Taiwan eyes $1.3 billion in foreign tech investment under new scheme

FILE PHOTO -General view of the city during sunset hour in Taipei, Taiwan, April 29, 2020. REUTERS/Ann Wang

TAIPEI (Reuters) – Taiwan hopes a new programme will attract T$40 billion ($1.34 billion) of research and development investment by foreign tech companies, creating more than 6,300 jobs a year, the government said on Thursday.

Taipei will spend more than T$10 billion in subsidies over the next seven years to attract the investment, Lin Chuan-neng, the island’s vice minister of economic affairs, said on Thursday.

“We will target three investment in three areas, which are 5G, artificial intelligence and semiconductors,” Lin told a news conference in Taipei.

“We hope to get them to Taiwan to do research and development,” he added. “We hope to boost related supply chains in Taiwan.”

The export-reliant island is home to tech behemoths like Taiwan Semiconductor Manufacturing Co Ltd (2330.TW), the world’s biggest contract chipmaker

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Electric vehicle maker Nio eyes listing of new China entity

(Reuters) – Electric vehicle (EV) maker Nio Inc’s chief executive said it may list its new Nio China entity, as the cash-strapped company eyed a rebound after selling fewer vehicles during the coronavirus outbreak.

Chinese electric vehicle start-up NIO Inc., logo is on display on the trading floor of the New York Stock Exchange (NYSE) as NIO stock begins trading during the company’s initial public offering (IPO) at the NYSE in New York, U.S., September 12, 2018. REUTERS/Brendan McDermid

Nio secured a 7 billion yuan ($989 million) investment in Nio China from state-controlled investors last month.

It would make a comprehensive decision about a stock market listing based on capital market conditions, Nio’s chief executive Li Bin said on an earnings call on Thursday.

Nio’s total revenue stood at 1.37 billion yuan ($191.46 million) in the first quarter, the company reported earlier, compared with an average analyst estimate of 1.67

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UK eyes cuts to Huawei’s 5G network involvement in wake of COVID-19: report

FILE PHOTO: The British flag and a smartphone with a Huawei and 5G network logo are seen on a PC motherboard in this illustration picture taken January 29, 2020. REUTERS/Dado Ruvic/Illustration

(Reuters) – Prime Minister Boris Johnson is planning to reduce Chinese telecoms equipment maker Huawei Technologies Co Ltd’s [HWT.UL] involvement in Britain’s 5G network in the wake of the coronavirus crisis, the Daily Telegraph newspaper reported bit.ly/2zmI2DE.

Johnson has asked officials to make plans to reduce China’s involvement in British infrastructure to zero by 2023, the newspaper reported late on Friday.

The prime minister is expected to use less reliance on China as a means to boost trade talks with U.S. President Donald Trump in the aftermath of Britain’s departure from the European Union, according to the newspaper.

Earlier on Friday, The Times reported that Johnson has instructed civil servants to make plans to end Britain’s reliance on China

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U.S. moves to cut Huawei off from global chip suppliers as China eyes retaliation

WASHINGTON (Reuters) – The Trump administration on Friday moved to block global chip supplies to blacklisted telecoms equipment giant Huawei Technologies [HWT.UL], spurring fears of Chinese retaliation and hammering shares of U.S. producers of chipmaking equipment.

A new rule, unveiled by the Commerce Department and first reported by Reuters, expands U.S. authority to require licenses for sales to Huawei of semiconductors made abroad with U.S. technology, vastly expanding its reach to halt exports to the world’s No. 2 smartphone maker.

“This action puts America first, American companies first, and American national security first,” a senior Commerce Department official told reporters in a telephone briefing on Friday.

Huawei, the world’s top telecoms equipment maker, did not respond to a request for comment.

News of the move against the firm hit European stocks as traders sold into the day’s gains, while shares of chip equipment makers like Lam Research (LRCX.O)

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