LONDON, UK: Admiral Acquisition Limited, a blank check company founded by a group of seasoned investors and entrepreneurs, has successfully completed its initial public offering (IPO) on the London Stock Exchange, raising $550 million to pursue its acquisition strategy. The company, which is registered in the British Virgin Islands, sold 53.95 million ordinary shares at…
Petrichor Partners LP to acquire Egdon Resources plc for £26.64 million
LONDON, UK: Petrichor Partners LP has agreed to acquire Egdon Resources plc at the rate of 4.5 pence for each Egdon Resources share valuing the acquisition at £26.64 million. Petrichor, a partnership of which the general partner is HEYCO International, Inc., is a wholly owned subsidiary of HEYCO Energy Group, Inc.. The ultimate parent company…
EU approves landmark crypto rules, urges others to follow
The European Union has adopted the world’s first comprehensive set of rules to regulate cryptoassets, setting a global standard and putting pressure on other countries to catch up. The rules, which were approved by EU finance ministers on Tuesday, aim to protect investors, prevent money laundering and terrorism financing, and ensure fair taxation in the…
Meta launches paid verification service in the UK
Meta, the parent company of Facebook and Instagram, has started offering a paid verification service in the UK that gives users a blue tick on their profiles for £9.99 per month. The service, called Meta Verified, is similar to Twitter Blue, the premium subscription launched by Elon Musk last year. It aims to provide users…
Apple to Make iPhone 16 Pro Models Larger to Fit Periscope Lens
Apple is reportedly planning to make the Pro models of the iPhone 16 collection a bit larger than earlier models to create space for the periscope lens. The periscope lens is a new type of camera lens that can provide greater optical zoom than traditional lenses. It does this by using a prism to bend…
Pakistani Chaunsa mango to land in Europe and Middle East in the first week of July
Pakistani Chaunsa mango will land in Europe and Middle East in the first week of July, Patron All Pakistan Fruits and Vegetables Exporters Association Waheed Ahmed said on Tuesday. Mango exports from Pakistan are due to start on May 20, 2023 in accordance with the government’s strictly timed export policy. Chaunsa comes later. Exporters said…
Quantum computing to tackle combustion challenges
PARIS, FRANCE: A research project, funded by the French Defense Innovation Agency, aims to develop the first hybrid quantum-classical platform to simulate the complex phenomenon of combustion and its applications. The project, called VulQain, is a collaboration between Eviden, an Atos business, ColibrITD, a quantum software start-up, and ONERA, the French aerospace research center. The…
EHC and Croma-Pharma revise business combination agreement, adjust valuation to €712.5 million
AMSTERDAM: EHC and Croma-Pharma GmbH (Croma) have amended their business combination agreement, adjusting the enterprise value of Croma to €712.5 million from €850 million. The changes involve transferring 20% of Sponsor Shares to EHC for cancellation and increasing the exercise price of 20% of Sponsor Warrants. The amendments aim to align stakeholder interests and attract…
Vopak to sell Savannah terminal to BWC Terminals
ROTTERDAM, THE NETHERLANDS: Vopak, the world’s leading independent tank storage company, has agreed to sell its terminal in Savannah, USA, to BWC Terminals, a US-based bulk liquids storage company, for USD 106 million. The terminal, which has a capacity of 250,566 cubic meters, is mainly used for the storage of vegetable oils, asphalt and specialty…
OpenAI to Launch New Open-Source Language Model
San Francisco: OpenAI, the nonprofit research company that created ChatGPT, is planning to launch a new open-source language model, according to a report by The Information. The development comes as companies race to develop open-source alternatives to ChatGPT. Earlier this year, Facebook owner Meta publicly released a large language model (LLM) for researchers. Open-source engineers…
Encora to acquire Softelligence, expanding European presence in digital engineering
Encora, a leading global next-gen digital engineering provider headquartered in Scottsdale, Arizona, has announced its plans to acquire Softelligence, a prominent software engineering services provider based in Romania. The financial details of the transaction were not disclosed. The acquisition is expected to enhance Encora’s presence in Europe and enable the company to expand its services…
Vodafone to slash 11,000 jobs in bid to boost competitiveness
Vodafone, the telecoms giant, has announced plans to cut 11,000 jobs across its global operations over the next three years as part of a turnaround plan to improve its performance and competitiveness. The company’s new chief executive, Margherita Della Valle, who took over the role in May, said the company needed to change and simplify…