UK workers have seen their real wages stay flat for the first time since October 2021, as pay growth matched inflation at 7.8% in the three months to July, according to official figures. The Office for National Statistics (ONS) said average regular weekly earnings growth remained at a record high, while total pay including bonuses…
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GlobalFoundries opens new $4 billion fab in Singapore as part of global expansion
A new semiconductor fabrication plant worth $4 billion was launched in Singapore on Tuesday by GlobalFoundries, the U.S chipmaker that ranks third in the world in contract chipmaking. The new facility, which covers 23,000 square meters (248,000 square feet), will have a production capacity of 450,000 300 millimetre wafers a year when it reaches full…
Kunze-Concewitz to step down as Campari CEO in April, Fantacchiotti to take over
After 16 years of leading beverage maker Davide Campari-Milano NV, Chief Executive Officer Bob Kunze-Concewitz has announced his retirement, which will take effect in April next year. The company has appointed Matteo Fantacchiotti, the managing director for the Asia-Pacific region, as the deputy CEO starting from now. He will work closely with Kunze-Concewitz to ensure…
Jitty, an AI-powered property search engine, raises $2 million in pre-seed funding
Jitty, a London, UK-based startup that is building an AI-powered property search engine, has raised $2 million in pre-seed funding from a group of investors, including Gradient Ventures, Google’s AI fund. The company, founded by Graham Paterson, James Storer and Daniel Cooper, aims to show users everything about every home by reading floor plans and…
Swallow raises $1M in pre-seed funding to simplify pricing management for businesses
Swallow, a platform that enables businesses to easily manage and update their pricing models, secured $1 million in pre-seed funding from two leading SaaS investors. The funding round was jointly led by Connect Ventures and Jigsaw VC, both based in the UK. Connect Ventures is a venture capital firm that focuses on pre-seed and seed-stage…
Kale Logistics Solutions secures $30 million in a Series B round
A vertical SaaS platform that helps with logistics needs, Kale Logistics Solutions, has secured $30 million in a Series B round. The round was spearheaded by Creaegis Advisors, a Bangalore-based investor in private equity and venture capital. Creaegis Advisors was established in 2018. Kale Logistics Solutions plans to use the funds to grow its presence…
KKR invests another $250 million in Reliance Retail
Reliance Retail, India’s largest retailer owned by billionaire Mukesh Ambani, has received another $250 million investment from KKR, a global private equity firm. This boosts KKR’s stake in the company to 1.42% from 1.17%, valuing Reliance Retail at $100 billion. The deal is part of Reliance Retail’s ongoing fundraising efforts, which have attracted several foreign…
Salesforce Unveils Bi-Directional Data Integration with Databricks and Snowflake, Revolutionizing Data Management
Salesforce has initiated Dreamforce with significant partner announcements, unveiling plans for bi-directional data sharing with Databricks and Snowflake. Salesforce, led by Marc Benioff, is expanding its Salesforce Data Cloud to enable real-time data integration with Databricks’ data lakehouse platform. This move will empower joint customers to enhance datasets and develop more advanced models to tackle…
DetraPel, secured $7.6M in a Series A round of funding
A Boston-based company that makes eco-friendly coatings, DetraPel, secured $7.6M in a Series A round of funding. The lead investor was Material Impact, joined by others such as INX International, Touchdown Ventures, and FitzGate Ventures. Adam Sharkawy, a Co-Founder and Managing Partner of Material Impact, will join the Board of Directors of DetraPel in July…
Apple extends deal with Qualcomm for 5G modems until 2026
Apple has announced that it will continue to buy 5G modems from Qualcomm for its smartphones and other products until 2026, despite its efforts to develop its own modems. The news comes a day before Apple’s “Wonderlust” event, where the iPhone 15 is expected to be unveiled. Qualcomm, the leading supplier of 5G modems, has…
J.M. Smucker snaps up Hostess Brands for $5.6 billion
The maker of Jif peanut butter, J.M. Smucker, announced on Monday that it will acquire Hostess Brands, the company behind Twinkies and other popular snacks, for $5.6 billion. The deal comes as major U.S. food companies are looking to diversify their brands amid declining sales during the pandemic. According to Reuters, J.M. Smucker was close…
Glasgow University launches centre for data science and AI research
The University of Glasgow has announced the opening of a new centre that will support its research in data science and artificial intelligence (AI). The Centre for Data Science will bring together hundreds of academics from different disciplines to tackle challenges such as climate change and inequality. The centre will have six research programmes, covering…