India offers Samsung and iPhone suppliers new incentives to boost local production

India is giving more than a dozen companies new incentives to invest in the country’s smartphone industry, bolstering an ambitious campaign from Prime Minister Narendra Modi to rebrand the country as the world’s next manufacturing hub.



a person holding a camera: An employee tests the camera quality of mobile phones on an assembly line in the mobile phone plant of Rising Stars Mobile India Pvt., a unit of Foxconn Technology Co., in Sri City, Andhra pradesh, India, on Thursday, July 11, 2019. Foxconn, also known as Hon Hai Precision Industry Co., opened its first India factory four years ago, it now operates two assembly plants with plans to expand those and open two more. The company was integral to Chinas transformation into a manufacturing colossus, and founder Terry Gou has told India's Prime Minister Narendra Modi that Foxconn could help India do the same. Photographer: Karen Dias/Bloomberg via Getty Images


© Karen Dias/Bloomberg via Getty Images
An employee tests the camera quality of mobile phones on an assembly line in the mobile phone plant of Rising Stars Mobile India Pvt., a unit of Foxconn Technology Co., in Sri City, Andhra pradesh, India, on Thursday, July 11, 2019. Foxconn, also known as Hon Hai Precision Industry Co., opened its first India factory four years ago, it now operates two assembly plants with plans to expand those and open two more. The company was integral to Chinas transformation into a manufacturing colossus, and founder Terry Gou has told India’s Prime Minister Narendra Modi that Foxconn could help India do the same. Photographer: Karen Dias/Bloomberg via Getty

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India approves local smartphone production incentives for Apple suppliers

The Indian government on Tuesday said it was going to approve incentives to 16 companies, including a trio of top Apple suppliers, under a new plan to boost domestic smartphone production.

Smartphone manufacturing has become a cornerstone of a broader push by India to position itself as an export hub for consumer electronics and other products. The so-called “Made in India” drive will see $6.65 billion allotted toward a product incentive scheme to encourage local smartphone manufacturing.

Of the 16 companies approved in the scheme, three are prominent Apple supply chain partners: Foxconn, Wistron, and Pegatron, according to Reuters. Those companies, all of which help produce various iPhone models, must invest in local manufacturing to earn the incentives, however.

Although the Indian government did not specify how much Foxconn, Wistron, and Pegatron plan to set aside for local production, a previous report suggested that they could invest a combined

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India approves 16 companies, including top Apple suppliers, for smartphone plan

NEW DELHI (Reuters) – India on Tuesday said it was approving incentives under a federal plan to boost domestic smartphone production to 16 companies, including top Apple suppliers Foxconn, Wistron and Pegatron.

India’s smartphone industry has become a showpiece for Prime Minister Narendra Modi’s “Make In India” drive. The $6.65 billion incentive scheme is part of the government’s aim to make the country into an export and manufacturing hub.

The companies have to invest to tap into the scheme. The government did not disclose what investment Foxconn, Wistron and Pegatron, which is yet to start Indian operations, will make.

Two sources previously told Reuters these three companies plan to invest a total of almost $900 million in India in the next five years to benefit from the scheme.

Samsung, which runs the world’s biggest mobile phone manufacturing plant on the outskirts of New Delhi, also got approval, India’s tech ministry

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Cyber Daily: EU Takes Aim at Banks’ Tech Suppliers

Good day. The European Commission proposed legislation that would stop banks and financial firms from using tech services that present known cybersecurity risks. Regulators would have the authority to require banks to suspend or stop using a company’s services if the flaws aren’t fixed, WSJ Pro’s Catherine Stupp reports.

Other news:
Universal Health Services

restores network after cyberattack and is still reconnecting applications; retailer
H&M

fined $41.6 million for privacy abuses; China tells World Trade Organization that TikTok and
WeChat

bans violate cross-border trade rules.

Also today: Cybersecurity jobs of the future.

Banking Security

EU seeks authority to cut off banks’ tech suppliers if they are found wanting on cybersecurity. Banks and other financial institutions could be forced to cut ties with cloud providers and other technology suppliers under a draft European Union regulation that aims to limit cybersecurity risks to

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EU Seeks Authority to Cut Off Banks’ Tech Suppliers if Found Wanting on Cybersecurity

Banks and other financial institutions could be forced to cut ties with cloud providers and other technology suppliers under a draft European Union regulation that aims to limit cybersecurity risks to the sector.

National regulators in EU countries could require banks to stop using external technology services if their providers fail to fix cybersecurity problems identified in government inspections. The bill goes beyond existing European legislation mandating cybersecurity rules for the finance sector by requiring technology suppliers to also undergo regulatory scrutiny.

Under the proposed rules, authorities can recommend cybersecurity changes to technology providers, which must respond within 30 days on whether they plan to follow the recommendations. Regulators would then monitor whether financial firms have taken those risks into consideration, and can require them to suspend or stop using a company’s services.

“It could be a massive, massive headache,” said Richard Parlour, chief executive of law firm Financial Markets

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Three top Apple suppliers to commit $900 million to India smartphone incentive plan: Report

NEW DELHI: Three of Apple Inc’s top contract manufacturers plan to invest a total of almost $900 million in India in the next five years to tap into a new production-linked incentive plan, according to two sources familiar with the matter.
Foxconn, Wistron and Pegatron all plan to make investments under the scheme, said the sources, who asked not to be named as the discussions are private.
India’s new $6.65 billion production-linked incentive (PLI) scheme offers companies cash incentives on any increase in sales of locally-made smartphones over the next five years, compared with 2019-20 levels. The scheme aims to help transform India into an export manufacturing hub.
Foxconn has applied to invest about Rs 4,000 crore ($542 million), while Wistron and Pegatron have committed to invest close to Rs 1,300 crore and Rs 1,200 crore, respectively, under the PLI plan, the sources said.
It is unclear whether all of
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Top Apple Suppliers To Commit $900 Million To Smartphone Incentive Plan: Report

Three of Apple Inc’s top contract manufacturers plan to invest a total of almost $900 million in India in the next five years to tap into a new production-linked incentive plan, according to two sources familiar with the matter.

Foxconn, Wistron and Pegatron all plan to make investments under the scheme, said the sources, who asked not to be named as the discussions are private.

Government’s new $6.65 billion production-linked incentive (PLI) scheme offers companies cash incentives on any increase in sales of locally-made smartphones over the next five years, compared with 2019-20 levels. The scheme aims to help transform India into an export manufacturing hub.

Foxconn has applied to invest about Rs 4,000 crore ($542 million), while Wistron and Pegatron have committed to invest close to Rs 130 crore and Rs 120 crore, respectively, under the PLI plan, the sources said.

It is unclear whether all of the investment

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Three top Apple suppliers to commit $900 million to India smartphone incentive plan: sources

By Sankalp Phartiyal

NEW DELHI (Reuters) – Three of Apple Inc’s top contract manufacturers plan to invest a total of almost $900 million in India in the next five years to tap into a new production-linked incentive plan, according to two sources familiar with the matter.

Foxconn, Wistron and Pegatron all plan to make investments under the scheme, said the sources, who asked not to be named as the discussions are private.

India’s new $6.65 billion production-linked incentive (PLI) scheme offers companies cash incentives on any increase in sales of locally-made smartphones over the next five years, compared with 2019-20 levels. The scheme aims to help transform India into an export manufacturing hub.

Foxconn has applied to invest about 40 billion rupees ($542 million), while Wistron and Pegatron have committed to invest close to 13 billion rupees and 12 billion rupees, respectively, under the PLI plan, the sources said.

It

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Top SME Clothing & Garment Apparel Manufacturers Dony Garment in Vietnam: Fashion, Uniform, Workwear Suppliers

Dony Factory

The EVFTA Agreement will ensure that Vietnam gets a competitive advantage over China.
The EVFTA Agreement will ensure that Vietnam gets a competitive advantage over China.
The EVFTA Agreement will ensure that Vietnam gets a competitive advantage over China.

Ho Chi Minh City, Vietnam, Sept. 27, 2020 (GLOBE NEWSWIRE) — Vietnam is quickly being recognized as one of the fastest clothing and apparel manufacturers in the world. Despite being a developing nation, Vietnam is capable of producing high-quality goods with low production costs.

The country has dedicated over 2.3 million people towards the clothing and textile industry. This industry adheres to the dynamic market demands and rates while operating efficiently. 

Existing factories in China are becoming overcrowded. This allowed their manufacturing expertise to spill over borders into Vietnam. Multilateral free trade agreements such as TPP and EVFTA have also encouraged industry growth. 

The EVFTA Agreement will ensure that Vietnam gets a competitive advantage over China. This enables them to enjoy

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Asian suppliers’ stocks slip on Tesla’s cheaper battery plan

By Hyunjoo Jin and Yilei Sun

SEOUL/SHANGHAI (Reuters) – Shares of Asian battery suppliers fell on Wednesday after Tesla Inc outlined a plan to halve the cost of its electric vehicle batteries and bring more production of the key auto component in-house.

The fortunes of battery makers in South Korea, Japan and China are linked to Tesla, the EV market leader, as they supply its factories in Nevada and Shanghai.

Tesla CEO Elon Musk said on Tuesday the carmaker aims to drive down vehicle costs by producing a new generation of batteries that will be more powerful, longer lasting and half as expensive as the company’s current cells.

Musk acknowledged that Tesla does not have its ambitious battery designs and manufacturing processes fully complete — disappointing investors and wiping $50 billion off its market value — but analysts said plans for in house production would put pressure on suppliers to

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