 "Top headlines: Foxconn in talks for $200 mn plant in TN, Fed hikes rates")
Foxconn unit in talks for $200 mn components plant in Tamil Nadu: Reports
A Foxconn subsidiary is in talks with India's Tamil Nadu state to invest up to $200 million to build a new plant for electronic components in the southern region, two sources with direct knowledge told Reuters on Wednesday, Brand Cheng, CEO of Foxconn Industrial Internet (FII), and other company representatives last week met Tamil Nadu officials including its chief minister to discuss investments in the state, the government said in a statement after the meeting, without elaborating. Read more
Fed hikes rates to highest level in 16 years at 5.25%-5.5% citing inflation
The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, citing still elevated inflation as a rationale for what is now the highest U.S. central bank policy rate in 16 years. The rate hike, the Fed's 11th in its last 12 meetings, set the benchmark overnight interest rate in the 5.25%-5.50% range, and the accompanying policy statement left the door open to another increase. Read more
For edtech firm Byju's chaotic situation, are only founders to be blamed?
After Prosus, the Netherlands-based institutional investor, came out with a statement about why its representative had to step down from the board of India’s largest edtech firm Byju’s, social media has been buzzing with comments. Many believed that the end of Byju’s is near, while others said it was karma. However, many raised questions about the sudden spurt of ethical and fiduciary responsibility being shown by Byju’s investor Prosus and Peak XV Partners (earlier known as Sequoia Capital) Read more
Uncertainty in battery cells biz demands realistic incentives from govt
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Battery is a key product without which no country can unleash an electric vehicle (EV) revolution — including India that has ambitious goals. That is why China lords over the EV market, accounting for 64 per cent of global sales last year. And that is possible because it also has a stranglehold in battery cell manufacturing with a 77 per cent share of global capacity. It also controls the battery components business. Read more
BlackRock to enter India's asset management sector with Jio Financial JV
BlackRock, the world’s largest asset manager, has joined forces with Mukesh Ambani-led Jio Financial Services (JFS) for a foray into India’s asset management space. The move will mark the US-based investment manager’s re-entry into the domestic market. It will also provide the recently hived off arm of Reliance Industries a solid foundation for its financial services ambitions. Read more