Taiwan's Foxconn signed a letter of intent (LoI) with the Tamil Nadu government on Monday to establish a new mobile component manufacturing facility for Rs 1,600 crore in Kancheepuram with potential to generate 6,000 jobs. On his Twitter handle, Chief Minister M K Stalin said the LoI was signed, in his presence, between the state government and Foxconn Group represented by its chairman Young Liu. State Industries Minister T R B Rajaa, Chief Secretary Shiv Das Meena and senior officials participated.
India is increasingly a willing participant in the evolving US' Indo-Pacific strategy. While these developments are related to the perception of a growing Chinese security challenge, their implications for India's much-vaunted strategic autonomy should be a matter of deeper and closer reflection, asserts former foreign secretary Shyam Saran.
Taiwan-based Hon Hai Technology Group, the subsidiary of Foxconn Industrial Internet (Fii), is in talks with the Tamil Nadu government to invest around $200 million to set up an electronic components unit in the state. According to a Reuters report, FII, which makes communication, mobile network and cloud computing equipment, has shared the plan with the Tamil Nadu state officials. Business Standard had reported last week that Fii's chief executive officer (CEO) Brand Cheng met Tamil Nadu Chief Minister M K Stalin and Minister for Industries, Investment Promotion and Commerce TRB Rajaa.
Much on the expected lines, Beijing reacted angrily to Hands' visit, saying that it violates the one-China principle to which London is a signatory.
A new era of Indian equity market outperformance compared to China "appears to be dawning", according to Morgan Stanley. The firm has upgraded India to overweight in its Asia Pacific-excluding Japan (APxJ) list, making it their most preferred market not only in the region but also in the global emerging market (GEM) pack. India now holds the top position in this category, with an overweight of 75 basis points, a significant increase from nil previously.
Srikanth, Prannoy enter pre-quarters; Aakarshi knocked out
China on Monday termed as "disgraceful" the British government's permission for a Taiwan representative in the UK to sign the condolence book of Queen Elizabeth II, who passed away on September 8.
Biden and Xi shook hands and greeted each other with smiles, standing in front of a row of US and Chinese flags.
US chipmaker Advanced Micro Devices (AM) on Friday announced a $400 million investment in India over the next five years and said it will build its largest design centre in Bengaluru. AMD chief technology officer Mark Papermaster made the announcement at the annual semiconductor conference in the presence of Prime Minister Narendra Modi. Undeterred by Taiwan's Foxconn pulling out of his group's $20 billion semiconductor-making venture, mining baron Anil Agarwal said the first phase of Vedanta's chip-making project will be ready in two-and-a-half years.
Clearly, Foxconn Chairman Young Liu and his team are looking to raise their game in India.
India is one of the few countries in the region that enjoys good relations with both Israel and Saudi Arabia, and IMEC would allow it to recreate the old Spice Route to Europe. All this is in jeopardy now, notes Rajeev Srinivasan.
In an interview, Biden reiterated a previous pledge to defend Taiwan in the event of an invasion.
China has increased its antics in Taiwan Strait post the visit of US House Speaker Nancy Pelosi to the self-governed island.
'Earnings will be the catalyst for markets to march higher from here on out.'
India on Friday said it was concerned over the developments around Taiwan and called for avoiding "unilateral actions" to change the status quo in the region, days after China held its biggest-ever military drills around the self-ruled island following US House Speaker Nancy Pelosi's visit to it.
The People's Liberation Army's Eastern Theatre Command said the joint military operations around the Taiwan island have been completed successfully, the state-run Global Times newspaper tweeted.
Taiwan's air force showed their preparedness as Chinese aircraft flew past the 68 nautical mile closest pointsto the island.
As China continue to hold military drills near Taiwan coast after United States House Speaker Nancy Pelosi's recent visit to Taipei, President Tsai Ing-wen has appealed for international support for the island nation and halt the escalation of the regional security situation.
On Friday, Taiwan's Defence Ministry said that 68 Chinese military planes and 13 warships crossed over the median line to participate in drills.
Dominic Thiem defeated qualifier Facundo Bagnis of Argentina 6-4, 7-5 in the first round of the Plava Laguna Croatia Open Umag
In a show of strength, China is deploying its aircraft carrier group and a nuclear submarine in large-scale military drills in the Taiwan Strait in response to US House Speaker Nancy Pelosi's high-stakes visit to Taipei which infuriated Beijing as it claims the island as part of its territory.
Demonstrators believes the US is aggravating tensions between Beijing and Taipei, encouraging the Communists to perhaps strike militarily at Taiwan after Nancy Pelosi leaves the island.
US House Speaker Nancy Pelosi is going to visit Taiwan, with scheduled meetings with government officials at the self-governed island that China threatens to forcefully overtake, The Wall Street Journal reported on Monday.
"Perhaps you missed our briefings in the past few days. We have repeatedly made clear our firm opposition to speaker Pelosi's potential visit to Taiwan," Chinese foreign ministry spokesperson Zhao Lijian said in a press conference on Wednesday.
It said that the transit was "ongoing" and that there had been "no interference from foreign military forces so far."
Foundries in Taiwan account for more than 75 per cent of the chips that mobile devices made in India need, according to estimates by the Indian Cellular and Electronics Association (ICEA), which represents global and domestic manufacturers. The number is slightly lower, 60 per cent, if one considers all chips -- those of consumer electronics, PCs, laptops, autos, etc. This ties in with the fact that foundries in Taiwan, led by TSMC, account for over 70 per cent of the world's microchip supply, according to estimates by Gartner.
Verma beat his Taiwanese opponent 21-18, 21-14.
Taiwan on Sunday expressed gratitude to India and several other countries for their calls for exercising restrain and avoiding unilateral actions to change the status quo in the Taiwan Strait in the face of China's belligerent military posturing following United States House Speaker Nancy Pelosi's visit to the island.
'India is an equity market with a breadth and depth of companies to invest in.'
A White Paper which was released by the Chinese Communist Party on the Taiwan issue read that in order to reunify the island nation into the mainland, Beijing will use force and will turn towards 'armed re-unification'.
Taiwanese electronic contract manufacturer Foxconn on Monday said it has decided to pull out of semiconductor joint venture with Indian conglomerate Vedanta, according to a statement. Foxconn said it is "working to remove the Foxconn name from what now is a fully-owned entity of Vedanta". "Foxconn has no connection to the entity and efforts to keep its original name will cause confusion for future stakeholders," Hon Hai Technology group (Foxconn) said.
Indian equity markets had a good run in the first half of calendar year 2023 (CY23), with the S&P BSE Sensex and the National Stock Exchange Nifty50 hitting fresh 52-week highs. While the Sensex scaled up to a peak 64,718, the Nifty50 hit Mt 19,189. As the markets now prepare to enter the second half (H2) of CY23, all eyes are on global central banks, especially the US Federal Reserve, as to when they will pause and pivot as regards their interest-rate cycle.
'China seems more intent on creating a new world order rather than shaping the existing one.' 'India is of course, at this moment in time, aligned with the West-led order because of China's full-spectrum aggressive behaviour towards India.'
A powerful senatorial committee on Wednesday is set to consider a bipartisan resolution to recognise Arunachal Pradesh as an integral part of India, pushing back against China's military aggression to change the status quo along the Line of Actual Control.
Taipei on Friday termed China's military exercises around the island nation 'highly provocative' after some Chinese aircraft and warships crossed the median line of the Taiwan Strait.
Defence Secretary Lloyd Austin on Thursday directed that the aircraft carrier USS Ronald Reagan and the ships in her strike group will remain on station in the general area to monitor the situation.
China has also announced that it would hold six live-fire military drills in waters around Taiwan.
Pelosi said that she is in Taiwan to listen and learn from Taiwanese people as to how can they come together.
US President Joe Biden and his Chinese counterpart Xi Jinping on Monday held their first in-person meeting in Bali, with both leaders underscoring the need to manage their differences and prevent a conflict, amid Beijing's coercive military posturing against Taiwan and in the strategic Indo-Pacific region.
US House Speaker Nancy Pelosi's plane landed in Taiwan amid a heightened security threat from China, media reports said on Tuesday.
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