DIRS.INFO The most relevant business & tech news

☆ Qatar Frees Eight Indians Arrested in 2022 - India Government
▼ + stars: | 2024-02-11 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Qatar has released eight Indian ex-naval officers after dropping death sentences imposed on them last year, India's foreign ministry said on Monday. The eight men, who were condemned to death in October, had been accused of spying for Israel, according to sources, though India and Qatar did not confirm the charges. "We appreciate the decision by the Amir of the State of Qatar to enable the release and home-coming of these nationals," the ministry said, adding that seven out of the eight have returned to India. The eight Indian nationals, who were working on a submarine project with a private company for the Qatari authorities, were arrested in 2022. War in Israel and Gaza View All 206 ImagesMore than 800,000 Indian citizens live and work in Qatar, which is also a significant provider of natural gas for India.

Persons: Amir, Shivani Tanna, Sonali Paul Organizations: Reuters, Qatari Locations: Qatar, Israel, India, State, Gaza, Bengaluru

☆ AstraZeneca, AI biologics firm Absci tie up on cancer drug - FT
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +1 min

The AstraZeneca logo is pictured outside the AstraZeneca office building in Brussels as part of the coronavirus disease (COVID-19) vaccination campaign, Belgium, January 28, 2021. REUTERS/Johanna Geron/File Photo Acquire Licensing RightsCompanies Absci Corp FollowAstraZeneca PLC FollowDec 3 (Reuters) - Anglo-Swedish drugmaker AstraZeneca (AZN.L) has signed a deal worth up to $247 million with U.S. artificial intelligence (AI) biologics firm Absci (ABSI.O) to design an antibody to fight cancer, the Financial Times reported on Sunday. The collaboration aims to harness Absci's AI technology for large-scale protein analysis to find a viable oncology therapy, a leading focus of AstraZeneca, the report said. Absci and AstraZeneca did not immediately respond to a Reuters requests for comment. Absci applies generative artificial intelligence to design optimal drug candidates based on target affinity, safety, manufacturability and other traits.

Persons: Johanna Geron, Sean McClain, Absci’s, Shivani Tanna, William Mallard Organizations: AstraZeneca, REUTERS, U.S, Financial Times, Thomson Locations: Brussels, Belgium, Swedish, Bengaluru

☆ Nine dead after armed men raid Peru's Poderosa mine - ministry
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +1 min

LIMA, Dec 2 (Reuters) - Nine people were killed and 15 injured after armed men raided Peru's Poderosa mine with explosives and took hostages, the Interior Ministry said late on Saturday. Police have "taken control of the situation", seven people have been arrested and weapons seized, the ministry said in a statement, adding it had ordered special forces to the area to support local police. The attackers entered the mine shaft, using explosive charges, "violently confronting internal security personnel from the company and taking four people hostage", the ministry said. Peru is the world's second-largest producer of copper, and an important silver and gold producer. Reporting by Marco Aquino in Lima and Shivani Tanna in Bengaluru; Editing by Lincoln Feast and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: LIMA, Peru's, Pedro Castillo, Marco Aquino, Lincoln, William Mallard Organizations: Interior Ministry, Saturday . Police, Thomson Locations: Peru, Lima, Bengaluru

☆ Insurer Aspen chooses New York over London for $4 bln IPO - FT
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +1 min

Dec 3 (Reuters) - Aspen Insurance (AHL_pc.N) is targeting its $4 billion initial public offering next year in New York instead of London partly due to management concerns about valuations and more stringent listing requirements in Britain, the Financial Times reported on Sunday. Bermuda-based Aspen, owned by private equity group Apollo, is being advised by Goldman Sachs, Citi and Jefferies on an IPO planned for the first half of next year, the report said, citing people familiar with the matter. Greater liquidity in the United States was also an important factor, it added. An Aspen spokesperson declined to comment on the report. Reporting by Shivani Tanna and Surbhi Misra in Bengaluru; Editing by Alison Williams and Will DunhamOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Shivani Tanna, Surbhi Misra, Alison Williams, Will Dunham Organizations: Aspen Insurance, Financial Times, Aspen, Citi, Jefferies, London, Thomson Locations: New York, London, Britain, Sunday, Bermuda, United States, Bengaluru

☆ Nine Dead After Armed Men Raid Peru's Poderosa Mine - Ministry
▼ + stars: | 2023-12-02 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +1 min

LIMA (Reuters) -Nine people were killed and 15 injured after armed men raided Peru's Poderosa mine with explosives and took hostages, the Interior Ministry said late on Saturday. Police have "taken control of the situation", seven people have been arrested and weapons seized, the ministry said in a statement, adding it had ordered special forces to the area to support local police. The attackers entered the mine shaft, using explosive charges, "violently confronting internal security personnel from the company and taking four people hostage", the ministry said. Peru is the world's second-largest producer of copper, and an important silver and gold producer. (Reporting by Marco Aquino in Lima and Shivani Tanna in Bengaluru; Editing by Lincoln Feast and William Mallard)

Persons: Peru's, Pedro Castillo, Marco Aquino, Lincoln, William Mallard Organizations: Reuters, Interior Ministry, Saturday . Police Locations: LIMA, Peru, Lima, Bengaluru

☆ Occidental Petroleum in talks to buy Permian producer CrownRock - WSJ
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 29 (Reuters) - Occidental Petroleum (OXY.N) is in talks to buy CrownRock in a deal that could value the company well above $10 billion including debt, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Occidental did not immediately respond to a Reuters' request for comment on Wednesday, while CrownRock could not be immediately reached. CrownRock owns approximately 86,000 net acres in the northern part of the Midland basin, which is part of the Permian in Texas. Reporting by Shivani Tanna in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Timothy Dunn, CrownRock, Shivani Tanna, Sherry Jacob, Phillips Organizations: Occidental Petroleum, New York Stock Exchange, REUTERS, Wall Street, Reuters, Occidental, CrownRock, Thomson Locations: New York, U.S, Texas, Midland, Bengaluru

Bret Taylor, formerly co-CEO of Salesforce, and Larry Summers, former U.S. Treasury Secretary, will join Quora CEO and current director Adam D'Angelo, OpenAI said. Altman said in a post on X, "i'm looking forward to returning to openai." In a statement on X, Microsoft CEO Satya Nadella welcomed the changes to OpenAI's board. In a post on X, Shear celebrated the late-night outcome Tuesday, which he said followed "~72 very intense hours of work." Following this show of solidarity, Altman wrote on X: "we have more unity and commitment and focus than ever before."

Persons: Sam Altman, Bret Taylor, Larry Summers, Adam D'Angelo, OpenAI, Altman, Satya Nadella, Altman's, OpenAI's, Emmett Shear, Sam Altman's, Susannah Streeter, Hargreaves Lansdown, Shear, Greg Brockman, Brockman, Jeffrey Dastin, Tanna, Bansari, Dhanya Ann Thoppil, Nivedita Bhattacharjee, Sam Holmes Organizations: Microsoft, U.S . Treasury, Quora, Hargreaves, Reuters, Thomson Locations: openai, San Francisco, Bengaluru

"i'm looking forward to returning to openai," Altman said in a post on the X social media platform late on Tuesday. Sam Altman attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. OpenAI's previous board consisted of Tasha McCauley, Helen Toner and OpenAI chief scientist Ilya Sutskever and Quora CEO D'Angelo, who is part of the revamped board. In a post on X on Tuesday, Shear said he worked "~72 very intense hours" to bring stability - and ultimately Altman - back to OpenAI. When he was out of a job, CEO Nadella said Altman could head a new research team alongside Brockman and other colleagues departing from OpenAI.

Persons: Bret Taylor, Brockman, FRANCISCO, Sam Altman, OpenAI, Larry Summers, Adam D'Angelo, D'Angelo, Altman, Danni Hewson, AJ Bell's, Satya Nadella, Kyle Rodda, Carlos Barria, Tasha McCauley, Helen Toner, Ilya Sutskever, Steve Jobs, Greg Brockman, Sunday Altman, Emmett Shear, Shear, Nadella, Jeffrey Dastin, Aditya Soni, Shivani Tanna, Bansari, Dhanya Ann Thoppil, Nivedita Bhattacharjee, Sam Holmes, Jane Merriman Organizations: U.S . Treasury, Microsoft, Economic Cooperation, REUTERS, Reuters, U.S, Thomson Locations: openai, U.S, OpenAI, Asia, San Francisco , California, Valley, San Francisco, Bengaluru

[1/2] Executives of Norwegian company Adevinta celebrate the firm’s first day of trading at the Oslo stock exchange, Norway April 10, 2019. The consortium, which include funds General Atlantic and TCV, have offered to pay Adevinta shareholders 115 crowns per share. The deal for Adevinta comes at a difficult time for dealmaking in Europe. It is part of a trend of transactions where private equity firms have weighed buying back public companies they previously owned or still own stakes in. Shareholders can receive cash, or a mix of cash and new shares in the emerging private entity.

Persons: Nerijus, Adevinta, Stefan Dziarski, Dipan Patel, Permira, Shivani Tanna, David Goodman, Marguerita Choy Organizations: Adevinta, REUTERS, Permira, Blackstone, eBay, Adevinta ASA, Atlantic, dealmaking, Thomson Locations: Oslo, Norway, Europe, Adevinta, Bengaluru

☆ Goldman Sachs veteran to become CEO of asset-management firm P10, Wall Street Journal reports
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +1 min

Oct 22 (Reuters) - Goldman Sachs veteran Luke Sarsfield is set to become chief executive of asset manager P10 (PX.N), the Wall Street Journal reported on Sunday. P10, which is a multi-asset class private market solutions provider in the alternative asset management industry, plans to announce the move on Monday, the report said citing people familiar with the matter. Sarsfield worked with Goldman Sachs for over 23 years, WSJ said. He was appointed as the global co-head of its $2.47 trillion asset-management business early last year. Reporting by Shivani Tanna in Bengaluru; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Luke Sarsfield, Sarsfield, Shivani Tanna, Josie Kao Organizations: Wall Street, Dallas, RCP Advisors, TrueBridge Capital Partners, Thomson Locations: Bengaluru

☆ SAP posts 16% jump in Q3 cloud business revenue
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

The logo of SAP is seen on their offices in Reston, Virginia, U.S., May 12, 2021. REUTERS/Andrew Kelly Acquire Licensing RightsOct 18 (Reuters) - Business software maker SAP's (SAPG.DE) cloud business revenue rose by 16% in the third quarter on the back of its application services and HANA software, the company said on Wednesday. For the full year, the company reaffirmed its cloud revenue outlook in the range of 14 billion-14.2 billion euros. "Our Q3 results demonstrate strong execution and the resilience of our business, including sustained cloud growth in spite of persisting macro headwinds," finance chief Dominik Asam said. U.S.-listed shares of the German software maker were up 2.9% after the bell.

Persons: Andrew Kelly, Dominik Asam, Kanjyik Ghosh, Shailesh Organizations: SAP, REUTERS, Thomson Locations: Reston , Virginia, U.S, Bengaluru

The UAW said that 8,700 union members at Ford's Kentucky truck plant went on strike after the union said the No. [1/4]United Auto Workers (UAW) members strike outside of Ford's Kentucky Truck Plant in Louisville, Kentucky, U.S. October 11, 2023. Even with Wednesday's walkout, only about 22% of the 150,000 UAW workers at the Detroit Three automakers are on strike. The walkout in Kentucky will put stress on Ford UAW members beyond the sprawling factory near Louisville. Workers at a dozen other Ford plants that supply engines, transmissions and other components to the plant could be furloughed.

Persons: Shawn Fain's, Fain, Ford, leadership's, UAW bargainers, Harley Shaiken, Shaiken, Wednesday's Ford, walkouts, David Shepardson, Joe White, Abhirup Roy, Heekyong Yang, Peter Henderson, Sayantani Ghosh, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit Three automakers, UAW, Ford, Duty, Lincoln Navigator, Ford Expedition, Kentucky, Detroit, Motors, Chrysler, Plant, Handout, Detroit Three, Ford UAW, Workers, University of California, GM, Stellantis, BlueOval SK, South Korea's SK, Thomson Locations: Ford's Kentucky, U.S, Kentucky, Arlington , Texas, Stellantis, Sterling Heights, Warren , Michigan, Detroit, Ford's, Louisville , Kentucky, Louisville, Berkeley, South, Tennessee, Washington, San Francisco, Bengaluru, Seoul

The UAW said that 8,700 union members at Ford's Kentucky Truck Plant went on strike after the union said the No. For the past four weeks, UAW President Shawn Fain ordered new walkouts on Fridays in video addresses. Wednesday's move came as Ford and UAW bargainers were working to resolve differences on retirement security and union representation of Ford's future battery plants, a Ford official said. The Ford official said Shawn Fain and other UAW officials called a meeting with Ford at 5:30 pm ET on Wednesday and demanded a new offer. Before Wednesday's Ford announcement the union had ordered walkouts at five assembly plants, including two Ford plants, at the three companies and 38 parts depots operated by GM and Stellantis.

Persons: Stellantis, Shawn Fain, Wednesday's, Fain, Ford, leadership's, Harley Shaiken, Shaiken, Wednesday's Ford, walkouts, David Shepardson, Chris Reese Organizations: United Auto Workers, Detroit Three automakers, UAW, Ford, General Motors, Chrysler, UAW bargainers, Kentucky, Detroit, University of California, GM, Stellantis, Thomson Locations: U.S, Berkeley, Washington, Bengaluru

☆ Ericsson books $3 bln impairment, says Q3 core profit fell 39%
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

A logo of Ericsson is seen outside the company's office in Kanata, Ontario, Canada April 17, 2023. REUTERS/Lars Hagberg/File Photo Acquire Licensing RightsSTOCKHOLM, Oct 11 (Reuters) - Ericsson (ERICb.ST) on Wednesday announced a 32 billion Swedish crown ($2.9 billion) impairment charge related to its acquisition last year of Vonage, and said core profits fell in the third quarter as demand tumbled in North America. "The impairment charge represents 50% of the total amount of goodwill and other intangible assets attributed to Vonage." Ericsson said a preliminary reading showed its operating profit before amortisation and restructuring and impairment charges fell 39% in the third quarter to 4.7 billion crowns. Ericsson's profits plunged also in the second quarter as a slowdown in consumer spending hit sales of telecommunications gear.

Persons: Lars Hagberg, Vonage, Ericsson, Anna Ringstrom, Shailesh Kuber, Leslie Adler, Terje Solsvik, Jonathan Oatis Organizations: Ericsson, REUTERS, Rights, Wednesday, Ericsson's, Networks, Thomson Locations: Kanata , Ontario, Canada, Rights STOCKHOLM, North America, Swedish, Stockholm, Bengaluru

☆ At Least 4 Killed, Nearly 100 Injured as Train Derails in India
▼ + stars: | 2023-10-11 | by ( Oct. | At P.M. | ) www.usnews.com time to read: 1 min

(Reuters) - At least four people were killed and nearly 100 injured as an express train derailed in the Indian state of Bihar on Wednesday, various media reports said. Some coaches of North-East Express train, which runs from Delhi to Assam derailed at the Raghunathpur railway station in Bihar's Buxar district around 4:05 p.m. GMT on Wednesday, the reports said. Due to the accident, movement on both up and down tracks have been disrupted, leading to diversion of several passenger and goods trains, reports added. (Reporting by Shivani Tanna in Bengaluru; Editing by Leslie Adler and Lisa Shumaker)

Persons: Shivani Tanna, Leslie Adler, Lisa Shumaker Organizations: Reuters, East Express Locations: Indian, Bihar, Delhi, Assam, Raghunathpur, Bihar's Buxar, Bengaluru

☆ Truist in talks to sell insurance business for $10 bln - Semafor
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +1 min

Oct 10 (Reuters) - Truist Financial (TFC.N) is in talks to sell its insurance brokerage unit to private equity firm Stone Point for about $10 billion, news website Semafor reported on Monday, citing people familiar with the matter. Stone Point bought a 20% stake in the unit, known as Truist Insurance Holdings, in April in a deal that valued the business at $14.75 billion. When the transaction was unveiled in February, before the industry turmoil, Truist said it would continue to own 80% of the unit. The talks with Stone Point are ongoing, according to the Semafor report, which added that a deal may hinge on Stone Point's ability to scrounge up enough debt. Truist Financial declined to comment on the Semafor report, while Truist Insurance and Stone Point did not immediately respond to Reuters requests for comment.

Persons: Semafor, Truist, Shivani Tanna, Niket, Maju Samuel, Shounak Organizations: Truist, Truist Insurance Holdings, Truist Insurance, Thomson Locations: U.S, dealmaking, Bengaluru

☆ UBS, Credit Suisse face wider US probe over Russia sanctions -Bloomberg News
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +3 min

Logos of Swiss banks UBS and Credit Suisse are seen on an office building in Zurich, Switzerland March 19, 2023. UBS declined to comment to Reuters when asked for a response to the Bloomberg News report, which said the alleged compliance failures related to UBS and Credit Suisse, which was taken over by its larger rival UBS (UBSG.S) earlier this year. A full-scale investigation by the Department of Justice focusing mainly on Credit Suisse and potential sanctions violations was now underway, added the Bloomberg report, citing people familiar with the matter. "Credit Suisse has conducted a review of these issues, the UK and French aspects of which have been closed, and is continuing to cooperate with the authorities," UBS added. The Swiss bank has also adjusted its valuation of Credit Suisse by $3 billion to cover outflows related to contingent liabilities such as law suits.

Persons: Denis Balibouse, JP Morgan, Shivani Tanna, John Revill, Krishna Chandra Eluri, Emelia, Jane Merriman, Alexander Smith Organizations: UBS, Credit Suisse, REUTERS, Rights, U.S . Department of Justice, Bloomberg, Department of Justice, Justice, United, European Union, Suisse, DOJ, Credit, Thomson Locations: Zurich, Switzerland, United Nations, United States, Switzerland's, Britain, Netherlands, France, Belgium, Swiss, Ukraine, Crimea, Bengaluru

☆ Tesla to face EU anti-subsidy probe over China exports- FT
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: 1 min

Tesla's Model 3 is displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowSept 26 (Reuters) - Tesla (TSLA.O) and European carmakers that export from China to the EU will be part of the bloc's probe into whether the country's electric vehicles industry is receiving unfair subsidies, the Financial Times reported on Tuesday, citing Brussels' most senior trade official. Reporting by Shivani Tanna in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Angelika Warmuth, Shivani Tanna, Shinjini Organizations: REUTERS, Financial Times, Thomson Locations: Munich, Germany, China, Brussels, Bengaluru

☆ India's Byju's to merge businesses, slash around 5,500 jobs – ET
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

People walk past an advertising hoarding of Byju's, an Education Technology company and one of India's biggest startup, outside one of its branch in New Delhi, India, June 23, 2023. REUTERS/Adnan Abidi/File Photo Acquire Licensing RightsSept 26 (Reuters) - Indian education firm Byju's plans to cut around 5,500 jobs to decrease costs amid a restructuring of its business, the Economic Times reported on Tuesday. The firm, valued at $22 billion last year, has experienced a series of business setbacks, including its auditor and board members quitting. In the last few months, it has also been negotiating the repayment of a $1.2 billion loan. (This story has been corrected to change Arjun Mohan's designation to say CEO of Byju's India business, not the company, in paragraph 2)Reporting by Shivani Tanna in Bengaluru; Editing by Pooja Desai私たちの行動規範：トムソン・ロイター「信頼の原則」

Persons: Adnan Abidi, Arjun Mohan, Byju's, Arjun, Shivani Tanna, Pooja Desai 私 Organizations: Education Technology, REUTERS, Economic Times Locations: New Delhi, India, Bengaluru

☆ DirecTV to temporarily restore Nexstar-owned stations
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: +1 min

A DirecTV satellite dish is seen on a residential home in Encinitas, California November 5, 2014. REUTERS/Mike Blake Acquire Licensing RightsSept 17 (Reuters) - DirecTV and Nexstar (NXST.O) have agreed to temporarily return the signals of the Nexstar-owned stations and national cable news network NewsNation to DirecTV, DirecTV Stream and U-verse, the companies said in a joint statement on Sunday. In July, satellite provider DirecTV removed TV station owner Nexstar's network and local community programming from its satellite, cable and streaming systems as they failed to reach a new distribution agreement. Nexstar, the largest local TV station owner in the U.S., had previously said that DirecTV rejected its offer to extend the current distribution agreement to Oct. 31, affecting its markets in Los Angeles, Chicago, Philadelphia, San Francisco and Denver. Reporting by Kanjyik Ghosh and Shivani Tanna in Bengaluru; Editing by Alex Richardson and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Kanjyik Ghosh, Alex Richardson, Jane Merriman Organizations: DirecTV, REUTERS, Nexstar, Thomson Locations: Encinitas , California, U.S, Los Angeles, Chicago, Philadelphia, San Francisco, Denver, Bengaluru

☆ Ferrari renews partnership with Puma
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: 1 min

Sept 17 (Reuters) - Italian sportscar maker Ferrari (RACE.MI) on Sunday said that its racing division has renewed a partnership with German sports goods maker Puma (PUMG.DE). Scuderia Ferrari has renewed its multi-year partnership with Puma, which will become its premium partner starting from next year, the company said, without mentioning the deal's value. "In the next years PUMA will also continue to be the licensing partner for Ferrari-branded products and the supplier of F1 team and race wear for Ferrari," it added. The renewal of the partnership reinforces collaboration between the two companies which started in 2005 when Puma agreed to provide Ferrari's Formula One team with sportswear, shoes and accessories. Reporting by Shivani Tanna in Bengaluru Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: PUMA, Shivani Tanna, Tomasz Janowski Organizations: Ferrari, Puma, Thomson Locations: Italian, Bengaluru

☆ Foxconn aims to double jobs, investment in India over next 12 months
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-A woman drives past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsSept 17 (Reuters) - Apple (AAPL.O) supplier Foxconn (2317.TW) aims to double its workforce and investment in India by next year, a company executive said on Sunday. Foxconn already has an iPhone factory in the state of Tamil Nadu, which employs 40,000 people. In August, the state of Karnataka said Foxconn will invest $600 million for two projects in the state to make casing components for iPhones and chip-making equipment. The company's Chairman Liu Young-way said in an earnings briefing last month that he sees a lot of potential in India, adding: "several billion dollars in investment is only a beginning".

Persons: Ann Wang, V Lee, Narendra Modi's, Foxconn, Liu Young, Shivani Tanna, Susan Fenton Organizations: REUTERS, Indian, Thomson Locations: Taipei, Taiwan, India, China, Tamil Nadu, Karnataka, Bengaluru

☆ India imposes anti-dumping duty on some Chinese steel for 5 years
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

China Daily via REUTERS Acquire Licensing RightsSept 11 (Reuters) - India on Monday imposed an anti-dumping duty on some Chinese steel for five years, according to a government notification. On Sept 4, India's steel secretary, Nagendra Nath Sinha, said New Delhi was monitoring the steel imports situation after the steel industry raised concerns over potential dumping by Chinese sellers. During April-July, China was the second biggest steel exporter to India, after South Korea, selling 0.6 million metric tons, up 62% from the same period a year earlier. In all, India imported 2 million metric tons of finished steel in the period, the highest since 2020 and up 23% from a year earlier. China, the world's top steel producer, exported mostly cold- rolled coil or sheets to India.

Persons: Nagendra Nath Sinha, Shivani Tanna, Mayank Bhardwaj, Chris Reese, Leslie Adler Organizations: REUTERS Acquire, Thomson Locations: Lianyungang, Jiangsu province, China, India, New Delhi, South Korea

☆ Teardown of Huawei's new phone shows China's chip breakthrough
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] A staff member introduces the new Huawei Mate 60 smartphone to customers at the Huawei flagship store in Shenzhen, Guangdong province, China August 30, 2023. Huawei's Mate 60 Pro is powered by a new Kirin 9000s chip that was made in China by Semiconductor Manufacturing International Corp (SMIC), TechInsights said in the report shared with Reuters on Monday. Huawei started selling its Mate 60 Pro phone last week. The specifications provided advertised its ability to make satellite calls, but offered no information on the power of the chipset inside. Buyers of the phone in China have been posting tear-down videos and sharing speed tests on social media that suggest the Mate 60 Pro is capable of download speeds exceeding those of top line 5G phones.

Persons: David Kirton, Huawei's, TechInsights, Gina Raimondo, Dan Hutcheson, " Raimondo, Shivani Tanna, Max A, Sandra Maler Cherney, Shilpi Majumdar Organizations: Huawei, REUTERS, Huawei Technologies, HK, Semiconductor Manufacturing International Corp, Reuters, Bloomberg News, SMIC, U.S . Commerce, Thomson Locations: Shenzhen, Guangdong province, China, Kirin, U.S, SMIC, Bengaluru, Max, San Francisco

☆ Alibaba's cloud division eyes state firms for up to $3 bln fundraising- Bloomberg News
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 4 (Reuters) - Alibaba Group Holding Ltd's (9988.HK) cloud division is weighing raising funds via a private round from Chinese state-owned enterprises ahead of the business' market debut in Hong Kong, Bloomberg News reported on Monday. The tech giant is working with advisers on a potential fundraise by its Cloud Intelligence unit that could mop up about 10-20 billion yuan ($1.38-$2.75 billion), the report said, citing people with knowledge of the matter. Earlier this year, Alibaba announced plans to restructure into six units following a two-year regulatory crackdown on China's tech sector. It approved a full spinoff of the Cloud Intelligence Group via a stock dividend distribution to shareholders, aiming to complete the public listing within the next 12 months.

Persons: Dado Ruvic, Alibaba, Shivani Tanna, Dhanya Ann Thoppil Organizations: REUTERS, Bloomberg, Cloud Intelligence, Cloud Intelligence Group, Ant, Thomson Locations: HK, Hong Kong, Alibaba, Bengaluru

Search resuls for: "Tanna"

25 mentions found