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Thai Government to Probe Bank Transactions Linked to Myanmars Military Purchases

Thai Foreign Minister Maris Sangiampongsa announced that Thailands government would be meeting with state agencies and commercial banks next week to d

Thai Foreign Minister Maris Sangiampongsa announced that Thailands government would be meeting with state agencies and commercial banks next week to discuss their investigation into transactions purportedly used by Myanmars junta to buy weapons. The government is pushing for more stringent inspections. This comes in the wake of disclosures made by Thai banks to a parliamentary committee regarding their limits in looking into every transaction and a U.N. study that showed an increase in money being transferred via Thai banks for weapons. Maris denied any policy supporting economic sanctions or human rights abuses, emphasising the need to establish appropriate due diligence in banking procedures. According to a U.N. study, Thairegistered businesses sent $120 million in weaponry to Myanmar in the fiscal year 2023—a twofold increase over the previous year—complicating international attempts to isolate the military dictatorship. Read More..

B2B Tech News | 1 years ago        

Nokia Reports 32% Drop in Q2 Operating Profit Amid Weak 5G Demand

Nokia anticipates demand for 5G telecom equipment to increase in the second half despite reporting a 32% decline in operating profit for the second qu

Nokia anticipates demand for 5G telecom equipment to increase in the second half despite reporting a 32% decline in operating profit for the second quarter. Comparable operational profit decreased from €619 million to €423 million in the previous year. Reductions in telecom equipment procurement have affected both Nokia and Ericsson, resulting in largescale layoffs. Nokia had an 18% yearoveryear fall in net revenue, mainly due to a delay in 5G investment in India. Despite these difficulties, CEO Pekka Lundmark is upbeat and predicts strong sales growth in the second part of the year. Nokia continued to project a similar operating profit of between €2.3 billion and €2.9 billion for the entire year. Read More..

B2B Tech News | 1 years ago        

GuineaBissau and China Upgrade Relations to Strategic Partnership

China decided to upgrade its bilateral ties with GuineaBissau to a strategic partnership on Wednesday, July 10. Xi Jinping, the president of China, ho

China decided to upgrade its bilateral ties with GuineaBissau to a strategic partnership on Wednesday, July 10. Xi Jinping, the president of China, hosted GuineaBissaus President Umaro Sissoco Embalo at a meeting. Reinforcing Chinas assistance through training opportunities and scholarships, Xi emphasised the need to foster exchanges and cooperation in education and youth to develop peopletopeople connections. Embalo conveyed his thanks for Chinas ongoing assistance by underlining their shared history and collaboration. The leaders saw the signing of cooperation agreements in various areas, such as customs and economic growth. As Xi again emphasised, the Forum on ChinaAfrica Cooperation FOCAC is crucial for fostering solidarity and reciprocal growth among developing nations. July 13th marks the end of Embalos state visit. Read More..

B2B Tech News | 1 years ago        

Russia and Iran Forge Closer Ties at BRICS Parliamentary Forum

Speakers of the Iranian and Russian parliaments met during the 10th BRICS Parliamentary Forum in St. Petersburg, together with representatives from bo

Speakers of the Iranian and Russian parliaments met during the 10th BRICS Parliamentary Forum in St. Petersburg, together with representatives from both houses of the Russian parliament. As Iran joined BRICS, President Vladimir Putin greeted the country, praising its assimilation into the group and paying tribute to the late President Ebrahim Raisi. In the wake of Raisis untimely passing in an aircraft accident, Putin voiced confidence in the continuous progression of relations between Russia and Iran. The discussion focused on Russia and Irans enhanced "militarytechnical cooperation" under Raisi. Speaking on behalf of Iran, Speaker Mohammad Bagher Ghalibaf underlined their shared objective of bolstering economic stability and regional cooperation while opposing Western unilateralism. After these conversations, the forum ended on Friday, July 12. Read More..

B2B Tech News | 1 years ago        

GM Delays Commitment to 1 Million EV Production Target Amid Market Uncertainties

The prior prediction made by General Motors GM that North America will produce one million electric vehicles EVs by the end of 2025 was not upheld. A

The prior prediction made by General Motors GM that North America will produce one million electric vehicles EVs by the end of 2025 was not upheld. A GM representative said that although the company plans to satisfy the demand for electric vehicles, they are taking a flexible approach and have yet to establish a new production goal. GM CEO Mary Barra stated that the business will increase EV manufacturing in response to consumer demand rather than strict objectives, which come when the market is unstable. Under changing market conditions, Barra reaffirmed GMs commitment to boosting EV manufacturing. Read More..

B2B Tech News | 1 years ago        

Atos Secures €1.82 Billion Funding in Major Debt Restructuring Move

With the completion of a significant financial restructuring phase, the French IT company Atos ATOS.PA has secured cash totaling 1.675 billion euros $

With the completion of a significant financial restructuring phase, the French IT company Atos ATOS.PA has secured cash totaling 1.675 billion euros $1.82 billion through a lockup agreement with a group of banks and bondholders that account for more than half of its creditors. With the other creditors urged to join the deal by July 22, this step intends to restructure its debt. Additionally, Atos obtained 800 million euros in interim funding, of which 450 million euros are now available, guaranteeing liquidity through the end of the restructuring process in late 2024 or early 2025. Atos informed stakeholders that the companys governance structure will remain independent despite these financial manoeuvres, announcing plans for new governance after the reorganisation. Read More..

B2B Tech News | 1 years ago        

VinFast Postpones North Carolina Factory Opening to 2028, Reduces 2024 Vehicle Delivery Target

The $4 billion North Carolina facility of VinFast, a Vietnamese electric vehicle EV company led by Pham Nhat Vuong, the countrys richest man, will not

The $4 billion North Carolina facility of VinFast, a Vietnamese electric vehicle EV company led by Pham Nhat Vuong, the countrys richest man, will not open until 2028. In light of economic difficulties and uncertainty in the worldwide EV industry, the delivery prediction for 2024 has been lowered, with 80,000 instead of 100,000 vehicles expected. VinFast is confronted with obstacles due to dynamic macroeconomic conditions and competitive pressures in the electric car industry, even with a 92% yearoveryear surge in firsthalf sales to 21,747 units. Despite these changes, the firm is still committed to growing its product portfolio and breaking into new Asian markets. Read More..

B2B Tech News | 1 years ago        

Alphabet Nears $23 Billion Deal to Acquire Cybersecurity Firm Wiz

For almost $23 billion, Alphabet GOOGL.O is in advanced talks to buy cybersecurity company Wiz, making this its biggest purchase to date. With its cur

For almost $23 billion, Alphabet GOOGL.O is in advanced talks to buy cybersecurity company Wiz, making this its biggest purchase to date. With its current headquarters in New York, Wiz was first established in Israel and focuses on providing cloudbased cybersecurity solutions with AIdriven threat detection and response capabilities. The mostly cashfinanced purchase may soon be completed, according to people with knowledge of the situation. The Biden administrations increased regulatory scrutiny of the concentration of the tech industry coincides with this possible purchase. With 900 workers worldwide and projected revenues of over $350 million in 2023, Wiz is a big corporation that services Fortune 100 organisations. It was recently valued at $12 billion following a $1 billion fundraising round. Read More..

B2B Tech News | 1 years ago        



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