In the ever-evolving landscape of technology, Artificial Intelligence (AI) stands out as a revolutionary force, particularly in the realm of financial forecasting. AI refers to the simulation of human intelligence in machines that are programmed to think and learn. Its relevance in financial forecasting cannot be overstated; AI algorithms can analyze vast amounts of data,…
IFC to finance PTCL Group’s acquisition of Telenor Pakistan
Islamabad: The Board of Directors of the International Finance Corporation (IFC) has provided a go-ahead for financing to PTCL Group for the purchase of Telenor Pakistan. The decision follows PTCL Group’s signing of a share purchase agreement with Telenor Pakistan for the acquisition of a 100 percent stake in the company on a cash-free, debt-free basis. PTCL…
Roche Bobois SA to acquire majority stake in Chinese franchise
PARIS, FRANCE: Roche Bobois SA, the esteemed leader in luxury furniture and French Art de Vivre, has announced its intent to acquire a majority interest in its franchised stores across China. This decision follows the company’s successful franchise acquisitions in the United States and France, marking a significant step in its expansion into the lucrative…
Epwin Group appoints Stephen Harrison as Chairman
LONDON: Epwin Group Plc, a key player in the building products industry, has announced upcoming changes to its leadership. Andrew Eastgate will retire as Chairman and step down from the Board after a decade of service, effective after the AGM on May 21, 2024. Succeeding him is Stephen Harrison, who joined the Board in November…
Vinanz Limited enhances U.S. market presence with DTC eligibility and Employee Benefit Trust
LONDON: Vinanz Limited, a London-listed Bitcoin mining firm, has announced its shares are now DTC eligible in the U.S., simplifying access for investors. The DTC eligibility allows for efficient electronic clearing of the company’s shares, traded under the ticker “VINZF.” This move is expected to increase market activity and investor engagement. Furthermore, Vinanz has established…
IQE and Advanced Wireless Semiconductor announce expanded partnership
LONDON: IQE plc, a leader in compound semiconductor wafer products, has announced an expanded partnership with Advanced Wireless Semiconductor Company (AWSC) through a multi-year supply agreement. This strategic move will see IQE providing Gallium Arsenide (GaAs) wafers to AWSC for the production of power amplifiers for smartphones, targeting Tier One OEMs in China’s Android market….
Baltic retail giant Maxima Grupė reports 13% increase in revenues to €5.845 billion
LONDON: Maxima Grupė, the retail giant in the Baltic States, has announced its consolidated financial results for 2023, showcasing significant growth despite the economic headwinds affecting its markets. The Group, which operates well-known retail chains across Lithuania, Latvia, Estonia, Poland, and Bulgaria, and the e-commerce platform Barbora in the Baltic States, has reported a consolidated…
M&C Saatchi Plc reports 8% decline in operating profit
LONDON, UK: M&C Saatchi Plc has reported a challenging fiscal year 2023. The company saw a slight decrease in revenue, down by 2% from the previous year, standing at £453.9 million compared to £462.5 million in FY22. This dip was mirrored in the net revenue, which also fell by 7% to £252.8 million. The company’s…
THG Plc reports 8.4% decline in total group revenue
LONDON, UK: THG Plc has reported a decline in total group revenue by 8.4% year-over-year (YoY), a move attributed to the company’s decisive action to phase out unprofitable categories. Despite these challenges, the group’s continuing revenue stood at £1.983 billion, a modest decrease of 2.8%, as the focus shifted towards sales and territories with higher…
Tesco Plc reports 100% growth in operating profit to £2.821 billion in FY 23/24
LONDON: Tesco Plc has announced its financial results for the fiscal year 23/24, showcasing significant gains across various financial metrics. The retail giant reported group sales of £61.477 billion, marking a 7.4% increase at actual rates compared to the previous year’s £57.216 billion. This growth remained consistent at constant rates with a 7.2% rise, reflecting…
Azelis acquires distribution business of DBH Osthandelsgesellschaft mbH
ANTWERP: Azelis (AZE), a leading global innovation service provider in the specialty chemicals and food ingredients industry, has signed an agreement to acquire the distribution business of DBH Osthandelsgesellschaft mbH (DBH), a specialty chemicals distributor focused on AM&A (Advanced Materials & Additives) in Germany and Central & Eastern Europe (CEE). The transaction is expected to…
GIP Australia Fund II raises A$4.0 billion for Australasian Ventures
Global Infrastructure Partners (GIP) has successfully closed its fundraising efforts for the GIP Australia Fund II (GIPA II), amassing A$4.0 billion in committed capital. This impressive figure sits at the zenith of their initial target range of A$3.0 to A$4.0 billion. The fund has garnered robust support from institutional investors spread across the continents—from Australia…