LONDON: Marks and Spencer Group (M&S) is set to regain its place on the FTSE 100 index after four years, following strong share price gains this year. Highlights: · M&S’s strong performance this year has been driven by a number of factors, including a recovery in its clothing business and a lift to interim guidance. · The…
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European business activity contracts to lowest since November 2020 amidst lingering economic challenges
European economies face renewed contraction, marked by a notable decline in business activity throughout August, reaching levels not seen since November 2020. LONDON: The Eurozone’s flash composite Purchasing Managers’ Index (PMI), a key indicator of economic health, stumbled to 47.0 for August, down from July’s 48.6, indicating a more substantial contraction than anticipated by economists….
Kasikornbank (KBank) eyes $1 billion deal to buy Home Credit Vietnam
Kasikornbank, Thailand’s second-biggest lender, is in talks to buy Home Credit Vietnam, a consumer finance provider, in a deal worth up to $1 billion, Reuters reported. The deal would further its push to expand in Vietnam, where it hopes to become one of the top 20 banks by 2027. Home Credit Vietnam is a subsidiary…
IBM to sell weather business to Francisco Partners in streamlining move
International Business Machines (IBM) has entered into an agreement to divest its weather business to private equity firm Francisco Partners, as disclosed by the technology services giant on Tuesday. The financial terms of the transaction remain undisclosed. This transaction encompasses The Weather Company’s consumer-centric assets, including Weather.com and Storm Radar, in addition to enterprise solutions…
Telenor hires Google Cloud executive as CTO to boost AI capabilities
Telenor has appointed Amol Phadke, a former Google Cloud executive, as its new Chief Technology Officer (CTO) to strengthen its artificial intelligence (AI) activities, the Norwegian telecoms firm said on Tuesday. Phadke, who led Google Cloud’s telecom business, will help Telenor use AI to make its operations more efficient, develop new products and increase energy efficiency, Telenor…
Microsoft sells Activision streaming rights to Ubisoft to win UK approval for $69 billion deal
Microsoft has agreed to sell the cloud streaming rights for Activision Blizzard’s games to Ubisoft Entertainment, in a bid to overcome the British regulator’s opposition to its $69 billion takeover of the “Call of Duty” maker. The Competition and Markets Authority (CMA) had blocked the deal, which was announced in early 2022, over concerns that Microsoft would dominate…
Astrocyte Pharmaceuticals raises $6 million to advance novel brain injury therapeutics
Astrocyte Pharmaceuticals, a company focused on clinical-stage drug discovery and development based in Cambridge, MA, with operations in Groton, CT, has secured $6 million in Pre-Series B funding. The financing round was spearheaded by Dreavent Capital, and saw participation from prominent contributors including the Alzheimer’s Drug Discovery Foundation, Navis VB Fund I, DeepWork Capital, Mid…
Apple’s Future Chip Development: Clues Emerge About A19 and M5 Processors for Upcoming Devices
Apple has yet to formally unveil details about the upcoming A17 Bionic and M3 chips, intended for the iPhone 15 and the latest Mac models. However, indications suggest that Cupertino is already immersed in the development of processors slated for release in 2025 and 2026. While it is a well-known practice for Apple to engage…
Goldman Sachs explores partial sale of private wealth business
Goldman Sachs has announced its contemplation of selling a portion of its wealth business that caters to high net worth individuals. The shift in focus aims to realign the bank’s efforts towards serving the ultra-rich clientele. In an official statement released on Monday, the Wall Street institution revealed that it is currently exploring various options…
Apple Watch Series 9: What to Expect from the Upcoming Release
As we approach Apple’s highly anticipated September 2023 event, speculation is mounting about the unveiling of the Apple Watch Series 9. Given the watch’s history of annual releases, it’s a near certainty that we’ll witness its introduction. While a radical design overhaul isn’t anticipated this year, much of the anticipated updates align with Apple’s typical…
Amazon implements new same-day delivery fee for Prime users on orders below £20″
LONDON: Amazon, the e-commerce giant, is rolling out a fresh policy that will introduce a same-day delivery fee for Amazon Prime members when their order totals less than £20. Subscribers who already pay a monthly fee for the Prime service will now be required to pay an additional £1.99 if they wish to have their…
Marsh to acquire specialist insurance broker Honan Insurance Group
Marsh, the insurance broker and risk advisor under Marsh McLennan, has announced its intention to acquire the complete outstanding share capital of Honan Insurance Group Pty Ltd, a specialized insurance broker focusing on corporate risk, employee benefits, and strata and real estate insurance. The terms of the acquisition, scheduled for completion later in 2023 pending…