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Mar 27, 2025Manufacturing Net
ELLABELL, Ga. (AP) — Hyundai celebrated the opening of its new $7.6 billion electric vehicle factory in Georgia on Wednesday by announcing plans to expand its production capacity by two-thirds to a total of 500,000 vehicles per year.
The news came as President Donald Trump announced 25% tariffs on auto imports at the White House. Hyundai will be spared from those tariffs on its U.S.-made vehicles. Trump praised the South Korean automaker on Monday, saying its American investments are "a clear demonstration that tariffs very strongly work."
Hyundai began producing EVs just shy of six months ago at its sprawling manufacturing plant in southeast Georgia. More than 1,200 people are working there.
With employees in blue shirts filling bleachers behind him Wednesday, Hyundai Motor Group Executive Chairman Euisun Chung said the company plans to increase the plant's capacity from 300,000 vehicles per year to 500,000. He said it shows Hyundai has come to Georgia "to stay, to invest and to grow."
"Standing here today, I can say I have never been more confident about building the future of mobility with America, in America," Chung said.
Hyundai Motor Company CEO Jose Munoz said the Georgia expansion was "like building a new plant."
"This plant couldn't come at a better time than now," Munoz told reporters, "because definitely all the cars that we would produce here are going to be exempted from any tariffs."
Hyundai employees worked the assembly line Wednesday alongside hundreds of robots that stamp sheets of steel into fenders and door panels, weld and paint auto bodies and even park finished vehicles awaiting their final inspections.
The plant that sprawls across 3,000 acres churns out a finished vehicle about once a minute. Its 1,200 workers are currently producing two electric SUV models — the Ioniq 5 and the larger Ioniq 9 set for release this spring. Hyundai also plans for the plant to make hybrids, which Munoz predicted will eventually make up one-third of the vehicles produced there.
The newly announced Georgia expansion is part of $21 billion in U.S. investments over the next three years that Hyundai announced at the White House with Trump on Monday. They also include a $5.8 billion steel mill in Louisiana to produce auto parts for Hyundai's assembly plants in Georgia and Alabama.
Chung told Trump at the White House: "We are really proud to stand with you and proud to build the future together."
Before the expansion was announced, Hyundai said it planned to employ 8,500 total workers at the Bryan County site, about 50 miles (80 kilometers) west of Savannah. Two partners making batteries at the site are expected to add another 3,500 workers.
Hyundai hasn't said how many additional workers would be needed to increase capacity by 200,000 vehicles per year.
During the first half of 2024, the Ioniq 5 was America's second-best-selling electric vehicle not made by industry leader Tesla.
Hyundai took less than two years to start making EVs in Georgia after breaking ground in the fall of 2022. It was the largest economic development project the state had ever seen, and it came with a whopping $2.1 billion in tax breaks and other incentives from the state and local governments.
EVs accounted for 8.1% of new vehicle sales in the U.S. last year, up from 7.9% in 2023, according to Motorintelligence.com.
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Stellantis Ceo Targets Us Turnaround As Carmaker Faces $1.7 Billion Hit From Tariffs This YearStellantis hopes to counteract some of the expected 1.5 billion-euro ($1.7 billion) cost of tariffs this year by boosting North American profitability with new model launches like the discontinued Jeep Cherokee, the carmaker’s new CEO said on Tuesday.
The world’s fourth-largest carmaker, created 4 1/2 years ago from the merger of Fiat Chrysler and PSA Peugeot, is in talks with U.S. officials on how to mitigate the impact of tariffs, in particular on cars produced in neighboring Canada and Mexico.
CEO Antonio Filosa said that Stellantis supports U.S. President Donald Trump’s strategy to boost the creation of jobs and U.S. auto production “using also tariffs as a tool,’’ Filosa said.
Filosa, who was confirmed as chief executive last month, said that he’s pushing to have the tariff regime factor in the high level of U.S. components used in its cars made in Canada and Mexico.
Of the 16 million cars Stellantis produces for sale in the U.S. market, 8 million are made in domestic plants, and another 4 million in Canada and Mexico — all with a large number of U.S. components. Another 4 million are imported from Europe and Asia, with virtually no U.S. components.
In pursuit of a U.S. turnaround, Filosa is relaunching in the second half of 2025 models that previous management nixed two years ago: a new Jeep Cherokee for the largest-selling U.S. segment and the popular ICE Dodge Charger.
Earlier this year, Stellantis also relaunched the Ram Hemi V8 because of dealer and customer demand in what Filosa called “a quick, smart, impactful corrective action.”
The Jeep Cherokee will be produced in Mexico, and Filosa said that they are working on reducing production costs, “so we can totally offset the tariffs effect.’’
Stellantis has already absorbed 300 million euros ($350 million) of the 2025 tariff impact during the first half of the year, as the carmaker posted losses of 2.3 billion euros (nearly $2.7 billion). During the period, U.S. shipments were down by nearly a quarter as the carmaker reduced the importation vehicles produced abroad.
The maker of Jeep, Chrysler, Fiat and Peugeot cars reported that net profits plummeted from 5.6 billion euros ($6.5 billion) in the same period last year as it burned 3.3 billion euros in cash for the cancellation of a hydrogen fuel cell project, changes in the fine regime for U.S. carbon emission regulations, and write-downs on platform investments.
Stellantis said that it expected net revenues to increase over the next six months compared with the first half, when they dropped 13% to 74.3 billion euros ($85.7 billion). The carmaker also said that cash flow would improve.
Filosa said the new executive team “will continue to make the tough decisions needed to reestablish profitable growth and significantly improve results.”
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30 July 20253 min readStellantis Ceo Targets Us Turnaround As Carmaker Faces $1.7 Billion Hit From Tariffs This Year
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30 July 2025
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Amazon Breaks Ground On Massive 930,000 Square Foot Facility In Port Of Little Rock, ArkansasAmazon has officially broken ground on a cutting-edge logistics facility at the Port of Little Rock, marking a significant step forward in the company’s expansion across Arkansas. Covering more than 930,000 square feet, the sprawling facility is expected to create over 1,000 full- and part-time jobs. From boosting local employment to strengthening supply chain operations, this project underscores Amazon’s confidence in Arkansas’ logistics infrastructure and its skilled workforce. With operations projected to streamline delivery and inventory systems across the region, the facility is poised to become a central hub in Amazon’s broader national network.
The roots of this development trace back to 2017, following the city’s bold “Love Little Rock” campaign, a spirited bid for Amazon’s second headquarters. While Little Rock did not make the final HQ2 cut, the campaign left a lasting impression. City leaders remained hopeful, nurturing the relationship with Amazon over the years through strategic outreach and development efforts. That patience has now paid off. Already home to Amazon delivery stations in cities like Hot Springs, Texarkana, Lowell, and Fort Smith, Arkansas has clearly become a key player in the company’s long-term logistics strategy.
More Amazon to Invest $20B in Expansion of its Data Centers and AI Infrastructure in Pennsylvania
Amazon executives and government officials alike have praised the strategic value of the Little Rock facility. Andrea Fava, Vice President of U.S. Public Policy at Amazon, explained that the center will play a vital role in processing inventory before it is routed to fulfillment centers. Governor Sarah Sanders highlighted the site’s unique logistical advantages, with access to river, rail, road, and runway routes. Pulaski County Judge Barry Hyde also emphasized the area’s growing economic momentum, noting the region’s consistent success over the past decade. Clearly, this project not only reflects Amazon’s operational priorities but also promises to energize the state’s economy.
Also Read Massive Bellefield 1 Completed: 1 GW of Clean Power for Amazon and California
Looking ahead, the facility is scheduled to become fully operational by 2027, with more than 1,000 high-quality jobs offering starting wages above $22 per hour and average compensation exceeding $29 per hour with benefits. Excitingly, a neighboring “super-site” is also being considered, reinforcing long-term investment in the region.
Here’s an interesting detail: the land sold to Amazon, a 107-acre plot, was originally part of the Port’s long-term strategic reserve. This marks Amazon’s fifth major investment in Central Arkansas since 2017. In total, the tech giant has injected more than $2.6 billion into the state’s economy, generating an estimated 6,500 indirect jobs. What started as a hopeful campaign has blossomed into a transformative chapter for Little Rock and beyond.
Location: Port of Little Rock, Arkansas.
Size: Over 930,000 square feet.
Jobs Created: More than 1,000 full- and part-time positions.
Start of Construction: Official groundbreaking took place in July 2025.
Expected Completion: Facility scheduled to be fully operational by 2027.
Purpose: Logistics hub to process inventory before distribution to fulfillment centers.
Strategic Benefits: Access to river, rail, road, and runway for efficient shipping.
Economic Impact: Supports Amazon’s $2.6B+ investment in Arkansas and 6,500 indirect jobs.
Historical Background: Inspired by the city’s 2017 “Love Little Rock” HQ2 campaign.
Future Expansion: Plans underway for a neighboring “super-site” across the street.
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30 July 20253 min readAmazon Breaks Ground On Massive 930,000 Square Foot Facility In Port Of Little Rock, Arkansas
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30 July 2025
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Stellantis Faces $1.7 Billion Hit From U.S. Tariffs This YearMILAN (AP) — Stellantis has forecast that U.S. tariffs would cost it 1.5 billion euros ($1.7 billion) this year, five times the hit taken in the first six months of the year when the carmaker tallied losses of 2.3 billion euros ($2.65 billion).
The maker of Jeep, Chrysler, Fiat and Peugeot cars said Tuesday that net profits plummeted from 5.6 billion euros ($6.5 billion) in the same period last year as it burned 3.3 billion euros ($3.8 billion) in cash for the cancellation of a hydrogen fuel cell project, changes in the fine regime for U.S. carbon emission regulations, and write-downs on platform investments.
U.S. President Donald Trump’s tariffs cost the company 300 million euros ($346 million) in the first six months of the year, Stellantis said. During the period, U.S. shipments were down by nearly a quarter as the carmaker reduced the importation vehicles produced abroad.
Stellantis said it expected net revenues to increase over the next six months compared with the first half, when they dropped 13% to 74.3 billion euros ($85.7 billion). The carmaker also said cash flow would improve.
Incoming CEO Antonio Filosa, who was confirmed in the role last month, said the new executive team “will continue to make the tough decisions needed to re-establish profitable growth and significantly improve results.’’
“My first weeks as CEO have reconfirmed my strong conviction that we will fix what’s wrong with Stellantis,’’ Filosa said in a statement.
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29 July 20252 min readStellantis Faces $1.7 Billion Hit From U.S. Tariffs This Year
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29 July 2025
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Japan'S $550B Deal Could Fund Taiwanese Chip Plants In UsaAccording to Japan's chief trade negotiator Ryosei Akazawa, the $550 billion investment agreement from this week's US tariff deal could support a Taiwanese company constructing semiconductor factories in the US. Japan consented to the comprehensive US-focused investment program, encompassing equity, loans, and guarantees, in return for reduced tariffs on its exports to the US.
"Japan, the United States, and like-minded countries are working together to build supply chains in sectors critical to economic security," Akazawa told public broadcaster NHK.
He stated that projects qualifying for funding through the package are not restricted to companies from the U.S. or Japan. "For example, if a Taiwanese chipmaker builds a plant in the U.S. and uses Japanese components or tailors its products to meet Japanese needs, that's fine too,” he said, without specifying companies.
The U.S. heavily depends on Taiwan’s TSMC for cutting-edge chip production, leading to economic security worries because of its closeness to China.
Also Read: Japan eyes bigger role in Gujarat's semiconductor, EV push
In March, TSMC revealed intentions for a $100 billion investment in the U.S. alongside President Donald Trump at the White House, in addition to a $65 billion commitment for three facilities in Arizona, with one already operating.
Japan will utilize the state-owned Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI) for these investments. A recent law revision has allowed JBIC to fund foreign firms considered essential to Japan's supply chains.
Akazawa informed NHK that equity investments would represent only around 1-2% of the $550 billion, indicating that the majority will be provided as loans and guarantees. When inquired about the White House assertion that the U.S. would keep 90% of the profits from the package, he specified that this percentage pertains solely to equity investment returns, which would constitute a minor part of the overall total.
Although Japan initially aimed to obtain 50% of the returns, any loss from the profit-sharing concession would be minimal when compared to the approximately 10 trillion yen ($67.72 billion) in tariff expenses that might be prevented through the agreement, he stated. He stated that Japan plans to allocate the $550 billion investments throughout Trump's current term.
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29 July 20252 min readJapan'S $550B Deal Could Fund Taiwanese Chip Plants In Usa
Asia Manufacturing Review
29 July 2025
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370-Million Mile Hail Mary Saves Camera Aboard Nasa’S Jupiter OrbiterThe Southwest Research Institute-led mission team of NASA’s Jupiter-orbiting Juno spacecraft executed a deep-space move in December 2023 to repair its JunoCam imager to capture photos of the Jovian moon Io. Results from the long-distance save were presented during a technical session on Wednesday, July 16, at the Institute of Electrical and Electronics Engineers Nuclear & Space Radiation Effects Conference in Nashville.
JunoCam is a color, visible-light camera. It was included on the spacecraft to engage the public with a citizen science program, but its images have led the way to several important scientific discoveries as well. The optical unit for the camera is located outside a titanium-walled radiation vault, which protects sensitive electronic components for many of Juno’s engineering and science instruments.
This is a challenging location because Juno’s travels carry it through the most intense planetary radiation fields in the solar system. While mission designers were confident JunoCam could operate through the first eight orbits of Jupiter, no one knew how far the instrument would last after that.
Throughout Juno’s first 34 orbits (its prime mission), JunoCam operated near flawlessly, returning images that the team routinely incorporated into Juno’s science papers. Then, during its 47th orbit, the imager began showing hints of radiation damage. By orbit 56, nearly all the images were corrupted.
While the team knew the issue may be tied to radiation, pinpointing what, specifically, was damaged within JunoCam was difficult from hundreds of millions of miles away. Clues pointed to a damaged voltage regulator that is vital to JunoCam’s power supply. With few options for recovery, the team turned to a process called annealing, where a material is heated for a specified period before slowly cooling. Although the process is not well understood, the idea is that the heating can reduce defects in the material.
JunoCam imaging engineer Jacob Schaffner of Malin Space Science Systems said, “The Juno team knew annealing can sometimes alter a material like silicon at a microscopic level but didn’t know if this would fix the damage. We commanded JunoCam’s one heater to raise the camera’s temperature to 77 degrees Fahrenheit (25 degrees Celsius) — much warmer than typical for JunoCam — and waited with bated breath to see the results.”
Soon after the annealing process finished, JunoCam began cranking out crisp images for the next several orbits. But Juno was flying deeper and deeper into the heart of Jupiter’s radiation fields with each pass. By orbit 55, the imagery had again begun showing problems.
JunoCam instrument lead Michael Ravine of Malin Space Science Systems said, “After orbit 55, our images were full of streaks and noise. We tried different schemes for processing the images to improve the quality, but nothing worked. With the close encounter of Io bearing down on us in a few weeks, it was Hail Mary time: The only thing left we hadn’t tried was to crank JunoCam’s heater all the way up and see if more extreme annealing would save us.”
Test images sent back to Earth during the annealing showed little improvement the first week. Then, with the close approach of Io only days away, the images began to improve dramatically. By the time Juno came within 930 miles (1,500 kilometers) of the volcanic moon’s surface on Dec. 30, 2023, the images were almost as good as the day the camera launched, capturing detailed views of Io’s north polar region that revealed mountain blocks covered in sulfur dioxide frosts rising sharply from the plains and previously uncharted volcanos with extensive flow fields of lava.
To date, the solar-powered spacecraft has orbited Jupiter 74 times. Recently, the image noise returned during Juno’s 74th orbit. The team plans to continue experimenting with annealing with the hope that the camera will again provide quality images.
Since first experimenting with JunoCam, the Juno team has applied derivations of this annealing technique on several Juno instruments and engineering subsystems. The lessons learned are exceeding the mission’s expectations.
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24 July 20254 min read370-Million Mile Hail Mary Saves Camera Aboard Nasa’S Jupiter Orbiter
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24 July 2025
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Clorox Comes Clean About $380 Million Ransomware NightmareEditor's Note: This story has been updated with a statement from Cognizant.
In 2024, IBM identified the manufacturing sector as the industry most attacked by cyber criminals for the third straight year – which is why we see even the biggest brands being impacted by the work of hackers.
Bleach maker Clorox is coming clean about the details surrounding a recent ransomware attack but the fingerpointing extends past the gang of perpetrators and all the way to the company’s IT provider.
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And Clorox believes that the IT firm's faults in this situation were so egregious that it has filed a lawsuit.
The suit points to a 2023 incident in which hackers from the group Scattered Spider targeted several firms.
According to Reuters, Scattered Spider is particularly adept at “tricking IT help desks into handing over credentials and then using that access to lock them up for ransom” – which is exactly what Clorox says happened in its case.
In fact, Clorox’s lawsuit claims suggest it was almost… easy.
The company alleges that one of the group’s hackers was able to repeatedly steal employees' passwords simply by calling the IT desk with its service provider - Cognizant - and simply asking for credentials. And while the hackers were posing as Clorox employees, Clorox alleges the service desk didn’t ask for verification details of any kind.
Reuters reviewed the lawsuit documents, which included call transcripts and other details showing just how basic the scheme was. According to the suit, "Cognizant was not duped by any elaborate ploy or sophisticated hacking techniques … Cognizant handed the credentials right over."
Clorox said that the hack resulted in $380 million in damages, a large chunk of which came from the company’s inability to ship its goods in the immediate aftermath of the attack.
Cognizant issued the following statement to Industrial Equipment News (IEN) regarding the incident:
"It is shocking that a corporation the size of Clorox had such an inept internal cybersecurity system to mitigate this attack. Clorox has tried to blame us for these failures, but the reality is that Clorox hired Cognizant for a narrow scope of help desk services which Cognizant reasonably performed. Cognizant did not manage cybersecurity for Clorox."
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WEBVTT
X-TIMESTAMP-MAP=LOCAL:00:00:00.000,MPEGTS:0
00:00.009 --> 00:05.519
In 2024, IBM identified the manufacturing
sector as the industry most attacked by
00:05.519 --> 00:10.319
cybercriminals for the third straight year,
which is why we see even the biggest brands
00:10.319 --> 00:15.000
being impacted by the work of hackers.
Bleach maker Clorox is coming clean about the
00:15.000 --> 00:19.959
details surrounding a recent ransomware attack,
but the finger pointing extends past the gang
00:19.959 --> 00:23.510
of perpetrators and all the way to the
company's IT provider,
00:23.719 --> 00:28.287
and Clorox believes that the IT firm's
faults in this situation were so egregious that
00:28.287 --> 00:30.037
it has filed a lawsuit.
00:30.326 --> 00:35.117
The suit points to a 2023 incident in which
hackers from the group Scattered Spider
00:35.367 --> 00:37.806
targeted several firms.
According to Reuters,
00:37.926 --> 00:42.687
Scattered Spider is particularly adept at
tricking IT help desks into handing over
00:42.687 --> 00:45.876
credentials and then using that access to lock
them up for ransom,
00:46.126 --> 00:49.326
which is exactly what Clorox says happened in
its case.
00:49.606 --> 00:54.083
In fact, Clorox's lawsuit
claims suggest it was almost easy.
00:54.293 --> 00:59.094
The company alleges that one of the group's
hackers was able to repeatedly steal employees'
00:59.094 --> 01:02.923
passwords simply by calling the IT desk with
its service provider,
01:03.094 --> 01:08.094
Cognizant, and simply asking for credentials.
And while the hackers were posing as Clorox
01:08.094 --> 01:13.753
employees, Clorox alleges the service desk
didn't ask for verification details of any kind.
01:14.013 --> 01:18.541
Reuters reviewed the lawsuit documents, which
included transcripts and other details showing
01:18.541 --> 01:20.011
just how basic the scheme was.
01:20.221 --> 01:25.710
According to the suit, Cognizant was not duped
by any elaborate ploy or sophisticated hacking
01:25.710 --> 01:29.051
techniques.
Cognizant handed the credentials right over.
01:29.221 --> 01:33.621
Clorox said that the hack resulted in $380
million in damages,
01:33.740 --> 01:38.380
a large chunk of which came from the company's
inability to ship its goods in the immediate
01:38.380 --> 01:40.070
aftermath of the attack.
01:40.380 --> 01:42.100
I'm Anna Wells.
This is Manufacturing Now.
Manufacturing Net
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23 July 20254 min readClorox Comes Clean About $380 Million Ransomware Nightmare
Manufacturing Net
23 July 2025
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Kazakhstan Launches $26.7 Billion Push To Boost Industrial GrowthKazakhstan is implementing 17 initiatives aimed at high-value-added production, with a combined investment of 14.3 trillion tenge (US$26.7 billion), anticipated to create more than 24,600 jobs, Prime Minister Olzhas Bektenov stated on July 20, as reported by Kazinform. When fully operational, they are expected to boost exports by six trillion tenge (US$11.2 billion) and cut imports by 1.5 trillion tenge (US$2.8 billion) each year.
The nation has established 16 special economic zones and 55 industrial zones to support industrial enterprises, resulting in the production of over 15 trillion tenge (US$28 billion) in goods and the creation of more than 48,600 jobs. A differentiated strategy implemented in 2024 connects the amount of investment to the level of benefits provided: the greater the investment, the more significant the benefits.
KAZ Minerals Smelting and Mineral Product International will channel raw materials that were once exported (copper concentrate, coal, semi-coke, quartzite) toward local processing. At the same time, KIA Qazaqstan and Astana Motors Manufacturing Kazakhstan are developing supply chains for their new vehicle production facilities.
Included in the projects are the Tengri Tyres tire factory, inaugurated in Saran in July 2024; the Kazakhstan Mobility Engineering multimedia systems plant opened in Almaty in October 2024; the Almaty Autoparts Production seat manufacturing facility, expected to commence in 2025; Vector Pavlodar, a production unit for cast aluminum wheels; and Qarmet, which will manufacture automotive steel.
Bektenov pointed out that manufacturing production has grown by 7.9 trillion tenge (US$14.7 billion) since 2021, while exports of processed products have surged by 45.1% to reach $28.8 billion.
Also Read: Uzbekistan, Azerbaijan Sign Deals to Boost Industrial Ties
Between 2023 and 2032, initiatives are underway to upgrade assets, enhance digital operations, perform research and development activities, and establish advanced manufacturing capabilities.
A gas chemical complex has been launched that produces 500,000 tons of polypropylene each year, leading to a drop in imports from 25,000 tons in 2022 to 7,000 tons in 2024. Currently, twelve types of polypropylene are manufactured locally, with five of them having been entirely imported before. Exports have expanded to Türkiye, China, Russia, and the European Union.
Current initiatives encompass the establishment of production facilities for butadiene and its derivatives, polyethylene, polyethylene terephthalate, and terephthalic acid, laying the groundwork for an advanced chemical industry in Kazakhstan.
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23 July 20252 min readKazakhstan Launches $26.7 Billion Push To Boost Industrial Growth
Asia Manufacturing Review
23 July 2025
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Taiwan Rolls Out Ai Strategy To Drive $510 Billion EconomyTaiwan intends to initiate its "Ten Major AI Infrastructure Projects" initiative, with the goal of producing over T$15 trillion ($510 billion) in economic value by 2040 as it seeks to establish itself as a worldwide leader in artificial intelligence.
In a Facebook post on Tuesday, Premier Cho Jung-tai stated that Taiwan intends to utilize its information and communications technology (ICT) industry and top-tier semiconductor manufacturing abilities to establish itself as a global AI influencer and a "smart technology island."
As part of the initiative, Taiwan has recognized three essential technologies as key priorities: silicon photonics, quantum technology, and AI robotics. Silicon photonics is a field that Taiwan's TSMC, the biggest contract chip manufacturer globally, and numerous other companies in the sector are vigorously advancing.
The government intends to establish Taiwan as an international leader in silicon photonics by aligning the industry with upcoming AI development requirements. Taiwan aims to establish itself as a major center for AI robotics by leveraging its hardware and ICT supply chains.
Also Read: Saudi, Indonesia Sign $27B Deals in Energy, Defence, Technology
Industry associations, including one headed by Foxconn Chairman Young Liu, have endorsed the initiative by establishing the Taiwan AI Robotics Industry Grand Alliance on Tuesday to promote the domestic advancement of AI robotics and associated ecosystems. Taiwan is set to create a quantum technology industrial chain.
The 10 initiatives also encompass the creation of AI - the capability to develop and manage local AI technologies – as well as computing frameworks, attempts to distribute AI development evenly across various areas of the island, and the implementation of AI in numerous sectors.
The government urges an increase in AI innovation investment, targeting over T$100 billion ($3.08 billion) in venture capital funding, to establish itself as a global center for AI talent and investment. The project aims to generate 500,000 jobs and set up three research laboratories of international standards. Reuters
Asia Manufacturing Review
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23 July 20252 min readTaiwan Rolls Out Ai Strategy To Drive $510 Billion Economy
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23 July 2025
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Hewlett Packard Owed Nearly $1 Billion From Late Tech Tycoon'S Estate, Court SaysLONDON (AP) — Hewlett Packard is owed more than 700 million pounds ($943 million) from British tech tycoon Mike Lynch's estate and his former finance director after they lost a fraud case involving Lynch's software company, a U.K. High Court judge ruled on Tuesday.
The court's decision comes nearly a year after Lynch was killed when his superyacht sank off Sicily, where he had gathered with friends and family to celebrate his acquittal months earlier in a separate U.S. criminal trial.
The U.S. tech company, now known as Hewlett-Packard Enterprise, had accused Lynch of fraud and conspiracy after it bought Lynch's company, Autonomy Corp., for $11 billion.
HPE also took Lynch to court in the U.K., seeking up to $4 billion in damages in a civil case. The High Court had ruled mostly in HPE's favor in 2022, but the judge had said that the amount awarded would be "substantially less" than the company was seeking.
Judge Robert Hildyard was originally due to issue a draft ruling in September but delayed it after Lynch's yacht, the Bayesian, sank in the storm off Sicily on Aug. 19. Lynch and his daughter were among seven people who died while 15 others survived, including the captain and most of the crew.
In a written judgment, Hildyard expressed his "sympathy and deepest condolences" to Lynch's wife and family.
Hildyard said HPE suffered a loss of 646 million pounds based on the difference between Autonomy's purchase price and what it would have paid had Autonomy's "true financial position been correctly presented."
HPE is also owed 51.7 million pounds for "personal claims related to deceit and/or misrepresentation" against Lynch and Sushovan Hussain, the finance director, and $47.5 million for other losses.
Hussain was convicted in a 2018 U.S. trial of wire fraud and other crimes related to Autonomy's sale, and sentenced to five years in prison.
"We are pleased that this decision brings us a step closer to the resolution of this dispute," HPE said in a statement. "We look forward to the further hearing at which the final amount of HPE's damages will be determined."
A hearing to deal with interest, currency conversion and whether Lynch's estate can appeal is set for November.
In a statement written before his death and issued posthumously, Lynch said the ruling shows that HP's original claim "was not just a wild overstatement - misleading shareholders - but it was off the mark by 80%."
"This result exposes HP's failure and makes clear that the immense damage to Autonomy was down to HP's own errors and actions," he said.
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22 July 20253 min readHewlett Packard Owed Nearly $1 Billion From Late Tech Tycoon'S Estate, Court Says
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22 July 2025
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Stellantis Warns Of $2.7 Billion LossStellantis, the maker of Jeep and Ram vehicles, says its preliminary estimates show a 2.3 billion euros ($2.68 billion) net loss in the first half of the year due to U.S. tariffs and some hefty charges.
The automaker anticipates an impact of about 300 million euros for net tariffs incurred, and also expects planned production losses related to implementing its response plan.
Stellantis also expects approximately 3.3 billion euros ($3.84 billion) of pre-tax net charges mostly related to program cancellation costs and platform impairments, restructuring and the net impact of recent legislation eliminating the CAFE penalty rate. Automakers have been penalized if the average fuel economy of their annual fleet of vehicle production exceeds a certain level.
Two months ago Stellantis named Antonio Filosa as its new chief executive officer. He replaced Carlos Tavares, who resigned under pressure last year.
Stellantis, which was created from the 2021 merger of France's PSA Peugeot with Italian-U.S. carmaker Fiat Chrysler Automobiles, is the world's fourth-largest car manufacturer. It is based in the Netherlands.
The automaker provided preliminary financial figures on Monday in the absence of financial guidance, which it suspended in April.
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21 July 20251 min readStellantis Warns Of $2.7 Billion Loss
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21 July 2025
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Siemens Among Companies Pledging To Invest $700 Billion In Germany Over Next 3 YearsBERLIN (AP) — A group of dozens of companies pledged Monday to invest at least 631 billion euros ($733 billion) in Germany over the next three years, sending a signal of confidence in Europe's biggest economy as the new government tries to breathe new life into it.
The economy has shrunk for the past two years and is expected to stagnate this year. Chancellor Friedrich Merz's administration has made revitalizing it a top priority since it took office May 6.
It has launched a program to encourage investment and set up a 500 billion euro fund to pour money into Germany's creaking infrastructure over the next 12 years. It is promising to cut red tape and speed up the country's lagging digitization.
On Monday, Merz welcomed representatives of an initiative titled "Made for Germany" to the chancellery to send a signal of confidence from and to private investors. The group currently includes 61 companies from across the economy, among them industrial conglomerate Siemens and financial giant Deutsche Bank.
"The investments by the initiative are a very powerful signal that we are now experiencing a shift in sentiment and consolidating it," Merz said. "The message ... is very clear: Germany is back. It's worth investing in Germany again. We are not a location of the past, but a location of the present and above all the future."
He stressed that private investment is crucial to encouraging growth.
The overall figure pledged Monday includes at least some already planned investments. Merz said the plans include investments in new facilities and in modernizing infrastructure, in research and development.
Deutsche Bank CEO Christian Sewing praised the new government as being "determined to end the reform backlog that has slowed us down for too long." But he said that it still needs to do more, and the companies "encouraged" the government "to continue the course of reform."
"Our priorities are clear: We want economic growth, we want to strengthen Germany's competitiveness, we want to defend or further expand our technological leadership and we want to bring our infrastructure into the digital age," Siemens CEO Roland Busch said.
Manufacturing Net
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21 July 20252 min readSiemens Among Companies Pledging To Invest $700 Billion In Germany Over Next 3 Years
Manufacturing Net
21 July 2025
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Nigeria Clinches $20B China Deal For Manufacturing And EnergyNigeria has secured over $20 billion in investment pledges from China, targeted at revitalizing its core industrial sectors. The funding spans agriculture, automotive manufacturing, steel production, mining, and energy—areas critical to Nigeria’s ambition to emerge as a continental manufacturing powerhouse.
Joseph Tegbe, Director General of the Nigeria-China Strategic Partnership (NCSP), delivered the message following a number of engagements at the diplomatic and business levels, which coincided with Nigeria and China's recent harmonization to a Comprehensive Strategic Partnership. Tegbe expressed that the projects are likely to begin rollout before year's end.
Recent engagements have backed more than $20 billion in investment commitments and not just promises, in key sectors.they are looking at projects that will enhance food security, jobs, strengthen power infrastructure, and improve Nigeria's industrial positioning in Africa" Tegbe remarked.
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The NCSP, which was established under the Forum on China-Africa Cooperation (FOCAC), is the primary conduit through which Nigerian stakeholders will be related to Chinese investors, by facilitating the mobilization of Chinese assets, technology, and expertise for the acceleration of Nigeria's industrial recovery.
Tegbe pointed out that the difference is that NCSP will go beyond traditional FOCAC agreements. The NCSP is also focused on mobilizing Nigerian produce by ensuring Nigeria's export readiness of produced goods to Chinese and larger Asian markets, thereby also supporting Nigeria's economic diversification via value-added supply chains.
The strategy is in line with Nigeria's Renewed Hope Agenda, which President Bola Tinubu has launched to promote economic diversification, local manufacturing, and industrial competitiveness. Tegbe noted that institutional coordination among government and private actors is a core responsibility of delivering on commitments.
"The purpose of these engagements is to convert policy intents into real economic transformation. We shall ensure that every agreement has its impact on the ground, and that it is sustainable." he said. Now that timelines for implementation are coming up and sectors have been agreed, Nigeria's partnership with China could potentially redefine the future of Africa-Asia industrial collaboration in manufacturing, energy and logistics development.
Asia Manufacturing Review
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21 July 20252 min readNigeria Clinches $20B China Deal For Manufacturing And Energy
Asia Manufacturing Review
21 July 2025
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