LONDON: Electric Guitar PLC (LSE: ELEG) said Friday it has signed non-binding heads of terms to acquire Dunbar Energy Inc., a newly established U.S.-based energy company, through a reverse takeover transaction. Dunbar, incorporated in Nevada, is focused on powering digital infrastructure, including artificial intelligence and cryptocurrency operations. It aims to convert coal mine methane and…
Senior plc sells aerostructures unit to Sullivan Street Partners for up to £200 million
LONDON: Senior plc, an international manufacturer of high-technology components and systems, announced Friday it has reached a binding agreement to sell its Aerostructures business to UK-based private equity firm Sullivan Street Partners. The transaction carries a total potential enterprise value of up to £200 million ($259 million USD). The deal positions Senior to become a…
Powder Monkey Group acquires Akasha and Wayward in major expansion push
SYDNEY: UK-headquartered Powder Monkey Group has acquired the brands of Wayward Brewing Company and Akasha Brewing Company, two of Sydney’s leading independent breweries, in a move that signals a major expansion into Australia’s craft beer market. The deal adds $AUD5.5 million to Powder Monkey’s group turnover and strengthens the collective’s footprint alongside existing holdings including…
United Security Bancshares Q2 profit slides on higher loan loss provisions
FRESNO: United Security Bancshares (Nasdaq: UBFO) reported a 49.5% year-over-year decline in second-quarter net income, citing elevated student loan charge-offs and increased deposit costs. Net income fell to $2.2 million, or $0.13 per diluted share, from $4.3 million, or $0.25 per share, in the same quarter last year. The bank recorded a $1.9 million provision…
Defense startup Hadrian secures $260 million to expand U.S. manufacturing capacity
LOS ANGELES: U.S. defense manufacturing startup Hadrian announced on Thursday the close of a $260 million Series C funding round, led by Founders Fund and Lux Capital, to significantly expand its production facilities aimed at bolstering American naval defense capabilities. The Hawthorne, California-based company, which uses automation, robotics, and artificial intelligence to produce precision machine…
easyJet Q3 profit climbs 21% as holiday arm bolsters growth; FY outlook positive
LONDON: easyJet Plc (EZJ.L) reported a 21% year-on-year rise in third-quarter headline profit before tax, reaching £286 million, driven by robust demand and strong performance from its holiday unit. The budget airline saw a 2% growth in passenger numbers and a 0.2 percentage point increase in load factor, supported by the timing of Easter and…
Stocks climb on strong earnings, economic data; S&P 500, Dow Jones, Nasdaq all gain
Earnings surprises, falling jobless claims & robust retail sales fuel market gains; PepsiCo, United Airlines lead rally U.S. stocks advanced solidly Thursday as encouraging corporate earnings reports and robust economic data bolstered investor confidence. The S&P 500 rose 0.5 percent. The Dow Jones Industrial Average gained 229 points, or 0.5 percent. The technology-focused Nasdaq Composite…
Inszone Insurance acquires Kansas-based Snell-Nelson Insurance
SACRAMENTO: Inszone Insurance Services, a national provider of commercial, personal and benefits insurance, has acquired Snell-Nelson Insurance Agency, Inc., expanding its footprint in Kansas and Oklahoma. Founded in Ashland, Kan., in 1985 by Monica Meininger, Snell-Nelson Insurance built its reputation on serving clients in farm and ranch, oil and gas, and personal insurance lines. The…
Axis Bank Q1 net profit drops 18% on higher provisions
LONDON: Axis Bank Ltd. on Thursday reported an 18% year-over-year decline in its consolidated net profit for the fiscal first quarter, as increased provisions offset gains from robust income growth. The private-sector lender posted a net profit of ₹6,243.7 crore ($748 million) for the quarter ended June 30, down from ₹7,475.1 crore a year earlier….
Ajax Resources acquires historic gold-copper project in Argentina
LONDON: Natural resources investment firm Ajax Resources has completed the acquisition of a major gold and copper asset in Argentina, marking a transformative step in its evolution from a listed cash shell to an active exploration company. The company signed a definitive agreement on May 21 to acquire Puna Metals S.A., the wholly owned Argentine…
AECI exits U.S. toll manufacturing as Schirm assets sold to Liberation Chem-Toll LLC
JOHANNESBURG: AECI Ltd. has announced the sale of substantially all assets and certain liabilities of its U.S.-based subsidiary Schirm U.S.A., Inc. to Liberation Chem-Toll LLC, a newly formed Texas company backed by Schirm USA’s senior management. The transaction marks a strategic move by AECI to streamline its operations and focus on its core mining and…
TSMC earnings surge 61% as AI chip demand fuels record quarter
TAIPEI: Taiwan Semiconductor Manufacturing Co. (TSMC) on Thursday reported a 61% surge in second-quarter profit, setting a quarterly record as strong demand for artificial intelligence chips continued to drive sales. The world’s largest contract chipmaker posted net income of NT$398.27 billion ($12.7 billion) for the June quarter, surpassing LSEG SmartEstimate forecasts of NT$377.86 billion. Revenue…