An Apple store in Chengdu, Southwest China’s Sichuan Province. Photo: IC
Luxshare, one of Apple’s largest Chinese component and finished product makers, is shifting its new investment of $330 million to Vietnam from India, where it failed to expand its business, according to media reports.
Chinese experts said that the shift indicates the rising protectionism of the Indian market against foreign investors, particularly those from China, which will affect the supply chain integrity of Apple in India and shatter the confidence of other investors in the South Asian market.
After several failed attempts to expand its operations in India for nearly three years, Luxshare decided to shift a new investment of $330 million to Bac Giang in Vietnam, Indian media outlet Business Standard reported on Thursday.
The license for the investment was cleared last week by the Vietnamese government. This raises its total investment in Vietnam to $504 million, the report said.
The Chinese technology company will make diverse products ranging from cables for smartphones and communications equipment to touch phones and smart watches in the country, according to the report.
Luxshare couldn’t be reached for comment as of press time.
Luxshare Precision’s withdrawal reflects a determined decision after facing numerous challenges during its years of operation in India, Chinese experts said.
“This decision may affect manufacturing enterprises in Apple’s supply chain and the overall supply chain for Apple phones in India,” Liu Zongyi, secretary-general of the Research Center for China-South Asia Cooperation at the Shanghai Institutes for International Studies, told the Global Times on Sunday.
Similar cases have taken place in other sectors. Chinese vehicle maker BYD reportedly told its India joint-venture partner that it would shelve plans for a new $1 billion investment to build electric cars after its investment proposal faced scrutiny from New Delhi, Reuters reported on July 28, citing people with knowledge of the discussions.
BYD planned to expand into electric vehicle manufacturing and assembly in Vietnam, media reports said.
Indian government moves targeting companies from China have been relentless. For example, Indian police have accused Chinese smartphone makers Xiaomi and Vivo of helping transfer funds illegally to a news portal under investigation on charges of “spreading Chinese propaganda,” an allegation that the Chinese companies strongly denied.
India’s intensified scrutiny of Chinese enterprises has gone so far as interference in the appointment of senior executives in Chinese companies and restricting visas for Chinese personnel, among other actions.
The withdrawal also indicates a lack of understanding among some international investors about the Indian market, Liu said.
“India continues to present obstacles for foreign investors, particularly affecting the confidence of Chinese companies,” Liu said.
The deteriorating business environment for Chinese companies in India has been marked by ongoing inspections, investigations, restrictions on personnel and visa denials – as seen in Chinese automaker BYD’s Indian electric vehicle assembly plant with no personnel from China.
This situation is severely affecting the normal operations and confidence of Chinese businesses in the country, an India-based senior industry insider told the Global Times on Sunday on condition of anonymity.
Some companies in India are exploring alternatives, investing in markets like Vietnam, Mexico, Europe and other regions.
“India is not the sole option for Chinese companies to expand globally, and choosing other markets appears to be a prudent decision given the circumstances,” the insider said.
The implementation of “Make in India” relies significantly on foreign investment and external technological support. The Indian government’s amplification of nationalist sentiment goes against normal business practices, as Chinese experts noted.
“The Indian government’s protectionism poses numerous risks and challenges to the country’s ambitious plans of becoming a major manufacturing hub,” Qian Feng, director of the research department at the National Strategy Institute at Tsinghua University, told the Global Times on Sunday.
“In the long run, it is likely to lead to regret as it deviates from standard commercial principles,” Qian said.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
