Economy

Huawei says it may produce advanced chips without relying on ASML’s EUV machines, despite ongoing export restrictions. The company aims to reach 1.4-nanometre production by 2031, potentially narrowing the gap with global leaders. Details of the approach remain unclear.

European Commissioner Valdis Dombrovskis emphasized the need for increased economic growth and private investment in the EU to address significant investment demands in areas like defense and competitiveness.

The Amsterdam benchmark AEX index hit an all-time intraday high of 1,044.63 points on Friday, driven by market optimism following comments from US officials hinting at a swift end to the conflict with Iran. Despite ongoing disputes over uranium stockpiles and the continued closure of the Strait of Hormuz—which pushed Brent crude prices up to $105.19 a barrel—European markets rallied broadly, with payment firm Adyen leading the Amsterdam gains. The morning session was further shaped by major corporate deals, including a formal €7.8 billion takeover bid for locker company InPost by a FedEx-led consortium, a €160 million European and Australian tech division sell-off by recruitment firm Randstad to LTM, and a €10.7 billion private buyout bid for Italian pharmaceutical company Recordati by a consortium led by CVC.

While companies broadly support a new law forcing businesses with over 100 employees to report on gender pay gaps from 2027, many are sounding warnings over increased red tape and privacy risks. Major employers agree that pay transparency boosts workplace satisfaction, but firms like PwC and Fastned urge that reporting must stay simple and include proper context, as raw numbers can obscure justified salary differences. Furthermore, accounting firm KPMG has raised concerns that the current proposal fails to fully protect employee privacy, threatening to expose individual salaries to colleagues.

The government is launching a discounted off-peak rail pass on 21 June to help passengers save money over the summer. Valid until 1 September, the scheme allows unlimited off-peak travel for just €49 a month, down from the usual €127.95, in an effort to ease the pressure on household budgets caused by the rising cost of living. To get the €118 million plan ready in time, parliament must fast-track a budget change, after which officials will review the summer data to see if the cheaper fares can become permanent.

For the first time in years, the average mortgage for first-time buyers has stopped growing, signaling that new buyers have hit their financial limit. With property prices up 5% this March, many are forcing themselves into smaller homes or cheaper areas just to get a foot on the property ladder. Meanwhile, existing homeowners are using their equity and higher incomes to buy bigger properties, widening the gap between those buying their first home and those moving up it.

ASN Bank plans to double its mortgage market share to 15% by simplifying and speeding up the application process for homebuyers. The bank is currently focusing on internal improvements, such as anti-money laundering measures, following previous regulatory fines. Consequently, management has paused new product launches and AI experimentation for the foreseeable future.

Most Dutch civil servants have approved a new pay agreement after weeks of strikes. The deal includes a salary increase and a one-off payment. Earlier protests had disrupted key services across the country.