YouTube, the world’s largest online video platform, announced on Wednesday that it will launch its first official shopping channel for live commerce in South Korea on June 30, Yonhap news agency reported. The new channel, which will operate in Korean language, will start as a 90-day project and will provide a live-commerce platform to companies…
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Chinese electric car company, Nio gets $738.5 million investment from Abu Dhabi fund
ABU DHABI, UAE: Nio, a Chinese electric car company, announced Tuesday that it received $738.5 million in new capital from a fund owned by the Abu Dhabi government. The fund, CYVN Holdings, is a subsidiary of the Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds. The strategic investment gives CYVN…
UK inflation remains high in May as consumer prices rise by 8.7%
The UK inflation rate remained high in May, as consumer prices rose by an annual 8.7%, unchanged from the previous month, according to the Office for National Statistics (ONS). On a monthly basis, headline CPI increased by 0.7%, while core inflation — which excludes volatile energy, food, alcohol and tobacco prices — gained by an…
Globe Invest makes cash offer to takeover Best of the Best Plc at 535 pence/share
LONDON, UK: Globe Invest Limited (GIL), a company owned by billionaire Teddy Sagi, has announced that it has made a recommended cash offer to acquire the online competition company Best of the Best plc (BOTB), in which it already holds a 29.9 per cent stake. The offer values BOTB at approximately £45.3 million, and offers…
Hyundai Motor to invest $85 billion in EVs and batteries by 2032
Hyundai Motor Co, the South Korean automaker, has announced that it will invest about 109.4 trillion won ($85.4 billion) in the next decade to meet the growing demand for electric vehicles (EVs) and batteries. The company said on Tuesday that it plans to spend about 35.8 trillion won ($28 billion) on EVs by 2032, aiming…
Airbus signs record $50 billion deal with IndiGo
Airbus and Indian airline IndiGo announced on Monday a record $50 billion deal for 500 single-aisle A320 family aircraft. The deal is the largest ever by number of aircraft and eclipses Air India’s provisional purchase of 470 Airbus and Boeing jets earlier this year. IndiGo is India’s largest airline and has a fleet of over…
Alibaba announces leadership shakeup amid challenges, CEO Daniel Zhang steps down
Alibaba Group Holding, the Chinese e-commerce giant, announced on Tuesday that its Chairman and CEO Daniel Zhang will step down from those roles and focus on the cloud business, as the company faces regulatory hurdles and intense competition. Zhang will be replaced by Joe Tsai, the executive vice chairman, as the new chairman of the…
Bitterroot Bio emerges from stealth with $145M to develop immunotherapies for heart disease
Bitterroot Bio, a biotech company that aims to develop immunotherapies for cardiovascular disease, has announced its emergence from stealth mode and a $145 million series A funding round, the largest-ever investment for a preclinical CVD-focused biotech. The Palo Alto-based company, founded by Drs Nicholas Leeper and Irving Weissman, is on a mission to revolutionize cardiovascular…
Opnfi and actyv.ai partner to offer B2B embedded finance solutions in emerging markets
Opnfi, a company that provides a B2B embedded finance (EmFi) platform, and actyv.ai, an AI-powered enterprise SaaS platform with embedded B2B buy now pay later (BNPL) and insurance, have announced a strategic partnership to bring EmFi solutions for businesses in high-growth potential markets in South Asia, ASEAN, the Middle East and Africa. The partnership will…
Google Winds Down Domain Registrar Business, Squarespace Acquires Assets
Google has announced the winding down of its domain registrar business, which has been operational for nearly a decade. The decision comes as the tech giant aims to refine its focus amidst the global financial and operational reassessments being undertaken by companies worldwide. In an announcement made on June 15, Google revealed that it has…
UK Regulator Clears Amazon’s Acquisition of iRobot Corp, Roomba Maker
The UK’s Competition and Markets Authority (CMA) has given the green light to Amazon’s $1.7 billion acquisition of iRobot Corp, the renowned manufacturer of Roomba robotic vacuum cleaners. Following a thorough review, the CMA concluded that the deal would not pose any significant competition concerns within the United Kingdom. The CMA justified its decision by…
axle energy raises $1.6M in pre-seed funding to help homes save energy
axle energy, a London-based energy flexibility startup, has raised $1.6 million in pre-seed funding. The round was led by Picus Capital with participation from Eka Ventures. The company intends to use the funds to expand operations and its business reach. Founded in early 2023 by Karl Bach and Archy de Berker, axle is a home…