logo
Shareholders in Jeep owner Stellantis back new CEO

Shareholders in Jeep owner Stellantis back new CEO

Time of India5 days ago
Shareholders in US-European auto giant
Stellantis
, owner of
Jeep
,
Fiat
and
Peugeot
, on Friday gave their overwhelming approval to new
CEO Antonio Filosa
, a company veteran who last month succeeded
Carlos Tavares
in the job.
His nomination was backed nearly unanimously -- by 99.2 per cent -- in the extraordinary shareholders' meeting, allowing him to sit on the board of the world's fourth-biggest auto group.
Filosa, a 52-year-old Italian, was in May tapped to take over from Tavares, the company's Portuguese boss who was sacked in December. Filosa took up his new role on June 23.
His task will be to jump-start performance at the struggling group, whose 14 brands also include Chrysler, Dodge and Maserati.
Filosa previously headed Stellantis's North America operations, and will continue to do so as CEO. That region accounts for most of the company's profits.
The company's chairman, John Elkann, heir to the family that founded Fiat, said Filosa was "deeply involved" in efforts to "constructively interact" with the government of US President Donald Trump, who has slapped 25-per cent tariffs on car imports.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Chipmaker STMicro makes first loss in over a decade, hit by restructuring costs
Chipmaker STMicro makes first loss in over a decade, hit by restructuring costs

Time of India

time30 minutes ago

  • Time of India

Chipmaker STMicro makes first loss in over a decade, hit by restructuring costs

By Nathan Vifflin AMSTERDAM: STMicroelectronics reported a second-quarter loss on Thursday, its first in more than a decade, underperforming market expectations as it was hit by restructuring costs . The company's shares fell 11% in early trade, on track for their worst day since July last year. The Franco-Italian chipmaker, which makes power chips for Tesla 's drivetrains and eSim modules for Apple's iPhones, posted a loss of $133 million for the quarter, missing the average $56.2 million profit analysts expected in an LSEG poll. The operating loss included a $190 million impairment, restructuring charges and other costs, STMicro said in a statement. Without the restructuring and impairment costs, profits would have reached $57 million, the company added. STMicro's heavy reliance on in-house manufacturing, representing about 80% of sales, has burdened it with underused factories and high staff costs when the market slows, unlike rivals Infineon and NXP that use more contract manufacturing, analysts say. Chipmakers exposed to the struggling automotive, industrial, and consumer chip markets such as STMicro, Texas Instruments , or NXP have faced a sales slump, hit by low demand, high inventories, and geopolitical disruptions . STMicro, one of Europe's largest chipmakers, unveiled a cost-cutting plan last year to restructure its manufacturing facilities and save hundreds of millions of dollars by 2027. The plans, which included cutting 5,000 jobs in France and Italy over the next three years, started a spat between the French and Italian governments, who jointly own a stake of 27.5%in the firm. STMicro's Chief Executive Jean-Marc Chery defended his plan after the Italian government sought to oust him and accused the management of insider trading. STMicro has not provided guidance for the full year of 2025. In June, the company said it saw the early signs of an upcycle, or a period of increased market demand, which would allow it to achieve its second-quarter revenue goal of $2.71 billion. Revenue rose to $2.76 billion from $2.52 billion in the second quarter, ahead of that target. STMicro said it is now expecting revenue in the third-quarter to reach $3.17 billion, ahead of analysts expectations of $3.10 billion.

Priced out of the American Dream: How new H-1B rules are deepening inequality
Priced out of the American Dream: How new H-1B rules are deepening inequality

Time of India

timean hour ago

  • Time of India

Priced out of the American Dream: How new H-1B rules are deepening inequality

In the sunlit classrooms of top American universities, international students have long pursued the H-1B visa as a logical next step, a bridge from academic excellence to professional opportunity. For decades, it symbolized merit, upward mobility, and a fair shot at the American dream. But a new shift in US immigration policy is poised to redraw that bridge, replacing its foundations of chance and academic achievement with one built squarely on salary figures. The Biden administration's proposed overhaul of the H-1B visa system, replacing the existing random lottery with a wage-level-based selection mechanism, is being framed as a measure to reward skill and restore integrity. But beneath the surface lies a sharper, more divisive reality: a growing disparity that privileges wealth over potential, experience over promise, and corporate scale over entrepreneurial ambition. The end of the lottery and the beginning of the pay-to-compete era Until now, H-1B hopefuls were entered into a random lottery when applications exceeded the annual limit, 65,000 regular cap slots, plus 20,000 for advanced degree holders from US institutions. It was a system imperfect, yes, but egalitarian in its essence. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like TV providers are furious: this gadget gives you access to all channels Techno Mag Learn More Undo An entry-level coder had the same statistical odds as a machine learning architect. That paradigm is now at risk. Under the Department of Homeland Security's (DHS) proposed rule, priority will be given to those offered higher wages, ranked according to Occupational Employment Statistics (OES) wage levels, from Level I (entry-level) to Level IV (expert-level). In simple terms: the bigger your paycheck, the better your odds of securing a visa. What this means is seismic. An international graduate fresh out of an Ivy League computer science programme, earning $83,000 at a promising startup (Level I), may now lose out to a mid-career hire drawing $150,000 at a tech conglomerate (Level IV), even if both possess equal talent, and the graduate is US-educated. A system tilted toward the elite For tech giants flush with capital, this change is welcome. No longer will they have to compete on a level playing field with smaller startups or mid-sized firms trying to sponsor international talent. They can simply outbid. And for American workers, particularly those with growing concerns about wage suppression, the reform may appear protective on paper. By discouraging the hiring of lower-paid H-1B workers, the hope is to reduce exploitation and preserve wages. Yet critics warn that the very workers these rules aim to shield may now face intensified competition from higher-paid foreign professionals, who will be favored over domestic mid-tier talent due to their specialization and salary levels. But the most immediate impact will be on the international student community, especially those transitioning from F-1 to H-1B status. For them, this isn't just policy—it's personal. Innovation at risk: A startup squeeze Beyond individual dreams, this rule could stifle innovation. Startups—long seen as engines of disruptive growth—often operate on tight margins and cannot match the salaries of multinational corporations. With limited ability to offer Level III or IV wages, their access to global talent could be choked. In essence, this creates a dual-track immigration economy: one reserved for those with institutional might and another fading away for risk-takers, early-career professionals, and the underfunded visionaries. A shift in philosophy, not just policy Proponents argue the wage-based system aligns better with a merit-driven immigration model. But in doing so, it risks conflating compensation with competence. Salary may be a market signal, but it is not always a proxy for skill, especially across fields like academia, research, and public service, where salaries lag behind private industry. An AI researcher at a university lab might earn far less than a data engineer at a bank, despite offering more specialized knowledge. By elevating salary as the singular metric of worth, the US risks overlooking entire sectors of value and impact. A call for balance and equity The new rule is currently under White House review, with a period for public comment. It is not yet final, but its implications are already reverberating across campuses and corporate HR departments alike. The intention may be to restore fairness, but fairness cannot exist in a system where opportunity is priced, and potential is dismissed for lack of immediate profit. To preserve its reputation as a destination for the world's brightest minds, the United States must strike a balance, rewarding genuine skill and curbing abuse, without closing the door on those just beginning their journey. Immigration policy must be rooted not only in economic logic but in a recognition of human ambition, educational investment, and long-term contribution. Until then, the message to many aspiring immigrants is unmistakable: If you can't afford the price of entry, the American dream may no longer be yours to dream. Ready to navigate global policies? Secure your overseas future. Get expert guidance now!

Bad news for Pakistan, China as India to build 6th-gen fighter jet; better than F35, Rafale, even S-500 can't detect it, name is..., its capable of...
Bad news for Pakistan, China as India to build 6th-gen fighter jet; better than F35, Rafale, even S-500 can't detect it, name is..., its capable of...

India.com

timean hour ago

  • India.com

Bad news for Pakistan, China as India to build 6th-gen fighter jet; better than F35, Rafale, even S-500 can't detect it, name is..., its capable of...

AMCA (Concept Image) AMCA project: After Operation Sindoor and the recent India-Pakistan conflict, India has ramped up efforts to upgrade its fighter aircraft fleet by acquiring 5th-generation fighter jets– either the US-made F-35 or Russian Sukhoi Su-57. However, apart from hashing out deals to procure 5th-gen aircraft from other countries, India has also launched its own 5th-generation fighter jet program, and discussions are underway for a 6th-gen aircraft that will render even the most advanced fighters currently in operation as obsolete and significantly boost the aerial superiority of the Indian Air Force. What is India's AMCA project? The Advanced Medium Combat Aircraft (AMCA) is a planned all-weather fifth-generation stealth, multirole combat aircraft being developed by the state-owned Aeronautical Development Agency (ADA) under the Ministry of Defence. The 5th-gen fighter will be equipped with indigenous technology, and the Narendra Modi government has allocated Rs 15,000 for the design and development of the first prototype of the futuristic warplane. The AMCA is expected to be inducted into service in the early 2030s and mass production is scheduled to begin by 2035. Once operational, it will also lay the outline for the development of a 6th-generation fighter plan, which is also being discussed among Indian defense circles. Does India have a 6th-gen fighter jet program? While India has not officially announced a 6th-gen fighter jet program, there are serious discussions among defense circles that the leap from 5th-gen to 6th-gen will not take much time after the AMCA is inducted into service. In an article published on defense website Indian Defense Research Wing (Idrw), Dr. Kota Harinarayan, the chief designer of Tejas fighter jet claimed that India has the technical know-how to develop a 6th-generation unmanned fighter aircraft, which will be based on the flying wing design. Dr. Harinarayan asserted that Indian aeronautical engineers have the capability to develop a 6th-gen fighter plane, and work on the matter has already started on the ground, adding that all they require is a go ahead from the government.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store