Business

Citibank, Toss Bank, KB partners for loan portfolio transfer worth $6B

Citibank, Toss Bank, KB partners for loan portfolio transfer worth $6B

Business

The South Korean subsidiary of Citigroup has reportedly announced that it will partner with the nation's largest bank, KB Kookmin Bank, as well as the internet-only Toss Bank, for the transferring of its portfolio of unsecured personal loans, worth approximately ₩8 trillion ($6.1 billion).

The approach is a part of Citibank Korea's decision, made public in October of last year, to shut down its retail banking activities following the failure of its months-long pursuit for a buyer of the company.

In April of 2021, the firm’s parent group, US banking heavyweight Citigroup, decided to withdraw its consumer banking o

Former employees take EV firm Tesla to court over mass layoffs

Former employees take EV firm Tesla to court over mass layoffs

Business

Former workers of Tesla, the American automotive firm owned by Elon Musk, have reportedly filed a suit against the EV manufacturer claiming that the firm’s decision to conduct a mass layout violates federal law as the firm did not provide prior notice of the job layoffs.

Two employees who claimed they were fired from Tesla's Gigafactory facility in Sparks, Nevada in June filed suit late Sunday in Texas. Over 500 workers at the Nevada factory were laid off, the lawsuit claims.

As per the lawsuit, the employees have claimed that while conducting mass layoffs the firm violated federal laws, which call for a 60-day notice peri

Interior design firm Space Matrix takes over B2B platform Pursuite

Interior design firm Space Matrix takes over B2B platform Pursuite

Business

Singaporean office interior design firm Space Matrix has reportedly acquired a B2B e-commerce website Pursuite, which is one of the largest Asian platforms for selling and purchasing furniture and related equipment.

Arsh Chaudhry, CEO, Space Matrix, said that the process of procuring services and products in order to build a workspace is very outdated and experiences several issues such as the unpredictability of cost and time, consistency and quality of items, governance, price transparency, and product discovery.

And for this reason, digital procurement platform, such as Pursuite itself, has major applicability in the workplace in

AlphaSense becomes a unicorn following a USD 225 million funding round

AlphaSense becomes a unicorn following a USD 225 million funding round

Business

AlphaSense, a business intelligence and search platform, has reportedly raised USD 225 million in funding that was spearheaded by Goldman Sachs Asset Management division Growth Equity and Viking Global Investors.

According to the company, a debt investment made earlier this year from accounts managed by BlackRock is also part of this current capital round. AlphaSense is now valued at USD 1.7 billion, doubling its valuation since it raised USD 180 million in Series C funding back in September from Goldman Sachs and Viking Global.

For those unaware, AlphaSense's platform uses a search technology powered by artificial intelligence

Mike Ashley’s Frasers Group acquires Missguided in a £20 million deal

Mike Ashley’s Frasers Group acquires Missguided in a £20 million deal

Business

The Frasers Group, the British retail and intellectual property firm controlled by Mike Ashley, the founder of Sports Direct, has reportedly acquired troubled online fashion company, Missguided out of administration in a £20 million ($25 million) cash deal.

As per reports, Frasers, which holds the Sports Direct, Flannels retail chains, and House of Frasers, announced it had bought some intellectual property of Missguided Ltd as well as its affiliated entities Missguided (IP) Ltd, and Mennace Ltd, in a purchase funded through working capital.

Following the completion of the deal, Missguided would continue to be run by the admin

UK: Missguided falls into administration following failed rescue bid

UK: Missguided falls into administration following failed rescue bid

Business

Missguided, a online apparel retailer based in the UK, has reportedly called for administrators following its failure to land a rescue deal.

As per report, Teneo administrators were called in at the start of the week after the firm was served with a winding-up petition by apparel suppliers who the retailer owes millions of pounds in payment.

Around 140 jobs are said to be in jeopardy, with sources claiming that over 80 workers were instantly laid off.

Boohoo, a bigger online clothes retailer, had been involved  in talks to acquire Missguided in a pre-pack administration agreement, while As

Big Tech ad revenues to weaken during the post-pandemic era: Study

Big Tech ad revenues to weaken during the post-pandemic era: Study

Business

According to a recent study, tech behemoths such as Meta Platforms Inc., Alphabet Inc., Snap Inc., and Twitter Inc. are facing a paradigm shift as their respective ad revenues start dwindling after experiencing explosive growth last year, primarily due to the pandemic-induced lockdowns.

Analysts predict that the revenues for each of the firms are estimated to be reduced by double-digit percentages by the year 2025, raising serious concerns for the digital platforms.

It is worth noting that digital ad spending had increased by 38% in 2021 when compared to 2020. Alphabet, the world’s biggest digital advertising platform, reporte

Klarna to cut 10% of workforce as BNPL sector faces economic setbacks

Klarna to cut 10% of workforce as BNPL sector faces economic setbacks

Business

Swedish fintech firm, Klarna, is reportedly planning to lay off around 10% of the total workforce, becoming the latest buy now, pay later tech firm to announce layoffs as investors turn sour on the sector.

In a pre-recorded message, Klarna co-founder and CEO, Sebastian Siemiatkowski, broke the news to his employees. The message had Siemiatkowski claiming that the majority of the company’s employees will not be affected by the cuts, however, few will be informed of being let go.

Siemiatkowski added that when the company outlined its business plans for 2022 last year in autumn, the world was a fundamentally different place than

Woodside’s shareholders approve the merger with BHP’s petroleum arm

Woodside’s shareholders approve the merger with BHP’s petroleum arm

Business

Woodside Petroleum, the biggest independent and dedicated oil and gas operator in Australia, has reportedly announced that its shareholders have approved the proposed merger with the Australian-British mining company, BHP Group’s petroleum unit to establish a top 10 globally independent oil and gas supplier worth $40 billion.

as per vote results at Woodside’s annual meeting, the deal received 98.66% of the total final votes.

The merger, which was announced in August, boosts BHP's efforts to transition away from fossil fuels as it seeks to decarbonize while tripling Woodside's oil and gas output and bolstering its