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Gabon Resolves Payment Dispute with World Bank, Arrears Repaid

It seems that Gabon and the World Bank have settled their payment issue. The country in central Africa could not fulfil its obligations by June 30 due

It seems that Gabon and the World Bank have settled their payment issue. The country in central Africa could not fulfil its obligations by June 30 due to technological difficulties. The Ministry of Public Accounts of Gabon verified the repayment of arrears to the World Bank in an undated declaration. This comes after a confidential World Bank memo was leaked on July 1, stating that Gabons ability to withdraw grants and loans was halted for noncompliance, affecting payments of almost $17 million. The Gabonese transitional government, which replaced the previous government, said it would honour its pledge to pay off all existing bills while pointing to inherited debts. Read More..

B2B Tech News | 19 days ago        

Glencores $6.93 Billion Teck Resources Deal Approved by Canada, Focus on Job Protection

Under stringent guidelines to protect workers, the Canadian government has authorised Glencores takeover of Teck Resources steelmaking coal subsidiary

Under stringent guidelines to protect workers, the Canadian government has authorised Glencores takeover of Teck Resources steelmaking coal subsidiary. For Elk Valley Resources EVR, Glencore will guarantee that most of the companys directors are Canadian for a minimum of ten years, and the company will continue to employ a sizable number of people for five years. Teck intends to buy up to C$2.75 billion of its Class B shares, pay down up to $2 billion in debt, and finance the expansion of its copper business with the revenues from the sale. By July 11, the deal is anticipated to be finalised, and Canada will impose strict limits on future mergers and acquisitions involving vital minerals. Read More..

B2B Tech News | 19 days ago        

Shell Faces $2 Billion Impairment Charge on Singapore Refinery, Biofuel Plant Suspension

Shell SHEL.L said that after selling its refinery in Singapore and stopping work on a sizable biofuel project in Europe, it would face an impairment c

Shell SHEL.L said that after selling its refinery in Singapore and stopping work on a sizable biofuel project in Europe, it would face an impairment charge of up to $2 billion. The British energy business stopped development at the Rotterdam project in the Netherlands, which was initially scheduled to start producing 820,000 metric tonnes of biofuels yearly, citing unfavourable market circumstances. In connection with this decision, Shell expects a noncash, posttax impairment of between $600 million and $1 billion, which will be disclosed in its secondquarter earnings on August 1. Furthermore, Shell anticipates an impairment of between $600 million and $800 million on its chemicals hub and refining facility in Singapore, which it announced for sale in May. Read More..

B2B Tech News | 19 days ago        

Atos Secures €575 Million in ShortTerm Financing

The French technology company Atos reported obtaining $621 million in shortterm financing in two loan tranches totalling €575 million. These compris

The French technology company Atos reported obtaining $621 million in shortterm financing in two loan tranches totalling €575 million. These comprise two revolving loan amounts of €225 million and €350 million, contingent on bondholders amending earlier arrangements. Atos anticipates signing this amendment shortly. Furthermore, the business was granted a waiver by banks about a €1.5 billion term loan. By the end of the month, Atos still hopes to secure a definitive restructuring deal. Read More..

B2B Tech News | 19 days ago        

Chinese Manufacturers Pivot Investments to Morocco in Wake of U.S. EV Subsidies

Chinese firms are moving their investments to Morocco in response to US incentives meant to increase local production of electric vehicles EVs and les

Chinese firms are moving their investments to Morocco in response to US incentives meant to increase local production of electric vehicles EVs and lessen dependency on Chinese supply chains. Moroccos selling point is that the country has free trade agreements with the United States, making EV parts eligible for subsidies. Since the Inflation Reduction Act was enacted, at least eight Chinese battery manufacturers have announced investments in Morocco due to this action. Aiming to take advantage of US incentives, joint ventures and new factories—such as Africas first EV battery facility by ChineseGerman company Gotion HighTech—are being established. Morocco is essential as the global EV rivalry heats up due to its advantageous location and commercial connections. Read More..

B2B Tech News | 19 days ago        

Koo Announces Shutdown Amid Failed Partnership Negotiations

CEO Aprameya Radhakrishna and cofounder Mayank Bidawatka of Koo, an Indian social networking site, have stated that the platform is closing due to uns

CEO Aprameya Radhakrishna and cofounder Mayank Bidawatka of Koo, an Indian social networking site, have stated that the platform is closing due to unsuccessful partnership discussions. Financial challenges made worse by excessive operating expenses led to the decision. After its launch in 2020, Koo acquired notoriety in 2021 due to a disagreement between Twitter and Indian authorities, drawing politicians looking for a substitute platform. Earlier in 2022, there were rumours that Dailyhunt was discussing buying Koo through a share exchange, but the agreements specifics remained unknown. Koo decided to close its doors because it could not raise enough money to cover its operating costs, even after raising over $60 million from investors like Accel and Tiger Global. Read More..

B2B Tech News | 19 days ago        

CoinDCX Completes Acquisition of BitOasis, Expands Crypto Footprint in Middle East

The purchase of BitOasis, a cryptocurrency platform with a Middle Eastern emphasis, has been completed by Indias CoinDCX, both firms revealed in a joi

The purchase of BitOasis, a cryptocurrency platform with a Middle Eastern emphasis, has been completed by Indias CoinDCX, both firms revealed in a joint statement. After first purchasing a stake in BitOasis last year, CoinDCX now controls all of the companys shares. However, the specific financials were not made public. BitOasis is a 2016founded brokerdealer company with its headquarters located in Dubai. It operates under regulatory frameworks from organisations such as the Central Bank of Bahrain and VARA in the United Arab Emirates. Through the purchase, BitOasis hopes to strengthen its position in its serviced territory of fifteen nations and expand its range of services in line with the UAEs aspirations to become a significant worldwide centre for the cryptocurrency business. Read More..

B2B Tech News | 19 days ago        

Siemens Energy to Hire Over 10,000 Employees Amid Rising Power Demand

In response to rising power demand, Siemens Energy ENR1n.DE intends to hire over 10,000 people and invest €1.2 billion $1.29 billion in its electric

In response to rising power demand, Siemens Energy ENR1n.DE intends to hire over 10,000 people and invest €1.2 billion $1.29 billion in its electrical grid business over the next six years. The head of Grid Technologies, Tim Holt, highlighted the anticipated surge in grid investments worldwide over the next fifteen years. The €1.2 billion will be used by the Grid Technologies business to build new plants and expand its production capabilities in the US, Europe, and Asia. The US, India, and various regions of Asia and Latin America will account for the remaining 40% of new employment, with the majority located in Europe. The 2020 spinoff Siemens Energy is also facing difficulties in its wind turbine division, Siemens Gamesa. Read More..

B2B Tech News | 19 days ago        



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