US markets saw their strongest single-day gains since March 23, 2009 on Wednesday with the Dow registering its first ever 1,000-point, single day gain as investors returned from the Christmas break. The Dow Jones Industrial Average ended with a gain of 1,086.25 points, or 5%, at 22,878.45 with the S&P 500 climbing 116.60 points, or 5%, to end at 2,467.70. The Nasdaq Composite index soared 361.44 points, or 5.8%, to 6,554.36.
Major European markets remained closed on Wednesday however Japan’s Nikkei 225 index closed up 0.9% and China’s Shanghai Composite fell 0.3%.
Apple to produce top iPhones in India
Apple Inc will begin assembling its top-end iPhones in India through the local unit of Foxconn as early as 2019, the first time the Taiwanese contract manufacturer will have made the product in the country, according to a source familiar with the matter. Foxconn, which already makes phones for Xiaomi Corp, will invest 25 billion Indian rupees ($356 million) to expand the plant, including investment in iPhone production.
Until now, Apple has only assembled the lower-cost SE and 6S models in India through Wistron Corp’s local unit in the Bengaluru technology hub. It is not known if any of the iPhone assembly is being moved from existing Foxconn factories in China and elsewhere. It is also unclear whether the production will be confined to assembly or include any component production in India.
Trouble for BMW in South Korea
South Korea’s transport ministry said it would file a complaint against German luxury carmaker BMW with prosecutors for allegedly delaying recalls and concealing defects that led to several engine fires in the country this year. A faulty exhaust treatment system in BMW diesel cars caused 52 vehicle fires in South Korea as of end-November, prompting the company to recall 172,080 models and issue an apology.
The government said an investigation showed that a faulty design in BMW’s Exhaust Gas Recirculation (EGR) unit sparked the fires, adding it will decide whether to order more recalls. BMW said it first acknowledged in July this year the faulty EGR system causing fires, but the government said BMW was aware of the problem since 2015 when it created a task force to address the issue. The company also denied design defects and said it recalled models in a timely manner.
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