Banc of California (BANC.N) and PacWest Bancorp (PACW.O) have announced a merger agreement that will create a $36 billion bank with a strong presence in California. The deal, which is expected to close in the second quarter of 2022, will also see the lenders raise $400 million from private equity investors Warburg Pincus and Centerbridge…
Exchange rates for GBP against major currencies on July 26, 2023
LONDON: The latest exchange rates for GBP against major currencies such as USD, EUR, JPY, AUD and more. Stay up-to-date on the latest fluctuations and trends in the GBP-exchange market. According to www.exchangerates.org.uk: GBP-EUR 1.1663 Pounds to Euros GBP-USD 1.2896 Pounds to Dollars GBP-NZD 2.0727 Pounds to New Zealand Dollars GBP-AUD 1.9056 Pounds to Australian…
Twitter rebranding elicits mixed reactions from users, advertisers, and investors
Twitter, the popular social media platform, has recently changed its logo to ‘X’ as part of a rebranding exercise initiated by its owner Elon Musk. Musk, who acquired Twitter for $44 billion in October 20221, announced his plans to rename the platform on July 23, 20235. He said he would eventually “bid adieu to the…
TikTok launches text posts to compete with Twitter and Meta
TikTok has announced a new feature that allows users to post texts on the platform, as it faces increasing competition from Twitter and Meta in the social media space. The video-sharing giant said the new feature would give creators more options to share their ideas and creativity, beyond live videos, photos, Duets, and Stitches. Users…
Thales to acquire U.S. cybersecurity firm Imperva for $3.6 billion
French defence and technology group Thales announced on Tuesday that it has agreed to buy U.S. cybersecurity company Imperva for $3.6 billion in cash, as it seeks to expand its digital identity and security (DIS) division and tap into the growing demand for protection against cyber threats. Imperva, which is owned by private equity firm…
Spotify to increase Premium prices in over 50 countries
Spotify layoffs: Company to cut 17% of jobs | CNN Business Spotify to layoff 17% of employees amid tech slowdown : NPR Spotify, the world’s largest music-streaming service, has announced that it will increase the prices of its ad-free Premium plans in more than 50 countries, including the US, UK and Ireland. The company, which…
IDEX Biometrics and Goldpac Fintech to launch biometric smart cards globally
OSLO, NORWAY: IDEX Biometrics, a leading provider of fingerprint solutions for payments and identity access, has announced a collaboration with Goldpac Fintech Hong Kong Limited, a subsidiary of Goldpac Group, one of the world’s largest payment card suppliers, to deploy biometric smart cards globally. The partnership will leverage Goldpac Fintech’s presence across more than 30…
TSMC to invest $2.87 billion in advanced packaging plant in Taiwan
Taiwan Semiconductor Manufacturing Co (TSMC), the world’s largest contract chipmaker, said on Tuesday that it plans to invest nearly T$90 billion ($2.87 billion) in an advanced packaging facility in northern Taiwan to meet growing demand for AI chips. The company said in a statement that it will establish the plant in the Tongluo Science Park,…
TikTok Music challenges Spotify and Apple Music in key markets
TikTok, the popular short video app, has launched a new music-streaming service in several countries, as it seeks to challenge the dominance of Spotify and Apple Music. TikTok Music said on Wednesday that it will be testing its service in Australia, Mexico and Singapore. That announcement comes shortly after it launched in Indonesia and Brazil…
TotalEnergies acquires 100% of Total Eren to boost its renewable energy business
PARIS, FRANCE: TotalEnergies is pursuing its profitable growth in the renewable energy sector with today’s announcement that it is buying out Total Eren’s other shareholders, increasing its stake from close to 30% to 100%. The Total Eren teams will be fully integrated within TotalEnergies’ Renewables business unit. The deal follows the strategic agreement signed between…
Kongsberg Automotive appoints Linda Nyquist-Evenrud as interim CEO
OSLO, NORWAY: The Board of Directors of Kongsberg Automotive ASA (KA) has appointed Linda Nyquist-Evenrud as interim President & Chief Executive Officer (CEO) effective July 25, 2023. Linda comes from the position as Executive Vice President of KA’s Flow Control Systems (FCS) business unit and is part of the Executive Management. She brings more than…
Aldar to invest AED 500 million in revamping two malls in the UAE
ABU DHABI, UAE: Aldar Properties announced an AED 500 million investment plan to redevelop two of its key retail portfolio assets in the UAE: Al Jimi Mall in Al Ain, and Al Hamra Mall in Ras Al Khaimah. The investment takes Aldar’s committed spend on redeveloping key retail assets to AED 1 billion. The company…