Exxon Mobil has announced that it will acquire Denbury Inc., a company that specializes in carbon capture, utilization and storage (CCUS) solutions, for $4.9B in an all-stock deal. The deal values Denbury at $89.45 per share, a slight premium to its closing price on Wednesday. Denbury recycles carbon dioxide (CO2) through its Enhanced Oil Recovery…
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Elon Musk unveils xAI, his new AI startup with a curious mission
Elon Musk, the billionaire founder of Tesla, SpaceX and Twitter, revealed his latest venture on Wednesday: xAI, an artificial intelligence startup that aims to create a “maximally curious” AI that tries to understand the true nature of the universe. Musk, who has been a vocal critic of AI’s potential dangers and the need for regulation,…
Collective raises $50mn to launch AI-driven financial management for solopreneurs
Collective, a platform that provides back-office services for solopreneurs, has raised $50 million in a funding round led by Google’s AI fund, Gradient Ventures. The company plans to use the funds to launch its new AI-driven financial management offering, which aims to help solo business owners with tasks like bookkeeping, payroll and tax filing. Collective…
Samsung launches its largest OLED TV ever, but it uses an LG panel
Samsung has launched its largest OLED TV ever, the 83-inch S90C, but it has a surprising twist: it uses an OLED panel from its rival LG. The TV, which is priced at $5,400 in the US, is the first Samsung OLED TV to use LG’s WOLED technology, while the smaller models use Samsung’s own QD-OLED…
Geely and Renault team up to invest 7 billion euros in hybrid engines
Geely Automobile Holdings, China’s largest privately owned car maker, and Renault SA, France’s second-biggest car maker, have announced a joint venture to invest up to 7 billion euros in developing and producing gasoline engines and hybrid technology for automobiles. The joint venture, which will be equally owned by the two companies, will aim to become…
Foxconn exits India’s chip making project with Vedanta
Foxconn, the world’s largest contract electronics manufacturer and a key supplier to Apple, has backed out of a $19.5bn deal with Vedanta Resources to build a semiconductor plant in India. The companies had announced the joint venture in August 2022, saying it would create 100,000 jobs and boost India’s domestic chip production. But less than…
HONOR 90 arrives in Europe with a stunning display and a 200MP camera
HONOR has launched its latest flagship smartphone, the HONOR 90, in Europe after debuting it in China last month. The phone boasts a 6.7-inch quad-curved AMOLED display with a 120Hz refresh rate, HDR10 Plus support, and several eye-protection features. It also packs a Qualcomm Snapdragon 7 Gen 1 “Accelerated Edition” chipset, a 5000mAh battery with…
Meta to launch Twitter rival Threads on July 6th
Meta is set to launch its long-awaited Twitter rival, Threads, on July 6th, according to a listing for the app in the iOS App Store. Threads is described as “Instagram’s text-based conversation app” that will allow users to keep their Instagram handle and follow the same accounts they follow on the photo-sharing platform. Threads will…
BYD’s Denza unveils electric SUV N7, direct competitor to Tesla’s Model Y
BYD’s Denza brand, a Chinese electric car giant, is set to launch its new all-electric SUV, the Denza N7, directly competing with Tesla’s Model Y. The company announced that it has already received over 20,000 pre-orders for the N7 and revealed a price range of 301,800 yuan to 379,800 yuan ($41,680 to $52,452). These prices…
Japan launches new stock index to showcase corporate value
Japan has launched a new stock index on Monday, making it easier for investors to identify corporate value in the equity markets, in a move to strengthen corporate governance reforms in the world’s third-largest economy. The new JPX Prime 150 Index is a curated list of the 150 constituent listings on the Tokyo Exchange, which…
Pakistani businessmen seize opportunity to boost local food industry amidst import restrictions lift
In a strategic move to capitalize on the end of import restrictions, the Pakistani business community has unveiled plans to strengthen the local food industry. Encouraged by the recent dollar crisis and aiming to reduce reliance on imports, several Pakistanis, primarily associated with the food industry, have entered into joint venture (JV) agreements, with a…
Inflection AI raises $1.3 billion from tech giants amid AI boom
Inflection AI, a startup that develops chatbots using generative AI technology, has raised $1.3 billion in a new round of funding from several Silicon Valley heavyweights, including Microsoft, Nvidia, Reid Hoffman, Bill Gates and Eric Schmidt. The startup, which was founded by LinkedIn co-founder Hoffman and Google DeepMind co-founder Suleyman, said it will use the…