Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
Business
Business
Mubadala invests $200m in Bicycle Capital
Bicycle Capital is a growth equity firm focusing on startups.
- Bicycle Capital has received $440 million commitments so far.
- Mubadala's $284 billion portfolio is spread across the globe.
Business
Micron to invest $600m in China plant
Beijing had banned its chips from critical infrastructure projects.
- China's cybersecurity watchdog last month said Micron had failed a national security review, telling operators of "critical information infrastructure" to stop buying its products.
- About 10 percent of Micron's $30.8 billion annual revenue last year came from China, according to company data.
Business
Tawuniya Q1 2023 net profit $20m
Insurance services results in Q1 improved by US$55 million.
- The growth in revenues were offset by an increase in claims incurred and attributable expenses by US$172 million.
- Tawuniya booked additional risk adjustments of US$10 million in Q1 2023 and additional acquisition costs of US$18 million.
Business
Finland firm to slash 1,150 jobs
Stora Enso plans to permanently close four units in Europe.
- Stora Enso employs 22,000 people in over a dozen countries around the world, including South America and China.
- The planned restructuring actions would result in a 380 million euro ($411 million) hit to Stora Enso's annual sales.
Business
Tecom secures $2.06bn loan
This facility replaces an existing partially utilized term loan of the same amount.
- The loan is split into a term loan of AED 4.4 billion, equivalent to the drawn-down amount from the previous agreement, and a revolving credit facility of AED 3.2 billion.
- The company said the new loan facility offers greater financial flexibility and more favorable terms, resulting in immediate interest expense savings over the five-year period.
Business
Vodafone merges with Hutchison
The merger will lead to network investment of £11 billion over 10 years.
- Vodafone and CK Hutchison said in a joint statement that a new combined group is seen having a value of £16.5 billion ($21 billion).
- "The merger is great for customers, great for the country and great for competition," said Vodafone chief executive Margherita Della Valle.
Business
Mubadala-Proprium joint venture formed
The joint venture will invest in Japanese multifamily property.
- The $600 million venture will focus on acquiring and managing high-quality, stabilized rental properties in Tokyo and Osaka.
- The joint venture will also target sustainability initiatives, such as reducing the carbon footprint of its properties, Mubadala said in a statement.
Business
ECI, KazakhExport ink MoU
Aim is to enhance trade between the UAE and Kazakhstan.
- The MoU is in line with the We the UAE 2031 vision aimed at strengthening bilateral economic relations between the two countries.
- The aim is to enhance economic ties in renewable energy, waste management, between the UAE and Kazakhstan.
Business
UK delivery firm Tuffnells collapses
The company had failed to secure new funding, the administrators said.
- Privately-owned Tuffnells, which specializes in large and bulky goods, is based in the northern English city of Sheffield.
- The company, which has 33 delivery depots dotted across Britain, also suffered badly on fallout from the coronavirus pandemic.
Business
HSBC relaunches SVB UK
The new unit is headed by former SVB UK boss Erin Platts.
- HSBC rebranded SVB UK as HSBC Innovation Banking, the London-listed lender said in a statement.
- HSBC in March bought SVB UK under a deal brokered by the UK government and the Bank of England.
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Penguin, SkyBlue ink MoU
Business
Baidu cancels YY Live deal
Business
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MODON launches 10 projects
Business
Cerberus buys HSBC France retail
Business
Albilad Capital to pay dividend
Business
CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
Business
TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
Business
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Business
Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE.
- Demand for electric vehicles in the UAE market has steadily increased over the past few years.
- The collaboration also aims to deliver on the demand for sustainable transportation in the UAE.
Business
Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
- The automaker consolidated its position as the world's top-selling automaker for the fourth successive year
- Toyota said that by next year it plans to have an electrified version for every Toyota and Lexus model globally
Business
Ghitha 2023 revenue at $1.2bn
Ghitha reported an operating profit of $69 million in 2023.
- Ghitha's revenue milestone indicates a significant growth rate of over 100 percent compared to 2022.
- This is due to the successful execution of strategic acquisitions and expansion across diverse categories.