July 8, 2021
1 min read

Johnson orders review of Beijing takeover of UK tech firm

According to the SMH, the deal was not reviewed under the UK’s new national security law, which is meant to stop high-risk foreign takeovers of critical infrastructure firms…reports Asian Lite News

Prime Minister Boris Johnson has said his government will review the purchase of the UK’s largest producer of semiconductors by a Chinese-owned manufacturer, a day after his government said it would not intervene.

This comes after Chinese-owned firm Nexperia on Monday said it had acquired Britain’s largest producer of silicon chips Newport Wafer Fab. The agreement was said to be worth around USD 116 million but this has not been confirmed, The Sydney Morning Herald (SMH) reported.

According to the SMH, the deal was not reviewed under the UK’s new national security law, which is meant to stop high-risk foreign takeovers of critical infrastructure firms.

https://www.youtube.com/watch?v=nl-7T30gdm8

The semiconductor industry has gained geopolitical importance as China has targeted the key technology for the future economy. Beijing has ambitions to corner the global supply chain of semiconductors as silicon-based products are the imperative component of all electronic devices.

The sale was “a very difficult business”, said Johnson and warned against anti-China sentiment by default. “I do not want an anti-China spirit to lead to us trying to pitchfork away every investment from China into this country,” he said. “That would be economically foolhardy.”

Tom Tugendhat, chairman of the UK foreign affairs select committee said that the government has to judge whether the stuff the company (Newport Wafer Fab) is making is of real intellectual property value and interest to China and whether there are real security implications.

“I think semiconductors are of huge importance to this country, one of the things I wanted to look at immediately was whether we could be more self-reliant. We’re thinking about what to do.” (ANI)

ALSO READ-MI5 Suspects China, Russia Threat On UK Security

READ MORE-UK Parliament declares genocide in China’s Xinjiang

Previous Story

UK, India launch first financial markets dialogue

Next Story

EU fines 5 car manufacturers $1bn over emission collusion

Latest from -Top News

UNHQ Not Safe in NY, Warns Petro

The Colombian president criticized Washington for preventing Palestinian representatives from attending the UN General Assembly…reports Asian Lite news Colombian President Gustavo Petro on Saturday said the US move to revoke his visa

Karur Rally Stampede Kills 39

The death toll may rise further as some remain critical…reports Asian Lite News Officials on Sunday said the death toll from the tragic stampede at Tamilaga Vettri Kazhagam’s (TVK) rally in Karur,

Lavrov: India-Russia Bond Beyond Oil

US President Donald Trump has imposed a 25 per cent punitive tariff on India for buying Russian oil and is pressuring it to stop the purchases.;…reports Asian Lite News Russia’s Foreign Minister

UAE seeks peace in Gaza

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, met with Benjamin Netanyahu, Prime Minister of Israel, on the sidelines of the ongoing 80th session of

Trump–Sharif meeting signals warmer ties

Trump’s White House talks with Sharif and Pakistan’s sabre-rattling UN speech signal revived U.S.–Pakistan ties, strained India relations, and shifting power plays across South Asia’s volatile landscape. Pakistan’s Prime Minister Shehbaz Sharif
Go toTop

Don't Miss

Beijing-Islamabad-Taliban Nexus More Visible Now

In tune with Beijing’s demand, Taliban’s spokesperson Suhail Shaheen publicly

Taiwan Detects 6 Chinese Jets, 4 Vessels Near Island

Beijing has by far sent 114 Chinese military aircraft and