Amazon confirmed on Friday that it is laying off “several hundred” employees in its Alexa division, as part of a broader cost-cutting strategy that has been underway since last year. The company said it is discontinuing some initiatives in the Alexa division, which oversees the development of the virtual assistant and the Echo devices, to…
Cadillac announces new compact EV crossover Optiq for 2025
Cadillac, the luxury brand of General Motors, has revealed the name of its upcoming entry-level electric vehicle: Optiq. The compact-sized crossover will be the fourth EV in Cadillac’s portfolio, following the Lyriq, the Celestiq and the electric Escalade. The Optiq is expected to go on sale in the U.S. as early as next year, with…
Volvo Cars shares plummet as Geely Holding initiates massive stock sale
Volvo Cars shares witnessed a sharp decline, plummeting by as much as 14% on Friday morning. The reason was the initiation of a substantial sale of approximately 100 million shares by its parent company, Zhejiang Geely Holding Group. According to CNN Business: Jim Rowan, CEO of Volvo Cars, said, “This increase in our public float…
AstraZeneca’s Truqap approved in US for advanced breast cancer
LONDON: AstraZeneca announced that its drug Truqap (capivasertib) has received approval from the US Food and Drug Administration (FDA) for the treatment of a specific type of advanced breast cancer. Truqap is a first-in-class medicine that targets the PI3K/AKT pathway, which is involved in cancer growth and resistance to therapy. Truqap is approved for use…
FirstGroup partners Hitachi for its bus fleet and infrastructure decarbonisation programme
LONDON, UK: FirstGroup plc has agreed a strategic partnership with Hitachi as part of the Group’s bus fleet and infrastructure decarbonisation programme. The partnership will provide the following: Graham Sutherland, FirstGroup Chief Executive Officer said: “The pioneering alliance with Hitachi is a major strategic partnership for the Group as we progress towards our ambitious 2035…
Smiths News secures new 5-year contract with Marketforce UK
LONDON: Smiths News has secured a new five year contract with the magazine distributor Marketforce (UK) Limited. The new agreement secures all of Smiths News’ current distribution territories in the UK with Marketforce through to 2029, representing 31% of our magazine revenues and 9% of our total newspaper and magazine revenues. Marketforce is part of…
Schroder’s EasyPark Group intends to acquire Flowbird Group
LONDON, UK: Schroder British Opportunities Trust plc confirmed that one of its private equity investments, EasyPark Group, one of the global leaders in mobile paid parking, has announced its intention to acquire Flowbird Group, a global mobility player providing integrated parking and transportation solutions. The deal is subject to customary approvals by relevant authorities and…
Real Good Food plc sells Rainbow Dust Colours to European Fermentation Products
LONDON, UK: Real Good Food plc, (AIM: RGD), the food manufacturing business specialising in cake decoration, has sold the business and certain assets of Rainbow Dust Colours (RDC) to European Fermentation Products Limited for a total cash consideration of £800,000. The disposal provides JF Renshaw cash to help fund its working capital during the busy…
Hill & Smith plc acquires United Fiberglass of America for $14 million
LONDON, UK: Hill & Smith plc, the international provider of sustainable infrastructure products and services, today announced the acquisition of United Fiberglass of America Inc. Hill & Smith plc has completed the acquisition of the business and assets of United Fiberglass from a charitable foundation. The management team will be staying with the business. The…
Justin Platt appointed Marston’s PLC CEO, as Andrew Andrea steps down
LONDON, UK: Marston’s PLC today announced that Andrew Andrea has agreed with the Board that he will step down as Chief Executive Officer with immediate effect. He will, however, be available to the business for a period to ensure a smooth handover of responsibilities. The Board wishes to take this opportunity to express its gratitude…
Future Metals acquires 100% of Osprey Minerals Pty Ltd.
SYDNEY, AUSTRALIA: Future Metals NL (FME) has exercised its option to acquire 100% of Osprey Minerals Pty Ltd. Osprey shareholders will receive the upfront consideration of, in aggregate, 18,382,352 new FME shares within the next 5 business days. The shares are subject to a 6-month escrow period. The Company shall pay to Osprey shareholders deferred…
Alibaba’s restructuring plan hits a snag as cloud and grocery units shelve listing plans
Alibaba has scrapped its plans to list its cloud and grocery businesses separately, citing regulatory and market uncertainties. The Chinese ecommerce giant reported disappointing earnings on Thursday, with revenue missing expectations and net loss widening. Hong Kong stocks continued to lead declines in Asia-Pacific on Friday, as shares of Alibaba plunged in early trading, while…