Nvidia CEO to hold media briefing in Beijing on July 16
Jensen Huang, Nvidia CEO, will visit Beijing on July 16. This marks his second trip after one in April. US restricts Nvidia's chip exports to China. Senators urge Huang to avoid meetings with certain entities. Huawei provides competition. Chinese firms still want Nvidia chips. China generated $17 billion for Nvidia. Huang sees China as critical.
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Mint
28 minutes ago
- Mint
Your next lawn chair is coming from Vietnam, but it's still kind of Chinese
In May, hundreds of workers at a furniture factory here got a nice surprise. Their Chinese bosses were giving them a nearly 45% raise. Factory owner Ren Li said so many other Chinese factories were moving to Vietnam to avoid high U.S. tariffs that he needed to give his workers a big increase to keep them from getting poached. 'They just flood in," Li said of Chinese companies. 'And that will cause a tsunami." For factory owners, the economic logic is simple. Goods made in China generally face tariffs of 40% to 50% when imported into the U.S. Vietnam is a relative bargain after President Trump this month announced a new tariff rate of 20%, upholding expectations that Vietnam would get more-lenient treatment. Western buyers such as Lowe's and Hasbro have promised to cut their exposure to China. The rush to produce in Vietnam and other lower-tariff countries, far from wiping China off the map, keeps Chinese companies at the center of the export trade. Chinese businesspeople typically have the edge when it comes to building factories anywhere in the world—even in the U.S. 'They have all the technology, all the know-how," said Le Hong Hiep, a senior fellow at Singapore's ISEAS-Yusof Ishak Institute think tank. 'It will take them less time to set up factories in Vietnam than for local companies to develop their own capabilities." Outdoor furniture awaits shipment in Thai Nguyen. The factory's Chinese owner counts some of America's biggest retailers among its customers. The Hanoi airport on a recent visit was clogged with Chinese workers and managers coming to collect their visas. For Trump administration officials, that isn't exactly the desired outcome of a trade war. In trade talks, the U.S. has called on Southeast Asian nations to take a hard line on economic ties with China, including by stopping Chinese companies from setting up manufacturing and export operations in their countries. The goal is to reduce U.S. dependence on Chinese companies regardless of where they are located. But for the first half of this year, China—including Hong Kong—was responsible for more than 800 new investment projects in Vietnam, far more than any other country. Much of the investment was concentrated in manufacturing. Li is the founder of Letright Industrial, one of China's largest outdoor-furniture manufacturers with a customer list that includes Walmart and Lowe's. His factory in Thai Nguyen, near Hanoi, first opened in 2021 and today employs around 1,200 workers making lounge chairs, coffee tables and sofas. A set of six pieces can retail at American stores for around $700 to $2,000. Teams of U.S. buyers have visited recently to tour the factory and review their products. On the factory floor, laborers use laser-welding tools to construct sofa frames. Others hunch over waist-high tables, hand-weaving wicker chairs. With faux-natural materials popular in the U.S. this season, a team of workers uses brown spray paint to make metal chairs resemble wooden ones. Workers at the Vietnam facility have received training from their Chinese counterparts as production moves across the border. At the company's testing center, a machine slams a heavy weight into the seat of a finished chair more than 10,000 times, to prove its durability. Anticipating demand from U.S. clients, the company is building a second factory here a 10-minute drive away and is hiring hundreds more workers while trimming the workforce at its home base in Hangzhou, China. Teams of Chinese welders and weavers have been dispatched to train the Vietnamese. The company's ambitious goal: move 100% of U.S.-bound production to Vietnam this year, up from 30% last year. But getting work done in Vietnam is tougher than in China, and the first factory has yet to turn a profit. The intense heat and humidity of the region saps worker productivity, especially because furniture factories don't have high enough margins to use air conditioning in their high-ceilinged factories, says Li. 'The hot weather makes them very sleepy," said Li of his workers. He said they also don't have air conditioning at home, so they don't rest well during Vietnam's summers. The work culture in Vietnam is different from China. Chinese workers are known to show up at 7 a.m. in the hopes of getting started early and earning extra commissions. In Vietnam, workers tend to stick to standard hours. Employees at the Thai Nguyen complex have benefited from wage hikes as rival Chinese companies seek to ramp up hiring in the area. Luke Lu, who heads the company's North American sales, said the company's Vietnamese workers operate at a more deliberate pace when weaving wicker furniture. The company recently introduced extra pay for highly efficient workers, but Vietnamese workers remain about 30% less productive than Chinese workers, Lu said. In China, every raw material can be easily acquired. But in Vietnam, materials such as certain metal pipes used in chairs and fabrics for seat cushions need to be imported from China. When ports fill up, parts can be trucked over the Chinese border, five hours away. Trump has pledged a double tariff rate of 40% on foreign goods, including Chinese goods, transshipped through Vietnam, without specifying what counts as transshipment. Lu said some 70% of the materials that go into the company's Vietnam-made furniture are sourced locally, and it is working to find Vietnamese producers for the rest. Li said not all companies operating abroad should be considered transshippers. 'He has to separate the good people from the bad people," Li said of Trump. Overall Lu estimates that it is about 10% to 15% more expensive to produce outdoor furniture in Vietnam compared with China—which gives Vietnam the edge for U.S. exports, assuming Trump doesn't throw any more tariff curveballs. 'We already invested a lot here, and expanded production," said Lu. 'We just want things to be stable." Li said he was better off than some fellow Chinese manufacturers because he started planning the shift in Trump's first term. He recalled attending an Asia-Pacific leaders' summit in 2017 in Da Nang, Vietnam, where Trump took the stage and unleashed a fiery speech accusing China of cheating the U.S. on trade. 'Trust between the U.S. and China is getting less and less," Li said. Write to Jon Emont at
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Business Standard
38 minutes ago
- Business Standard
Stocks to Watch today, July 14: VIP Industries, Adani Green, NCC, DMart
Stocks to Watch today, July 14: The Indian stock market is poised for a flat start on Monday, with a negative bias, as cautious sentiment continues to dominate the D-street. Benchmark indices concluded last week's trading session in red as uncertainty on the trade tariff front and the Jane Street incident at home kept the overall investor mood jittery. At 7:13 AM, GIFT Nifty futures were trading at 19 points lower at 25,172, signalling a flat start. Global markets remained mainly flat as Wall Street failed to carry forward the recent optimism, despite hitting 52-week highs in the tech-led rally driven by Nvidia. The S&P 500 concluded Friday's trading session at 6,259.75, down by 0.33 per cent or 20 points. The tech-heavy index, Nasdaq, settled at 20,585.53, down by 0.22 per cent. In the Asia-Pacific region as well, market sentiment remained mixed. Japan's Nikkei started the week on a subdued note, trading at 39,359.70, down by 209 points or 0.53 per cent. However, South Korea's Kospi was trading at 3,192.58, higher by 0.53 per cent. Meanwhile, the Hang Seng index was also trading higher, at 24,176.38, up by 0.16 per cent. While IT giant Tata Consultancy Services' (TCS) first quarter results for the financial year 2025-2026 failed to impress the D-street, market analysts believe that earnings will continue to give directional cues. Besides, investors will closely watch out for the upcoming economic data announcements, which include inflation figures from the US as well as India. On top of that, China is expected to release its GDP numbers. Q1FY26 results today Major tech firms, including HCL Tech and Tata Tech, will be announcing their Q1FY26 results today. Meanwhile, Benares Hotels, Den Networks, Ola Electric Mobility, Tejas Networks and Sambhav Steel Tubes are some of the other firms set to release their earnings for Q1FY26. Here is a list of stocks to watch today: Glenmark Pharmaceuticals: The company has received a warning letter from the US FDA for its Indore facility in Madhya Pradesh, following an inspection carried out between February 3 and February 14, 2025. In its latest exchange filing, the pharma company mentioned that the warning letter is not expected to impact current supplies or existing revenues from this site. Avenue Supermarts: The company announced its results for the first quarter of the financial year 2025-2026 last week. D-Mart's parent company reported total revenue of ₹15,932 crore, up from ₹13,712 crore recorded in the same period last year. Ebitda stood at ₹1,313 crore, compared to ₹1,221 crore in Q1FY25, whereas the Ebitda margin declined to 8.2 per cent from 8.9 per cent year-on-year (Y-o-Y). Net Profit stood at ₹830 crore for Q1FY26, as against ₹812 crore reported in the corresponding quarter of last year. Rail Vikas Nigam Ltd (RVNL): The company has received a Letter of Award (LOA) from the South Central Railway for a project involving the design, supply, testing and commissioning of OHE upgradation from a 1X25kV system to a 2X25kV system. The work covers feeder and earthing systems in the Duvvada–Rajahmundry and Samalkot–Kakinada Port sections of the Vijayawada Division, spanning 195.5 RKM / 391 TKM. The contract is valued at ₹213.22 crore. Zydus Lifesciences: The subsidiary company of the firm, Zydus Pharmaceuticals USA Inc., has entered into a definitive agreement with Agenus Inc. and Agenus West LLC to acquire two biologics manufacturing facilities located in Emeryville and Berkeley, California. As part of the transaction, Zydus Pharmaceuticals USA Inc. has now incorporated a wholly owned subsidiary named Zylidac Bio LLC, which will be responsible for acquiring the target assets from Agenus. Orient Green Power: The company's material subsidiary, Bharath Wind Farm Ltd. (BWFL), has received a notice from the Income Tax Department, National Faceless Appeal Centre (NFAC). As per the exchange filing, the notice pertains to the disallowance of depreciation amounting to ₹4.37 crore for assessment year 2015–16, resulting in a tax liability of ₹4.35 crore (including ₹2.62 crore as interest). Titagarh Rail Systems: The company has entered into a 99-year lease agreement with the Governor of West Bengal for approximately 40.009 acres of land at Mouza Kotrung and Mouza Bhadrakali, Uttarpara, for a total consideration of ₹126.63 crore. The land will be used to set up additional production infrastructure, including dedicated zones for forming, testing and commissioning of metro coaches and Vande Bharat trains. It will also include a test track to carry out dynamic and running tests to ensure performance and safety before delivery. Hindustan Copper Ltd.: The company said in its recent exchange filing that the 50 per cent copper tariff announced by the US is unlikely to have any effect on its business. "Hindustan Copper Ltd (HCL) mines copper ore and beneficiates the same into copper concentrate. This copper concentrate is sold principally in India and hence HCL may have no effect of tariff on copper, if imposed by the USA," the filing read. Bharat Earth Movers Ltd. (BEML): The state-owned firm informed in an exchange filing that its board will meet on July 21, 2025 to consider a stock split. If the company board agrees on the proposal, it will mark BEML's first ever stock split. VIP Industries: In a recent exchange filing, the company announced that the promoter group of VIP Industries, led by Dilip Piramal and family, has signed an agreement to sell up to 32 per cent stake in VIP Industries. This deal is expected to trigger an open offer for 26 per cent. Sula Vineyards: The company's net revenue from operations figure declined 7.9 per cent to ₹118.3 crore in Q1FY26 compared to ₹128.4 crore in Q1FY25. However, excluding the one-time WIPS unwinding benefit of ₹10.4 crore in the base quarter, revenue saw a marginal rise of 0.2 per cent to ₹118.3 crore. Revenue from own brands dropped 10.8 per cent Y-o-Y to ₹102.3 crore as against ₹114.6 crore reported in the corresponding quarter of the previous fiscal. Meanwhile, wine tourism continued to perform well, with revenue increasing 21.8 per cent to ₹13.7 crore from ₹11.3 crore. Adani Green: The company has issued equity shares to Ardour Investment Holding Ltd., part of its promoter group, after the latter exercised its share warrants. Last year, the company had allotted 6.31 crore convertible warrants to Ardour via a preferential issue at ₹1,480.75 per warrant. At that time, 25 per cent of the amount (₹370.19 per warrant) was paid upfront. Rail India Technical and Economic Service (RITES Ltd.): The company bagged an order from the Department of Collegiate and Technical Education (DCTE), Karnataka, for the construction and renovation of Government First Grade Colleges across various locations in the state under the PM USHA Scheme. The total project cost, including RITES' fees, stands at ₹46.82 crore, as per the exchange filing. NCC: The company announced that it has secured a contract from the Mumbai Metropolitan Region Development Authority (MMRDA), as per the Letter of Acceptance dated July 11, 2025. The project involves the design, manufacturing, supply, installation, integration, testing and commissioning of rolling stock, signaling and train control systems, telecom systems, platform screen doors and depot machinery for the Swami Samarth Nagar to Vikhroli (EEH) stretch. The contract is valued at ₹2,269 crore, according to the exchange filing.
Time of India
an hour ago
- Time of India
Euro eases after Trump threatens 30% tariffs on EU
The euro fell to a three-week low on Monday while the Mexican peso also came under pressure after President Donald Trump threatened to impose a 30% tariff on imports from two of the largest U.S. trading partners beginning August 1. Trump on Saturday announced the latest tariffs in separate letters to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum that were posted on his Truth Social media site. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Container Houses Indonesia (Prices May Surprise You) Container House | Search ads Search Now Undo Both the European Union and Mexico described the tariffs unfair and disruptive, while the E.U. said it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement. Reaction in the currency market to Trump's latest tariff threats was largely muted in the early Asian session, though the euro did slip to a roughly three-week low and last traded 0.15% lower at $1.1675. Against the Mexican peso, the dollar rose 0.2% to 18.6630. Live Events Elsewhere, however, the dollar made limited gains, with sterling down just 0.04% to $1.3485, while the Japanese yen rose 0.1% to 147.27 per dollar. Investors have grown increasingly desensitised to Trump's slew of tariff threats, with his latest upheaval in the global trade landscape doing little to prevent U.S. stocks from scaling record highs and offering just a slight boost to the dollar. "It is hard to say whether the muted market response over the week is best characterised by resilience or complacency," said Taylor Nugent, senior economist at National Australia Bank. "But it is difficult to price the array of headlines purportedly defining where tariffs will sit from August 1 when negotiations are ongoing and the key substantive development recently is that the earlier July 9 reciprocal tariff deadline came and went without an increase in tariff rates." In other currencies, the Australian dollar ticked up 0.02% to $0.6575, while the New Zealand dollar fell 0.07% to $0.6004. Outside of tariff news, Trump on Sunday said that it would be a great thing if Federal Reserve Chair Jerome Powell stepped down, again threatening to undermine the central bank's independence as he calls for interest rates to be lowered. Traders could get a better clue on the future path for U.S. rates when inflation data for June comes due on Tuesday, where expectations are for U.S. consumer prices to have picked up slightly last month. Markets are currently pricing in just over 50 basis points worth of Fed easing by December. Also on investors' radars will be the release of Chinese gross domestic product figures similarly out on Tuesday. The world's second-largest economy is expected to have slowed down in the second quarter from a solid start to the year as trade tensions with the United States added to deflationary pressures.
