China
Piyush Goyal, UK Trade Secretary discuss resumption of FTA negotiations
UK Trade Secretary Badenoch is in India to restart the India-UK FTA negotiations, which got stalled in July this year. The negotiations would aim to cut tariffs and facilitate financial and legal services by the UK in India. Badenoch will also meet business leaders to seek their feedback regarding the trade pact.
Apple supplier Foxconn invests another $500 mn in India
TechCrunch first reported, quoting a company stock exchange filing in Taiwan, that Foxconn's Singapore subsidiary is $500 million in Hon Hai Technology India Mega Development Pvt Ltd. The move comes as Apple is fast forwarding its manufacturing plans for both iPhones and iPads in India and Vietnam in the wake of China unrest over zero-Covid policy which has severely disrupted its supply chain, leading to an acute shortage of new iPhone 14 Pro models.
World looks at India to break China's monopoly on rare earth mining
Industry bodies including the Confederation of Indian Industry (CII) have taken up the issue with the government. A person with direct knowledge on the matter told India Narrative that the government could carve out specific measures in the Union Budget next year. Rare earths comprising 17 elements include cobalt, copper, lithium nickel among others and are critical to reduce dependence on fossil fuels.
Pakistan concedes to China's demand for revolving bank account
It also allowed import of 580,000 tonnes of wheat at a price of $372 per tonne, excluding the incidental and transportation charges, which would cost the national exchequer a minimum of $216 million, Express Tribune reported. Wheat import will cost a total of $224 million after including the incidental charges.
Jack Ma hiding in Tokyo amid China's crackdown on tech firms: Report
Ma, the founder of the e-commerce giant Alibaba who until the tech clampdown was China's richest person, has rarely been seen in public since criticising the attitude of Chinese regulators towards tech companies at a summit in Shanghai two years ago, said the Guardian report. Aside from a 48-second online appearance early last year, described by one analyst as akin to a "hostage video", a brief trip to the Netherlands and Ma's 88-metre superyacht Zen being spotted last summer docking off the Spanish island of Mallorca.
Jack Ma enjoys hot spring, ski resort in Japan as China simmers
Financial Times reported, citing sources, that Ma and his family are enjoying hot spring and ski resorts in the countryside outside Tokyo amid regular trips to the US and Israel. "Since his fallout with Chinese authorities, Ma has been spotted in various countries, including Spain and the Netherlands," the report mentioned. Ma has reportedly been living in central Tokyo for nearly six months, amid Beijing's ongoing crackdown on the country's technology sector.
FCC bans Chinese tech equipment from entering US
The FCC adopted new rules prohibiting communications equipment deemed to "pose an unacceptable risk to national security from being authorised for importation or sale in the US". This is a huge blow to Chinese companies as they can't legally import or sell anything with a radio in the US without the FCC authorisation.
Rupee weakening due to dollar strengthening, economy can't be blamed: Piyush Goyal
Addressing the Times Now summit, the minister, despite rising inflation, sounded an optimistic note, noting that compared to sky rocketing inflation in many countries, where it is ranging between 8 to 10 per cent, India has maintained a fair balance between inflation and interest rates and price rise in the country is much lower than compared to others.
Foxconn offers $1,400 to each new hire to leave China iPhone factory
The new hires at the world's largest iPhone factory will receive the money if they tender their resignation immediately, reports South China Morning Post. The offer to workers was published by Chinese online media outlet Cailianshe, after violent clashes over allowances and strict Covid-19 measures.
Negotiations on India-UK free trade pact to restart next month: Piyush Goyal
Union Commerce Minister Piyush Goyal, while speaking on the sidelines of a steel industry event, said that the India-UK FTA is a high-priority issue for both the nations and negotiations on it are expected to take place next month. Goyal said he is already in touch with his UK counterpart for the next round of talks on the trade pact.
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