Manufacturing Financial News

Apple CEO Tim Cook said the company is “looking at” manufacturing in Indonesia as he met with Indonesian President Joko Widodo on Wednesday

An engineer at Boeing alleges the aircraft company is taking manufacturing shortcuts that could lead to jetliners breaking apart

President Joe Biden has told an audience of cheering unionized steelworkers that his administration will block the acquisition of U.S. Steel by a Japanese company

Boeing whistleblower is urging the planemaker to ground all 787 Dreamliners currently in operation around the world, warning that the long-haul jets could “fall apart at the joints.”Sam Salehpour, a quality engineer at Boeing, went public with his concerns about the Boeing 787 and 777 jets last week. In an exclusive TV interview with NBC Nightly News, Salehpour doubled down on his allegations and called for all Dreamliners to be pulled from service and checked for small gaps in the fuselage.“It’s as serious as I have ever seen in my lifetime,” Salehpour told NBC’s Lester Holt, adding that he would not put his family on a 787 jet.“The entire fleet worldwide, as far as I’m concerned right now, needs attention.

steel consumption has registered a growth of 13 per cent to 136 million tonnes during 2023-24, supported by increased demand from automotive and infrastructure sectors, SteelMint India said. The country consumed 120 million tonne (MT) finished steel in the preceding 2022-23 financial year, the research firm said in a report. «Demand from the automotive industry improved in FY24, along with focus increasing towards the EVs. Infrastructure and construction sectors also showed resilience with investments, mostly supported by government-funded development projects,» SteelMint said. The production of crude steel in the country rose 12.6 per cent to 143 MT over 127 MT in the previous fiscal.

Joe Biden is calling for a tripling of tariffs on Chinese steel and aluminum to protect American producers from a flood of cheap imports, and will pitch his election-year plan during a visit Wednesday with steelworkers in Pennsylvania, where union support could prove crucial in the White House race. The move reflects the intersection of Biden's international trade policy with his reelection effort. The White House insists the policy is more about shielding American manufacturing from unfair trade practices overseas than firing up a union audience.

Foreign Exchange Management (Non-Debt Instruments) Rules. The new rules, based on the Cabinet decision in February on the relaxed FDI caps, came into effect from April 16, according to a gazette notification by the ministry. The rules, coming just days ahead of Tesla chief Elon Musk's India visit, are aimed at drawing a larger number of foreign investors into the Indian space sector. Musk is reportedly planning to announce investments of $2-3 billion, mainly in the EV segment, and meet Indian space players as well during his India visit starting April 21. As per the new rules, up to 100% FDI is allowed in the space sector. However, up to 74% FDI is permitted under the automatic route in satellite manufacturing and operation, satellite data products and ground and user segment. Beyond 74%, FDI in these activities requires government approval.

Foreign Direct Investment (FDI) in the Space sector under the Foreign Exchange Management Rules which will now enable Indian space startups working on capital-intensive space products to now access a global pool of capital. The cabinet on February 21 had allowed 74% foreign direct investment (FDI) under automatic route for satellite manufacturing, upto 49% under automatic route for launch vehicles, and upto 100% under automatic route for manufacturing of components and systems.

FreightWaves founder and CEO Craig Fuller discusses whether the U.S. is facing a transportation crisis and addresses Boeing's problems on 'Making Money.'

Biocon on Wednesday said it has tied up with Brazil-based Biomm SA for the commercialisation of its diabetes drug in the Latin American nation. Under the terms of the agreement, Biocon will undertake the development, manufacturing and supply of Semaglutide (gOzempic), and Biomm will be responsible for obtaining regulatory approval and commercialization in the Brazilian market. Biomm focuses on developing, manufacturing and commercialising complex biotech and biosimilar drug products at its production facility in Nova Lima. «Our partnership with Biomm marks another important step forward in our strategy to expand our global footprint beyond the US and Europe for Peptides,» Biocon CEO and MD Siddharth Mittal said in a statement.

Agnikul Cosmos, Bellatrix Aerospace, Skyroot Aerospace, Dhruva Space, Pixxel, SatSure and Digantara to meet Tesla and SpaceX chief Elon Musk in New Delhi on Monday. A group of startup executives and Indian Space Research Organisation (ISRO) officials visited SpaceX’s facilities in Hawthorne, California, last month as a part of the US Department of State's International Visitor Leadership Programme.

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India unit of Korean electronics maker Samsung wants to notch up Rs 10,000 crore in sales from the television business in calendar 2024, while expanding the production and local value addition of the product in the country, said Mohandeep Singh, senior vice president (visual display business) at Samsung India. At present, Samsung locally produces 90% of televisions it sells in India. Talking to ET on the sidelines of the company’s launch of new AI televisions on Wednesday, Singh said the company has embarked on an ambitious plan to become the first television manufacturer to clock Rs 10,000 crore revenue milestone in India.

IFFCO in the country in the next three years. Nano Urea Plus is a new version of nano urea meant for meeting crop nitrogen requirements at critical growth phases. According to a gazette notification, the government has approved Nano Urea Plus in liquid form with 16 per cent nitrogen content in weight by weight, and pH value of 4-8.5 and viscosity of 5-30. This product will be manufactured by the cooperative major IFFCO for a period of three years, it said.

Indian Space Association, Lt Gen Anil Kumar Bhatt (Retd), extended a warm welcome to Tesla CEO Elon Musk's forthcoming visit to India. Lt Gen Bhatt emphasized the potential for enhanced collaboration between Indian space entities and Musk's ventures, foreseeing a transformative impact on India's space ecosystem. In an exclusive conversation with ANI on Wednesday, Lt Gen AK Bhatt (Retd) highlighted Elon Musk's pioneering contributions to the domain of space technology, particularly through his companies such as SpaceX.

Apple has formed a joint venture with renewable energy developer CleanMax to invest in six rooftop solar projects to power its India operations, the US company said Wednesday. The solar project will have a total size of 14.4 megawatts, which will provide a local solution to power the company’s offices and the two retail stores in Mumbai and New Delhi, the Cupertino-based smartphone major said in a statement. The company didn’t provide any financial details.

Jubilant Pharma on Wednesday said the US health regulator has decided that the inspection classification of its subsidiary's Roorkee-based plant is voluntary action indicated (VAI). Jubilant Pharmova, a wholly-owned subsidiary of the company, has received a communication from the US Food and Drug Administration (USFDA) that the facility has been classified as VAI pursuant to inspection from January 25 to February 2, 2024, it said in a regulatory filing. As per the USFDA, a VAI inspection classification indicates that although investigators found and documented objectionable conditions during the inspection, FDA will not take or recommend regulatory or enforcement action because the objectionable conditions do not meet the threshold for action at this time. «Based on this inspection and the USFDA VAI classification, the facility is considered to be in acceptable state of compliance with regard to current good manufacturing practices (cGMP),» it added.

Gautam Gambhir, the mentor of the Kolkata Knight Riders and a former T20 World Cup champion with India, raised queries regarding the exclusive use of Kookaburra balls. He pondered the viability of persisting with a manufacturer incapable of producing a ball that endures for 50 overs, suggesting a potential shift to a different manufacturer. Gautam Gambhir's suggestions come at a time where bowlers find themselves besieged in this season's IPL where many many records, including highest ever total and highest ever runs scored by both the teams have been broken. Adding to the discourse, renowned commentator Harsha Bhogle expressed support for employing Duke balls to provide respite for bowlers in T20 cricket. In a tweet, Bhogle underscored the necessity for equilibrium between bat and ball, particularly in circumstances where pitches offer minimal assistance to bowlers. He advocated for the adoption of Duke balls, highlighting their capacity for greater lateral movement and the impediment they pose to batters' ability to dominate proceedings.

Samsung India wants to notch up Rs 10,000 crore sales from the television business in India in calendar 2024 while expanding the production and local value addition in the country, senior vice president (visual display business) Mohandeep Singh said. At present, Samsung locally produces 90% of televisions it sells in India. Talking to ET on the sidelines of the company’s launch of new AI televisions on Wednesday, Singh said the company has embarked on an ambitious plan to become the first television manufacturer to clock Rs 10,000 crore revenue milestone in India.

workforce in global capability centres (GCCs) is expected to increase to 35% by 2027 from 25% now, according to a new report by tech staffing and solutions provider TeamLease Digital. The report, titled ‘Women at the Heart of India’s Digital Evolution, explores aspects of the total female tech workforce in India, women’s employment in GCCs and in non-tech sectors, city-wise trends of women workforce expansion, in-demand and futuristic tech roles for women, and challenges faced by women in tech.

Election Commission of India (ECI) has directed Elon Musk-owned social media platform X (previously Twitter) to remove certain posts in India containing political speeches from elected politicians, political parties, and candidates. The ECI stated that these posts violated the model code of conduct and must be taken down. According to a TOI report, X complied with the ECI's orders and restricted access to the posts in question in India. The platform expressed disagreement with the ECI's actions, advocating for expanded freedom of expression for political speech. X has notified affected users and published the takedown orders on its platform for transparency. “The Election Commission of India has issued takedown orders requiring X to act on posts containing political speech shared from elected politicians, political parties and candidates for office. In compliance with the orders, we have withheld these posts for the remainder of the election period; however, we disagree with these actions and maintain that freedom of expression should extend to these posts and political speech in general,” X stated.