Bloomberg
The outgoing Dutch government has set up a task force codenamed “Beethoven” to keep Europe’s most valuable technology company from expanding outside of the Netherlands, as concerns mount about the country’s business climate.
Veldhoven-based ASML Holding NV has told the Cabinet it’s concerned about being able to operate successfully in the country, according to government officials familiar with the matter who asked not to be identified because the information is not public.
Photo: Peter Boer, Bloomberg
ASML, which produces the world’s most sophisticated lithography machines that are used to produce chips, declined to comment. A government spokesperson said the Cabinet has regular contact with companies about the interests of Dutch society, the economy and employment.
The task force will seek to address ASML’s concerns about issues including its ability to attract expatriate workers, rising grid congestion and curbs on nitrogen emissions, the people said.
It was formed after ASML presented a number of requests to the outgoing Cabinet and said it was considering expansion abroad, according to a report by De Telegraaf earlier yesterday.
The Netherlands has lost two of its largest companies due to issues with the tax regime in recent years. Consumer goods behemoth Unilever PLC and oil giant Shell PLC relocated their headquarters to the UK. The government said Shell’s decision in 2021 left it “unpleasantly surprised.”
The concern that ASML could look abroad for expansion comes after last year’s surprise victory of far-right politician Geert Wilders’ Freedom Party in parliamentary elections. Wilders, who has yet to form a government, campaigned on an anti-immigration platform.
Government proposals to curb the inflow of foreign students and shrink a tax break that attracted expatriates to the country have drawn the ire of several companies, including ASML, that argue they will impact the long-term competitiveness of the Netherlands.
ASML has previously said it needs international workers as there is not enough local talent to meet its workforce requirements. About 40 percent of its employees in the country are non-Dutch.
The company has been a vocal critic of the labor proposals and tax policies, saying they put the Netherlands at a disadvantage when compared to other countries in western Europe.
“We are a global company, we will go where we need to go to make sure the company can grow and service our customers,” outgoing chief executive officer Peter Wennink said at a press conference in January.
Christophe Fouquet, a French national, will take over the helm of the company when Wennink retires next month.
France is one possible option for ASML’s expansion, according to De Telegraaf. The French Finance Ministry declined to comment.
Dutch Prime Minister Mark Rutte and Minister of Economic Affairs Micky Adriaansens will meet with Wennink to discuss the business climate, the report said.
Concerns over the business climate in the Netherlands have risen as companies navigate congestion in the power grid and face difficulties in receiving permits to expand facilities due to curbs on emissions.
At a parliamentary debate last month, Adriaansens said the country sometimes treats its businesses “very carelessly” in terms of regulatory pressure and removal of certain tax rules. “As a result, we are weakening our business environment. That is not without risk,” she said.
The Netherlands is also experiencing a severe housing shortage. ASML last month announced a collaboration to create 130 affordable apartments in Veldhoven as it seeks to ease the impact of its growth on the local housing market.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
RSS