KARACHI: Engro Corporation, a leading Pakistani business group, has named Ahsan Zafar Syed as its next President & CEO, effective from May 2024. He will succeed Ghias Khan, who has led the company since 2017 and achieved remarkable growth and diversification. Ahsan Zafar Syed is a veteran of Engro, having joined the company in 1991…
IMF raises growth outlook for developing Asia, but warns of China property risks
The International Monetary Fund (IMF) has upgraded its growth forecast for developing Asia economies in 2024, thanks to strong performance by India and higher government spending by China. However, it also cautioned that China’s property sector crisis could pose a threat to the region’s recovery. In its latest World Economic Outlook report, the IMF projected…
STV Studios becomes majority stakeholder in Two Cities Television
LONDON, UK: STV Studios has increased its 25% equity stake in the high-end drama production company, Two Cities Television (Two Cities), to a majority holding of 51%. STV acquired a minority stake in Two Cities in January 2020, with an option to increase its initial stake to a majority position upon Two Cities becoming profitable….
Resource scarcity is affecting 91% of industrial businesses worldwide: Report
A new report from ABB Motion, a leading provider of electric motors and drives, reveals that resource scarcity is affecting 91% of industrial businesses worldwide, driving them to increase their investment in circularity initiatives. The report, titled “Circularity: No Time to Waste,” is based on a global survey of 3,304 industrial decision-makers across 12 countries…
TECOM Group reports record revenue and profit for 2023
TECOM Group, the creator of specialised business districts and vibrant communities in Dubai, reported a record revenue of AED 2.2 billion and a net profit of AED 1.1 billion for 2023, up 10% and 49% respectively from the previous year. The Group attributed its strong performance to robust demand from new and existing customers across…
Tesla CEO Elon Musk loses $55 billion pay package after court ruling
Tesla shareholders have won a landmark legal victory against the company’s CEO Elon Musk and its board of directors, who had granted Musk an unprecedented $55 billion pay package in 2018. The Delaware Court of Chancery has ruled that the pay package was invalid and must be cancelled, saving Tesla stockholders from massive dilution. The…
Deirdre Hanford to lead Natcast, a new center for U.S. semiconductor technology
Deirdre Hanford, a board member of Cirrus Logic, Inc. (NASDAQ: CRUS) since 2018, has been appointed as the CEO of Natcast, a new center for research and engineering in the U.S. semiconductor industry. Natcast, which stands for National Semiconductor Technology Center, is expected to be established under the CHIPS for America program, a federal initiative…
Finexia Financial Group acquires Yield Report, partners with Sequoia
SYDNEY, AUSTRALIA: Finexia Financial Group Ltd (ASX: FNX), a specialist in private credit and funds management, has announced the acquisition of Yield Report Pty Limited, Australia’s leading online news portal for fixed income and yield securities, from Sequoia Financial Group Ltd (ASX: SEQ). The deal, which involves an exchange of 500,000 ordinary shares in FNX,…
Moveworks expands its global presence with new data center in Australia
Moveworks, the leading AI copilot platform for the enterprise, has opened its first regional data center in Australia, following its recent launches in Canada and the EU. The new data center will allow Australian customers to use Moveworks’ natural language-based solutions while complying with data privacy and residency regulations. Moveworks’ CEO said that the company…
The Ultimate Guide to Ecommerce Delivery and Customer Loyalty
Ecommerce has redefined the traditional bricks and mortar retail model, with online stores no longer being considered a “nice-to-have” and instead a “must-have“. With KPMG reporting that the global retail ecommerce market size was estimated to be US$5.5 trillion in 2022, a clear ecommerce model can create a lucrative alternative revenue stream. As ecommerce continues to…
Amphenol Corporation to buy Carlisle Interconnect for $2 billion
Amphenol Corporation, a global leader in high-tech interconnect, antenna and sensor solutions, has agreed to acquire Carlisle Interconnect Technologies (CIT), a major supplier of harsh environment interconnect solutions, for $2.025 billion in cash. The deal, which is expected to close by the end of June 2024, will expand Amphenol’s product portfolio and customer base in…
Boston Metal secures $20M investment from Marunouchi Innovation Partners
Boston Metal, a company that aims to decarbonize steelmaking with its Molten Oxide Electrolysis (MOE) technology, has secured a $20 million Series C2 investment from Marunouchi Innovation Partners, a Tokyo-based venture capital firm. The new funding by Marunouchi Innovation Partners brings the series total to $282 million and will help Boston Metal expand its presence…