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Germany’s government wants to attract chip makers with EUR 14 billion (roughly Rs. 1,13,132 crore) in support, Economy Minister Robert Habeck said on Thursday, adding that the lack of semiconductors used in everything from smartphones to cars was a massive problem. A global chip shortage and supply chain bottlenecks have created havoc for car makers,
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The Enforcement Directorate on Saturday rejected as “baseless” the allegations that the statements of Xiaomi India officials, the wholly-owned subsidiary of Chinese mobile manufacturing company Xiaomi, were recorded “under coercion”, saying the charges were an afterthought. The federal agency was responding to certain news reports that said Xiaomi alleged in a recent filing before the
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Chinese smartphone maker Xiaomi has alleged its top executives faced threats of “physical violence” and coercion during questioning by India’s financial crime fighting agency, according to a court filing seen by Reuters. Officials from the Enforcement Directorate warned the company’s former India managing director, Manu Kumar Jain, current Chief Financial Officer Sameer BS Rao, and
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An Indian court has put on hold a federal enforcement agency’s decision to seize $725 million (roughly Rs. 5,570 crore) from local bank accounts of China’s Xiaomi for suspected violations of foreign exchange laws, two sources told Reuters on Friday. The Enforcement Directorate last week seized the bank assets of Xiaomi Technology India Private Limited,
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Prominent Chinese billionaires, including Lenovo group founder Liu Chuanzhi, and the President of Didi Chuxing, Liu Qing have cleared their Weibo accounts and only made content from the last six months visible, local media reported. Weibo is a Chinese microblogging platform and is widely used in China as an alternative to Twitter, which is inaccessible in
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International semiconductor consortium ISMC will invest $3 billion (roughly Rs. 22,940 crore) in India’s southern Karnataka state to set up a chip-making plant, the state government said on Sunday. ISMC is a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel’s Tower Semiconductor. US chip giant Intel has announced plans to acquire Tower. India’s
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