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Fintech Consortium Launches USDG Stablecoin, Aiming to Transform Cryptocurrency Landscape

Through the Global Dollar Network, a group of fintech and cryptocurrency companies, including Galaxy Digital, Kraken, and Robinhood, introduced a new

Through the Global Dollar Network, a group of fintech and cryptocurrency companies, including Galaxy Digital, Kraken, and Robinhood, introduced a new stablecoin called USDG based on the US dollar. This project aims to give its partners financial advantages while hastening the adoption of stablecoins. Stablecoins are essential for converting cryptocurrencies into fiat money to safeguard customers from volatility since they keep a constant value. With Tether and USD Coin controlling roughly 90% of the market, USDG, which a consortium committee oversees, will compete in this market. Charles Cascarilla, CEO of Paxos, emphasised that the network is available to anybody and would give back the majority of benefits to users, encouraging the use of stablecoins worldwide and the social acceptance of this technology. Read More..

B2B Tech News | 1 months ago        

Stonepeak in Advanced Talks to Acquire Air Transport Services Group for $3.1 Billion

Stonepeak is in advanced talks to pay around $3.1 billion, including debt, to purchase Air Transport Services Group ATSG.O, a business specialising in

Stonepeak is in advanced talks to pay around $3.1 billion, including debt, to purchase Air Transport Services Group ATSG.O, a business specialising in cargo transportation and aircraft leasing. The investment group located in New York is anticipated to offer $22.50 per share, representing an almost 30% premium over ATSGs Friday closing price. If it works, an announcement may be made as early as Monday. The growing demand for air freight from internet merchants has made ATSG more appealing. The company has 134 aircraft in its fleet and offers maintenance services. Despite a pretax loss and an 8% drop in revenue to $488 million for the quarter that ended on June 30, the firm expects demand to rebound in the upcoming months. Read More..

B2B Tech News | 1 months ago        

Westpac Reports A$6.99 Billion Profit, Down 3%, But Surpasses Analyst Expectations

Despite a higher loan margin, Westpac WBC.AX, Australias secondlargest mortgage lender, reported a 3% drop in annual profit to A$6.99 billion $4.61 bi

Despite a higher loan margin, Westpac WBC.AX, Australias secondlargest mortgage lender, reported a 3% drop in annual profit to A$6.99 billion $4.61 billion for the year ended September 30. Notwithstanding this decline, the earnings exceeded the A$6.50 billion experts had predicted. Despite intense mortgage competition, the banks net interest margin increased from 1.89% to 1.97%. Software updates and inflationary pressures caused a 7% increase in operating expenses. Westpac declared a fresh A$1 billion $660 million share purchase and increased its final dividend from 72 to 76 Australian cents per share. In February, the Reserve Bank of Australia is expected to lower interest rates, making it easier for borrowers to service their loans. Read More..

B2B Tech News | 1 months ago        

South Africa Revises Budget Forecast, Projects Increased Deficits and Debt Amid Growth Hopes

Despite an improved energy supply that suggests more robust development prospects, the South African government has altered its budget estimate, predi

Despite an improved energy supply that suggests more robust development prospects, the South African government has altered its budget estimate, predicting more enormous deficits and debt over the next three years. In its first budget review since establishing a coalition, the National Treasury increased its forecast of the national production deficit from 4.5% to 5.0% for the fiscal year ending March 2025. The deficit is predicted to increase from 3.7% of GDP to 4.3% the following year. Declines in gasoline and import taxes are putting strain on revenue collection, which is why the rand is depreciating. With an emphasis on luring private sector investment in infrastructure, the government expects economic growth of 1.1% this year and 1.7% by 2025, with debt stabilising at 75.5% of GDP by 2025–2026. Read More..

B2B Tech News | 1 months ago        

Foxconns Shunsin Eyes $80 Million Investment for New Circuit Plant in Northern Vietnam

Shunsin, a Foxconn subsidiary, is requesting permission to invest $80 million in northern Vietnam to build a facility in Bac Giang province that would

Shunsin, a Foxconn subsidiary, is requesting permission to invest $80 million in northern Vietnam to build a facility in Bac Giang province that would produce integrated circuits and electronic components. By December 2026, the plant is anticipated to be fully operational, with a 4.5 million unit capacity per year. Every product produced at this factory will be sold to the US, EU, and Japanese markets. With primary operations centred in Bac Ninh and Bac Giang provinces, Foxconn, the worlds largest contract electronics maker, has already spent over $3.2 billion in Vietnam since joining the market in the early 2000s. Additionally, the business was granted a licence in July for a $383 million printed circuit board facility in northern Vietnam. Read More..

B2B Tech News | 1 months ago        

End of an Era Intels 25Year Tenure on the Dow Comes to an End as Nvidia Takes Its Place

The semiconductor sector will change significantly as Nvidia will take Intels spot on the Dow Jones Industrial Average after 25 years. Having missed o

The semiconductor sector will change significantly as Nvidia will take Intels spot on the Dow Jones Industrial Average after 25 years. Having missed out on essential investments like OpenAI and failing to adjust to the advances in generative AI, Intels stock has fallen 54% this year, making it the indexs poorest performance. Analysts predict that, for the first time since 1986, Intel may experience an annual financial loss despite recent optimism for its PC and server sector. The paths of these two semiconductor behemoths are very different, with Nvidias valuation skyrocketing to $3.32 trillion due to its pivotal position in AI technology. Read More..

B2B Tech News | 1 months ago        

Petrobras to Reveal $110 Billion Investment Plan for 20252029, Focused on Oil Exploration

Brazils stateowned oil corporation, Petrobras, is anticipated to present a new strategic plan in late November that calls for investments of around $1

Brazils stateowned oil corporation, Petrobras, is anticipated to present a new strategic plan in late November that calls for investments of around $110 billion for the 2025–2029, an 8% increase over its prior projection. According to sources, the plan is presently undergoing final executive discussion and currently projects investments at about $107 billion changes are expected to bring the amount closer to $110 billion. Prioritising oil exploration and production, the plan allots $3 billion to $4 billion for the Equatorial Margin, pending clearance from the environmental regulator Ibama for drilling in the mouth of the Amazon river. Petrobras did not answer requests for comments on the idea. Read More..

B2B Tech News | 1 months ago        

Middle East and North Africa Set for Economic Recovery, But 2024 Growth Downgraded to 2.1%

The substantial increase in the value of its gold assets, which produced a profit of 4.41 billion francs, was a significant factor in the Swiss Nation

The substantial increase in the value of its gold assets, which produced a profit of 4.41 billion francs, was a significant factor in the Swiss National Banks SNB announced thirdquarter profit of 5.67 billion Swiss francs $6.55 billion. World political unpredictability and demand for haven assets, fuelled by the recent interest rate decrease by the U.S. Federal Reserve, have caused gold prices to soar by more than 31% this year. The SNB also made 3.08 billion francs from its sizeable foreign exchange assets, supported by growing stock market valuations, especially from investments in firms like Apple and Nvidia. Thanks to this quarters result, SNBs ninemonth profit increased to 62.5 billion francs, which contrasts sharply with the previous years 12 billion franc deficit. Read More..

B2B Tech News | 1 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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