BUSINESS
Intel delays $20 bn semiconductor factory over US Chips Act
The chip-maker told ZDNet that it's not going ahead with the groundbreaking of Ohio facility as of now due to the ongoing delay of the CHIPS Act. "Unfortunately, CHIPS (Creating Helpful Incentives to Produce Semiconductors) Act funding has moved more slowly than we expected and we still don't know when it will get done," Intel said in a statement on Thursday.
Ashneer Grover slams RBI over non-bank PPIs directive
In a tweet, Grover said that "not allowing loading of pre-paid instruments through credit is aimed at protecting bank's lazy credit card business from Fintech's potent BNPL (buy now pay later) business". "It's a flex move by banks -- rent seeking. But market is market and regulation will eventually come around to what market needs," he added.
Adani family commits Rs 60K crore for charity
Gautam Adani, Chairman of the Adani Group said, "In addition to being the 100th birth anniversary of my inspiring father, this year also happens to be the year of my 60th birthday and therefore the family decided to contribute Rs 60,000 crore towards charitable activities related to healthcare, education, and skill development, especially in the rural regions of our nation".
Modi meets Foxconn chief, hails manufacturing plans for India
"Glad to meet Mr. Young Liu, Chairman, Foxconn. I welcome their plans for expanding electronics manufacturing capacity in India, including in semiconductors," Modi said in a tweet. The Taiwan-based company is also planning to set up an EV manufacturing plant in India. Foxconn's EV manufacturing arm, Foxtron, is planning to set up manufacturing plants at various locations in southeast Asia, including India.
Uber dismisses claim that it planned to exit Indian market
Bloomberg reported that the US-based company explored selling the India business, but "suspended discussions after tech startup valuations cratered." In a statement shared with IANS, an Uber spokesperson said the company never explored exiting India -- not even for a minute -- and the report is "categorically false." "India is as important to Uber today as it was when we launched nine years ago.
Misinformation on private 5G networks not beneficial for digital India: BIF
"We submit that the premise of this objection is incorrect. The Telecom Regulatory Authority of India (TRAI) recommendations had appropriately specified the international best practices of a number of countries, including Germany, Finland, the UK, France, Sweden, South Korea, Hong Kong, Malaysia, Australia, Czech Republic, Japan, Taiwan, France, etc.," read the letter.
Tata Nexon EV catches fire, company probing thermal incident
The EV car fire incident was reported from Vasai West (near Panchvati hotel) in Mumbai late on Wednesday, and the video of the Tata Nexon EV engulfed in fire went viral on social media. The company said in a statement that a detailed investigation is currently being conducted to ascertain the facts of the recent isolated thermal incident that is doing the rounds on social media.
AI adoption to add $500 bn to India's GDP by 2025: Nasscom
The AI adoption in four key sectors BFSI, consumer packaged goods (CPG) and retail, healthcare, and industrials/automotive can contribute 60 per cent of the total $ 500 billion opportunity, according to "AI Adoption Index" Nasscom, EY and Microsoft, EXL and Capgemini. Though the current rate of AI investments in India is growing at a compound annual growth rate (CAGR) of 30.8 per cent and poised to reach $881 million by 2023.
ITC records 3x growth in e-commerce sales as compared to pre-pandemic levels
In its recently released annual report, the company revealed that it collaborated with leading e-commerce platforms on all aspects of operations, including category development, marketing, and supply chain and customer acquisition. This was augmented by the development of exclusive and relevant pack assortments, driving digital-first brands, and enabling platform discoverability through jointly curated campaigns.
Indian auto ancillaries are changing gears towards EVs, future technologies
He also said many of the players in the $46 billion (FY21) industry are also supplying to non-auto sectors like defence, railways and aerospace. "About 60 per cent of our members are ready to supply components for EVs and the remaining 40 per cent will be ready next year. EV is an opportunity for Indian auto component makers. Electrification is happening by government regulation and consumer demand," Sunjay J Kapur, President, ACMA, told IANS.
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