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AMD to Acquire ZT Systems for $4.9 Billion in Strategic AI Expansion

To rival Nvidia, AMD has revealed intentions to pay $4.9 billion to purchase server manufacturer ZT Systems. The 75% cash and 25% stock agreement refl

To rival Nvidia, AMD has revealed intentions to pay $4.9 billion to purchase server manufacturer ZT Systems. The 75% cash and 25% stock agreement reflects AMDs plan to integrate ZT Systems experience and improve its AI capabilities. CEO of AMD, Lisa Su, underlined that AI systems are a primary concern and that the purchase will speed up the testing and rollout of AI GPUs for large cloud clients like Microsoft. Following the acquisition, AMD plans to sell off ZT Systems manufacturing division, keeping around 1,000 of ZT Systems 2,500 workers. Revenue increase is predicted by 2026, and the transaction will conclude in the first half of 2025. Read More..

B2B Tech News | 4 months ago        

Alaska Air Extends DOJ Review Period for $1.9 Billion Hawaiian Holdings Acquisition

To better accommodate the U.S. Department of Justice DOJ, Alaska Air has consented to extend the review period for its $1.9 billion acquisition of Haw

To better accommodate the U.S. Department of Justice DOJ, Alaska Air has consented to extend the review period for its $1.9 billion acquisition of Hawaiian Holdings until 1201 AM ET on August 20. At first, the review deadline was moved to Friday, August 16. The transaction is being closely examined as part of the regulatory evaluation procedure disclosed last year. Throughout the review, Hawaiian Holdings and Alaska Air have cooperated with the DOJ. Increased regulatory scrutiny has been directed at the aviation industry this was seen earlier this year when a federal judge blocked JetBlues $3.8 billion acquisition of Spirit Airlines. Read More..

B2B Tech News | 4 months ago        

Singapores NonOil Domestic Exports Surge 15.7% in July, Outperforming Expectations

Concerning the prior year, Singapores domestic nonoil exports increased by 15.7% in July, much above the 1.2% gain predicted by a Reuters poll. After

Concerning the prior year, Singapores domestic nonoil exports increased by 15.7% in July, much above the 1.2% gain predicted by a Reuters poll. After contracting by 8.8% in June, this increase was followed by a 12.2% monthovermonth increase in adjusted exports in July, which was above forecasts. One of the main factors contributing to this boom was the 49.1% rise in exports to Malaysia, mainly of nonmonetary gold, integrated circuits, and computer peripherals. Significant increases in exports of 28.9% and 21.1%, respectively, were also observed in the U.S. and China, while shipments to the EU, Japan, Hong Kong, and South Korea decreased. Read More..

B2B Tech News | 4 months ago        

Binance Registers with Indian Financial Intelligence Unit, Enhancing Compliance Measures

After the finance ministry issued a showcause notice for noncompliance with antimoney laundering legislation, the global cryptocurrency exchange Binan

After the finance ministry issued a showcause notice for noncompliance with antimoney laundering legislation, the global cryptocurrency exchange Binance registered with the Financial Intelligence Unit India FIUIND more than six months ago. Binance has returned to the Indian market with this registration, improving its antimoney laundering and counterterrorism funding protocols while complying with local laws. The significance of the Indian Virtual Digital Assets VDA sector and Binances dedication to strict compliance procedures were underlined by CEO Richard Teng. For breaking regulations, the FIU has already fined Binance Rs 18.82 crore. This comes as cryptocurrency exchanges in India are being examined more closely, with local rival WazirX recently experiencing security problems. Read More..

B2B Tech News | 4 months ago        

RBNZ Signals Potential 50 Basis Point Rate Cut by YearEnd Amid Economic Slowdown

Adrian Orr, the governor of New Zealands central bank, has alluded to the prospect of more rate reductions by fifty basis points before the years end.

Adrian Orr, the governor of New Zealands central bank, has alluded to the prospect of more rate reductions by fifty basis points before the years end. Orr stated that subject to positive statistics, he would strongly want to carry out these cuts in a speech to the Wellington Chamber of Commerce. As inflation approaches the 1% to 3% objective, the Reserve Bank of New Zealand is expected to continue reducing its benchmark rate, which it just decided to do for the first time since March 2020. As anticipated by the market, Orr also recommended a rate decrease that would last until 2025. The RBNZ is forecasting a drop in the official cash rate from 5.25% to around 3.85% by the end of 2025 amidst a global trend of central banks easing policies. Read More..

B2B Tech News | 4 months ago        

Ant Group Reports 10.25% Decline in Quarterly Net Profit Following Regulatory Fine

Based on estimates using the profits of Alibaba Group, disclosed on Thursday, Chinas Ant Group recorded a net profit of 12 billion yuan $1.68 billion

Based on estimates using the profits of Alibaba Group, disclosed on Thursday, Chinas Ant Group recorded a net profit of 12 billion yuan $1.68 billion for the quarter ended March 31, a 10.25% fall yearoveryear. A onequarter lag exists in the reporting of this profit amount. The reduction comes after a 7.12 billion yuan punishment that Chinese regulators levied in July of last year for corporate governance and consumer protection violations, which brought the fintech companys extensive regulatory reform to an end. Jack Ma, a multibillionaire, cofounded Ant Group and Alibaba, with Alibaba owning a 33 per cent share in Ant. Read More..

B2B Tech News | 4 months ago        

South Africas Unemployment Rate Rises to 33.5% in Q2 2024

According to the governments statistics bureau, South Africas unemployment rate increased from 32.9% in Q1 2024 to 33.5% in Q2 2024. The most develope

According to the governments statistics bureau, South Africas unemployment rate increased from 32.9% in Q1 2024 to 33.5% in Q2 2024. The most developed economy in Africa has failed to create jobs due to a protracted recession and the COVID19 outbreak, and this growth is a reflection of those difficulties. In Q2 2024, there were 16.7 million employed individuals, a 92,000 decrease in employment, compared to the 5.2 million jobless persons in 2014. Manufacturing, social services, and utilities witnessed increases in employment, whereas trade, agriculture, and construction saw the most significant losses. The newly elected coalition government prioritised economic recovery in May to address the political fallout from high unemployment rates. Read More..

B2B Tech News | 4 months ago        

StanCorp Financial Acquires Allstate’s American Heritage Brand in $2 Billion Deal

Allstate, a US liability insurance, has agreed to sell StanCorp Financial Group its employersponsored benefits division in exchange for $2 billion in

Allstate, a US liability insurance, has agreed to sell StanCorp Financial Group its employersponsored benefits division in exchange for $2 billion in cash. Subject to regulatory clearances in the US and Japan, the deal, including Allstates "American Heritage" brand divisions, is anticipated to close by the April–June 2025 quarter. Meiji Yasuda Life Insurance, the parent company of StanCorp, sees this purchase as an essential component of its plan to reach base profit equivalents of 100 billion yen $680 million by the 2026–2027 fiscal year. Meiji Yasuda intends to keep looking into new investment possibilities to meet its growth goals. Read More..

B2B Tech News | 4 months ago        



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