'Negligible impact': Apple analyst Kuo sees no upheaval from Foxconn recalling Chinese staff
Apple analyst Ming-Chi Kuo says Foxconn's move of Chinese employees from its India iPhone plant will not have much effect. Foxconn is increasing iPhone production in India. The company invested in its Devanahalli plant. It aims to produce 100,000 iPhones by December. Foxconn is also setting up a new unit in Tamil Nadu to make iPhone enclosures.
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NDTV
34 minutes ago
- NDTV
BRICS Nations Raise 'Serious Concerns' Over Trump Tariffs In Draft Text
BRICS leaders meeting in Rio de Janeiro on Sunday are expected to decry US President Donald Trump's "indiscriminate" trade tariffs, saying they are illegal and risk hurting the global economy. Emerging nations, which represent about half the world's population and 40 percent of global economic output, have united over "serious concerns" about US import tariffs, according to a draft summit statement obtained by AFP on Saturday. Since coming to office in January, Trump has threatened allies and rivals alike with a slew of punitive duties. His latest salvo comes in the form of letters informing trading partners of new tariff rates that will soon enter into force. The draft summit declaration does not mention the United States or its president by name, and could yet be amended by leaders gathering for talks Sunday and Monday. But it is a clear political shot directed at Washington from 11 emerging nations, including Brazil, Russia, India, China and South Africa. "We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO (World Trade Organization) rules," the draft text says. It warns that such measures "threaten to further reduce global trade" and are "affecting the prospects for global economic development." Xi no show Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be seen as a Chinese-driven counterbalance to Western power. But the summit's political punch will be depleted by the absence of China's Xi Jinping, who is skipping the annual meeting for the first time in his 12 years as president. That absence has prompted fevered speculation in some quarters. "The simplest explanation may hold the most explanatory power. Xi recently hosted Lula in Beijing," said Ryan Hass, a former China director at the US National Security Council who is now with the Brookings Institution think tank. The Chinese leader will not be the only notable absentee. War crime-indicted Russian President Vladimir Putin is also opting to stay away, but will participate via video link, according to the Kremlin. Hass said Putin's non-attendance and the fact that Indian Prime Minister Narendra Modi will be a guest of honor in Brazil could also be factors in Xi's absence. "Xi does not want to appear upstaged by Modi," who will receive a state lunch, he said. "I expect Xi's decision to delegate attendance to Premier Li (Qiang) rests amidst these factors." Still, the Xi no-show is a blow to host President Luiz Inacio Lula da Silva, who wants Brazil to play a bigger role on the world stage. In the year to November 2025, Brazil will have hosted a G20 summit, a BRICS summit, and COP30 international climate talks, all before heading into fiercely contested presidential elections next year, in which he is expected to run. Lula warmly welcomed leaders and dignitaries on Saturday, including China's Premier Li Qiang, as the leftist president hosted a pre-summit business forum in Rio. "Faced with the resurgence of protectionism, it is up to emerging countries to defend the multilateral trade regime and reform the international financial architecture," Lula told the event. Iran's President Masoud Pezeshkian, whose nation is still reeling from a 12-day conflict with Israel, is also skipping the meeting and will be represented by Foreign Minister Abbas Araghchi. A source familiar with the negotiations said Iran had sought a tougher condemnation of Israel and the United States over their recent bombing of Iranian military, nuclear and other sites. But one diplomatic source said the text would give the "same message" that BRICS delivered last month. Then Iran's allies expressed "grave concern" about strikes against Iran, but did not explicitly mention Israel or the United States. Artificial intelligence and health will also be on the agenda at the summit. Original members of the bloc Brazil, Russia, India, and China have been joined by South Africa and, more recently, Saudi Arabia, Iran, the United Arab Emirates, Egypt, Ethiopia and Indonesia.
Time of India
an hour ago
- Time of India
Brics summit: China's Xi to skip summit for first time in 12 years; Gordon Chang hints at Jinping's losing influence
China's Xi Jinping to skip for first time in 12 years Chinese President Xi Jinping will not attend the upcoming Brics Summit in Brazil, marking the first time in 12 years that the Chinese leader will be absent from the annual gathering of major emerging economies. The two-day summit, taking place in Rio de Janeiro on July 6-7, 2025, comes at a point when Xi's absence is fueling speculation about internal political shifts in China. Gordon Chang, a noted expert on US-China relations, said Xi's absence may reflect deeper troubles within China's political hierarchy. 'This is another hint that Xi Jinping is losing influence in China's capital,' Chang posted on X. However China has attributed Xi's no-show to a 'scheduling conflict' and pointed to his earlier meeting this year with Brazilian President Luiz Inácio Lula da Silva, as reported by the South China Morning Post . In Xi's place, Chinese Premier Li Qiang will lead the delegation, continuing a recent pattern of the Chinese President limiting his appearances on the global stage. Xi will not be the only high-profile absentee. Russian President Vladimir Putin, a close ally of Xi within the group, will participate only via video link. Brazil is a signatory to the International Criminal Court (ICC) over alleged war crimes in Ukraine and would be legally obliged to detain Putin were he to attend in person. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Get ₹2Cr life cover@ ₹700 p.m. ICICI Pru Life Insurance Plan Get Quote Undo The dual absence of Xi and Putin will shift spotlight on Indian Prime Minister Narendra Modi. PM Modi will attend both the Brics summit and is on a state visit to Brazil, positioning India as a central figure in this year's summit. Brics, originally formed in 2009 with Brazil, Russia, India, and China and joined by South Africa in 2010, seeks to reassert itself as a counterbalance to the Group of Seven (G7). The bloc has recently expanded to include five new members — Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE — in a push to enhance its representation of the Global South.
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First Post
an hour ago
- First Post
BRICS powers align on bold joint statement for Rio summit in show of unity, consensus
This cohesion within BRICS stands in stark contrast to the recent G7 summit in Canada, where Western unity on supporting Ukraine against Russia seemingly collapsed read more FILE - From left, Iranian President Masoud Pezeshkian, Egyptian President Abdel Fattah el-Sisi, Chinese President Xi Jinping, Russian President Vladimir Putin, South African President Cyril Ramaphosa, Ethiopian Prime Minister Abiy Ahmed and Brazilian Foreign Minister Mauro Vieira attend the Outreach/BRICS Plus format session at the BRICS Summit in Kazan, Russia, Thursday, Oct. 24, 2024. (Maxim Shemetov, Pool Photo via AP, File) Diplomats from the BRICS countries have reportedly agreed to a common declaration to be tabled at the Rio de Janeiro leaders' summit in a sign of unity and consensus among the diverse group. News agency Reuters reported that the breakthrough came after a similar attempt fell flat in April during the meeting of BRICS foreign ministers. The agreement on a common declaration is a major step, especially as world powers get divided on various global issues and the group becomes more diverse with new members coming in. STORY CONTINUES BELOW THIS AD For instance, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates last year joined the five initial members of the BRICS: Brazil, Russia, India, China, and South Africa. To bridge internal divides, BRICS members reportedly agreed to back Brazil and India for permanent seats on a reformed UN Security Council. However, the question of Africa's representation remains unresolved, with no member endorsed to champion the continent's interests. Sources also indicate that BRICS is poised to take a firmer stance on issues of West Asia, moving beyond vague expressions of concern to more precise language in its final communique. On the economic front, the group is expected to continue criticising protectionist trade policies, particularly the US tariffs introduced under President Donald Trump. In April, BRICS ministers condemned 'unjustified unilateral protectionist actions,' a sentiment likely to be reiterated at this week's summit. Stark contrast with G7 This cohesion within BRICS stands in stark contrast to the recent G7 summit in Canada, where Western unity on supporting Ukraine against Russia seemingly collapsed. The G7 meeting in Kananaskis, Alberta, ended on June 17 without a joint statement condemning Russia's war against Ukraine, now over three years old. Efforts to push for peace talks with Russian President Vladimir Putin have stalled, despite unprecedented sanctions. Notably, Trump, who took office earlier this year, refused to sign a declaration with strong language against Russia's invasion and has neither imposed new sanctions nor committed more than $50 million in additional weapons aid to Ukraine. STORY CONTINUES BELOW THIS AD
