Manufacturing Financial News

Samsung Electronics Co. is poised to account for about half of South Korea’s economic growth this year, making its biggest contribution on record, Bloomberg Economics said, in commentary that underscores the company’s significance in an economy that ebbs and flows with the global semiconductor industry. Samsung is South Korea’s largest company, accounting for about 8% of manufacturing output and 17% of the main stock index’s total market capitalization. Based on the gross profit its South Korea-based units generates, the company will likely be responsible for 1.1 percentage points of the 2.2% growth that the economy is expected to post this year, BE economist Hyosung Kwon said Friday in an analysis based on a series of data available since 2008. The report underscores the importance of Samsung’s efforts to secure orders for high-bandwidth memory from Nvidia Corp. and other developers of computer processors that power artificial intelligence development. It also highlights the concentration of clout that Samsung has over Asia’s fourth-largest economy after global demand for memory chips increased.

RCMP federal investigators say they have dismantled the largest drug superlab in Canadian history.

The Canadian economy posted flat growth in August, Statistics Canada said Thursday, but there were signs of a rebound stirring in September.

Islamabad: The fundamental assumptions used to finalise the USD 7 billion deal with the IMF have gone awry within a month of its approval, leaving the authorities concerned with an option either to renegotiate the package or keep suffocating the economy through more taxes, according to a media report on Thursday. Official statistics show that out of four key underlying assumptions for achieving the nearly Rs 13 trillion tax target — the economic growth rate, inflation, large-scale manufacturing and imports — three assumptions have already been proven wrong by the end of the first quarter of the current fiscal year. The federal government has also overly committed on behalf of the four provincial governments that, too, are struggling to meet their conditions soon after the deal became effective. The Express Tribune newspaper reported that the official statistics for the first quarter (July-September) revealed that — from the Federal Board of Revenue's tax collection target to provincial cash surpluses — everything has gone off the mark.

Banrion Capital Management CEO Shana Sissel and Bullseye American Ingenuity Fund portfolio manager Adam Johnson on Meta and Alphabet earnings, and how a divided government could impact stocks.

Waaree Energies' shares zoomed 12% in today’s intraday session to a new record high of Rs 2,718, marking the fourth consecutive day of gains with strong trading activity. Following a strong debut at a premium of Rs 1,047 or 70%, the stock has surged over 80% from its issue price of Rs 1,503 per share.

Andhra Pradesh offers a highly favorable environment for investments with investor-friendly policies, an extensive coastline, and well-developed road, water, and air connectivity, making it an ideal time for new industries to set up operations, according to Minister for Education, IT, and Electronics, Nara Lokesh. Minister Lokesh met with representatives of the US-India Business Council and Indiaspora. Speaking on the occasion, Lokesh emphasized that under the leadership of Chief Minister Chandrababu Naidu, Andhra Pradesh is rapidly progressing towards development. The state is set to become a hub for startups and manufacturing in the coming days, he said, adding an ecosystem conducive to industry growth is being developed, and the Economic Development Board has been revitalized to streamline approvals without delay.

A closely watched survey on manufacturing in China has edged into positive territory

Tamil Nadu’s Ranipet district, famed for being a hub for power loom weaving. But the small town, which is barely a hundred kilometres from state capital Chennai, is now poised to emerge as a nodal destination for global automobile manufacturing. In September, Tata Motors broke ground for its Rs 9,000 crore greenfield factory designed to produce cars for local and overseas markets for Tata Motors and JLR. The ambitious project is expected to create over 5,000 employment opportunities--both direct and indirect--and drive significant skill-building in the local community. Panapakkam has a population of around 11,536 as per 2011 census with residents primarily engaged in agriculture and weaving. The town is known as the production centre for power loom lungis, the sarong-like wrap favoured as everyday wear by multitudes of south Indian men.

Saudi startup airline Riyadh Air has ordered 60 Airbus aircraft

Agnikul Cosmos, incubated at IIT Madras, is set to launch its commercial operations within the next six to eight months. The space startup is in active discussions with 30 to 40 potential clients, exploring specific demands and use cases for its Agnibaan rocket, which is equipped with a unique 3D-printed engine, cofounder Srinath Ravichandran told ET. “We are seeing interest beyond traditional communication satellites. Industries are now considering space for advanced manufacturing processes, such as polymer crystallization and drug development, which benefit from the microgravity environment,” he said. The cofounder emphasized that 20% of the demand is coming from newer industries. Given the evolving market for small satellite launch vehicles, the company plans to scale its operations to support around 25 launches per year using its mobile launchpad Dhanush at Indian Space Research Organization (ISRO) facilities and become a significant player in this market.

defence production and export, saying every Indian can be proud of this journey, as he gave a passionate call to startups, manufacturers and innovators to be a part of the sector. In a post on LinkedIn, he told the youth, startups, manufacturers and innovators that India's defence sector is calling them. This is their moment to be part of history, he added. «India needs your expertise and enthusiasm. The doors are open for innovation, the policies are supportive, and the opportunity is unprecedented. Together, we will make India not just Aatmanirbhar in defence but a global leader in defence manufacturing,» Modi said. «Together, let's build a stronger, self-reliant Bharat,» he said in a piece titled «India's Defence Revolution Takes Flight».

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Steel pipes maker JTL Industries Ltd on Wednesday announced increasing its annual manufacturing capacity to 2 lakh tonnes as part of its around Rs 350-crore expansion plan. With this addition, its cumulative pipe manufacturing capacity has reached a level of 6.86 lakh tonne per annum, the company said in an exchange filing. In a filing on Wednesday, JTL Industries said, «It announces successful expansion of its Raipur facility's capacity from 1,00,000 metric tonnes per annum (MTPA) (1 lakh tonne) to 200,000 MTPA». The company is aiming to complete its expansion plan of 4 lakh tonnes by the financial year 2026-27, taking its overall capacity to 10 lakh tonnes per annum, a company official had told PTI earlier.

The profit figure was slightly higher than ET NOW poll estimates of Rs 3,335 crore.

The European Union has finalized its sharply higher customs duties on electric vehicles imported from China

Suzuki Motor Corporation (Suzuki) and Toyota Motor Corporation (Toyota) Wednesday said the duo have decided to further strengthen their collaboration, in line with which the former will manufacture and supply its first battery-electric SUV to Toyota. This new model is scheduled to be manufactured at Suzuki Motor Gujarat (India) from the spring of 2025, the companies said in a statement. Toshihiro Suzuki, President of Suzuki Motor (Japan), said, “Suzuki will supply our first BEV to Toyota globally. I am grateful that the collaboration between the two companies has further deepened in this way. While continuing to be competitors, we will deepen our collaborations toward solving social issues, including the realisation of a carbon-neutral society through a multi-pathway approach.”

Subscribe to enjoy similar stories. As India-China ties thaw, logistics and supply chain management company Transport Corporation of India has zeroed in on buying two cargo ships from China for $38 million ( ₹320 crore) to bolster its operations, especially along the domestic coastline. The company ordered two new cellular container vessels, which are typically designed for transporting containers, of about 7,300 deadweight tonnes (DWT) each from Chinese shipyards.

A chemical manufacturing plant west of New Orleans has agreed to pay a $480,000 federal fine and install equipment to stop the release of a cancer-causing chemical from a storage tank and pipe

China as she gestured excitedly while an assistant filmed her on a smartphone. The 29-year-old is one of many second-generation factory owners fighting to elevate the country's manufacturing sector, pitting digital native skillsets against the rising costs and geopolitical tensions pushing clients abroad. Qiu said she grew up with «the noise of machines running day and night», but working in manufacturing was not always her first choice.

Intel is expected to report its biggest quarterly revenue drop in five quarters on Thursday, potentially signaling more erosion of data center and personal computer market share for the once iconic American chipmaker. Shareholders have turned their focus to CEO Pat Gelsinger's attempts to salvage the company's lost market lead as losses mount at its contract manufacturing business, while Intel fails to capitalize on the generative AI-driven chip boom, after a series of missteps including passing on an investment in OpenAI. With Wall Street expecting Intel to report an 8% decline in revenue to $13.02 billion, according to data from LSEG compiled as of October 26, investors want Gelsinger to provide clarity on his plans to get the company's latest manufacturing technology up and running.