SYDNEY, AUSTRALIA: Mighty Kingdom Limited, a leading game developer, has announced that its Chief Financial and Operations Officer, Simon Rabbitt, will take over as Interim Chief Executive Officer with immediate effect. The Company is looking for a permanent CEO to lead its future expansion plans. Mr Rabbitt has 11 years of executive experience in the…
Steadfast Group buys US insurance agency network ISU Group for $55 million
SYDNEY, AUSTRALIA: Steadfast Group, an Australian insurance broker network, has entered the US insurance market by buying ISU Group, a private independent insurance agency network, for US $55 million. The deal, which was announced on Thursday, will be funded from Steadfast’s existing corporate debt facilities and free cashflow. It is expected to increase Steadfast’s earnings…
Exxon close to $60 billion deal for Permian oil producer Pioneer
Exxon Mobilis close to buying Pioneer Natural Resources (PXD.N) in a deal that could be worth about $60 billion, Reuters reported on Thursday. The deal would be Exxon’s largest since it bought Mobil for $81 billion in 1998 and would boost its presence in one of the most profitable areas of the U.S. oil industry….
OpenAI considers making its own AI chips: Reuters
OpenAI, the creator of ChatGPT, is looking into making its own chips for artificial intelligence and has even considered buying a chip company, sources familiar with the company’s plans told Reuters. The company has not made a final decision, Reuters said. But it has explored various ways to deal with the shortage of expensive AI…
ORIT to sell the Krzecin and Kuslin onshore wind farms in Poland to an affiliate of ORLEN S.A.
LONDON, UK: Octopus Renewables Infrastructure Trust plc (ORIT) has entered into a conditional agreement to sell the Krzecin and Kuslin onshore wind farms in Poland to an affiliate of ORLEN S.A. On completion of the transaction, ORIT expects to receive net proceeds, following the repayment of asset level debt and termination of hedging arrangements, of…
600 Groupto sell 80% shares in TYKMA Electrox and Control Micro Systems laser business
LONDON, UK: The 600 Group Inc. entered a non-binding letter of intent (LOI) with a U.S. based operationally-oriented mid-market private equity firm regarding the potential disposal of a majority interest in the business and assets of the Group’s wholly owned TYKMA Electrox and Control Micro Systems industrial laser businesses in the U.S. The LOI envisages…
AssetCo plc announces sale of interest in River & Mercantile Infrastructure (RMI)
LONDON, UK: AssetCo and its wholly owned subsidiary, River & Mercantile Holdings Limited have reached agreement in principle for the transfer of their interest as corporate partner in RMI, to partners of RMI led by Ian Berry, managing partner of RMI. Partners of RMI have agreed terms with AssetCo and Holdings to continue managing and…
Tesla cuts prices of Model 3 and Model Y by thousands of dollars in the U.S.
Tesla reduced the prices of its Model 3 and Model Y vehicles in the U.S. by around 2.7% to 4.2%, according to the electric vehicle (EV) maker’s website on Thursday, following a similar move for its premium Model S and Model X cars about a month ago. Tesla has been lowering prices aggressively this year…
Sutter Hill leads $50M debt financing for Observe, a unified observability cloud startup
Observe, a startup based in San Mateo, has secured $50 million in series A3 debt financing from Sutter Hill Ventures. The company, which was founded by former leaders of Snowflake, Splunk, Wavefront and Roblox in 2017, provides a unified observability cloud that enables faster and easier application troubleshooting and incident resolution. Observe also launched the…
Beeline Academy launched to help train youth with emphasis on data protection, cybersecurity, and AI
AMSTERDAM: VEON Ltd., a global digital operator that provides converged connectivity and online services, announced that its Beeline Uzbekistan, its digital operator in Uzbekistan, opened the Beeline Academy in Tashkent to help train IT, AI, cybersecurity and data protection experts. The Beeline Academy was opened in cooperation with the Tashkent International University of Education or…
New £150m fund to boost smaller businesses in Scotland
The British Business Bank has launched a new £150m Investment Fund for Scotland (IFS) to help smaller businesses across the country to prosper and thrive. The IFS is the first solely UK government-backed investment fund for smaller businesses in Scotland and aims to increase sustainable economic progress by supporting new and growing businesses through investment…
Toyota partners with LG Energy Solution to boost its electric vehicle production in the U.S.
Toyota, the world’s largest automaker, has signed an agreement with South Korea’s LG Energy Solution to supply lithium-ion batteries for its electric vehicles that will be assembled in the U.S. The deal will support Toyota’s ambitious plan to offer 30 battery-electric vehicle models across its Toyota and Lexus brands and produce up to 3.5 million…