CEO Financial News

Texas Instruments said on Friday it would receive up to $1.6 billion in funding from the U.S. Commerce Department towards the construction of three new facilities, the latest government outlay aimed at bolstering domestic chip production. The funding, under the US CHIPS and Science Act, will help the company build two factories in Texas and one in Utah. Texas Instruments has pledged more than $18 billion through 2029 to the projects, which are expected to create 2,000 manufacturing jobs. The chipmaker also expects to receive about $6 billion to $8 billion in investment tax credit from the U.S. Treasury Department, and $10 million in funding for workforce development.

Karnataka Government, led by Chief Minister Siddaramaiah, conducted a strategic meeting on Friday with Young Liu, CEO and Chairman of Hon Hai Technology Group (Foxconn), to discuss strengthening the company's investment in Karnataka and exploring future expansion opportunities. The meeting stressed on Foxconn's ongoing and prospective projects that are expected to significantly boost the state's economic growth, job creation, and technological innovation. The meeting was attended by notable members of the Karnataka delegation, including Deputy Chief Minister D.K. Shivakumar, Minister for Large and Medium Industries and Infrastructure Development MB Patil, Minister for Information Technology and Biotechnology Priyank Kharge, Principal Secretary of the Department of Commerce and Industries Dr. Selvakumar S., and Commissioner for Industrial Development and Director of the Department of Commerce and Industries Gunjan Krishna. Foxconn will establish a major mobile phone assembly plant, known as Project Elephant, in Karnataka. The company has secured 300 acres of land in the ITIR Industrial Area, which spans Doddaballapura and Devanahalli Taluk in Bengaluru Rural District. With an investment of Rs 22,000 crore, this project is expected to generate over 40,000 jobs.

Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

Reserve Bank of India (RBI) has approved the appointment of former State Bank of India (SBI) deputy managing director (DMD) Salee Sukumaran Nair for a three year term, the bank in a stock market notice. Nair retired from SBI as DMD and chief credit officer (CCO) as recently as May this year. He takes over from S Krishnan who had resigned in September 2023 just a week after the bank wrongly credited Rs 9,000 crore to a Chennai cab driver. Krishnan was asked to continue till a replacement was found even as there was a lot of too and fro for contenders between the bank and the RBI.

AM/NS India — the joint venture between ArcelorMittal and Japan's Nippon Steel — will be looking at opportunities for acquisitions coming its way, said Dilip Oommen, the chief executive officer. It is one of the few steelmakers in the country that has grown by a series of deals in the past few years. «For sure we will be looking at (it), if there are any good opportunities coming our way, we are definitely interested and we will study it,» he told ET in an exclusive interaction. «It has to be viable,» he emphasised.

A federal judge has struck down a Missouri rule requiring disclosure of “social objectives” in investment decisions

Starbucks shares rose 24% this week on news that it was replacing Laxman Narasimhan with Chipotle Mexican Grill's head, Brian Niccol, as CEO. The Chipotle stock was down 7.5% on the announcement of Niccol's departure. Niccol's appointment works out to a combined market cap impact of $27 bn, with Starbucks gaining $21.4 bn and Chipotle losing $5.7 bn.

NewEdge Wealth has planted another stake in the Sunshine State as it welcomes a breakaway team of advisors from Merrill Lynch.

baolis that once populated Delhi. Inside, it feels like you are walking through time as a map showcases Delhi’s 2,500-year-old history. Visitors can see architectural models of monuments such as the Nila Gumbad, which sits in the middle of a busy traffic intersection a few yards from the Humayun’s Tomb complex.

ACI) the highest Level five accreditation, officials said on Friday. Bangalore Airport has made a remarkable 95.6 per cent reduction in Scope 1 and 2 Greenhouse Gas (GHG) emissions, attaining the highest emission elimination by an Indian airport, achieved seven years ahead of the initial target of 2030, they said. The accreditation comes into effect from May 5, 2024. «BLR Airport has made significant strides in its decarbonisation journey and set new benchmarks by transitioning to 100 per cent renewable electricity and implementing initiatives focusing on sustainable mobility and green infrastructure.

NAHB CEO Jim Tobin discusses changes in the real estate business as new rules are set to take place for realtors and the impact of markets on the industry.

Thinking of buying a home with the help of a real estate agent

Deutsche Bank has appointed Manik Chhabra as its head of global corporate coverage for India and Sri Lanka, starting August 19, sources aware of the development said. Chhabra is moving to the German bank from US-based lender Citibank where he held many senior corporate banking roles over the last 22 years. He leaves Citibank as India head for mid corporates. A Deutsche Bank spokesperson declined to comment on the matter.

Logistics firm Ecom Express has filed draft papers with the market regulator for an initial public issue of shares worth nearly Rs 2,600 crore. The offer will comprise fresh shares worth Rs 1,284 crore and another Rs 1,315 crore in an offer for sale (OFS) by existing investors, the company informed the Securities and Exchange Board of India in its draft red herring prospectus (DRHP). If it gets the regulatory approval and goes ahead with the IPO, Ecom Express will become the second new-age logistics firm focused on online deliveries to be listed on the Indian public bourses, after Delhivery that listed in May 2022.

Cryptocurrency exchange Bybit has registered as a virtual asset service provider (VASP) and card operator with the Financial Information Unit (FIU) in Argentina.

Creative Planning, the giant registered investment advisor and brainchild of estate planning attorney Peter Mallouk, its owner and CEO, is looking to add up to 100 wealth management professionals, or almost another 9%, to its current financial advisor workforce by the end of 2025.

Airtel and the sale of some capital assets by associate Globe Telecom. Singtel's net profit rose 42.9% to S$690 million in the first quarter ended June 30 from S$483 million a year ago, Southeast Asia's largest telecom provider said on Thursday. The exceptional gain came as Singtel reduced its effective stake in Airtel to 28.7% from 28.9%.

Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

US court has slapped Vedanta Group-backed optic fibre manufacturer Sterlite Technologies (STL) with damages of $96 million (around ₹806 crore) for trade-related rights infringements involving American rival Prysmian. STL, in a statement, said it will «aggressively» challenge the verdict. The company, in which mining group Vedanta led by Anil Agarwal holds a 25% stake posted a loss of ₹82 crore in the first quarter of fiscal 2025, on revenue of ₹1,140 crore. After a three-year battle, a South Carolina jury, on August 9, found that Sterlite was in illegal possession of Prysmian's trade secrets including customers, new products and manufacturing expansion plans.

Estate planning software company Vanilla has closed a new funding round to expand its platform and accelerate adoption among financial advisors.

Also read | Can bring in a hybrid in a 'reasonable' time frame if market demands: M&M “For us, the one important thing in creating a moat is volume scale; so, everything we are doing is with a view to make sure we have volume momentum," said Rajesh Jejurikar, MD & CEO, auto & farm sectors, Mahindra & Mahindra, at the launch of the Thar Roxx in Kochi on Thursday. Jejurikar explained that volumes bring cost efficiency, better supplier involvement, and motivated dealers and teams.