• About Us
  • Contact Us
  • Cookie policy (EU)
  • Home
  • Privacy Policy
  • Video
  • Write for us
Today Headline
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
No Result
View All Result
TodayHeadline
No Result
View All Result

Anger mounts over sale of Welsh microchip maker to Chinese-owned firm

April 11, 2022
in Business
0
Anger mounts over sale of Welsh microchip maker to Chinese-owned firm
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter


Anger mounts over lack of scrutiny into sale of Welsh microchip maker to Chinese-owned firm

By Francesca Washtell For The Daily Mail

Published: 17:13 EDT, 4 April 2022 | Updated: 17:30 EDT, 4 April 2022

Ministers are facing fresh calls to intervene in the Chinese takeover of a Welsh microchip maker amid a row over national security.

Boris Johnson instructed National Security Adviser Sir Stephen Lovegrove to investigate the £63million buyout of Newport Wafer Fab by a Chinese-owned firm last year.

Last week it was claimed Lovegrove has looked into the deal but concluded it posed no threat. But Parliament’s foreign affairs committee said there was so little evidence that Lovegrove had done so that it was left with ‘the unfortunate conclusion that no review has taken place’.

Boris Johnson instructed National Security Adviser Sir Stephen Lovegrove to investigate the £63m buyout of Newport Wafer Fab by a Chinese-owned firm last year

Boris Johnson instructed National Security Adviser Sir Stephen Lovegrove to investigate the £63m buyout of Newport Wafer Fab by a Chinese-owned firm last year

The row has put Business Secretary Kwasi Kwarteng under even more pressure to use new powers to intervene and unwind the takeover.

Kwarteng is understood to be considering using the new National Security and Investment Act which allows ministers to call in buyouts of strategic companies even after they have gone through.

An investigation could be launched within months, though it is thought it would focus more on the impact of the sale on Britain’s manufacturing industry than national security.

But, as the law came into force in January, critics have been left confused about why he has not already stepped in.

Newport Wafer Fab is the UK’s biggest producer of microchips, which are an essential part of all electronic devices.

Dutch group Nexperia – which is owned by Chinese firm Wingtech and has links to the Communist Party in Beijing – took over Newport Wafer Fab last year.

Tom Tugendhat, chairman of the foreign affairs committee, said: ‘For over a year, the committee has voiced its concern over the takeover of semiconductor manufacturer Newport Wafer Fab.

‘Semiconductors are essential to every aspect of modern life and Newport Wafer Fab is one of the country’s leading manufacturers.

‘Their takeover by Nexperia left many wondering why we are, seemingly, handing over critical security infrastructure to overseas companies with well-documented links to the Chinese state.’

The committee asked the Government to clarify why Lovegrove was asked to inspect the deal and why he ‘did not undertake such a review’.

The MPs said they were ‘extremely concerned about the Government’s apparent lack of appetite to use the powers at its disposal to protect British companies in this industry’.

Former Conservative party leader Sir Iain Duncan Smith said yesterday: ‘It beggars belief that the Government is going to stand idly by whilst Nexperia, a Chinese-controlled company, attempts to take over Britain’s largest microchip factory.’

A Government spokesman said: ‘The Government is considering the case and no decisions have been made.’

Advertisement

Share or comment on this article:

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Tags: angerChineseownedfirmmakermicrochipmountssaleWelsh
Previous Post

Alexander Volkanovski, next fight, Max Holloway, Henry Cejudo comeback, news, updates, contenders, lightweight division

Next Post

‘A-Ha – The Movie’ director on why we can thank The Beatles for the film

Related Posts

Ex-Colgate researcher who stole toothpaste formulas worth millions of dollars is sentenced to 21 months
Business

Ex-Colgate researcher who stole toothpaste formulas worth millions of dollars is sentenced to 21 months

This case left a bad...

Read more
LafargeHolcim: A Follow Up Note On Q1 Performance (OTCMKTS:HCMLF)
Business

LafargeHolcim: A Follow Up Note On Q1 Performance (OTCMKTS:HCMLF)

yullz/iStock Editorial via Getty Images...

Read more
Can I get my state pension ‘unfrozen’ when I visit the UK?
Business

Can I get my state pension ‘unfrozen’ when I visit the UK?

Around 500,000 elderly expats live...

Read more
Business

Food bank users and volunteers threatened with £170 parking fines | Consumer affairs

Food bank users were pursued...

Read more
Business Assets
Business

4 Ways To Protect Your Business Assets

Your business assets are your...

Read more
Load More
Next Post
‘A-Ha – The Movie’ director on why we can thank The Beatles for the film

'A-Ha - The Movie' director on why we can thank The Beatles for the film

  • Trending
  • Comments
  • Latest
6 Injured After Small Plane Crash Lands on Miami Bridge, Hitting SUV and Catching Fire – NBC 6 South Florida

6 Injured After Small Plane Crash Lands on Miami Bridge, Hitting SUV and Catching Fire – NBC 6 South Florida

Six times actors really romped in sex scenes that make 365 DNI look tame

Six times actors really romped in sex scenes that make 365 DNI look tame

Horror as goat gives birth to ‘humanoid kid’ with baby-like face

STUFFED GREEN PEPPERS – The Southern Lady Cooks

STUFFED GREEN PEPPERS – The Southern Lady Cooks

Lunar Eclipse 2022: What Are The Myths And Precautions For Chandra Grahan? – NDTV

Lunar Eclipse 2022: What Are The Myths And Precautions For Chandra Grahan? – NDTV

Holy Cow. Plants Actually Grow in Lunar Stuff – Newser

Holy Cow. Plants Actually Grow in Lunar Stuff – Newser

Kourtney Kardashian & Travis Barker Married (For Real) in Santa Barbara – TMZ

Kourtney Kardashian & Travis Barker Married (For Real) in Santa Barbara – TMZ

Pittsburgh Penguins center Sidney Crosby, goalie Tristan Jarry back in lineup for Game 7 – ESPN

Pittsburgh Penguins center Sidney Crosby, goalie Tristan Jarry back in lineup for Game 7 – ESPN

About Us

Todayheadline the independent news and topics discovery
A home-grown and independent news and topic aggregation . displays breaking news linking to news websites all around the world.

Follow Us

Latest News

Lunar Eclipse 2022: What Are The Myths And Precautions For Chandra Grahan? – NDTV

Lunar Eclipse 2022: What Are The Myths And Precautions For Chandra Grahan? – NDTV

Holy Cow. Plants Actually Grow in Lunar Stuff – Newser

Holy Cow. Plants Actually Grow in Lunar Stuff – Newser

Lunar Eclipse 2022: What Are The Myths And Precautions For Chandra Grahan? – NDTV

Lunar Eclipse 2022: What Are The Myths And Precautions For Chandra Grahan? – NDTV

Holy Cow. Plants Actually Grow in Lunar Stuff – Newser

Holy Cow. Plants Actually Grow in Lunar Stuff – Newser

Kourtney Kardashian & Travis Barker Married (For Real) in Santa Barbara – TMZ

Kourtney Kardashian & Travis Barker Married (For Real) in Santa Barbara – TMZ

  • Real Estate
  • Education
  • Parenting
  • Cooking
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

No Result
View All Result
  • Real Estate
  • Education
  • Parenting
  • Cooking
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Posting....