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Julius Baer Reports 15% Profit Drop in H1 2024 Amid CEO Change and Loan Losses

The first half of 2024 saw a 15% decline in earnings for Swiss private bank Julius Baer. Adjusted net profit dropped from 541 million francs in the pr

The first half of 2024 saw a 15% decline in earnings for Swiss private bank Julius Baer. Adjusted net profit dropped from 541 million francs in the previous year to 459.7 million Swiss francs $520.79 million, below analyst projections of 490 million francs. The banks substantial losses from loans to the nowinsolvent Signa Group, its most significant client un the private debt market, led to the resignation of CEO Philipp Rickenbacher and this collapse. Notwithstanding these obstacles, Julius Baer brought in 3.7 billion francs in net new money, more than the 3.5 billion francs anticipated but less than the 7.1 billion francs recorded the previous year. The bank has named Stefan Bollinger, a partner at Goldman Sachs, as its next CEO. Read More..

B2B Tech News | 1 days ago         

Deutsche Bank Reports First Net Loss in Four Years €143 Million for Q2

Deutsche Bank ended a 15quarter profit run with a Q2 net loss of €143 million. Its first loss in four years was caused by the bank having to put asi

Deutsche Bank ended a 15quarter profit run with a Q2 net loss of €143 million. Its first loss in four years was caused by the bank having to put aside €1.3 billion for ongoing investor litigation about its acquisition of Postbank. Deutsche Bank raised its annual projection for credit loss provisions even though the actual loss was smaller than the projected €280 million. According to CEO Christian Sewing, the bank is on pace to accomplish its 2025 goals and shareholder commitments. Ongoing legal battles over the Postbank acquisition have increased losses and resulted in operational problems and regulatory scrutiny. Revenues from business and retail banking fell while those from the investment bank increased by 10%. Read More..

B2B Tech News | 2 days ago         

Kroger Orders New Automated Technologies from Ocado for U.S. Warehouses

The British online grocery and technology company Ocado said that Kroger, its partner in the United States, has ordered a range of new automated techn

The British online grocery and technology company Ocado said that Kroger, its partner in the United States, has ordered a range of new automated technologies to be installed throughout its network of warehouses. This is good news for Ocado. It comes after a recent setback with Canadian partner Sobeys, which caused Ocados shares to plummet as they postponed the construction of a fourth robotic warehouse. Kroger plans to integrate Ocados most recent innovations, such as Automated Frameload AFL and OnGrid Robotic Pick OGRP, in its current and upcoming customer fulfilment centres CFCs. These labour productivity and efficiencyboosting technologies are anticipated to improve Krogers delivery networks operating performance significantly. Ocado withheld the orders payment information. Read More..

B2B Tech News | 3 days ago         

AIEnhanced Commentary Google Teams Up with NBCUniversal for Paris Olympics

In an announcement made on Thursday alongside NBCUniversal and the U.S. Olympic and Paralympic Committee, Alphabets Google will include artificial int

In an announcement made on Thursday alongside NBCUniversal and the U.S. Olympic and Paralympic Committee, Alphabets Google will include artificial intelligence AI into the U.S. coverage of the Paris Olympics, allowing commentators to use AI to explain games. Google will be Team USAs official search artificial intelligence partner, the sports nonprofits first. The broadcast rights holder, NBCUniversal, is updating its programming to cater to viewers who would rather watch web content than live shows. The media business intends to leverage Google Searchs AI to deliver answers during the live broadcasts and give personalised AIgenerated daily summaries. Comedian Leslie Jones will use Googles Gemini AI model to improve her comments. Read More..

B2B Tech News | 5 days ago         

Serbia Prioritizes European Carmakers for Lithium, Boosting Ties with EU

According to President Aleksandar Vucic, Serbia prefers European automakers such as MercedesBenz, Volkswagen, and Stellantis when acquiring lithium to

According to President Aleksandar Vucic, Serbia prefers European automakers such as MercedesBenz, Volkswagen, and Stellantis when acquiring lithium to fortify its relationship with the EU over Chinese companies. In an interview with Handelsblatt, Vucic emphasised Serbias dedication to the electric car sector, reiterating Rio Tintos licence to create Europes largest lithium mine. Serbia wants to produce enough lithium annually to power 1.1 million electric cars, or around 17% of the market in Europe. With an emphasis on improving Europes battery supply chains, Vucic underlined that procurement agreements would necessitate central lithium processing and battery manufacture within Serbia. Read More..

B2B Tech News | 5 days ago         

Ukrainian Startup Swarmer Revolutionizes Battlefield with AIEnabled Drone Swarms

Startups in Ukraine, such as Swarmer, are developing drone technology with AI to improve combat capabilities against Russia. These AI algorithms enabl

Startups in Ukraine, such as Swarmer, are developing drone technology with AI to improve combat capabilities against Russia. These AI algorithms enable drones to work in networked groups through features like swarm coordination, terrain mapping, and visual identification. While still in development, Swarmers Styx system will be able to automatically handle swarms of drones, significantly increasing operational capacity and shielding pilots from frontline threats. With significantly higher potential attack rates, AI integration seeks to defeat Russian signal jamming. The development centres on affordability, utilising lowcost devices such as Raspberry Pi to implement AI systems in large quantities. Notwithstanding moral dilemmas and human supervision requirements, these developments provide an essential technological advantage in contemporary combat. Read More..

B2B Tech News | 5 days ago         

Atos Secures €1.82 Billion Funding in Major Debt Restructuring Move

With the completion of a significant financial restructuring phase, the French IT company Atos ATOS.PA has secured cash totaling 1.675 billion euros $

With the completion of a significant financial restructuring phase, the French IT company Atos ATOS.PA has secured cash totaling 1.675 billion euros $1.82 billion through a lockup agreement with a group of banks and bondholders that account for more than half of its creditors. With the other creditors urged to join the deal by July 22, this step intends to restructure its debt. Additionally, Atos obtained 800 million euros in interim funding, of which 450 million euros are now available, guaranteeing liquidity through the end of the restructuring process in late 2024 or early 2025. Atos informed stakeholders that the companys governance structure will remain independent despite these financial manoeuvres, announcing plans for new governance after the reorganisation. Read More..

B2B Tech News | 5 days ago         

PageGroup Issues Profit Warning Amid Weaker Hiring Activity

Due to a cautious prognosis for the years second half and lowerthanexpected recruiting activity in June, British recruiter PageGroup PAGE.L warned of

Due to a cautious prognosis for the years second half and lowerthanexpected recruiting activity in June, British recruiter PageGroup PAGE.L warned of a reduced yearly profit. With a noticeable decrease in new job registrations and interviews as the quarter went on, CEO Nicholas Kirk saw difficult market circumstances throughout Q2. The organisation needed help getting employment offers approved after interviews. June fees showed an 18% decline from the prior year, contributing to a 12% decline in secondquarter gross profit to 224.3 million pounds $287.2 million. In contrast to the 118.8 million pounds recorded in the previous year, PageGroup now projects fullyear operating profit for 2024 to be about 60 million pounds. Read More..

B2B Tech News | 17 days ago         



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