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Commerzbank Shines in Q3 Profits Soar to $730 Million

Almost three times as much profit as in the same period last year, Commerzbank, a wellknown bank in Germany, posted a betterthanexpected net profit of

Almost three times as much profit as in the same period last year, Commerzbank, a wellknown bank in Germany, posted a betterthanexpected net profit of €684 million $730.72 million in the third quarter. Higher interest rates helped the bank perform better. Over the past several years, Commerzbank has undergone extensive restructuring in an effort to increase profitability. In addition, the bank provided an update on its strategy, stating that it intended to achieve a net profit of around €3.4 billion in 2027 and to lower its costtoincome ratio to 55% by that time. Read More..

B2B Tech News | 2 years ago        

Consumer Financial Protection Bureau CFPB Targets Tech Giants in Payment Oversight

To protect consumers, the U.S. Consumer Financial Protection Bureau CFPB has suggested regulating big internet companies smartphone wallets and digita

To protect consumers, the U.S. Consumer Financial Protection Bureau CFPB has suggested regulating big internet companies smartphone wallets and digital payment systems. Businesses like Alphabet, Apple, PayPal, and Blocks CashApp would be subject to oversight like to that of a bank, including investigations into their executive behaviour, privacy policies, and adherence to laws against unfair and misleading business practices. Since entering office in 2021, CFPB Director Rohit Chopra has been putting more and more pressure on Big Tech, asking questions about their payment platforms and requesting details on how they handle consumer data. The new regulation would apply to businesses that process more than five million transactions a year. The regulation is now available for notice and comment, and it should be finalised in the first half of 2024. Read More..

B2B Tech News | 2 years ago        

Lucid Group Trims 2023 Vehicle Production Forecast to Match Deliveries

To better match delivery capabilities, Lucid Group has lowered its projected car production for 2023 from over 10,000 units to a range of 8,000–8,50

To better match delivery capabilities, Lucid Group has lowered its projected car production for 2023 from over 10,000 units to a range of 8,000–8,500 vehicles. As analysts predicted the amount of $183.8 million, the total revenue generated was only $137.8 million in the third quarter, after which the change was made. The announcement caused a 4% decline in Lucid Groups shares during extended trading. The choice to reduce production targets is intended to guarantee a more cautious and grounded approach to car manufacture. Read More..

B2B Tech News | 2 years ago        

Debate Sparked Is Narayana Murthys Workweek Idea Viable for India?

The founder of Infosys, Narayana Murthy, caused a sensation when he advocated for young people to work seventy hours a week to strengthen Indias econo

The founder of Infosys, Narayana Murthy, caused a sensation when he advocated for young people to work seventy hours a week to strengthen Indias economy. Although a lot of people took issue with his remarks, several prominent figures in the sector think that India might need to adopt this strategy to compete internationally. India already has a longer workweek than the US, UK, and Germany, averaging 47.7 hours. Social media users are debating Murthys comments, with some highlighting the value of flexibility and a worklife balance. Even while success is still determined by hard labour, giving women flexibility and opportunity in their jobs is essential to Indias economic development. Read More..

B2B Tech News | 2 years ago        

Nigerian Naira Bounces Back to 1,000 per Dollar

On the black market, the value of the Nigerian Naira has increased to 1,000 per US dollar, surpassing the previous low of 1,300 Naira. Following the c

On the black market, the value of the Nigerian Naira has increased to 1,000 per US dollar, surpassing the previous low of 1,300 Naira. Following the central banks start of settling outstanding currency forwards due to banks, there has been a rebound. Pastdue commitments and rising demand on the black market have put pressure on the Naira. The pressure on the blackmarket rate has decreased as a result of the central banks decision to clear outstanding foreign currency futures. The Naira recent advances indicate some stabilisation of the currency despite the official exchange rate dropping. However, issues persist in securing the anticipated dollar inflows and enhancing liquidity in the foreign exchange market. Read More..

B2B Tech News | 2 years ago        

WeWorks Bold Move Filing for Bankruptcy to Fix Finances

The SoftBank Groupbacked officesharing business WeWork has declared bankruptcy in the US. The action is being taken as SoftBank, which controls around

The SoftBank Groupbacked officesharing business WeWork has declared bankruptcy in the US. The action is being taken as SoftBank, which controls around 60% of WeWork, looks to resolve its financial issues and renegotiate the companys expensive contracts. Nearly 92% of WeWorks lenders have consented to convert their secured debt into equity as part of the bankruptcy filing, wiping off nearly $3 billion in debt. The business thinks it has enough cash on hand to carry on operating outside of the United States and Canada. Because of the shift towards remote work, WeWork has seen difficulties with profitability as clients have downsized their requirements for office space. Its creator, Adam Neumann, was fired due to his unusual behaviour and the companys explosive expansion. Read More..

B2B Tech News | 2 years ago        

Citigroup Considers Significant Workforce Reductions Amid CEOs Overhaul

Citigroup is considering significant job cuts of at least 10% in various major business areas as part of CEO Jane Frasers reorganization plan, accordi

Citigroup is considering significant job cuts of at least 10% in various major business areas as part of CEO Jane Frasers reorganization plan, according to sources cited by CNBC. The restructuring, referred to internally as "Project Bora Bora," aims to simplify the bank and enhance its stock performance. While the discussions are in early stages and the exact number of job cuts may change, the bank has already reduced management layers and committees. Citis global headcount currently stands at 240,000 employees. Fraser has been leading efforts to improve profits and address regulatory issues since taking over in 2021, although the banks stock performance has not yet matched its peers. Read More..

B2B Tech News | 2 years ago        

Japanese Labor Groups Seek Significant Wage Hikes in Face of Wage Decline

In September, Japan witnessed an 18month consecutive decline in real wages and a sustained drop in consumer spending. Increasing prices have eroded th

In September, Japan witnessed an 18month consecutive decline in real wages and a sustained drop in consumer spending. Increasing prices have eroded the purchasing power of households, raising the pressure on labor groups to push for higher wages. These wage trends are closely observed by financial markets, and the Bank of Japan sees substantial pay increases as vital to ease its loose monetary policy. Inflationadjusted real wages fell by 2.4% in September compared to the previous year, with a slight improvement from a 2.8% drop the previous month. The consumer inflation rate used for calculating real wages, which includes food but excludes rent, slowed to 3.6%, the lowest in a year. Read More..

B2B Tech News | 2 years 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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