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New Delhi: After meeting Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> ahead of the <keyword id="21272963" type="General" weightage="100" keywordseo="semicon-india-2024" source="Orion">Semicon India 2024</keyword> Summit, <keyword id="20137945" type="General" weightage="20" keywordseo="sanjay-mehrotra" source="keywords">Sanjay Mehrotra</keyword>, CEO of Micron, appreciated PM Modi's vision of developing semiconductors in India and said policies set up by him to incentivise semiconductor manufacturing in India are also very exciting.<br /><br />"PM Modi's vision to develop semiconductors in India and make it self-reliant is very exciting. The policies set up by him to incentivise semiconductor manufacturing are equally exciting. This is the perfect time for India to develop semiconductors because opportunities will grow with AI. The best is yet to come," Mehrotra said ahead of SEMICON India 2024 Summit.<br /><br />PM Modi will inaugurate SEMICON India 2024 at India Expo Mart, Greater Noida, Uttar Pradesh, today.<br /><br />Earlier on Tuesday, PM Modi chaired Semiconductor Executives' Roundtable at his residence. During the meeting, the Prime Minister said that their ideas will not only shape their business but also India's future.<br /><br />Mentioning that the coming time will be technology-driven, Prime Minister said semiconductor is the basis of the Digital Age and the day is not far "when the semiconductor industry will be the bedrock for even our basic necessities".<br /><br />The Prime Minister emphasised that democracy and technology together can ensure the welfare of humanity and India is moving ahead on this path recognizing its global responsibility in the semiconductor sector.<br /><br />According to an official release, the Prime Minister talked about the pillars of development which include developing social, digital and physical infrastructure, giving boost to inclusive development, reducing compliance burden and attracting investment in manufacturing and innovations.<br /><br />The meeting was attended by CEOs, Heads and representatives of various organisations including SEMI, Micron, NXP, PSMC, IMEC, Renesas, TEPL, <keyword id="23116584" type="General" weightage="20" keywordseo="tokyo-electron-ltd" source="keywords">Tokyo Electron Ltd</keyword>, Tower, <keyword id="19920144" type="General" weightage="20" keywordseo="synopsys" source="keywords">Synopsys</keyword>, Cadence, Rapidus, Jacobs, JSR, Infineon, Advantest, Teradyne, Applied Materials, Lam Research, Merck, CG Power and Kaynes Technology. Also present in the meeting were Professors from Stanford University, University of California San Diego and IIT Bhubaneswar.<br /><br />SEMICON India 2024 is being organised from 11 to 13 September with the theme "Shaping the Semiconductor Future."<br /><br />The three-day conference will showcase India's semiconductor strategy and policy, which envisions making India a global hub for semiconductors.<br /><br />It will witness the participation of top leadership of global semiconductor giants and will bring together global leaders, companies, and experts of the semiconductor industry. The conference will witness participation of more than 250 exhibitors and 150 speakers. <br /><br />

Semicon India 2024: This is perfect time for India to develop semiconductors, says MICRON CEO Sanjay Mehrotra

Equity benchmark indices rebounded in early trade on Thursday after falling in the previous two trading days, helped by foreign fund inflows and a largely positive trend in global markets.<br /><br />The 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> climbed 550.73 points to 59,579.64. On similar lines, the broader NSE Nifty went higher by 156.1 points to 17,780.50.<br /><br />All the 30-share Sensex pack of firms were trading in the green in early trade, with Asian Paints, <keyword id="6355596" type="General" weightage="80" keywordseo="ultratech-cement" source="Orion">UltraTech Cement</keyword>, <keyword id="6354287" type="General" weightage="80" keywordseo="bharti-airtel" source="Orion">Bharti Airtel</keyword>, <keyword id="6653" type="General" weightage="80" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword>, Tech Mahindra, Infosys, Mahindra &amp; Mahindra and Bajaj Finance emerging as the biggest gainers.<br /><br />Elsewhere in Asia, markets in Seoul and Tokyo were trading in the green, while Shanghai and Hong Kong quoted lower in mid-session deals.<br /><br />The US markets had ended significantly higher on Wednesday.<br /><br />The 30-share <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword> benchmark declined 168.08 points or 0.28 per cent to settle at 59,028.91 on Wednesday. The Nifty dipped 31.20 points or 0.18 per cent to 17,624.40.<br /><br />Meanwhile, the international oil benchmark Brent crude climbed 1.05 per cent to USD 88.92 per barrel.<br /><br />Foreign institutional investors (FIIs) were net buyers as they bought shares worth Rs 758.37 crore on Wednesday, as per exchange data.<br /><br />"After two days of a steady fall, local equity benchmark indices are likely to see a firm opening, mirroring gains in US markets and subsequent upmove in other Asian peers," said Prashanth Tapse - Research Analyst, Senior VP (Research), <keyword id="5457637" type="General" weightage="80" keywordseo="mehta-equities-ltd" source="Orion">Mehta Equities Ltd</keyword> in his pre-market opening comment.<br /><br /><br /><strong>SEE ALSO :<br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indigo-shares-fall-over-4-as-co-founder-rakesh-gangwal-offloads-2000-cr-worth-stake/articleshow/94065345.cms">IndiGo shares fall over 4% as co-founder Rakesh Gangwal offloads ₹2,000 cr worth stake</a><br /><br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/cyrus-mistry-death-mercedes-sending-cars-electronic-control-module-to-germany-for-analysis-says-official/articleshow/94063831.cms"><strong>Cyrus Mistry death: Mercedes sending car's electronic control module to Germany for analysis, says official</strong></a><br />

Sensex, Nifty in the green as crude prices soften

<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="http://www.ciccaresedesign.com/">Federico Ciccarese</a></span></p><p class="caption">iWatch concept illustration</p></div><p></p></div></div>TAIPEI (Reuters) - <a class="cite">Taiwan</a>'s <a class="cite"><span class="highlight"><span class="highlight">Quanta</span></span> Computer</a> Inc will start mass production of Apple Inc's first smartwatch in July, according to a source familiar with the matter, as the tech giant tries to prove it can still innovate against rival Samsung Electronics Co Ltd.</p>
<p>The watch, which remains unnamed but which company followers have dubbed the iWatch, will be Apple's first foray into a niche product category that many remain skeptical about, especially as to whether it can drive profits amid cooling growth in tech gadgets.</p>
<p>Apple will introduce a smartwatch with a display that likely measures 2.5 inches diagonally and is slightly rectangular, one of the sources said. The source added that the watch face will protrude slightly from the band, creating an arched shape, and will feature a touch interface and wireless charging capabilities.</p>
<p>The source said Apple expects to ship 50 million units within the first year of the product's release, although these types of initial estimates can be subject to change. The watch is currently in trial production at <span class="highlight">Quanta</span>, which will be the main manufacturer, accounting for at least 70 percent of final assembly, the source said.</p>
<p>While the watch is widely expected, the start date of its mass production and the extent of <span class="highlight">Quanta</span>'s involvement were not known until now. Mass production will start in July and the commercial launch will come as early as October, according to the source and another person familiar with the matter.</p>
<p>A third source said LG Display Co Ltd is the exclusive supplier of the screen for the gadget's initial batch of production.</p>
<p>It also contains a sensor that monitors the user's pulse. Singapore-based imaging and sensor maker Heptagon is on the supplier list for the feature, two other sources said.</p>
<p>Apple declined to comment. <span class="highlight">Quanta</span>, LG Display and Heptagon also declined to comment.</p>
<p>(Reporting by Michael Gold; Additional reporting by Reiji Murai in TOKYO, Christina Farr in SAN FRANCISCO, Jeremy Wagstaff in SINGAPORE and Vincent Lee in SEOUL; Editing by Rachel Armstrong, Bernard Orr)</p>

The iWatch Will Have A 2.5-Inch Rectangular Screen, And It Will Be Out In October

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.apimages.com/OneUp.aspx?st=k&amp;kw=china%20general%20motors&amp;showact=results&amp;sort=relevance&amp;intv=None&amp;sh=10&amp;kwstyle=and&amp;adte=1349913567&amp;pagez=60&amp;cfasstyle=AND&amp;rids=d2c13a5c9de5da11af9f0014c2589dfb&amp;dbm=PY2002&amp;page=1&amp;xslt=1&amp;mediatype=Photo">AP Images</a></span></p></div><p></p></div></div>SHANGHAI (Reuters) - General Motors Co <GM.N> and its China joint venture partner will recall close to 1.5 million vehicles due to potential safety issues in one of the biggest recalls in the world's biggest autos market.</GM.N></p>
<p>Shanghai General Motors Co Ltd, GM's venture with SAIC Motor Corp &lt;600104.SS&gt;, will recall about 1.46 million Buick and Chevrolet models produced locally due to issues with a bracket that secures the fuel oil pump, the country's quality watchdog said on Friday.</p>
<p>Some of the recalled vehicles include the Chevy Sail which is exported to emerging markets, a Shanghai-basedGM official said.</p>
<p>Separately, the watchdog said Ford Motor Co's <F.N> joint venture with Chongqing Changan Automobile Co Ltd &lt;000625.SZ&gt; will recall close to 81,000 of its Kuga cars over a steering part.</F.N></p>
<p>U.S. carmakers in China have outpaced growth in the overall market, boosted by their popular product line-ups and partly as Japanese rivals were hit last year by anti-Japan protests following a territorial dispute between Beijing and Tokyo.</p>
<p>GM sold 2.89 million vehicles in China in January-November, up 11.4 percent from a year earlier, while Ford sold 840,975 vehicles, up 51 percent.</p>
<p>Last month, Volkswagen's <VOWG_p.DE> Chinese unit recalled 640,309 vehicles for checks that they were using mineral oil rather than synthetic oil to avoid gearbox-related electronic flaws. That was part of a broader global recall over a range of issues with several models. It also pulled 207,778 Tiguan compact sport-utility vehicles off the road due to a risk of a partial light malfunction.</VOWG_p.DE></p>
<p>GM makes vehicles in China in partnership with both FAW Group &lt;000800.SZ&gt; and SAIC. Ford has manufacturing and sales ventures in China with Changan Automobile and Jiangling Motors Corp &lt;000550.SZ&gt;.</p>
<p>(Reporting by Kazunori Takada; Additional reporting by Norihiko Shirouzu in BEIJING; Editing by Ian Geoghegan)</p>

GM To Recall 1.5 Million Cars In China

<p><div class="KonaFilter image-container float_right"><div class="image on-image"></div><p></p></div>When Asia plunged into crisis in 1997-98, and the IMF was forcing Western economic medicine down the throats of Asian governments, it was also assumed that the region's opaque and over-diversified business groups would be compelled to swallow the Anglo-Saxon model of capitalism.</p><p>Whether controlled by tycoons or the state, these outfits would become open, focused, responsive to investors and managed by professionals.</p><p>Today the idea that corporate Asia will converge with the West seems quite mad. About 70% of Asia's stockmarket value is represented by state-run firms or "business houses" - broad conglomerates that are usually family-controlled.</p><p>Asian firms pay out just a third of their profits in dividends and buy-backs, compared with three-quarters for European firms and 90% for American ones. In 2014 Apple spent more on repurchasing stock than the top 500 Asian firms combined. East of Suez lies a continent that the modern doctrine of shareholder value never conquered.</p><p>Indeed, to Anglo-Saxon types, corporate Asia often appears to be going back in time.</p><p>Consider China's supposed reforms of its state firms. In January CITIC, a conglomerate that thrived under Deng Xiaoping, sold stakes to CP Group, a Thai firm whose patriarch has Chinese roots, and Itochu, a Japanese trading house.</p><p>CP and Itochu were among the first foreign firms to invest in China, in the 1970s. The alliance's use of cross-shareholdings and the vagueness of its strategic goals were a flashback to a murkier era.</p><p>In September Sinopec, a Chinese energy giant, sold a $17.5 billion stake in its marketing arm to a consortium of state bodies, entrepreneurs and shell companies in tax havens. The deal epitomised the opacity at the heart of Chinese governance.</p><p>The subprime crash and other scandals have tarnished Anglo-Saxon capitalism's image.</p><p>Many of the West's rising tech stars have spurned its ideals. Alibaba, a Chinese e-commerce firm, has listed in America with a complex ownership structure that leaves investors all but powerless - inspired to do so by Silicon Valley's young moguls as well as Asia's older ones.</p><p>India's biggest private conglomerates are still sticking fingers in every nook of the economy, as they did decades ago. Reliance Industries recently bought a broadcaster, giving it even more political clout. Tata Sons, which has strong corporate governance but sloppy capital allocation, is starting two airlines (its first was nationalised in 1953).</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>South Korea's business houses, the chaebol, also seem at times to be reverting to old ways. Hyundai, a carmaker, has infuriated some investors by spending $10 billion on land in Seoul's posh Gangnam district for a new headquarters. The daughter of the tycoon who runs Korean Air was sentenced to jail last month after humiliating a flight attendant who served her nuts incorrectly.</p><p>For Koreans the episode showed the abiding sense of entitlement of the chaebol's founding families. A recent survey by CLSA, a stockbroker, concludes that firms' governance in Asia - judged by measures such as board independence - has slipped since 2012.</p><p>Perhaps Asia just has its own way of doing business.</p><p>Scholars have long debated whether weak legal systems and capital markets lead Asian firms to diversify and rely on political and familial networks. To its detractors this habit breeds cronyism. Fans say it allows long-term decision-making.</p><p>But both sides probably now agree that "Asian" corporate values will only grow more powerful, as the continent's economic weight in the world rises.</p><p>In fact this view is as complacent as the belief that Asia will mimic the West. Strong long-term forces will push Asia's firms to change, as has just been illustrated by Li Ka-shing, the continent's second-richest man.</p><p>In January he announced an unscrambling of his empire of interlocking property, retail and telecoms assets. That helps with succession, making it easier for his children to exert control - Mr Li is 86. It makes institutional investors happy - the group's value has since risen by $12 billion.</p><p>And it helps marshal capital so that the group's main businesses can gain scale. This week Mr Li closed a deal to buy O2, one of Britain's largest mobile-phone operators, for $15 billion.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><h3>The rigours of mortality</h3><p>These three forces - mortality, the need to please shareholders and the drive to achieve global scale - will lead other firms to reform.</p><p>Hong Kong's richest five tycoons have an average age of 82. In South Korea Samsung and Hyundai are trying to reshuffle their holding chains in preparation for a new generation to take over.</p><p>To do so they need to win over their outside investors. After its Gangnam-style fiasco Hyundai launched a share buy-back. Both chaebol have faced shareholder rebellions and been forced to sweeten or abandon restructuring plans.</p><p>As patriarchs get older, institutional investors will gain more clout, especially as more Asians save for retirement. Already, global funds such as BlackRock are many firms' biggest outside investors.</p><p>This month South Korea's state pension fund opposed the election of two directors of Hyundai companies. Japan's state pension fund is pushing firms to boost their profits.</p><p>On March 13th Fanuc, a secretive Japanese robot-maker, said it would create an investor-relations department and consider paying more dividends. It has been a target of Third Point, an activist fund.</p><p>Globalisation does not affect every industry - property, the bedrock of many Asian fortunes, is a parochial affair. But firms active in sectors that are open to foreign competition will need to concentrate their firepower to gain economies of scale, rather than follow the old way of sprawling diversification.</p><p>Two of Asia's most valuable firms are focused multinationals - AIA, an insurer, and TSMC, a Taiwanese chipmaker. More will follow.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>The result of all this could be a rising cohort of Asian firms like Mr Li's - with families (or the state) still exerting some control, but with accountability to other investors and an emphasis on global scale.</p><p>The view that Asian firms would converge with an Anglo-Saxon ideal was mad. But so is the idea that they will stand still.</p><p>Click <a href="https://subscriptions.economist.com/nwcd">here</a> to subscribe to The Economist</p><p><div class="KonaFilter image-container nc_pixel"><div class="image"></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/smartphone-impact-brain-body-sleep-2015-2">This is what happens to your brain and body when you check your phone before bed</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="BvMjVqcjoHdZBG6tTpXy8UkhB5_46U_c" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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Semicon India 2024: This is perfect time for India to develop semiconductors, says MICRON CEO Sanjay Mehrotra

ANI

Sensex, Nifty in the green as crude prices soften

PTI

The iWatch Will Have A 2.5-Inch Rectangular Screen, And It Will Be Out In October

Michael Gold, Reuters

GM To Recall 1.5 Million Cars In China

Reuters

'Asian' corporate values are making a comeback

The Economist

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