USD 55 BILLION INVESTMENT PLAN
Hyundai, Trump announce $21 billion US investment, new steel plant
Hyundai Motor Group has announced a $21 billion investment in the U.S., including a new $5.8 billion steel plant in Louisiana and $9 billion to enhance domestic vehicle production by 2028. The company is also strengthening strategic partnerships in autonomous driving and advanced technologies while launching a $7.59 billion factory in Georgia.
India, US team to finalise contours, terms of reference of trade agreement this week: Official
India and the US are set to finalise the contours and terms of reference for a bilateral trade agreement during a three-day discussion starting Tuesday. The focus is on increasing trade predictability and integration, with the first phase of the agreement expected to be completed by fall 2025.
Payments body seeks MDR return; Turkey opposition X-ed out
The Payments Council of India has sought the return of a merchant discount rate (MDR) for large merchants. This and more in today’s ETtech Top 5.
Klarna IPO filing spurs hope of British fintech listings
Stockholm-headquartered Klarna, best known for its buy-now pay-later products, publicly filed to float on the New York Stock Exchange earlier this month in its second attempt at listing on the public markets in four years.
Rupee rises 12 paise to 85.86 against US dollar in early trade
The rupee appreciated 12 paise to 85.86 against the US dollar supported by strong domestic inflows, despite risks from crude oil prices and liquidity constraints. Foreign institutional investors purchased equities worth Rs 7,470.36 crore, while state-run enterprises and NBFCs raised significant funds through debt sales and bonds.
Sri Lanka's ex-president Wickremesinghe blames Dissanayake government for failing to secure energy project with Adani
Former Sri Lankan President Ranil Wickremesinghe criticises the current government for not advancing the Mannar renewable energy project with Adani, underscoring the importance of economic cooperation with India. Adani withdrew from the project after the new government sought to renegotiate tariffs, affecting Indian investments.
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How to make good investment decisions? Question the decisions before you act
The focus on potential rewards creates a psychological blind spot to risks. Successful investors invert this approach. They ask, “What could go wrong here?” and “What is the worst-case scenario?” This questioning discipline acts as a protective filter.
Rs 25,200 crore investment committed by 35 firms in 2nd round of PLI scheme for steel: Centre
Around 35 companies have shown interest in the second round of the PLI scheme for specialty steel, with an investment commitment of Rs 25,200 crore. The Ministry of Steel is in the process of selection and signing MoUs. The scheme has generated significant investments and exports in various key sectors.
Govt disburses Rs 14,020 crore in ten PLI schemes so far
Approved for 764 applications, these schemes have generated significant investments, production, and exports. Sectors like specialty steel and food processing have seen substantial investment interest, aiming to enhance India's global manufacturing competitiveness.
Govt disburses Rs 14,020 crore in ten PLI schemes so far
The government has disbursed Rs 14,020 crore under Production-Linked Incentive (PLI) schemes across ten sectors, boosting domestic manufacturing. The schemes cover industries like electronics, pharma, and automobiles, with significant focus on IT hardware and high-efficiency solar PV modules.
India, US eye middle ground in trade talks amid tariff tussle
India and the United States are actively discussing solutions to tariff-related disputes, aiming to formulate a bilateral trade agreement framework. The Ministry of External Affairs in India remains hopeful about reaching an understanding soon, signaling a possible breakthrough in their economic relationship.
Canada fires back at Trump’s ‘51st State’ remark; Is President Trump’s rhetoric and tariff strategy an act of war, or just political posturing?
Trump’s '51st state' comments and tariffs on Canada have caused diplomatic tensions and economic turmoil between the two nations. President Trump’s remarks about Canada potentially becoming a U.S. state, coupled with 25% tariffs on Canadian imports, have led to strong reactions from Canadian leaders and citizens. Canada retaliated with similar tariffs and a boycott of U.S. goods, impacting American industries. As Canadian nationalism grows, the country is also strengthening its defense to protect sovereignty. With rising inflation and strained relations, both countries face significant challenges moving forward.
Johnson and Johnson plans USD 55 billion in US investments over next four years
Johnson and Johnson will invest over USD 55 billion in the United States in the next four years, including constructing four new manufacturing plants. This investment marks a 25% increase compared to the prior term. The company will build a high-tech facility in North Carolina and expand several existing sites.
Indian bond yields steady as traders await fresh cues
Indian government bond yields remained largely unchanged in early trading on Friday as investors looked for new catalysts following this week's declines. The 10-year bond yield was at 6.6256%, with expectations of a gradual decrease towards 6.60% by the end of March, buoyed by a favorable monetary policy outlook and reduced supply due to central bank purchases.
Perplexity AI in talks to raise funds at $18 billion valuation, source says
Perplexity is an AI startup that provides information by searching the internet, just like ChatGPT and Google's Gemini, and is backed by Amazon.com founder Jeff Bezos and Japan's SoftBank Group. The AI startup has been upgrading features on its platform to better compete with Google's Gemini and Microsoft-backed OpenAI's ChatGPT.
Services sector should aim to exceed merchandise exports next fiscal: Commerce Minister Piyush Goyal
India's services sector is experiencing robust growth, with Commerce Minister Piyush Goyal urging the sector to aim for USD 450 billion in exports by next fiscal year, surpassing merchandise exports.
Prologis plans to double investment in India to $1 billion over the next 5-7 years
Prologis plans to invest $1 billion in India's logistics market over the next five-seven years. Focusing on major cities like Delhi, Mumbai, Pune, Bengaluru, and Chennai, the company aims to develop a best-in-class logistics real estate portfolio, highlighting India's increasing appeal for global investors.
India's renewable hydrogen developers bank on cost advantage in lackluster global market: S&P report
India aims to export over half of its targeted 5 million mt renewable hydrogen production by 2030, focusing on coastal states. Despite high production costs and limited willingness to pay, developers hope cost advantages will drive 'green ammonia' exports, backed by the National Green Hydrogen Mission.
Google announces largest deal in 26-year history, to acquire cybersecurity firm Wiz. What does this mean in era of AI?
Google and Wiz have stated that Wiz's products will continue to work across all major clouds - including Amazon Web Services, Microsoft Azure, and Oracle Cloud, as well as through other security partners.
Gold price at all-time high to trigger mad gold rush? Report reveals startling details
Gold prices surged from USD 2,500 to USD 3,000 in just 210 days.
India's real estate continues to boom in APAC region as investments surge 88% in H2 2024
India's real estate market witnesses robust growth as investments surge by 88% YoY to USD 3.0 billion in H2 2024, driven mainly by office and industrial & logistics segments. Foreign investments accounted for 57% of the inflows, highlighting India's growing appeal among global investors within the APAC region.
Audi announces massive job cuts, sends big message to luxury car industry
Audi employs about 88,000 people worldwide, including 55,000 in Germany.
Vedanta demerger: Newly demerged cos have potential to grow into $100 bn each: Anil Agarwal
Vedanta Ltd Chairman Anil Agarwal reaffirmed the company's commitment to unlocking value through demerger. The plan will create four independent natural resource-focused entities with potential to become USD 100 billion companies each. The move aims to simplify Vedanta's structure, manage debt, and benefit stakeholders.
Apple to begin airpods production for exports at Foxconn's Hyderabad plant from April
Apple is set to commence the production of AirPods for export at its Foxconn facility in Hyderabad starting April 2024. This move follows the establishment of a factory with an investment of USD 400 million. The decision aligns with Apple's strategy to expand its manufacturing base outside the US amidst ongoing tariff discussions.
Electronics sector poised to become world's largest manufacturing sector: MeitY
The electronics industry is set to become the largest manufacturing sector globally and in India, with Tamil Nadu emerging as a leader. Zetwerk's new unit in Sriperumbudur, inaugurated by Union Minister Ashwini Vaishnaw, highlights the region's potential and the state's role in achieving the USD 500 billion electronics manufacturing target.
Two electronics clusters worth Rs 1,112 crore to be set up in Tamil Nadu: Union minister Ashwini Vaishnaw
The new facility, part of a Rs 1,000 crore investment, will produce electronic components for various sectors, including consumer durables and IT hardware, and will serve both domestic and international markets in the future.
India has strong potential to replicate its manufacturing success and become a semiconductor hub: Jefferies
Favourable government policies and growing demand are positioning India as a semiconductor hub, with over USD 18 billion in investments and significant fiscal incentives. The Indian government aims to quadruple electronics production by 2030, creating around 80,000 jobs and expanding the semiconductor supply chain.
India sees record deal activity in February at USD 7.2 bn
New Delhi experienced a record deal surge in February, with 226 M&A and private equity deals totaling USD 7.2 billion. Domestic M&A deals dominated, while significant transactions included ONGC-NTPC’s acquisition of Ayana Renewable Power. Private equity deals reached the highest volume since May 2022. Early-stage investments accounted for nearly 50% of PE deal volumes.
Tesla shares may be crashing, but Elon Musk’s $55.75 billion pay could still be on the table; here’s how he could pull it off
Tesla CEO Elon Musk continues to battle for his billion-dollar compensation package following its rejection by Judge Kathaleen McCormick. Despite shareholder support, McCormick deemed the payout unfair and questioned the fairness of the approval process. Musk's legal team appeals, contesting procedural errors and challenging the stringent legal standards cited by the judge.
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