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DBS Group Reports 4% Increase in Q2 Net Profit to S$2.80 Billion, Beating Analyst Estimates

The largest bank in Singapore and Southeast Asia in terms of assets, DBS Group, announced a 4% rise in net profit for the second quarter, coming in at

The largest bank in Singapore and Southeast Asia in terms of assets, DBS Group, announced a 4% rise in net profit for the second quarter, coming in at S$2.80 billion $2.11 billion, up from S$2.69 billion the previous year. This outcome was better than the S$2.71 billion average expert forecast. Stronger overall revenue and recordhigh fee income were the main drivers of the profit increase. DBSs success highlights its solid financial standing and dominant market share in the area. The banks successful expansion tactics and efficient management are evident in the increase in earnings, which further solidifies the banks leading position in Southeast Asias financial industry. Read More..

B2B Tech News | 1 years ago        

Hyundai Invests $28 Million in EV and Battery Assembly Facility in Thailand

The Board of Investment BOI has announced that Hyundai Motor Company would invest 1 billion baht $28 million to construct an electric vehicle EV and b

The Board of Investment BOI has announced that Hyundai Motor Company would invest 1 billion baht $28 million to construct an electric vehicle EV and battery manufacturing factory in Thailand. The new facility is slated to start operations in 2026 and will be situated southeast of Bangkok. With this investment, Chinese manufacturers like BYD and Great Wall Motors want to gain a foothold in Thailands rapidly growing EV sector. At least onethird of Hyundais raw materials and parts will be sourced locally, thanks to Thailands wellestablished supply system. This decision underlines Hyundais strategic push into the regions expanding EV market, with Thailand accounting for 55% of Southeast Asias EV sales in the first quarter. Read More..

B2B Tech News | 1 years ago        

Telkom Indonesia Hires Goldman Sachs and Mandiri Sekuritas to Seek Strategic Investor for NeutraDC

To locate a strategic investor for NeutraDC, its data centre company, Telkom Indonesia, has enlisted the help of Goldman Sachs and Mandiri Sekuritas.

To locate a strategic investor for NeutraDC, its data centre company, Telkom Indonesia, has enlisted the help of Goldman Sachs and Mandiri Sekuritas. Mandiri Sekuritas will be the principal advisor, and Goldman Sachs will be the global financial adviser. Telkoms plan to optimise value for its stakeholders includes the possible sale of a minority interest in NeutraDC, which may fetch a price of more than $1 billion. The AI boom is driving higher demand and investment in the data centre sector. Telkom now has 29 data centre locations and intends to add more in Jakarta and Batam. Telkom Indonesia, the largest telecommunications firm in the nation, is valued at more than $17 billion on the market. Read More..

B2B Tech News | 1 years ago        

Reserve Bank of Australia Keeps Interest Rates Unchanged at 4.35% Amid Persistent Inflation

Interest rates remained at a 12year high of 4.35% during the August policy meeting of Australias Reserve Bank of Australia RBA. The RBA stressed that

Interest rates remained at a 12year high of 4.35% during the August policy meeting of Australias Reserve Bank of Australia RBA. The RBA stressed that inflation, which is still above the goal of 3.8%, needs to be contained. Rates must stay low. Markets somewhat discounted a rate drop in November due to the decision. The RBA believes inflation will stay high despite recently decreasing core inflation. In addition to threeyear bond futures holding gains, the Australian dollar remained stable at $0.6506. With other central banks starting to loosen their policies, economists predict that inflation will gradually decline and that a rate decrease is unlikely until early 2025. Read More..

B2B Tech News | 1 years ago        

Ola Electrics $734 Million IPO Fully Subscribed on Second Day Amid Global Market SellOff

Amid a selloff in global equities markets, Ola Electrics $734 million initial public offering IPO was subscribed entirely on day two. Over $447 millio

Amid a selloff in global equities markets, Ola Electrics $734 million initial public offering IPO was subscribed entirely on day two. Over $447 million in bids have been made for Indias most extensive initial public offering IPO this year, the first from an electric car manufacturer in the nation. The IPO had a 35% subscription on its first day, with one day remaining for bidding. To increase the costeffectiveness of its escooters, Ola intends to spend the proceeds from the IPO on its cell production. Big players like Nomura and Norges Bank have placed aggressive bids for shares worth $2 billion, six times the amount allotted to them. Read More..

B2B Tech News | 1 years ago        

Groq Raises $640 Million in Series D Funding Led by Cisco, Samsung, and BlackRock

In a Series D fundraising round headed by Cisco Investments, Samsung Catalyst Fund, and BlackRock Private Equity Partners, semiconductor firm Groq rai

In a Series D fundraising round headed by Cisco Investments, Samsung Catalyst Fund, and BlackRock Private Equity Partners, semiconductor firm Groq raised $640 million, valuing the business at $2.8 billion. Developed by a former engineer at Alphabet, Groq specialises in AI inference chips that accelerate and improve the performance of pretrained models. Groq, a rival to Nvidia in the AI chip business, has modified Metas LLaMA big language model to operate on its processors. Groq intends to develop GroqCloud and scale its tokensasaservice TaaS product with the additional funds. By Q1 2025, the business will have deployed over 108,000 Language Processing Units. Stuart Pann has been hired as COO, and Yann LeCun as technical adviser. It is growing the level of demand. Read More..

B2B Tech News | 1 years ago        

Lumen Technologies Secures $5 Billion in New Deals, Including Major Agreement with Microsoft for AI Support

Microsoft is among the cloud and IT businesses with whom Lumen Technologies has signed new $5 billion partnerships. Lumens network equipment will be u

Microsoft is among the cloud and IT businesses with whom Lumen Technologies has signed new $5 billion partnerships. Lumens network equipment will be used to support AI workloads. The increased usage of AI is pushing businesses to invest significantly in infrastructure supporting AI applications. Additionally, Lumen is negotiating to acquire an extra $7 billion in sales prospects. The corporation emphasises the importance of highcapacity fibre and its role in AIready infrastructure. According to CEO Kate Johnson, this growth is one of the most significant advancements on the internet. To handle its Private Connectivity Fabric solutions and meet growing demand, Lumen has now established a new branch called Custom Networks. Read More..

B2B Tech News | 1 years ago        

Societe Generale to Sell British and Swiss Private Banking Units to UBP for €900 Million

Union Bancaire Privee UBP has agreed to purchase Societe Generales SocGen private banking businesses in Switzerland and the United Kingdom for €900

Union Bancaire Privee UBP has agreed to purchase Societe Generales SocGen private banking businesses in Switzerland and the United Kingdom for €900 million $983.8 million. As of December 2023, the divisions were up for sale. Societe Generale Private Banking Suisse and SG Kleinwort Hambros had assets under management of around €25 billion. As part of its plan to sell off secondary assets and improve overall performance, SocGen anticipates that the deal will be finished by Q1 2025. SocGens core equity tier 1 CET1 capital ratio is projected to rise by about ten basis points due to the transaction. SocGen will prioritise its private banking activities in Monaco, Luxembourg, and France. Read More..

B2B Tech News | 1 years ago        



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