Chinese Carmakers Agree to Standardize Supplier Payment Periods
(Bloomberg) -- Several of China's state-owned automakers have pledged to standardize bill payment periods for their suppliers to 60 days after authorities raised concerns about supply chain financing.
At least three carmakers, including Dongfeng Motor Group Co., Guangzhou Automobile Group Co. and China FAW Group Co. issued similar statements on Tuesday saying their payment plans are aimed at promoting efficient capital flows across supply chains in the automotive industry.
Chinese carmakers, embroiled in a domestic price war, have been seeking lower-cost components and delaying payments to suppliers by months, creating a form of quasi-debt financing. Regulators including the Ministry for Industry and Information Technology last week addressed the issue of supply chain financing with the heads of major electric vehicle manufacturers on concerns the price war was becoming unsustainable.
Chinese authorities issued new rules in March to protect small and medium enterprises, stipulating that bills should be paid within 60 days and that large firms shouldn't force smaller businesses to accept non-cash payments such as promissory notes or use these methods to delay payments. The regulations will take effect in June.
Supply chain financing is common in the auto industry. BYD Co., China's best-selling car brand, has a promissory note system called Dilian, or Dilink in English, that it uses as a form of payment to its suppliers and can be redeemed at a later time. The platform had issued 400 billion yuan ($55.7 billion) worth of notes as of May 2023, the last time that BYD disclosed such information.
BYD took an average of 275 days to pay suppliers in 2023, Bloomberg compiled data show.
A report by accounting consultancy GMT Research puts BYD's true net debt at closer to 323 billion yuan, compared with the 27.7 billion yuan listed on its books as of the end of June 2024, through delaying its payments to suppliers and other related financing.
More stories like this are available on bloomberg.com
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India Today
30 minutes ago
- India Today
Is the Indian dream of studying in the US over?
(NOTE: This article was originally published in the India Today issue dated June 16, 2025)A chill wind is blowing through the hallowed halls of American academia, a wind carrying uncertainty and dashing the hopes of aspiring international students, particularly tens of thousands from India. The Trump administration, in a series of abrupt and unsettling moves, has begun to dismantle the welcome mat for global talent. The decision to pause new student visa appointments at US embassies worldwide on May 27, including in India, has plunged countless young scholars into a state of anxious limbo. This pause, officially justified by the need to expand the scrutiny of applicants' social media activity, is no mere procedural tweak; it signals a profound Indian students who have meticulously planned their futures around the promise of an American education, the dream now seems to teeter precariously on the edge of an opaque and shifting policy landscape, forcing many to question if the United States remains a safe or stable choice for their ambitions. One only has to look at the numbers to understand the implications of what is unfolding. In the 2023-24 academic year, the US hosted a record 1.13 million international students. Indian students accounted for 331,602, or around 30 per cent, of them, up by 23 per cent from the year before, while Chinese enrolment fell 4 per cent amid political tensions. A majority of the Indians choose STEM (scitech, engineering, mathematics) fields—42.9 per cent opted for maths and computer science, 24.5 per cent engineering that year. This is the talent that has helped fuel America's robust start-up ecosystem. While there is no nationality-wise break-up, estimates are that one in four US billion-dollar start-ups was founded by a former international student; immigrants have also co-founded nearly two-thirds of America's top AI (artificial intelligence) What makes the Trump administration's decision even more confounding is that the US risks losing the big bucks Indian students bring. According to the Indian Student Mobility Report, 2023-24 by global student housing marketplace University Living, Indian students were projected to spend $17.4 billion in the US in 2025, $10.1 billion on academic expenses alone, another $4 billion on accommodation, and the remaining $3.3 billion on other living costs. This is up from the $10.5 billion spent in 2022. 'International students fund American universities and enrich their intellectual climate,' says Timothy Gibson, president of the Virginia Conference of the American Association of University Professors. 'If the administration continues to view them through a xenophobic lens, the US risks losing its standing as a global leader in science and research.' The Trump administration has also put a freeze on several federal grants and funding programmes that facilitate international scholarships and student exchanges, the Fulbright and Gilman scholarship programmes among them. Another area of concern is the potential restrictions on the Optional Practical Training (OPT) programme, which currently allows international STEM graduates to work in the US for up to three years. If the administration decides to limit or dismantle OPT, it would drastically reduce the opportunities for foreign graduates to gain practical work experience, jeopardising their career prospects and deterring future Subscribe to India Today Magazine HIGH ANXIETYadvertisementMary Gogoi, head of admissions at Delhi-based education counselling firm eduVelocity Global, says, 'All these developments have bred anxiety in international students, as well as among American universities that rely on this cohort for cultural diversity and financial sustainability.' Nothing illustrates this better than the case of a 24-year-old girl student, who does not wish to be named. Admitted into a US university for a master's in computer science with specialisation in AI, her visa application was rejected for no clear reason, forcing her to reapply. Keen on only the US as she finds it the best for research and innovation, she is thinking of deferring her course by a year if visas are not scheduled Trump administration's latest directive—to vet social media accounts before sanctioning a student visa—is also adding to the consternation. Of course, as Rohin Kapoor, partner, education and skilling at global consultancy firm BDO India, points out, social media vetting is not unique to the US; Australia and Canada, too, screen the social media posts of applicants. The current US policy also builds on social media checks introduced in 2019. Now, however, the State Department has said it will use 'all available information' to identify 'antisemitic activity', 'pro-jihadist' views or 'anti-American' sentiments. Charles H. Kuck, founding partner of Atlanta-based law firm Kuck Baxter, which specialises in immigration laws, explains what this means. 'Social media vetting has existed for years,' he says. 'But now artificial intelligence reviews all postings. This violates the core American values of free speech and personal liberty; yet, the administration shows little concern for those principles when it comes to foreigners.' Poorvi Chothani, managing partner at immigration law firm LawQuest, also sees a stark departure from earlier policy. 'Previously, checks were random or suspicion-based,' she says. 'Now they're mandatory for all student visas.'advertisementHowever, things aren't easy even for those who manage to secure visas. They face constant scrutiny: US agency Immigration and Customs Enforcement (ICE) now wants students to show proof of full-time enrolment and perfect attendance, with deportation a looming consequence for any slip. Pablo S. Bose, professor of Geography and Geosciences and associate dean of research and graduate education at the University of Vermont, points out how Trump's crackdown is not restricted to new enrolments. The administration has revoked more than 300 visas, with Secretary of State Marco Rubio claiming the real figure may be in the thousands. Many of the students are targeted for presumed links to pro-Palestinian activism or alleged online support for 'terrorism'. Another 5,000 students have been expelled for minor infractions, ranging from underage drinking to traffic these measures affect who universities can host, whether current students can stay, and if graduates can work,' says Bose. 'The confusion and anxiety created have already had disastrous consequences.' The mood of many Indian students enrolled in the US is one of fear and extreme caution, with most keeping a low profile and staying informed. Lubaina Kapasi, 19, a sophomore at the Savannah College of Arts, a private university in Georgia, has so far not felt the full brunt of the clampdown on international students compared to those studying in some public universities in the US. Yet, she says, 'It doesn't mean we are fully in the clear. International students, especially from India, give up a lot financially and personally to study here. To then be faced with policy uncertainty and visa complications feels like a nightmare.' THE POLITICS OF ITThe Trump administration's clampdown on international students has been cast as a matter of national security, yet it reeks of a very different, cultural, battlefield. It stems from a desire to police campus discourse, with the administration viewing many universities as excessively 'left-wing' and failing to curb pro-Palestinian activism, which it flatly equates with antisemitism or support for terrorism. Officially, the White House insists the heightened vetting is a 'commonsense measure' to ensure newcomers pose no threat. 'It's a privilege, not a right, to study in the United States,' says White House spokesperson Anna Kelly. The State Department says every visa decision is 'a national security decision'. Trump has suggested that foreign student enrolment at Harvard be capped at 15 per cent from the current 31 per cent, claiming that Americans are losing out. J.D. Vance, his vice president, shares the sentiment, arguing that foreign students 'take spots from American kids'.It is not fooling anyone. Gibson says this is less about immigration, more about tightening controls on universities. 'Trump views colleges with suspicion. The knowledge they produce challenges his worldview,' he says. Issues like climate change and Covid-19 exemplify this, where scientific findings trump Trump's claims. Prof. Rajiv Sethi of Barnard College, Columbia University, recalls how Vance once declared that American conservatism would triumph only by capturing or dismantling elite Mukherjee, Jerome L. Greene clinical professor of law, and director, Immigrants' Rights Clinic, Columbia Law School, says the policy 'seems driven by cruelty, white nationalism and racism', with visa decisions now vulnerable to prejudice arising out of race, religion and political views. This security narrative has expanded to include counter-terrorism and antisemitism. The Department of Homeland Security warns that 'antisemitic activity on social media' and 'harassment of Jewish individuals' may affect migrant visas. Visa eligibility is now linked to the administration's stance on the Israeli-Palestinian conflict. It is also part of a wider ideological assault on universities deemed too liberal. Harvard, for instance, is accused by the Trump administration of fostering antisemitism and promoting diversity, equity and inclusion (DEI) policies, which it sees as racist (see column Anatomy of a Standoff). Columbia University, on the other hand, risks losing its accreditation over claims it violated the civil rights of its Jewish students. LIMITED LEGAL RECOURSEAs international students, particularly from India, navigate the uncertainties thrown up by the Trump administration's new visa policies, they are exploring the legal avenues available to them, the specifics of the expanded social media vetting, and support structures. For individual students, the financial stakes are steep. B.K. Shukla of The Ivy League Edge, a college application consultancy, notes that university applications alone cost Rs 10,000-15,000 per institution, while education consultants typically charge Rs 5-6 lakh. Many students have already paid tuition fees or booked housing, sums that may not be refundable. The real blow, though, Shukla says, is in the opportunity cost. 'Losing a year means forgoing a degree, work experience and an early start to a career.' The risk is not just in the money, but also the Indian students whose visa applications have been put on indefinite hold, direct legal avenues seem severely limited. The US Supreme Court has ruled that the State Department is immune from lawsuits over the denial of a visa abroad under what is called the consular non-reviewability doctrine. 'When a person requests a visa for a country, it is a request to that government, not a right,' says BDO's Kapoor. 'A case filed in an Indian court will have no locus standi to direct a foreign government. The only recourse for students is to send a petition to the US embassy in India requesting an update on their visa status or seeking expedited processing.' Kuck offers some practical advice: 'Students can better prepare for an interview, ascertain the underlying reason for the denial, and bring evidence and verbal description of how to overcome that initial decision.' Indian consultants also recommend students erase even mild political posts or join 'safe' groups on social though the Trump administration's new student visa measures will primarily affect individuals and institutions, they may also have diplomatic reverberations. The Indian ministry of external affairs (MEA) has publicly urged the US to 'ensure timely issuance of student visas based on merit'. MEA spokesperson Randhir Jaiswal, while acknowledging that 'a visa is a sovereign right of a country', emphasised this appeal and reiterated that 'the welfare of Indian students abroad remains a top priority for the Government of India'. A GLIMMER OF HOPEEven as the clouds of uncertainty hover, many see it as a temporary reset rather than a permanent barrier for the world's best and brightest. Vibha Kagzi, a Harvard alumna and founder of foreign education consultancy believes the 'American dream' is merely being recalibrated, not extinguished. 'Historically, policy shifts in international education have corrected themselves, especially with strong pushback from universities, industry leaders and lawmakers who value global talent,' she says. She also believes the US still offers unmatched advantages in scale, research funding, alumni networks and global Chaturvedi of study abroad platform Leverage Edu, thinks likewise. 'This isn't a shutdown,' he says, 'but a systemic reset in how the US engages with global talent. America has always bounced back, and these cyclical shifts often create more inclusive and outcome-focused systems.' Shukla believes top-tier universities will remain largely unaffected. 'The crackdown seems aimed at filtering those who misuse admissions at obscure institutions just to settle in the US,' he says. 'For highly skilled roles, like data analysis or cybersecurity, US still needs international talent.'There are also those who think the new vetting process of international student visas will improve immigration screening. University Living founder and CEO Saurabh Arora says, 'Scrutiny of social media handles, email addresses and phone numbers from applicants over the past five years will better verify identities, prevent fraud and ensure a safe environment for living in the US.' Aman Singh of GradRight, an agency that guides students on finding suitable colleges and funding, believes legitimate applications will continue to be processed. 'Students actively stoking anti-US sentiment may face trouble, and new vetting steps could slow decisions,' he notes. 'Yet, with sophisticated AI tools parsing global chatter, delays are unlikely to be drastic.' ALTERNATIVES TO AMERICAIn the long run, the Trump administration's visa clampdown threatens not just foreign students, but also the economic lifeblood of higher education in the US and its innovative edge. Many universities, especially those outside the Ivy League, depend on full-paying foreign students to subsidise domestic education. A drop in enrolment would plug this crucial revenue stream. Indian students are already exploring backup plans. They are considering deferring admissions, or looking at alternative countries. Bengaluru-based Nishant (name changed), who will complete his BTech in electronics engineering next May, is among those reconsidering their choices. 'People who have already finished their master's [in the US] still haven't found jobs,' he says. 'Is it worth it then to spend so much in the US when places like Germany offer more subsidised tuition?'Enrolment patterns of Indian students reflect the shift. Between 2023 and 2024, Germany saw a 49 per cent rise in Indian students, from 23,296 to 34,702, as per a response by Union minister of state of education Sukanta Majumdar in Parliament. Kalpesh Banker of EduShine Search Partners, an education strategy consulting firm, lists the advantages of other destinations. 'Canada has friendly visa policies and post-study work permits, Australia and the UK offer strong research and shorter courses. Germany, Hong Kong, Singapore and the UAE, too, are rising education hubs, with low fees, cultural diversity and robust facilities.'Meanwhile, the Trump administration's crackdown on international students signals more than just bureaucratic tinkering; it portends a potential reordering of America's relationship with global talent. Cloaked in the garb of national security, a legitimate concern for any country, these policies are sowing confusion and fear, eroding the very advantages that have underpinned American academic and innovative pre-eminence. A recalibration is indeed in order: one balancing security with openness and reaffirming the value of international students. Else the US could squander its role as a magnet for the world's brightest.—with Ajay SukumaranMust Watch
Time of India
an hour ago
- Time of India
Cellular IoT module shipments up by 32% on-year in India in 1Q25: Counterpoint
NEW DELHI: The cellular Internet of Things (IoT) module shipments in India grew by 32% year-on-year in Q1 2025, higher than the broader market, driven by the Central government's smart metering initiative , Counterpoint Research said in a report released Thursday. Under the Revamped Distribution Sector Scheme (RDSS), the Narendra Modi-led government has envisaged the installation of 250 million prepaid smart meters nationwide, in a bid to help distribution companies (DISCOMs) improve their financial and operational efficiencies. The scheme has an outlay of ₹1.5 lakh crore. According to a Ministry of Power statement released in January last year, 19.79 lakh prepaid smart meters had been installed by then. Meanwhile, Counterpoint said the global cellular IoT modules were up 16% year-on-year in the January-March quarter of 2025, primarily driven by strong demand in India, China, and Latin America for smart metering, point-of-sale, and asset tracking applications. 'China reinforced its lead in the global cellular IoT module market with 19% YoY growth, driven by 5G and Cat 1 bis adoption across POS, asset tracking, industrial, and automotive applications. India and Latin America are following suit, capitalising on affordable connectivity to digitise utilities and tracking applications,' said Principal Analyst Tina Lu. In contrast, North America and parts of APAC declined due to muted demand and macroeconomic headwinds.' According to the market tracker, 5G emerged as the fastest-growing technology, surging 37% year-on-year, driven by growth in the router/consumer premises equipment (CPE) and automotive segments, especially in China. By contrast, 4G Cat 1 bis is becoming the 'de facto' standard for mass-market IoT deployments, with its shipments rising 35% year-on-year. The technology, it said, is ideal for high-volume, low-complexity applications such as asset tracking and metering, and is disrupting legacy IoT strategies across multiple verticals. Quectel, China Mobile, and Fibocom led in terms of volumes with a share of 37%, 10%, and 8%, respectively. Sunsea and Lierda followed in third and fourth ranks, with a 7% share each, as per Counterpoint data. Among the top five, China Mobile's shipments grew the highest at 77% year-on-year in Q1 2025. Counterpoint, however, cautioned that with declining average selling prices (ASPs) for modules and chipsets, vendors are under increasing price pressure from Chinese competitors, leading to shrinking margins. This is compelling many brands to shift focus to more profitable segments, it added. 'Qualcomm maintained its top position, followed by ASR and UNISOC. ASR has nearly doubled its market share over the years, driven by its dominant presence in the 4G Cat 1 bis chipset segment,' said Research Analyst Hanumant Pawar.
Time of India
an hour ago
- Time of India
No more long waits at SBI branches? India's largest bank says it has a new 13,500-strong army to boost customer service
The State Bank of India ( SBI ) has hired 13,455 Junior Associates (Customer Support and Sales) to improve customer experience at its branches across the country. The hiring drive, covering 35 states and Union Territories, is part of a wider recruitment plan to bring in 18,000 new employees, including 3,000 officers. Speaking about the recruitment, Chairman C S Setty said, 'The bank's total recruitment across categories is about 18,000 people, out of which around 13,500 will be clerical recruitment, 3,000 will be probationary officers and local-based officers.' Customer satisfaction scores in focus The bank is using real-time tools to measure service quality. 'We are sharpening our focus on customer experience and are using tools like customer satisfaction score (CSAT), net promoter score (NPS), and customer effort score (CES) to measure satisfaction across branches, business correspondents, and digital platforms in real time,' Setty said in a letter to shareholders. Skill development and future readiness SBI plans to equip new recruits with relevant skills. 'As we onboard this new talent pool, we further aim to strengthen our human resource capabilities by implementing structured skill development programmes aligned with evolving functional and technological requirements,' Setty added. Policy change on claim settlements SBI has also increased the claim settlement limit for legal heirs of deceased depositors. 'The bank has raised the limit for claim settlements by heirs of deceased depositors from Rs 5 lakh to Rs 15 lakh, including those supported by un-probated wills,' the letter stated. Headcount to grow slightly despite scale of hiring According to SBI, the selection process began with preliminary examinations held in February and March 2025. The mains exams followed in April 2025. 'Following a rigorous and transparent evaluation, 13,455 candidates have been selected for appointment,' the bank said in an official statement. Live Events The bank expects a marginal rise in its overall staff strength from 2.32 lakh in March 2024 to around 2.36 lakh by March 2025. This is lower than the 2.44 lakh employees it had in March 2022. SBI cited the growing use of digital platforms for routine transactions as a key reason for the limited increase in headcount. Details of mains examination The clerk mains exam, held on April 10 and 12, 2025, tested candidates on General/Financial Awareness, General English, Quantitative Aptitude, and Reasoning Ability & Computer Aptitude. A total of 190 questions were asked for 200 marks. The exam followed a negative marking scheme, with one-fourth of the marks deducted for each wrong answer. Candidates are advised to visit the official website to download the result PDF and verify their status. SBI's commitment to employment generation With over 2.36 lakh employees, SBI said it remains committed to providing meaningful employment opportunities and developing the next generation of banking professionals.
