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India's fondness for gold has neither benefited its economy nor generated decent returns for investors, BlackRock Founder and Chairman Larry Fink said in his annual letter to shareholders of the world's largest asset manager. Nor has investing in gold helped the country's economy," Fink said. The country's central bank, the Reserve Bank of India, purchased 4.7 tons of gold in February, taking its gold reserves to an all-time high of 817 tons, according to data from World Gold Council. Kavita Chacko, research head of India at World Gold Council, however, said recent record highs in gold prices could hurt demand for the precious metal in India. Indians' love for gold aside, the country's stock markets have been one of the biggest gainers in the Asia-Pacific region with major institutional investors positive on Indian stocks that have hit record highs multiple times this year.
Persons: Larry Fink, " Fink, Fink, Kavita Chacko, Chacko, — CNBC's Lee Ying Shan Organizations: BlackRock, Reserve Bank of India, World Gold, World Gold Council Locations: India, American, Asia, Pacific
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow this startup uses AI and robots to paint buildingsWith just 20 employees and a fleet of remote-controlled robots, a startup called PaintJet has managed to cover more than 1.5 million square feet of building exteriors and ships in less than three years. The startup, based in Hendersonville, Tennessee, is the brainchild of CEO Nick Hegeman along with cofounders Steve Wasilowski and Sonia Chacko. PaintJet's early customers have included construction companies and real estate developers, and the startup aims to expand rapidly within exterior painting.
Persons: Nick Hegeman, Steve Wasilowski, Sonia Chacko Locations: Hendersonville , Tennessee
Hegeman tells CNBC, "With painting, the labor shortage hits you right in the face. It was not so much a challenge to sell and book work, but it was always a challenge to do the work. Instead of selling or renting its robots out to construction crews, the startup offers an end-to-end service and maintains control of the entire painting process. PaintJet can use any commercially available paint in its machines, but also makes and sells its own line of paints. Hegeman said the company is also developing capabilities to handle more tasks in construction and maintenance with robotics including pressure washing, caulking and sanding.
Persons: Nick Hegeman, Steve Wasilowski, Sonia Chacko, Hegeman, PaintJet, Ryan Gembala, It's Organizations: Hegeman, CNBC, SRI, Foreman Technologies, Dynamo Ventures Locations: Hendersonville , Tennessee, Nashville, Virginia, Metaprop, New York, Chattanooga, San Francisco
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