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BUSINESS NEWS

Macys Faces $5.8 Billion Privatization Bid from Arkhouse and Brigade Capital

A consortium of investors led by Brigade Capital and Arkhouse Management has offered a $5.8 billion offer to take Macys private. Investment firms Arkh

A consortium of investors led by Brigade Capital and Arkhouse Management has offered a $5.8 billion offer to take Macys private. Investment firms Arkhouse Management, which focuses on real estate, and Brigade Capital Management, which manages worldwide assets, put in a bid to buy the shares that they do not already own for $21 each. Compared to Macys closing price of $17.39 on the previous Friday, this deal represents a 20.76% premium. The investing group thinks Macys is undervalued in the open markets and now has a sizable interest in the store. Regarding the situation, Macys declined to comment. Read More..

B2B Tech News | 2 months ago        

Argentinas New Economy Minister Luis Caputo Faces Daunting Challenges in Economic Crisis

Known as the "Messi of finance" because of his part in restoring Argentinas access to credit markets, Luis Caputo will have a big task ahead of him in

Known as the "Messi of finance" because of his part in restoring Argentinas access to credit markets, Luis Caputo will have a big task ahead of him in his new post as Economy Minister. Caputo will have to compromise between President Javier Mileis demands, who has pushed for extreme measures including closing the central bank and dollarizing the economy, and his agenda, which includes dealing with tripledigit inflation, replenishing reserves, and navigating a dire economic crisis. Notwithstanding the difficulties, investors are looking for a more conventional economic strategy, which has boosted local markets since Caputos appointment. Before this, Caputo was the central banks president and finance minister. Read More..

B2B Tech News | 2 months ago        

Citigroup CFO Announces $1 Billion Charges for Restructuring, Aiming for Streamlined Operations

Mark Mason, Chief Financial Officer of Citigroup, disclosed that the significant reorganisation of the firm will include expenses of around $1 billion

Mark Mason, Chief Financial Officer of Citigroup, disclosed that the significant reorganisation of the firm will include expenses of around $1 billion for severance and restructuring costs. Thousands of jobs may be lost due to the reorganisation, which is anticipated to be finished by the end of Q1 2024 and entails simplifying management. The banks structure will be made simpler, yearly costs will drop to between $51 billion and $53 billion, and profit objectives will be approached due to the reorganisation. Mason said that the fourth quarter may record $200 million or more in restructuring charges. After the reorganisation, Citigroup hopes to attain a mediumterm return on average tangible common stockholders equity ROTCE of 11% to 12%. Read More..

B2B Tech News | 2 months ago        

AMD Targets $45 Billion Market with NextGen MI300 AI Chips

AMD revealed the MI300 family, its latest generation of AI chips. This year, the company increased its June forecast of $30 billion to $45 billion for

AMD revealed the MI300 family, its latest generation of AI chips. This year, the company increased its June forecast of $30 billion to $45 billion for the data centre AI processor market. The new chips come in two varieties one is meant for supercomputers, and the other is for generative AI applications. The MI300X chip has upgraded highbandwidth memory for better performance. For 2024, AMD anticipates a "significant" supply of AI chips—well over $2 billion. The business projected that the data centre AI chip market will reach over $400 billion by 2027, highlighting the increasing need for these processors. AMD wants to challenge Nvidia, which now controls the majority of the market for AI chips. Read More..

B2B Tech News | 2 months ago        

Microsoft Secures $69 Billion Acquisition of Activision Blizzard, Marking Major Industry Consolidation

After a protracted court battle, regulatory roadblocks, and calculated moves, Microsoft closed the $69 billion acquisition of Activision on October 13

After a protracted court battle, regulatory roadblocks, and calculated moves, Microsoft closed the $69 billion acquisition of Activision on October 13, 2023. The trip required a complicated web of talks, appeals, extensions, and close monitoring of cloud gaming and competition by antitrust authorities in the US and the UK. Microsoft effectively negotiated the environment via court fights and regulatory reviews, resolving concerns and reorganising the agreement to appease the UK Competition and Markets Authority CMA. Activision Blizzard, a prominent gaming and entertainment business participant, is now under Microsofts ownership, marking a substantial consolidation in the gaming industry. Read More..

B2B Tech News | 2 months ago        

Kenyas Privatization Plans Halted by Court Following Opposition Appeal

After the significant opposition party appealed, a Kenya court delayed privatising 11 stateowned businesses, including the national oil and gas corpor

After the significant opposition party appealed, a Kenya court delayed privatising 11 stateowned businesses, including the national oil and gas corporation. Because of the strategic significance of the firms, opposition leader Raila Odinga claimed that a referendum should be held before selling state ownership. Judge Chacha Mwita of the High Court declared that he was "satisfied that the opposition application raises constitutional and legal issues of public importance that require critical examination." The selling procedure has been put on hold until February 6, when the matter will be reviewed independently. To bolster state coffers in the face of declining tax collections, the Kenyan government announced on November 27 that it was selling shares in 11 public enterprises. Read More..

B2B Tech News | 2 months ago        

Bitcoin Surges Past $40,000, Hits Highest Level Since April 2022

Bitcoin reached $41,522, its highest amount since April 2022, after surging beyond $40,000. Cheerful optimism surrounding prospective interest rate re

Bitcoin reached $41,522, its highest amount since April 2022, after surging beyond $40,000. Cheerful optimism surrounding prospective interest rate reductions in the U.S. and the expectation of the approval of U.S.listed bitcoin funds have been credited with the cryptocurrencys recent surge. A 50% rise since midOctober is considered a substantial departure from the 2022 bear market trend. Renewed interest in November has been partly attributed to institutional purchases. Expectations of further investor engagement in the cryptocurrency space have been stoked by the general market euphoria and rumours that the U.S. SEC wont appeal a court decision on a bitcoin ETF application. Read More..

B2B Tech News | 2 months ago        

Uber to Join S&P 500 Recognition of Market Value and Growing Influence

Effective December 18, Uber Technologies is scheduled to become a part of the prestigious S&P 500 index of U.S. stocks. Ubers increasing importance an

Effective December 18, Uber Technologies is scheduled to become a part of the prestigious S&P 500 index of U.S. stocks. Ubers increasing importance and market worth is highlighted by its inclusion, which can attract further investors. Jabil Inc. and Builders FirstSource Inc. will also be included in the S&P 500. Institutional investors frequently show more interest in and visibility for companies that join this index. Meanwhile, the S&P 500 will no longer contain Sealed Air Corp, Alaska Air Group Inc, or SolarEdge Technologies Inc. These modifications show an ongoing assessment of the market capitalizations and relative merits of the firms operating in the everchanging stock market environment. Read More..

B2B Tech News | 2 months ago        



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