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SMIC Reports 59% Drop in Q2 Net Profit but Beats Analyst Expectations

Even though its secondquarter net profit of $164.6 million was less than analysts projections of $103.8 million, Semiconductor Manufacturing Internati

Even though its secondquarter net profit of $164.6 million was less than analysts projections of $103.8 million, Semiconductor Manufacturing International Corp. SMIC recorded a 59.1% fall in net profit. Revenue exceeded estimates by 21.8% for the quarter to $1.9 billion. Following a decline that started in late 2022, the data point to a comeback in the global semiconductor market. The Chinese market saw notable growth in the second quarters 18.3% increase in worldwide semiconductor sales to $149.9 billion. SMIC has garnered recognition for its contribution to creating a chip that is present in a Huawei smartphone, even if its primary concentration is still on lowend processors for simpler devices. Yet, unlike competitors like TSMC, its ability to manufacture cuttingedge processors is constrained. Read More..

B2B Tech News | 2 months ago          

Egyptian Pound Falls to 49.16 per Dollar Amid Economic Turmoil

Amid soaring metro tickets and gasoline prices, the Egyptian pound has drastically devalued, surpassing 50 per US dollar. After fluctuating between 47

Amid soaring metro tickets and gasoline prices, the Egyptian pound has drastically devalued, surpassing 50 per US dollar. After fluctuating between 47 and 48 per dollar early this year, the currencys value on Tuesday was 49.16 per dollar, indicating a substantial decrease. This decline comes after an IMF assessment in which Egypt was allowed to take out $820 million from a $8 billion rescue program meant to stabilise its economy. Egypt has been struggling with rising inflation, shortages of foreign currency, and instability brought on by strikes by Yemens Houthi rebels. Recent actions of IMFmandated economic reforms include a 10% rise in gasoline prices and increased Cairo Metro charges. Read More..

B2B Tech News | 2 months ago          

Grupo Werthein Launches Fintech SKX with $177.83 Million Investment, Targets Small Businesses

With a 1 billion real $177.83 million investment over the next two years, Grupo Werthein, the company behind SKY Brasil, is establishing a new fintech

With a 1 billion real $177.83 million investment over the next two years, Grupo Werthein, the company behind SKY Brasil, is establishing a new fintech named SKX, with an initial focus on small companies connected to the telecoms company. Under the direction of Gustavo Fonseca, President of SKY Brasil, SKX will begin by providing standard payment services like debit and credit cards before introducing credit and microcredit products for various purposes. With SKY, the fintech hopes to support about 1,500 small enterprises before growing to include residential customers. This project might expand the scope and offerings of SKX and work in tandem with Grupo Wertheins recent arrangement with Amazon to offer satellite internet throughout South America. Read More..

B2B Tech News | 2 months ago          

Savannah Energy Cancels $1.25 Billion Acquisition of Petronas South Sudan Assets

In light of the parties inability to finalise the agreement on the previously set conditions, Savannah Energy SAVES.L declared on Wednesday that it ha

In light of the parties inability to finalise the agreement on the previously set conditions, Savannah Energy SAVES.L declared on Wednesday that it has called off the $1.25 billion agreement to buy Petronas South Sudanese oil and gas operations. Savannah Energy is still actively exploring other possible transactions to purchase the Petronas assets, even in light of this setback. They are speaking with pertinent parties. To agree, the corporation pledged to keep up conversations and find a workable solution. Savannah Energy has made a substantial strategic change with this initiative to manage the challenges of global energy acquisitions. Read More..

B2B Tech News | 2 months ago          

EPAM Systems Exceeds Quarterly Profit and Revenue Estimates Amid IT Services Demand

Amidst growing company digitisation, EPAM Systems exceeded its quarterly profit and revenue projections because of the robust demand for IT services.

Amidst growing company digitisation, EPAM Systems exceeded its quarterly profit and revenue projections because of the robust demand for IT services. The business announced adjusted profits per share of $2.45, above the projected $2.26, and sales of $1.15 billion for the second quarter, slightly beating the $1.14 billion projection. Global IT spending is anticipated to climb by 8% to $5.06 trillion in 2024, notwithstanding economic uncertainty. EPAM provides various IT services, including software engineering, cybersecurity, and consulting. Regarding EPAM, it improved its fullyear sales target to $4.59$4.63 billion, predicted currentquarter revenue of $1.15$1.16 billion, and adjusted profit of $2.65$2.73 per share. Meanwhile, peers like Freshworks and Cognizant beat revenue forecasts and raised yearly outlooks. Read More..

B2B Tech News | 2 months ago          

Palantir Technologies to Deploy AI Platform on Microsofts Azure Government Cloud

The Department of Defence and other US government agencies will be served by Palantir Technologies Artificial Intelligence Platform AIP and other tech

The Department of Defence and other US government agencies will be served by Palantir Technologies Artificial Intelligence Platform AIP and other technologies on Microsoft cloud platforms, namely Azure Government and Azure Government Secret. Palantirs "Gotham" software is part of this deployment it is used to locate targets on the battlefield. Microsoft Azure OpenAI Service will initially be used in classified environments by Palantir, according to CTO Shyam Sankar. This service gives users access to language models such as GPT4 to improve defence and intelligence operations. It is pending government authorisation before these services become available. Nearly 40% of Palantirs revenue comes from contracts with US government agencies, which it cofounded with Peter Thiel. Microsoft and Palantir will also conduct boot camps to advertise these services in the intelligence and defence sectors. Read More..

B2B Tech News | 2 months ago          

YouTube Suffers Major Outage in Russia Amid Government Criticism

As Russian officials escalated their criticism of YouTube, Russian internet monitoring firms reported a substantial disruption on the network on Thurs

As Russian officials escalated their criticism of YouTube, Russian internet monitoring firms reported a substantial disruption on the network on Thursday. Sboi. Rf reports that thousands of customers had problems with access only being allowed through VPNs. Although specific mobile devices could still access the website, Reuters correspondents confirmed the outage. Both Google and Russias Roskomnadzor refrained from commenting right away. Critics of the Kremlins media are hosted on YouTube, one of Russias few remaining free speech platforms. In recent weeks, Russian MPs have ascribed slow download speeds to Alphabets purported disregard for regional infrastructure. The leader of a Russian legislative committee, Alexander Khinshtein, asserted that the suspension was an essential response to YouTubes management. YouTube refutes these allegations, claiming that it has taken no technical action. Read More..

B2B Tech News | 2 months ago          

Roundcube Patches Security Flaws Allowing JavaScript Exploits and Data Theft

Cybersecurity experts have found security holes in the Roundcube webmail program. These vulnerabilities might be used to run malicious JavaScript in a

Cybersecurity experts have found security holes in the Roundcube webmail program. These vulnerabilities might be used to run malicious JavaScript in a victims browser and perhaps steal confidential data. Once a victim opens a fraudulent email, the attacker can use JavaScript to send emails from the victims account and steal emails, contacts, and passwords. As of August 4, 2024, Roundcube versions 1.5.8 and 1.6.8 have been updated to address the vulnerabilities. Moreover, RaspAP version 3.1.5 fixes a severe local privilege escalation vulnerability that lets attackers obtain root access. Read More..

B2B Tech News | 2 months ago          



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