Market Chatter: China-Listed TPV Technology's Russian Plant Stops Operations Due to Payment Problems

MT Newswires Live

Nov 08, 2024

Television manufacturer TPV Technology (SHE:000727) stopped work at its plant in St. Petersburg, Russia, as the factory encountered payment issues with foreign spare parts suppliers, Reuters reported Thursday.

Russia's finance system is facing issues after its war with Ukraine got the country blocked from dollar markets and the SWIFT payments system, making payments from China problematic, the report said.

Earlier reports said TPV's factory in Russia's second-largest city suspended production due to sanctions from the US and the European Union, according to Reuters, citing Russia's Kommersant newspaper.

China-listed TPV Technology produces TVs for Philips, Sharp (TYO:6753), and Sony (TYO:6758)

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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