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Oaktree Capital Sells Banca Progetto to Centerbridge Partners for Over €500 Million

The sale of Italian speciality financing bank Banca Progetto to private equity firm Centerbridge Partners has been agreed upon by investment firm Oakt

The sale of Italian speciality financing bank Banca Progetto to private equity firm Centerbridge Partners has been agreed upon by investment firm Oaktree Capital Management. The banks loan book had increased from €50 million to €7.6 billion since Oaktree initially invested in Banca Progetto in 2015 when it was still known as Banca Popolare Lucchese. Stateguaranteed loans have helped Banca Progetto, which specialises in financing small and midsized Italian enterprises. The banks net profit for the previous year was €72 million, significantly above the norm for Italian banks, with a 28% return on equity. The sale, valued at over €500 million, was advised by Morgan Stanley for Oaktree, Kitra Advisory, and JPMorgan for Centerbridge. Centerbridge, managing $38 billion, previously invested in the Italian financial sector with a stake in BFF. Read More..

B2B Tech News | 3 months ago        

India and Singapore Forge New Alliances Semiconductors, Digital Tech, Skills, and Healthcare MOUs Signed

India and Singapore inked several Memorandums of Understanding MOUs to strengthen cooperation in critical areas during the visit of Indian Prime Minis

India and Singapore inked several Memorandums of Understanding MOUs to strengthen cooperation in critical areas during the visit of Indian Prime Minister Narendra Modi. The agreements emphasise collaboration in digital technology, healthcare, talent development, and semiconductors. These MOUs seek to deepen relations between the two countries by using their respective advantages and tackling shared issues. The digital technology agreement is anticipated to promote innovation and technological developments, while the semiconductor deal will likely entail cooperative research and development activities. Improving worker capacities and health systems is the goal of the accords on skill development and healthcare. These MOUs, representing a shared vision for growth and development, are a testament to both nations commitment to strengthening their collaboration and advancing these critical industries. Read More..

B2B Tech News | 3 months ago        

RBA Governor Michele Bullock No Rate Cuts in Sight as Inflation Remains Above Target

Governor of the Reserve Bank of Australia RBA, Michele Bullock, stressed that the main worry should be sustained inflation and that it is premature to

Governor of the Reserve Bank of Australia RBA, Michele Bullock, stressed that the main worry should be sustained inflation and that it is premature to think about shortterm rate reductions. Bullock said that bringing inflation down to the 23% goal range is still the RBAs top aim in a speech in Sydney. Bullock remained hawkish in July despite the sluggish economic growth and a minor decrease in headline inflation to 3.5%. She emphasised that pressures on domestic inflation, especially in the housing and market services sectors, are still a factor in abovetarget inflation. Since last November, the RBA has maintained interest rates at 4.35% and will react suitably to economic shifts. Markets anticipate a 42% chance of a rate cut by November, but Bullock stressed that high inflation must be addressed to avoid more severe financial impacts. Read More..

B2B Tech News | 3 months ago        

Xi Jinping Pledges $51 Billion to Africa for Infrastructure, Jobs, and Clean Energy Projects

President Xi Jinping promised to provide $51 billion in fresh funding for Africa at the Forum on ChinaAfrica Cooperation Summit in Beijing. The money

President Xi Jinping promised to provide $51 billion in fresh funding for Africa at the Forum on ChinaAfrica Cooperation Summit in Beijing. The money will assist in financing thirty infrastructure initiatives and create at least one million jobs on the continent. Xi plans to start 30 renewable energy projects to solve electricity shortages and support Africas nuclear energy ambitions. In addition, he pledged to assist the growth of the African Continental Free Trade Area and enhance market access for African trade. The $51 billion package includes investments and credit lines worth $50.72 billion from Chinese enterprises, along with increased funding for military and other activities. Read More..

B2B Tech News | 3 months ago        

Prime Minister Modis Singapore Visit Aims to Boost Strategic and Economic Ties

The main goals of Prime Minister Modis visit to Singapore are expected to be enhancing commercial and strategic relationships, with an emphasis on adv

The main goals of Prime Minister Modis visit to Singapore are expected to be enhancing commercial and strategic relationships, with an emphasis on advanced manufacturing, digitalisation, and sustainable development. The significance of Singapore in Indias larger IndoPacific policy and as a major actor in ASEANIndia ties are further highlighted by this visit. It is probable that the purpose of the talks with Singaporean business executives and leaders would be to enhance collaboration and boost Singaporean investment in Indias developing industries. Read More..

B2B Tech News | 3 months ago        

Salesforce to Acquire AI Startup Tenyx to Boost Voice Agent Capabilities

Tenyx is an AIpowered speech assistant firm that Salesforce CRM.N said it would buy. The agreement intends to improve Salesforces AIdriven products an

Tenyx is an AIpowered speech assistant firm that Salesforce CRM.N said it would buy. The agreement intends to improve Salesforces AIdriven products and is anticipated to close in the third quarter. Tenyx was established in 2022 and provides services to various sectors, including travel, hotel, ecommerce, and healthcare. The purchase fits in with Salesforces plan to increase revenue growth and enter the M&A market again after concentrating on share buybacks in the past. This action fits into a larger pattern among tech behemoths like Amazon and Microsoft, who have also made extensive purchases to strengthen their AI capacities. Salesforces Q2 sales and earnings were recently above Wall Street estimates, primarily due to higher expenditure on its cloud offerings. Read More..

B2B Tech News | 3 months ago        

Nvidia Shares Plunge 9.5%, Marking Largest SingleDay Loss for U.S. Company Ever

Tuesdays 9.5% decline in Nvidias NVDA.O shares was the worst oneday decline in the market capitalisation of an American firm. Amid broader market fall

Tuesdays 9.5% decline in Nvidias NVDA.O shares was the worst oneday decline in the market capitalisation of an American firm. Amid broader market falls, investors attitudes about AI technology have shifted, as seen by this reduction, which amounts to a $279 billion decrease in market capitalisation. The PHLX chip index .SOX also dropped 7.75%, marking the worst oneday decline since 2020. Nvidias recent quarterly projection exacerbated the selloff, which fell short of investors lofty expectations. Furthermore, reorganisation plans caused Intel INTC.O to drop by about 9%, and worries about AI spending have impacted other tech behemoths, including Microsoft MSFT.O and Alphabet GOOGL.O. Nvidia has gained 118% this year, but the stocks drop indicates that investors are becoming more sceptical about the AI industrys potential for profit. Read More..

B2B Tech News | 3 months ago        

AT&T and Nokia Forge $5 Billion Fiber Network Deal to Boost U.S. Broadband Access

Having lost a significant wireless contract to Ericsson, Nokia and AT&T have now inked a new arrangement to construct a fiber network in the United St

Having lost a significant wireless contract to Ericsson, Nokia and AT&T have now inked a new arrangement to construct a fiber network in the United States. Nokia called the fiveyear fiber agreement a "significant milestone" that will improve internet access for millions of Americans and boost AT&Ts fiber network growth, which will cover 27.8 million sites by Q2 2024, despite the financial specifics not being made public. This agreement complies with the "Build America, Buy America" mandate regarding U.S. government funding. According to Nokia CEO Pekka Lundmark, the rising fiber market and a $42 billion U.S. broadband plan could boost net sales in the second half of the year. 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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5.  Approximately 8 billion gadgets connect on the internet every day.
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