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Brazils Central Bank Pledges to Control Inflation Amid Rising Projections

Gabriel Galipolo, the director of monetary policy at the Brazilian central bank, says the bank is dedicated to controlling inflation. Galipolo stresse

Gabriel Galipolo, the director of monetary policy at the Brazilian central bank, says the bank is dedicated to controlling inflation. Galipolo stressed that despite dangers driving inflation over its 3% objective, the central bank—including those nominated by President Lula—is ready to take the required actions, which may include raising interest rates. Amidst global uncertainty and economic shocks, recent inflation forecasts for 2024 have escalated to 4.12%. Amidst severe market volatility and a 13% decline in Brazils actual this year, Galipolo pointed out that Copom is still "datadependent" and hasnt suggested future policy adjustments, underscoring the difficulty of directly connecting currency movements to monetary policy. Read More..

B2B Tech News | 3 months ago        

Ola Electric Mobilitys Shares Surge 10% on Strong Trading Debut

On its first day of trading, Ola Electric Mobilitys shares shot up 10%, valuing the firm at ₹369.45 billion $4.4 billion. With $1.8 billion in bids,

On its first day of trading, Ola Electric Mobilitys shares shot up 10%, valuing the firm at ₹369.45 billion $4.4 billion. With $1.8 billion in bids, the electric car manufacturers $734 million IPO—the biggest in India for 2024—was wellreceived. Even though Ola has a 39% market share and has increased revenues by 90% in India, the company has not yet declared a profit. The business intends to spend roughly $660 million in revenues from the Initial Public Offering IPO for R&D and establishing a battery cell manufacturing facility. By the beginning of 2025, Ola hopes to manufacture its battery cells to increase affordability and profitability. Read More..

B2B Tech News | 3 months ago        

SMIC Reports 59% Drop in Q2 Net Profit but Beats Analyst Expectations

Even though its secondquarter net profit of $164.6 million was less than analysts projections of $103.8 million, Semiconductor Manufacturing Internati

Even though its secondquarter net profit of $164.6 million was less than analysts projections of $103.8 million, Semiconductor Manufacturing International Corp. SMIC recorded a 59.1% fall in net profit. Revenue exceeded estimates by 21.8% for the quarter to $1.9 billion. Following a decline that started in late 2022, the data point to a comeback in the global semiconductor market. The Chinese market saw notable growth in the second quarters 18.3% increase in worldwide semiconductor sales to $149.9 billion. SMIC has garnered recognition for its contribution to creating a chip that is present in a Huawei smartphone, even if its primary concentration is still on lowend processors for simpler devices. Yet, unlike competitors like TSMC, its ability to manufacture cuttingedge processors is constrained. Read More..

B2B Tech News | 3 months ago        

Egyptian Pound Falls to 49.16 per Dollar Amid Economic Turmoil

Amid soaring metro tickets and gasoline prices, the Egyptian pound has drastically devalued, surpassing 50 per US dollar. After fluctuating between 47

Amid soaring metro tickets and gasoline prices, the Egyptian pound has drastically devalued, surpassing 50 per US dollar. After fluctuating between 47 and 48 per dollar early this year, the currencys value on Tuesday was 49.16 per dollar, indicating a substantial decrease. This decline comes after an IMF assessment in which Egypt was allowed to take out $820 million from a $8 billion rescue program meant to stabilise its economy. Egypt has been struggling with rising inflation, shortages of foreign currency, and instability brought on by strikes by Yemens Houthi rebels. Recent actions of IMFmandated economic reforms include a 10% rise in gasoline prices and increased Cairo Metro charges. Read More..

B2B Tech News | 3 months ago        

Grupo Werthein Launches Fintech SKX with $177.83 Million Investment, Targets Small Businesses

With a 1 billion real $177.83 million investment over the next two years, Grupo Werthein, the company behind SKY Brasil, is establishing a new fintech

With a 1 billion real $177.83 million investment over the next two years, Grupo Werthein, the company behind SKY Brasil, is establishing a new fintech named SKX, with an initial focus on small companies connected to the telecoms company. Under the direction of Gustavo Fonseca, President of SKY Brasil, SKX will begin by providing standard payment services like debit and credit cards before introducing credit and microcredit products for various purposes. With SKY, the fintech hopes to support about 1,500 small enterprises before growing to include residential customers. This project might expand the scope and offerings of SKX and work in tandem with Grupo Wertheins recent arrangement with Amazon to offer satellite internet throughout South America. Read More..

B2B Tech News | 3 months ago        

Savannah Energy Cancels $1.25 Billion Acquisition of Petronas South Sudan Assets

In light of the parties inability to finalise the agreement on the previously set conditions, Savannah Energy SAVES.L declared on Wednesday that it ha

In light of the parties inability to finalise the agreement on the previously set conditions, Savannah Energy SAVES.L declared on Wednesday that it has called off the $1.25 billion agreement to buy Petronas South Sudanese oil and gas operations. Savannah Energy is still actively exploring other possible transactions to purchase the Petronas assets, even in light of this setback. They are speaking with pertinent parties. To agree, the corporation pledged to keep up conversations and find a workable solution. Savannah Energy has made a substantial strategic change with this initiative to manage the challenges of global energy acquisitions. Read More..

B2B Tech News | 3 months ago        

EPAM Systems Exceeds Quarterly Profit and Revenue Estimates Amid IT Services Demand

Amidst growing company digitisation, EPAM Systems exceeded its quarterly profit and revenue projections because of the robust demand for IT services.

Amidst growing company digitisation, EPAM Systems exceeded its quarterly profit and revenue projections because of the robust demand for IT services. The business announced adjusted profits per share of $2.45, above the projected $2.26, and sales of $1.15 billion for the second quarter, slightly beating the $1.14 billion projection. Global IT spending is anticipated to climb by 8% to $5.06 trillion in 2024, notwithstanding economic uncertainty. EPAM provides various IT services, including software engineering, cybersecurity, and consulting. Regarding EPAM, it improved its fullyear sales target to $4.59$4.63 billion, predicted currentquarter revenue of $1.15$1.16 billion, and adjusted profit of $2.65$2.73 per share. Meanwhile, peers like Freshworks and Cognizant beat revenue forecasts and raised yearly outlooks. Read More..

B2B Tech News | 3 months ago        

Indian Spinning and Textile Firms Surge as Bangladesh Instability Drives Orders to India

Significant gains in the stock prices of primary Indian spinning and textile firms, including Vardhman Textiles, KPR Mills, GHCL Textiles, and Sportki

Significant gains in the stock prices of primary Indian spinning and textile firms, including Vardhman Textiles, KPR Mills, GHCL Textiles, and Sportking, have been attributed to the current crisis in Bangladesh. As a result of the "China Plus" strategy, which has made Indian enterprises more competitive, analysts credit both the upsurge and the improved management of these companies. It is predicted that orders may transfer to India, especially for cotton garments, due to internal disturbances in Bangladesh. This could momentarily impact the spinning industry, but Indian manufacturers might gain from it if domestic orders and foreign markets rise. Bangladesh, which continues to be a significant purchaser of Indian cotton goods, needs a speedy resolution to stabilise yarn and fabric exports. Read More..

B2B Tech News | 3 months ago        



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