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How to fix the issue of jobless growth?

In the latest episode of the “State of the Economy Podcast”, Nivedita V discusses India’s recent economic performance and its impact on job creation with renowned economist Ashoka Mody. Mody is Charles and Marie Robertson Visiting Professor in International Economic Policy at the Princeton School of Public and International Affairs at Princeton University. He is also the author of EuroTragedy: A Drama in Nine Acts. 

India’s GDP grew by 7.8 per cent in the April-June quarter of FY23-24, and around 415 million people were lifted out of poverty in just 15 years. However, the challenge remains in generating sufficient jobs. Mody identifies historical factors contributing to India’s job creation issues, tracing back to Jawaharlal Nehru’s heavy industrialization strategy, which didn’t create many jobs. Meanwhile, East Asian nations excelled in labor-intensive industries like textiles and electronics. India’s lack of investment in human capital, especially education and female workforce participation, hindered its progress.

Mody emphasises the importance of mass education, good nutrition, and health in creating a skilled workforce. He criticises the focus on digital infrastructure, highlighting the necessity of human-to-human interaction in education. He calls for a system that generates quality teachers and gives them the respect they deserve, similar to Finland’s approach.

Regarding labor-intensive sectors, Mody opposes sector selection and advises creating conditions conducive to labor-intensive manufacturing. He argues for a cheaper rupee to boost exports, citing the success of East Asian economies in making their currencies attractive to international buyers.

Mody addresses the issue of women’s low workforce participation, attributing it to violence in urban areas and the mechanisation of agriculture. He stresses the need for a safer environment and the importance of changing social norms.

In conclusion, India’s economic growth is promising, but job creation and education quality remain significant challenges. Addressing these issues requires a focus on mass education, quality teachers, and conditions for labor-intensive manufacturing, along with creating a safer environment for women in the workforce.

Listen in!

(Host: V Nivedita; Producer: Jayapriyanka J)


About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups. 

#fix #issue #jobless #growth

Do Not Pass Up These Top 3 Undervalued Cryptocurrencies – Dogecoin (DOGE), XRP (XRP) and Everlodge (ELDG)

As the market continues to mature, savvy investors are always looking for undervalued assets with the potential to provide significant returns. Dogecoin (DOGE), XRP (XRP), and Everlodge(ELDG) – are three cryptocurrencies that fit that description to a tee. Keep reading to discover why these cryptocurrencies are undervalued and how their future may unfold.


– The Robinhood crypto wallet now supports Dogecoin

– XRP large movements spotted

– Everlodge to become a potential blue-chip token

Join the Everlodge presale and win a luxury holiday to the Maldives

Dogecoin (DOGE): The Original Memecoin

Dogecoin (DOGE) has attracted much attention and popularity because of its original idea and focus on community. It is desirable for investors because of its reasonable token price, worldwide reach, and devoted community.

In recent Dogecoin news, the Robinhood crypto wallet added support for the Dogecoin crypto. As a result, all Robinhood users will now be able to send or receive Dogecoin in their wallets. Including Dogecoin in Robinhood’s wallet selections is evidence of the cryptocurrency’s growing recognition.

Due to all these reasons, experts remain bullish on the Dogecoin price as they foresee it sitting between $0.089 and $0.098 by the end of 2023.

XRP (XRP): Beyond the Legal Battles

XRP (XRP) has faced its share of regulatory challenges. However, it’s essential not to overlook its potential for resurgence. XRP’s technology, designed to facilitate cross-border transactions efficiently, has attracted partnerships with major financial institutions.

But there was some positive XRP news as well. Whale Alert, a well-known crypto tracking service, has detected substantial XRP transactions totaling nearly half a billion XRP over the past 24 hours. Among these transactions, Ripple Labs, a major player in the space, has taken an active role by transferring a portion of this significant crypto reserve.

As the regulatory landscape clarifies, XRP could regain momentum and showcase its utility in revolutionizing traditional financial systems. This potential makes XRP an intriguing, undervalued cryptocurrency to keep on your radar. As a result, experts foresee a rise to $0.79 for the XRP price by December 2023.

Everlodge (ELDG): Disrupting Real Estate with Blockchain

Everlodge (ELDG) will be a unique player in the cryptocurrency space, addressing issues that currently plague the real estate market. Using the power of blockchain, Everlodge aims to provide innovative solutions for property ownership and management.

To clarify, Everlodge will digitize and mint luxurious properties such as villas or vacation homes into NFTs. Afterward, it will fractionalize these NFTs. Therefore, anyone can become a fractional owner of a property on the blockchain for prices as low as $100. Additionally, once the property value rises, the NFT price will give users excellent passive income potential.

Regarding security, the Everlodge team has taken the necessary steps to ensure complete user fund safety. Firstly, it will lock liquidity for eight years while freezing team tokens for two. Also, InterFi Network and BlockAudit have already performed audits of Everlodge – finding it to be 100% safe and sound.

The ELDG native token is the backbone of this project, providing holders with governance and staking rewards. Currently, one ELDG token costs just $0.012 as it is in Stage 1 of its presale. But, unlike Dogecoin and XRP, it has a low market cap of $5.7M. Therefore, it will experience a surge much easier. As a result, market analysts predict a pump to $0.035 before its launch.

Find out more about the Everlodge (ELDG) Presale



Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

#Pass #Top #Undervalued #Cryptocurrencies #Dogecoin #DOGE #XRP #XRP #Everlodge #ELDG

Summer Elections and Appointments Put New Leaders Atop GBTA

Following elections at the Global Business Travel Association’s annual convention in Dallas, UBS executive director and global head of travel Mark Cuschieri was elected president of the organization’s board. The first person headquartered outside North America to lead the board, U.K.-based Cuschieri succeeds PayPal travel manager Denise Truso in the role. Cuschieri was elected the board’s vice president in 2021.

Voters also chose Alteryx manager of global travel and expense Rosemary Maloney as the board’s vice president and Fidelity International director of global travel, events and ground transportation Carol Fergus to a director-at-large seat. OMERS global travel manager Elizabeth Oliveira was elected regional director for Canada, and Serko SVP Mike Daly was named to a director-at-large seat for Allied members.

The organization also named Marriott International global sales SVP Tammy Routh as Allied Leadership Council chair and F5 Networks travel manager Ronda Dean as president of the chapter presidents council.

GBTA also has named a new leader and members to its Latin America advisory board. On Tuesday, the organization announced that Felipe Cardona, Novartis head of travel operations for the Americas has been appointed to the two-year term as chair of its Latin America advisory board. He succeeds Alma Rocío Ceballos, PwC Mexico procurement senior associate for business services and travel, who was appointed chair in 2021.

Other buyer members appointed to the board for the 2023-2025 term include Unilever regional travel manager Nancy Goycochea; Nancy Cabezas, regional partner experience manager for Bayer; BTG Pactual global travel department director Gabriela Salles Oliveira; and Conrado Sainz, corporate global travel manager for Exiros, the procurement arm of engineering firm the Techint Group.

New supplier members to the Latin America advisory board include Monica Crawfurd, Hilton managing director of sales for the Caribbean and Latin America; Diana Olivares, general manager of Mexico for Latam Airlines; Denis Tassitano, SAP Concur VP and head for Latin America and the Caribbean; and Copastur head of expansion Felipe Mesquita.

#Summer #Elections #Appointments #Put #Leaders #Atop #GBTA

Timbercreek Financial Comments on Groupe Huot Loans

Article content

TORONTO, Sept. 05, 2023 (GLOBE NEWSWIRE) — Timbercreek Financial Corp. (TSX: TF) (the “Company” or “Timbercreek Financial”) today provided commentary and clarification on its loans to Groupe Huot Inc. (“Groupe Huot”), a Quebec-based real estate developer.

As disclosed in the Company’s Q2 2023 financial results, Timbercreek Financial is a secured creditor to Groupe Huot on seven recently constructed, income-producing multi-family assets in Quebec. Several recent media articles have stated that Timbercreek’s investments to Groupe Huot total approximately $253 million. Timbercreek is in the business of originating commercial mortgages and often works with third-party lenders to share loans based on different risk and return criteria. This total amount represents the gross amount of the registered and secured hypothecs (mortgages). Net of syndicated amounts, Timbercreek Financial’s total commitment to Groupe Huot is $143.3 million ($139.8 million on six assets are first ranking with the balance of $3.5 million on one asset being a second mortgage).

Article content

As previously disclosed, the Company, along with a broader lender group, moved to put a receiver in place to resolve these loans via a sales process, with the voluntary consent of the borrower. This enforcement process is being run separately from any announced actions by the President of the borrower whose personal financial issues were reported in the Quebec media in recent days

As at June 30, 2023, Timbercreek Financial’s net mortgage investments were $1,123.7 million.

Forward-Looking Statements

Certain statements contained in this news release may contain projections and “forward looking statements” within the meaning of that phrase under Canadian securities laws. When used in this news release, the words “may”, “would”, “should”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “objective” and similar expressions may be used to identify forward looking statements. By their nature, forward looking statements reflect the Company’s current views, beliefs, assumptions and intentions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, those risks disclosed in the Company’s public filings. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward looking statements. The Company does not intend to nor assumes any obligation to update these forward looking statements whether as a result of new information, plans, events or otherwise, unless required by law.

Article content

About the Company

Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate professionals. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while generating strong risk-adjusted yields for investors. Further information is available on our website,

SOURCE: Timbercreek Financial

For further information, please contact:

Timbercreek Financial

Blair Tamblyn, CEO
Tracy Johnston, CFO
Karynna Ma, Vice President, Investor Relations

#Timbercreek #Financial #Comments #Groupe #Huot #Loans

UK living standards predicted to stay squeezed up to election

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Working-age UK households will see no improvement in living standards before the next general election expected in 2024, according to analysis published by a leading think-tank.

The Resolution Foundation said on Wednesday that while average wages were now growing faster than consumer prices, as inflation started to subside, the gains would be offset by higher taxes and mortgage payments and the end of government cost-of-living payments.

About half of the £17bn increase in annual mortgage costs caused by rising interest rates has yet to be passed on to households because many have so far not had to renew fixed rate mortgage deals, the think-tank said.

Bills for people who need to remortgage next year could rise by £3,000, with the typical disposable income of borrowers projected to be 7 per cent lower in 2024-25 than in 2021-22.

The foundation also said that because tax thresholds have been frozen until 2028, growth in post-tax pay would be much slower than in gross pay. For those auto-enrolled into workplace pension schemes — for which the contribution threshold has also been frozen — real-terms growth in take-home pay, after accounting for pension contributions, could be “essentially zero” over the period from 2019-20 to 2024-25. 

It expected real disposable income for a typical working-age household to flatline in 2024-25, having fallen by 4 per cent over the past two years.

The poorest 50 per cent of households, who have benefited more from one-off government support, would see their disposable income fall by roughly 1 per cent, it said, even assuming that the government raises working-age benefits next April in line with this September’s inflation rate.

“Should the government renege on the usual uprating measure, the scale of income falls for millions of families will be even greater,” the foundation said.

Meanwhile, higher interest payments on savings will boost income for pensioners, wealthier households and people who already own their home outright.

“The good news for the government is that Britain’s economic outlook is improving as it enters a crucial election year,” said Adam Corlett, the foundation’s principal economist. “The bad news is that the living standards outlook is still dire.”

The think-tank’s analysis suggests that Prime Minister Rishi Sunak will be fighting his election campaign against a bleak economic backdrop, despite recent data revisions that have made the UK’s performance since the pandemic look stronger and in line with other advanced economies.

The foundation said a typical person of working age would be 4 per cent poorer in 2024-25 than they had been in 2019-20, making the current parliament the worst on record for income growth.

“There is no example of a government retaining power with such weak median income growth in the general election year since comparable data began in the 1960s,” the think-tank noted.

The Treasury was contacted for comment.

Video: Why Labour rejects a wealth tax | FT Interview

#living #standards #predicted #stay #squeezed #election

Lido Could End Support For Solana If Lido DAO Votes Against This Proposal

Back in 2022, Lido Finance, a decentralized finance (DeFi) protocol providing staking services, announced support for Solana. Since then, the DeFi platform has provided an avenue for Solana users to stake their SOL and receive a liquid staking token while doing so.

The platform has run into a problem that could lead to the end of its support for the Solana blockchain. However, the Lido team is already looking to mitigate this by bringing a proposal for additional funds to the Lido DAO.

Team Wants $1.5 Million To Support Lido On Solana

In a new funding proposal presented to the Lido DAO on Monday, the Lido on Solana P2P team is appealing for more funds from the DAO to enable them to continue their development efforts. The proposal highlights a previous $700,000 investment in the project, but it seems that funding has already run out. So the team is looking for $1.5 million in funding to keep the project going for the next 12 months.

The breakdown for how the $1.5 million, if approved, is spread across things like development costs, marketing, and customer support. All of these are expected to run over a one-year period as the P2P team works toward trying to make Lido a DeFi powerhouse when it comes to Solana staking.

According to the team, they are looking at cornering 1% of the Solana staking market share in the next 12 months. Also included in the proposal is the intention to create new features and implement a more consistent marketing strategy. Then topped up with a “dependable customer support service.”

“We believe in the future success of the Solana DeFi market and anticipate that LS protocols will play a significant role in driving this growth,” the proposal reads.Solana SOL price chart from (Lido DAO)

SOL price trailing $20 | Source: SOLUSD on

Sunsetting The Project If Funding Is Unavailable

On the flip side of this, if the team is unable to secure the $1.5 million in funding from the Lido DAO, they have proposed an alternative. This alternative would see the Solana on Lido project come to an end and sunsetted like the Lido on Polkadot and Lido on Kusama projects.

To do this, the teams would only require $20,000 a month for a total of five months, meaning $100,000, to carry out the sunsetting process. An outline for how this sunset would work is also presented as shown below;

2023-09-10 — New staking deposits are no longer accepted by Lido on Solana

2023-10-10 — Voluntary node operator off-boarding from the pool

2024-02-10 — Frontend support is halted, unstaking is available only through CLI

Voting for the proposal is set to begin in the next four weeks. In its closing remarks, the team addressed the DAO saying, “We are at a critical juncture where the decisions we make today will shape the future of Lido on Solana. We are optimistic about what we can achieve together and look forward to your constructive feedback.”

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Exodus Wallet, chart from

#Lido #Support #Solana #Lido #DAO #Votes #Proposal

Converge sees enterprise unit’s growth

LISTED Converge ICT Solutions, Inc. is seeing sustained growth in its enterprise business after expanding into new areas and launching products and services catered to local businesses. 

In a statement on Tuesday, Converge said it had seen growth for its unit Converge Business as revenues surged 26% to P2.5 billion in the first half as supported by its expansion efforts. 

“We are pleased to see an upswing in our enterprise unit, Converge Business, and we’re bound to see more growth as we introduce new products and services that go beyond connectivity,” Converge Chief Operations Officer Jesus C. Romero said. 

“Our expansion into key tourism destinations like Boracay and Palawan will also bolster opportunities to tap both small and large companies in these areas,” he added.

Leonardo Baniqued, Converge’s assistant vice-president and head of innovation and product management, said in a presentation at a recent conference that the company could enable emerging businesses since its digital infrastructure is laid out across the country. 

“We have the broadest fiber network in the country and this means that our network is already available in cities that are just planning to shift to digital or even cities that are just being planned. Converge is there from the start,” Mr. Baniqued said.

One of the company’s product offerings to businesses is its flexiBIZ solution, which is a fiber connection tailored for small and medium enterprises at doubled speeds of up to 300 Mbps in daytime or peak hours.

Converge also offers value-added services such as its workplace automated HR and payroll solution, and hotel management software for big and small companies. 

Another offering is SweldoMo, which is an automated human resources, payroll, and timekeeping solution. 

Meanwhile, Mr. Romero said Converge is expecting higher revenues after its recent foray into the international wholesale market.

He added that investments in additional capacities for upcoming international cable systems and data centers have prepared the company to serve more global firms and the wholesale market. 

“We have already set up a Singapore office which is now in full operation with the hiring of a general sales manager,” Mr. Romero said.

On Tuesday, shares of Converge at the local bourse rose 22 centavos or 2.72% to close at P8.30 apiece. — Revin Mikhael D. Ochave

#Converge #sees #enterprise #units #growth

Analysts banking on a textile firm’s long-term growth story; what is keeping them excited?

Nitin Spinners shares have grown more than 50 per cent so far in 2023, having sharply outperformed a 7.6 rise in the headline Nifty index, and analysts are banking on a significant further upside in the company citing the company’s long-term growth prospects. Is it a good time to enter the Nitin Spinners (NITINSPIN) stock at the current juncture? 

Many analysts believe the company’s move to expand its production capacity is set to aid its profitability over the long term. 

Here’s a lowdown on the company’s performance in the recent past, what analysts make of its growth prospects ahead, and where they place their targets:

Nitin Spinners, a long-term growth story?

Brokerage ICICI Direct, which has a ‘buy’ rating on Nitin Spinners with a price target of Rs 360, is of the view that capacity enhancement is likely to support the company’s “long-term growth story”. The target suggests an upside to the tune of 13.6 per cent from the current market price. Its target is based on a valuation multiple of nine times its estimate for the company’s earnings for the year ended March 2023. 

The brokerage expects the company to stage a steady recovery from the financial year 2023-24, with revenue and EBITDA estimated to register CAGRs of 15 per cent and 27 per cent, respectively. 

The company began the financial year 2023-24 with a weak quarterly show. For the three months to March 31, 2023, Nitin Spinners reported a 56 per cent year-on-year fall in standalone net profit to Rs 29 crore over a 13 per cent decline in revenue to Rs 617 crore. Its operating margin contracted by 310 basis points to 12.3 per cent for the first quarter of the current financial year compared with the corresponding period a year ago.

The company’s management remained optimistic about its long-term growth prospects while mentioning industry-wide short-term challenges. It also said the company demonstrated a healthy performance in terms of capacity utilisation despite headwinds and would continue to improve its position in key markets in the coming quarters.

Why Nitin Spinners?

nitin spinners share price BSE NSE

Zee Business Analyst Arman Nahar views Nitin Spinners as a quality pick in the textiles space from an operational perspective.

Nahar has a long-term ‘buy’ call on Nitin Spinners, with a 12-month price target of Rs 375 for the stock, which implies an upside of almost 20 per cent from Monday’s close following its stunning performance in the past few years.

Some analysts are even betting big on the growth prospects of the country’s textiles market.  

“In order to take advantage of opportunities brought about by the US-China trade war, the Indian textile industry is strategically strengthening its position in important export markets including home textiles and ready-to-wear apparel. India’s share of exports in these categories to the US has increased significantly, which is encouraging for the future of the textile industry,” Aamar Deo Singh, Head Advisory at Angel One, told 

Nitin Spinners earns a significant chunk of its revenue from exports. For the financial year ended March 2023, exports contributed 55.6 per cent to the company’s revenue of Rs 2,407 crore. 

However, Singh added that the use of cutting-edge technology in conjunction with a competitive advantage will be crucial for textile manufacturers in the coming years.

ICICI Direct, in its research report dated August 29, highlighted that Nitin Spinners has: 

  • a sizeable presence in the country’s yarn market, with more than three lakh spindles; 
  • undertaken forward integration into knitted and finished woven fabrics in its product portfolio, which contribute about 27 per cent to its overall revenue; 
  • invested in capacity building over the last decade; 
  • more than quadrupled its spinning capacities, 
  • and maintained average utilisation of more than 85 per cent.

Analysts at ICICI Direct believe Nitin Spinners is geared up well to capture robust opportunities, given its brown-field expansion and capex to the tune of Rs 900 crore to boost capacities across segments. The brokerage expects the company’s capex to drive its revenue over the next 2-3 years. 

Currently, Nitin Spinners has a production capacity of 75,000 tonnes of yarn, 11,000 tonnes of knitted fabric, and 40 million metres of finished woven fabric, according to an investor presentation by the company. 

The textile company aims to expand its production capacity by about 47 per cent in yarn to 1,10,000 tonnes, 22 per cent in knitted fabric to 11,000 tonnes, and 33 per cent in woven fabric to 40 million meters.

At optimum utilisations, at an average yarn realisation of around Rs 280 per kilogram, the company could generate incremental revenue of Rs 1,100 crore, wrote the ICICI Direct analysts, who expect efficient asset utilisation coupled with improvement in yarn spreads to enhance the company’s overall profitability. “We expect NSL to generate RoCE of around 15 per cent in FY25E (vs average RoCE of 10-12 per cent) and in-turn lead to higher value creation,” according to the report. 

Nitin Spinners has staged a resilient performance over the past decade, with yarn volumes expanding at a CAGR of 12 per cent from FY14 to FY23, it added.   

Multibagger status 

Just like several other textile makers in the country, Nitin Spinners has been a long-time favourite of many on Dalal Street, having rewarded investors with phenomenal returns in the past. 

Here’s how Nitin Spinners has fared among its peers on the Street: 

Stock/index Return (%)
1M YTD 1Y 5Y
Nitin Spinners 27.3 53 43.6 253.6
Raymond 1.3 31.6 101.3 144.3
Vardhman Textiles 19.6 24.1 22.9 88.4
Welspun India 9.6 63.7 69 65.4
Trident 25.9 16.7 -2 496.6
KPR Mill 19.6 46.9 28 445.2
Alok Industries 34.9 30.2 -0.5 27.7

*As of Monday


Nitin Spinners is best placed among the mentioned peers from a valuation perspective, according to stock analysis platform Trendlyne. 

The Dolly Khanna connection: Nitin Spinners is part of the ace investor’s portfolio 

Nitin Spinners has for long enjoyed a place in ace investor Dolly Khanna’s portfolio. As of the quarter ended June 2023, Khanna held a 1.36 per cent stake in the textile company, as against 1.33 per cent in the previous quarter, according to exchange data. 

Khanna also owns another stock from the textile space: Deepak Spinners. At the end of Q1, Khanna’s shareholding in the company stood at 1.65 per cent. 

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit

#Analysts #banking #textile #firms #longterm #growth #story #keeping #excited

SoftBank’s Chipmaker Arm May See $52B Valuation in Upcoming US IPO

Only 9.5% of the Arm American Depository Shares would be available to the general public at the IPO, while SoftBank retains the rest.

Chip design company Arm may be looking for up to $4.87 billion in funding at the conclusion of its upcoming initial public offering (IPO), which could put the company’s valuation at $52 billion. Arm has submitted an updated F-1 filing to the United States Securities and Exchange Commission (SEC) as it prepares for the IPO.

Arm’s shares will float as American Depositary Shares (ADSs) since it meets the requirement for a foreign private issuer as a British company. The company’s shares will sell at a range between $47 and $51, with Arm listing 9.5 million ADSs in total. According to a CNBC estimate, the lower end of the price range should bring $4.49 billion for Arm and $4.87 billion at the upper end.

Arm will launch trading on the New York Nasdaq. Before SoftBank completed its 2016 acquisition of the company for $32 billion, Arm had a dual listing in New York and London. In 2022, British Prime Minister Rishi Sunak hoped Arm would consider a London listing and met with CEO Rene Haas at the Prime Minister’s residence to discuss options. Although the conversation reportedly ended well, SoftBank concluded on a US-only IPO. The CEO said it was “the best way forward for the company and its stakeholders.”

Following the upcoming IPO, the public will only be able to access 9.4% of Arm’s shares on the Nasdaq stock exchange. The rest will remain in SoftBank’s control. However, the IPO’s underwriters may choose to buy an additional 7 million ADSs for $735 million. If they do this, SoftBank’s Arm stake would reduce to 89.9%.


Arm Holdings initially filed a Form F-1 with the SEC last month, with Raine Securities LLC as the financial advisor. The IPO would also have JPMorgan, Goldman Sachs, Mizuho Financial Group, and Barclays as joint book-running managers.

CoinSpeaker reported in August that several big tech companies were in talks with Arm to anchor the IPO. Reportedly, Arm has had conversations with Amazon, TSMC, Alphabet Inc, Intel Corp, Apple, and Samsung Electronics Co Ltd. So far, Arm is yet to choose an anchor investor. However, the company has stated that the selected firm would not get any board seats or control.

Before now, Arm had its main focus on tech required for mobile phones. The company was invested in selling blueprints to design microprocessors and licensing instructions for software interactions with produced chips. However, since Rene Haas became Arm’s CEO last year, the company has been putting in effort to diversify and pull in more than the smartphone market. Haas is looking into advanced computing and focusing on chips for data centers involved in artificial intelligence (AI) and cloud computing. According to his LinkedIn page, Haas was appointed Arm’s CEO in February 2022, after spending more than five years as the company’s President Intellectual Property Group.


Artificial Intelligence, Business News, IPO News, Market News, News

Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

#SoftBanks #Chipmaker #Arm #52B #Valuation #Upcoming #IPO