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Foxconn second quarter revenue rises 15.82% on year

Foxconn second quarter revenue rises 15.82% on year

The Star2 days ago
Foxconn's logo is pictured on a Foxtron Model T eBus during an organized media visit to the company's headquarters, in New Taipei City, Taiwan December 22, 2022. REUTERS/Annabelle Chih/File Photo
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EU nations push for softer deforestation rules amid trade concerns
EU nations push for softer deforestation rules amid trade concerns

The Sun

timean hour ago

  • The Sun

EU nations push for softer deforestation rules amid trade concerns

BRUSSELS: Most European Union countries are pushing for further revisions to the bloc's landmark anti-deforestation law, arguing that current requirements place undue burdens on producers and risk harming trade competitiveness. A letter obtained by Reuters reveals that 18 EU agriculture ministers have urged the European Commission to exempt low-risk nations from strict due diligence rules. The law, set to take effect in December, mandates that companies importing soy, beef, palm oil, and other commodities into the EU must prove their products did not contribute to deforestation. Forests play a crucial role in absorbing CO2, and their destruction accelerates climate change. However, political resistance has grown as governments weigh economic costs against environmental benefits. The EU has already delayed the policy's implementation by a year and eased reporting obligations following backlash from trading partners, including the U.S., and some member states. The latest push seeks additional concessions, particularly for countries where agricultural expansion does not significantly reduce forest cover. 'Excessive and redundant due diligence requirements should be removed in countries where agricultural expansion is not significantly reducing the forest area,' the letter stated. Signatories include Austria, Finland, Italy, Poland, and Sweden, among others. Another concern is the law's impact on EU-based producers, who fear losing competitiveness if forced to comply with stringent traceability rules. The ministers warned that some commodities may face 'extremely difficult, if not impossible' compliance hurdles, potentially driving businesses to relocate outside the bloc. The group also suggested another delay in enforcement while the Commission works on simplifying regulations. A Commission spokesperson did not immediately respond to requests for comment. The deforestation law aims to curb the 10% of global forest loss tied to EU consumption. Critics argue that without balanced enforcement, the policy could harm farmers and disrupt supply chains without delivering meaningful environmental gains. - Reuters

Malaysia affirms independent economic policy amid Trump tariff threat
Malaysia affirms independent economic policy amid Trump tariff threat

The Sun

timean hour ago

  • The Sun

Malaysia affirms independent economic policy amid Trump tariff threat

KUALA LUMPUR: Malaysia has reaffirmed its commitment to an independent foreign and economic policy, emphasising trade facilitation over ideological alignment. The statement from the trade ministry comes in response to former U.S. President Donald Trump's recent threat to impose an additional 10% tariff on countries aligned with the BRICS group. Malaysia was accepted as a partner country to BRICS, a coalition of major emerging economies, in October last year. The ministry clarified that its engagement with the bloc is aimed at fostering economic cooperation rather than political alignment. 'We maintain an independent stance in our economic and foreign policies,' the ministry said. 'Our priority is trade facilitation and mutual growth, not ideological commitments.' The remarks highlight Malaysia's balancing act in global trade dynamics, particularly amid shifting geopolitical tensions. Trump's proposal, though not yet policy, has raised concerns among nations linked to BRICS, which includes Brazil, Russia, India, China, and South Africa. Analysts suggest Malaysia's response signals a cautious approach to avoid economic repercussions while preserving its trade relationships. The country has long pursued a non-aligned foreign policy, prioritising economic diversification and regional partnerships. - Reuters

Japan to export used destroyers to Philippines to strengthen presence in South China Sea, Yomiuri reports
Japan to export used destroyers to Philippines to strengthen presence in South China Sea, Yomiuri reports

The Star

timean hour ago

  • The Star

Japan to export used destroyers to Philippines to strengthen presence in South China Sea, Yomiuri reports

TOKYO (Reuters): Japan will export used navy destroyers to the Philippines to strengthen its deterrence against China's maritime expansion, the Yomiuri newspaper reported on Sunday, as the two US allies increase cooperation to counter Beijing. The export plan involves six Abukuma-class destroyer escorts in service with the Japan Maritime Self-Defense Force for more than three decades, the Japanese daily said, citing multiple unnamed government sources. Defence ministers Gen Nakatani and Gilberto Teodoro agreed to the destroyer export when they met in Singapore last month, the Yomiuri said, adding that the Philippine military will inspect the ships this summer as part of the final preparations. A delegation of naval experts from the Philippines will conduct an in-depth assessment of the ships, the Philippine Navy said in a statement on Sunday, following an official invitation from Japan's defence ministry. "The outcome of this inspection will guide further deliberations on the potential acquisition and its alignment with the Philippine Navy's modernisation efforts," it said, adding that the initiative reflects the deepening strategic partnership between the Philippines and Japan. A Japanese defence ministry spokesperson declined to comment on the report. China urged Japan to act prudently in military and security affairs and "adhere to the path of peaceful development". "China has always maintained that defence and security cooperation between countries should contribute to regional peace and stability, and must not target any third party," Chinese foreign ministry said on Monday in a faxed comment to Reuters. Tokyo and Manila say they face challenges from Beijing's increasingly assertive moves in waters including the South China Sea for the Philippines and the East China Sea for Japan. Bilateral military cooperation has included joint exercises, a Japanese radar aid package and a high-level strategic dialogue. Last year they signed a reciprocal access agreement, the first such for Japan in Asia, allowing deployment of forces on each other's soil. To clear military equipment export restrictions for the destroyers under Japan's pacifist mandates, Tokyo will treat the installation of equipment and communication systems requested by Manila as a joint development project, the Yomiuri said. The Abukuma-class destroyer escort, a relatively small type of destroyer with a 2,000-ton standard displacement, is operated by a crew of about 120 and is armed with anti-submarine and anti-ship missiles, torpedo tubes and guns, according to a Japanese navy website. The Philippine Navy does not have destroyers, only frigates and corvettes, which are typically smaller and lighter armed. (Reporting by Kantaro Komiya in Tokyo; Additional reporting by Karen Lema in Manila and Ryan Woo in Beijing; Editing by William Mallard and David Goodman) - Reuters

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