Nexperia halts chip supplies to China in threat to global car production

Nexperia, the EU-based automotive chipmaker at the centre of a geopolitical dispute, has suspended supplies to its Chinese factory, stepping up a trade war that threatens to halt production at carmakers around the world.The company wrote to customers this week informing them all supplies to a Chinese plant had been suspended.In September, the Netherlands used national security laws to take control of the chipmaker, citing concerns that its Chinese owner, Wingtech Technologies, was planning to shift intellectual property to another company it owned. The Dutch government said that threatened the future of European chip capacity, and removed the Wingtech chairman, Zhang Xuezheng, as chief executive.China responded by halting exports from all Nexperia’s factories in China, prompting warnings this week that the embargo would force production lines at EU car factories to close within days

Tinned tuna maker Princes floats at nearly £1.2bn in boost for London

The tinned tuna maker Princes Group has kicked off a float with a valuation of nearly £1.2bn in a boost for the London stock market.The debut of the shares in the almost 150-year-old company, which is best known for its Princes tinned tuna and Napolina tinned tomatoes, olive oil and pasta, marks a rare bright spot in the UK’s lacklustre market for flotations.However, the stock launched at the bottom end of a £1.16bn to £1

Starbucks workers hold strike vote amid anger over pay and conditions

Unionized Starbucks workers across the US are casting their votes on whether to hold a strike amid anger over pay and conditions at the world’s largest coffee chain, and allegations it breached labor laws by engaging in bad faith bargaining.Starbucks has faced a rapid wave of mobilization since 2021. Starbucks Workers United, a union representing baristas at the chain, has won elections at more than 650 of its locations in 45 states and the District of Columbia, representing more than 12,000 workers.Butit has yet to obtain a contract. Starbucks Workers United claims company management started to “majorly stonewall” the union; Starbucks claims the union walked away from the bargaining table

UK house price growth slows as buyers ‘sit on sidelines’ before budget

British house price growth slowed in October, according to lending data, with analysts suggesting that buyers are “sitting on the sidelines” before a budget that may bring new property taxes.The average house price rose by 0.3% month on month in October, Nationwide said, down from 0.5% in September. The average price of a home was £272,226, up from £271,995 in September

What – if anything – did Asian countries get out of Donald Trump’s whirlwind tour?

On Donald Trump’s whirlwind tour of Asia – which involved stops in Malaysia, Japan and Korea – the US president triumphantly collected new trade deals from countries hoping for a reduction in the tariffs he slapped on them earlier this year.However – China aside – analysts were left asking just how much Asian nations got out of it.Trump’s first stop in Asia was Kuala Lumpur, where he held meetings with world leaders that resulted in trade pacts with Malaysia, Brazil, Thailand, Cambodia and Vietnam, among others. The Malaysian capital was hosting the annual meeting of the Association of Southeast Asian Nations (Asean). The 11 member nations collectively export more to the US than China, making them an important trading partner and also highly vulnerable to Trump’s tariff regime

Two million energy customers are due £240m from old accounts, says Ofgem

Almost 2 million energy bill payers could be owed a share of £240m from old accounts that were closed while still in credit, according to the regulator.The latest figures from Ofgem show that about 1.9m energy accounts were closed over the past five years, with outstanding credit balances totalling £240m left unclaimed.The regulator is urging anyone who has moved in recent years to check whether they are owed a refund from their previous account. Some may be owed only a few pounds, but others could be owed more than £100, Ofgem said