US defense bill proposes examination of Apple display supplier
When the bill was approved by the U.S. House of Representatives Armed Services Committee, a newly added amendment for the first time asked the U.S. Defense Department to consider whether
BOE Technology Group
Co, listed on Apple's official suppliers list, should be added to a list of firms that allegedly aid China's military.
BOE and Apple did not respond to requests for comment.
Craig Singleton, a China expert at the Foundation for Defense of Democracies, a Washington think-tank, said Beijing had offered billions of dollars in subsidies, tax breaks and loans to help firms such as BOE dominate global panel production.
"This creates a single-source vulnerability that could be easily exploited to disrupt or degrade U.S. military operations, not to mention undermine commercial supply chains, during a conflict or period of heightened bilateral tension with Beijing," Singleton added.
A study published last month by New York-based NERA Economic Consulting and commissioned by BOE's U.S. subsidiary found that the display industry, which includes major Korean players such as Samsung Electronics and LG Electronics, remains highly competitive, with no single player capable of significantly affecting global prices.
"There is no credible risk of a supply chain disruption by mainland China display manufacturers," the report said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
8 minutes ago
- Hindustan Times
Did Jack Daniel sense a looming doom for the Kentucky whiskey market? Here's a blow-by-blow breakdown
It seems the smooth pour of Kentucky whiskey has hit a rough patch, and Jack Daniel's parent company, Brown-Forman, appears to have sensed it coming. Brown-Forman plans to outsource barrel production, aiming to save $70-$80 million annually amid a struggling bourbon market. (AP Photo/Toby Talbot, File)(AP) Just this January, the Louisville-based spirits giant announced that it's cutting 12% of its global workforce and shutting down its very facility where it's been handcrafting barrels since 1945. The decision, expected to impact around 210 employees, is to save between $70 million and $80 million annually. Following Jack Daniel's exit, the message is clear: the whiskey business isn't what it used to be. ALSO READ| Kentucky whiskey bankruptcies: Which distilleries are broke, and why The company explained that it will now source barrels from external suppliers, expecting to bring in over $30 million by selling off its cooperage assets. Brown-Forman also shuffled and appointed Jeremy Shepherd as its new chief marketing officer. 'These actions reflect the venerable company's 'relentless focus on evolving our strategy, our portfolio and our organization to grow and thrive,'' said CEO Lawson Whiting, per AP. 'Today's announcement will ensure we have the structure and teams in place to continue on this path, while also making investments that we believe will facilitate growth for generations to come.' Kentucky whiskey market is going through bankruptcies While Brown-Forman is trying to stay nimble, this week a string of bankruptcies has shaken the state's $9 billion whiskey industry, according to the Kentucky Distillers' Association. LMD Holdings, the parent company of Luca Mariano Distillery in Danville, filed for Chapter 11, with court documents showing a jaw-dropping $25 million in liabilities. Garrard County Distilling, a $250 million operation that only began production in 2024, was shut down in April due to mounting debts. Even Stoli Group USA, along with its Kentucky Owl whiskey label, filed for bankruptcy after a double blow: declining spirits demand and a cyberattack that crippled operations. ALSO READ| How much cheaper will whiskey be after India-UK FTA? What experts said The problems are starting to mount industry-wide, whether it be inflation-strained consumers, Gen Zs' recent shift to not wanting whiskey, or renewed tsarphobia over tariffs on American liquor in the export markets.
Mint
8 minutes ago
- Mint
IndusInd Bank shares rally nearly 6% after Rajiv Anand named MD & CEO for 3-year term
Shares of IndusInd Bank surged almost 6 percent on Tuesday, August 5, following the announcement of Rajiv Anand's appointment as the bank's new Managing Director and Chief Executive Officer (MD & CEO). In an exchange filing, the bank stated that its board has approved Anand's designation as 'Additional Director' in the MD & CEO category, for a period of three years with his tenure set to begin on August 25, three-year appointment will run until August 24, 2028, pending shareholder approval at the bank's upcoming general meeting. In the filing, the bank said that Anand brings extensive experience from his previous role as Deputy Managing Director at Axis Bank, where he spearheaded the bank's Wholesale Banking Business. The Mumbai-based private lender made the announcement late Monday night, and the appointment has now received the Reserve Bank of India's approval, a requirement for top-level banking appointments. Anand's appointment comes at a crucial juncture for IndusInd Bank, which has been without a full-time CEO since the resignation of Sumant Kathpalia at the end of April. Kathpalia stepped down, taking moral responsibility for the bank's derivatives accounting controversy that surfaced earlier this year. In the interim, the bank had been steered by a committee of senior executives, including Soumitra Sen, Head of Consumer Banking, and Anil Rao, Chief Administrative Officer. The appointment of a permanent CEO is expected to bring much-needed stability to the lender's leadership team. Rajiv Anand, aged 59, is a chartered accountant with more than 35 years of experience across retail banking, wholesale banking, and asset management. He joined the Axis Group in 2009 as the founding Managing Director of Axis Asset Management Co. In 2013, he moved to Axis Bank as President of Retail Banking, and later took over the wholesale banking division in 2018. Most recently, he served as Deputy Managing Director at Axis Bank, where he played a key role in driving the bank's digital and wholesale strategies. IndusInd Bank's financial performance has seen turbulence in recent quarters. The bank posted a net loss in the March 2025 quarter, its first in 20 years, owing to the accounting issues. However, it returned to profitability in the June 2025 quarter, albeit at much lower levels than the previous year. For the June quarter, the bank reported a 72% YoY drop in net profit to ₹ 604 crore, compared with ₹ 2,171 crore in Q1FY25. However, Net Interest Income (NII) exceeded street expectations, coming in at ₹ 4,640 crore, beating the estimate of ₹ 4,207 crore. On a year-on-year basis, though, NII declined 14.2% from ₹ 5,408 crore. Net Interest Margin (NIM) rose sequentially to 3.46% from 2.25% in Q4, but was still lower than 4.25% in the same period last year. Despite sequential improvement in slippages, asset quality remained a concern. Gross NPAs rose to 3.64% from 3.1%, while Net NPAs increased to 1.12% from 0.95%. The Provision Coverage Ratio (PCR) stood at 70%. Brokerage house Jefferies described Anand's appointment as a key positive development for IndusInd Bank, given his longstanding tenure and experience at Axis Bank. 'Reorganisation of IndusInd Bank's top management may be the key initial steps and we will watch out for joiners from other banks,' Jefferies noted in its report. The brokerage expects improvement in fee income, asset quality, and operating efficiency under Anand's leadership. It has maintained a 'Buy' rating on IndusInd Bank with a price target of ₹ 920, implying a 17 percent upside from current levels. Following the announcement, IndusInd Bank's stock jumped 5.6 percent intraday to hit a high of ₹ 848.80 on the BSE. However, the stock is still down 43 percent over the past one year and has declined 11.6 percent in 2025 year-to-date. The stock remains significantly below its 52-week high of ₹ 1,498.70, touched in September 2024, and only recently recovered from its 52-week low of ₹ 605.40, hit in March 2025. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
&w=3840&q=100)
Business Standard
8 minutes ago
- Business Standard
Nomura's top FMCG picks: GCPL, Marico, Tata Cons to gain from rural revival
Nomura on FMCG stocks: Japan-based brokerage Nomura has reiterated 'Buy' ratings on Godrej Consumer Products (GCPL), Marico, and Tata Consumer Products, citing a supportive macro backdrop for rural demand and consumption. With the 2025 monsoon tracking above normal and kharif sowing gaining momentum, the brokerage expects these FMCG names to benefit from a broad-based recovery in volumes. 'A second consecutive year of strong monsoons and bumper foodgrain output is a major tailwind for rural demand. GCPL, Marico, and Tata Consumer are our top picks to play this recovery,' said Mihir P Shah and Riya Patni, research analysts at Nomura, in a note dated August 4. Why these three stocks? GCPL (Buy, TP:1,267): Nomura sees volume-led growth picking up in rural and tier-2/3 markets, supported by improving demand for personal care and household products. Its international portfolio also adds strength to the earnings outlook. Marico (Buy, TP: 711): The brokerage expects Marico to benefit from higher rural incomes and strong positioning in coconut oil and value-added hair oils. Its food portfolio is also scaling up steadily, while cost control efforts support margins. Tata Consumer (Buy, TP: 1,070): With a diversified product mix and deep rural distribution, Tata Consumer is well-placed. 'It's a key beneficiary of stable rainfall in the East, which supports its packaged tea business, while new launches and staple expansions aid growth visibility,' Nomura said. Rural demand on the mend India's rural economy, which had remained subdued over the past few quarters, is showing signs of a turnaround. Many consumer companies have flagged green shoots in rural areas alongside consistent urban demand. With IMD forecasting above-normal rainfall (106 per cent+ of LPA) for the second half of the 2025 monsoon (August-September), and normal rainfall in August, farm sentiment and sowing activity have picked up. 'Rural recovery appears to be gradually playing out, and with monsoons supporting another bumper harvest, FMCG volume growth could see sustained revival,' Nomura noted. Kharif sowing picks up pace Kharif sowing has gained traction, with acreage across paddy, pulses, and maize higher Y-o-Y. While cotton acreage remains lower, the shortfall has narrowed from -9 per cent in June to -2.2 per cent Y-o-Y as of end-July, driven by shifts toward maize due to better economics. The shift toward maize has led to increased demand for fertilisers, particularly urea, with some reports of temporary supply challenges – especially in Karnataka. However, reservoir levels remain healthy across most regions, offering irrigation support. Uneven rains, but reservoirs offer cushion Though Eastern and Northeastern India have seen 22 per cent below-normal rains, reservoir levels remain marginally below normal, cushioning kharif output for now. However, Nomura flagged the need to watch rice and tea production from these regions closely. Elsewhere, the Northwest and Central regions have received 21 per cent and 23 per cent above-normal rainfall, respectively, to July-end. The South Peninsular region, despite a mild deficit, has reservoir levels 68 per cent above normal, offering strong support for both kharif and upcoming rabi crops. As of July 25, India's 161 key reservoirs held 60.8 per cent of total live storage capacity, or 53 per cent above the 10-year average. Inflation tamed, consumption tailwinds ahead With improved farm output, low food inflation is expected to continue, further supporting consumption. Nomura believes rural-facing FMCG companies are set for a volume-led upcycle as higher farm incomes boost purchasing power.
