Posts tagged ‘vice-president’

20/01/2016

Apple seeks nod to open India stores amid concerns of slowing sales growth | Reuters

Apple Inc has applied to set up its own stores in India, one of the world’s fastest growing smartphone markets, as the iPhone-maker looks to tap new opportunities amid worries of slowing growth in its main markets.

An Apple logo is seen inside the Apple Store in Palo Alto, California November 13, 2015. REUTERS/Stephen Lam

Apple sells its iPhones, iPads and Macs in India through third party resellers, and industry analysts estimate that the Cupertino, California-based company has less than a 2 percent share in India’s smartphone market, dominated by cheaper brands.

The company has filed an application with India’s Department of Industrial Policy and Promotion to open its own stores, Amitabh Kant, secretary at the federal trade ministry unit told Reuters.

Apple also confirmed the application filing, but declined to give details.

Its expansion plans in India come at a time when concerns about slowing growth in the United States and China, the world’s most important market for smartphones, have weighed on the company’s stock in the last few months.

Shares in Apple, the world’s most valuable company by market value, are down 28 percent from their peak in April last year. The company operates more than 450 stores in 18 countries. Chief Financial Officer Luca Maestri told Reuters in October that Apple had 25 stores in China and was opening a new one roughly every month.

Its plans for India have been held back due to restrictions on foreign investment in the retail industry, which require single brand overseas retailers to buy close to a third of the goods sold at their stores from local producers.

Apple representatives held talks with Indian government officials about a relaxation of the 30 percent local-sourcing norms before filing the application, said a source familiar with the company’s plans.

Apple’s plans come against the backdrop of initiatives unveiled by Indian Prime Minister Narendra Modi, who met with Apple chief Tim Cook during his U.S. visit last year, to boost foreign investments in India.

In November, the government eased foreign investment norms in 15 major sectors, including relaxing the mandatory local-sourcing rule for foreign single-brand retailers in the case of “cutting-edge technology” products.

Kant said his department would examine Apple’s application in view of the changes made for local sourcing.

For years, India has been a low priority market for Apple as spending power is weaker than in China, where the company’s iPhones swiftly became must-have devices after their 2007 launch.

But Apple is now looking to boost its market share in India’s rapidly growing market, and the company’s recent growing spend on advertising in the country has indicated an aggressive campaign to sell more.

India is likely to overtake the United States to become the world’s No. 2 smartphone market in 2017, according to research firm Strategy Analytics. The local smartphone segment is dominated by Samsung Electronics and India’s Micromax.

Source: Apple seeks nod to open India stores amid concerns of slowing sales growth | Reuters

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03/04/2015

Toyota to end expansion freeze, invest $1.3 billion in two new Mexico, China plants: sources | Reuters

Japan’s Toyota Motor Corp (7203.T) will spend about 150 billion yen ($1.3 billion) to build two new car plants in Mexico and China, two people familiar with plans said, ending a three-year freeze imposed after unchecked growth lumbered the world’s biggest auto maker with too many idle production lines.

A visitor walks under a logo of Toyota Motor Corp at the company's showroom in Tokyo February 4, 2015. REUTERS/Yuya Shino

Reuters reported in January that plans were in place for new plants in the two countries, awaiting a green light from top management that has now been given. President Akio Toyoda had been cautious about expanding after Toyota was hit by a capacity glut following the global financial crisis.

The new plants will raise Toyota’s annual production capacity by nearly 300,000 cars, the two people said – 200,000 in Mexico and up to 100,000 in China. They declined to be identified because they are not authorized to speak to the media, and said the expansion may be announced formally as early as this month.

The renewed expansion drive by Toyota will put more pressure on rivals such as General Motors Co (GM.N) and Volkswagen AG (VOWG_p.DE), in a global automotive industry still burdened by being able to make more cars than it can sell. The increase in global production capacity of up to 300,000 compares with sales of just over 10 million in 2014.

Immediately after the financial crisis, big carmakers were cautious about adding production capacity. Now, with demand in the United States back at pre-crisis levels and China’s auto market growing, albeit more slowly, expansion is back on the agenda.

via Toyota to end expansion freeze, invest $1.3 billion in two new Mexico, China plants: sources | Reuters.

19/04/2014

Bank of China vice-president resigns over allegations of affairs | South China Morning Post

A vice-president of China’s fourth largest bank has resigned after he was investigated by the Communist Party’s top discipline body but cleared over suspicions of corruption, Chinese media reported.

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Wang Yongli, 50, a vice-president and executive director of the Hong Kong-listed Bank of China, had resigned from the bank effective on Wednesday, the bank said in a statement on Friday night.

Wang, who holds a doctoral degree in economics from China’s Xiamen University, had worked at the bank for 25 years and been vice-president for more than seven. He had been in charge of various key departments within the bank, including finance and IT, before being promoted to vice-president in 2006.

Wang was a hot contender for the bank’s top job when its former president Li Lihui retired at the end of last year, but lost out in the competition to fellow Vice-President Chen Siqing, who was named Bank of China’s president in January this year, reported Beijing-based Caixin magazine.

Caixin cited multiple sources as saying that a “lover” of Wang, who is married, had alerted the Communist Party’s Central Commission for Discipline Inspection to the fact that Wang, a Party member, had maintained multiple extramarital affairs in violation of party discipline.

The anti-corruption body then conducted months of investigation into Wang but found no evidence of “economic problems”, or corrupt behaviour involving money, said Caixin.

Wang was not charged with any crime, but was placed on a two-year probation within the Party as an internal disciplinary measure, it said.

Bank of China was the fourth largest bank in the mainland and 11th in the world with US$2,226 billion in total assets, according to a ranking by SNL Financial in December last year.

Wang is among the latest senior executives at Chinese state-owned firms to be investigated for romantic liaisons.

via Bank of China vice-president resigns over allegations of affairs | South China Morning Post.

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