BUSINESS - Page 41

The U.S. Federal Reserve announced that 57 firms had been certified to utilize its “FedNow” instant payments system after it launched in late July. The Fed did not provide a specific date for the launch, but 41 banks and 15 service providers, including large firms like JPMorgan Chase (JPM.N), Bank of New York Mellon (BK.N), U.S. Bancorp (USB.N) and Wells Fargo (WFC.N), have completed formal testing and will be ready to provide instant payments after the new service is live.

The world’s largest contract electronics maker and assembler, Foxconn (2354. TW), has received approval from Vietnam to invest $246 million in two new projects in its northern province of Quang Ninh. The projects, by its unit Foxconn Singapore, will raise total investments by Foxconn in Vietnam to about $3 billion and will center on the manufacture and assembly of telecom and electric vehicle (EV) parts, the provincial government said. Of the new investment, $200 million will go into a factory

Goldman Sachs CEO David Solomon has expressed his support for India’s growth story, highlighting the country’s high growth trajectory. According to Solomon, India is predicted to grow 6-7 percent over the next three years. Solomon believes that people worldwide view India as an attractive investment destination because of its young population, vast consumer market, and ongoing reforms. However, he also recognizes the challenges associated with investing in India, including complex regulations and bureaucratic hurdles. Solomon is on his first trip

Surprisingly, sports merchandise giant Fanatics has upped the ante in pursuing PointsBet’s U.S. assets. With a substantial increase in its offer to a staggering $225 million, Fanatics aims to solidify its presence in the rapidly growing sports betting industry. This strategic move showcases the company’s ambitions to diversify its portfolio and capitalize on the flourishing American sports betting market. Let’s delve into the details of this intriguing development and explore the potential implications for both Fanatics and PointsBet. Known for

The Organization of the Petroleum Exporting Countries (OPEC) has released a significant projection regarding the future of global oil demand. According to their latest forecast, oil demand will reach 110 million barrels daily by 2045. This projection highlights the persistent role of oil in meeting the world’s energy needs and underscores the ongoing importance of the oil industry in driving economic growth and development. This article delves into OPEC’s outlook for oil demand, exploring the factors driving this growth, potential

The quality of new vehicles sold in the United States is declining as factors such as the growing use of technology and lower build quality of certain parts make the models more “problematic,” according to automotive consultant J.D. Power. The latest Initial Quality Study from J.D. Power, based on problems reported by owners during the first 90 days of ownership, found that overall vehicle quality declined for the second year due to more technology. It is the first time that

Boeing (BA.N) is making a big bet on India’s aviation sector. The aerospace giant says it will invest $100 million in infrastructure and programs to train pilots, addressing the country’s need for 31,000 new pilots over the next 20 years. The move underscores the company’s recognition of India’s growing role in the global aviation market, boosted by an expanding middle class and surging air travel demand. The investment includes funding for a maintenance, repair, and overhaul facility in Mumbai, a

Spirit AeroSystems will halt work at its plant in Wichita, Kansas, as the company’s workers vote to reject a proposed four-year deal and announce a strike to begin on June 24. The aircraft components maker is one of the most consequential suppliers for aerospace heavyweights Boeing (BA.N) and Airbus (AIR.PA), with the Wichita site making the entire fuselage of Boeing’s best-selling 737 MAX narrowbody jet and the forward section of most of its other aircraft, as well as thrust reversers

Chipmaker Intel Corp (INTC.O) said on Wednesday that its manufacturing business would work like a separate unit and begin to generate a margin. Still, it gave no clear timeline on when it will start scaling up, sending the company’s shares down about 5%. It also did not name a new external customer for the business as part of its foundry services, a key element of Intel’s turnaround plans wherein it will offer its manufacturing services to other companies, including its

The once-celebrated fugitive former Nissan chairman has hit back at his ex-employer with a massive lawsuit. The businessman is seeking compensation, accusing Nissan of defamation, slander, libel, and fabrication of material evidence. The suit was filed in Lebanon, where Ghosn has been based since fleeing Japan after his arrest on allegations of financial misconduct. He is demanding more than 5% of the company’s current market value in his bid for compensation, according to a report in the BBC. Ghosn’s legal