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Macys Faces $5.8 Billion Privatization Bid from Arkhouse and Brigade Capital

A consortium of investors led by Brigade Capital and Arkhouse Management has offered a $5.8 billion offer to take Macys private. Investment firms Arkh

A consortium of investors led by Brigade Capital and Arkhouse Management has offered a $5.8 billion offer to take Macys private. Investment firms Arkhouse Management, which focuses on real estate, and Brigade Capital Management, which manages worldwide assets, put in a bid to buy the shares that they do not already own for $21 each. Compared to Macys closing price of $17.39 on the previous Friday, this deal represents a 20.76% premium. The investing group thinks Macys is undervalued in the open markets and now has a sizable interest in the store. Regarding the situation, Macys declined to comment. Read More..

B2B Tech News | 2 years ago          

Cyberattack Disrupts Greater Richmond Transit Companys Network

Over the Thanksgiving weekend, a hack disrupted the Greater Richmond Transit Company GRTC computer network, which oversees central Virginias transport

Over the Thanksgiving weekend, a hack disrupted the Greater Richmond Transit Company GRTC computer network, which oversees central Virginias transportation system. As the transit firm worked to recover its network, the Play ransomware group published details about GRTC on its leak site and took credit for the attack. Play has given us a deadline of December 13th to pay an unspecified ransom. Services are operating as planned, and GRTC has hired outside experts to investigate the event. In 2023, several municipal services, including those in Oakland, Dallas County, and Lowell, Massachusetts, were attacked by the Play ransomware group. Read More..

B2B Tech News | 2 years ago          

Nvidia Plans to Establish Base in Vietnam for Semiconductor Development

To support the growth of Vietnams semiconductor sector, Nvidia intends to open a base there. The CEO of Nvidia, Jensen Huang, reaffirmed the companys

To support the growth of Vietnams semiconductor sector, Nvidia intends to open a base there. The CEO of Nvidia, Jensen Huang, reaffirmed the companys intentions to establish a centre in Vietnam and stressed the significance of the market there. The base hopes to draw talent from across the world to support Vietnams digitalisation and semiconductor ecosystem. Vietnam is attempting to grow its semiconductor sector, and Nvidias decision is in line with the nations aspirations to enter the design and production of chips. The corporation is scheduled to explore semiconductor collaboration partnerships with local IT companies, having previously spent $250 million in Vietnam. Read More..

B2B Tech News | 2 years ago          

Antitrust Authorities Scrutinize Microsofts Partnership with OpenAI

Antitrust regulators in the US and the UK are investigating Microsofts collaboration with OpenAI, the company behind ChatGPT, in light of recent chang

Antitrust regulators in the US and the UK are investigating Microsofts collaboration with OpenAI, the company behind ChatGPT, in light of recent changes to OpenAIs leadership, including the resignation and reappointment of CEO Sam Altman. Microsoft, one of OpenAIs biggest backers, is an observer on the startups board but does not have voting rights. While the US Federal Trade Commission FTC looks into possible antitrust law violations, the UK Competition and Markets Authority CMA assesses whether Microsofts investment might hurt UK competition. Both authorities have not yet launched an official inquiry, and the questions are still in the early stages. The EU antitrust regulators are closely watching the matter. Read More..

B2B Tech News | 2 years ago          

EU Enacts Historic Laws ChatGPT and AI Face New Regulations

On Friday, the European Union and ChatGPT struck a tentative agreement on historic legislation about using artificial intelligence AI. As a result, th

On Friday, the European Union and ChatGPT struck a tentative agreement on historic legislation about using artificial intelligence AI. As a result, the EU is setting the standard for legislation governing AI. Before generalpurpose AI systems GPAI and foundation models like ChatGPT are released into the market, the agreement requires them to comply with transparency requirements. It also provides guidelines for systemically risky highimpact foundation models. The agreement forbids governments from using biometric categorization systems to infer sensitive information, untargeted face picture scraping, cognitive behavioural manipulation, and realtime biometric monitoring in public areas. It is anticipated that the law will take effect in early 2024. Read More..

B2B Tech News | 2 years ago          

Argentinas New Economy Minister Luis Caputo Faces Daunting Challenges in Economic Crisis

Known as the "Messi of finance" because of his part in restoring Argentinas access to credit markets, Luis Caputo will have a big task ahead of him in

Known as the "Messi of finance" because of his part in restoring Argentinas access to credit markets, Luis Caputo will have a big task ahead of him in his new post as Economy Minister. Caputo will have to compromise between President Javier Mileis demands, who has pushed for extreme measures including closing the central bank and dollarizing the economy, and his agenda, which includes dealing with tripledigit inflation, replenishing reserves, and navigating a dire economic crisis. Notwithstanding the difficulties, investors are looking for a more conventional economic strategy, which has boosted local markets since Caputos appointment. Before this, Caputo was the central banks president and finance minister. Read More..

B2B Tech News | 2 years ago          

Citigroup CFO Announces $1 Billion Charges for Restructuring, Aiming for Streamlined Operations

Mark Mason, Chief Financial Officer of Citigroup, disclosed that the significant reorganisation of the firm will include expenses of around $1 billion

Mark Mason, Chief Financial Officer of Citigroup, disclosed that the significant reorganisation of the firm will include expenses of around $1 billion for severance and restructuring costs. Thousands of jobs may be lost due to the reorganisation, which is anticipated to be finished by the end of Q1 2024 and entails simplifying management. The banks structure will be made simpler, yearly costs will drop to between $51 billion and $53 billion, and profit objectives will be approached due to the reorganisation. Mason said that the fourth quarter may record $200 million or more in restructuring charges. After the reorganisation, Citigroup hopes to attain a mediumterm return on average tangible common stockholders equity ROTCE of 11% to 12%. Read More..

B2B Tech News | 2 years ago          

Alphabet Reveals Gemini, its Advanced MultiModal AI Model to Compete with OpenAIs ChatGPT

The most sophisticated artificial intelligence AI model developed by Alphabet, Gemini, can handle text, audio, and video, among other data types. This

The most sophisticated artificial intelligence AI model developed by Alphabet, Gemini, can handle text, audio, and video, among other data types. This is a significant attempt on Alphabets part to take on AI models such as ChatGPT from OpenAI. Gemini is built for more complex reasoning and subtle knowledge processing. Alphabet intends to introduce the most sophisticated version of Bard, its AI assistant, through Bard in early 2024 and integrate Gemini technology into it. The business has developed three versions of Gemini, each tailored to a particular amount of processing power. The giant version is designed to run in data centres, while the miniature version is optimised for mobile devices. Read More..

B2B Tech News | 2 years ago          



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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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5.  Approximately 8 billion gadgets connect on the internet every day.
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