scheme

Apple’s Taiwan suppliers, Samsung apply for India’s smartphone scheme

NEW DELHI (Reuters) – Apple Inc’s (AAPL.O) Taiwan contract manufacturers Foxconn (2317.TW), Wistron Corp (3231.TW) and Pegatron Corp (4938.TW) have applied for India’s $6.65 billion scheme to boost local smartphone manufacturing, the country’s tech minister said on Saturday.

FILE PHOTO: People wear masks to protect themselves from coronavirus disease (COVID-19), while listening to the annual general meeting at the lobby of Foxconn’s office in Taipei, Taiwan, June 23, 2020. REUTERS/Ann Wang/File Photo

The production-linked incentive (PLI) plan offers companies cash incentives on additional sales of devices made locally over five years, with 2019-2020 as the base year. India hopes it will help turn the country into a global smartphone export hub like neighbouring China.

Apple already assembles some its smartphones, including the iPhone 11, via Foxconn and Wistron’s local unit in two southern Indian states.

Pegatron, one of Apple’s top suppliers, has

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Canadian cryptocurrency firm collapsed due to Ponzi scheme by late founder, regulator says

TORONTO (Reuters) – Canadian cryptocurrency trading platform Quadriga CX collapsed due to a Ponzi scheme operated by founder Gerald Cotten, who died suddenly in December 2018, the country’s biggest securities regulator said on Thursday.

“Cotten opened accounts under aliases and credited himself with fictitious currency and crypto asset balances, which he traded with unsuspecting Quadriga clients,” the staff at the Ontario Securities Commission said in a statement.

He sustained losses when the price of crypto assets changed, creating a shortfall he covered with other clients’ deposits, in effect operating a Ponzi scheme, according to the statement.

Some 76,000 investors from Canada and around the world collectively lost at least C$169 million ($124.2 million)

from the collapse of Quadriga in 2019, the statement added.

Cotten died at age 30 from complications with Crohn’s disease while volunteering at an orphanage in India, according to the Facebook page of Quadriga CX, which announced

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Taiwan eyes $1.3 billion in foreign tech investment under new scheme

FILE PHOTO -General view of the city during sunset hour in Taipei, Taiwan, April 29, 2020. REUTERS/Ann Wang

TAIPEI (Reuters) – Taiwan hopes a new programme will attract T$40 billion ($1.34 billion) of research and development investment by foreign tech companies, creating more than 6,300 jobs a year, the government said on Thursday.

Taipei will spend more than T$10 billion in subsidies over the next seven years to attract the investment, Lin Chuan-neng, the island’s vice minister of economic affairs, said on Thursday.

“We will target three investment in three areas, which are 5G, artificial intelligence and semiconductors,” Lin told a news conference in Taipei.

“We hope to get them to Taiwan to do research and development,” he added. “We hope to boost related supply chains in Taiwan.”

The export-reliant island is home to tech behemoths like Taiwan Semiconductor Manufacturing Co Ltd (2330.TW), the world’s biggest contract chipmaker

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