United Bank Limited (UBL), one of the largest banks in Pakistan with 11 million customers, has gone live with Corporate Lending on Temenos digital banking platform as part of a comprehensive digital transformation of the bank’s retail, SME, and corporate banking for domestic and international customers on the Temenos platform. The move was announced by…
OPINION: The Economic and Social Costs of Political Instability in Pakistan
Political agitation and riots can have a negative impact on the economy and lifestyle of a country like Pakistan in various ways. Some of the possible effects are: Therefore, political agitation and riots can have serious consequences for the economy and lifestyle of a country like Pakistan. It is important for the government and the…
Go Airlines (India) granted bankruptcy protection, complicating lessors’ repossession efforts
India’s low-cost carrier, Go Airlines (India) Ltd, which recently rebranded as Go First, has been granted bankruptcy protection by an Indian tribunal. The move allows the country’s fourth-largest carrier to attempt to revive itself, but could complicate foreign lessors’ efforts to repossess their planes. Go First has cited financial difficulties arising from engine trouble that…
Exchange rates for GBP against major currencies on May 10, 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 1.1515 Pounds to Euros GBP – USD 1.2638 Pounds to Dollars GBP – NZD 1.9947 Pounds to New…
EU proposes cybersecurity label for cloud service providers with joint venture requirement for non-EU companies
According to a draft document seen by Reuters, Amazon, Alphabet’s Google, Microsoft, and other non-European Union (EU) cloud service providers seeking to handle sensitive data and secure an EU cybersecurity label will need to form a joint venture with an EU-based company. The cloud service must be operated and maintained from the EU, and all…
Telecom Egypt completes 2Africa subsea cable installations, connectivity over 3 billion people
LONDON, UK: Telecom Egypt (TE) is one of the largest telecommunications providers in Egypt, with a history that dates back to the late 1800s. The company offers a wide range of telecommunications services to individuals, businesses, and government organizations in Egypt, including fixed-line telephone, mobile phone, internet, and data services. In recent years, Telecom Egypt…
Uber launches flight bookings on its UK app, expanding beyond ride-booking business
Ride-hailing giant Uber is expanding its services once again by adding international and domestic flight bookings on its UK app. According to a report by the Financial Times, the move is part of Uber’s strategy to expand its core ride-booking business. Andrew Brem, Uber’s UK General Manager, said that this was the “latest and most…
Tempur Sealy to acquire Mattress Firm in $4 billion deal
Tempur Sealy International, a leading U.S. bedding maker, has announced plans to acquire retailer Mattress Firm in a cash-and-stock deal worth around $4 billion. The acquisition is aimed at stemming a post-pandemic decline in sales that has affected the mattress industry in recent quarters. Mattress Firm is one of the largest bedding retailers in the…
Oakley Capital Fund III to realize stake in Germany’s largest university for £240 million
LONDON, UK: Oakley Capital Investments Limited (OCI) has announced that its investment fund, Oakley Capital Fund III, has reached an agreement to sell its stake in IU Group, the largest and fastest-growing university in Germany, and a global leader in education technology. The sale of the stake has been agreed at the carrying value of…
Smiths Group announces appointment of Steve Williams as Chair of the Board
Smiths Group plc, a leading engineering company, has announced that Steve Williams will be appointed as the new Chair of the Board, subject to his election as a non-executive Director at the Company’s Annual General Meeting to be held on 16 November 2023. This appointment is part of the Company’s orderly succession planning activities. Sir…
Bubs Australia Limited terminates employment of its CEO, Ms Kristy Carr
MELBOURNE, AUSTRALIA: Bubs Australia Limited (ASX: BUB) announced the termination of the employment of its CEO, Ms Kristy Carr, with immediate effect due to failure to comply with reasonable Board directions. Former Executive Chair, Mr Dennis Lin’s employment with Bubs has also been terminated with immediate effect. Bubs Australia announced on 11 April 2023 that…
Blockworks Raises $12mn to expand crypto media and research offerings amidst industry turmoil
Blockworks, a media company that covers cryptocurrency for professionals, has raised $12 million in funding at a post-money valuation of $135 million, according to its co-founder Jason Yanowitz. The round was led by 10T Holdings, with participation from Framework Ventures and Santiago Santos, a crypto investor who co-hosts a podcast with Yanowitz for Blockworks. The…