Business

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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Lockheed Martin to take over Aerojet Rocketdyne for $4.4 billion

Lockheed Martin to take over Aerojet Rocketdyne for $4.4 billion

Business

The largest U.S. defense contractor Lockheed Martin has reportedly announced the acquisition of renowned missile manufacturer Aerojet Rocketdyne for $4.4 billion.

Speaking of this new deal, James Taiclet, Lockheed Martin’s president and CEO stated that the acquisition provides the company with a larger footprint in the field of space and hypersonic technology. Taiclet also stated that propulsion systems from Aerojet Rocketdyne are already the key parts of the supply chain of Lockheed Martin across various business areas and this acquisition will add significant expertise in propulsion to the company’s portfolio.

As per credi

PhonePe secures USD 700 million from Walmart in Flipkart split

PhonePe secures USD 700 million from Walmart in Flipkart split

Business

Digital payment firm PhonePe has reportedly secured USD 700 million in a new Walmart Inc.-led funding round, at USD 5.5 billion post-money valuation, in a partial spin-off from parent company Flipkart.

The new funding round also marked the presence of existing investors. From the past few quarters, the start-up had been engaging with investors for fresh capital. Earlier this year, the company struggled to raise funds at a USD 3 billion valuation. It had hoped to secure about USD 1 billion at a valuation of up to USD 10 billion before this year.

The partial spin-off indicates that the e-commerce giant Flipkart’s stake in the digita

ScentAir launches an all-new e-commerce platform and diffuser

ScentAir launches an all-new e-commerce platform and diffuser

Business

Scent marketing leader, ScentAir Technologies LLC has announced that it has officially launched a new commercial e-commerce storefront. With this launch, ScentAir has made their signature commercial diffusion technology as well as commercial-quality fragrances available for purchases online. Incidentally, the launch comes in line with the release of the ScentAir Whisper PRO, the company’s latest scent delivery system.

As per sources familiar with the knowledge of the matter, the new e-commerce store will allow all businesses, irrespective of size or industry, to subscribe to a monthly scent marketing service that features their innovative diffusion technology and pop

MISEICO announces cruelty-free & vegan certification from PETA

MISEICO announces cruelty-free & vegan certification from PETA

Business

MISEICO, a minimalist clean beauty products manufacturer, has reportedly announced its cruelty-free & vegan certification from People for the Ethical Treatment of Animals, PETA. The new certification of the company’s products will significantly serve the accelerating demand for ethical skincare products from animal lovers and vegans. The certified companies will not test the final products on animals for performance and quality.

PETA has been initiating various movements to stamp out practices such as animal experiments and testing. MISEICO, by coming under the cruelty-free & vegan certification program of PETA, will consolidate its commitment to ethical and

Minerva-Freeport ink contract for provision of TERRA Mining AI suite

Minerva-Freeport ink contract for provision of TERRA Mining AI suite

Business

Minerva Intelligence Inc., an AI solutions provider, has reportedly inked a contract with a mineral exploration company, Freeport Resources Inc. The contract has been signed for the provision of components of its TERRA Mining AI suite such as LEO, SOLACE, TARGET, and DRIVER solutions. Freeport will utilize Minerva's cutting-edge AI software, DRIVER, to evaluate the multi-element drilling data. Additionally, it will also use TARGET to identify auditable drilling targets using AI, SOLACE to harmonize and standardize large data sets, as well as LEO to rapidly search through all data.

The data analysis will involve 3 studies, with the 1st two being 3D studies, i.e. a K-Means