Discover the top business headlines that are trending across the world today!
Nvidia reached a record high on Monday, moving closer to potentially surpassing Apple as the world’s most valuable company. The AI chipmaker's stock rose by 2.4%, closing at $138.07, driven by increasing investor confidence in the demand for its next-generation processors. This latest surge lifted Nvidia’s market value to $3.39 trillion, just below Apple’s $3.52 trillion and ahead of Microsoft’s $3.12 trillion. As a major force in the artificial intelligence boom, Nvidia has thrived amid competition from tech giants like Alphabet, Microsoft, and Amazon, all vying for dominance in the rapidly evolving AI sector. TD Cowen analysts noted that these companies are caught in a “Prisoner's Dilemma,” where continuous heavy investments in AI are necessary to avoid falling behind. While Nvidia's impressive growth has supported the broader market, some investors remain cautious, concerned that enthusiasm for AI might fade if there are signs of reduced spending on the technology. For now, however, Nvidia remains a leader in the AI revolution, steadily closing in on the top spot in global market value.
India will need more than $1 trillion (Rs 84 lakh crore) over the next 30 years to transition its coal mining and thermal power sectors, according to a report published on Tuesday.
The report, from the think tank International Forum for Environment, Sustainability and Technology (iForest), highlights that these investments are necessary to facilitate a seamless shift from coal to renewable energy. This will help minimise disruption to current infrastructure and employment while ensuring continued energy access, security, and fostering green jobs and economic growth in coal-dependent areas. The investments account for the closure of coal mines with a combined production capacity of 1,315 million tonnes per annum (MTPA) and the gradual phase-out of 237.2 gigawatts (GW) of coal-based power capacity.
Additionally, the costs include rehabilitating and repurposing 343,504 hectares of coal mining land, green repowering of 124,789 hectares at thermal power plant sites, and transition support for roughly 5.9 million workers whose livelihoods are directly or indirectly tied to these industries.
The Tata Group is gearing up to expand the fleet of its budget airline, Air India Express, by transferring all-economy aircraft from its full-service carriers, Air India and Vistara. This strategic move is aimed at enhancing competition with IndiGo, the dominant player in India's aviation market.
According to sources cited by the Economic Times, the initial phase will see the transfer of 17 Airbus A320 Neo planes from Air India to Air India Express. Additionally, 10 of Vistara's all-economy A320 Neo aircraft will join Air India Express once the merger of Vistara and Air India is complete. The entire process is projected to be finalized by mid-2025.
Air India Express is expected to undergo substantial capacity growth, adding 17 planes from Air India and 15 Boeing 737 Max jets from its own order by mid-2024. Over the past 10 months, the airline has already incorporated 26 new Boeing 737-8 aircraft into its fleet.
The Tata Group is currently restructuring its aviation operations, consolidating four airlines into two main entities: Air India, which will focus on premium services, and Air India Express, catering to the low-cost segment. An insider explained, "The group aims to clearly define its brand positions. These all-economy planes are better suited for Air India Express, which will target the no-frills market."
Tata Group plans to generate 500,000 manufacturing jobs over the next five years in areas such as semiconductors, electric vehicles (EVs), batteries, and associated sectors, according to Chairman N Chandrasekaran. Speaking at a symposium hosted by the Indian Foundation for Quality Management, he underscored the pivotal role manufacturing will play in India’s aspiration to become a developed nation.
Chandrasekaran stressed that India’s vision of a "Viksit Bharat" (Developed India) hinges on significant job creation within the manufacturing sector. With approximately one million individuals joining the workforce every month, he emphasized the critical need for robust employment growth in manufacturing to sustain the country’s development.
He highlighted key initiatives, including Tata Group’s upcoming semiconductor plant in Assam, alongside plans for other EV and battery manufacturing units. While some project details are still being finalized, Chandrasekaran indicated that these investments are expected to have a ripple effect, generating numerous employment opportunities. Additionally, the manufacturing landscape could see the rise of 500,000 small and medium enterprises (SMEs) as a result.
