DIRS.INFO The most relevant business & tech news

☆ ASML CEO expects steady China sales in 2023 despite restrictions
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies ASML sees 2023 China sales around 2022 level of 2.2 bln eurosChinese orders make up about 15% of ASML backlogChinese chipmakers are simply shifting investment -CEOAMSTERDAM, Jan 25 (Reuters) - ASML Holding NV's (ASML.AS) exports to mainland China will likely hold at last year's level in 2023 despite ongoing U.S-Dutch government talks over new restrictions on the company's sales to the country, CEO Peter Wennink said on Wednesday. The company still sends older DUV machines to China, although these are now a focus of the U.S.-Dutch talks. Such sales totalled around 2.16 billion euros ($2.35 billion), or 14% of total revenue, last year, down marginally from 2.17 billion in 2021. "They just become very practical," he said, adding that Chinese customers are investing in 20 nanometre chips and larger - those considered cutting edge before the year 2014. ($1 = 0.9175 euros)Reporting by Toby Sterling; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Dutch officials headed to Washington to talk controls on chipmaking gear - sources
▼ + stars: | 2023-01-25 | by ( Michael Martina | ) www.reuters.com time to read: +2 min

Jan 25 (Reuters) - Dutch and U.S. officials will meet in Washington on Friday to discuss potential new controls on exporting semiconductor manufacturing gear to China, with a deal possible by the end of the month, according to two sources familiar with the matter. A deal could be announced as soon as Friday if the two sides can agree on the details, said one of the sources, speaking on condition of anonymity. The source added that it was possible that any deal reached might not be announced immediately. Dutch officials are also adamant the controls be tailored to national security concerns and not give the appearance that the United States is trying to favor its own chipmaking industry, said the second source. However, he said that while a deal may be announced soon, it is less clear whether the technical details of any regulations have been resolved.

☆ Prosus, Naspers cutting 30% of jobs at corporate offices
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationAMSTERDAM, Jan 25 (Reuters) - Prosus NV (PRX.AS) and its South African parent Naspers (NPNJn.J) are cutting up to 30% of jobs at their corporate offices, the Dutch technology investor said. "We are adapting to a changing macro environment and have been working for some time to strengthen our cost structures," a Prosus spokesperson said in a statement on Wednesday. Prosus and Naspers have around 15 corporate offices around the world, with the largest ones in Johannesburg and Amsterdam. There is no figure available for the number employed at corporate offices located around the globe, a spokesperson said. There was no schedule for the cuts to the corporate offices.

☆ Insurer ASR to consider sale of bank acquired in Aegon deal, source says
▼ + stars: | 2023-01-23 | by ( Pablo Mayo Cerqueiro | ) www.reuters.com time to read: +2 min

LONDON/AMSTERDAM, Jan 23(Reuters) - Dutch insurer ASR (ASRNL.AS) will consider a sale of its banking arm after completing its acquisition of rival Aegon's (AEGN.AS) domestic operations, a source close to the matter told Reuters. The lending business, however, is likely to be put up for sale, given ASR's previous stance on banking operations, the source said on condition of anonymity because the discussions are private. ASR labelled its original banking arm, ASR Bank, as "non-core" in 2018 and sold part of it to rival Achmea the following year. Aegon Bank had 16.2 billion euros ($17.6 billion) in assets on its balance sheet at the end of 2021, with 735.2 million euros of equity. ASR paid 2.5 billion euros in cash for Aegon's Dutch operations, with Aegon to retain a 30% stake in the enlarged group.

LONDON, Jan 20 (Reuters) - Spain's markets and competition regulator is reviewing whether gas distributor Madrilena Red de Gas (MRG) has complied with legislation designed to protect the financial strength of energy distributors, according to two sources familiar with the situation. The amendment grew out of worries about the excessive indebtedness of the gas transportation and distribution networks. The CNMC has not to date published a notice of regulatory action concerning MRG. The filings also show that MRG's ultimate parent Elisandra Spain IV - Elisandra Spain V's sole owner - paid dividends totalling more than 104 million euros to its shareholders. At the end of 2021, MRG carried 925.5 million euros of net adjusted financial debt on its balance sheet, 6.55 times its earnings before interest, taxes, depreciation and amortisation (EBITDA), per its latest annual accounts.

☆ Dutch defence ministry advised against ASML exports to China in 2020 -FD
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Eva Plevier/File PhotoAMSTERDAM, Jan 20 (Reuters) - The Netherlands' defence ministry advised the government in 2020 not to allow semiconductor equipment supplier ASML Holding NV (ASML.AS) to export any of its most modern machines to China, Dutch newspaper Het Financieele Dagblad reported on Friday. The advice has been heeded, as ASML has not shipped EUV technology to Chinese customers. The publication comes as the Dutch government is weighing additional restrictions on ASML's exports of older equipment to China. Prime Minister Mark Rutte said on Jan. 17 he expected a "good outcome" to discussions with the United States on the matter after meeting with President Joe Biden in Washington. "In addition our most important strategic security partner, the United States, has made an urgent appeal to the Netherlands not to export the EUV technology to China."

☆ Dutch export rules on China in focus ahead of ASML results
▼ + stars: | 2023-01-20 | by ( Tosterling Stephanie Van Den Berg | Stephanie Van Den Berg | ) www.reuters.com time to read: +4 min

One is making sure Dutch rules are drafted in such a way that they are not actually more restrictive for ASML than for U.S. companies. ASML is expected to post fourth-quarter net income of 1.68 billion euros ($1.82 billion) on record revenue of 6.37 billion euros, according to Refinitiv Eikon data. In November ASML raised its annual revenue estimates by 25% to at least 30 billion euros by 2025. There could be further losses from tougher Dutch rules, if for example, limits are re-applied to sales to China of older technology deep ultraviolet lithography (DUV) equipment. ASML has sold more than 8 billion euros worth of such equipment in China since 2014, when DUV was removed from international lists of goods deemed of possible military use.

☆ Dutch Gasunie, Storag Etzel in German hydrogen storage partnership
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: 1 min

Companies Nederlandse Gasunie NV FollowAMSTERDAM, Jan 17 (Reuters) - Dutch gas grid operator Gasunie said on Tuesday it would partner with Storag Etzel in a project to store hydrogen in salt caverns. The companies "aim to enable large scale hydrogen storage in the salt caverns near Etzel, Germany," Gasunie said in a statement. Financial terms were not disclosed for the pilot project, which is slated to be completed by 2026, Gasunie said. Reporting by Toby Sterling; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Dutch to send Patriot missile defence system to Ukraine -ANP
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, Jan 17 (Reuters) - The Netherlands will send a Patriot missile defence system to Ukraine, Dutch news agency ANP reported on Tuesday, citing Prime Minister Mark Rutte. Rutte is currently in Washington D.C. meeting U.S. President Joe Biden. ANP, citing a fireside chat between the two leaders, quoted Rutte as saying they would participate in a U.S.-German initiative to send the defence systems to Ukraine. Rutte said he had earlier spoken by telephone with German Chancellor Olaf Scholz and Ukrainian President Volodymyr Zelenskiy to discuss the decision. Reporting by Toby Sterling, Editing by William Maclean and Jon BoyleOur Standards: The Thomson Reuters Trust Principles.

☆ Dutch tech industry urges EU to take a stand on China chip exports
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Jan 17 (Reuters) - Dutch tech industry group FME on Tuesday called for the European Commission to draft a position on whether and how to restrict computer chip technology exports to China, saying "more unified and powerful action" was needed from Europe. The call comes as Dutch Prime Minister Mark Rutte visits U.S. President Joe Biden in Washington. "In these times ... of geopolitical tensions, national and European strategic autonomy is of great importance," said FME chairman Theo Henrar. The Dutch trade minister on Sunday said she shared U.S. concerns about over-reliance on Asian chipmakers and that chip technology had military applications, but the Netherlands would not simply adopt American rules. FME represents the interests of 2,200 Dutch technology firms, including ASML and smaller equipment maker ASM International (ASMI.AS).

☆ Dutch PM Rutte sees progress in talks on U.S. chip export restrictions
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, Jan 17 (Reuters) - Dutch Prime Minister Mark Rutte on Tuesday said he saw gradual progress in talks over new restrictions the United States wants it to implement on exporting chip-making technology to China. "I think that step by step we will be able to reach a good outcome in cooperation," Rutte said in an interview with Dutch TV programme Nieuwsuur following his visit to the White House. The Netherlands is home to ASML Holding NV (ASML.AS), a key maker of semiconductor manufacturing equipment. But he also warned that global supply chains for simpler technologies should not be disrupted by export restrictions. Reporting by Bart Meijer and Toby Sterling, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ Dutch trade minister: won't summarily agree to U.S. rules on China exports
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Jan 16 (Reuters) - The top Dutch trade official said the Netherlands will not summarily accept new U.S. restrictions on exporting chip-making technology to China, and is consulting with European and Asian allies. Trade Minister Liesje Schreinemacher spoke on Sunday on the television show Buitenhof ahead of a visit to the U.S. by Dutch Prime Minister Mark Rutte on Tuesday, when he is expected to discuss export policy with President Joe Biden. The Netherlands' largest company is ASML Holding, a key supplier to semiconductor equipment makers. ASML has said that the U.S. rules could impact roughly 5% of its group sales. She said the Netherlands is also talking with Japan, South Korea, Taiwan, Germany and France.

☆ Hitachi and Petrofac to work on TenneT offshore power conversion stations
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, Jan 13 (Reuters) - TenneT, the Dutch-German electricity grid operator, has struck an agreement for Hitachi Energy (6501.T) and Petrofac (PFC.L) to work on two 2 gigawatt (GW) conversion stations it is planning in the North Sea, the company said on Friday. Financial terms were not disclosed, but TenneT said it expects to award full framework contracts this quarter. TenneT is building the conversion stations to collect electricity from offshore wind farms and send it onshore efficiently. The company has been engaged to connect about two thirds of the 65 GW in offshore wind capacity targeted by Germany, the Netherlands, Denmark and Belgium by 2030. (This story has been refiled to fix the typo in Hitachi in the headline)Reporting by Toby Sterling Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Dutch PM Rutte denies U.S. pressure over chip export policy
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoAMSTERDAM, Jan 13 (Reuters) - The Netherlands is not feeling pressured by Washington to adopt new U.S. rules further restricting semiconductor technology exports to China, Dutch Prime Minister Mark Rutte said on Friday. Rutte is travelling to Washington next week to meet with U.S. President Joe Biden to discuss security and trade issues, including chip-making tool exports. I don't experience it like that at all," Rutte said at his weekly press conference. "We are talking about how you prevent - without naming any specific third country - modern chips being used for weapons systems. Or that you make yourself dependent" on other countries for technology, Rutte said at his weekly press briefing.

☆ Universal Music CEO Grainge decries spam music on streaming platforms
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, Jan 11 (Reuters) - Universal Music Group (UMG.AS) CEO Lucian Grainge on Wednesday lamented the increasing use of short, low-quality music clips on streaming music platforms, saying they undermine the experience of fans and are aimed at evading royalty payments to artists. In a New Year's note to staff, Grainge said platforms use popular music to entice customers, but algorithms guide them to cheaper "lower-quality functional content that in some cases can barely pass for 'music'." He said Spotify's pioneering launch of a subscription model in 2011 had proved a boon for the industry, but that that was more than a decade ago. "As technology advances and platforms evolve, it’s not surprising that there’s also a need for business model innovation," he said. "We need an updated model... (that rewards) artists, fans, and labels alike."

While the error margins are unlikely to distort euro inflation in the long-term, economists say they could warp inflation expectations if not addressed, at a time when the European Central Bank is raising rates aggressively to tame double-digit inflation. As falling energy prices will take time to be reflected in household contracts, the current methodology will underestimate inflation when energy prices fall, CBS said. More volatility could follow when Germany introduces a cap on energy prices in March, that will also cut costs for January and February retroactively, he said. Eurostat has said that only measures that have a direct impact on energy prices, known to consumers before they purchase the energy, should reflect in inflation calculations. FEEDTHROUGH RISKSWith inflation at 10%, the calculation issues are unlikely to significantly impact the aggregate euro zone inflation print.

☆ Netherlands PM Rutte apologises for role of Dutch state in slavery
▼ + stars: | 2022-12-19 | by ( Tosterling Ank Kuipers | Ank Kuipers | ) www.reuters.com time to read: +5 min

[1/8] Dutch Prime Minister Mark Rutte responds to recommendations from a panel of experts to accept the role of the Netherlands in the history of slavery and its current consequences in The Hague, Netherlands December 19, 2022. "Today I apologise," Rutte said in a nationally televised speech at the Dutch National Archives. "For centuries the Dutch state and its representatives have enabled and stimulated slavery and have profited from it," he added. "It is true that nobody alive today bears any personal guilt for slavery...(however) the Dutch state bears responsibility for the immense suffering that has been done to those that were enslaved and their descendants." The panel said that Dutch participation in slavery had amounted to crimes against humanity and in 2021 recommended an apology and reparations.

☆ Crypto exchange Bitvavo says it aims to recoup 280 million euros from DCG
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Dec 16 (Reuters) - Dutch cryptocurrency exchange Bitvavo said on Saturday it is trying to recover 280 million euros ($296.30 million) from U.S.-based Digital Currency Group (DCG) and its subsidiaries. FTX filed for bankruptcy on Nov. 11, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars. The collapse reverberated across the crypto world and sent bitcoin and other digital assets plummeting. A public relations agent for DCG on Saturday said the accounts in question were held at Genesis, not DCG itself. "We are in discussions with multiple entities of the group and given the mingling within the group we hold DCG responsible for the outstanding amount," a Bitvavo spokesperson said.

☆ Crypto exchange Bitvavo says 280 million euros 'locked' at DCG
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, Dec 16 (Reuters) - Bitvavo, a Dutch cryptocurrency exchange, said on Friday it has 280 million euros ($296.30 million) locked at Digital Currency Group (DCG), a U.S.-based company. "DCG is currently experiencing liquidity problems ... As a result, DCG has suspended repayments until this liquidity issue has been resolved," the Dutch firm said on its blog. DCG operates several subsidiaries, including major cryptocurrency lender Genesis Global Capital, which froze withdrawals in November following the collapse of FTX. Bitvavo said it expects to be reimbursed over time and that it has enough funds to "prefund any locked assets at DCG". It said it had given the money to DCG to offer Bitvavo customers a product where they could earn interest on their cryptocurrency token deposits.

☆ Investor Cat Rock reduces stake in Just Eat Takeaway - SEC filing
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, Dec 16 (Reuters) - U.S. investor Cat Rock, previously the second-largest shareholder in meal delivery firm Just Eat Takeaway.com (TKWY.AS), has sold part of its stake, according to an SEC filing. The filing on Dec. 15 showed the stake standing at 4.93% with 10.65 million shares as of Dec. 12. Refinitiv data showed the investor had previously held around 14.79 million shares, or 6.85%. The largest shareholders in Just Eat are now founder Jitse Groen with 7.1%, Baupost Group with 6.5%, Caledonia Investments with 6.15%, and UBS Asset Management with 5.85%. Reporting by Toby Sterling Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Dutch central bank warns that KuCoin operating without registration
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, Dec 15 (Reuters) - The Dutch central bank on Thursday issued a statement saying cryptocurrency exchange KuCoin is operating in the Netherlands without being registered to do so. KuCoin is a subsidiary of a Seychelles-registered company called MEK Global Limited (MGL), the bank said in a statement. MGL "is acting in violation of the law on preventing money laundering and financing terrorism and offering illegal services," De Nederlandsche Bank said. Customers of the exchange are not breaking the law, the DNB said, "but they may have a heightened risk of becoming involved in money laundering and terrorism financing." In August 2021, the DNB issued a similar warning that Binance Holdings Ltd. was operating in the Netherlands without a license.

☆ Dutch chip equipment maker ASML's CEO questions U.S. export rules on China -newspaper
▼ + stars: | 2022-12-13 | by ( ) www.reuters.com time to read: +2 min

"Maybe they think we should come across the table, but ASML has already sacrificed," CEO Peter Wennink said in an interview with newspaper NRC Handelsblad. He said that while 15% of ASML's sales are in China, at U.S. chip equipment suppliers "it is 25 or sometimes more than 30%". Washington is urging the Netherlands, Japan and other unspecified countries with companies that make cutting edge manufacturing equipment to adopt similar rules. Wennink said it seemed contradictory that U.S. chip manufacturers are able to sell their most advanced chips to Chinese customers, while ASML is only able to sell older chipmaking equipment. (Yet) the technology used to make such chips can still be sold to China," he added.

☆ Analysis: European food delivery shapes up with Getir's Gorillas buy
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +6 min

QUICK COMMERCEThe Gorillas acquisition makes Getir Europe's largest quick commerce company. LESS CAPITAL, FEWER COUPONSMore than a dozen smaller European quick commerce companies failed or were acquired since mid-2021. While profits may still be distant for the privately-held quick commerce companies, Europe's listed meal delivery companies have all set formal targets for earnings before interest, taxes, depreciation and amortisation (EBITDA). Shares in the European delivery companies are down around 60% from a year ago, but have traded sideways since June. So to "all the naysayers saying 'quick commerce is over - No.

☆ Europe's free-travel zone set to welcome Croatia but bar Romania and Bulgaria
▼ + stars: | 2022-12-08 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 8 (Reuters) - Opposition led by Austria is set to prevent Bulgaria and Romania from winning approval on Thursday to join Europe's control-free travel zone, though its 26 member countries are expected to admit Croatia. The so-called Schengen zone - a pact between countries to abolish border checks for those travelling between their territories - is among the top achievements of European integration. The Netherlands sides with Austria in opposing the granting of access to Bulgaria, with the Hague citing concerns over governance and migration. Since all member countries must agree for a candidate country to be able to join Schengen, Romania and Bulgaria were in for a disappointment on Thursday. "Croatia can expect a positive decision but Romania, and especially Buglaria will not be able to join Schengen yet," said an EU diplomat.

☆ Dutch conclude lobbying didn't influence Uber International's taxes
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

"The conclusion of the investigative report is that no advantaging of Uber took place," the document sent to parliament on Tuesday said. "Whatever Uber thought or hoped it would achieve in terms of special fiscal treatment did not succeed." The Dutch subsidiary Uber International BV has around 1,000 employees in Amsterdam. Dutch tax authorities do not reveal information about how they treat individual companies and parts of the findings were redacted. In one redacted passage, the review said that pressure from Uber and the Dutch government's agency tasked with attracting foreign investment "was resisted in an effective way" by the Dutch tax office.

Search resuls for: "Toby Sterling"

25 mentions found