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Meta is scaling back its metaverse focus, cutting studios and head count at Reality Labs to prioritize artificial intelligence. View More
In this articleMETAFollow your favorite stocksCREATE FREE ACCOUNT The Meta Horizon Worlds logo is displayed on a smartphone screen, and the Meta logo is in the background in Chania, Greece, on Aug. 9, 2024.Nikolas Kokovlis | Nurphoto | Getty Images Meta announced Tuesday that it is shutting down Horizon Worlds, the virtual reality social network for Quest VR headsets that was once a key piece of the pivot to the metaverse.In a community blog, Meta announced that the Horizon Worlds app will be taken off the Quest store at the end of March, and fully removed from VR on June 15. After that date, it will only be available on a standalone mobile app."We are separating the two platforms so each can grow with greater focus, and the Horizon Worlds platform will become a mobile-only experience," the company said in announcing the change.The shift for Horizon Worlds, which was once a central part of the company's push into virtual reality, comes weeks after Meta cut over 1,000 employees from Reality Labs, the unit responsible for the metaverse.The January cuts in Reality Labs also hit studios that were working on VR titles, including Ouro Interactive, an in-house studio that debuted in 2023 to build first-party content for Horizon Worlds.When Meta changed its name from Facebook in October 2021 to cement the pivot to the metaverse, CEO Mark Zuckerberg called it "the next frontier.""Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers," Zuckerberg wrote at the time when announcing the change. Read more CNBC tech newsMicron rides memory price spike into earnings with stock up 62%, drubbing peersMeta is shutting down VR social platform Horizon Worlds in further pivot away from the metaverseJensen Huang says Nvidia has received orders from China and is 'restarting our manufacturing'Tesla to buy $4.3 billion of LG Energy battery cells from disbanded GM plant Horizon Worlds struggled to find users as the general public remained skeptical of virtual reality. The social platform has never drawn more than a couple hundred thousand active users a month, CNBC previously reported.The virtual 3D social network where avatars could interact and play games with other users officially launched in late 2021. It operated exclusively on the Quest VR platform until Meta launched a mobile app version in September 2023.The mobile version of Horizon Worlds was built to provide an entry point for users without VR headsets, functioning similarly to Roblox.The metaverse has proved to be a costly bet. The Reality Labs unit posted billions in losses each quarter after its launch. In fourth-quarter earnings posted in January, the unit reported an operating loss of $6.02 billion.Meta has since shifted toward advancing artificial intelligence, scaling back its once-prominent focus on virtual reality. Meta announced it would restructure its VR efforts last month.In a February blog post announcing the change, Reality Labs Vice President of Content Samantha Ryan said that Meta would be "doubling down on the VR developer ecosystem while shifting the focus of Worlds to be almost exclusively mobile.""By breaking things down into two distinct platforms, we'll be better able to clearly focus on each," Ryan said. watch nowVIDEO5:0905:09VR has been 'pretty big disappointment' for Meta, says Mizuho's Lloyd WalmsleyClosing Bell: Overtime Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
The National Company Law Tribunal has officially sanctioned Adani Enterprises' acquisition of Jaiprakash Associates, marking a historic moment in India’s insolvency landscape. Secured in November 2025, this takeover allows Adani Enterprises to take the helm of the struggling cement and infrastructure firm, setting the stage for a transformative era for Jaiprakash Associates. View More
Mumbai: The National Company Law Tribunal (NCLT) has approved the acquisition of Jaiprakash Associates Ltd (JAL) by Adani Enterprises, clearing the way for one of the most high-profile resolutions under India's insolvency framework. The approval will allow Adani Enterprises to take control of the debt-laden infrastructure and cement company. The Adani Group had emerged as the winning bidder in November 2025, offering an upfront payment of around Rs 14,535 crore, surpassing competing bids from Vedanta and Dalmia Bharat. The company today informed the stock exchanges that NCLT has orally pronounced an order today approving the resolution plan dated October 14, 2025 submitted by Adani Enterprises. The resolution plan will be implemented by AEL, its promoter group, or Adani entities, or through any special purpose vehicle including one or more special purpose vehicles held by any Adani entity or any entity identified by AEL, in accordance with the terms of the resolution plan, Adani said. Jaiprakash Associates, the flagship of the Jaypee Group, has a portfolio which spans across cement, power, engineering, hospitality, real estate, and sports infrastructure. In the first round, some bids hinged on the outcome of a legal dispute over its 1,000-hectare Sports City project in Greater Noida, but lenders later sought unconditional offers. NCLT Allahabad Bench, on June 3, 2024, admitted JAL into the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 (IBC) following petitions from ICICI Bank and SBI. Lenders sold their debt to the bad bank in March 2025. The National Asset Reconstruction Company Ltd (NARCL), which controls over 90% of JAL's debt, had earlier acquired about Rs 55,000 crore of loans for Rs 12,000 crore in a mix of cash and security receipts. Other creditors include Arcil, overseas branches of State Bank of India and Bank of Baroda, and thousands of homebuyers. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
The second batch of 500 rakes was completed 40% faster than the first, showcasing MRPL’s operational efficiency View More
The rivalry between the Adani Group and the Aditya Birla Group’s UltraTech Cement Ltd has resulted in rapid manufacturing capacity expansion. In the last three-and-a-half years, the two conglomerates have added nearly 120 mtpa of cement manufacturing capacity between them. View More
Explore how an antitrust probe uncovered collusion among Indian cement firms, revealing bid rigging to oust foreign competitors View More
Global technology major ABB will invest approximately $75 million in India in 2026. This expansion will boost manufacturing and research capabilities across key sectors. The investment supports ABB's local-for-local strategy, strengthening operations and creating over 300 new skilled jobs. This move aligns with India's growing demand for energy transition and infrastructure development. View More
Global technology major ABB on Sunday announced plans to invest about $75 million in India in 2026 to expand its manufacturing footprint and research and development (R&D) capabilities across key infrastructure and industrial segments. The investment, which follows a $35 million spend in 2025, will support the company’s "local-for-local" strategy, under which nearly 85% of ABB’s products and solutions sold in India are manufactured locally. According to the company, the investment will strengthen operations across its Electrification, Motion and Automation business segments and create over 300 new skilled jobs in engineering, operations and research. "This investment in India is an important part of our strategy to support infrastructure build-out and growth in one of our fastest growing markets," said Morten Wierod. "We are seeing strong demand driven by the country’s energy transition, grid modernization, data center development, and the rapid expansion of the metro and high-speed rail segments. Our expanded facilities will ensure we meet this demand while enhancing our capabilities to serve other markets in the region," he added. Live Events Investments across key locations The company said the investments will be spread across several manufacturing and R&D locations in India. In Bengaluru, ABB will invest $14 million at its Nelamangala campus facilities to expand production capacity and introduce new technology ranges, including advanced electrical protection and enclosure solutions. The company will also scale up its converter manufacturing facility, which supports India’s growing sustainable mobility sector, including metro and high-speed rail. Another $21 million investment will go into ABB’s Peenya facility in Bengaluru, where the company plans to expand manufacturing capacity for low-voltage drives and specialised motors. The facility will also see the addition of an innovation lab, remote monitoring and diagnostics systems, and upgraded training facilities. In Hyderabad, ABB is developing a new laboratory and office hub with an investment of $12 million as part of the first phase. The facility will host R&D and engineering teams, while a state-of-the-art High Power laboratory is planned in the next phase. The company will also invest $22 million in Nashik to expand its production of indoor and outdoor circuit breakers and enlarge its Vacuum Interrupter (VI) factory, while driving localisation of 33kV primary gas-insulated switchgear and SF6-free technologies by 2028. In Vadodara, ABB plans to invest $6 million to scale up manufacturing of slow-speed synchronous generators and induction motors, catering to industries such as metals, oil and gas, cement and wind energy. Strengthening India operations ABB said the investment builds on a decade of growth in India, during which the company has invested more than $23 crore to strengthen the country’s position as a manufacturing hub. The year 2026 also marks ABB’s 76th year of operations in India. The company reported revenue of more than $1.5 billion from India in 2025, accounting for around 4% of ABB Group’s global revenue. With over 10,000 employees in the country, ABB operates nearly 25 manufacturing, distribution and operating facilities along with five major R&D centres across India. ABB, a global leader in electrification and automation technologies, said the latest investment will further support India’s infrastructure expansion and the transition to more sustainable and efficient industrial systems. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Explore today’s stock market highlights featuring Tata Power, UltraTech Cement, RailTel, and major developments in various industries View More
The acquisition is expected to strengthen the JSW Cement’s access to key raw materials and support its long-term expansion strategy View More