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Saudi Arabia, Poland Agree to Bolster Digital Partnership

The Saudi delegation's visit to Poland was centered on exploring trade and investment partnership prospects. SPA
The Saudi delegation's visit to Poland was centered on exploring trade and investment partnership prospects. SPA
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Saudi Arabia, Poland Agree to Bolster Digital Partnership

The Saudi delegation's visit to Poland was centered on exploring trade and investment partnership prospects. SPA
The Saudi delegation's visit to Poland was centered on exploring trade and investment partnership prospects. SPA

Polish Deputy Prime Minister and Minister of Digital Affairs Krzysztof Gawkowski has expressed his endorsement for initiating collaborative digital initiatives with Saudi Arabia, which would benefit both nations.

Gawkowski's remarks came during his meeting Tuesday in Warsaw with Federation of Saudi Chambers Chairman Hassan Al-Huwaizi and a delegation of Saudi businessmen. The visit was centered on exploring trade and investment partnership prospects.

Gawkowski underlined Poland's keenness to enhance cooperation with Saudi Arabia on digital development and cybersecurity, particularly considering the substantial progress underway in the sector in both countries.

During the meeting, Alhwaizy stressed the significance of augmenting Saudi-Polish investments in technology and digital transformation, recognizing the pivotal role of the fields in economic advancement and business expansion.

Saudi Polish Business Council chairman Abdullah Abu Dabeel highlighted that Saudi Arabia’s ambitious plan for a $100 billion artificial-intelligence (AI) project, coupled with Poland's prominent position as the third-ranked country globally in terms of the quality and number of programmers, presents promising avenues for collaboration between the two nations.

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Apple Supplier IQE to Launch Strategic Review as It Warns of Flat Revenue This Year

Apple iPhones are seen inside India's first Apple retail store during a media preview, a day ahead of its launch in Mumbai, India, April 17, 2023. (Reuters)
Apple iPhones are seen inside India's first Apple retail store during a media preview, a day ahead of its launch in Mumbai, India, April 17, 2023. (Reuters)
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Apple Supplier IQE to Launch Strategic Review as It Warns of Flat Revenue This Year

Apple iPhones are seen inside India's first Apple retail store during a media preview, a day ahead of its launch in Mumbai, India, April 17, 2023. (Reuters)
Apple iPhones are seen inside India's first Apple retail store during a media preview, a day ahead of its launch in Mumbai, India, April 17, 2023. (Reuters)

British semiconductor wafer maker IQE said on Monday it would start a strategic review of its assets and consider a full sale of its Taiwan operations, as it warned that group revenue would not grow this year due to a weaker-than-expected sector recovery.

The Apple supplier had announced in July plans to launch an initial public offering for its Taiwan business on the local stock exchange, while retaining control of the unit, but said on Monday that it was now looking at all options.

Shares of the company skidded 15% to 9.02 pence in early trading. They have dropped about 54% this year.

"We will continue to further optimize our operations, restructuring and right-sizing our business," an IQE spokesperson said.

The company, which last month announced the immediate departure of CEO Americo Lemos, has been navigating a challenging financial environment with a sluggish recovery in the semiconductor industry and the growing significance of supply chain security over cost, amplified by rising US-China tensions.

Its peers, including US-based Apple supplier Skyworks Solutions and Chipmaker Qorvo, have all reported soft quarters and guidance over the quarter.

IQE had earlier expected both annual revenue and adjusted core profit to grow.

IQE, whose 'epi-wafers' are used in the Apple iPhone's facial recognition sensors, said it expects 2024 revenue to be around 115 million pounds ($145.27 million), or flat year-on-year.

An LSEG poll of three analysts had forecast full-year revenue of 132.59 million pounds.

IQE said it expects full year adjusted core profit of at least 5 million pounds. Analysts, on average, had forecast core profit of about 12.5 million pounds, according to the LSEG poll.