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GLOBAL NEWS

World Bank Approves $1.5 Billion in Direct Budgetary Support for Ethiopia

The World Banks board has authorised Ethiopias first direct budgetary help, totalling $1.5 billion, for the countrys budget support. A $500 million lo

The World Banks board has authorised Ethiopias first direct budgetary help, totalling $1.5 billion, for the countrys budget support. A $500 million lowinterest credit line and a $1 billion grant are included in this package. Ethiopias debt restructuring operations have progressed with permission after the country recently decided to float its birr currency. This money is part of a larger $10.7 billion loan package that the IMF, World Bank, and other lenders provide to Ethiopia to assist its budgetary stability and economic reforms. Read More..

B2B Tech News | 2 months ago      

China Advised to Implement Firm Inflation Target and Increase Fiscal Stimulus Amid Deflationary Pressures

An advisor on central bank policy has recommended that China step up its fiscal stimulus and set a strict inflation target to prevent becoming caught

An advisor on central bank policy has recommended that China step up its fiscal stimulus and set a strict inflation target to prevent becoming caught in a "low inflation trap." Reducing fiscal expenditure and reorienting the focus from investment to consumption is crucial, according to prominent economist and Peoples Bank of China policy advisor Huang Yiping. In line with the nations objectives for economic growth, he proposed establishing a strict yearly target for consumer inflation between 2% and 3%, which would also assist offset deflationary tendencies. Huang emphasised the need for prompt and successful macroeconomic measures while cautioning that too conservative policies might jeopardise economic stability. Read More..

B2B Tech News | 2 months ago      

BNP Paribas Seeks to Boost Asset Management Division with €5.1 Billion AXA Investment Managers Acquisition

Exclusive negotiations are underway between French insurer AXA AXAF.PA and BNP Paribas BNPP.PA for AXA Investment Managers 100% acquisition for €5.1

Exclusive negotiations are underway between French insurer AXA AXAF.PA and BNP Paribas BNPP.PA for AXA Investment Managers 100% acquisition for €5.1 billion $5.50 billion. By bringing its total assets under management to almost €1.5 trillion, this deal would significantly improve BNPs asset management business and establish it as one of Europes leading asset managers. The agreement will affect BNPs CET1 ratio by around 25 basis points and is anticipated to close by mid2025. AXA intends to repurchase shares with €3.8 billion of the profits, with the remaining funds going towards expansion projects. A 15year contract for BNP to offer investment management services to AXA is also a part of the deal. Read More..

B2B Tech News | 2 months ago      

Cloudflare Boosts Annual Revenue and Profit Forecasts Following Strong Q2 Performance

After a solid quarter, Cloudflare NET.N increased its estimates for yearly sales and profit in postmarket trade, the companys shares rose 9%. For the

After a solid quarter, Cloudflare NET.N increased its estimates for yearly sales and profit in postmarket trade, the companys shares rose 9%. For the quarter ending June 30, the firm reported a sales increase of 30% year over year, beating analysts estimates to reach $401.0 million. Cloudflare has raised its revenue expectation 2024 from $1.657 billion to $1.659 billion. Additionally, it increased its predicted adjusted profits per share to 70–71 cents. The business predicted sales for the third quarter of between $423.0 million and $424.0 million, and its gross profit margin increased to 77.8%. Read More..

B2B Tech News | 2 months ago      

Microchip Technology Forecasts Weak Q2 Sales, Shares Drop 5%

Microchip Technology MCHP.O, a chipmaker, predicted secondquarter net sales to be lower than Wall Street projections, citing sluggish demand from the

Microchip Technology MCHP.O, a chipmaker, predicted secondquarter net sales to be lower than Wall Street projections, citing sluggish demand from the pandemics surplus inventory and slower sales of electric cars. In extended trade, shares dropped more than 5%. For the quarter ending in September, the business projects net sales of $1.12 billion to $1.18 billion, which is less than the average forecast of $1.31 billion made by analysts. CEO Ganesh Moorthy mentioned weakerthanexpected circumstances in the automotive and industrial segments as significant causes. Microchips firstquarter revenue of $1.24 billion was 46% less than a year ago, but its adjusted earnings per share of 53 cents was somewhat higher than anticipated. Read More..

B2B Tech News | 2 months ago      

Google Unveils Gemma 2 2B Compact AI Model Outperforms Larger Models in Speed and Conversational Skills

Google has announced Gemma 2 2B, a new compact and efficient opensource AI model under the Gemma 2 banner, designed for tasks like text generation, tr

Google has announced Gemma 2 2B, a new compact and efficient opensource AI model under the Gemma 2 banner, designed for tasks like text generation, translation, and question answering. Despite its smaller size of 2 billion parameters, Gemma 2 2B outperforms larger models, including ChatGPT 3.5, in speed and conversational abilities. It can run efficiently on various hardware, from edge devices to cloud platforms, and is optimized for NVIDIA GPUs. Google also introduced ShieldGemma, a set of safety classifiers to filter harmful content, and Gemma Scope, a tool using sparse autoencoders to provide insights into AI decisionmaking. All these tools and models are freely accessible on platforms like Kaggle, Hugging Face, and Google Colab. Read More..

B2B Tech News | 2 months ago      

Microsoft Confirms DDoS Attack Behind Major Outage Affecting 365 and Azure Services

Microsoft has officially acknowledged that a distributed denialofservice DDoS assault was the cause of the July 30, 2024, disruption that affected Azu

Microsoft has officially acknowledged that a distributed denialofservice DDoS assault was the cause of the July 30, 2024, disruption that affected Azure and Microsoft 365 services. From around 515 p.m. to 113 a.m., a ninehour outage affected services such as Microsoft Entra, Intune, Power BI, and Azure App Services, resulting in problems with worldwide connection. The assault caused sporadic problems and latency spikes by creating a traffic surge on the Azure Front Door AFD and Azure Content Delivery Network CDN services. The onslaught increased the impact of Microsofts first defences. Since then, the business has adjusted the network setup and redirected traffic to lessen the load but has yet to find the precise threat actor in charge. Read More..

B2B Tech News | 2 months ago      

Google Chrome Introduces Three New AI Features Lens Integration, Tab Compare, and AIPowered History

Google Lens integration, Tab Compare, and an AIpowered browser history are the three new AI capabilities launched by Google Chrome. Right from the add

Google Lens integration, Tab Compare, and an AIpowered browser history are the three new AI capabilities launched by Google Chrome. Right from the address bar, Google Lens enables users to search any area of their screen visually. Specifications, costs, and ratings are all displayed in an easytocompare table created by Tab Compare, which combines product facts from many tabs. Natural language enquiries like "What was the last ice cream shop I looked at last week?" are supported by the AIpowered browser history, which also contains information from incognito mode. These will be made accessible in the US in the upcoming weeks and are intended to improve the user experience. Read More..

B2B Tech News | 2 months ago