Avion Express, the leading narrow-body ACMI and charter airline, has expanded its fleet to 50 A320 family aircraft, an increase of 212% since 2021. The company attributes this achievement to the rising global demand for ACMI services, which offer benefits such as cost savings and flexibility for airlines. The company’s CEO Darius Kajokas said that…
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Royal Mail and Skyports launch mail by drone in UK’s first permanent service
Orkney, an archipelago in Scotland, has become the first location in the UK to have its mail delivered by drone on a permanent basis. The service, launched by Royal Mail and Skyports Drone Services, aims to improve delivery times and safety for the remote island communities. The Orkney I-Port operation uses electric drones to transport…
Fitch Ratings lowers U.S. credit rating, citing fiscal woes and governance issues
Fitch Ratings, one of the world’s leading credit rating agencies, announced on Tuesday that it has lowered the U.S. long-term foreign currency issuer default rating from AAA to AA+, the second-highest level, due to concerns about the country’s fiscal outlook and governance standards. The downgrade reflects Fitch’s expectation that the U.S. general government deficit will…
TPG and Francisco Partners to acquire New Relic
New Relic has agreed to be taken private by TPG and Francisco Partners in a $6.5 billion all-cash deal, the company said on Monday. The private equity firms have offered New Relic shareholders $87 per share held, representing a premium of 17.5% to the stock’s closing price on Friday. New Relic’s cloud-based software allows websites and…
AMD to invest $400 million in India, build largest design center in Bengaluru
The U.S. chipmaker Advanced Micro Devices (AMD) has announced that it will invest around $400 million in India over the next five years and will establish its largest design center in the country in the tech hub of Bengaluru. The announcement was made by AMD’s Chief Technology Officer Mark Papermaster at the India Semiconductor Association’s…
Mastercard bans marijuana transactions on its debit cards
Mastercard, one of the world’s largest payment networks, has told financial institutions to stop allowing marijuana transactions on its debit cards, citing the federal illegality of cannabis in the United States. The move affects cannabis merchants and customers in several states where marijuana is legal for medical or recreational purposes, but who face difficulties accessing…
NatWest CEO quits over Farage account scandal
NatWest Group PLC (LSE:NWG) announced today that its chief executive Alison Rose has stepped down from her role after admitting to misleading a BBC journalist about the reasons for closing the bank account of Nigel Farage, a prominent Brexit campaigner and former UKIP leader. Rose, who became the first woman to lead a major UK…
Banc of California and PacWest Bancorp to merge in $36 billion deal
Banc of California (BANC.N) and PacWest Bancorp (PACW.O) have announced a merger agreement that will create a $36 billion bank with a strong presence in California. The deal, which is expected to close in the second quarter of 2022, will also see the lenders raise $400 million from private equity investors Warburg Pincus and Centerbridge…
TikTok launches text posts to compete with Twitter and Meta
TikTok has announced a new feature that allows users to post texts on the platform, as it faces increasing competition from Twitter and Meta in the social media space. The video-sharing giant said the new feature would give creators more options to share their ideas and creativity, beyond live videos, photos, Duets, and Stitches. Users…
Thales to acquire U.S. cybersecurity firm Imperva for $3.6 billion
French defence and technology group Thales announced on Tuesday that it has agreed to buy U.S. cybersecurity company Imperva for $3.6 billion in cash, as it seeks to expand its digital identity and security (DIS) division and tap into the growing demand for protection against cyber threats. Imperva, which is owned by private equity firm…
Spotify to increase Premium prices in over 50 countries
Spotify layoffs: Company to cut 17% of jobs | CNN Business Spotify to layoff 17% of employees amid tech slowdown : NPR Spotify, the world’s largest music-streaming service, has announced that it will increase the prices of its ad-free Premium plans in more than 50 countries, including the US, UK and Ireland. The company, which…
TSMC to invest $2.87 billion in advanced packaging plant in Taiwan
Taiwan Semiconductor Manufacturing Co (TSMC), the world’s largest contract chipmaker, said on Tuesday that it plans to invest nearly T$90 billion ($2.87 billion) in an advanced packaging facility in northern Taiwan to meet growing demand for AI chips. The company said in a statement that it will establish the plant in the Tongluo Science Park,…