKSAR government's start-up capital of 300 million Hong Kong dollars, the fund stands at around 3.3 billion Hong Kong dollars in total. It will be used to help residents rebuild their homes and provide long-term support.
Following the fire, the HKSAR government has made comprehensive, multi-tiered rescue and resettlement efforts.
On the night of the blaze, the government promptly established temporary shelters at multiple locations across Tai Po district, coordinating accommodations in youth hostels, hotels, and transitional housing for affected residents. Emergency subsidies and living allowances were distributed to those impacted, while support was also provided through a "one household, one social worker" mechanism.
People from across Hong Kong have joined volunteer efforts, hoping to bring warmth to the wounded community, with donated supplies such as clothing, food, drinking water continuously arriving at temporary shelters.
Many taxi drivers have also volunteered to provide free rides.
"We work here from 08:00 in the morning to past 22:00 at night. We only leave when there are no passengers. That's how it is. It does affect earnings a bit. It definitely has an impact. But that's not important. The most important thing is to help others first," said Wong Chi-chuen, a taxi driver .
At the request of the HKSAR government, the Hong Kong and Macao Affairs Office of the State Council has coordinated the Ministry of Emergency Management to provide batches of supplies for the Tai Po fire relief effort, including portable outdoor charging stations, heavy-duty conveyors, blowers, respirators, goggles, protective suits, headlamps, and waterproof boots.
Mainland companies and residents, and various sectors in Macao also provided support following the devastating fire in Hong Kong, donating funds and supplies for emergency relief and post-disaster recovery.
"A large amount of supplies was collected and delivered to our disaster-stricken areas in a very short time. It made me realize what it means to be bound by blood. Because this kind of bond runs deep. I want to express my heartfelt thanks to everyone," said Peter Lam, chairman of Tai Po Rural Committee.
Support from across China pours in after devastating fire in Hong Kong
