LONDON, UK: Mattioli Woods plc (AIM: MTW.L) announced the acquisition of 100% of the share capital of Doherty Pension & Investment Consultancy Limited from its shareholders for a total consideration of up to £15.048 million on a cash-free, debt-free basis. Doherty Pension & Investment, a financial planning and wealth management firm based in Northern Ireland,…
Star Entertainment Group to cut 500 jobs and freeze salaries amid low earnings
SYDNEY, AUSTRALIA: The Star Entertainment Group, one of Australia’s largest casino operators, has announced it will be cutting 500 jobs and freezing salaries and incentives as part of a plan to extract AUD 100 million ($77 million) from its costs. The decision comes as the group’s earnings have taken a significant hit in recent months…
Workers at Heathrow Airport to take eight more days of strike action in May
Security officers at Heathrow Airport are set to take eight more days of strike action in May over a pay dispute, according to Unite, the union representing them. Members of the union will walk out on May 4, 5, 6, 9, 10, 25, 26, and 27. The strikes, which follow a 10-day action over Easter,…
Dr Kerry Schott appointed acting chair of Australian Rail Track Corporation
Dr Kerry Schott to take over as acting board chair of the Australian Rail Track Corporation for the financially troubled Inland Rail project. Infrastructure Minister Catherine King and Finance Minister Katy Gallagher made the announcement of Schott’s appointment, replacing current chair Peter Duncan, who will be taking a three-month leave of absence to serve as…
Qatar Airways triples flights to São Paulo, becoming dominant carrier to South America
Qatar Airways has announced an increase in its flights from Doha to São Paulo, Brazil, from double daily to 18 weekly flights starting from December 1st, 2023. The increase will see the airline operating triple daily flights to the South American city four days a week, using its 777-300ER aircraft. Qatar Airways first launched its…
Intel discontinues production of crypto mining chip series ‘Blockscale’
Intel has reportedly decided to discontinue its crypto mining chip series, called Blockscale, just a year after it was launched. The company plans to stop accepting orders for the series by 20 October 2023 and cease shipment by 20 April next year. According to Reuters, the volatility in the cryptocurrency market has hurt chipmakers, including…
Netflix to crack down on U.S. password sharing by end of June 2023
In a letter to shareholders on April 19th, Netflix announced that it will be cracking down on US password sharing by the end of June 2023. The company’s second quarter of the financial year will see a broad rollout of paid sharing, which means that people who are not living in the same household but…
KIPCO to sell its 46.32% stake in Gulf Insurance Group to Fairfax Financial for $860 million
KUWAIT CITY: KIPCO – Kuwait Projects Company (Holding) – announced that it has entered into a binding implementation agreement to arrange for an off-market trade with Fairfax Financial Holdings to sell KIPCO’s 46.32% stake in Gulf Insurance Group (GIG). The price per share is KD 2 for a total of KD 263.7 million (US$ 860…
Gulf International Bank receives ratings upgrades from Fitch to ‘A-‘/Stable
MANAMA, BAHRAIN: Gulf International Bank (GIB) announced that Fitch Ratings has upgraded its Long-Term (LT) Issuer Default Ratings (IDR) to ‘A-‘/Stable from ‘BBB+’/Positive for Gulf International Bank BSC, Gulf International Bank – Saudi Arabia and Gulf International Bank (UK) Ltd. These rating actions follow a rating upgrade from Fitch on Saudi Arabia Sovereign Rating on…
Australia plans to boost electric car uptake with new emissions standards
Australia is introducing new standards to target vehicle emissions, aiming to increase the adoption of electric cars and catch up with other developed economies. Last year, only 3.8% of cars sold in Australia were electric, lagging behind Britain and Europe where electric cars accounted for 15% and 17% of sales, respectively. The national electric vehicle…
Tesla lowers prices for Model Y and Model 3 in the US for the sixth time this year
Tesla Inc (TSLA.O) has once again reduced prices for some of its Model Y and Model 3 electric vehicles in the United States, as seen on its website late on Tuesday. This is the sixth time the company has lowered U.S. prices this year, as it faces concerns about its profit margins. Ahead of its…
Samsung regains top spot in global smartphone market in Q1 2023
Samsung has once again regained its position as the top smartphone vendor globally in the first quarter of this year, slightly edging out its main competitor, Apple. This is according to a report released by market tracker Canalys on Wednesday. During the first quarter of this year, Samsung held a market share of 22%, while…