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BUSINESS NEWS

Shein Investors Seek to Sell Shares, Valuation Drops to $45 Billion

According to reports, Sheins investors are trying to sell the Chinese online retailers shares on the private market for as little as $45 billion. This

According to reports, Sheins investors are trying to sell the Chinese online retailers shares on the private market for as little as $45 billion. This is a roughly 30% reduction from its valuation from around one month ago. Shein was valued between $45 billion and $55 billion by stock sales in late 2023, a significant decrease from its May fundraising round valuation of $66 billion. Shein has faced difficulties, such as legal battles with competitors and a cybersecurity assessment by Chinas Cyberspace Administration. Read More..

B2B Tech News | 27 days ago        

IMF Forecasts Burundis Economy to Expand by 4.3% in 2024

As opposed to 2.7% in 2023, the International Monetary Fund IMF predicts that Burundis GDP will grow by 4.3% in 2024. Prosperous investment, sustained

As opposed to 2.7% in 2023, the International Monetary Fund IMF predicts that Burundis GDP will grow by 4.3% in 2024. Prosperous investment, sustained reforms, and robust agricultural output are anticipated to underpin the rise. The nations economy is mainly based on agricultural exports, especially coffee and tea. Burundi has had economic difficulties recently, such as a scarcity of hard currency following a political crisis 2015 and the inflationary fallout from the conflict between Russia and Ukraine in 2022. The United States assistance commitments and the European Unions financial support have both resumed, which has helped the economy recover. Read More..

B2B Tech News | 27 days ago        

Saudi Arabias MultiBillion Dollar Investment to Transform into an Electric Vehicle Hub

As part of Crown Prince Mohammed bin Salmans strategy to diversify the economy, Saudi Arabia is investing billions to realise its goal of becoming a c

As part of Crown Prince Mohammed bin Salmans strategy to diversify the economy, Saudi Arabia is investing billions to realise its goal of becoming a centre for Electric Cars EVs. The government established an EV metals facility, introduced Ceer, Saudi Arabias EV brand, and invested $10 billion in Lucid Motors. By 2030, the Public Investment Fund PIF wants to have produced 500,000 EVs a year. The hurdles include the absence of a local industry to provide vehicle parts, the competitiveness of existing businesses, and the requirement to acquire raw materials like lithium. Despite the challenges, Saudi Arabia aims to increase its share of the expanding Electric Vehicle EV industry. Read More..

B2B Tech News | 27 days ago        

Global Investors Tactically Engaging with Chinese Stocks Amid Recent Decline

Global investors, who have been heavily shorting Chinese equities in recent years, are beginning to purchase or sell those companies more judiciously.

Global investors, who have been heavily shorting Chinese equities in recent years, are beginning to purchase or sell those companies more judiciously. Confident investors perceive the present low values and unfavourable mood as a chance to gain from a future increase in value. Although longterm capital has left Chinese stocks, new data indicates that investors are hesitant to join the market, particularly in light of the substantial selloff. Some believe the MSCI China index, which has dropped 60% in the last three years, is a skewed entry position with room for gain if sentiment turns around. Read More..

B2B Tech News | 27 days ago        

Santander Mexico Set to Launch Digital Bank Service "Openbank"

In the following months, Santander Mexico, the companys Mexican subsidiary, plans to introduce Openbank, a digital banking service. The digital produc

In the following months, Santander Mexico, the companys Mexican subsidiary, plans to introduce Openbank, a digital banking service. The digital product is almost ready for launch, obtaining its operating licence in July. Digital banks are gaining ground on traditional banks in Mexico, and Santanders decision aligns with the industrys general trend. Openbanks launch is an attempt to capitalise on Mexicos expanding digital banking industry. In the upcoming week, rival Banorte is also planning to introduce Banco Bineo, its digital banking service. Read More..

B2B Tech News | 27 days ago        

Innovative Recycling Freee Recycle Converts Over 400,000 Tires into Paving Bricks and More

A Nigerian firm, Freee Recycle, is tackling the problem of trash by turning used tyres into new items, including flipflops, floor tiles and paving sto

A Nigerian firm, Freee Recycle, is tackling the problem of trash by turning used tyres into new items, including flipflops, floor tiles and paving stones. Since its founding in 2018, the firm has recycled over 400,000 tyres into various products. The tyres are ground into tiny bits, combined with an adhesive, and then formed into various items as part of recycling. Since its founding, Freee Recycle says it has saved the release of almost 8,100 tonnes of CO2. The companys products provide an ecofriendly way to dispose of tyre trash and are accessible in major towns in Nigeria. Read More..

B2B Tech News | 27 days ago        

Zee Entertainment Shares Plunge 10% as Sony India Cancels $10 Billion Merger

Following Sony Indias decision to scrap a $10 billion merger with the Indian broadcaster, shares of Zee Entertainment fell 10%, the most in a single d

Following Sony Indias decision to scrap a $10 billion merger with the Indian broadcaster, shares of Zee Entertainment fell 10%, the most in a single day since April 2021. This choice raises Concerns about Zees viability in an increasingly cutthroat sector. At least five brokerages dropped their price estimates and suggested selling Zees shares. The dissolution of the merger negotiations, which sought to establish one of Indias most extensive TV networks, raises concerns about Zees future, especially in light of Disneys intention to combine its Indian operations with Reliance, owned by Mukesh Ambani. Analysts speculate that Zee would draw in other bidders, but they warn that shareholder action against the companys management might result from the failed acquisition. Read More..

B2B Tech News | 27 days ago        

Australian Prime Minister Commits to Stage 3 Tax Changes Cuts to Personal Income Tax Rates

Anthony Albanese, the prime minister of Australia, has pledged to implement stage 3 tax reforms, which would lower personal income tax rates starting

Anthony Albanese, the prime minister of Australia, has pledged to implement stage 3 tax reforms, which would lower personal income tax rates starting on July 1. The goal of the tax cuts, which were first enacted five years ago with backing from Labour and the Coalition, is to eliminate the 37% marginal tax rate for individuals earning more than $120,000 and lower the 32.5% tax rate to 30% for those making between $45,000 and $200,000. The Greens have demanded that the $313 billion tax plan be abandoned because some experts fear it may increase inflation. Albanese, nevertheless, has declared that the tax cuts would go forward as scheduled. Read More..

B2B Tech News | 27 days ago        



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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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