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Ola Cabs to Exit International Markets, Focus on Indian Expansion and EV Fleet

To concentrate on the Indian market and increase the number of electric vehicles EVs in its fleet, Ola Cabs has announced that it is leaving all other

To concentrate on the Indian market and increase the number of electric vehicles EVs in its fleet, Ola Cabs has announced that it is leaving all other markets, including those in the UK, Australia, and New Zealand. The company highlighted the substantial potential for growth in the nations electric transportation industry by pointing to the quick development and profitability of its ridehailing operation in India. Ola has reevaluated its strategy after operating in several foreign areas since 2018. Ola Electric is pursuing an Initial Public Offering IPO simultaneously with this action. Ola is still dedicated to providing service to Indian consumers and driving innovation in the transport sector even after leaving other markets. Read More..

B2B Tech News | 9 days ago        

Tesla Explores Joint Venture with Reliance Industries for Indian Manufacturing Venture

Tesla is allegedly investigating the possibility of forming a joint venture with Reliance Industries Limited RIL to expand its manufacturing footprint

Tesla is allegedly investigating the possibility of forming a joint venture with Reliance Industries Limited RIL to expand its manufacturing footprint in India. With a $2 billion budget set aside for its Indian operations, Tesla is weighing the options for where to build its facility, with Maharashtra emerging as the top contender. During a recent meeting, Tesla CEO Elon Musk announced the companys entry into India and emphasised the need for electric cars. To finalise the plants site and possible joint venture with RIL, senior Tesla executives are anticipated to go to India shortly. The action aligns with Indias Electric Vehicle EV strategy, which aims to entice international EV producers with investment requirements and incentives. The policy mandates a minimum investment of Rs 4,150 crore. It outlines timelines and incentives for domestic manufacturing and value addition in EV production. Read More..

B2B Tech News | 9 days ago        

Citigroups Overhaul Under CEO Jane Fraser Sparks Investor Confidence, Stock Surges 49%

The reorganisation efforts of Citigroup CEO Jane Fraser have been well received by investors, as seen by the companys stock price rising 49% since the

The reorganisation efforts of Citigroup CEO Jane Fraser have been well received by investors, as seen by the companys stock price rising 49% since the announcement of the revamp in September. Nonetheless, difficulties remain, such as employee dissatisfaction, profitability worries, and regulatory hurdles. The banks stock is trading below book value, suggesting potential for expansion. While efficiency and the loan portfolio quality have improved due to staff layoffs, the emphasis in banking and wealth management is now on increasing profits. Internal conflict has resulted from Frasers employment of outside talent. Still, she wants to exploit Citis worldwide connections and concentrate on customer service to drive development. The focus also shifts to overseas divestitures and the U.S. consumer business, where services are predicted to be crucial to future profitability. Analysts are awaiting further information regarding Frasers approach as Citigroup moves forward. Read More..

B2B Tech News | 9 days ago        

Paytring Secures PreSeed Funding Led by Unlimit, Poised to Transform Global Payments

The financial behemoth Unlimit led the first preseed fundraising round for Paytring, a platform for orchestrating payments. With this investment, Payt

The financial behemoth Unlimit led the first preseed fundraising round for Paytring, a platform for orchestrating payments. With this investment, Paytring further demonstrates its dedication to transforming international payments for Indian companies by providing a nocode method of collecting payments. Keshav Munjal and Debal Chakraborty, the cofounders, want to make the complicated world of digital transactions easier to understand so that payment processors and retailers may cut expenses and improve operational effectiveness. Paytring, which has over 25 integrated payment providers globally, aims to simplify transaction administration for various ecommerce industries. The strategic financing from Unlimit will support Paytrings efforts to create new products, enter new markets, and attract customers, constituting a significant step forward in the companys mission to revolutionise the global payments ecosystem. Read More..

B2B Tech News | 9 days ago        

Zimbabwe Launches New Currency ZiG Backed by Gold Reserves and Foreign Currencies

After experiencing significant devaluation and public rejection of its former currency, Zimbabwe introduced the ZiG to stabilise its economy. The Rese

After experiencing significant devaluation and public rejection of its former currency, Zimbabwe introduced the ZiG to stabilise its economy. The Reserve Bank of Zimbabwes Governor, John Mushayavanhu, declared that ZiG will be supported by gold reserves and a basket of foreign currencies as of Monday. The value of the Zimbabwean dollar has significantly dropped, which has resulted in skyrocketing inflation rates and widespread rejection by dealers. Authorities intend to handle the currency problem and stop further decline with the new currency. The government has implemented several monetary measures since the collapse of the Zimbabwe dollar in 2009, the most recent of which was the temporary acceptance of the US dollar as legal money. Read More..

B2B Tech News | 9 days ago        

Vistaras Capacity Reduction Sparks Surge in Airfares, Up by 2025% on Major Routes

According to The Indian Express, Vistaras decision to cut back on operations by lowering 25–30 flights per day, or 10% of its operational capacity,

According to The Indian Express, Vistaras decision to cut back on operations by lowering 25–30 flights per day, or 10% of its operational capacity, has resulted in a notable increase in airfares of 20–25% on essential routes. This capacity reduction coincides with high ticket prices and unanticipated pilot reports of illness at the end of March, which resulted in over 150 flight cancellations since April 1. Fares on the impacted routes will likely be further impacted by the capacity reduction, which is anticipated to last until at least the end of April. In addition, worries over Vistaras planned merger with Air India have surfaced in the wake of significant flight delays and demonstrations against a proposed wage reform. Vistara has introduced a new salary arrangement for pilots, offering fixed pay for flying hours and additional compensation based on service tenure amid the merger process. Read More..

B2B Tech News | 9 days ago        

Samsung Electronics Block Sale 5.25 Million Shares Sold for $326 Million

In a block sale, 5.25 million shares of Samsung Electronics were sold for a total estimated value of 441 billion won $326 million, according to two un

In a block sale, 5.25 million shares of Samsung Electronics were sold for a total estimated value of 441 billion won $326 million, according to two unnamed persons who were aware of the situation on Tuesday. The price per share was 84,100 won, 0.47% less than the closing price of 84,500 won the day before. Though it hasnt been verified, rumours say that the seller could be Lee Boojin, the sister of Samsung Electronics Chairman Jay Y. Lee. Following the death of Samsung patriarch Lee Kunhee in 2020, Lee Boojin, her mother, and her sister sold a part of the company to satisfy inheritance tax requirements. That block sale occurred in January of last year. So far this year, block trades in South Korea have totalled $4.2 billion, surpassing volumes from the same period in the past five years, according to Dealogic data. Read More..

B2B Tech News | 9 days ago        

South Koreas President Unveils $6.94 Billion AI Investment to Boost Semiconductor Sector

President Yoon Suk Yeol proposed a 9.4 trillion won $6.94 billion investment in artificial intelligence to strengthen South Koreas leadership in semic

President Yoon Suk Yeol proposed a 9.4 trillion won $6.94 billion investment in artificial intelligence to strengthen South Koreas leadership in semiconductor chips by 2027. This project intends to compete with countries like the United States, China, and Japan to build semiconductor supply chains. It includes a 1.4 trillion won fund for AI semiconductor manufacturers. Yoon called the current semiconductor competition an "industrial war" and underlined the need for significant research and development in artificial intelligence AI chips, such as neural processing units NPUs and highbandwidth memory chips, given the critical role that semiconductors play in South Koreas exportdriven economy. Yoon hopes to see South Korea rise to the top three in AI technology and capture 10% of the world market for system semiconductors by 2030. Read More..

B2B Tech News | 9 days 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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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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