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Time of India
14-05-2025
- Business
- Time of India
Japan's Nikkei falls on profit booking, Topix snaps 13-day winning rally
Japan's Nikkei share average fell on Wednesday as investors booked profits from a recent rally, while the broader Topix snapped its longest winning streak in nearly 16 years. The Nikkei reversed earlier gains to end 0.14% lower at 38,128.13. However, the index recovered from an intraday low of 37,865.22. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Rich Man Keeps Annoying Royal Guard, But He Didnt Expect This To Happen Beach Raider Undo The broader Topix fell 0.32% to 2,763.29, snapping a 13-day winning streak, the longest since August 2009. The Nikkei hit a three-month high on Tuesday, buoyed by hopes of more deals between major economies after the U.S. and China agreed to temporarily slash the harsh reciprocal tariffs. "The market had set the 38,000 as a target after the Nikkei tanked last month, following the announcement of (U.S. President Donald) Trump's tariffs," said Hiroyuki Ueno, chief strategist at Sumitomo Mitsui Trust Asset Management. Live Events "The index hit that target earlier than expected, and that prompted investors to sell stocks to book profits today." Uniqlo-brand owner Fast Retailing slid 1.09% to drag down the Nikkei the most. Toyota Motor lost 3.53%. Sony gained 3.67% after forecasting a 0.3% rise in its annual operating profit in the financial year ending March 2026. Yaskawa Electric fell 1.88% after the robot maker was excluded from MSCI's standard index in a routine reshuffle. Of more than 1,600 stocks trading on the Tokyo Stock Exchange's prime market, 34% rose, 63% fell and 1% traded flat.
Economic Times
14-05-2025
- Business
- Economic Times
Japan's Nikkei falls on profit booking, Topix snaps 13-day winning rally
Japan's Nikkei share average fell on Wednesday as investors booked profits from a recent rally, while the broader Topix snapped its longest winning streak in nearly 16 years. ADVERTISEMENT The Nikkei reversed earlier gains to end 0.14% lower at 38,128.13. However, the index recovered from an intraday low of 37,865.22. The broader Topix fell 0.32% to 2,763.29, snapping a 13-day winning streak, the longest since August 2009. The Nikkei hit a three-month high on Tuesday, buoyed by hopes of more deals between major economies after the U.S. and China agreed to temporarily slash the harsh reciprocal tariffs. "The market had set the 38,000 as a target after the Nikkei tanked last month, following the announcement of (U.S. President Donald) Trump's tariffs," said Hiroyuki Ueno, chief strategist at Sumitomo Mitsui Trust Asset Management. "The index hit that target earlier than expected, and that prompted investors to sell stocks to book profits today." ADVERTISEMENT Uniqlo-brand owner Fast Retailing slid 1.09% to drag down the Nikkei the most. Toyota Motor lost 3.53%. Sony gained 3.67% after forecasting a 0.3% rise in its annual operating profit in the financial year ending March 2026. ADVERTISEMENT Yaskawa Electric fell 1.88% after the robot maker was excluded from MSCI's standard index in a routine reshuffle. Of more than 1,600 stocks trading on the Tokyo Stock Exchange's prime market, 34% rose, 63% fell and 1% traded flat. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Mint
26-04-2025
- Business
- Mint
Apple bets on India to counter US-China trade spat, eyes 50 mn iPhones by 2028
New Delhi: Apple Inc. is looking to more than double the number of iPhones it makes in India to 50 million-plus units per year by 2028, three people aware of the matter told Mint on the condition of anonymity. The move, which would entail significant capacity build-up at Apple's India partners, comes in the backdrop of a US-China trade standoff that threatens the company's long-standing supply chain balance. China currently accounts for 80% of all iPhone manufacturing for Apple, according to data from market researcher International Data Corporation (IDC), and India has 10% share. Earlier on Friday, a report by Financial Times said that Apple could make all iPhones bound for the US market in India by next year, amounting to 60 million units in volume. 'This would be an exaggerated target—ramping up a stable supply chain and doubling capacity does not happen within mere months," one of the people cited above said. 'There is, however, a clear understanding at Cupertino that Apple's India production plans are now on steroids after US president (Donald) Trump's volatile foreign trade policies and the China situation." Also read | With electronics tariffs off, what happens to iPhone in India? Two others said that Tata Electronics, which accounted for a quarter of all iPhones made in India as of January, is slated to be the biggest benefactor of Apple's India push. The company could contribute the most to ramping up Apple's capacity of assembling iPhones in India and exporting them to the US. Apple did not immediately respond to Mint's emailed queries. Tata Electronics declined to comment. Reaching a target of 50 million iPhones by 2028, however, would require a significant upgrade of capacity among Apple's manufacturing partners in India. Alongside Tata Electronics, Taiwanese contract manufacturer Foxconn's India joint venture—Bharat FIH Ltd—is also a key iPhone production partner for Apple. It is because of this tall target that Apple is looking for its India manufacturing partners to ramp up production capacity, the people cited above said. 'There are discussions that the US government's potential long-term exemptions that could be on offer to Apple would be hinged upon them making efforts to move manufacturing away from China in the short term," the third person cited above said. 'After all, those in the sector understand that setting up an entire supply chain in the US would not be possible within a year or two. Shifting production to trusted geographies could thus be crucial for Apple." Read this | Mint Primer: Will US tariffs on Indian goods hit iPhones prices? To be sure, a 2018 report by Reuters had claimed that by 2028, Apple planned to make one of every four iPhones in India. At the end of last year, supply chain estimates said that Apple makes roughly 20 million iPhones in India, which are supplied to various global markets and also to Indian retailers. Some industry stakeholders expect this to be beneficial for India in the long run, while others point to the huge gap between assembly of iPhones that the country is currently doing, and the expertise to add more local inputs, which will take time. Ashok Chandak, president at industry body India Electronics and Semiconductor Association (Iesa), said that the move will help 'expand the size of India's electronics manufacturing economy, and bring India closer to its target of a $500 billion electronics market by 2030". 'Apple is, of course, one of India's biggest contributors to electronics manufacturing and exports, and India has gained from Apple's brand weight by showcasing to the world that it can assemble what is considered to be the most sophisticated engineering in smartphones right now," Chandak said. He added that going forward, ramping up capacity further will only prove that India can maintain consistency at scale, 'which is the final step before India's electronics economy starts moving up the value chain". Read this | Apple's India engineers push iPhones closer to hinterlands with local languages Others, however, underlined that simply increasing capacity may not be beneficial right away. Navkendar Singh, associate vice-president at IDC India, said that India's local value addition, especially in iPhones, 'is still very low". 'The largest part of the domestic value addition for iPhones comes from its semiconductor chips and the display, none of which are so far made in India," Singh pointed out, adding that overall, the manufacturing ecosystem in India sees around 10% local value addition for iPhones, which is the single-largest device made in India in terms of the country's electronics exports value to the rest of the world. 'This shows that for India, there is a long way to go for the domestic assembly and manufacturing ecosystem to replicate the scale of success that China has encountered, before it can show its actual value in the global technology supply chain," Singh added. And read | With AI in Indian iPhones, can Apple rival Google's appeal for coders?
Japan Times
18-04-2025
- Business
- Japan Times
LDP and CDP lawmaker groups propose 0% consumption tax on food
A group of lawmakers within the Liberal Democratic Party and one in the main opposition Constitutional Democratic Party of Japan are each planning to propose lowering the consumption tax on food products from the current 8% to 0% ahead of the Upper House election, amid price hikes. The LDP's league on promoting expansionary fiscal policies decided on Thursday to submit a proposal to the government on permanently eliminating the consumption tax on food products to curb inflation and the impact of U.S. tariffs. 'U.S. President (Donald) Trump called value-added tax a nontariff barrier. We should reform the consumption tax, which has been considered a nontariff barrier,' said Hiroyuki Nakamura, a Lower House LDP lawmaker, referencing reports of Trump likening value-added tax systems to tariffs. The group, which has 74 members, will submit its proposal 'as soon as possible,' said LDP Lower House Lawmaker Rintaro Ishibashi's office on Friday. A 70-member group within the CDP proposed including a temporary cut of the consumption tax on food products to 0% 'for as long as inflation continues' in the party's campaign pledges in the Upper House election on Tuesday. Reducing the tax to 0% is expected to result in a loss of up to ¥5 trillion in tax revenue annually, which could be covered by using redemption money from the Foreign Exchange Fund Special Account, according to the league led by CDP heavyweight Kenji Eda. The league estimates that households with an annual income of less than ¥2 million will save ¥40,000 a year, and households with an annual income of over ¥15 million will save ¥70,000 a year. The league will submit its proposal to party leader Yoshihiko Noda next week, CDP lawmaker Kazunori Yamanoi said on Friday. Executive members of the parties have voiced reservations about slashing the consumption tax. 'Doesn't the discussion about lowering the consumption tax begin with talking about what funds can supplement it?' said LDP Secretary-General Hiroshi Moriyama on Sunday. Former CDP head Yukiko Edano called such proposals 'irresponsible' as it would put future generations in debt. 'If you want to be a tax-cutting populist, go and make another party," said Edano on April 12. Amid talks on introducing measures to counter inflation and U.S. tariffs, the government had considered preparing a supplementary budget but ultimately decided to use the emergency funds from the fiscal 2025 budget on Tuesday. Calls for a consumption tax cut, however, are growing within the LDP's coalition partner, Komeito, and other major opposition parties. Komeito chief Tetsuo Saito told reporters on April 11 that tax cuts would give households and mid- to small-size enterprises 'a sense of relief' and that 'all possibilities are on the table.' The same day, Nippon Ishin no Kai submitted a proposal to the government to eliminate the consumption tax on food products. The party also proposed lowering the cost of rice, cutting the gasoline tax by about ¥25, lowering the social insurance premium fee for owners of small businesses and reducing the fee by ¥60,000 yearly for regular workers. The Democratic Party for the People submitted a request to the government on April 10 to consider lowering the consumption tax on all products to 5%.
Local France
13-04-2025
- Politics
- Local France
Macron urges 'strong measures' to impose ceasefire on Russia
"Everyone knows: this war was initiated by Russia alone," Macron said on X, formerly Twitter. "And today, it is clear that Russia alone chooses to continue it -- with blatant disregard for human lives, international law, and the diplomatic efforts of President (Donald) Trump," he said. "Strong measures are needed to impose a ceasefire on Russia," Macron said, adding the attack had caused "numerous civilian casualties, including children once again". A Russian missile strike on Sumy's centre killed at least 32 people and wounded 99, according to Ukraine, adding that children were among the casualties. Kyiv said Moscow hit the northeastern city, close to the Russian border, with two ballistic missiles on Sunday morning.
