BUSINESS
Adani to acquire Holcim's stake in Ambuja Cements and ACC Ltd
Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements). The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is $10.5 billion, which makes this the largest ever acquisition by Adani, and India's largest ever M&A transaction in the infrastructure and materials space.
Centre asks states, UTs and FCI to continue wheat procurement
The government's decision comes in the wake of requests by state governments/UTs to continue the procurement process. The extended period is expected to benefit farmers.
Tesla stops taking Cybertruck orders in China, Europe
The Tesla website now only allows visitors to sign up for Cybertruck updates and orders are no longer possible, reports Tesla North. For now, it remains possible to place a Cybertruck order in Canada, the US, and Mexico.
UAE telecom operator Etisalat acquires 9.8% stake in Vodafone for $4.4bn
Emirates Telecommunication Group, formerly known as Etisalat and now rebranded as e&, has acquired approximately 2,766 million shares in Vodafone, The National reported. "Vodafone is one of the leading businesses at the heart of digital communications in Europe and Africa with a compelling business offering critical connectivity and digital services," Hatem Dowidar, group chief executive of Etisalat, said.
Markets to rally in the short term
The broader markets saw BSE100, BSE200 and BSE500 lose 4.44 per cent 4.62 per cent and 4.81 per cent. BSEMIDCAP lost 5.68 per cent while BSESMALLCAP lost 6.56 per cent. Very clearly there was pain across the board and stocks of all kinds were under pressure. The lows made in the market a fortnight after the Russia-Ukraine war began on February 24, were made on 7-8th March. These lows were almost tested during trading over the last couple of days.
'Mountains to climb': Air India CEO-designate Wilson on new role
Wilson is currently the CEO of Singapore Airlines' subsidiary Scoot Air. Singapore Airlines (SIA) is a joint venture partner of Tata Group in full-service carrier Vistara. "This afternoon I informed the executive team and your union leaders of my resignation from Scoot and the SIA Group," he said to the employees to Scoot through a communique, which reportedly was his farewell letter.
Global digital transformation spending to reach $1.8 trillion this year
The DX priorities that will see the largest investment in 2022 include back office support and infrastructure, smart manufacturing, and digital supply chain optimisation. Together, these three investment areas will represent more than $620 billion in DX spending this year, according to the International Data Corporation (IDC).
Samsung likely to raise chip prices by 20%
Samsung is in talks with foundry clients to hike the contract chipmaking prices, Yonhap reported citing media reports. Samsung spokespersons, contacted by Yonhap, said they could not officially comment on the matter. Samsung is the world's largest memory chip maker and the second largest contract chip manufacturer after Taiwan's TSMC.
Smartphone demand drops 'like a rock', 200mn less handsets this year
According to Semiconductor Manufacturing International Corporation (SMIC), China, lockdowns will result in 200 million less smartphone units this year, reports South China Morning Post. The SMIC predicted a gloomy outlook for consumer electronics demand, saying it sees no sign of a recovery anytime soon. The Shanghai lockdown could reduce production by five per cent this quarter.
I'm 'personally liable' for $750mn SoftBank loan: Better.com CEO Vishal Garg
On November 30, 2021, Better.com, which is a digital mortgage lender, announced that "Aurora Acquisition Corp and SoftBank decided to amend the terms of their financing agreement to provide Better with half of the $1.5 billion they committed immediately instead of waiting until the deal closes".
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