Foxconn tells hundreds of Chinese staff to return from its Indian iPhone factories
Apple's biggest assembly partner Foxconn has ordered more than 300 of its Chinese employees to return home from its iPhone factories in India, Bloomberg reported, citing anonymous sources.
The employees told to return account for the bulk of Foxconn's staff in its iPhone facilities in India, and only Taiwanese support staff remain in the country, the report said.
The motivation behind the order was not immediately clear, Bloomberg reported, though the outlet noted that Chinese officials have been asking regulators to curb knowledge and tech resources from being exported to India in a bid to preserve the country's manufacturing heft.
The move comes as Foxconn and other Apple suppliers have been ramping up manufacturing in India as the iPhone maker seeks to reduce its reliance on Chinese manufacturing for its hardware. Foxconn in May received Indian government approval to build a $435 million semiconductor plant in the country.
Apple's CEO Tim Cook has said the company is importing more iPhones from India as one way to handle the uncertainties around U.S. tariffs and trade risks.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
36 minutes ago
- Yahoo
China's Trade Collapse Sparks a New Asian Power Shift--Investors Are Watching Closely
China's grip on U.S. imports just hit a new low. According to the latest U.S. Census Bureau data, China's share of total U.S. imports dropped to 7.1% in Maythe weakest showing since 2001. That's down 4.3 percentage points from the same time last year and less than half the 14.8% peak reached in September 2024, before Donald Trump reentered the White House and doubled down on tariffs. While this trend has been building since Trump's first term, it appears to be picking up speedand investors are watching where that demand is now heading. One answer? Taiwan. Its share of U.S. goods imports has nearly doubled in a year, reaching close to 6%just 1.2 percentage points behind China. That rise is no coincidence. AI demand is still red hot, and Taiwan's dominance in semiconductor manufacturing puts it at the center of that boom. Companies like Taiwan Semiconductor Manufacturing (NYSE:TSM) could be quietly gaining even more strategic importance as supply chains reroute away from the mainland. Vietnam's also moving up the ladder. Matching Taiwan's near-6% import share, Vietnam is benefiting from a mix of locally made products and rerouted Chinese goods. But the story isn't all upside. Earlier this week, the U.S. slapped a 40% tariff on certain Vietnam-origin products tied to Chinese componentsintroducing a new layer of friction. For investors, this trade reshuffling could signal opportunity in the region's manufacturing hubsbut it comes with complexity that can't be ignored. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
36 minutes ago
- Yahoo
$3.4 Billion AIA Selloff Shocks Hong Kong Markets in Surprise Block Trade
An undisclosed shareholder has just dropped a bombshell on Hong Kong's equity marketunloading a HK$26.8 billion (US$3.4 billion) stake in AIA Group Ltd. (AIAGF) through a single block trade. The transaction involved 394.4 million shares, representing a 3.7% stake, sold at HK$68 apiece. That's a 6% discount to AIA's Thursday closeand investors took note. The stock fell 4.4% on Friday, reacting to what could be one of the biggest equity shake-ups in the city this year. Warning! GuruFocus has detected 4 Warning Sign with AAIGF. Sources familiar with the deal said Morgan Stanley arranged the transaction, which now ranks as the fourth-largest share sale in Hong Kong for 2025 so far. The identity of the seller hasn't been disclosed, but the size and structure of the trade suggest a major player exiting or reshuffling a strategic position. AIA declined to comment. The timing? Right as block trades and capital markets activity are picking up in the region againadding more intrigue to what could be the start of broader shifts in institutional portfolios. Hong Kong was the world's No. 2 market for equity offerings in the first half of the year, and this deal only adds fuel to the fire. Investors are now watching closely: Will there be more large disposals ahead? Could this prompt others to move? And what's the next catalyst for AIA after this surprise offload? One thing's for surethis isn't just another routine trade. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
43 minutes ago
- Bloomberg
South Korea Passes Expanded Extra Budget Before Tariff Deadline
South Korea's parliament approved a 31.8 trillion won ($23.3 billion) extra budget as new President Lee Jae Myung seeks to revive an economy struggling with weak consumption and mounting trade risks from US tariffs. The figure is up from the 30.5 trillion won initially proposed by the government, with more money allocated for cash coupon handouts, the Finance Ministry said. Of the overall figure, 10.3 trillion won is set aside to cover revenue shortfalls for this year's existing budget, as taxation income fell due to weak corporate performance and subdued consumer spending.
