Manufacturing Financial News

BERLIN (Reuters) — German wholesale prices fell for the fifth month in a row in August due to lower prices for mineral oil products, data from the federal statistics office showed on Tuesday.

MUMBAI — Kaynes Technology is one of India’s leading end-to-end and IoT solutions-enabled integrated electronics manufacturers. The company’s business includes OEM- Box build, OEM-Printed Circuit Board Assemblies (PCBAs), and ODM services.

Made in India iPhone 15 just weeks after the smartphones start rolling out from the Chinese factories. The assembly of iPhones in India will help Apple broaden its manufacturing beyond China. According to a Bloomberg report, a facility operated by Foxconn Technology Group in Sriperumbudur, Tamil Nadu is gearing up to dispatch the latest iPhone units shortly after their initial rollout from Chinese factories.

upcoming Cricket World Cup 2023 has been building up for some time. Fans across India are hoping that ‘conservative’ India can lift the trophy after 12 years on home soil. India triumphed over Sri Lanka in the 2011 Cricket World Cup.

SINGAPORE (Reuters) — GlobalFoundries, one of the world's top five largest contract chipmakers, launched a $4 billion fabrication plant in Singapore on Tuesday, as part of a major global manufacturing expansion.

After a high amount of dollar inflows into Indian equities since March, foreign portfolio investors slowed down their purchases in August. However, the trend is unlikely to reverse anytime soon, says Rahul Bhuskute, chief investment officer, Bharti AXA Life Insurance. India’s resilient economy, its strong investments driven growth, and robust corporate profitability has attracted much of the fund allocations made by Emerging Market funds, he said. “While the pace of incremental investments by FIIs has slowed down, we definitely do not see a reversal of flows any time soon, with investors confident about the long-term potential of the Indian markets,” Bhuskute said in an interview with ETMarkets. Edited excerpts:Inflation and rate hike concerns are making a comeback both on the domestic and global fronts. Is this likely to dampen the Indian market momentum in the near term?The equity market has been willing to look through near term inflation concerns and consider them temporary, while the overall growth conditions remain buoyant and corporate earnings are robust.

India has imposed anti dumping duty of $613 per tonne on flat base steel wheels from China for five years. «The anti-dumping duty imposed under this notification shall be effective for a period of five years from the date of publication of this notification in the Official Gazette and shall be payable in Indian currency,» a notification issued by the Central Board of Indirect Taxes and Customs (CBIC) said. The product is used in tubed tyre applications in commercial vehicles. The duty is based on the recommendation by the Directorate General of Trade Remedies(DGTR), the investigation arm of the ministry of commerce and industry to guard domestic players against cheap imports from China. According to global trade practice, a country is allowed to impose tariffs on such dumped products to provide a level playing field for domestic manufacturers.

Kazakhstan Kassym-Jomart Tokayev recently delivered an address, titled “Economic Course of a Just Kazakhstan,” detailing ambitious plans for economic reforms and a fresh economic trajectory for the nation. Tokayev also outlined plans to establish Kazakhstan as a major transit hub in Eurasia, focusing on key routes like the Trans-Caspian and the International North-South Corridor that connects Russia with India. Tokayev outlined various facets of the national agenda, underscoring the key economic tasks facing the government.

India is the top destination for Chinese companies, but it falls to 11th place in the overall rank as the most attractive destination when other factors are considered. In an Economist Intelligence Unit (EIU) report published this month, which indexes 80 investment destinations based on their appeal to Chinese investors, Singapore emerged the number one most attractive destination for Chinese companies to invest in. The China Going Global Investment Index uses a robust and quantitative approach to rank countries based on their attractiveness for Chinese outward direct investment (ODI). It is aimed at assisting Chinese firms narrow down the list of potential investment destinations, and also focus the minds of recipient governments on the issues that matter for Chinese investors. A total of 200 indicators were used to create the 2023 edition of the index.

“We have catered to the Bengaluru ecosystem, the Indian tech ecosystem and now we want to cater to the global ecosystem with our skills, innovation and research offerings, apart from (creating) the Electronics System Design and Manufacturing (ESDM) ecosystem itself,” he told ET.

BMW has announced plans to transform its Mini factory in Oxford, England, to produce nothing but electric vehicles

The Labor Department releases its August snapshot of U.S. consumer prices Wednesday

(Reuters) — The U.S. has no large-scale commercial wind farms in operation today, but President Joe Biden's administration aims to have 30 gigawatt (GW) installed by 2030 to help decarbonize the power sector and revitalize domestic manufacturing. The federal government has already approved several large-scale projects so far, with the first two — Vineyard Wind 1 and South Fork — expected to deliver first power by the end of this year, and about a few dozen projects are in different stages of development. Some 27 power offtake contracts totaling more than 17 GW had been signed by the end of May, according to a U.S. Department of Energy report published on Aug. 24. However, inflation, supply bottlenecks and higher financing costs have eroded profitability of many projects, forcing some to cancel the offtake agreements, while others are still seeking to renegotiate the terms, the report said.

EV fast charging company, EVgo Inc (NASDAQ:EVGO) announced Monday that it received the first shipment of 350kW fast chargers from Delta Electronics. Chargers that are manufactured according to Build America, Buy America Act (BABA) standards.

Amara Raja Batteries Ltd, India’s second-largest lead-acid battery manufacturer. The battery industry is in the throes of change with the emergence of lithium-ion batteries, which are enjoying a boom in demand thanks to the rapid adoption of electric vehicles. If Amara Raja does not invest in the new technology, it will be finished.

real estate and professional services. While there can be mixed opinions on the projected trajectory of economic growth in the years ahead, the real issue is the reliability of official estimates. Questions have been raised on the reliability of national accounts data even earlier.

The cancer drug Gleevec went generic in 2016 and can be bought today for as little as $55 a month. But many patients’ insurance plans are paying more than 100 times that. CVS Health and Cigna can charge $6,600 a month or more for Gleevec prescriptions, a Wall Street Journal analysis of pricing data found.

MUMBAI—The financial capital of India has become a colossal construction site. The barriers that try to keep daily life on track in the metropolis on the country’s west coast proclaim: “Mumbai is upgrading." A new road being built along the Arabian Sea is aimed at easing congestion in a city where three-lane roads are frequently occupied by five lanes of honking traffic. A rapid-transit metro system is being extended to ease pressure on suburban trains overflowing with people.

Labor unions are exerting clout not seen in decades, winning big pay increases and better benefits in industries beset with worker shortages. Airlines, package shippers and ports all struggled to hire desperately needed workers as the economy emerged from the pandemic, and then agreed to double-digit raises with their unions this summer. Whether other employers without such hiring difficulties, including car manufacturers facing a strike threat from the United Auto Workers, follow suit remains to be seen.

IREDA) has filed its draft red herring prospectus (DRHP) with capital market regulator Sebi to raise funds through an IPO. It is the first IPO by a public sector enterprise after Life Insurance Corporation's public issue in May last year. The IPO with a face value of Rs 10 consists of fresh issue of up to 40.3 crore equity shares and an offer for sale (OFS) of up to 26.8 crore units by the government The offer includes a reservation for eligible employees. About 50% of the IPO will be available for allocation on a proportionate basis to qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors. The proceeds from the fresh issue will be used for augmenting its capital base to meet its future capital requirements and onward lending. IREDA has an impressive track record spanning over 36 years in the field of fostering and providing financial support for fresh and sustainable energy (RE) projects, as well as energy efficiency and conservation (EEC) initiatives. The company is India's largest dedicated green financing non-banking financial company (NBFC). The organization offers a comprehensive array of financial products (fund and non-fund based) and associated services, from project inception to post-completion, for RE projects and related activities like equipment manufacturing and transmission. As of June, its portfolio of outstanding term loans stood at Rs 47,206 crore, reflecting its diverse investment ventures.

When Apple introduces its new iPhone 15 on Tuesday, many companies will already be shipping companion accessories of their own—cases that fit the just-announced lineup of smartphones. The question is: If Apple is so secretive, how did they know what the iPhone 15 looked like? Case makers spend the year before launch preparing for Apple’s next big release. A handful work directly with Apple.