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Deal to Sell Majority Stake in South African Airways Collapses, Minister Confirms

The plan to sell most South African Airways SAA has fallen through, the countrys minister of public enterprises, Pravin Gordhan, has said. Although th

The plan to sell most South African Airways SAA has fallen through, the countrys minister of public enterprises, Pravin Gordhan, has said. Although the government and Takatso had previously approved the sale, Gordhan said there was no obvious way forward following a fresh business and asset appraisal. The agreement had been negotiated for three years. The COVID19 pandemics effects on air travel caused SAA, which faced liquidation concerns before filing for bankruptcy protection in 2019, to experience significant financial difficulties. To break the cycle of bailouts, the government has looked for a strategic equity partner to stabilise the airlines finances. As a result, a controlling interest sale to the Takatso Consortium was scheduled for 2021, aiming to end the cycle of bailouts to the flag carrier. Read More..

B2B Tech News | 1 months ago        

U.S. Government Plans to Grant Samsung Over $6 Billion to Support Chipmakers Expansion

Sources familiar with the situation told Bloomberg News on Thursday that the U.S. government intends to award Samsung Electronics Co 005930. K.S. mor

Sources familiar with the situation told Bloomberg News on Thursday that the U.S. government intends to award Samsung Electronics Co 005930. K.S. more than $6 billion to boost the chipmakers growth ambitions beyond its stated project in Texas. The CHIPS Act, which intends to increase chip manufacture in the U.S., includes this incentive. Samsung, nevertheless, chose not to address the issue. According to reports from last year, the South Korean corporation is building a chip facility near Taylor, Texas, with expenses exceeding earlier projections, coming in at over $25 billion instead of the projected $17 billion. Read More..

B2B Tech News | 1 months ago        

Adobes ADBE.O SecondQuarter Revenue Forecast Disappoints, Shares Drop Over 10%

In a challenging economic climate, Adobe ADBE.O revealed lowerthanexpected revenue for the second quarter, disappointing investors. The company attrib

In a challenging economic climate, Adobe ADBE.O revealed lowerthanexpected revenue for the second quarter, disappointing investors. The company attributed this to intense competition and poor demand for AIintegrated photography, illustration, and video tools. The announcement caused a 10%+ decline in the companys stock. While Adobe has added AI capabilities to products like Acrobat, Photoshop, and Premiere Pro, it still has competition from companies that provide comparable services. Analyst forecasts of $5.31 billion exceeded the secondquarter sales prediction of $5.25 billion to $5.30 billion. Nevertheless, Adobe exceeded projections with a firstquarter sales gain of more than 11% to $5.18 billion. The business also announced the launch of a new $25 billion stock repurchase programme. Read More..

B2B Tech News | 1 months ago        

Nvidias Dominance in AI Chips Set to Continue with Upcoming Flagship Products

Nvidia and its CEO, Jensen Huang, currently hold a dominant position in the tech world as the leading supplier of artificialintelligence chips. The co

Nvidia and its CEO, Jensen Huang, currently hold a dominant position in the tech world as the leading supplier of artificialintelligence chips. The companys upcoming flagship products, to be unveiled at its annual developer conference, are expected to further solidify its market position. With a market capitalization exceeding $2 trillion and revenue projected to soar, Nvidias recent performance has been impressive. However, the key question is whether Nvidia can maintain its dominance in AI computing in the long term. The companys nextgeneration AI processor, the B100, is anticipated to play a central role in this effort. Despite challenges such as supply constraints and competition from Chinese rivals, analysts remain optimistic about Nvidias future prospects, although concerns about valuation persist amidst rapid growth. Additionally, Nvidias expansion into cloud services and software offerings is closely monitored for its impact on the competitive landscape. Read More..

B2B Tech News | 1 months ago        

Reliance Industries to Acquire Paramount Globals Stake in Viacom18 Media for $517 Million

As disclosed by Paramount in a regulatory filing, Reliance Industries has agreed to pay around $517 million 42.86 billion Indian rupees for Paramount

As disclosed by Paramount in a regulatory filing, Reliance Industries has agreed to pay around $517 million 42.86 billion Indian rupees for Paramount Globals full 13.01% ownership in local entertainment network Viacom18 Media. Reliance owns most of Viacom18, a company that runs 40 television networks, including wellknown ones like MTV, Comedy Central, and Nickelodeon. After the agreement closes, Paramount plans to keep licencing its material to Viacom18, using JioCinema from Reliance for streaming. The deals closing is conditioned on Reliances previously disclosed merger with Walt Disney regarding their streaming and India TV businesses. Read More..

B2B Tech News | 1 months ago        

Together AI, Backed by Nvidia, Raises $106 Million in Successful Fundraising Round

Nvidiabacked Together AI revealed on Wednesday that it had completed a successful fundraising round, garnering $106 million and more than tripling its

Nvidiabacked Together AI revealed on Wednesday that it had completed a successful fundraising round, garnering $106 million and more than tripling its valuation to $1.25 billion since last autumn. The fundraising was spearheaded by Salesforce Ventures, with participation from Lux Capital, Emergence Capital, Coatue Management, and other current investors. Established in 2022, Together AI gained popularity by granting users access to Nvidias GPUs. Its goal is to develop a platform that helps programmers create or modify opensource artificial intelligence models. The funding will support growth, the employment of academics for new model architecture, and the lease of more cloud computing capacity. CEO Vipul Ved Prakash positioned the company as a premier location for implementing AI models at scale by highlighting its 45,000+ expanding user base, including global corporations and AI startups. Read More..

B2B Tech News | 1 months ago        

Foxconn Reports 33% Surge in FourthQuarter Profit on Strong Holiday Sales

Foxconn, an important Apple supplier, reported a 33% gain in fourthquarter earnings, attributed to strong sales over the busiest holiday season. For t

Foxconn, an important Apple supplier, reported a 33% gain in fourthquarter earnings, attributed to strong sales over the busiest holiday season. For the October–December quarter, the Taiwanese electronics maker posted a net profit of T$53.14 billion $1.69 billion, an increase from T$40 billion in the same quarter the previous year. This exceeded projections and the T$43.52 billion SmartEstimate from LSEG, which gives priority to estimates from experts who frequently provide accurate forecasts. Given the continued robust demand for consumer electronics, Foxconns success highlights its critical position in the global supply chain. Read More..

B2B Tech News | 1 months ago        

"Fitch Raises Indias FY25 GDP Growth Forecast to 7%" Outlook Brightens

Anticipating a sustained period of solid growth, Fitch Ratings increased its estimate for Indias FY25 GDP growth from 6.5 per cent to 7 per cent. Addi

Anticipating a sustained period of solid growth, Fitch Ratings increased its estimate for Indias FY25 GDP growth from 6.5 per cent to 7 per cent. Additionally, the agency projects that the Reserve Bank of India would lower interest rates by 50 basis points between July and December, resulting in a steady decline in CPI inflation to 4 per cent by the end of 2024. Indias robust economic potential was emphasised by Fitch, which revised its growth projections significantly upward, with 7.8 per cent for FY24 and 7 per cent for FY25. On the other hand, Fitch reduced Chinas 2024 estimate to 4.5 per cent because of difficulties in the real estate market and growing deflationary pressures. Nonetheless, the damage is being lessened by budgetary assistance measures. Additionally, Moodys recently increased its projection of Indias GDP growth in 2024 from 6.1 per cent to 6.8 per cent. Read More..

B2B Tech News | 1 months ago        



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