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Cairo Meeting Yields MultiBillion Dollar Deals Between Egypt and EU

Billions of euros worth of deals were signed during the summit in Cairo, which EU Commission Chief Ursula von der Leyen and President Abdel Fattah elS

Billions of euros worth of deals were signed during the summit in Cairo, which EU Commission Chief Ursula von der Leyen and President Abdel Fattah elSissi attended. This meeting comes after a $7.9 billion aid package was approved in March to support Egypt battling its economic crisis, worsened by growing debt, inflation, and currency scarcity. Most of the package comprises small and mediumsized loans, and Cairo will also need to deal with irregular migration and boost energy exports to Europe. Human rights organisations have criticised similar agreements with Mauritania, Libya, and Tunisia. The EU sees Egypts natural gas reserves as essential to displacing Russian energy. Egypts attractiveness to European investment was demonstrated by the over 20 agreements totalling over €40 billion that European businesses inked. Read More..

B2B Tech News | 19 days ago        

Sodexos Q3 Sales Rise to €6.07 Billion, Slightly Below Expectations

The French food caterer Sodexo had thirdquarter sales that were somewhat lower than anticipated because of a slowdown in China and adjustments to reve

The French food caterer Sodexo had thirdquarter sales that were somewhat lower than anticipated because of a slowdown in China and adjustments to revenue recognition for a few fixedterm contracts in Australia. Revenue missed the target of €6.11 billion, rising 6.8% organically to €6.07 billion $6.51 billion. Due to weaker price impacts, higher comparative numbers, and the second quarters favourable impact from the leap year, organic growth decreased. Sodexo is raising prices to combat excessive inflation, even after it spun off its voucher firm Pluxee in February. This quarters price hikes are less than 4%, compared to almost 5% last year. The business released its expectations for the Augustending fiscal year. Read More..

B2B Tech News | 19 days ago        

Revolut Reports £438 Million Pretax Profit for 2023, Surging from Previous Years Loss

Revolut, a British fintech company, reported a pretax profit of £438 million in 2023 after suffering a £25.4 million loss the year before. This was

Revolut, a British fintech company, reported a pretax profit of £438 million in 2023 after suffering a £25.4 million loss the year before. This was an impressive turnaround for the company. Predictably, revenue exceeded £1.8 billion, fueled by solid user growth and more interestrelated activity revenue. The firm wants to establish itself as the top startup in Europe and aims for a valuation of over $40 billion through a $500 million share sale. Revolut is still awaiting permission to obtain a UK banking licence after applying three years ago CEO Nikolay Storonsky is optimistic about the outcome. Due to investor apprehension following the epidemic, the fintech industry in Britain is under more scrutiny, emphasising how crucial it is for businesses like Revolut to show consistent profitability and regulatory compliance. Read More..

B2B Tech News | 19 days ago        

BlackRock Makes Strategic Move with $3.23 Billion Preqin Acquisition

The largest asset management company in the world, BlackRock BLK.N, has agreed to pay 2.55 billion pounds $3.23 billion in cash to purchase Preqin, a

The largest asset management company in the world, BlackRock BLK.N, has agreed to pay 2.55 billion pounds $3.23 billion in cash to purchase Preqin, a data provider in the UK. With this acquisition, BlackRock is strengthening its Aladdin technology platform and taking a calculated step into the private markets data space. Preqins vast data, research skills, and investing methods will benefit Aladdin, BlackRocks flagship portfolio management software, improving services for international fund managers. Preqin was established in 2003 and provides alternative investing data to customers in over 90 countries. Preqin has exhibited a robust yearly growth rate of roughly 20% in recent years, and BlackRock projects that it will generate approximately $240 million in recurring revenue by 2024. Read More..

B2B Tech News | 19 days ago        

Atos Finalizes Agreement for Debt Restructuring, Plans Capital Increase and Debt Conversion

The French technology giant Atos ATOS.PA has made significant progress in its financial recovery efforts by finalising an agreement with a group of ba

The French technology giant Atos ATOS.PA has made significant progress in its financial recovery efforts by finalising an agreement with a group of banks and bondholders about its debt restructuring plan. The restructuring strategy includes a capital increase of 233 million euros $250 million through preferential subscription rights. Atos net indebtedness will be drastically reduced by approximately 3.1 billion euros once approximately 2.8 billion euros of its debt is converted into equity, totalling 2.9 billion euros. After ending talks with investor David Layanis Onepoint consortium last Wednesday, Atos hopes to finalise the restructuring deal by July. Read More..

B2B Tech News | 19 days ago        

Google Makes Strategic Investment in Taiwans New Green Power for Renewable Energy Push

As part of its efforts to lower carbon emissions throughout its supply chain and operations, Google has invested in Taiwans New Green Power NGP and ai

As part of its efforts to lower carbon emissions throughout its supply chain and operations, Google has invested in Taiwans New Green Power NGP and aims to buy up to 300 megawatts of renewable energy from the company. The investment is intended to promote NGPs construction of a sizable solar pipeline in Taiwan, which was made possible by a stake acquisition whose value still needs to be revealed. This action is essential as Taiwans decarbonisation initiatives will face difficulties because it still primarily generates its electricity from fossil fuels. Google plans to address Scope 3 emissions related to its value chain by using the solar energy it has acquired to power its activities and provide excess to suppliers. Read More..

B2B Tech News | 19 days ago        

SK Hynix to Invest $74.6 Billion in Chip Business, AI by 2028

Parent firm SK Group has announced that South Koreas SK Hynix will invest 103 trillion won $74.6 billion by 2028 to improve its semiconductor business

Parent firm SK Group has announced that South Koreas SK Hynix will invest 103 trillion won $74.6 billion by 2028 to improve its semiconductor business, emphasising artificial intelligence. SK Group intends to streamline its 175+ companies and raise 80 trillion won by 2026 for semiconductors and artificial intelligence AI investments. The move is in response to significant losses at SK Hynix and its EV battery business. AI data centres, highbandwidth memory chips, and AI services are essential areas of attention. With a target profit before taxes of 40 trillion won by 2026, SK Group anticipates making 22 trillion won this year. This programme supports South Koreas endeavours to maintain its competitiveness in the worldwide semiconductor industry. Read More..

B2B Tech News | 19 days ago        

Japans Unemployment Rate Holds Steady at 2.6% in May, Matching Expectations

As expected by experts, Japans unemployment rate remained stable at 2.6% in May, indicating no change from the previous month. However, the ratio of p

As expected by experts, Japans unemployment rate remained stable at 2.6% in May, indicating no change from the previous month. However, the ratio of positions to applicants fell to 1.24 from 1.26 in April, suggesting a little reduction in available employment. According to this ratio, there were 124 job vacancies for every 100 job searchers. The Labour Ministry of Japans statistics highlight a competitive but steady employment market, requiring ongoing efforts to link job searchers with available opportunities amid economic recovery initiatives. When it comes to understanding Japans labour market dynamics in the face of persistent difficulties and periods of recovery, economists still keep a careful eye on these metrics. Read More..

B2B Tech News | 26 days ago        



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