This is John Bachelor. I spoke with my colleague Fraser Howie co-author of Red Capitalism,

about the report in the Financial Times that Apple is in discussion with Tata Industries,

a giant conglomerate in India, to purchase a factory that will make iPhones in India.

Is this the beginning of moving the iPhone, moving American production,

not entirely out of China, but in a place where we're not depending upon the Chinese supply chain

and the whims of the government. Fraser has an answer also that what we're looking at is

China in decline. Here's Fraser. Basically, you've got this story of decoupling or de-rusting from

China is playing out in different ways of different countries. But a number of countries see opportunities

to basically either bring back production from China, develop new production within their own

countries, and also basically show to their consumer base often in the West, or in more developed

markets, and say, look, we're a safe non-China play. So those companies are benefiting from it.

It's geopolitics that play. They are more friendly towards the US and they're allies. And where China

is becoming the pariah, if you like, either because of just downturn in the economy,

ex-coupling with Russia during the war, etc. So yeah, many countries are taking advantage when

China is showing weakness. Gordon, have a question for Fraser. I'm John Baxter.