Gen AI, or Generation AI, is the term used to describe the wave of artificial intelligence (AI) applications that are becoming accessible and affordable for businesses of all sizes and sectors. Gen AI is not just a buzzword, but a powerful force that can democratize AI and flatten decision-making structures. In this blog post, we…
Qatar launches $1 billion fund to boost venture capital and start-ups in the region
Qatar’s sovereign wealth fund, Qatar Investment Authority (QIA), has announced a new initiative to invest over $1 billion in venture capital funds that focus on the region’s emerging start-up ecosystem. The initiative, called the venture capital “Fund of Funds”, was launched by Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani at the Qatar Web…
Hoteles BESTPRICE reports record revenue and growth in 2023
PARIS, FRANCE: Hoteles BESTPRICE, a boutique hotel chain listed on the EURONEXT PARIS stock market, has announced its best year in history, with a net revenue of €5.46 million in 2023, a 29% increase from the previous year. The company also achieved an operating profit of €2.1 million, a 35% increase from 2022. The hotel…
PUMA to become the new kit supplier of RB Leipzig
PUMA, one of the world’s leading sports brands, has signed a long-term partnership with Bundesliga football club RB Leipzig, starting from the 2024/25 season. PUMA will supply kits to all men’s, women’s and youth teams, as well as the club’s esports team. RB Leipzig, also known as the Red Bulls, has been a rising force…
Edenred acquires RB, a leading platform for employee transport benefits in Brazil
PARIS: Edenred, a global leader in digital services and payments, has announced the acquisition of RB, a Brazilian company that specializes in employee transport benefits. The deal will enhance Edenred’s offerings in the Brazilian benefits market, especially in the SME segment, and generate significant synergies. RB, founded in 1999, manages and issues transport cards and…
JCDecaux SE confirms evaluating the opportunity to sell its stake in APG|SGA
PARIS: JCDecaux SE, the number one outdoor advertising company worldwide, confirms that it has entered into an agreement with Pargesa Asset Management S.A., to evaluate an intended coordinated disposal of their stakes in APG|SGA of 30% and 25.3% respectively, following the announcement today of APG|SGA that its Board of Directors has decided to initiate a…
Samsung unveils new memory chip for AI applications
Samsung Electronics, the world’s largest memory chip maker, has announced the development of a new high-bandwidth memory (HBM) chip that boasts the highest capacity and performance in the industry. The new chip, dubbed HBM3E 12H, is designed to meet the growing demand for high-capacity memory from AI service providers, who use generative AI models such…
Barbora Polska ceases operations in Poland
“Barbora Polska” Sp. z o. o., providing home food delivery service in Tricity, Warsaw, Katowice, and Lodz in Poland, is ceasing its operations. It is planned that “Barbora” services will be provided until March 3. According to the statement of Viktoras Juozapaitis, the director of RADAS, UAB, which controls the company “Barbora Polska“, the decision…
Ducon and deltaVision to co-develop fluid control solutions for space and hydrogen sectors
Ducon Infratechnologies Limited, a leading cleantech company in India, has announced a joint venture with deltaVision, a German start-up specialized in fluid control solutions for rocket fuel propulsion and hydrogen fuel delivery systems. The collaboration aims to co-develop and manufacture embedded products for the emerging Indian markets in the hydrogen and aerospace value chain. The…
Citi and BNP Paribas invest in United Fintech, a neutral platform for fintech innovation
United Fintech, a neutral Digital Transformation Platform that connects global financial institutions and cutting-edge technology providers, has secured strategic investments from Citi and BNP Paribas, two of the world’s leading banks. The deal, led by Citi, gives the banks rotating board seats and access to quarterly industry roundtables hosted by United Fintech, where they can…
Casino’s restructuring leads to Rallye’s bankruptcy and loss of control
PARIS: Casino, a French retail giant, has received the approval of the Paris Commercial Court for its accelerated financial restructuring plan, which will massively dilute the stakes of its existing shareholders. The plan, which is expected to be completed by 27 March 2024, will reduce Casino’s debt by €3.6 billion and extend its maturities by…
Peugeot Invest exits Groupe SEB with €236 million deal
PARIS, FRANCE: Peugeot Invest has sold its entire stake in Groupe SEB, a French manufacturer of small appliances, for €236 million. The deal was done through a private placement to institutional investors at €106 per share, a financial news announcement noted. Peugeot Invest, an investment company majority-owned by Etablissements Peugeot Frères, had invested in Groupe…