NEW YORK: Vroom Inc. has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to the proposed initial public offering (IPO) of its common stock. Application has been made for listing the common stock on the Nasdaq Global Market under the ticker symbol “VRM.” The number of shares…
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Fusionex International to implement data-driven digital platform for oil and gas giant
SINGAPORE: Fusionex has clinched a contract with one of the region’s largest oil and gas companies to implement a data-driven digital platform to enhance customer experience. The client is a global energy company, ranked amongst the largest corporations on Fortune Global 500 with over 1,000 gas stations. Known for their oil and gas ventures, their…
Total, PureCycle agree to develop strategic partnership in plastic recycling
PARIS: Total has signed an agreement with PureCycle Technologies to develop a strategic partnership in plastic recycling. As part of the agreement, Total undertakes to purchase part of the output of PureCycle Technologies’ future facility in the United States and to assess the interest of developing a new plant together in Europe. PureCycle Technologies uses…
Huawei opposes amendments made by the US Department of Commerce to its foreign direct product rule
NEW YORK: “Huawei categorically opposes the amendments made by the US Department of Commerce to its foreign direct product rule that target Huawei specifically”. This statement was issued officially by Huawei today. The statement further highlighted that the US government added Huawei to the Entity List on May 16, 2019 without justification. Since that time,…
Total discontinues the acquisition of Occidental Petroleum’s assets in Ghana
PARIS: In August 2019, Total and Occidental Petroleum entered into a Purchase and Sale Agreement (PSA) in order for Total to acquire Anadarko’s assets in Africa. Under this agreement, Total and Occidental have since completed the sale and purchase of the Mozambique and South Africa assets. The PSA provided that the sale of the Ghana…
Total becomes one of the leading electricity and gas suppliers in Spain
PARIS, FRANCE: Total S.A strengthens its positions in generation and supply of electricity and gas in Spain through the acquisition of the Energías de Portugal’s portfolio of 2.5 million B2C customers and two gas-fired combined cycle power plants, which represent an electricity generation capacity of nearly 850 megawatts. This transaction in Spain follows Total’s entry…
JCPenney enters financial restructuring agreement with lenders
PLANO, TEXAS: J.C. Penney Company, one of the nation’s largest apparel and home retailers, has entered into a restructuring support agreement (RSA) with lenders holding approximately 70% of JCPenney’s first lien debt to reduce the Company’s outstanding indebtedness and strengthen its financial position. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan that…
Air passenger traffic down 98.3% driven by travel restrictions worldwide
LUXEMBOURG: Corporación América Airports, the largest private sector airport operator in the world by number of airports, has reported a 98.3% decline year-over-year passenger traffic in April 2020. Total passenger traffic in April 2020 dropped 98.3% YoY, primarily reflecting continued travel restrictions imposed by governments, aiming to contain the spread of the COVID-19 pandemic. International…
CoStar Group agrees to acquire Ten-X Commercial for $190 million
WASHINGTON: CoStar Group Inc., the leading provider of commercial real estate information, announced plans to acquire Ten-X for $190 million in cash. Ten-X was launched in 2009 with the goal of providing a digital transaction platform for effectively liquidating the large volume of distressed commercial real estate assets that came on the market during the…
AWS announces major enhancements to Amazon Macie
SEATTLE: Amazon Web Services Inc. (AWS), an Amazon.com company, announced a series of major enhancements to Amazon Macie, delivering important new features, greater availability worldwide, and substantially reduced pricing. The new features include updated machine learning models for more accurate detection of Personally Identifiable Information (PII), support for customer-defined data types, and native multi-account management…
X5 becomes first Russian retailer to join UN Global Compact
MOSCOW: X5 Retail Group, a Russian food retailer, announced its accession to the UN Global Compact (UN GC), which is an international business initiative in the field of corporate social responsibility and sustainable development. By joining the UN GC, X5 confirms its commitment to the principles of human rights, fair labour relations, environmental protection and…
Masroor Mahmud appointed GE’s CEO for Pakistan
LONDON: GE has announced the appointment of Masroor Mahmud as its CEO for Pakistan. He is mandated with driving the company’s growth in the country and aligning business strategy across all GE sectors with the government’s vision for development. In addition, Masroor will focus on enhancing talent development, ensuring risk management, and building a strong…