Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
The combination of mounting recession fears, bets on a more cautious Fed and a regular uptick in market volatility could spell more losses.Marketsread more
India's Tata Group, the country's largest conglomerate by revenue, has outlined plans to invest $35 billion over the next 3 years for expansion into new areas such as retail and defense.
Cyrus Mistry, last year took over as chairman of Tata, whose more than 100 companies have combined revenues of about $100 billion, but has since kept a low public profile and struggled to articulate a strategy for the group's future direction.
But in an internal meeting Mr Mistry on Tuesday outlined a plan called Vision 2025 that will see Tata push into new markets as it aims to become one of the world's top 25 businesses by market capitalization over the next decade.
Mr Mistry said that by 2025 Tata – which manufactures products ranging from salt to wrist watches – would be "amongst the 25 most admired corporate and employer brands globally, with a market capitalization comparable with the 25 most valuable companies in the world".
Tata confirmed that Mr Mistry planned to establish four new business "clusters" – defense and aerospace, retail, infrastructure and finance – to increase growth at the group, whose largest existing divisions by revenue focus on IT outsourcing, steel and cars.
The approach aim to bring together existing operations in areas such as retail, where Tata already operates numerous businesses, but could also involve the "creation of new companies", Tata said.
Tata's focus on both defense and infrastructure signals an attempt to capitalize on planned changes by newly-elected Prime Minister Narendra Modi, whose government is set to liberalize investment rules for defense industries while also increasing investment in areas such as roads, ports and power.
Under previous chairman Ratan Tata, Tata Group undertook a rapid period of international expansion, becoming India's most global company with a series of eye-catching acquisitions picking up western companies such as British luxury carmaker Jaguar Land Rover and Anglo-Dutch steelmaker Corus.
More from the Financial Times:
About two-thirds of the group's revenues now come from its international operations, but in recent years it has struggled both to improve performance at a number of its flagship divisions, and to launch new high-growth businesses.
In particular, Mr Mistry spent much of his first year in charge attempting to stem losses at Tata Steel's lossmaking European operations, while also dealing with problems at the group's ailing Indian car making and mobile telecoms businesses.
Although analysts say these efforts have had mixed results, Mr Mistry has been aided by success of both IT division Tata Consultancy Services and carmaker JLR.
Both TCS and JLR posted strong global revenue and profit growth during the past financial year, helping to mask much less impressive figures at many of the group's other companies.
Although Tata tends to be viewed as an industrial conglomerate, TCS's market capitalization of Rs.5 trillion ($83 billion) now accounts for about 60 per cent of the total value all of listed Tata group entities, as well as making it India's most valuable company.