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Indian companies invest CAD $6.6 billion, create nearly 17,000 jobs in Canada: Report
Livemint
·
1y ago
Medial
Indian companies have invested CAD $6.6 billion and created around 17,000 jobs in Canada, as revealed in a report by the Confederation of Indian Industry (CII), the Canada-India Business Council (CIBC), and the High Commission of India in Canada. The report, titled "From India to Canada: Economic Impact and Engagement," highlights the contributions of Indian companies to Canada's economy through investments, job creation, research funding, and corporate social responsibility initiatives. All the surveyed Indian companies plan to increase their investments in Canada over the next five years, indicating the potential for further economic cooperation between the two countries.
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Taiwanese chip-making giant TSMC gets $6.6 billion for Arizona project
Livemint
·
1y ago
Medial
Taiwan Semiconductor Manufacturing (TSMC) will receive up to $6.6 billion in government funding for its factory complex in Arizona. In addition, TSMC plans to invest over $65 billion and expand the manufacturing complex to include a third chip factory, which will produce cutting-edge 2-nanometer chips. This initiative is part of a broader goal to bring chip-making back to the US and improve national security. The project is projected to create over 20,000 construction jobs and 6,000 permanent jobs. TSMC's investment in Arizona is seen as a strategic move to diversify its production footprint beyond Taiwan.
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Indian gaming likely to hit $7.5 billion, create 250,000 jobs by 2025: Meta executive
Economic Times
·
1y ago
Medial
According to Facebook's Meta, the Indian gaming sector is expected to reach a value of nearly $7.5 billion and create 250,000 jobs by 2025. Meta's vice president for India, Sandhya Devanathan, highlighted the significant role gaming will play in India's digital economy, which is predicted to contribute a trillion dollars to the country's goal of becoming an $8 trillion economy. The report released by Meta also revealed that India has approximately 146 million real money gaming (RMG) players and 202 million non-RMG casual gamers, with a large percentage residing outside major cities.
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US to award TSMC $6.6B in grants, $5B in loans to step up chip manufacturing in Arizona
TechCrunch
·
1y ago
Medial
The U.S. Commerce Department has agreed to provide Taiwan Semiconductor Manufacturing (TSMC) with $6.6 billion in funding to establish semiconductor factories in Arizona. The funds come as part of the CHIPS Act, which aims to enhance domestic chip research and production in the U.S. amidst geopolitical tensions with China. TSMC's investment of over $65 billion will create thousands of high-tech jobs and boost chip manufacturing in the U.S. Intel and Samsung are also set to receive significant funding under the same initiative for their semiconductor facilities.
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Canada print media to get two-thirds of Google’s payment to news outlets
Economic Times
·
1y ago
Medial
Canada's print media will receive nearly two-thirds of the annual CAD 100 million (USD 75 million) payment from Google to the country's news outlets under a "historic" agreement. The payout is part of the Online News Act, aiming to support Canada's struggling news sector. Most of the funds will go to print media as it is heavily dependent on online platforms for content distribution. The agreement comes into force on Tuesday, while Meta (Facebook's parent company) opposes the legislation and continues to block news content on Facebook and Instagram in Canada.
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TSMC wins $6.6 billion US subsidy for Arizona chip production
Economic Times
·
1y ago
Medial
The U.S. Commerce Department will provide a $6.6 billion subsidy to Taiwan Semiconductor Manufacturing Co's (TSMC) U.S. unit for semiconductor production in Arizona, along with $5 billion in government loans. TSMC has expanded its investment to $65 billion and plans to produce advanced 2 nanometer technology at its second Arizona fab. The investment is the largest foreign direct investment in a new project in U.S. history. The projects are expected to create 6,000 jobs and TSMC's three fabs will manufacture leading-edge chips in smartphones, autonomous vehicles, and AI servers. TSMC aims for a 90% water recycling rate at its Arizona factories.
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What is Stargate, a $500-bn venture of OpenAI, SoftBank & Oracle?
Inshorts
·
6m ago
Medial
US President Donald Trump on Tuesday announced a joint venture between ChatGPT-maker OpenAI, Japanese firm SoftBank and cloud giant Oracle that'll invest in building US' AI capabilities. The alliance, called Stargate, will invest $500 billion at least over the next four years. The project aims to support the "re-industrialisation of US" and create hundreds of thousands of jobs, OpenAI said.
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AI could create 78 million more jobs than it eliminates by 2030—report
Arstechnica
·
6m ago
Medial
A World Economic Forum report suggests AI could create 170 million jobs while eliminating 92 million by 2030, resulting in a net gain of 78 million jobs. Although 40% of companies plan workforce reductions due to automation, half intend to hire AI-skilled talent. Certain job roles, like postal service clerks and graphic designers, may decline, but human-machine collaboration is expected to increase. Companies will focus on retraining workers to adapt to AI systems.
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Indian Soonicorns Have Created 1.26 Lakh Jobs To Date
Inc42
·
1y ago
Medial
According to a recent report by Inc42, Indian soonicorns (startups valued at over $1 billion but not yet IPOed) based in Bengaluru, Mumbai, and Delhi NCR have created nearly 90% of employment opportunities. These soonicorns, which have raised more than $15 billion and have a cumulative valuation of over $40 billion, have created more than 126,000 jobs to date. Fintech soonicorns have emerged as the biggest employment providers, followed by ecommerce and enterprise tech sectors. Despite the challenges faced by Indian startups over the past two years, the number of unicorns in India is expected to rise to over 280 by 2030, led by fintech, ecommerce, and enterprise tech soonicorns.
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45 companies buy back Rs 48,000-cr shares in one year
Money Control
·
1y ago
Medial
Indian companies have been active in the buyback market, with 45 firms buying back shares worth INR 47,932.27 crore ($6.7bn) over the past year, according to data from Prime Database. Tata Consultancy Services spent roughly INR 17,000 crore on buybacks in the final quarter of 2022, while Wipro and Larsen & Toubro bought back INR 12,000 crore and INR 10,000 crore-worth of shares respectively. Of the 45 companies, nearly half have seen their stock prices rise above the buyback price, while others, including Tips Industries, Symphony and Aarti Drugs, are trading below that level.
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92% of Indian SaaS startups adopt AI over the past year: Bessemer report
Economic Times
·
1y ago
Medial
According to a report by Bessemer Venture Partners, nearly 92% of SaaS startups in India have integrated artificial intelligence (AI) features into their products in the past year. These AI technologies, including machine learning and natural language processing, enhance the intuitiveness and automation capabilities of software. The report also predicts that Indian SaaS companies will generate $20-25 billion in revenue by 2030. Cybersecurity has become increasingly important in the sector as well, with domestic consumption of cyber software and services reaching $6 billion in 2023.
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