An MoU has reportedly been signed by government authorities in Indonesia and Singapore for renewable energy cooperation. The agreement was signed by Indonesia’s Maritime Affairs Minister, Luhut Binsar Pandjaitan, and Co-ordinating Minister and Senior Minister for National Security of Singapore, Teo Chee Hean at a recent leadership retreat. The transaction will increase the ability of Indonesia to produce renewable energy. LONGi also participated in the deal as a local supplier, and was represented by Dennis Guo, general manager of South East Asia at the signing event
UBS Group AG, one of the largest banks in Switzerland, has reportedly stepped forward to purchase rival bank, Credit Suisse, in an effort to stabilize the global financial system. The purchase was backed by Swiss government, with regulators making efforts to secure a lucrative deal. According to the Swiss National Bank, this last-minute deal was the most effective way to revive the financial markets and facilitate better risk management for the economy. Under this deal, Credit Suisse was valued at around USD 3.15 billion, which would be just a fraction of its recent USD 8
Lenskart, a renowned Indian eyewear brand, has recently raised funding worth USD 500 million from a subsidiary of Abu Dhabi Investment Authority. ADIA will become the largest shareholder in Lenskart after the completion of the transaction, which is subject to statutory and regulatory approvals. The recent funding at its existing USD 4.5 billion valuation is also one of the biggest funding rounds in the firm’s recent past. The funds will be used to strengthen the firm’s business scope in India and build its presence across Asia and the Middle East. Lenskart will
Renowned influencer marketing platform, One Impression, has recently announced that it has raised Series A funding worth USD 10 million through South Korean gaming company, Krafton. The achievement highlights One Impression’s aim to build a full-stack marketing platform that will help business plans run their campaigns on a large scale. The startup has previously been associated with well-known angel investors like Lenskart founder Peeyush Bansal, CEO of People Group, Anupam Mittal, athlete Neeraj Chopra and comedian Zakir Khan. With the help of these investors, the
Eleven food business owners from UK, including hotels and restaurants, have written an open letter to the government calling for safe labeling on food items. This comes along the heels of recent incidents in which two customers suffered allergic reactions after consuming products from Pret a Manger, one of them causing death. Pret is among the food businesses who signed the letter, which was initiated by a foundation established by the family of Natasha Ednan-Laperouse, a 15-year-old girl who suffered a fatal allergic reaction after eating a baguette filled with sesame see
Finastra, a leading loan provider, has recently announced the launch of its ESG Service, a SaaS-based cloud-native solution to enable sustainability-linked lending. The service will help in the integration of sustainability performance parameters in the ESG pricing for both Finastra Loan IQ and other back office systems. The working mechanism of sustainability-linked loans is different from conventional lending strategies, where multiple moving parts need to be monitored against the sustainability terms mentioned in the credit agreement. This in turn, requires the use of complex pricing structures which can tie up banks’ re
Computer Age Management Services Limited (CAMS), a leading registrar and transfer agent for mutual funds in India, has announced its intention to acquire a majority stake in Think Analytics India Private Limited. Popularly known as Think360AI, the artificial intelligence and data science firm is based in Mumbai. Via a secondary acquisition to be completed before 10th April 2023, CAMS is planning to takeover 55.42 percent of the total paid-up share capital of Think Analytics. Think360AI will become a subsidiary of CAMS post-acquisition, while its own subsidiaries
The partner company of Apple Inc., Foxconn has expressed interest in setting up a plant in India, with a planned investment of USD 700 million for the betterment of local production. This investment also indicates a step in the company’s shift away from production in China, as issues continue to arise between Washington and Beijing. The Taiwanese company is planning to build its new plant on a large site near the Bengaluru airport, where parts for Apple products such as iPhone will be manufactured. The factory may also assemble the handsets of the Apple smartphone. F
Recharge Industries, the well-known Australian renewable energy firm, has reportedly acquired the bankrupt U.K.-based battery maker, Britishvolt out of administration. In Northumberland, Britishvolt had intended to construct a £4 billion (US$4.78 billion) battery facility but pulled out last month due to financial constraints. Apparently, its decline was attributed to a lack of battery expertise, recognized technology, customers, and profit. In many aspects, Recharge Industries shares this