Manufacturing Financial News

By Howard Schneider, Ann Saphir and Balazs Koranyi

MEXICO CITY (Reuters) — A U.S. judge has canceled a hearing on a $10 billion lawsuit filed by Mexico seeking to hold U.S. gun manufacturers responsible for facilitating arms trafficking to drug cartels, Mexico's foreign ministry said on Saturday.

Earlier this week, US 10-year yields reached 4.36%, the highest point in over a decade. This comes as part of a medium-term upward trend that began in April of this year, fueled by both fundamental and technical factors.

SME IPO will close this week. Primary market from 19 to 25 August has been quite fascinating, with three mainboard IPOs opened for raising a total of Rs 750 crore, said Mahavir Lunawat, Managing Director of Pantomath Capital Advisors. Mainboard IPO Aeroflex Industries received an enthusiastic response from the investors with subscription figures on the final close day reaching approximately 100 times of the base offer, said Lunawat. «Robust response for the fundamental companies in the primary market shows that retail and HNI’s investors have shown maturity for investing in the fundamentally strong companies in order to ride the Indian growth momentum,» Lunawat added. IPO amounting close to Rs 6000 crore is expected to open in the next weeks to keep the investors busy in action, Lunawat further stated. Main Board IPOsRishabh InstrumentThe initial public offer (IPO) of energy efficiency solutions company Rishabh Instruments will open for public subscription on August 30.

electric vehicle (EV) infrastructure within the priority sector lending category, a senior official said Saturday, a move that would come as a boost for the sector. «We have received a representation to include EV infra in the priority sector. We will look at reworking the priority sector lending (PSL) requirements for banks,» the official said, adding that the issue will be discussed with the Reserve Bank of India (RBI). The power ministry has also written a letter to the Department of Financial Services in this regard, the official said. According to RBI guidelines, it is mandatory for banks to extend 40% of their adjusted net bank credit to the priority sector.

Reliance Industries, macroeconomic data, global cues, and more. Markets consolidated in a range and settled lower for the fifth successive week -the longest streak since April 2022 - mainly pressurized by weak global cues. The tone was positive for most of the week but a decline in the final sessions pushed the index in the red.

private credit market has led to underpricing of risk and distortion of the market, EY said in a report. In the past six months, global and domestic funds have raised more than $2 billion to invest in performing credit, stressed credit and special situation opportunities, it said. There is strong interest among family offices and high net worth individuals to invest in private credit funds, said the report.

reskilling and upskilling can reduce unemployment and help employees easily adapt to the evolving demands of the modern work environment, a report said on Saturday.The report by HR solutions provider Genius Consultants revealed that 86 per cent of employees interviewed feel reskilling and upskilling can help in reducing unemployment, however, 8 per cent disagreed saying that it will not have much effect on the current scenario. With the rapid advancement of technology and its integration into various work processes, 88 per cent of employees consider reskilling and upskilling is crucial for professional growth, it added. The report is based on an online survey among 1,148 employees from June 14 to July 25, across sectors including banking and finance, construction and engineering, education, FMCG, hospitality, HR solutions, IT, ITES and BPO, logistics, manufacturing, media among others. The report further revealed that 77 per cent of employees interviewed believed that online courses play a crucial role in facilitating skill development for individuals, whereas 17 per cent hold a contrary opinion. This is indeed an important factor to be considered as in today's date, there are multiple portals and websites that provide multiple courses for skill enhancement, the report stated. But, only 39 per cent of respondents are of the opinion that online reskilling certifications are holding the same value as traditional institutional degrees. However, 49 per cent do not share this belief, indicating room for further awareness about the significance of online certifications, said the report. Many organisations still don't accept online certifications as valid, which is a viewpoint that might need to be changed since we are moving

China issue. The massive scale of China's problems will necessitate a fiscal impulse, as the monetary path has limitations,” says market expert Ajay Bagga. Edited excerpts:ET Now: This week is crucial with the Jackson Hole meeting and Fed Chair's comments. What key takeaways are you looking for, and which subjects have caught your attention? Ajay Bagga: Last time, the Fed Chair's speech was very hawkish, using the term «economic pain» repeatedly.

Gold rate today: Following mixed trend throughout the week as investors were waiting for the final outcome of Jackson Home meeting. However, the yellow metal continue to bounced back from the lower support levels and its crucial ₹58,000 per 10 gm levels on Multi Commodity Exchange (MCX) and $1,900 per ounce levels in international market remained sacrosanct.

Tata Motors is committed to migrate its facilities to become net zero in greenhouse gas emissions by 2045 and is working on multiple technologies to achieve this including electric and hydrogen fuel technology, its Executive Director Girish Wagh said. The USD 37 billion organisation which is the country's leading player in the commercial vehicle segment will continue to invest annually over Rs 2,000 crore in the commercial vehicle business, the official said. «As a part of sustainable transition which is an irreversible megatrend, Tata Motors is committed to become net zero in greenhouse gas emissions by 2045.

Tata Motors has pledged to transform its facilities into net-zero greenhouse gas emissions sites by 2045, and it is actively pursuing various technologies, such as electric and hydrogen fuel, to accomplish this goal, as stated by Executive Director Girish Wagh. The organization, valued at USD 37 billion and holding a prominent position in the commercial vehicle sector within the country, will persist in committing an annual investment of more than ₹2,000 crore in its commercial vehicle business, according to the official.

Chandrayaan-3's successful lunar landing at the southern pole establishes it as the first nation to attain this distinction. ISRO is “The Mastermind” behind the success.

Dutch brewer Heineken says it has completed its withdrawal from Russia, 18 months after Moscow launched its full-scale invasion of Ukraine

One of the first personal computers built by Apple and signed by company co-founder Steve Wozniak has sold at auction for more than $223,000

Resilient Global Trade and Investment, Group Chairman & Chief Executive Officer, DP World, Sultan Ahmed Bin Sulayem said, «The COVID-19 pandemic showed the resilience of global supply chains.» "Nearshoring was mentioned in 2013-14, but when covid happened, people realized we cannot rely on product produced in one part and shipped to other world and I mean China and Far east, it is clear Manufacturers have to come to consumers," he said. While countries like India have been successful in getting global manufacturers like Apple to invest, significant reforms are needed to encourage a shift towards becoming an export-oriented nation. Sulayem said there is an urgent need to reform the Customs clearance framework if a country wants to become an export hub. «If you want to become an export country, then the laws have to be changed.

GE engine will hopefully be done by Monday, US Ambassador to India Eric Garcetti told ET on Friday, ahead of President Joe Biden's visit for bilateral engagements and G20 Summit. «What makes this visit special is G20 plus bilaterals...since the State visit, there has been no let up on Indian side and no let up on our side. There is excitement, we do dozens of things together — arts, culture, economy and defence. Our bilateral work is also multilateral work,» Garcetti said. The Biden visit (September 7-10) could witness further agreements and more initiatives could be announced, according to Garcetti.

Nirmala Sitharaman said on Friday. Persistent high inflation will crimp demand, Sitharaman said and added that the tendency to use interest rates as the only solution to tackle inflation has its own downside. “Most economies do have this problem—an obsession of using interest rate as the only tool to deal with inflation," the minister said at the B20 summit, a gathering of top business executives from G20 countries.

Canadians soon won’t find Kleenex tissues on store shelves.

JBM Auto is gearing up to participate in the recently announced scheme under which 10,000 electric buses will be deployed in 169 cities under the public-private partnership model, a top company official said on Friday. The company, which already has orders for 5,000 electric buses from across the country in its kitty, is looking to go through the policy fine print before deciding its future course of action. «We are very well positioned with our product range, manufacturing capacity and technology to execute this but definitely we are waiting for further clarity on the policy in the next few weeks,» JBM Group Vice Chairman and Managing Director Nishant Arya told PTI on the sidelines of the B20 Summit here. He noted that the company is already the largest electric bus maker in the country with a manufacturing capacity of 20,000 electric buses per annum. «Having over 30 per cent market share and an order book of more than 5,000 electric buses we're delivering buses across India,» Arya said.

fatal crash of a plane carrying Wagner Group leader Yevgeny Prigozhin and nine others in Russia was likely due to a bomb, according to media reports