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☆ Apple supplier Foxlink halts production at Indian facility after massive fire
▼ + stars: | 2023-02-27 | by ( Munsif Vengattil | ) www.reuters.com time to read: +1 min

[1/2] Apple logo is seen on the Apple store at The Marche Saint Germain in Paris, France July 15, 2020. REUTERS/Gonzalo FuentesNEW DELHI, Feb 27 (Reuters) - Apple (AAPL.O) supplier Foxlink has halted production at its assembly facility in the Southern Indian state of Andhra Pradesh and evacuated 400 of its employees after a massive fire on Monday, two local government officials told Reuters. Management has estimated damage of 1 billion Indian rupees ($12 million) at the facility, he said, adding there were no casualties. An official for Foxlink did not respond to calls. ($1 = 82.7320 Indian rupees)Reporting by Munsif Vengattil in New Delhi, Editing by Louise Heavens and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Blue chips cheered up
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +5 min

[1/2] The logo of technology company Nvidia is seen at its headquarters in Santa Clara, California February 11, 2015. Its CEO Jensen Huang said use of its chips to power AI had "gone through the roof in the last 60 days." The Federal Reserve at least seems keen on the higher-for-longer message that's shaken world stock and bond markets this week. And as the minutes pre-date red-hot jobs and retail data for January, the message from Fed officials is probably even sterner now. A Reuters poll of equity analysts showed global stock markets are expected to correct in the next three months.

☆ Morning Bid: Hang on a minute
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +4 min

And so a speech from New York Fed chief John Williams make give a better steer on current thinking. Markets are now priced for a Fed 'terminal rate' in the 5.25-5.50% range by July and no cut from there by year-end. European central bankers are also talking tough as the region's economies dodge recession and inflation stays high. But geopolitical concerns rankle again ahead of Friday's anniversary, with Russia unilaterally withdrawing from a key nuclear arms control treaty. As G20 finance chiefs meet in India, the world is watching closely the extent of the alliance between Beijing and Moscow.

☆ Sri Lanka investment board approves $442 mln Adani Green wind power plants
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

COLOMBO, Feb 22 (Reuters) - Sri Lanka's Board of Investment on Wednesday approved two wind power plants by India's Adani Green Energy Ltd (ADNA.NS) with a total investment of $442 million, a statement issued by the board said. "The two wind power plants of 350 MW are scheduled to be commissioned in two years and accordingly, they will be added to the national grid by 2025," the statement added. The Adani Group has denied any wrongdoing. The Sri Lankan Board of Investment statement said the Adani wind power project will generate 1,500 to 2,000 new job opportunities. Sri Lanka also aims to export renewable energy from its northern areas to southern India.

☆ Indian jeweller Joyalukkas withdraws $278 mln IPO
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 21 (Reuters) - Indian jeweller Joyalukkas has withdrawn its 23 billion rupee ($277.95 million) initial public offering (IPO), a document on the market regulator's website showed on Tuesday. Joyalukkas did not immediately respond to Reuters' request for comment. The jeweller, based in the southern Indian state of Kerala, operates showrooms across roughly 68 cities and is one of the biggest jewellery retailers in the country. The IPO's book runners Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisors Ltd, Haitong Securities India, and SBI Capital Markets Ltd also did not immediately respond to a request for comment. ($1 = 82.7620 Indian rupees)Reporting by Varun Vyas in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Ola plans $920 mln India investment in electric cars, batteries
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: +1 min

CHENNAI, Feb 18 (Reuters) - SoftBank Group-backed (9984.T) Ola Electric would invest $920 million in the southern Indian state of Tamil Nadu to manufacture electric cars and batteries for electric vehicles (EVs), a state government statement said on Saturday. Ola will invest 76.14 billion rupees ($920 million) through its subsidiaries Ola Electric Technologies and Ola Cell Technologies, drawn to the growing demand for EVs in India. The company's cumulative production numbers topped 100,000 in November, and it plans to annually make 140,000 cars and hire 3,111 workers in Tamil Nadu through the new investment. In September, Ola said it was looking to expand into Latin America, ASEAN and European Union countries after entering India's neighbour Nepal first. ($1 = 82.7500 Indian rupees)Reporting by Praveen Paramasivam in Chennai; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Apple faces obstacles in move to boost India manufacturing - FT
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - Apple Inc (AAPL.O) is facing challenges as it tries to increase production in India, the Financial Times reported on Tuesday, citing people familiar with the iPhone maker's operations. This 50% 'yield' does not meet Apple's goal for zero defects, FT reported, adding that the company's process of expanding in India has been slow in part due to challenges in logistics, tariffs and infrastructure. Apple and Tata Group did not immediately respond to a request for comment. Apple has bet big on India since it began iPhone assembly in the country in 2017 through Wistron Corp (3231.TW) and later Foxconn, in line with the Indian government's push for local manufacturing. Last month, India's trade minister said that Apple wants India to account for up to 25% of its production from about 5 - 7% currently.

☆ Nissan, Renault to invest $600 million to make 6 new models in India
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakeTOKYO, Feb 13 (Reuters) - Nissan Motor Co (7201.T) and Renault SA (RENA.PA) said on Monday they would invest $600 million to make six new models in India, one of three markets in which the two automakers plan to coordinate closely in a revamped alliance announced last week. Two models would be electric vehicles (EVs), the companies' first in India; the others would be sports utility vehicles. Unlike Nissan, Renault does not have a significant presence China, the United States and Japan, raising the stakes for its success in India. Industry-wide sales in India surged 23% last year to 4.4 million vehicles, overtaking the Japanese market, according to S&P Global Mobility. The Chennai plant can produce about 500,000 vehicles a year, but last year Renault sold only 87,000 in India and Nissan 35,000.

☆ Apple supplier Salcomp to boost Indian workforce to 25,000
▼ + stars: | 2023-02-13 | by ( Praveen Paramasivam | ) www.reuters.com time to read: +2 min

[1/2] A salesperson speaks to a customer at an Apple reseller store in Mumbai, India September 1, 2021. REUTERS/Francis Mascarenhas/File PhotoCHENNAI, Feb 13 (Reuters) - Finland's Salcomp, a supplier to Apple (AAPL.O), is planning to more than double its workforce in India to nearly 25,000 over the next three years, a company executive said on Monday. And India is poised to be one of the best alternatives," said Sasikumar Gendham, managing director, Salcomp Manufacturing India. Salcomp, a major supplier of chargers to the iPhone maker, is also setting up a housing complex with entertainment and education for about 15,000 people, said Gendham. Foxconn (2317.TW), another Apple supplier, also plans to quadruple the workforce at its iPhone factory in India over two years, Reuters had reported last year.

☆ Is the iPhone's 'Made in India' era beginning as Apple breaks with China?
▼ + stars: | 2023-02-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

Minister of Commerce and Industry Piyush Goyal said Apple was already making between 5% and 7% of its products in India. His comments come at a time when Foxconn (HNHPF), a top Apple supplier, is looking to expand its operations in India after suffering severe supply disruptions in China. For years, Apple had relied on a vast manufacturing network in China to mass produce iPhones, iPads and other popular products. China headaches mountBut the world’s most valuable company posted shockingly weak earnings this month, partly because of its recent problems in China. According to Counterpoint’s Pathak, India accounts for 16% of the global smartphone production, while China constitutes 70%.

On Tuesday, the Adani group appeared to have fought back the attack by the New York-based short-seller Hindenburg and rallied investors behind the $2.5 billion share issue of flagship firm Adani Enterprises (ADEL.NS). It was a rare defeat for a man who has seemed unstoppable in recent years. In recent years, the $220 billion Adani Group empire has attracted foreign investment - France's TotalEnergies (TTEF.PA), for example, partnered with Adani last year to develop the world's biggest green hydrogen ecosystem. On Wednesday, Adani said his company felt it wasn't "morally correct" to proceed with the share sale following the volatility in the market. But he said in a statement to the exchange the company was financial stable and that the withdrawal of the share issue will not impact its future plans.

☆ India's sunoil imports rise to record as Russia-Ukraine fight for market share
▼ + stars: | 2023-01-27 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

MUMBAI, Jan 27 (Reuters) - India's January sunflower oil imports are set to surge to a record 473,000 tonnes, nearly triple average monthly imports as top exporters Russia and Ukraine seek to reduce stockpiles, industry officials told Reuters. The import surge will help key Black Sea producing countries in reducing their stocks, but could dampen India's palm oil imports and weigh on Malaysian palm oil prices . The deal allowed exporters to move stuck stockpiles and sign new contracts as well, said Sandeep Bajoria, president of the International Sunflower Oil Association. India's monthly sunoil imports averaged around 161,000 tonnes in 2021/22 marketing year ended on Oct. 31. "Sunflower imports would reduce palm oil purchases this quarter.

Adani, whose home state is Gujarat in western India, built his business empire from scratch after starting as a commodities trader. Adani's business empire grew rapidly and his wealth ballooned. In recent years, the $220 billion Adani Group empire has attracted foreign investment - France's TotalEnergies (TTEF.PA), for example, partnered with Adani last year to develop the world's biggest green hydrogen ecosystem. It is not known what was discussed and Adani Group did not respond to a request for comment on Friday. Adani Group's consolidated gross debt stands at $23.34 billion, Jefferies says.

☆ India tests domestic operating system days after Google's antitrust setback
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

[1/2] Commuters watch videos on their mobile phones as they travel in a suburban train in Mumbai, India, April 2, 2016. REUTERS/Shailesh Andrade/File Photo/File PhotoNEW DELHI, Jan 24 (Reuters) - India's government on Tuesday tested locally developed mobile operating system BharOS, a move seen as challenging the dominance of Google's Android just days after the U.S. giant suffered a major antitrust setback in the country. The government endorsement of the operating system comes after Google lost its fight in India's Supreme Court to block an antitrust order that will force the company to change how it markets its Android operating system. Prime Minister Narendra Modi has been pushing for self-reliance to boost and promote everything from local manufacturing to domestic startups. The operating system has been developed by a startup incubated at an Indian Institute of Technology in southern India.

Police shot and killed an attacker in a gun battle after he shot a person inside an Indiana Walmart on Thursday, an Evansville police spokesperson said. The victim, who was shot at the Walmart in Evansville in southern Indiana just before 10 p.m., was alive when officers arrived. Walmart said it would be supporting its employees in the wake of the shooting, and it thanked first responders. Police said the call about a shooting at the store came in at 9:59 p.m. local time (10:59 p.m. Evansville is a city of around 117,000 in southern Indiana, near the border with Kentucky.

To secure egg supplies as prices rose to record highs, Malaysia's Minister of Agriculture and Food Security Mohamad Sabu visited Namakkal, in the southern Indian state of Tamil Nadu, where several leading hatcheries are based. India shipped 5 million eggs to Malaysia in December, and will ship 10 million in January and up to 15 million in February, according Kumar. The imports from India have helped Malaysia bring prices down from the record highs seen in late December. Having suffered a shortfall of 157 million eggs in November, the market gap was down to just one million in December, the Malaysian minister said in a statement earlier this week. Meantime, prices in India have shot up to a record 565 rupees ($6.96) per 100 eggs.

☆ Stabbing of Indiana student was racially motivated, university says
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +2 min

Jan 14 (Reuters) - An Indiana woman was charged with attempted murder and aggravated battery for repeatedly stabbing in the head an 18-year-old student of Indiana University, an attack the university said was racially motivated. Last week's assault on a public transport bus and the suspect, 56-year-old Billie Davis, were reported to authorities by a witness on the bus, police have said. The victim told police she was waiting for the bus doors to open when another passenger began hitting her in the head, law enforcement officials said in a statement. Video from inside the bus showed the victim and her alleged attacker had no interaction before the stabbing. Local ABC affiliate WRTV said the suspect told police she stabbed the woman because it "would be one less person to blow up our country."

[1/2] The rear light of a Dacia Spring electric car is pictured during the Brand Manifesto Dacia event at Le Bourget near Paris, France, September 13, 2022. It also points to the shifting perception of the auto market in India, which posted the fastest growth of any major market in 2022. Renault is studying launching a made-in-India electric version of its Kwid hatchback, the people told Reuters. To qualify for incentives in India, Renault would have to build the car at its alliance plant in southern India and source components locally, the first person said. As a part of the India reboot, Renault also plans to invest in refurbishing and upgrading some of its major dealerships in big cities, the person said.

[1/3] Drivers push auto rickshaws in a line to buy petrol from a fuel station amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29, 2022. India's foreign ministry did not respond to questions from Reuters on its plans and strategic aims in Sri Lanka. New Delhi has long been concerned about China's clout in its neighbourhood, including Nepal, Bangladesh and Sri Lanka. "And as far as Sri Lanka is concerned, we don't want to contribute to any escalation of tension between any countries." "Sri Lanka has clearly benefited from being the closest neighbour to the most powerful country in the region.

☆ The 10 most active European and US investors betting on India as Asia's tech powerhouse, as it hits 100 startups worth $1 billion or more
▼ + stars: | 2022-12-21 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Funding from US and European HQ'd investors into Indian startups. 2021 was a banner year, with nearly 75% of the total funds into Indian startups coming from foreign investors. Foreign investor traction in India remains strong, said Draganov, who expects US and European venture capitalists to maintain their presence in India in the coming years. Using data from Dealroom and PitchBook, Insider profiled the most active investors that are headquartered in Europe and the US that have backed Indian startups since 2016. Based on the deal volume and size of investments into Indian startups since 2016, here are the top European and US firms investing into Indian startups, in alphabetical order.

☆ Apple finds a happy home in India
▼ + stars: | 2022-12-20 | by ( Pranav Kiran | ) www.reuters.com time to read: +3 min

Helped by generous subsidies, Taiwanese Apple suppliers are starting to churn out more iPhones in India. Analysts at JPMorgan reckon India will have 6% of iPhone manufacturing capacity in 2022, and the rest will remain in China. Incentives and other subsidies partially compensate for inefficiencies in India, where demand for pricier devices is slowly picking up. HDFC Securities estimates that for an average smartphone, as little as 14% of the value is added in India. Whether or not India gets that far, Apple at least gets a happy new home.

Exports, which constitute about 22% of the industry, have fallen for five months in a row - declining over 15% year-on-year in November to $3.1 billion. Domestic sales are sluggish despite strong growth in the overall economy because of high costs and cheap imported garments, manufacturers say. Reuters GraphicsIn the textile industry, manufacturers say higher domestic cotton prices and other costs have hit profit margins, while overseas orders for next summer are down by about one-third and domestic demand remains weak. "The government needs to scrap the 11% import duty on cotton so local textile mills can have a level playing field," Ganatra said. Reuters GraphicsFEAR OF JOB CUTSMany textile manufacturers, who have frozen hiring of workers, have warned of jobs cuts if the government fails to provide relief soon.

☆ At least four killed as Cyclone Mandous hits southern Indian state
▼ + stars: | 2022-12-10 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Dec 10 (Reuters) - A cyclonic storm killed at least four people in the southern Indian state of Tamil Nadu on Saturday, the top state official said, as heavy rain and strong winds buffeted several districts damaging property and causing power outages. Cyclone Mandous, which made landfall late Friday night, damaged 185 houses and huts, Tamil Nadu’s chief minister, MK Stalin, told reporters. The storm uprooted 400 trees in the state capital Chennai, a hub for auto makers and technology firms. Nearly 25,000 people, including disaster relief personnel, were involved in the relief work, and more than 9,000 people were moved to safety in 201 relief camps, Stalin said. “We are still assessing damages”, he told reporters, as he visited some of the affected areas.

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