Yen slips as Japan's Q1 growth stalls, US dollar gains

The Japanese yen weakened near 144.91 per dollar on Tuesday after revised data showed Japans economy flatlined in Q1, improving from an earlier 0.2 percent contraction but slowing sharply from Q4s 0.6 percent growth. Bank of Japan Governor Kazuo Ueda told parliament that the central bank is ready to raise interest rates again if inflation stabilizes near 2 percent. Meanwhile, the US dollar strengthened on growing optimism around US-China trade talks, which reduced safe-haven demand. Officials met in London to discuss rare earth shipments and easing of export curbs, with further talks expected on Tuesday.

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Business Standard

2 hours ago

• Business Standard

Vanguard group buys 1.1% stake in Vishal Mega Mart for Rs 655 crore

US-based Vanguard Group on Friday bought a 1.1 per cent stake in supermarket chain Vishal Mega Mart for Rs 655 crore through open market transactions. Following the stake buy, shares of Vishal Mega Mart rose 2.12 per cent to close at Rs 128.80 apiece on the National Stock Exchange (NSE). Investment management company Vanguard Group, through its affiliates, purchased more than 5.04 crore equity shares in two tranches, representing a 1.1 per cent stake in Gurugram-based Vishal Mega Mart, as per bulk deal data on the NSE. The shares were acquired at an average price of Rs 129.74 apiece, taking the combined deal value to Rs 655.16 crore. Details of the sellers of Vishal Mega Mart's shares could not be ascertained on the NSE. On Tuesday, Samayat Services LLP, one of the promoter entities of Vishal Mega Mart, divested a 19.6 per cent stake in the company for Rs 10,220.40 crore. Samayat Services LLP is a special-purpose vehicle owned by private equity firm Kedaara Capital and Switzerland-based Partners Group. In a separate bulk deal on the NSE, Mumbai-based Hill Fort Capital divested nearly a 1 per cent stake in Westlife Foodworld, owner-operator of McDonald's restaurants across West and South India, for Rs 104 crore through an open market transaction. As per the data, Hill Fort Capital through its arm Hill Fort India Fund LP sold 15 lakh shares of Westlife Foodworld at an average price of Rs 696.55 per share. This took the deal value to Rs 104.54 crore. Meanwhile, HDFC Mutual Fund bought 14.30 lakh shares or 0.92 per cent stake in Westlife Foodworld for Rs 99.65 crore. Details of the other buyers of Westlife Foodworld's shares could not be identified on the exchange. On Friday, the scrip of Westlife Foodworld went up 0.54 per cent to settle at Rs 700 apiece on the NSE. In another transaction on the NSE, Franklin Templeton Mutual Fund purchased 20.37 lakh shares or 0.66 per cent stake in India Cements, an UltraTech Cement company, for Rs 63.19 crore. According to the data, the shares were acquired at an average price of Rs 310.17 apiece. Details of the sellers of the India Cements' shares could not be ascertained on the bourse. The scrip of the India Cements dipped 2.38 per cent to end at Rs 312 apiece on the NSE. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

India Today

2 hours ago

• India Today

Foxconn to build Nvidia AI servers using humanoid robots from next year: Report

Foxconn and Nvidia are reportedly planning to use humanoid robots to build Nvidia's next-generation AI servers at a new Foxconn facility in Houston, according to a Reuters report. This would mark the first time an Nvidia product is manufactured with the help of humanoid robots, and it could also be a first for Foxconn's AI server production lines. The use of robots on this scale signals a major shift in how factories might function in the near future, especially as more companies invest in automation and robotics to boost efficiency and reduce dependency on human labour for repetitive per sources, Foxconn and Nvidia are still finalising the deployment, which is expected to take shape in the coming months. If everything goes to plan, the humanoid robots will be introduced in the first quarter of 2026, when the Houston plant is scheduled to begin producing Nvidia's upcoming GB300 AI not yet confirmed how many robots will be deployed or what exact roles they'll perform. However, a company presentation from May suggests Foxconn has been training humanoid robots to do tasks like picking and placing objects, inserting cables, and handling basic assembly work — all of which are crucial functions on a server production line. Foxconn is reportedly working on its own humanoid robots in collaboration with Nvidia and has also tested models from China-based UBTech. That said, it's still unclear which specific type of robot will be used at the Houston site. One advantage the new factory has is space — being a fresh facility, it offers more room for robotic integration compared to Foxconn's older manufacturing Foxconn nor Nvidia have commented on the matter so far. The sources cited in the report declined to be named as they are not authorised to speak to the an event in Taipei last month, Leo Guo, general manager of the robotics division at Foxconn Industrial Internet, shared that the company plans to unveil two types of humanoid robots at its annual tech event in November. One version will feature robotic legs, while the other will have a wheeled base, which is expected to be more meanwhile, has been investing heavily in AI infrastructure. Back in April, the company revealed plans to set up supercomputer manufacturing plants in Texas, partnering with Foxconn in Houston and Wistron in Dallas. These facilities are expected to begin ramping up production in about 12 to 15 Nvidia, this move further cements its role in the robotics space. Apart from using humanoid robots, the company also provides platforms that robot makers can build on. Earlier this year, Nvidia CEO Jensen Huang predicted that humanoid robots would become common in factories within five other companies are exploring similar paths. Car manufacturers like Mercedes-Benz and BMW have already experimented with humanoid robots on their production lines. Tesla is working on its own robot, while China has been actively supporting robotics development in hopes of automating large portions of factory work.

Time of India

2 hours ago

• Time of India

Elon Musk's Tesla to build China's biggest ever battery power plant

Representative Image Tesla has signed its inaugural agreement to construct a grid-scale battery power plant in China, a report claims. This move comes amidst ongoing trade tensions between the US and China. The Elon Musk-led electric vehicle maker took to the Chinese social media platform Weibo to announce that this project, upon completion, will be the largest of its kind in China. The deal, valued at 4 billion yuan ($556 million), was signed by Tesla, the Shanghai local government and financing firm China Kangfu International Leasing , a report by the news agency Reuters noted, citing Chinese media outlet Yicai. Utility-scale battery energy storage systems are crucial for maintaining balance within electricity grids, especially as intermittent renewable energy sources like solar and wind become more prevalent. What Tesla said about building the biggest ever battery power plant in China Tesla announced that its Shanghai battery factory produced over 100 Megapacks in the first quarter of this year. Each Megapack is capable of delivering up to 1 megawatt of power for four hours, making it suitable for utility-scale energy storage. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Urologists: Men With ED - Try This Tonight Health Paradise Learn More Undo In the Weibo post, Tesla wrote (translated from Chinese): 'The grid-side energy storage power station is a 'smart regulator' for urban electricity, which can flexibly adjust grid resources.' Tesla added that this would 'effectively solve the pressure of urban power supply and ensure the safe, stable and efficient electricity demand of the city.' It also noted that, 'after completion, this project is expected to become the largest grid-side energy storage project in China.' The company's website states that each Megapack is priced at just under $1 million in the US, though pricing details for China have not been disclosed. According to the Reuters report, the deal is a major step for Tesla as it faces competition from Chinese battery giants CATL and BYD, with CATL holding around 40% of the global market. CATL is also expected to supply components for Tesla's Megapacks. The agreement with a local Chinese authority is especially notable amid ongoing US-China trade tensions and past political ties between Elon Musk and former US President Donald Trump. China's demand for large-scale battery storage is growing rapidly, with a target to add nearly 5 gigawatts by 2025, the Reuters report adds. Tesla is also exporting Megapacks from its Shanghai plant to Europe and Asia to meet rising global demand. In 2023, global battery energy storage capacity rose by 42 gigawatts, which is almost double the growth seen in the previous year, according to the IEA. AI Masterclass for Students. Upskill Young Ones Today!– Join Now