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Philips Reaches $1.1 Billion Settlement in US Ventilator Recall Lawsuits

A $1.1 billion settlement has been reached between Philips and the United States government to address personal injury claims relating to the worldwid

A $1.1 billion settlement has been reached between Philips and the United States government to address personal injury claims relating to the worldwide recall of ventilators used to treat sleep apnea. While resolving litigation uncertainty, the settlement makes no admission of responsibility. The companys market worth has dropped significantly due to having to cope with the ventilator recalls fallout for three years. The recall was brought about by worries that the foam would degrade and provide a risk of cancer along with reporting firstquarter profits above analyst forecasts with an 8% growth in core profit and steady adjusted earnings, Philips has also agreed with insurers about pay. Order intake was impacted by slower sales in China, although there was still a significant rise in profit. Read More..

B2B Tech News | 3 months ago        

Hyundai, Kia, and Baidu Join Forces to Develop Connected Car Technologies

On Sunday, Hyundai Motor and Kia Corp. announced they had inked a Memorandum of Understanding MoU with Baidu Inc. to collaborate on connected car tech

On Sunday, Hyundai Motor and Kia Corp. announced they had inked a Memorandum of Understanding MoU with Baidu Inc. to collaborate on connected car technology development. The car makers strategic decision to take advantage of Baidus resources and experience in artificial intelligence and connectivity technologies is reflected in this alliance. The partnership intends to improve the future capabilities of Hyundai and Kia vehicles by providing cuttingedge connection, navigation, and autonomous driving features and services. Hyundai and Kia are dedicated to supporting automotive innovation and providing their consumers with cuttingedge experiences by partnering with Baidu. Read More..

B2B Tech News | 3 months ago        

US Imposes Sanctions on Indian Companies Over Alleged Involvement in Iranian UAV Trade

Three ships from India were among the firms, people, and persons that the US sanctioned for their role in transferring Uncrewed Aerial Vehicles UAVs a

Three ships from India were among the firms, people, and persons that the US sanctioned for their role in transferring Uncrewed Aerial Vehicles UAVs and facilitating illegal commerce on behalf of the Iranian military. Zen Maritime, Port India Private Limited, and Sea Art Ship Management OPC Private Limited, three Indian enterprises, were part of the extensive maritime network that supported Sahara Thunder, which was exposed as a significant front company for Iranian economic activity. These businesses assisted with supplies to several countries, including Venezuela, China, and Russia. The US Treasury underlined the destabilising actions of Irans Ministry of Defence and Armed Forces Logistics. It reaffirmed its determination to counter these actions in tandem with allies abroad. Read More..

B2B Tech News | 3 months ago        

Microsofts ThirdQuarter Revenue Soars to $61.9 Billion, Exceeding Expectations

On April 25, Microsoft Corp. released its outstanding thirdquarter results, beating analyst expectations and reporting sales of $61.9 billion, up 17%

On April 25, Microsoft Corp. released its outstanding thirdquarter results, beating analyst expectations and reporting sales of $61.9 billion, up 17% year over year. With $60.9 billion in revenue, profits came in at $2.94 per share, above expectations of $2.83 per share. The solid corporate demand for its cloud and AI products was the driving force behind the excellent success. Revenue growth was greatly aided by CEO Satya Nadellas plan of incorporating OpenAIs AI technology into Microsofts product line. Microsofts cloud platform, Azure, had a 31% growth in revenue, of which around 7% was attributable to AI. Revenue from commercial cloud products climbed by 23%, while commercial bookings saw a 29% rise. Microsoft predicts revenue and operating income growth of more than 10% for the fiscal year and Azure growth of 30–31% for the current quarter. Read More..

B2B Tech News | 3 months ago        

Barclays Reports £111 Million Q4 Loss Amid Restructuring Efforts

In the fourth quarter of 2023, Barclays had a net loss of £111 million due to operational adjustments meant to enhance efficiency and save costs. The

In the fourth quarter of 2023, Barclays had a net loss of £111 million due to operational adjustments meant to enhance efficiency and save costs. The banks dedication to its reform initiatives, which include more investments in the UK consumer sector and the impending purchase of Tesco Bank, was underscored by CEO C.S. Venkatakrishnan. Although the reorganisation cost £900 million, gross cost reductions of about £500 million are anticipated by 2024. A change in strategy is indicated by the banks separation into five operational divisions and its promise to repay £10 billion to shareholders between 2024 and 2026. Financial experts see the firstquarter results favourably and point out Barclayss compliance with its financial roadmap and the possibility of changing its story about value. Read More..

B2B Tech News | 3 months ago        

Rubrik Makes Strong NYSE Debut, Shares Surge 21%

With shares rising by about 21%, Rubrik got a great start on the New York Stock Exchange, valuing the cybersecurity company at $6.77 billion. This ach

With shares rising by about 21%, Rubrik got a great start on the New York Stock Exchange, valuing the cybersecurity company at $6.77 billion. This achievement reflects the rising need for cybersecurity solutions as cloud applications are adopted more quickly, putting companies at risk of online assaults. More than 6,100 companies, including wellknown brands like Whirlpool, PepsiCo, and Goldman Sachs, rely on Rubrik for data protection solutions. The fact that Rubriks IPO garnered $752 million despite competition from other data management companies shows investor confidence. Under the direction of CEO Bipul Sinha and supported by investments from Lightspeed Venture Partners, Greylock Partners, and Microsoft, Rubriks launch highlights the resiliency of cybersecurity companies in the present market environment. Read More..

B2B Tech News | 3 months ago        

Moroccos Aerospace Industry Takes Flight, Valued at $2 Billion Annually

Moroccos $2 billion aircraft sector is vital to its economic diversification agenda. It tries to wean the country off of its traditional rural depende

Moroccos $2 billion aircraft sector is vital to its economic diversification agenda. It tries to wean the country off of its traditional rural dependency. Using subsidies, the nation backs companies that produce railway, automobile, and aircraft equipment, supporting the growth of Moroccan airlines such as Royal Air Maroc. Morocco is a centre for manufacturing and maintaining aeroplanes, home to 130 active aerospace companies, including Safran Aeroplanes Engines. The sector is supported by a trained workforce educated at establishments like the Institute for Aeronautics Professions in Casablanca. This highlights the countrys dedication to talent development and industrial growth despite obstacles like interruptions in the global supply chain. Read More..

B2B Tech News | 3 months ago        

Deutsche Bank Surpasses Expectations, Reports 10% Rise in Q1 Profit

Deutsche Bank surpassed analyst estimates with a 10% gain in firstquarter earnings and a reported net profit of 1.275 billion euros. Its firstquarter

Deutsche Bank surpassed analyst estimates with a 10% gain in firstquarter earnings and a reported net profit of 1.275 billion euros. Its firstquarter earnings have been the biggest since 2013, and it has now made 15 straight quarters of profit. Additionally, group revenue increased by 1% annually to 7.8 billion euros, driven by fixed income, commissions, fee income, and currency increases. Reversing a 9% fall in 2023, the investment bank division had a notable comeback with a 13% gain in revenue to 3 billion euros. Highlights include a credit loss provision of 439 million euros and net inflows of 19 billion euros in the Private Bank and Asset Management businesses. Read More..

B2B Tech News | 3 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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