Apple's India Plans Have Two New Threats: Trump and Xi
Apple Inc. and its main manufacturing contractor Hon Hai Precision Industry Co. are still betting on India. When Hon Hai — better known as Foxconn — revealed through an exchange filing last week that it was putting another $1.5 billion into its operations there, it will have calmed a few nerves in New Delhi.
Worries about the future of Apple in the country had been set off by President Donald Trump, who said last month that he had told the company's Chief Executive Officer Tim Cook that 'I don't want you building in India.' This seemed to contradict hopes, shared by both Cupertino and New Delhi, that most iPhones for the US market would come from India by the end of 2026.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
22 minutes ago
- Bloomberg
Huawei Founder Waves Off US Chip Curbs While Trade Talks Proceed
Huawei Technologies Co. founder Ren Zhengfei dismissed the impact of US export restrictions on China in a front-page People's Daily article, wading into one of the key topics dogging Washington-Beijing trade negotiations. Ren, one of the country's most recognizable business figures, told the Communist Party's official newspaper he wasn't worried about Washington's efforts to cut off the flow of US technology to China's chip sector. Domestic firms could resort to means such as chip packaging or stacking to achieve results similar to that from advanced semiconductor technology.
Yahoo
26 minutes ago
- Yahoo
Pinellas non-profit helping seniors worried about funding cuts
The Brief A local non-profit that helps seniors is worried about funding cuts. Neighborly Senior Care Network has adjusted the way they operate to be proactive. When clients buy a meal, the money goes back into the Meals on Wheels program. CLEARWATER, Fla. - Neighborly Senior Care Network, a non-profit in Pinellas County that addresses senior hunger, serves 3,100 people annually. More than 500 people are on its Meals on Wheels waitlist. The non-profit, though, is worried it may not be able to help as many people with federal grant cuts looming. Follow FOX 13 on YouTube The backstory "The federal government hasn't reauthorized the Older Americans Act yet fully," Anita Frankhauser, nutrition director for Neighborly Senior Care Network, said. "We don't know what our budgets are going to look like after next year. So, there's still a lot of uncertainty. With all the cuts to other programs that support seniors, I think it would just make it even worse for our area." Unfortunately, she said, the number of people they serve and the length of the waitlist is common across the state. The Older Americans Act funds about 70% of the non-profit, so Frankhauser said they're trying to be proactive if those cuts come. "We know that people want the food. They need the food. They want socialization. They want to feel connected to others. And so, that's why I know that we're doing really, putting a lot of good into the community," she said. READ: Bread & Butter Gourmet Deli in Tarpon Springs closing after 30 years Big picture view They've expanded their pay program within the Meals on Wheels program, offering more meal options at $8.50 per meal if clients don't want to be on the waitlist. The meals are still delivered to the seniors' homes. "We're really trying to kind of think more like a for-profit business in terms of generating revenue to put back into the funded meals," she said. Dig deeper About 100 clients have signed up so far. Frankhauser said they also offer one-on-one nutrition counseling and other dietitian services to the community to raise money to sustain the nonprofit. "I think that it's going to take a whole community to solve senior hunger and to make sure that our elders are cared for," she said. The Source The information in this story was gathered by FOX 13's Kailey Tracy. WATCH FOX 13 NEWS: STAY CONNECTED WITH FOX 13 TAMPA: Download the FOX Local app for your smart TV Download FOX Local mobile app:Apple |Android Download the FOX 13 News app for breaking news alerts, latest headlines Download the SkyTower Radar app Sign up for FOX 13's daily newsletter
Yahoo
27 minutes ago
- Yahoo
Stocks rise, dollar tentative ahead of US-China talks outcome
By Rae Wee and Johann M Cherian SINGAPORE (Reuters) - Stocks were buoyant and the dollar remained on guard on Tuesday as trade talks between the United States and China were set to extend to a second day, with tentative signs tensions between the world's two largest economies could be easing. U.S. President Donald Trump put a positive spin on the talks at Lancaster House in London, which wrapped up for the night on Monday and were set to resume at 0900 GMT on Tuesday. "The fact that we're still up here near record highs, does suggest that we are seeing the market accept what has been said by Trump and when you look at some of the other comments from Lutnick and Bessent, to me it seems to suggest that they are relatively happy with the progress," said Tony Sycamore, a market analyst at IG. "But the market always likes to see some concrete announcements." As Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer were set to meet for the second day with their Chinese counterparts, much of investors' focus has been on the progress of the talks. Any progress in the negotiations is likely to provide relief to markets given Trump's chaotic tariffs and swings in Sino-U.S. trade ties have undermined the world's two biggest economies and hobbled global growth. Stocks advanced in Asia, extending their rise from the start of the week. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.5%, while Nasdaq futures gained 0.62%. S&P 500 futures edged 0.43% higher. EUROSTOXX 50 futures and FTSE futures both added roughly 0.1% each. In Tokyo, attention was also on the Japanese government bond (JGB) market, following news that Japan is considering buying back some super-long government bonds issued in the past at low interest rates. The yield on the 10-year JGB fell one basis point to 1.46% in early trade, while the 30-year yield slid 5 bps to 2.86%. Yields on super-long JGBs rose to record levels last month due to dwindling demand from traditional buyers such as life insurers, and jitters over steadily rising debt levels globally. "The volatility at the super-long segment of the curve stems from a supply-demand imbalance that has been brewing since the BOJ embarked on balance sheet normalisation," said Justin Heng, APAC rates strategist at HSBC Global Investment Research. Japanese Finance Minister Katsunobu Kato said on Tuesday the government will conduct appropriate debt management policies while communicating closely with market participants. In currencies, the dollar attempted to regain its footing after falling on Monday. Against the yen, the dollar was up 0.45% to 145.25. The euro fell 0.28% to $1.1387 while sterling slipped 0.2% to $1.3523. Trump's erratic trade policies and worries over Washington's growing debt pile have dented investor confidence in U.S. assets, in turn undermining the dollar, which has already fallen more than 8% for the year. The next test for the greenback will be on Wednesday, when U.S. inflation data comes due. Expectations are for core consumer prices to have picked up slightly in May, which could push back against bets of imminent Federal Reserve rate cuts. The producer price index (PPI) report will be released a day later. "May's U.S. CPI and PPI data will be scrutinised for signs of lingering inflationary pressures," said Convera's FX and macro strategist Kevin Ford. "If core CPI remains elevated, expectations for rate cuts could be pushed beyond the June 18 FOMC meeting." Traders see the Fed keeping rates on hold at its policy meeting next week, but have priced in roughly 44 bps worth of easing by December. In the oil market, prices edged up, with Brent crude futures gaining 0.24% to $67.20 a barrel. [O/R] U.S. West Texas Intermediate crude was last up 0.25% at $65.45 per barrel after hitting a more than two-month high earlier in the session. Spot gold fell 0.5% to $3,310.40 an ounce. [GOL/] 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
