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Godrej Consumer Products Reports Rs 2,389 Crore Loss Due to Africa Market Restructuring

Due to a strategy change in its approach to the African market, Godrej Consumer Products GCPL recorded an extraordinary loss of Rs 2,389 crore for the

Due to a strategy change in its approach to the African market, Godrej Consumer Products GCPL recorded an extraordinary loss of Rs 2,389 crore for the JanuaryMarch 2023–24 quarter. After its reorganization is finished, the business expects a mediumterm improvement in profit after tax PAT from this market to reach Rs 50 crore. In its investor presentation, GCPL predicted midsingledigit volume growth for the rest of the world business and positive cash flow from the East Africa reorganization, with EBITDA margins surpassing 15%. Due to the reorganization, the company had to leave the East African market, which resulted in impairment losses of Rs 927.2 crore from subsidiary sales and Rs 1,390.8 crore due to goodwill and brand impairment. GCPL aims for improved profitability, projecting PAT to rise from zero to Rs 50 crore in the medium term due to Africa business reorganization and simplification of hair fashion operations. Read More..

B2B Tech News | 2 months ago        

UBS Surpasses Expectations with Strong First Quarter Profits

Surpassing forecasts, UBS revealed a notable increase in firstquarter profits, fueled by solid wealth management sales. The bank reported a $1.8 billi

Surpassing forecasts, UBS revealed a notable increase in firstquarter profits, fueled by solid wealth management sales. The bank reported a $1.8 billion net profit, more than the $721.4 million average estimate. Higher thanexpected revenue of $12.74 billion was recorded, with a remarkable 28% rise to $6.14 billion in the Global Wealth Management segment. The favourable outcomes were also aided by reduced costs and UBSs absorption with Credit Suisse. CEO Sergio Ermotti underscored the banks commitment to bolstering capital and profitability while outlining integration plan advancements. The robust revenue rise was applauded by analysts, who projected continued enhancements in fee income and balance sheet management. Despite regulatory obstacles, UBS has confidence in its future course. Read More..

B2B Tech News | 2 months ago        

Toyota Forecasts 20% Drop in Operating Profit Despite Fourth Quarter Surge

Following an astounding 78% increase in profit in the fourth quarter, Toyota Motor projects a 20% decline in operating profit for the fiscal year that

Following an astounding 78% increase in profit in the fourth quarter, Toyota Motor projects a 20% decline in operating profit for the fiscal year that ends in March 2025. Anticipated operating revenue is 4.3 trillion yen, with 380 billion yen allocated to investments to strengthen "human capital" support for dealers and suppliers. Toyotas "multipathway" approach, which embraces a range of powertrain alternatives, including battery EVs and hybrids, has helped the company remain resilient in certain countries where EV demand has decreased. Despite the impressive fourthquarter results driven by high demand and a weaker yen, difficulties still exist in essential regions like China, where regional competitors are making quick progress in the electric car sector. Read More..

B2B Tech News | 2 months ago        

Airbus Records Strong April Deliveries with 13% YearonYear Growth

Airbus reported 61 aircraft delivered in April, a 13% increase over the same time in the previous year. With this, there have been 203 deliveries made

Airbus reported 61 aircraft delivered in April, a 13% increase over the same time in the previous year. With this, there have been 203 deliveries made this year. Notably, during the month, 51 A321neo aircraft were ordered by an unidentified airline. IAG, the owner of British Airways, also rearranged five of its narrowbody aircraft throughout the firm. Thus far this year, Airbus has sold a total of 227 aircraft this number rises to 222 when the conversions within the order book of the IAG airline group are taken into account. Read More..

B2B Tech News | 2 months ago        

Zeekr Intelligent Technology Holding Rushes IPO Close as Demand Surges

Aiming to raise $367.5 million, Chinese electric car manufacturer Zeekr Intelligent Technology Holding will conclude its New York IPO book building on

Aiming to raise $367.5 million, Chinese electric car manufacturer Zeekr Intelligent Technology Holding will conclude its New York IPO book building one day ahead of schedule. The book building, which was supposed to end on Thursday, will instead end on Wednesday. Zeekr is anticipated to begin trading in New York on Friday. The transaction books have been oversubscribed several times, a sign of substantial investor interest even with the early close. The luxury brand of Chinese manufacturer Geely, Zeekr, is wellpositioned to benefit from the rising demand for electric cars. Geely and Zeekr both declined to comment on the situation. Read More..

B2B Tech News | 2 months ago        

Wayve Secures $1.05 Billion Investment Led by SoftBank for SelfDriving Technology

Wayve, a British business developing selfdriving technology, has raised $1.05 billion in a fundraising round headed by SoftBank Group. Other contribut

Wayve, a British business developing selfdriving technology, has raised $1.05 billion in a fundraising round headed by SoftBank Group. Other contributors include Nvidia and Microsofts current backer. With this, Wayve has secured over $1.3 billion, making it the most significant investment in a British firm with an AI emphasis. By enabling cars to handle erratic situations, Wayves Embodied AI technology seeks to hasten the shift to autonomous driving. Wayve intends to enhance its artificial intelligence AI with overtheair upgrades. It is now incorporated into six vehicle platforms, including electric cars like the Jaguar IPACE. The investment is a testament to Wayves creative problemsolving and increasing awareness of the difficulties associated with autonomous driving. Read More..

B2B Tech News | 2 months ago        

Deutsche Bank Shares Drop 4.9% on Potential Legal Liabilities

On Monday, premarket trading saw a 4.9% decrease in shares of Deutsche Bank due to disclosures on possible legal liability. The bank is facing the pos

On Monday, premarket trading saw a 4.9% decrease in shares of Deutsche Bank due to disclosures on possible legal liability. The bank is facing the possibility of a significant settlement related to a protracted legal dispute over its purchase of Postbank, valued at much to 1.3 billion euros $1.39 billion. The complaint claims that when Deutsche Bank acquired Postbank, the biggest lender in Germany, it made improper payments. This new news adds to the difficulties Deutsche Bank has been facing lately as it navigates several legal and financial crises. Premarket trading saw the banks share price decline due to investor fears stoked by the unpredictability surrounding the lawsuits result. Read More..

B2B Tech News | 3 months ago        

Televisa to Merge Sky with Izzi in Strategic Consolidation Move

Televisa intends to combine its cable TV and internet provider, Izzi, with its satellite TV division, Sky, to streamline operations and save costs. Th

Televisa intends to combine its cable TV and internet provider, Izzi, with its satellite TV division, Sky, to streamline operations and save costs. The units new leader, Francisco Valim, plans to simplify customer service, sales channels, and geographies. The integration will likely occur mainly between April and June. By the third quarter of 2024, 400 million Mexican pesos will have been saved in operational expenditures. Televisas recent decision to purchase AT&Ts share of Sky demonstrates the companys commitment to the merger despite setbacks like Skys notable losses in video subscribers. By making this change, Televisa could profit in the first quarter and reverse earlier losses. Read More..

B2B Tech News | 3 months ago        



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