Investment
Foxconn to invest $194 mln in new plant in India’s Tamil Nadu
CHENNAI, July 31 (Reuters) – Taiwan’s Foxconn (2317.TW) has signed a deal with Tamil Nadu to invest 16 billion rupees ($194 million) in a new electronic components manufacturing facility that will create 6,000 jobs, the government of the southern Indian state said on Monday.
The Foxconn Industrial Internet (FII) (601138.SS) facility will be built in the Kancheepuram district near the state capital of Chennai, a state government source said on condition of anonymity as details are not yet public.
It will be separate from the sprawling campus near Chennai where Foxconn assembles Apple’s (AAPL.O) iPhones, they added.
“This is a major achievement for the state,” Tamil Nadu Minister for Industries TRB Rajaa said in a statement, after Foxconn Chairman Young Liu and other representatives met with state officials including its chief minister.
Liu told reporters in Tamil Nadu that Foxconn currently employs about 40,000 workers in its facility near Chennai.
Foxconn has plans to quadruple the workforce at its Tamil Nadu iPhone factory by late 2024 to spread its bets beyond China, Reuters reported last year.
Liu has been in India to attend the federal government’s semiconductor conference that ended on Sunday.
Foxconn on Monday also signed a research and innovation agreement with the Indian Institute of Technology, Madras and the state government’s investment arm Guidance.
The partnership aims to bring more high-value tech to the state via Foxconn, the unnamed source said. “Tamil Nadu wants to move up the value chain in electronics,” they added.
Reuters reported last week that the Foxconn subsidiary was in talks with Tamil Nadu about the components investment, with the company aiming for the plant’s completion in 2024.
FII makes electronic devices, cloud service equipment and industrial robots. It was not immediately clear if the new plant would make components for iPhones or for other firms, or both.
($1 = 82.2825 Indian rupees)
Our Standards: The Thomson Reuters Trust Principles.
Economy
S&P/TSX composite down more than 200 points, U.S. stock markets also fall
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Economy
S&P/TSX composite up more than 150 points, U.S. stock markets also higher
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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