Business

Online fashion retailer Boohoo to acquire Debenhams online business

Online fashion retailer Boohoo to acquire Debenhams online business

Business

Popular internet fashion retail firm, Boohoo has agreed to purchase Debenhams’ online business, in a move which would see the closure of the remaining high street shops of the department store chain, cite sources familiar with the matter. The transaction is expected to be announced this week and the purchase price is estimated to be nearly £50 million.

It has been reported that Debenhams, the 243 years old department store chain, entered administration in April 2019 and had been trying to find a buyer since last summer, however, its administrators have stated that they did not receive any deliverable proposal during its liquidation in December. As of that month

Rio Tinto warns Juukan Gorge destruction impact still ‘unknown’

Rio Tinto warns Juukan Gorge destruction impact still ‘unknown’

Business

Leading mining company, Rio Tinto, has reportedly warned that the regulatory repercussions of the destruction of Juukan Gorge rock shelters still remain unknown and can possibly affect its ability to expedite the exports of iron ore this year as escalating demand from China spurs the prices.

The biggest iron ore miner across Australia has stated that it intends to ship 325 to 340 million tons of steel-making raw material this year after achieving the target of 331 million tons in 2020. However, Rio has advised its investors that the iron ore target remained subject to market conditions, weather, and fallout from its destruction of ancient caves situated in the region of We

Lineage Logistics and Turvo partner to eliminate supply chain barriers

Lineage Logistics and Turvo partner to eliminate supply chain barriers

Business

International warehousing and logistics services provider Lineage Logistics has reportedly signed a joint venture agreement with Turvo Inc. to launch a fully integrated and unified supply chain technology solution Lineage Link®.

Sources aware of the development cited that Lineage Logistics intends to connect its network as well as increase efficiency, performance, and collaboration for all supply chain companies using Lineage Link®.

For those uninitiated, Turvo is a San-Francisco based company that specializes in developing collaborative logistics software for the worldwide supply chain. The company connects organizations with p

Parler sues Amazon for taking it off AWS alleging political resentment

Parler sues Amazon for taking it off AWS alleging political resentment

Business

Parler, the renowned alternative social media platform that is preferred by the far-right, has reportedly sued Amazon on Monday in response to being de-platformed, claiming breach of contract, an antitrust violation, and interference with company's business relationships with users.

As per credible sources, the complaint has plead the federal court for enforcing a temporary restraining order against Amazon, labelling the decision made by Amazon Web Services as a severe ‘death blow’ to its business.

The complaint stated that without AWS, Parler will come to an end as the company has no other way to get online. It also add

Hyundai may soon associate with Apple over EV & battery production

Hyundai may soon associate with Apple over EV & battery production

Business

South Korean automaker Hyundai Motor Company is reportedly in early discussions with American multinational conglomerate Apple Inc. of teaming up for producing battery and electric vehicles. Hyundai shares also witnessed a 24% surge following the recent reports. 

The Seoul-based automobile manufacturer stated in a regulatory filing to have received several requests for cooperation on joint development venture of autonomous electric vehicles from different companies. However, Hyundai did not identify any of them while Apple declined to comment on the recent developments.

For those uninitiated, Apple had recently disclosed that it is

MGM Resorts to enter online gambling business by acquiring Entain

MGM Resorts to enter online gambling business by acquiring Entain

Business

US based casino major MGM Resorts is apparently planning to acquire the renowned British gaming company Entain as a part of its latest effort towards entering the online gambling business. For the record, Entain owns bookmaker Ladbrokes, as well as numerous online gambling and sports betting sites.

Apart from Ladbrokes, FTSE 100-listed Entain also owns online gaming group Partypoker and sports-betting site Bwin. The company boasts of being one of the largest sports betting and gaming groups across the globe operational in the online as well as retail sector.

Last month, the company had renamed itself from GVC Holdings to Entain. The oth

GreatStar Tools USA acquires Shop-Vac to expand its product portfolio

GreatStar Tools USA acquires Shop-Vac to expand its product portfolio

Business

Following an abrupt closure in September 2020, Pennsylvania-based leading wet and dry vacuum systems provider Shop-Vac Corp. has reportedly been acquired by Hangzhou Equipment Holdings LLC, a division of Hangzhou GreatStar Industrial Company as well as GreatStar Tools USA.

For those uninitiated, GreatStar is one of the major hand tools suppliers for industrial, professional, and DIY markets across the globe. The company also specializes in manufacturing specialty tools for automotive, plumbing, paint, and masonry applications.

Sources confirmed that the fresh acquisition will allow GreatStar to integrate Shop-Vac products in its growing

LG Electronics and Magna partner to produce electric car components

LG Electronics and Magna partner to produce electric car components

Business

South Korean multinational electronics firm LG Electronics Inc. has reportedly signed a joint venture agreement with Magna International Inc., a Canadian mobility technology company, to develop key components used in electric cars.

Sources with knowledge of the matter stated that the LG Magna e-Powertrain, the temporary name for the joint venture, is valued at approximately USD 1 billion. The two companies will focus on producing onboard chargers, inverters, and e-motors used in an electric car.

The agreement extends a wave of consolidation among suppliers who intend to cater to the growing demand for e-axle systems, electric vehicles,

Acclime acquires Finex Corporation; doubles its business in Vietnam

Acclime acquires Finex Corporation; doubles its business in Vietnam

Business

Renowned Asian corporate services provider, Acclime, has recently announced the acquisition of Vietnam based Finex Corporation. As per credible sources, this acquisition deal has increased Acclime’s headcount in Vietnam to more than 100 and has doubled the size of the its business in the rapidly expanding Vietnamese market.

For the record, Finex was established in 2008 and had started as an HR consultancy, offering services such as recruitment, payroll, HR consultancy, and staff outsourcing services to global clients operational in Vietnam. As the business flourished, its service portfolio expanded to include tax, accounting, and compliance.

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