Industrial News

MUMBAI, India and WILMINGTON, Mass., Sept. 18, 2024 /PRNewswire/ -- Tata Group, a global enterprise headquartered in India, and Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced a strategic alliance to explore potential cooperative manufacturing opportunities. MoU signing ceremony as Tata and Analog Devices announce a strategic alliance to explore joint opportunities for the semiconductor ecosystem in India. Tata Electronics, Tata Motors, and Tejas Networks signed a Memorandum of Understanding (MoU) with ADI to enhance strategic and business cooperation, explore opportunities for semiconductor manufacturing in India, and use ADI's products in Tata applications like electric vehicles and network infrastructure. The companies also agree to have strategic [...]

This story appears in the August 2024 issue of Forbes Asia.  Ramon Ang’s food and beverage conglomerate San Miguel has loaded up on debt and is remaking itself into an infrastructure giant. The opening photo on the website of San Miguel, best known for its eponymous 134-year-old beer brand, isn’t that of its brewery but of a 39-kilometer elevated expressway connecting Metro Manila with nearby provinces to its north and south. That pictorially depicts the biggest stakes for the storied conglomerate today. Under chairman Ramon Ang, the company has repositioned itself as a nation builder with an ambitious push into infrastructure, winning bids for [...]

Malaysia is racing to become a global tech hub. It is competing with regional rivals such as Singapore, Vietnam and Thailand in attracting investments from big tech companies. The Malaysian states of Penang, Selangor and Johor are leading the charge. Penang wants to tap into the front end chip manufacturing supply chain, which involves wafer fabrication, advanced testing and packaging. Selangor is positioning itself as a potential powerhouse in the global integrated circuit design industry. Meanwhile, the southern state of Johor is now the largest data centre market in Malaysia, driven by a boom in investments by multinational corporations with [...]

Over the course of less than two years, the once-darling of the industry was forced to fire workers to cut costs, restate earnings and default on a credit agreement. In 2024, the firm replaced its chief executive officer, restructured its operations and lost its accountant. Industry headwinds added to the woes: High interest rates and subsidy changes in California — the US sector’s biggest market — have been a drag for solar firms that expected big growth from President Joe Biden’s signature climate law of 2022. SunPower said in court papers that it’s carrying about $2 billion in long-term debt [...]

Infineon Technologies (IFXGn.DE) has announced significant restructuring after a challenging Q3, missing revenue and profit expectations. The German chipmaker will cut 1,400 jobs and relocate another 1,400 positions to lower-cost countries. CEO Jochen Hanebeck cited slow market recovery and high inventory levels as key issues. For Q3, Infineon reported €3.702 billion in revenue, below the €3.8 billion forecast and down 9% YoY. Net profit was €403 million, missing the €447 million consensus. Consequently, the company downgraded its annual revenue forecast to ~€15 billion, its third revision this year. Despite these setbacks, Infineon's segment result, a preferred profitability measure, exceeded expectations [...]

Ayala Corp. and Japan’s biggest bank MUFG invest in Mynt, GCash parent company. Globe Fintech Innovations, Inc. (“Mynt”), the parent company of the Philippines’ number one finance super app and largest digital cashless ecosystem, GCash, has successfully secured fresh strategic investments from Ayala Corporation (“Ayala”), one of the largest and most enduring conglomerates in the Philippines, and Mitsubishi UFJ Financial Group (“MUFG”), Japan’s largest banking group and one of the largest financial institutions globally. This latest deal pushed Mynt’s valuation to $5 billion, more than doubling its $2 billion valuation from the last funding round in 2021. As of 2023, [...]

Intel plans to lay off more than 15% of its workforce by the end of the year, the company announced today, meaning roughly 15,000 employees or more (potentially up to 17,475 based on recent Intel headcount numbers of 116,500) — a vast restructuring that comes amid troubling financial results this quarter. The layoffs rank among the most severe in Intel's 56-year history. The news came during an earnings call for the semiconductor giant, which also announced that it has encountered yield issues with its Meteor Lake processors, problems that negatively impacted the bottom line. The company lost $1.6 billion in [...]

THE FIVE-HECTARE Austrian-American largest tennis ball manufacturing hub, Head Sports Philippines Inc., soon to rise in Anflo Industrial Estates in Panabo, aims to generate a thousand job opportunities in Davao del Norte. During a business forum on July 19, Ricardo Lagdameo, Damosa Land Inc.’s president and industrial park developer, said 40% of the world’s demand for tennis balls will be supplied by the hub. “They are finishing up their facility, which should be done in about 1-2 months, I think they’ll be producing by I hope this year or earlier part of next year,” Lagdameo said. Lagdameo noted that once [...]

MANILA, Philippines— The government and private sector rolled out a new system to facilitate duty-free and tax-free temporary admission of nonperishable goods used for exhibits and professional activities to other countries, with the understanding that these goods will be returned to the Philippines. The Bureau of Customs (BOC) and the Philippine Chamber of Commerce and Industry (PCCI) on Monday launched ATA Carnet, also known as “passport for goods,” which streamlines the clearance for goods and eliminates the need for bonds as a guarantee that the goods will return to the country. It thus seeks to allow businesses and professionals to [...]

The Ayala Group, led by bilyonaryo Jaime Augusto Zobel de Ayala, is shaking up the top management of its electronics subsidiary, Integrated Micro-Electronics Inc. (IMI). Starting next month, IMI Chief Commercial Officer (CCO) Mary Ann S. Natividad will transition to the role of advisor to the CEO and chairman, Alberto M. de Larrazabal, as part of the company’s “management reorganization.” Natividad, 57, has been CCO since 2020 and previously served as Global Head of Sales. IMI also approved the “discontinuance of employment” of its technology business head Nicholas John Davey, a British national, and chief procurement officer Ernest Ang, a [...]