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France Announces €60 Billion Budget Tightening to Address Growing Deficit

To confront its mounting deficit, which is expected to reach 6.1% of GDP in 2023, the French government aims to tighten its budget by €60 billion ab

To confront its mounting deficit, which is expected to reach 6.1% of GDP in 2023, the French government aims to tighten its budget by €60 billion about $66 billion the following year. Delaying the euro zones 3% objective until 2029, Prime Minister Michel Barnier wants to get the deficit down to 5% by 2025. This ambitious endeavour will include largescale budget reductions across ministries and shortterm tax rises aimed at wealthy individuals and companies. Barnier highlights that midyear pension adjustments will be made to achieve these reductions. The administration wants to reassure financial markets and EU allies of its commitment to fiscal discipline as public debt exceeds 115% of GDP, despite scepticism from public finance specialists over the viability of these aims. Read More..

B2B Tech News | 2 months ago        

Cisco Systems Poised to Invest in CoreWeave, Valuing Cloud Provider at $23 Billion

Bloomberg News reports that Cisco Systems plans to invest in CoreWeave, valuing the cloud services firm at $23 billion. Nvidiabacked CoreWeave is an e

Bloomberg News reports that Cisco Systems plans to invest in CoreWeave, valuing the cloud services firm at $23 billion. Nvidiabacked CoreWeave is an expert in constructing clusters for AI workloads and has alliances with several AI companies and rival cloud providers. Michael Intrator, the CEO of CoreWeave, has talked about a secondary transaction that would let current owners sell shares for as much as $500 million. Due to the training of massive language models and the rise in demand for cloud computing services by AI applications such as ChatGPT, big tech companies have made enormous investments in infrastructure to support AI research. Regarding the report, neither CoreWeave nor Cisco has offered any comments. Read More..

B2B Tech News | 2 months ago        

Westpac Sells Auto Finance Loans Book to Resimac for Up to A$1.6 Billion, Refocusing on Core Banking

The nonbank lender Resimac Group RMC.AX will purchase Westpac Banking Corps WBC.AX vehicle financing loan book. The deal is anticipated to be complete

The nonbank lender Resimac Group RMC.AX will purchase Westpac Banking Corps WBC.AX vehicle financing loan book. The deal is anticipated to be completed for between A$1.4 billion $963.62 million and A$1.6 billion. Westpac, the secondlargest mortgage lender in Australia, previously sold off a portion of its auto loan division to the American private equity firm Cerberus Capital Management in 2021 to focus on its core banking activities. After acquiring other businesses and portfolios in recent years, Resimac claimed that the purchase aligns with its strategic growth objectives for its asset finance division. The deal is expected to be completed by the first half of 2025. Read More..

B2B Tech News | 2 months ago        

Greeces Successful NBG Sale Signals New Era in Banking RePrivatization and Debt Management

With the successful completion of the reprivatization of its lenders, Greece raised €690 million $760.93 million to assist in paying down its sizeab

With the successful completion of the reprivatization of its lenders, Greece raised €690 million $760.93 million to assist in paying down its sizeable public debt by selling a 10% interest in the National Bank of Greece NBG. A 12fold oversubscription from both local and foreign investors resulted from the bookbuilding procedure used to sell 61.4 million shares at a price of €7.55 apiece. Following its approximately €50 billion injection to stabilise the banks during the 2009–2018 debt crisis, the Hellenic Financial Stability Fund HFSF implemented a disposal plan that included this deal. After this transaction, HFSF will give Greeces national wealth fund an 8.4% share in NBG and eliminate any attached special rights. Read More..

B2B Tech News | 2 months ago        

Philippines Introduces 12% VAT on Digital Services to Level the Playing Field for Local Businesses

The Philippines has declared a 12% valueadded tax VAT on digital services from internet behemoths like Amazon, Netflix, Disney, and Alphabet. This law

The Philippines has declared a 12% valueadded tax VAT on digital services from internet behemoths like Amazon, Netflix, Disney, and Alphabet. This law, which President Ferdinand Marcos Jr. signed into effect, attempts to level the playing field for domestic companies who compete with these international companies. Currently, the VAT is solely paid by regional digital service providers. Romeo Lumagui, Commissioner of the Bureau of Internal Revenue, said that the levy will encourage fair competition and result in better customer goods and services. Between 2025 and 2029, the government expects to raise 105 billion pesos $1.9 billion from this tax, of which 5% would be used to promote the creative industries in the Philippines. Notably, services in the public interest and education will remain free from the VAT. Read More..

B2B Tech News | 2 months ago        

OpenAI Secures $6.6 Billion Funding, Valuation Soars to $157 Billion Amid Corporate Restructuring

The business that created ChatGPT, OpenAI, has raised $6.6 billion in investment, which may put the companys valuation at $157 billion and cement its

The business that created ChatGPT, OpenAI, has raised $6.6 billion in investment, which may put the companys valuation at $157 billion and cement its place among the most valuable private companies in the world. Notable venture capitalists like Thrive Capital and Khosla Ventures and significant corporate supporters like Microsoft and Nvidia were drawn to this investment round. The financing was announced amid internal reorganisations and changes in the leadership, including the recent resignation of CTO Mira Murati. After a prior cashout opportunity valued at $86 billion, OpenAI intends to provide staff liquidity through a tender offer for shares. Despite continuous talks about corporate reorganisation, investor interest is still high, with predicted sales climbing from $3.6 billion this year to $11.6 billion next year. Read More..

B2B Tech News | 2 months ago        

Eros Resources Announces Merger with MAS Gold and Rockridge Amid Rising Gold and Copper Demand

To collaboratively develop copper and gold projects in Saskatchewan, a region rich in untapped metal resources, competitors MAS Gold and Rockridge Res

To collaboratively develop copper and gold projects in Saskatchewan, a region rich in untapped metal resources, competitors MAS Gold and Rockridge Resources and Canadian smallscale gold miner Eros Resources are expected to combine. The merger occurs when longterm demand for copper is still growing, and gold prices have risen 29% this year due to geopolitical uncertainties. As per the agreement, Eros will issue 0.375 shares of Eros to Rockridge owners and 0.25 shares of MAS Gold shareholders to acquire shares it does not currently own. Following the merger, Rockridge will own 20.3%, MAS Gold 37.33%, and Eros stockholders 42.37% of the combined business. Mineral claims totalling 77,890 hectares will be included in the merged portfolio. Read More..

B2B Tech News | 2 months ago        

Nigerians Protest Economic Hardship and Unemployment on 64th Independence Anniversary

Tuesday commemorated Nigerias 64th year of independence amid dire economic times, the country saw widespread rallies calling for more excellent prospe

Tuesday commemorated Nigerias 64th year of independence amid dire economic times, the country saw widespread rallies calling for more excellent prospects and jobs. Even though Nigeria is one of the worlds top oil producers, 63% of its people live in poverty, and the country has high rates of hunger. An increase in inflation and a decline in the currencys value have resulted from recent government changes meant to stabilise the economy. In the two months since the fatal skirmishes in August that claimed the lives of twenty protestors, this is the second largescale demonstration. Elected president of Nigeria, Bola Tinubu, defended the measures essential to averting economic catastrophe and urged patience. Many Nigerians doubt the nations development due to dissatisfaction with unemployment and the persistence of violence in the northeast. Read More..

B2B Tech News | 2 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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