APPLE SUPPLIER FOXCONN
Foxconn’s Bharat FIH is facing turbulence due to top-level exits
Foxconn group company Bharat FIH is in a rough spot, with three of its independent directors having exited its board in the past three months. Interglobe Aviation chairman Venkataramani Sumantran, Sify Technologies cofounder Ramaraj R and former IT and telecom secretary Aruna Sundararajan have resigned. Sources cited the company’s lack of direction as the main reason for the resignations.
Indian officials visit Foxconn iPhone plant, question executives about hiring
Indian labour officials inspected a Foxconn factory near Chennai, questioning executives about alleged discriminatory hiring practices against married women. This follows a Reuters report revealing that Foxconn systematically excludes married women from iPhone assembly jobs. The investigation has prompted government inquiries and public debates about workplace discrimination and labour laws.
'We hire more women because they are more disciplined', says Ola founder Bhavish Aggarwal on Foxconn controversy
Ola's founder Bhavish Aggarwal reaffirmed the company's commitment to employing women, including married women, amid reports of Foxconn's discriminatory practices. Ola's FutureFactory in Tamil Nadu employs an all-women workforce, with plans to extend this model to its new Gigafactory. Aggarwal emphasized that women are disciplined and dexterous, and Ola aims to address the low representation of women in the workforce by hiring at all levels, including senior management.
Sebi framework for finfluencers; Nazara's Freaks4U deal
The Security and Exchange Board of India (Sebi) has approved a regulatory framework for financial influencers. This and more today’s ETtech Top 5.
Apple set to lease office tower from Embassy Group in Bengaluru
Apple Inc leased an office tower in Bangalore with record rent. The site was previously a hotel near Bangalore Golf Club. Manufacturing operations expanded with Foxconn Technology Group and Tata Electronics, including a local supplier network and large facilities.
Apple supplier Foxconn rejects married women from India iPhone jobs
A former human-resources executive at Foxconn India said the company's executives verbally convey the recruitment rules to its Indian hiring agencies, which Foxconn tasks with scouting for candidates, bringing them in for interviews and employing them.
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Modi plans post-election reforms to rival Chinese manufacturing
Indian Prime Minister Narendra Modi is planning business-friendly measures if he secures a third term, aiming to boost domestic manufacturing by easing labor regulations, offering subsidies, and reducing import taxes. Modi's vision includes creating industrial zones to attract global firms, but challenges remain with restrictive labor laws, land acquisition, and high import tariffs. His reelection campaign emphasizes economic development and positioning India as a manufacturing hub.
Nvidia boss, top chip CEOs to lay out AI plans at Taiwan expo
The world's biggest heavyweights in chipmaking and artificial intelligence will converge this week for Taiwan's premier tech expo, with Nvidia CEO Jensen Huang expected to get a rockstar reception at his keynote speech on Sunday. That is thanks in large part to Nvidia becoming the undisputed global leader in the specialised chips and hardware needed for cutting-edge AI. A day before his speech at the National Taiwan University, Huang threw the opening pitch before a baseball game in Taipei.
Apple supplier Foxconn among firms asked to cut power use in Vietnam
The request for energy-saving measures, which two other industry sources said was sent to multiple manufacturers, is precautionary and aimed at averting a repeat of last summer when power shortage led to over a billion dollars in lost output.
Roadblocks for q-commerce; Mizuho InCred deal
Happy Friday! As quick commerce platforms diversify, they are likely to face operational challenges. More on this in today’s ETtech Morning Dispatch.
AP fire-hit Foxlink back on track with a new Tamil Nadu plant
Apple supplier, Foxlink of Taiwan, is setting up a new factory in Oragadam, close to Chennai. This move comes as part of a fresh expansion plan following a destructive fire at their facility in Tirupati, Andhra Pradesh, last year.
Yuzhan Technology lease out warehosuing space in Chennai after rise in exports of Apple iPhones in India
Yuzhan Technology, part of Taiwan’s Foxconn Group, leases 550,000 sq. ft. of warehousing space at ESR Industrial Park in Chennai for Apple iPhone exports. The facility supports Foxconn's scaling operations due to growing demand for Apple products manufactured in India, optimizing supply chain logistics for expanding export activity.
Apple says it wants to spend more on suppliers in Vietnam
Apple Inc's CEO Tim Cook aims to boost the iPhone maker's investments in Vietnam by increasing spending on local suppliers. Vietnam, which is a key manufacturing hub for Apple, will set up a working group to support Apple's investment in the country.
Foxconn considers rotating CEOs in management reshuffle
Senior Foxconn managers, whose clients also include Amazon, have discussed the rotating CEO plan for several months, the three sources with direct knowledge of the matter said. They all requested anonymity due to its sensitivity.
Foxconn considers rotating CEOs in management reshuffle
Foxconn considers a rotating CEO system to enhance talent development, boost governance, and end a one-man rule system. This change may involve Young Liu transitioning from holding both CEO and chairman roles since 2019.
Apple supplier Foxconn expects revenue growth in Q2 after dip in Q1
The first quarter is traditionally quieter than the previous one, the season when Taiwan's tech companies race to supply smartphones, tablets and other electronics to major vendors such as Apple for Western markets' year-end holiday period.
Apple supplier Rayprus eyeing Bengaluru facility
The Foxconn subsidiary that makes high-quality precision camera and lens solutions is looking to set up its facility within the sprawling new Foxconn campus coming up in Bengaluru
Apple supplier Foxconn turns upbeat on 2024, cites huge demand for AI servers
The upbeat tone comes after a forecast-beating 33% jump in net profit for the fourth quarter. It also contrasts sharply with remarks by Foxconn Chairman Young Liu in November that the world's largest contract electronics maker had "relatively conservative and neutral" expectations for 2024.
India comes full circuit: Global tech giants set sights on the country for electronics production
The critical factor to achieving India’s aspirations of being a global electronics manufacturing hub is to get the component piece right. With several key suppliers to marquee brands like Apple and Samsung setting up shop in India, some pieces of the puzzle have started fitting in. But a lot more needs to be done.
Workers at Apple supplier Flex's Tamil Nadu plant stage one-day strike
Hundreds of workers at a manufacturing plant of Apple supplier Flex in Tamil Nadu staged a one-day strike on Friday, demanding higher wages and the recognition of a union.
Foxconn India to spend Rs 1,200 cr to build a factory, scale up operations
Foxconn plans to invest ₹1200 crore in a factory in India through its subsidiary, Hon Hai Technology India Mega Development. The investment is aimed at 'operational needs', following previous reports of Foxconn investing over $1.5 billion in an Indian construction project.
Apple supplier Foxconn officials call on CM Revanth Reddy in Hyderabad
Foxconn held a groundbreaking ceremony in May for the facility to make Apple AirPods. The proposed electronics manufacturing facility at Kongara Kalan near here is a milestone for the Taiwanese firm's global expansion strategy - diversifying its global manufacturing base, a press release had earlier said.
US’ Corning to build Rs 1,000-crore gorilla glass facility in Tamil Nadu
This marks the formal entry of another Apple supplier into India, bolstering the expanding ecosystem of Apple as well as electronic component manufacturers in the country.
Apple supplier Foxconn posts surprise rise in quarterly profit
The world's biggest assembler of iPhones said it expects revenue for its smart consumer electronics division, which includes smartphones, to also fall slightly in the fourth quarter. The division makes up about half of Foxconn's total revenue.
Apple’s top iPhone supplier goes to outer space with new satellites
Foxconn, the world's largest iPhone producer, has launched two prototype low-Earth orbit satellites on a SpaceX rocket from Vandenberg Space Force Base in California. The launch marks a significant moment for the Taiwanese electronics manufacturer as it diversifies into new sectors, as some of its established businesses struggle. Foxconn aims to demonstrate its satellite technology to tap growing demand for communications from space.
Aspiring Taiwan presidential candidate Terry Gou resigns from board of Apple supplier Foxconn
Aspiring Taiwanese independent presidential candidate Terry Gou has resigned from the board of Foxconn, the Apple supplier he founded nearly a half-century ago. The company, officially registered as Hon Hai Precision Industry Co., Ltd., issued a news release late Saturday saying Gou, its former chair, had resigned for personal reasons.
Apple supplier Foxconn cautious despite beating earnings forecasts
The world's largest contract electronics maker downgraded its outlook for full-year revenue to a slight decline from a previous guidance of flat.
Apple supplier Foxconn's Q2 profit slips 1%, beats forecasts
The Taiwanese company, the world's largest contract electronics maker, said net profit for the April-June quarter slipped to T$33 billion from a revised T$33.29 billion in the same period the previous year.
Apple supplier Foxconn ups its investment proposal in Telangana to $550 million
Posting the company's disclosure on his social media handle, V Lee said "Moving so fast, Telangana! Another US$400M is coming."
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