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PDD Holdings Shares Plunge 28% After Revenue Misses Estimates, Market Cap Drops $40 Billion

PDD Holdings, a Chinese company that runs Temu and Pinduoduo, underperformed market sales projections in the second quarter, which caused a 28% declin

PDD Holdings, a Chinese company that runs Temu and Pinduoduo, underperformed market sales projections in the second quarter, which caused a 28% decline in its U.S. shares, the worst oneday decline since its 2018 IPO. This drop, which erased over $40 billion in market capitalisation, was caused by CEOs gloomy remarks on growing local ecommerce rivalry and unpredictabilities abroad. CoCEO Chen Lei signalled a move to highquality development that will impact profitability by citing issues including shifting customer demand and rising competition. PDDs Q2 revenue of 97.06 billion yuan $13.64 billion fell short of the 100 billion yuan target due to a tripling of general and administrative expenditures and increased operating expenses. Read More..

B2B Tech News | 4 months ago        

Final Bids for Deutsche Bahns Schenker Reach €14 Billion, CVC Consortium Offers Potential €16 Billion

Final offers valued at around €14 billion $15.6 billion each were submitted to Deutsche Bahns logistics division Schenker by a consortium headed by

Final offers valued at around €14 billion $15.6 billion each were submitted to Deutsche Bahns logistics division Schenker by a consortium headed by CVC Capital Partners and Danish transport company DSV. To list Schenker on the Frankfurt Stock Exchange and keep its German headquarters and trademark, the CVC consortium has presented an option that may increase its bid to €16 billion. Deutsche Bahn plans to sell Schenker to pay off its over €30 billion in debt and concentrate on improving rail service. It is anticipated that in the upcoming weeks, the bids will be decided upon definitively, perhaps resulting in one of the most significant transactions in European history. Read More..

B2B Tech News | 4 months ago        

Thailand Greenlights Western Digitals $693 Million Expansion, Set to Boost Economy and Job Market

As the cloud computing and data centre market continues to develop, Thailand has authorised Western Digitals $693 million plan to increase hard disc m

As the cloud computing and data centre market continues to develop, Thailand has authorised Western Digitals $693 million plan to increase hard disc manufacture. By increasing exports valued at 200 billion baht yearly and generating 10,000 employment, this investment is predicted to strengthen the Thai economy significantly. Twentyeight thousand people work at Western Digitals Thailand plant, which supplies 80 per cent of the hard discs produced worldwide. Eighteen billion baht have been invested in the hard disc business in Thailand during the last ten years, and with an expenditure of 16 billion baht, rival producer Seagate expanded last year. Thailands overall goal for investment applications is 800 billion baht by 2024. Read More..

B2B Tech News | 4 months ago        

ECB May Implement Two More Rate Cuts This Year, Says Policymaker Martins Kazaks

Martins Kazaks, a policymaker at the European Central Bank ECB, said that if inflation keeps falling as predicted, the ECB may be able to reduce inter

Martins Kazaks, a policymaker at the European Central Bank ECB, said that if inflation keeps falling as predicted, the ECB may be able to reduce interest rates by up to two per year. On the back of weak economic growth and weakening wage pressures, investors are bracing for another rate drop on September 12th, after one in June. At the Jackson Hole Economic Symposium, Kazaks pointed out that inflation aligns with ECB predictions, bolstering the case for gradual easing. The general trend, he said, is in line with the ECBs forecasts, even though specific inflation statistics may differ. Kazaks said the 2% inflation objective should be reached at least necessary. Read More..

B2B Tech News | 4 months ago        

Uganda Expands Oil Exploration to MorotoKadam and Kyoga Basins

The east MorotoKadam Basin and the central Kyoga Basin are the two new areas Uganda is exploring for oil. According to preliminary assessments, the Mo

The east MorotoKadam Basin and the central Kyoga Basin are the two new areas Uganda is exploring for oil. According to preliminary assessments, the MorotoKadam Basin may have economic gas and oil resources. The Ministry of Energy also intends to investigate western Ugandas Hoima Basin. Currently, Ugandas estimated amount of petroleum resources is 6.5 billion barrels. The exploration project intends to boost midstream projects such as the East African Crude Oil Pipeline EACOP, extend output beyond 25 years, and expand petroleum reserves. To accelerate Tanzanias economic growth, TotalEnergies EACOP entails digging 419 wells and building a 1,443kilometer pipeline from Lake Albert to the shore. Read More..

B2B Tech News | 4 months ago        

Adani Group to Sell 2.84% Stake in Ambuja Cements for $500 Million

Reuters reports that Holderind Investments, a division of the Adani Group, is asking $500 million for 2.84% of Ambuja Cements. The sale price, schedul

Reuters reports that Holderind Investments, a division of the Adani Group, is asking $500 million for 2.84% of Ambuja Cements. The sale price, scheduled on Friday, is 600 rupees per share, which is 5% less than the closing price of 631.8 rupees on Thursday. Adani Group owned 70.33% of Ambuja as of June 30, while Holderind owned 50.9% of the cement firm. This deal is part of a larger financial plan since Adani Enterprises is anticipated to start selling $1 billion worth of shares by midSeptember. Read More..

B2B Tech News | 4 months ago        

SoftBank Eyes $684 Million Investment in Sharp for AI Data Center Development

Sharp Corp and SoftBank Corp are reportedly discussing a possible $1004 million $100 billion investment. This information was reported by Kyodo news a

Sharp Corp and SoftBank Corp are reportedly discussing a possible $1004 million $100 billion investment. This information was reported by Kyodo news agency. The investment proposal is a part of more extensive talks about purchasing a part of Sharps Sakai facility to build an AI data centre. The viability of the investment may be impacted by the two firms alleged conflicts about the terms of the agreement. With this move, SoftBank is attempting to increase its footprint in data infrastructure and artificial intelligence. Read More..

B2B Tech News | 4 months ago        

Bank of Singapore Plans to Double Middle East Revenue Contribution to 20%

With this expansion, the Bank of Singapore hopes to increase its share of revenue and private banking assets from 10% to 20% in the Middle East over t

With this expansion, the Bank of Singapore hopes to increase its share of revenue and private banking assets from 10% to 20% in the Middle East over the next three to five years. The bank increased its assets under management from $20 billion in 2010 to $116 billion by September 2023. Favourable government policies and infrastructure are driving wealthy worldwide to the United Arab Emirates and, specifically, to Dubai. Using OCBCs position in Southeast Asia, China, and the United Kingdom, the Bank of Singapore considers turning Dubai into a booking hub. This development is fuelled by the UAEs position as a crossborder centre for money, particularly from Asia and Africa. Read More..

B2B Tech News | 4 months ago        



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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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3.  Artificial Intelligence is expected to contribute $15.7 trillion to the economy by the year 2030.
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4.  Since the launch of the popular mobile game, Candy Crush, in 2012, players have spent a total of 73 billion hours (equivalent to 8.3 million years) playing this game.
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5.  Approximately 8 billion gadgets connect on the internet every day.
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