Connect with us


Foxconn With Apple To Set Up A Manufacturing Facility Of $7 Billion In the US




Foxconn With Apple To Set Up A Manufacturing Facility Of $7 Billion In the US

Foxconn, Taiwan technology giant and also the world’s largest electronic contract maker are likely to team up with the Cupertino-based, San Francisco company Apple to set up a display-making facility in the United States.

Terry Gou, the company’s chairman, and the chief executive said on the media reported on Monday that the investment was estimated and which would exceed $7 billion.

The plans have come after the US President Donald Trump pledged out to put “America First” in his inaugural speech held on Friday, that meant overturning the international trade treaties which prompted Terry Gou to warn about the rise of protectionism and also the trend for politics to underpin the economic development.FoxconnTrump had repeatedly threatened the high import tariffs during his campaign to encourage the American and foreign companies to move its production to the US, as reported by BBC.

He has also singled out China as the significant cause of lost manufacturing jobs in the United States.

Mr.Gou told the reporters on the sidelines of a company event that Foxconn’s proposal to build a display plant would be planned with its Sharp Corp unit, depending on many factors, such as the investment conditions, which need to be negotiated at the US’s state and federal levels.

Foxconn was formally known as the Hon Hai Precision Industry Co and has got its most factories located in China where the Apple’s iPhones got assembled.

Mr.Gou said that they had been considering such a move for years and the issues came up when Foxconn’s business partner Masayoshi Son, who was also the head of Japan’s SoftBank Group Corp, talked to him before a December meeting Masayoshi Son had with Trump.

As the result of the meeting, Masayoshi Son pledged for a $50 billion for investment in the United States and inadvertently disclosed the information showing Foxconn’s logo and an unspecified additional $7 billion (approximately Rs. 47,649 crores) investment.

Click here for more Latest News

Also, Foxconn has issued a brief statement that it was involved in preliminary discussions to expand its US operations, without elaborating.

Mr.Gou said that Mr.Son was a good friend and added that Mr.Son had asked him for his views about investing in the US for which Mr.Gou answered that the United States has got no panel-making industry but it was the second-largest market for televisions.

An investment for a display plant in the US would likely exceed $7 billion and would create about 30,000-50,000 jobs, Mr.Gou answered Mr.Son.

Mr.Gou said that he thought it to be a private conversation, but the next morning it was exposed. He added that it such a plan, but it was not a promise. It was a wish.

Foxconn has its existing cooperation and operations in Pennsylvania, which was a state the Foxconn would prioritize, depending on land, water, infrastructure, power and other investment conditions, he said.

Gou added that Foxconn would remain active in China, dispelling the talk that Beijing might be pressuring Foxconn about its investments.

Taiwan’s tech-dominated manufacturers have been nervous about the potential US trade policies because the US President Donald Trump has threatened to raise tariffs on imports from some countries, most notably with China.

Foxconn is one among the biggest employers in China, where it operates factories that churn out most of the Apple Inc’s iPhones.

The White House website had updated after Trump’s inauguration that made things clear that the new administration would pursue plans to alter its trading relationships with the Asian countries.

Trump has also said that he would renegotiate the North American Free Trade Agreement (NAFTA) with Canada and Mexico.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Severe Drop in Bitcoin Rate | Bitcoin Rate Slashes



Severe Drop in Bitcoin Rate | Bitcoin Rate Slashes

Severe Drop in Bitcoin Rate | Bitcoin Rate Slashes: Bitcoins was the talk of the town for the past few weeks. For the first time in the history, the rate of Bitcoins crossed 19,000 USD. In India, the rate of 1 bitcoin crossed 14,00,000 INR. In the mid of November, the rate of 1 bitcoin was 8000 USD (i.e. 5,00,000 INR) but on 14th December, Bitcoin rate crossed 14,00,000 INR (19,000 USD). People started investing in Bitcoins as the rate was increasing vertically.

Severe Drop in Bitcoin Rate | Bitcoin Rate Slashes

Severe Drop in Bitcoin Rate | Bitcoin Rate Slashes

For other news on Bitcoins click here

For the past 5 days, Bitcoin rate was steady between 18,500 to 19,500 USD. Yesterday (19/12/2017) it started a downfall in the rate. Bitcoin rates got reduced less than 14,00,000 INR. Today (20/12/2017), the rate is decreasing vertically downwards. For every minute, around 20,000 INR is getting reduced. As of 11:55 PM, the sell rate of one bitcoin is 9,79,874 INR (i.e. 14,500 USD).

Today the price had fallen around 3,00,000 INR until this moment. Will It reduce further? Is this a fall of Bitcoin? Will the rate increase again? Subscribe our Notification button, for an update on Bitcoins and other news!

Continue Reading


Maggi Fails Lab Test Again | INR 62 Lakh fined for Nestle and its Distributors



Maggi Fails Lab Test Again

Maggi Fails Lab Test Again | INR 62 Lakh fined for Nestle and its Distributors: The district administration of Shahjahanpur, UP, has fined Nestle India and its distributors after its famous noodles brand Maggi allegedly failed to pass the lab test, even after the FMCG major maintained that “it’s a case of utilisation of incorrect standards“. The district administration had forced a fine of INR 45 lakh on Nestle India, INR 15 lakh on its 3 distributors and INR 11 lakh on its 2 sellers.

Maggi Fails Lab Test Again | INR 62 Lakh fined for Nestle and its Distributors

Maggi Fails Lab Test Again

Read Also: Badri Narain Sharma – Chairman of the National Anti-Profiteering Authority under the GST regime

According to the authorities of the district, it had collected the samples a year ago in November and sent them for the lab test, which had found the ash content above the allowable limits of human consumption. While Questioning the lab findings, Nestle said it has not received the order still and would file an appeal instantly once it gets the order. Nestle India spokesperson said that

“While we have not received the orders passed by the adjudication officer, we have been informed that the samples are of the year 2015 and the issue pertains to ‘ash content’ in Noodles”

He also added that “This appears to be a case of utilization of incorrect standards, and we will file an appeal immediately once we receive the order.

In the year 2015, Nestle India and other companies had expressed to the relevant authorities, via the industry associations, to set standards specific to instant noodles to avoid confusion amongst consumers and enforcement officers. “The standards have been introduced since 2015, and the product complies with these criteria. We regret the trouble it may cause to consumers,” he said, adding that “We strongly recommend that Maggi Noodles are 100% safe for consumption.”

Maggi Fails Lab Test Again | INR 62 Lakh fined for Nestle and its Distributors

Maggi Fails Lab Test Again

Maggi was banned by FSSAI in the month of June 2015 for allegedly containing lead beyond allowable limits, forcing Nestle India to withdraw the goods from the market. Even in the year 2015, the Maggi trouble for Nestle had begun at UP. Following legal battles, the famous instant noodles brand was back in the market in the month of November 2015.

Click here for Instant News like Instant Maggi

Continue Reading


GST on Stock Brokers: Group asks Government to Reduce GST, Scrap STT and DDT




GST on Stock Brokers

GST on Stock Brokers: Leading Stock Brokers’ Group requested Government to reduce GST on brokerages to 12 percent as well as scrap taxes on securities transactions and Dividends Taxes.

As preparations for the Union Budget 2018-19 is underway, the Association of National Exchanges Members of India (Anmi) has signalled their concerns about the Goods and Services Tax (GST) regime creating ‘some difficulty’ in the financial market.

Stock Brokers’ Group has requested the finance ministry to reduce the burden of taxation on the transaction charges which was increased. They said,

“Rate of GST applicable on brokerage for share transaction is 18 percent which is on the much higher side and has further inflated the cost of the transaction. We appeal to reduce the rate of GST to 12 percent in the ensuing Budget,”

Stock Brokers' Group asks Government to Reduce GST, Scrap STT and DDT

Stock Brokers’ Group asks Government to Reduce GST, Scrap STT and DDT

Also, the brokers’ group has requested the finance ministry to do away with the securities transaction tax and abolish dividend distribution tax for the growth of the capital markets.

Read also New GST Rates: Centre Doubles Down on GST’s gains for Consumers

The groups also appealed to scrap STT which plays a detrimental role in enhancing liquidity and creation of depth in Indian financial market.

“Removal of Securities Transaction Tax (STT) will encourage more liquidity and profitability in India, which in turn will increase depth in Indian capital market as well as more participation,”

Securities Transaction Tax (STT) is the tax on the transaction of equities as well as their derivatives and accounts for a bulk of the transaction cost after deducting the brokerage fee.

Besides, Association of National Exchanges Members of India has suggested for rationalising the STT calculation method for options trading by removing certain anomaly.

Amendment to Section 14A, Rule 8(d), the Income Tax Rules are the two other demands for reforms by Anmi.

“Dividend distribution tax (DDT) should be done away with or the rates should be brought down to be nearly negligible”

Stock Brokers' Group asks Government to Reduce GST, Scrap STT and DDT

Stock Brokers’ Group asks Government to Reduce GST, Scrap STT and DDT

The Association of National Exchanges Members of India said that the applicability of Section 14A has an impact on dividend income. It is levied at almost 20 percent on the company for distribution of dividend to its shareholders.

The tax burden for stock brokerages has been increasing over the last three years which it has risen to 18 percent from 12 percent.

Also, the brokers’ body has said market intermediaries like sub-brokers should be excused from registration under GST as they don’t raise any invoice for clients directly but only through the brokerage.

They also requested that instead of monthly returns, GST return should be submitted quarterly to promote ‘ease of doing business’.

Read also 90 Lakh Trucker’s India-Wide “Chakka Jam” against GST

Stating that the stockbroking community is the backbone of the capital market or Financial market, ANMI reiterated its demand to give an industry status to the broking business.

Click here for More GST News

Continue Reading