Latest news with #Foxconn
Hindustan Times
10 hours ago
- Business
- Hindustan Times
Apple picks Bengaluru for third India retail store. Here's what it's paying in rent
Smartphone giant Apple is poised to expand its retail presence in India with a new store in Karnataka, reportedly at North Bengaluru's Phoenix Mall of Asia, marking what is expected to be the company's third retail outlet in the country, following its flagship locations in Maharashtra's Mumbai and Delhi. The store is expected to boost Apple's footprint in Bengaluru, where manufacturing partner Foxconn is also said to be establishing a new facility. According to a ToI report which cited lease agreement accessed through real estate platform Propstack, Apple has signed a 10-year lease for a 7,997.8 square foot space with an annual rent of ₹2.09 crore for its store in Bengaluru. The lease officially commenced on November 8, 2024, with rental payments scheduled to begin from August 8, 2025. The property is owned by Sparkle One Mall Developers Private Limited. The deal includes a revenue-sharing model, wherein Apple will pay two per cent of revenue for the first 36 months, increasing to 2.5 per cent thereafter. However, the revenue share is capped at twice the applicable yearly minimum guaranteed rent. The agreement also features a 15 per cent escalation in rent and security deposit every three years. Apple India has reportedly paid a deposit of ₹4.33 crore, with earlier documents showing the space was initially leased by Agni Commex LLP at ₹48.19 lakh per month. The lease has two lock-in periods extending to December 31, 2027, and December 31, 2028. This development is part of Apple's broader retail expansion strategy in India. In 2023, Apple leased over 20,000 square feet of space across three floors in a Mumbai mall at a minimum guaranteed rent of around ₹42 lakh per month. Additionally, the company reportedly secured 1.16 lakh square feet of commercial space on Cubbon Road, Bengaluru, for ₹2.43 crore per month on a 10-year lease. Apple is reportedly planning to open four more stores across the country—in Delhi NCR, Mumbai, Pune, and Bengaluru—joining its existing Apple BKC and Apple Saket outlets. The company has already begun hiring for these new retail locations. This retail push follows Apple CEO Tim Cook's announcement that the iPhone maker would continue expanding its presence in India.
Business Recorder
19 hours ago
- Business
- Business Recorder
China, HK shares drop on US tariff concerns
HONG KONG: Chinese stocks fell on Friday as shares of Apple suppliers weakened after a US court reinstated President Donald Trump's tariffs, while automakers extended losses amid ongoing price war concerns. China's blue-chip CSI 300 index closed 0.5% lower and registered its second week of loss. The Shanghai Composite index also dropped 0.5% to 3,347.49 points. The Hang Seng China Enterprises Index fell 1.5% and Hong Kong's benchmark Hang Seng Index lost 1.2%. Both the indexes snapped their six-week winning streaks. 'Sentiment dropped further amid lower turnover and lukewarm macro prints,' Laura Wang, Chief China Equity Strategist at Morgan Stanley wrote in a note on Friday. 'No signs of near-term stimulus step-up as the interim tariff truce continues.' A federal appeals court on Thursday temporarily reinstated the most sweeping of US President Donald Trump's tariffs, a day after a trade court blocked them, saying the president exceeded his authority. The CSI Consumer Electronics Thematic Index lost 2%. Apple iPhone assembler Foxconn lost 3.9%, BYD Electronics tumbled 6% and Lens Tech weakened 3.4%. Auto shares continued their downward trend as price war concerns lingered. Shares of Xpeng, BYD and Nio slipped by 3.3% to 5%. Cushioning the losses, the CSI Banks Index advanced 0.6% after news that People's Bank of China (PBOC) Governor Pan Gongsheng will attend the opening ceremony of the Lujiazui Forum in Shanghai next month and announce several major financial policies.
The Hindu
a day ago
- Business
- The Hindu
T.N. sets a model for other States in manufacturing-led growth, says State government
The Tamil Nadu government on Friday listed the achievements of the manufacturing sector and said the State aims to become a $1 trillion economy by 2030 and sets a model for other States in manufacturing-led growth and global competitiveness. According to an official press release, when the 'Make in India' initiative was launched in 2014, the goal was to raise the share of the manufacturing sector as a share of GDP to 25% by 2025. While the national average has reached only 16%, Tamil Nadu has already achieved 25% in its Gross State Domestic Product (GSDP), becoming a model State in industrial growth. The State hosts major global manufacturers including Foxconn, Hyundai, and Samsung, employing lakhs of workers. It has over 31,000 active factories—India's highest—and leads in non-oil exports, contributing 15% of India's total despite having under 6% of the population, the release said. Tamil Nadu accounts for 41% of India's electronic exports, 38% of footwear, and 45% of automobile components exports. The State's investor-friendly climate support by 'Guidance Tamil Nadu' ensures speedy clearances and conflict resolution mechanisms, supported by bureaucracy. Tamil Nadu has set targets to boost electronics exports from $14 billion to $ 100 billion, the release added
NDTV
a day ago
- Business
- NDTV
India Surpasses China, Becomes Largest iPhone Exporter To US: Report
New Delhi: India has surpassed China to become the largest exporter of iPhones to the United States, according to a report by market research firm Omdia. Latest estimates showed that nearly three million iPhones manufactured in India were shipped to the US in April. In comparison, phone shipments from China plummeted by a massive 76% to just 900,000 units. The developments come at a time when Apple faces a significant challenge after US President Donald Trump warned of a 25% tariff on imported iPhones if they are not manufactured in the country. The report also comes days after US President Donald Trump asked Apple's Tim Cook to stop building plants in India to make devices for the US, pushing the latter to add domestic production as it pivots away from China. "Apple has been preparing for this kind of trade disruption for years. The April spike likely reflects strategic stockpiling ahead of tariff hikes," Le Xuan Chiew, research manager at Omdia, was quoted as saying in the report. Apple sells more than 220 million iPhones a year and its biggest markets include the US, China and Europe, Reuters reported. According to IANS, a 'Made in US' Apple iPhone can cost a whopping $3,500 (more than Rs 2,98,000) in the absence of a fully-integrated supply chain in the country. The demand for the phone is around 20 million per quarter at the moment in the country. India has become a key hub for Apple's global supply chain in recent years. India-made iPhones are assembled in Taiwanese contract manufacturer Foxconn's factory in Tamil Nadu. Tata Electronics, which runs Pegatron Corp's operations in India, is the other key manufacturer. Tata and Foxconn are building new plants and adding production capacity to raise iPhone production. Experts, however, believe it will take some time for India to meet the demands of the US. Increasing the production in India will help generate employment and jobs and also boost the economy. Earlier this month, Mr Cook said Apple will source the majority of the iPhones sold in the US from India in the June quarter while China will produce the vast majority of the devices for other markets amid uncertainty over tax tariffs by the US. Chinese-made iPhones still face a 30% tariff, while Indian ones are taxed at 10% by the Trump administration. Dan Ives, global head of technology research at Wedbush Securities, told CNN recently that the idea of fully domestic iPhone production is a "fictional tale." Ives also warned that replicating Apple's complex Asian supply chain in the US would result in massive cost increases. Moreover, it would take Apple at least three years and a massive $30 billion just to shift 10% of its supply chain to the US, as per market watchers.
Time of India
a day ago
- Business
- Time of India
China, HK shares drop on US tariff concerns, auto makers tumble
Chinese stocks fell on Friday as shares of Apple suppliers weakened after a U.S. court reinstated President Donald Trump's tariffs, while automakers extended losses amid ongoing price war concerns. China's blue-chip CSI 300 index closed 0.5% lower and registered its second week of loss. The Shanghai Composite index also dropped 0.5% to 3,347.49 points. The Hang Seng China Enterprises Index fell 1.5% and Hong Kong's benchmark Hang Seng Index lost 1.2%. Both the indexes snapped their six-week winning streaks. "Sentiment dropped further amid lower turnover and lukewarm macro prints," Laura Wang, Chief China Equity Strategist at Morgan Stanley wrote in a note on Friday. "No signs of near-term stimulus step-up as the interim tariff truce continues." A federal appeals court on Thursday temporarily reinstated the most sweeping of U.S. President Donald Trump's tariffs, a day after a trade court blocked them, saying the president exceeded his authority. The CSI Consumer Electronics Thematic Index lost 2%. Apple iPhone assembler Foxconn lost 3.9%, BYD Electronics tumbled 6% and Lens Tech weakened 3.4%. Auto shares continued their downward trend as price war concerns lingered. Shares of Xpeng, BYD and Nio slipped by 3.3% to 5%. Cushioning the losses, the CSI Banks Index advanced 0.6% after news that People's Bank of China (PBOC)Governor Pan Gongsheng will attend the opening ceremony of the Lujiazui Forum in Shanghai next month and announce several major financial policies. Mainland China's stock, bond, foreign exchange and commodity futures markets will be closed on Monday, June 2, for the Dragon Boat holiday. They will resume trade on June 3.
