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Westpac Sells Auto Finance Loans Book to Resimac for Up to A$1.6 Billion, Refocusing on Core Banking

The nonbank lender Resimac Group RMC.AX will purchase Westpac Banking Corps WBC.AX vehicle financing loan book. The deal is anticipated to be complete

The nonbank lender Resimac Group RMC.AX will purchase Westpac Banking Corps WBC.AX vehicle financing loan book. The deal is anticipated to be completed for between A$1.4 billion $963.62 million and A$1.6 billion. Westpac, the secondlargest mortgage lender in Australia, previously sold off a portion of its auto loan division to the American private equity firm Cerberus Capital Management in 2021 to focus on its core banking activities. After acquiring other businesses and portfolios in recent years, Resimac claimed that the purchase aligns with its strategic growth objectives for its asset finance division. The deal is expected to be completed by the first half of 2025. Read More..

B2B Tech News | 10 months ago        

Greeces Successful NBG Sale Signals New Era in Banking RePrivatization and Debt Management

With the successful completion of the reprivatization of its lenders, Greece raised €690 million $760.93 million to assist in paying down its sizeab

With the successful completion of the reprivatization of its lenders, Greece raised €690 million $760.93 million to assist in paying down its sizeable public debt by selling a 10% interest in the National Bank of Greece NBG. A 12fold oversubscription from both local and foreign investors resulted from the bookbuilding procedure used to sell 61.4 million shares at a price of €7.55 apiece. Following its approximately €50 billion injection to stabilise the banks during the 2009–2018 debt crisis, the Hellenic Financial Stability Fund HFSF implemented a disposal plan that included this deal. After this transaction, HFSF will give Greeces national wealth fund an 8.4% share in NBG and eliminate any attached special rights. Read More..

B2B Tech News | 10 months ago        

Philippines Introduces 12% VAT on Digital Services to Level the Playing Field for Local Businesses

The Philippines has declared a 12% valueadded tax VAT on digital services from internet behemoths like Amazon, Netflix, Disney, and Alphabet. This law

The Philippines has declared a 12% valueadded tax VAT on digital services from internet behemoths like Amazon, Netflix, Disney, and Alphabet. This law, which President Ferdinand Marcos Jr. signed into effect, attempts to level the playing field for domestic companies who compete with these international companies. Currently, the VAT is solely paid by regional digital service providers. Romeo Lumagui, Commissioner of the Bureau of Internal Revenue, said that the levy will encourage fair competition and result in better customer goods and services. Between 2025 and 2029, the government expects to raise 105 billion pesos $1.9 billion from this tax, of which 5% would be used to promote the creative industries in the Philippines. Notably, services in the public interest and education will remain free from the VAT. Read More..

B2B Tech News | 10 months ago        

OpenAI Secures $6.6 Billion Funding, Valuation Soars to $157 Billion Amid Corporate Restructuring

The business that created ChatGPT, OpenAI, has raised $6.6 billion in investment, which may put the companys valuation at $157 billion and cement its

The business that created ChatGPT, OpenAI, has raised $6.6 billion in investment, which may put the companys valuation at $157 billion and cement its place among the most valuable private companies in the world. Notable venture capitalists like Thrive Capital and Khosla Ventures and significant corporate supporters like Microsoft and Nvidia were drawn to this investment round. The financing was announced amid internal reorganisations and changes in the leadership, including the recent resignation of CTO Mira Murati. After a prior cashout opportunity valued at $86 billion, OpenAI intends to provide staff liquidity through a tender offer for shares. Despite continuous talks about corporate reorganisation, investor interest is still high, with predicted sales climbing from $3.6 billion this year to $11.6 billion next year. Read More..

B2B Tech News | 10 months ago        

Eros Resources Announces Merger with MAS Gold and Rockridge Amid Rising Gold and Copper Demand

To collaboratively develop copper and gold projects in Saskatchewan, a region rich in untapped metal resources, competitors MAS Gold and Rockridge Res

To collaboratively develop copper and gold projects in Saskatchewan, a region rich in untapped metal resources, competitors MAS Gold and Rockridge Resources and Canadian smallscale gold miner Eros Resources are expected to combine. The merger occurs when longterm demand for copper is still growing, and gold prices have risen 29% this year due to geopolitical uncertainties. As per the agreement, Eros will issue 0.375 shares of Eros to Rockridge owners and 0.25 shares of MAS Gold shareholders to acquire shares it does not currently own. Following the merger, Rockridge will own 20.3%, MAS Gold 37.33%, and Eros stockholders 42.37% of the combined business. Mineral claims totalling 77,890 hectares will be included in the merged portfolio. Read More..

B2B Tech News | 10 months ago        

Nigerians Protest Economic Hardship and Unemployment on 64th Independence Anniversary

Tuesday commemorated Nigerias 64th year of independence amid dire economic times, the country saw widespread rallies calling for more excellent prospe

Tuesday commemorated Nigerias 64th year of independence amid dire economic times, the country saw widespread rallies calling for more excellent prospects and jobs. Even though Nigeria is one of the worlds top oil producers, 63% of its people live in poverty, and the country has high rates of hunger. An increase in inflation and a decline in the currencys value have resulted from recent government changes meant to stabilise the economy. In the two months since the fatal skirmishes in August that claimed the lives of twenty protestors, this is the second largescale demonstration. Elected president of Nigeria, Bola Tinubu, defended the measures essential to averting economic catastrophe and urged patience. Many Nigerians doubt the nations development due to dissatisfaction with unemployment and the persistence of violence in the northeast. Read More..

B2B Tech News | 10 months ago        

Fire at Tata Group’s Hosur Plant Halts iPhone Production, Threatens Apple’s Festive Season Sales

Apples capacity to satisfy demand ahead of Indias holiday season has been impacted by an extended production standstill caused by a fire at Tata Group

Apples capacity to satisfy demand ahead of Indias holiday season has been impacted by an extended production standstill caused by a fire at Tata Groups iPhone component facility in Hosur, Tamil Nadu. The plant—which provides back panels and other parts for iPhone models—is essential for domestic assembly and exports. According to analysts, this may potentially disrupt up to 15% of Apples projected 1.5 million iPhone 14 and 15 sales in India. Even though Apple could have accumulated parts, a protracted ban might compel the business to purchase parts from China. This event may put Tatas ambitions for more iPhone production growth on hold and show the difficulties facing Indias electronics manufacturing industry despite efforts to draw in international investment. Read More..

B2B Tech News | 10 months ago        

Piyush Goyal Engages US Investors, Highlights Indias Growth and Investment Opportunities

While in New York, Indian Commerce and Industry Minister Piyush Goyal met with prominent US investors, such as Warburg Pincus President Timothy F. Gei

While in New York, Indian Commerce and Industry Minister Piyush Goyal met with prominent US investors, such as Warburg Pincus President Timothy F. Geithner, Blackstone CEO Stephen Schwarzman, and KKR cofounder Henry R. Kravis, ahead of bilateral discussions in Washington, DC. Goyal invited US companies to join Indias economic success story by highlighting the countrys gains and investment prospects, especially in hightech manufacturing, electronics, and logistics. Under Prime Minister Modis direction, he highlighted policies that have made conducting business in India easier. Goyal is cochairing the IndiaUSA Commercial Dialogue alongside US Commerce Secretary Gina Raimondo to strengthen bilateral economic relations and draw longterm investment to India. Read More..

B2B Tech News | 10 months ago        



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Refresh Your Facts

1.  Global online sales are predicted to reach 22% of all retail sales in 2023.
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2.  Global tablet shipments are expected to hit 142 million by 2025, reports Statista.
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3.  Artificial Intelligence is expected to contribute $15.7 trillion to the economy by the year 2030.
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4.  Since the launch of the popular mobile game, Candy Crush, in 2012, players have spent a total of 73 billion hours (equivalent to 8.3 million years) playing this game.
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5.  Approximately 8 billion gadgets connect on the internet every day.
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