Latest news with #Taiwanese-based
Hindustan Times
12 hours ago
- Business
- Hindustan Times
Apple's India push deepens with Foxconn locally producing iPhone casings- Details
Apple is gradually increasing its manufacturing and assembly centres in India to develop iPhones. As it continues to deepen ties with the country, Apple's Taiwanese-based manufacturing giant, Foxconn, is in talks to produce iPhone casings locally in India. The company is also building a new manufacturing unit in the country to develop the metal-based casing for the iPhone, making a huge step for Apple as well as India. This move is expected to be beneficial for India as it deepens the country's position in the global market and also encourages the growth of local suppliers. On the other hand, it will reduce Apple's dependence on China for manufacturing major iPhone components and shipping them to the US at a much higher price, considering the growing tariffs in the country. Also read: Foldable iPhone may launch soon with crease-free display, new hinge tech According to an Economic Times report, one of Apple's major manufacturing companies, Foxconn, is building a new unit in ESR Industrial Park in Oragadam, Tamil Nadu. This new manufacturing unit will solely focus on developing metal chassis for iPhones. Earlier, these metal casings were developed by Tata Electronics for Apple. However, now Foxconn is also reported to contribute, and the construction of the new unit is already in the works. But what does it mean for Foxconn? Well, it suggests that it will contribute to a greater percentage of iPhone production, which is done locally. Although the physical casing of the iPhone contributes to only 2 to 3% of the total cost of developing an iPhone. While Apple is growing ties with India, US President Donald Trump is not very happy with the move. Also read: iPhone 17 Air likely to come with optional accessories for lasting battery life- Details In previous interactions with Tim Cook, the President clearly stated that he is not very happy with Apple assembling and exporting iPhones from India or any other country in the world. Trump plainly stated, 'I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else. If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.' However, the warning is surely not affecting Apple as it continues to build iPhones in India and ship them to the US at a much lower price. However, with rapidly changing decisions and traffic by the US government, it is unclear how long the decision will last and how it will affect Apple and the end buyers.
Yahoo
23-05-2025
- Business
- Yahoo
Trump's Crypto Dinner Guests Admit They're Trying to Buy Him Off
Incredibly unsurprising news: The people who paid millions of dollars to get into Trump's lavish cryptocurrency dinner did soto directly influence the president's financial policy in their favor. 'I will definitely not hesitate to share my perspective,' Vincent Liu, CIO of Taiwanese-based crypto firm Kronos Research, who bought enough Trump's crypto to attend the dinner Thursday night, told The New York Times. 'It's great to see the current direction that everything's going.' 'It's kind of a fund-raiser' for Mr. Trump, Korean crypto executive Sangrok Oh and another dinner attendee, told the Times. 'And he'll always be good to his sponsors.' The dinner was held at Trump's private golf club in northern Virginia on Thursday evening for the top 220 holders of the president's memcoin cryptocurrency—after an auction that brought in $147,586,796.41. Protesters lined the entrance to the building, chanting 'shame, shame, shame!' and other holding up signs while attendees arrived. The event was promoted as the 'most EXCLUSIVE INVITATION in the world,' according to an email. While the top 220 buyers got into the gala, the top 25 buyers received much more personal, 'ultra-exclusive private VIP reception' and 'Special VIP Tour' with Trump, allowing them unfettered access to the president. There were also some other high profile attendees there (with much smaller pockets than the likes of Liu and Oh). Embattled former NBA player and reality TV star Lamar Odom posted a video on X of himself walking into the event while boos and jeers rained down on him from the crowd. 'I'm just about to pass through security and officially walk into the Trump Gala. Honestly… I'm fired up. Think about it—what meme coin has ever done this?' Odom wrote on X, plugging his own memecoin as well. '$ODOM isn't just a token, it's taking the stage at a presidential gala tonight!' Trump's cryptocurrency has been widely condemned as a blatant conflict of interest that completely blurs the lines between executive power and private business. 'Donald Trump's dinner is an orgy of corruption. That's what this is all about,' Senator Elizabeth Warren said that evening. 'Donald Trump is using the presidency of the United States to make himself richer through crypto, and he's doing it right out there in plain sight. He is signaling to anyone who wants to ask for a special favor—and is willing to pay for it—exactly how to do that.
