Wei did not give a timeline of when the new plants were likely to be built, saying only that it would depend on the “market situation”. The new plants would add to the eight already being built or planned.

“We believe this investment will help to further foster the development of the US semiconductor ecosystem, strengthen the supply chain, and support an increasing number of high-tech, high-paying jobs in the United States,” Wei said.

President Trump wants to boost US production of semiconductor chips, which are found in machines ranging from cars to smartphones, and has been a priority for the US since shortages during the Covid-19 pandemic exposed supply chain risks.

He has previously attributed a decision by TSMC last year to expand its investments in the US to his threats of tariffs on Taiwan and on the global semiconductor business.

In January this year, the US said it had agreed to cut tariffs on goods from Taiwan to 15% in exchange for hundreds of billions of dollars in investment aimed at boosting domestic production of semiconductors.

Welcoming the plans, Commerce Secretary Howard Lutnick said: “President Trump’s leadership is driving companies to invest in American manufacturing.

“TSMC’s announcement of an additional $100 billion investment following our historic deal on trade and investment with Taiwan will create tens of thousands of American jobs and bring advanced semiconductor manufacturing back to America.”

Additional reporting by Osmond Chia

With the American merchant fleet down to fewer than 190 flagged vessels from a high of nearly 3,000 in the 1960s, a critical national security gap has left the U.S. heavily reliant on foreign shipbuilders.

To help reverse this decline, JPMorgan Chase announced Wednesday it is injecting $24 million into Philadelphia’s maritime sector to help secure the defense supply chain, building a new submarine assembly facility and training thousands of workers for critical defense roles.

“America can compete and lead in shipbuilding again—it starts with more skilled workers and secure supply chains. We need to train people for the jobs shipbuilders urgently need, connect them to good careers and strengthen the suppliers and partners that keep a shipyard running,” JPMorgan Chairman and CEO Jamie Dimon said in a press release.

“When we build the workforce and the supply chain together,” he added, “we create good careers for workers and a stronger, more resilient maritime industry that supports our national security and our economy.”

JAMIE DIMON SAYS HE UNDERSTANDS WHY PEOPLE HAVE GROWN ‘ANTI-RICH’

“America cannot restore its industrial strength or ensure peace through strength without investing in the workforce that powers it. Philadelphia has long been one of the great shipbuilding cities in the world, and today’s investment by JPMorgan Chase—the kind of investment we’re proud to feature at today’s Defense and Innovation Summit—recognizes that revitalizing this industry requires more than ships and shipyards,” Sen. Dave McCormick, R-Pa., also said.

“It requires creating opportunity for people. By supporting workforce development and strengthening local communities, this commitment will help prepare the next generation of skilled workers who will build the ships that protect our country and reinforce Pennsylvania’s role as a cornerstone of America’s defense industrial base,” the senator continued.

The corporate commitment will use $18 million in commercial financing and capital investments, while the remaining $6 million will come from philanthropic contributions.

The project funds construction of a 95,000-square-foot submarine assembly plant, which will create 450 permanent jobs. Additionally, the program targets the Philadelphia Navy Yard — an industrial hub supporting 16,000 active positions across manufacturing and maritime sectors — to scale non-degree educational pathways.

“Philadelphia is a place where targeted, coordinated investment can translate into real economic mobility,” JPMorgan’s Global Head of Corporate Responsibility and Chairman of the Mid-Atlantic Region Tim Berry said. “By strengthening workforce pathways, supplier readiness and access to capital, we can help more people connect to quality jobs and help local businesses participate in long-term growth.”

“When organizations like JPMorgan Chase invest in Philadelphia, they’re investing in our people,” Mayor Cherelle L. Parker said. “They’re helping create the kind of opportunities that let someone learn a new skill, earn a good paycheck and build a better life for themselves and their family. That’s exactly the future we’re creating in the Lower South and at the Navy Yard: more pathways to family-sustaining careers and more opportunities for Philadelphians to help build America’s future.”

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The rest of the $24 million investment will go toward supporting local businesses and training workers for the shipyard. This includes a $5 million low-cost loan program to help small businesses create or retain 200 jobs and $1.5 million to help 100 local maritime suppliers upgrade their facilities.

Another $2 million will go toward training 300 Philadelphia residents for manufacturing jobs that do not require a college degree, alongside a $2.4 million grant to connect those workers with employers. The entire package is part of a 10-year, $1.5 trillion commitment by JPMorgan Chase to fund domestic industries that are vital to U.S. national security.

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Warner Bros. reshuffled several major release dates on its 2027 and 2028 theatrical calendar this week, most notably pushing Matt Reeves’ “The Batman Part II” back to early 2028 to make room for J.J. Abrams‘ long-in-the-works sci-fi fantasy film “The Great Beyond.”

The studio confirmed that “The Great Beyond,” starring Glen Powell and Jenna Ortega, will no longer open on Nov. 13, 2027, as previously planned. Instead, the film is moving up to Oct. 1, 2027. That shift set off a chain reaction across the studio’s slate, sending “The Batman Part II,” which had occupied the Oct. 1 date, to Feb. 18, 2028.

The new date places the Robert Pattinson-led superhero sequel on the four-day Presidents Day holiday weekend, a slot that has previously hosted major comic book releases including “Black Panther,” “Ant-Man and the Wasp: Quantumania” and “Captain America: Brave New World.” Reeves announced the change on social media Wednesday morning. The film’s production start had already been delayed by five months earlier in its development, and the new release date gives the director additional time in post-production.

“The Batman Part II” will still receive Imax screenings on its new date. The film’s cast includes Pattinson returning as Batman, along with Andy Serkis as Alfred and Colin Farrell reprising his role as Penguin. New additions to the cast include Scarlett Johansson, Sebastian Stan, Jayme Lawson, Charles Dance, Gil Perez-Abraham and Sebastian Koch. The sequel will face competition on its new February 2028 weekend from an untitled Disney release and Sony’s original action sci-fi feature “Grandgear,” directed by Takashi Yamazaki, known for “Godzilla Minus One.”

Warner Bros. also moved two other titles on its calendar as part of the broader reshuffling. Sam Esmail’s thriller “Panic Carefully” and New Line’s horror sequel “Revenge of La Llorona” effectively swapped release dates. “Panic Carefully,” which had been scheduled for Feb. 26, 2027, will now open April 9, 2027, in Imax. “Revenge of La Llorona,” previously dated for April 9, 2027, moves up to Feb. 26, 2027.

“Panic Carefully” reunites Esmail, the creator of “Mr. Robot,” with “Homecoming” and “Leave the World Behind” star Julia Roberts. The cast also includes Eddie Redmayne, Brian Tyree Henry, Ben Chaplin, Aidan Gillen, Joe Alwyn, Naledi Murray and Elizabeth Olsen. On its new April date, the film will go up against Paramount Primal’s R-rated comedy “Boys for Life,” which was dated for the same weekend just a day before Warner Bros.’ announcement.

“Revenge of La Llorona,” meanwhile, will now compete against Paramount’s “K-Pop: The Debut” and Sony’s family drama “Live Like That” on its new February weekend. The film is directed by Santiago Menghini from a screenplay by Sean Tretta, and continues the story introduced in the 2019 horror film “The Curse of La Llorona.” Its cast includes Raymond Cruz, Monica Raymund, Martín Fajardo, Acston Luca Porto, Avie Porto, Edy Ganem and Jay Hernandez, with the sequel following a fractured family that must confront its past and enlist an estranged curandero grandfather to battle the vengeful spirit at the center of the franchise.

The reshuffling comes as “The Great Beyond” finalizes its production timeline. Early signs of the date change emerged when Amazon MGM Studios recently moved its action film “How to Rob a Bank” from Labor Day weekend to Nov. 13, effectively clearing the November date that “The Great Beyond” was vacating. The only wide release remaining on that November weekend is Paramount’s “Ebenezer: A Christmas Carol,” directed by Ti West and starring Johnny Depp.

According to reporting on the project, a recent test screening of “The Great Beyond” at a theater in Irvine, California, led Warner Bros. to commit to releasing the film in 70mm Imax prints, a format decision that factored into the scheduling shift. Abrams has been in the editing process on the film and was previously expected to complete post-production work in September. The new release date gives the director, best known for “Star Wars: The Force Awakens” and “Star Wars: The Rise of Skywalker,” additional time to finish the project, which he also wrote. The film was first teased publicly at CinemaCon in April.

“The Great Beyond” marks Abrams’ first original film in more than a decade and lands in a launch window that has historically been favorable for Warner Bros., having previously hosted hits including “Gravity,” “Joker,” “A Star Is Born,” “Dune,” “Argo” and “The Departed.” In addition to Powell and Ortega, the film also stars Emma Mackey, Sophie Okonedo, Merritt Wever and Samuel L. Jackson. As of this week, “The Great Beyond” remains the only major studio wide theatrical release scheduled for Oct. 1, 2027.

The scheduling changes arrive as Warner Bros.’ pending acquisition by Paramount remains tied up in ongoing antitrust litigation, including lawsuits brought by the attorneys general of California, New York and ten other states. The 103-year-old studio’s merger with Paramount had previously been expected to close by the fall of 2026, though that timeline remains uncertain given the continuing legal challenges. Notably, the date shuffle puts Warner Bros. in direct competition with Paramount, its potential parent company, on two of the newly adjusted dates, as Paramount already had films scheduled for both Feb. 26 and April 9, 2027.

The moves represent some of the more significant scheduling changes on Warner Bros.’ calendar this year, affecting four separate films across genres ranging from big-budget superhero filmmaking to original science fiction, prestige thriller and horror sequel territory. With “The Batman Part II” now more than a year and a half away from release, fans of the franchise will have an extended wait to see Pattinson’s return, while Abrams’ passion project moves into a release window the studio has historically used to launch some of its biggest awards-season and box office successes.

The UK-India trade deal came into force this week carrying a £4.8bn-a-year prize. But for Sukhpal Ahluwalia, the entrepreneur who built Euro Car Parts from a single Wembley shop into a business he sold for £280m, the agreement itself is not the achievement. The achievement is what British businesses now build on top of it.

The Comprehensive Economic and Trade Agreement, signed last July, entered into force on 15 July after years of stop-start negotiation. It is one of the most significant trade agreements India has ever signed and the UK’s largest since Brexit, projected by the government to add £4.8bn a year to UK GDP and £25.5bn to annual bilateral trade in the long run.

Ahluwalia, who now chairs GSF Car Parts and property group Dominus, has spent decades building businesses across both markets. His conclusion is blunt: it is businesses, not agreements, that create long-term growth. Yet the capital flows, joint ventures and institutional links that two economies of this size should have still do not exist at anything like the scale they could.

Too often, he argues, the UK-India relationship has been viewed primarily through the lens of trade. The greater opportunity lies in creating a genuine two-way exchange of investment, talent and innovation.

For smaller firms, the gap between opportunity and uptake is stark. Just 17 per cent of UK small businesses currently export at all, and of those only 12 per cent sell into India, a shortfall that initiatives such as Great British Pitch India, which put more than 40 export-ready firms in front of Indian buyers last month, are designed to close.

Nor is the hard work over in Westminster. MPs on the Business and Trade Committee have already warned that billions in tariff savings could be put at risk by plans to cut almost 40 per cent of the trade staff tasked with helping businesses expand into India. Initial tariff savings for UK exporters are estimated at around £400m a year, rising to as much as £3.2bn annually within a decade, but only if firms are supported to navigate India’s administrative complexity.

The timing, Ahluwalia believes, could hardly be better. With the UK gearing up for a new Prime Minister, the incoming government arrives on a wave of momentum and has the chance to put UK-India relations at the centre of its growth agenda from day one, rather than letting the relationship drift down the list of priorities.

There is precedent for treating the agreement as a beginning rather than an end. Advisers noted during negotiations that external pressures helped focus minds on completing long-stalled post-Brexit deals, and the same urgency now needs to carry through into implementation.

Ahluwalia’s core lesson from decades straddling the two markets is a simple one. People, not policy, make growth happen. Governments can create the framework, but it is businesses, trust and long-term partnerships that turn trade agreements into lasting economic growth.

The deal is done. The biggest win is yet to come, and it will not be signed in a ceremony. It will be built, deal by deal and partnership by partnership, by the businesses willing to do the work.

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Five of the nation’s largest lenders—including JPMorgan Chase and Goldman Sachs—reported a 39% jump in combined earnings to over $49 billion, driven by surging Wall Street fees from a widespread “risk-on” environment, the recent SpaceX IPO, and the AI boom. Goldman shares soared over 9% on record profits, though Citigroup dropped 5% over concerns about elevated future expenses.

Shares of HDB Financial Services jumped 4.5% to Rs 786 on the BSE on Thursday after the non-banking financial company reported a strong set of June quarter earnings, with profit rising 38% year-on-year, driven by higher net interest income and improved asset quality.

The company reported a profit after tax of Rs 785 crore for Q1FY27, compared with Rs 568 crore in the corresponding quarter last year. Net interest income (NII) increased 20% year-on-year to Rs 2,509 crore from Rs 2,092 crore, while net total income rose 17% to Rs 3,185 crore from Rs 2,726 crore.

Pre-provisioning operating profit grew 25% year-on-year to Rs 1,752 crore from Rs 1,402 crore a year ago. Profit before tax climbed 44% to Rs 1,055 crore, compared with Rs 733 crore in the year-ago quarter.

The company’s assets under management (AUM) stood at Rs 1.22 lakh crore as of June 2026, up 11% from Rs 1.09 lakh crore a year earlier. Its gross loan book also expanded 11% year-on-year to Rs 1.21 lakh crore from Rs 1.09 lakh crore as of June 2025, reflecting steady growth in its lending business.

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What are experts saying after HDB Financial Q1

Motilal Oswal has maintained a Neutral rating on HDB Financial Services with a target price of Rs 810, implying an upside potential of 8%. The brokerage said the company delivered a steady June quarter, with earnings coming in slightly ahead of its estimates.

Asset quality continued to improve despite the seasonally weaker first quarter, keeping credit costs broadly stable. It also highlighted an expansion in net interest margins (NIM), supported by better portfolio yields. While loan growth was marginally below expectations, the brokerage noted that the management remains confident of a meaningful acceleration in the coming quarters, aided by strategic initiatives undertaken over the past few quarters and continued improvement in asset quality.
Nomura has reiterated its Neutral rating on HDB Financial Services with a target price of Rs 790, indicating an upside potential of 5.1%. The brokerage noted that the management expects the cost of funds to remain rangebound through the second quarter of FY27, similar to its guidance in the previous quarter, although it remains cautious about the second half of the fiscal given the uncertain global environment. Nomura also said the healthy growth in the consumer finance portfolio has supported an expansion in yields, a trend it expects to continue through FY27.

Also Read | HDFC AMC Q1 Results: Net profit rises 12% to Rs 837 crore, revenue up 14%

The company delivered healthy growth across its key operating metrics during the quarter. Net interest income grew at a faster pace than the loan book, while pre-provisioning operating profit outpaced overall income growth. This helped profit before tax register a 44% year-on-year increase despite a slight rise in provisioning.

Investors are also likely to track the company’s asset quality trajectory following its market debut, as loan growth, margins, credit costs and the performance of stressed assets remain key factors in the valuation of lending businesses.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The fashion group, which owns Sports Direct and Flannels, said its recent takeover bids and moves to build stakes in rivals are bolstering its balance sheet amid a ‘challenging environment’

Mike Ashley’s Frasers Group has reported a surge in profits as it accelerates its transformation strategy and embarks on a string of takeover approaches for international retailers.

The fashion conglomerate, whose portfolio includes Sports Direct and Flannels, stated that its recent acquisition bids and strategic shareholding activity are strengthening its financial position despite a “challenging environment”.

The FTSE 250 business recorded revenue growth of eight per cent to £3.3bn in the year ending April, while pre-tax profit climbed by 39 per cent to £528m.

The Derbyshire-based group has recently acquired South African sporting goods retailer Holdsport and Norwegian sports chain XXL, as reported by City AM.

“Leveraging the strength of our UK Sport business and brand relationships, international expansion has become a powerful growth engine for the Group and a key pillar of our long-term strategy,” the firm said.

Frasers has intensified its acquisition activity in recent weeks with a £1.7bn offer for German fashion house Hugo Boss and a £166m approach for Australian footwear retailer Accent.

The group had been accumulating shareholdings in these businesses prior to launching its bids. These investments contributed £50m to adjusted profit over the past year, Frasers disclosed.

The relatively modest four per cent premium attached to the group’s Hugo Boss bid had prompted speculation amongst analysts that the company was not pursuing outright ownership of the luxury label. Frasers appeared to reinforce this stance on Thursday, stating that “increasing its investment in Hugo Boss will create value” for its shareholders.

The group further declared that it “remains supportive” of Hugo Boss’ existing leadership in its “pursuit of their sustainable growth strategy whilst continuing to build brand equity”.

The retailer opted against offering investors any forward-looking financial guidance, citing uncertainty surrounding these ongoing takeover bids.

Alongside its pursuit of rival brands, the company said it is working to “elevate” its existing portfolio of fashion labels, which includes Everlast, Slazenger, Karrimor and Jack Wills.

The fashion giant described its turnaround strategy as “going from strength to strength”, ploughing investment into its high street outlets, including a new flagship Sports Direct store in Liverpool.

However, the company acknowledged it “continued to feel the impact of tough trading conditions, subdued consumer confidence and industry-wide excess inventory levels” at the outset of this financial year.

Frasers’ shares dipped three per cent to 737p when markets opened on Thursday, although the stock remained 10 per cent higher for the year to date.