Fitch Ratings has revised its 2025 forecast for the U.S. retail and consumer products sectors, changing its outlook from Neutral to Deteriorating. This adjustment reflects concerns over the recently announced tariffs, which are expected to impact consumer spending as sentiment weakens and retail costs rise. The report indicates that most Fitch-rated companies in these sectors…
Stellantis halts production of Leapmotor EV in Poland
MILAN: Stellantis NV said Tuesday it has stopped assembling the Leapmotor T03 electric vehicle at its plant in Tychy, Poland, and is evaluating alternative production options for the Chinese-made model. Production of the small electric car ended March 30, the Franco-Italian automaker said in a statement. While Stellantis remains committed to launching Leapmotor vehicles in Europe, it…
Nvidia to launch RTX 5060 desktop GPU alongside RTX 5050 & 5060 laptop variants
Nvidia is gearing up to unveil its much-awaited RTX 5060 desktop graphics card. But that’s not the only new GPU in the pipeline. Reports suggest that two mobile versions—the RTX 5050 and RTX 5060 for laptops—will be announced within the next two weeks. Press materials from leading laptop manufacturers such as Lenovo, LG, and Razer provide…
Sizl raises $3.5 million to expand its cook-to-order kitchens
CHICAGO: Sizl, a cook-to-order delivery service based in Chicago, aims to change perceptions by delivering meals made with fresh ingredients in about 30 minutes. The company announced Tuesday that it raised $3.5 million in a seed round at a post-money valuation of $12 million. Unlike traditional dark kitchens that serve as shared spaces for various restaurants, Sizl…
Insperial acquires UK-based aircraft upholstery manufacturer MGR Foamtex
THAME: Insperial has announced the acquisition of MGR Foamtex, a leading UK-based aircraft upholstery manufacturer. MGR Foamtex, founded in 1985 and headquartered in Thame, Oxfordshire, is renowned for its skilled engineering and commitment to quality craftsmanship. Les Simpson, Chief Executive of MGR Foamtex, expressed enthusiasm about the acquisition, stating, “We are delighted to become part…
CRB names Vahid Ownjazayeri as President and CEO
KANSAS CITY: CRB Group, a global provider of sustainable engineering, architecture, and construction solutions, has appointed Vahid Ownjazayeri as its new President and CEO. Ownjazayeri, a seasoned executive with more than 40 years of experience in infrastructure design and construction, previously served as Managing Director at Global Infrastructure Solutions Inc. He also held key leadership roles…
China to restrict heavy rare earth exports, boosting Australia’s Northern Minerals
PERTH: China announced plans to impose export restrictions on heavy rare earths, a move that could reshape global supply chains and create opportunities for alternative producers like Australia’s Northern Minerals Ltd. The Australian company, focused on heavy rare earths such as dysprosium and terbium, is advancing its Browns Range Project in Western Australia. These minerals…
Symal Group expands waste management capilities with acquisition of Ascot Bin Hire
MELBOURNE: Symal Group Limited (ASX: SYL) has completed its acquisition of Ascot Bin Hire, a Melbourne-based construction and demolition waste management company, for $12 million in cash. The deal marks Symal’s first acquisition since listing on the Australian Securities Exchange in November 2024. The purchase includes an upfront payment of $8 million, with $4 million…
Sword Group expands cybersecurity footprint with iDelta acquisition
PARIS: Sword Group has strengthened its cybersecurity and artificial intelligence capabilities with the acquisition of iDelta, a specialist in observability data and cybersecurity solutions based in Edinburgh. The strategic move significantly enhances Sword’s presence in the financial services sector while expanding its expertise across multiple industries. Founded as a micro-company, iDelta specializes in delivering bespoke data and…
Pakistan grants provisional license to Starlink
Pakistan has granted a provisional license to Starlink, marking a significant step toward the satellite internet provider’s official launch in the country, Pakistan Telecommunication Authority (PTA) Chairman Hafeez Ur Rehman announced Monday. Rehman told reporters that the licensing process consists of multiple regulatory stages. Starlink has already registered with the Securities and Exchange Commission of…
Softcat plc acquires Oakland Group Services for £8 million
LONDON: Softcat plc (LSE: SCT.L), a leading UK provider of IT infrastructure products and services, today announced the acquisition of Oakland Group Services Ltd (‘Oakland’), a specialist provider of data and AI consultancy services. The acquisition of Oakland further strengthens Softcat’s ability to support customers at every stage of their data journey. Oakland’s specialist consultancy services range…
Abacus Storage King receives unsolicited takeover proposal
SYDNEY: Abacus Storage King confirmed Monday it received an unsolicited, non-binding proposal from a consortium comprising Ki Corporation Limited and U.S.-based Public Storage to acquire all outstanding stapled securities not already held by the group. The offer, valued at A$1.47 per security (minus post-proposal dividends), would leave Public Storage with a 50% stake in the…