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Homzmart of Egypt receives $23 million in preSeries B funding

An Egyptian eCommerce platform, Homzmart, has announced securing a $23 million preSeries B investment. The latest funding round saw participation in S

An Egyptian eCommerce platform, Homzmart, has announced securing a $23 million preSeries B investment. The latest funding round saw participation in STV, Impact46, Outliers Ventures, Rise Capital, and NUWA Capital. An Indian fintech startup, Bluecopa, has also announced securing $2.3m funding led by Blume Ventures. Ibrahim added that the funding will be utilized in expanding the companys regional footprint. Nilotpal Chanda, cofounder, and chief business officer of Bluecopa confirmed the new funding in a press release on Wednesday. Read More..

B2B Tech News | 2 years ago        

SoftBank raises $22 billion in spinoff from Alibaba

SoftBank secured $22 billion in cash by selling a prepaid forward contract with holding company Alibaba Group, the Financial Times report. The deal al

SoftBank secured $22 billion in cash by selling a prepaid forward contract with holding company Alibaba Group, the Financial Times report. The deal allows the Japanese company to raise funds immediately while maintaining its shareholding capacity. SoftBank can drop its stake below a threshold to keep its seat on the board and not recognize its share of Alibabas profits in its financial statements. About $13.17 billion was increased from Alibaba shares through prepaid forward contracts, new contracts, swaps, and the early termination of existing contracts. In recent years, SoftBank has used Alibaba shares to trade complex derivatives, including hedging exposure. The global stock market slump hurt SoftBanks earnings as the value of its technology investments continued to decline. Read More..

B2B Tech News | 2 years ago        

Sensex, Nifty open in green. A look at shares of IndiGo, Vodafone Idea, Lupin, Adani Power, Adani Wilmar

The BSE Sensex rose 21 points, or 0.04 percent, to 58,136, recovering 583 points from the low of the day. The broader NSE Nifty rose 5 points to 17,34

The BSE Sensex rose 21 points, or 0.04 percent, to 58,136, recovering 583 points from the low of the day. The broader NSE Nifty rose 5 points to 17,345, with 24 stocks gaining. Traders will keep an eye on the Reserve Bank of India RBI policy meeting, scheduled to start today. Adani group company Adani Green Energy reported a 2.3% YoY fall in consolidated profit at ₹214 crores for the quarter ended June 2022, weighed down by lower other. income and forex loss. Revenue, however, rose 58%.ITC has discontinued its retail business following a strategic review of its business portfolio. The US drug regulator, the FDA, has issued six observations on the firms robust manufacturing facilities at its Roorkee plant. GMR Infra has partnered with Airbus to train young engineers in aircraft maintenance Read More..

B2B Tech News | 2 years ago        

Focus on Egypt Cairo needs less than $15 billion from the IMF. Homzmart raised $23 million in preseries B rounds

This is according to a report by Goldman Sachs Group Inc. It is estimated that the North African country could receive a package of 15 billion dollars

This is according to a report by Goldman Sachs Group Inc. It is estimated that the North African country could receive a package of 15 billion dollars from the IMF to raise the necessary financing in the next three years. Transport sector The Egyptian government aims to increase its investment in the transport sector by 27.5% this fiscal year to 307 billion Egyptian pounds $16 million. It is targeting £672bn in 2023/23, up from £586.5bn in 2021/22. Cairobased ecommerce startup Homzmart, a furniture and home goods ecommerce platform, has raised $23 million in a preseries B round, bringing its total investment to around 40 millions of dollars. Read More..

B2B Tech News | 2 years ago        

Nintendo Switch sales slumped due to chip shortage

Nintendo sold 3.43 million units of its Switch console in the quarter, down from from 4.45 million a year earlier.Sales of hybrid home/portable switch

Nintendo sold 3.43 million units of its Switch console in the quarter, down from from 4.45 million a year earlier.Sales of hybrid home/portable switches forecast second annual decline.Operating profit fell 15% to 101.6 billion yen $763 million, below analyst estimates.Nintendo sold 23% fewer Switch consoles in the AprilJune quarter than a year earlier following chip shortages, it said on Wednesday. The Kyotobased gaming company said it expected procurement to improve from late summer towards autumn Nintendo maintained its forecast to sell 21 million units in the year through endMarch 2023. Read More..

B2B Tech News | 2 years ago        

Shanta Gold reports on exploration progress in Kenya

The most recent drilling exploration phase at Shanta Gold Ltd.s West Kenya gold project is continuing to produce highgrade results, the company said o

The most recent drilling exploration phase at Shanta Gold Ltd.s West Kenya gold project is continuing to produce highgrade results, the company said on Wednesday. West Kenya Gold Project drilling at Shanta Gold continues to yield excellent results. The results, according to the mining company with an AIM listing, show how it is progressing with improving the current mineral resource and will be quantified at years end. The expansion of the resource base at targets like Kimingini and Ramula is a top priority. Read More..

B2B Tech News | 2 years ago        

More Russian oligarchs are the target of U.S. sanctions, and the Senate prepares to vote to admit Sweden and Finland to NATO

The United States slapped more sanctions on Russian oligarchs, as the U.S. The Senate is close to voting on the accession of Sweden and Finland to the

The United States slapped more sanctions on Russian oligarchs, as the U.S. The Senate is close to voting on the accession of Sweden and Finland to the NATO military alliance. Foreign Minister Anthony Blinken stated about fears of a nuclear accident in Ukraine. He said Russia is using this plant as the equivalent of a human shield, but a nuclear shield in the sense that its firing on Ukrainians from around the plant. The shipment of grain exports from Ukraine in months departed Monday from the port of Odesa. Swedish and Finnish ministers met at the Nato headquarters in Brussels on January 24, 2022. Read More..

B2B Tech News | 2 years ago        

What does the chip law mean for chipmakers operating in the US?

The CHIP Act seeks to counter Chinas rise in advanced technology in the name of strengthening US competitiveness and protecting national security. Thi

The CHIP Act seeks to counter Chinas rise in advanced technology in the name of strengthening US competitiveness and protecting national security. This spending measure would provide $280 billion in science and technology funding, $52 billion of which would be used to boost U.S. semiconductor manufacturing. Chipmakers will not be able to produce highend chips larger than 28 nanometers in China for 10 years. The US Congress passed the Chips Act, which allows chipmakers to deduct 25% of the cost of a new factory or factories from the first years profits. The bill, which has yet to be signed into law, would give chipmakers an additional $24 billion in tax credits. Most of the federal subsidies are expected to go to Intel, TSMC and Samsung. In South Korea, they are all now building tens of billions of dollars worth of chip manufacturing facilities in the United States. Read More..

B2B Tech News | 2 years ago        



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