China
Apple loses $1 trillion in market cap in one year
The fall meant that in just one year, the tech giant lost $1 trillion in market capitalisation. According to CNN, like many other tech companies, Apple has been hit by supply chain issues. Its manufacturing in China has taken a hit due to a fresh wave of Covid infections in the only major economy combating such a crisis.
Alibaba Founder Jack Ma resurfaces, cites 'difficult' year to rural teachers
The billionaire was last spotted in Tokyo, living a quiet and peaceful life amid the big tech crackdown in his home country. "Teachers have had a difficult year. You had to teach while protecting children," he told about 100 teachers from China's rural areas in an annual live video speech under his 'Rural Teachers Initiative', reports South China Morning Post.
Business confidence, activity in China are still at low levels
A survey conducted by China's central bank in the fourth quarter shows that business confidence and activity in the world's No 2 economy are still at low levels almost three years after the start of the coronavirus pandemic, indicating a bumpy recovery ahead, the South China Morning Post reported.
China's Covid wave hits factories and consumer market
Since the world's second largest economy drastically eased its Covid restrictions earlier this month, there has been no clear data on the extent of the virus' spread on the national level. But several cities and provinces have said they were seeing tens of thousands of new cases per day, CNN reported.
58% of Indians cut 'Make in China' purchases across products in 2022
About 59 per cent of Indians surveyed said they do not have any Chinese app on their phone while 29 per cent still have one or more, according to data compiled by social community engagement platform LocalCircles. The survey received over 40,000 responses from consumers located in 319 districts.
India should protect legitimate rights and interests of Vivo: Chinese state media
Whether this Vivo incident can be well resolved will have a strong demonstration effect on a vast number of other foreign companies, said a commentary in the publication, adding that the issue has once again raised eyebrows among Chinese companies about the Indian market, given India's growing restrictions and investigations targeting Chinese companies this year.
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.
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