Mayo-based multinational workwear, safety footwear, and PPE provider Portwest has announced its latest acquisition of Canadian company IFR Workwear, a renowned brand specializing in premium flame-resistant (FR) products. The acquisition aligns with Portwest’s strategy of strengthening its product portfolio, accessing new markets, and expanding its global presence. Established in 2005 by Reg Radford and Erin…
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Octave raises $52mn Series C to expand behavioral health care services
Octave, a San Francisco-based company that specializes in outcomes-focused behavioral health care, has raised $52 million in Series C funding. The round was led by Cigna Ventures, Novo Holdings, and Avidity Partners, and included participation from existing investors Health Velocity Capital, Greycroft Partners, Felicis Ventures, Company Ventures, and Obvious Ventures. With this latest funding, Octave…
Currys considers options for Greek business Kotsovolos to maximize value
Currys, a leading electrical retailer, has announced its plans to explore strategic options for its Greek business, Kotsovolos. The company believes that Kotsovolos, which also has a growing presence in Cyprus, is a strong and profitable enterprise with a highly recognized brand, a unified ecommerce platform, and a diverse range of products and services. Despite…
Unilever to acquire Yasso Holdings in North America
Unilever plc, a multinational consumer goods company, announced on Thursday that it has entered into an agreement to acquire Yasso Holdings, Inc., a premium frozen Greek yogurt brand in the United States. The acquisition is expected to close in the third quarter of 2023, subject to regulatory approvals. Yasso was founded in Boston in 2009…
Liberty Mutual to Sell Western European Operations to Generali
In a move to sharpen its focus on its core markets, Liberty Mutual Insurance has announced the sale of its personal and small business operations in Western Europe to Generali Group for €2.3 billion. The deal, which is subject to regulatory approval, includes Liberty Seguros’ operations in Ireland, Northern Ireland, Portugal, and Spain. Liberty Mutual’s…
Alibaba Expands E-Commerce Empire to Europe with Tmall Launch
Paris, France: In a major move that marks an escalation of its international endeavors, Alibaba, the Chinese tech giant, announced on Thursday its plans to expand one of its key e-commerce platforms, Tmall, into Europe. The decision comes just over two months after Alibaba unveiled its strategy to divide its business into six units, granting…
Chicago-Based Fintech Startup Paro Secures $25 Million in Series C Funding
Chicago-based fintech startup Paro, which provides access to on-demand finance and accounting expertise, has secured $25 million in Series C funding. The round was led by Top Tier Capital Partners, with participation from existing investors Madrona Venture Group, Revolution Ventures, and Sierra Ventures. With the latest funding, Paro has raised $67 million to date. Paro…
EU lawmakers vote to regulate AI
European Union lawmakers have voted to regulate the use of artificial intelligence (AI) in the region. The draft law, known as the AI Act, would ban the use of real-time and remote biometric systems, such as facial recognition scanning, as well as devices that exhibit cognitive behavioral manipulation. Technologies that classify people based on their…
China cuts key lending rate to boost slowing economy
China’s central bank lowered its key medium-term lending rates on Thursday, in a much anticipated move as the economy’s post-Covid recovery continues to lose momentum. The People’s Bank of China (PBOC) lowered the rate on 237 billion Chinese yuan ($33 billion) of one-year medium-term lending facility (MLF) loans to some financial institutions by 10 basis…
Xpeng Motors receives approval to introduce assisted driving tech in Beijing
BEIJING: Xpeng, a prominent Chinese electric car brand, announced on Thursday that it has received approval to deploy its assisted driving technology to users in Beijing, the nation’s capital city. The initial coverage of the technology will be limited to the “ring-road” highways encircling the city center and the main high-speed roads, as outlined in…
Hitachi Energy to supply HVDC technology for subsea power link between France and Spain
Zurich, Switzerland: Hitachi Energy, a global technology leader focused on a sustainable energy future, has secured a significant order to supply four high-voltage direct current (HVDC) converter stations for the groundbreaking subsea electricity interconnection project between France and Spain. The project will boost the power exchange capacity between the two countries by 2,000 megawatts (MW)…
Siemens AG to Invest €2 Billion in Global Expansion of High-Tech Manufacturing
Munich, Germany: Siemens AG, the German industrial conglomerate, has unveiled plans to invest €2 billion ($2.2 billion) in expanding its high-tech manufacturing capabilities worldwide. This investment includes the construction of a new plant in Singapore and an expansion of its existing facility in Chengdu, China. Siemens will allocate €200 million to establish a new state-of-the-art…