Pakistani technology start-ups took the spotlight as Courtney Powell, Chief Operating Officer and Managing Partner, 500 Global, a USD 1.8 billion international venture capital firm, visited the National Incubation Centre Lahore (NICL) at LUMS. The visit was facilitated by Paklaunch. Ms. Powell was accompanied by Board Member, Max Scheder-Bieschin, and hosted by Chairman NICL, Saleem Ahmad….
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Johnson & Johnson to spin out consumer products division
LONDON, UK: Johnson & Johnson will split into two public companies, a news release said. The pharmaceutical and medical devices divisions will be separated from the consumer products business known for Band-Aid and Tylenol, and baby shampoo. The larger pharmaceutical and medical device business will retain the Johnson & Johnson name. The divisions — which…
Millicom to acquire full control of Tigo Guatemala for $2.2bn
LUXEMBOURG; Millicom has signed an agreement to acquire the remaining 45% equity interest in its joint venture businesses in Guatemala (collectively, “Tigo Guatemala”) from partner for $2.2 billion in cash. The transaction was signed today and is expected to close later today. As a result, Millicom will own a 100% equity interest in Tigo Guatemala….
ITC & Alibaba partner to support digital trade in developing countries
SHANGHAI, CHINA: International Trade Centre (ITC) and Alibaba.com have partnered to launch the “Global Digital Trade Accelerator for MSMEs in Developing Countries” initiative during the ongoing 2021 China International Import Expo (CIIE) in Shanghai, China. Together, the parties will help Micro, Small and Medium Businesses (MSMEs) enhance their international export competitiveness and contribute to sustainable…
BHP Group to sell BHP Mitsui Coal for $1.35bn
LONDON, UK: BHP Group signed a deal to sell its stake in BHP Mitsui Coal (BMC), a metallurgical coal joint venture in Queensland, to Stanmore Resources for up to $1.35 billion, a news release said. Stanmore, which is majority-owned by Singapore-listed Golden Energy and Resources, agreed to acquire BHP’s 80% stake in BHP Mitsui Coal, which owns…
Bank Alfalah, Adal Fintech collaborate to provide digital lending
ISLAMABAD, PAKISTAN: Bank Alfalah and Adal Fintech have collaborated to offer digital supply chain financing all over Pakistan, a news release noted. The scope of this alliance is to extend digital lending facility to the retailers in coordination with their suppliers. This solution enables the retailer to opt for financing facility on the real-time basis….
Vitol Bahrain, QP Trading offer LNG to Pakistan at up to $30.65/mmbtu
KARACHI: Pakistan LNG Limited (PLL) has received the lowest bids in the range of $29.896/mmbtu to $30.65/mmbtu in response of an emergency tender issued on November 02, 2021 for two LNG cargoes. Vitol Bahrain has offered the lowest of $29.89/mmbtu for the November 19-20 delivery, while QP Trading has offered the lowest of $30.65/mmbtu for…
IBM separates managed infrastructure services business to Kyndryl
ARMONK, N.Y.: IBM has completed the separation of its managed infrastructure services business to Kyndryl, a news release said. Starting on November 4, 2021, Kyndryl will begin “regular way” trading on the New York Stock Exchange under the symbol “KD.” Each holder of IBM common stock will receive one share of Kyndryl common stock for…
Emirates Recognized for Excellence in Digital Customer Experience
DUBAI: Emirates’ marketing team has been recognized by Sitecore, one of the world’s leading digital experience platforms, for “Best Use of a Customer Data Platform (CDP)”. The award was presented to Emirates at the recent edition of GITEX, Dubai’s technology trade exhibition, for demonstrating excellence in the delivery of its digital customer experience (CX) utilising…
Oneweb partners with Redtone Telecommunications Pakistan
KARACHI: OneWeb, the global communications network powered from Space, has signed a Memorandum of Understanding (MoU) for Pakistan with REDtone Telecommunications Pakistan Pvt. Ltd (a PTA licensed telecommunications operator and digital services provider) as their in country focus partner. With this partnership, OneWeb and REDtone can work across emerging markets like Pakistan to offer first…
Toyota upgrading Kentucky plant with $461mn investment
GEORGETOWN: Toyota Motor will invest $461 million into its central Kentucky plant to add new technology, increase production flexibility and reduce its carbon footprint. Plans include upgrading the Georgetown plant with advanced manufacturing equipment and technologies that will increase speed, flexibility, and competitiveness, the statement said. That includes improvements to expand the plant’s ability to…
Facebook changes its name to Meta
Facebook has changed its corporate name to Meta as part of a major rebrand. The company said it would better “encompass” what it does, as it broadens its reach beyond social media into areas like virtual reality (VR). The change does not apply to its individual platforms, such as Facebook, Instagram and Whatsapp, only the…