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BUSINESS NEWS

Argentina Expects December Inflation to Surpass Novembers 12.8%

According to Luis Caputo, Argentinas Minister of Economy, the countrys inflation rate is predicted to be "substantially higher than in November." Arge

According to Luis Caputo, Argentinas Minister of Economy, the countrys inflation rate is predicted to be "substantially higher than in November." Argentinas monthly inflation rate hit a record high of 12.8% in November, the highest of the year. Caputo recently unveiled economic measures, such as a peso devaluation of more than 50% to 800 per US dollar and reductions in energy and transit subsidies. The reduction in energy subsidies is expected to start in February or March of the following year. In light of the nations economic difficulties—including high inflation and a significant loan programme with the IMF—the government intends to restructure its deal with the IMF. Read More..

B2B Tech News | 2 months ago        

British Firms See Slowing Chinese Economy as Bigger Challenge Than COVID Curbs

According to a poll conducted by the British Chamber of Commerce in China, 60% of British businesses believe that a slowing Chinese economy poses a mo

According to a poll conducted by the British Chamber of Commerce in China, 60% of British businesses believe that a slowing Chinese economy poses a more significant obstacle to their operations in the nation than the stringent COVID restrictions that were in place until late last year. According to the poll, British companies are putting off making new investments in China and giving the worlds secondbiggest economy less weight in their worldwide operations. According to the research, 60% of businesses said that conducting business in China had grown more challenging during the previous year, and 78% of those businesses attributed the difficulties to economic considerations. Read More..

B2B Tech News | 2 months ago        

JPMorgan Chase Considers Outsourcing Local Custody Business in Hong Kong and Taiwan

It is believed that JPMorgan Chase intends to outsource the management of its local custody business in Taiwan and Hong Kong, with Standard Chartered,

It is believed that JPMorgan Chase intends to outsource the management of its local custody business in Taiwan and Hong Kong, with Standard Chartered, HSBC, and Citigroup competing for the contract. The action aligns with a previous pattern in which JPMorgan has pulled out of lowermargin local custodian business from other Asia Pacific markets. According to reports, the bank plans to finish switching its local custody operations in Taiwan and Hong Kong to a different bank by the end of the following year, signalling its departure from the local custodian market in the Asia Pacific area. The decrease in assets, which made the local custodian company less profitable, is the reason for the decision. Read More..

B2B Tech News | 2 months ago        

Oracle Forecasts Quarterly Revenue Below Estimates, Shares Drop Over 7%

Oracle has predicted lowerthanexpected quarterly revenue, citing factors hurting demand for cloud solutions, such as an unpredictable economy and comp

Oracle has predicted lowerthanexpected quarterly revenue, citing factors hurting demand for cloud solutions, such as an unpredictable economy and competitive cloud computing industry. This caused the companys shares to drop more than 7% during extended trading. Potential obstacles to its performance include the effect of Oracles acquisition of the Cerner company last year and the slowdown in enterprise expenditure. Oracle is attempting to fortify its AI infrastructure, but chances for market share are limited by fierce competition from big competitors such as Amazon and Microsoft. Oracle revealed sales of $12.94 billion for the second quarter, just below the analysts average expectation of $13.05 billion. Read More..

B2B Tech News | 2 months ago        

French AI Firm Mistral AI Raises €385 Million in Funding Round

In its second fundraising round in as many months, French artificial intelligence startup Mistral AI raised €385 million $414.41 million, with inves

In its second fundraising round in as many months, French artificial intelligence startup Mistral AI raised €385 million $414.41 million, with investors led by AndreessenHorowitz and LightSpeed Ventures. Although the business hasnt revealed its valuation, a person with knowledge of the situation pegged it at €2 billion, ranking the French firm among the worlds leading AI businesses. Only one month after its founding, in June, Mistral AI—which former Meta and Google AI researchers founded—raised €105 million. In addition, the business has introduced Mixtral 8x7B, an open model that aims to be Europes answer to AI platforms such as Googles Bard and OpenAIs ChatGPT. Read More..

B2B Tech News | 2 months ago        

Dangote MegaRefinery in Nigeria Receives First Crude Oil Shipment

A significant milestone for the project was reached when the billionaire Aliko Dangotes massive refinery in Nigeria received its first supply of crude

A significant milestone for the project was reached when the billionaire Aliko Dangotes massive refinery in Nigeria received its first supply of crude oil. The refinery, situated in the Lekki free zone east of Lagos, seeks to completely satisfy Nigerias gasoline requirements, ending periodic fuel shortages and raising the standard of fuel available for use. Because its state refineries are inefficient, Nigeria, one of Africas largest oil producers, now imports most of its fuel. Launched in 2013, the $18.5 billion+ Dangote Petroleum Refinery project is anticipated to have the highest crude refining capacity on the African continent when fully operational. It will eventually refine 650,000 barrels per day after starting at 350,000 barrels per day. Read More..

B2B Tech News | 2 months ago        

Informal Talks Begin for New Negotiations on North American Free Trade Agreement

American ambassador to Canada, David Cohen, has revealed that U.S. officials have started informal conversations to be ready for fresh negotiations on

American ambassador to Canada, David Cohen, has revealed that U.S. officials have started informal conversations to be ready for fresh negotiations on the North American Free Trade Agreement NAFTA. As the sunset date draws near, Cohen stated that internal talks are taking place to decide what would be the subjects of negotiations with Mexico and Canada. He did stress, though, that there would be none of the "existential drama" of the NAFTA negotiations in 2017–2018. The United StatesMexicoCanada Agreement USMCA became the place of NAFTA in 2020. Read More..

B2B Tech News | 2 months ago        

US Dollar Opens Week Positively, Eyes on Inflation Data and Federal Reserve Meeting

With attention to important events like the US inflation report and the Federal Reserves final policy meeting of the year, the US dollar started the w

With attention to important events like the US inflation report and the Federal Reserves final policy meeting of the year, the US dollar started the week on a solid note. With a rise above 145 yen, the dollar gained strength versus the Japanese yen. We are constantly monitoring the policies of the Bank of Japan and any prospective modifications. The US dollar index increased by more than 0.7% the week before, although it remained stable at 103.95. Market expectations will be significantly influenced by the Federal Open Market Committee FOMC meeting that is coming up, as well as US inflation statistics. Amidst poor domestic demand, deflationary fears were exacerbated by Asias fastestpaced consumer price decline in three years in China. The offshore yuan remained muted, a reflection of Chinas economic difficulties. Read More..

B2B Tech News | 2 months ago        



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