Foxconn Plans US Display Plant for Over $10 Billion, Scouting for Location

Foxconn, the world’s largest contract electronics maker and a major Apple supplier, plans to invest more than $10 billion (roughly Rs. 64,588 crores) in a display-making factory in the United States and will decide on the location of the plant next month.

The Taiwan-based firm has been eyeing US investments for some time and its CEO, Terry Gou, had previously said the company hoped to spend over $7 billion to set up a display-making plant in the country – which has no panel-making industry but is the No.2 market for televisions.

Foxconn, formally known as Hon Hai Precision Industry Co, is currently considering Wisconsin, Ohio, Michigan, Pennsylvania and North Carolina as possible locations, Gou told reporters after the company’s annual shareholders meeting on Thursday.

“In July we will make a conclusion,” Gou said, adding the company would invest the money over five years.

Foxconn operates vast factories in China, where it employs a million people and makes most of Apple’s iPhones, but so far it has not invested heavily in manufacturing in the United States.

“This time we go to America, it’s not just to build a factory, but to move our entire supply chain there,” Gou told shareholders, without providing specific details.

While the plant would create jobs, Gou added it would not employ as many people as in its China plants, as the cost of labour is higher and the plant would rely on automation.

“In the US, the state governors’ sincerity and confidence to attract investment … is beyond my imagination,” Gou said.

Foxconn Plans US Display Plant for Over $10 Billion, Scouting for LocationPresident Donald Trump has called for firms to build more products in the United States. He has made several announcements since his election in November about US investments by both foreign and domestic manufacturers, building on his campaign focus on preserving and creating American jobs.

According to Tai Jeng-wu, CEO of Foxconn’s Japanese unit Sharp, six US states were being looked at for a possible location for the display-making plant.

Foxconn already has operations in Pennsylvania.

Gou said that an agreement announced four years ago to invest in Harrisburg, Pennsylvania, was still pending.

Toshiba Tells Western Digital Not to Interfere With Chip Unit Sale

Toshiba has told Western Digital not to interfere with the sale of its prized chip unit, disputing claims by the US firm that it had breached a joint venture contract.

Western Digital, which is a partner in Toshiba’s main semiconductor plant as well as one of the bidders for the chip business, has argued that the Japanese firm is violating their contract by transferring their joint venture’s rights to the newly formed unit.

In a May 3 letter sent by Toshiba’s lawyers, the Japanese conglomerate disputed Western Digital’s argument and said it would pursue all available remedies if it saw continued interference in the sale process.

Toshiba Tells Western Digital Not to Interfere With Chip Unit SaleWestern Digital’s “campaign constitutes intentional interference with Toshiba’s prospective economic advantage and current contracts. It is improper, and it must stop,” the letter, which was seen by Reuters, said.

In a separate letter, also dated May 3, the general manager of Toshiba’s legal affairs accused Western Digital of failing to sign some joint venture agreements.

If Western Digital refuses to sign by May 15, the chip unit would protect its intellectual property rights by suspending Western Digital employees’ access to all of the unit’s facilities, networks and databases, the letter said.

A Western Digital spokeswoman in Japan declined to make immediate comment.

Japan Urges Toshiba, Western Digital to Get Along as Chip Spat Flares

Japan’s government said on Tuesday it wanted Toshiba and partner Western Digital to cooperate, expressing concern about an escalating dispute between the two that threatens to upend the sale of Toshiba’s chip unit.

Western Digital sought international arbitration this week to stop Toshiba from selling the unit without its consent, arguing that the Japanese conglomerate has violated contracts relating to their joint venture that operates Toshiba’s main semiconductor plant.

The California-based firm is one of the bidders for the world’s second biggest NAND chip producer, but is not among the frontrunners after submitting a much lower offer than other suitors, a source with knowledge of the matter has said.

“It’s very important for Toshiba and Western Digital to cooperate, Trade Minister Hiroshige Seko told reporters at a regular briefing on Tuesday, although he added that the ministry did not intend to intervene in the dispute.

His comments come after media reports that one of the proposed deals under discussion among government circles is to have chip unit – which is valued by Toshiba at at least $18 billion – brought under control of the state-backed Innovation Corporation of Japan (INCJ) fund.

INCJ and U.S. private equity firm KKR & Co LP are widely expected to be the main players in a consortium which will take part in a second round of bidding.

However, some INCJ officials are cautious about making a large-scale deal, sources familiar with the matter said, declining to be identified as they were not authorised to speak publicly about the matter. The fund has just 1 trillion yen ($8.8 billion) in its war chest for acquisitions and investment.

The Financial Times reported on Tuesday that some senior members in Prime Minister Shinzo Abe’s administration have privately discussed offering up to $8 billion in government loan guarantees to support a INCJ-KKR bid.

Japan Urges Toshiba, Western Digital to Get Along as Chip Spat FlaresJapan government spokesman Yoshihide Suga said, however, that there was no truth to the report. A spokeswoman for INCJ declined to comment.

Shares in Toshiba, which is depending on the sale of the chip unit to cover billions in dollars in cost overruns at its now bankrupt US nuclear unit Westinghouse, slid to end down 12 percent. The cost of insuring against default for Toshiba’s five-year yen debt also spiked 10 basis points higher.

“While we believe that the successful sale of its chip business is indispensable for Toshiba to remain a going concern, hurdles to realising such a goal are increasing,” said Masako Kuwahara, a senior analyst at Moody’s Investors Service.

Toshiba said it had not yet decided whether to proceed with a threat to block Western Digital employees from the plant as well as databases if the US company did not sign a broad collaboration agreement that the two had negotiated. CEO Satoshi Tsunakawa said on Monday that he would make a decision on the matter on Tuesday.

Other suitors for the chip unit include Taiwan’s Foxconn and US chipmaker Broadcom but are also seen as less attractive options. Foxconn may face opposition due to its deep ties to China as the government has said it will block any deal that risks key technology leaving Japan, while Western Digital has said it is vehemently opposed to Broadcom.

Dieting 101: Here’s how to lose weight without torturing yourself

Dieting need not always mean that you have to deny yourself everything delicious. Here are some tips to help you cut calories without feeling deprived.

Dessert options

Looking for a light but tasty chocolate mousse? Why not try a vegan version that replaces cream and egg whites with chickpea water, known as “aquafaba.” Simply whip the viscous liquid recovered from the water in which chickpeas have been cooked or canned. For home-cooked cakes, try using apple purée (200 grams) and cinnamon to replace sugar. Cinnamon lowers the level of sugar in the blood helping to regulate blood sugar levels. For cold treats in hot weather, try putting yogurts and fruit purees in the freezer to make delicious low-calorie sorbets and ice creams.

Dieting 101: Here’s how to lose weight without torturing yourselfSmart snacks

Instead of succumbing to temptations like chocolate bars, biscuits or pastries, try tucking into a banana, a square of dark chocolate or a dozen almonds, which are packed with calcium and good essential fatty acids (omega-3). With 89 calories per 100 grams, bananas are rich in potassium, magnesium and manganese, and are excellent for promoting digestion and feeling full. They can also help combat water retention. When eating fruit, pick less sweet options like red berries (raspberries, strawberries, blackberries, blueberries), apples, pears, oranges, grapefruit, peaches and nectarines.

On the plate

For lasting weight loss apply this golden rule to your plate. While a meal can include some carbohydrates (rice, pasta, peas, potatoes, etc.), these must always be accompanied by a portion of the green vegetables of your choice. This combination helps limit the carbohydrate content of the dish thanks to fibres that help fill you up.

All day long

Want to cut 200 calories without even moving? Drink seven glasses of water per day, instead of the average four. According to an American study, increasing water intake, even if only by 1%, could reduce the number of calories consumed and, in particular, the intake of sugar, sodium and fatty acids.

At the Japanese restaurant

Beware of high-glycemic options like sushi and maki, made with rice vinegar and sugar. Twelve pieces contain around 350 calories. Instead, opt for miso soup and sashimi with a little rice.

Curb cravings

Mix half clove essential oil and half ceylon cinnamon essential oil in a small bottle. Essential oils can be found in organic or health food stores. When you crave a snack, have a sniff of your concoction.