World

Indonesian q-commerce platform Astro raises $60m in Series B round

Indonesian q-commerce platform Astro raises $60m in Series B round

World

Jakarta-based grocery delivery startup, Astro, has reportedly raised $60 million in a Series B financing round, bringing its total value of raised capital to $90 million since it was established nine months ago.

The round was led by Tiger Global, Citius, and Accel, and also saw the participation of existing investors such as Sequoia Capital India, Global Founders Capital, AC Ventures, and Lightspeed.

The startup plans to utilize the fresh capital for product development, user acquisition, and adding more staff.

On-demand delivery services have gained immense popularity throughout the world, inc

Banks to face profit hit on not taking climate action: Bank of England

Banks to face profit hit on not taking climate action: Bank of England

World

The Bank of England (BoE) has reportedly stated that banks and insurers in the UK will face a 10-15% hit in their annual profits as well as higher capital requirements if they fail to address the climate crisis as a first-order issue.

In the bank’s first comprehensive stress test of how the country’s financial system will tackle the climate crisis and transition to a net zero-carbon economy by 2050, it warned that future costs will only be reduced by acting now.

Sam Woods, Deputy Governor, BoE, in a speech, claimed that the first major lesson from this exercise is that climate risks will become a drag on the profitabilit

Investors back Shell’s climate strategy amid disruption from activists

Investors back Shell’s climate strategy amid disruption from activists

World

Shareholders have reportedly backed oil giant Shell’s climate strategy during a meeting that took place earlier this week, which was disrupted by dozens of climate protestors.

Meanwhile, a climate activist proposal from green group, Follow This, got fewer votes than it did the previous year. The organization has shareholders in every major oil and gas firm including BP and Equinor.

The news follows a Dutch court ruling made last year which told the firm in absolute terms that it is to reduce its greenhouse gas emissions by 45% over the complete lifecycle of its hydrocarbons by 2030.

For t

Changi Airport reopens Terminal 2 to address surging passenger traffic

Changi Airport reopens Terminal 2 to address surging passenger traffic

World

Singapore’s Changi International Airport is reportedly reopening its Terminal 2 after the air hub was closed for upgrading works in May 2020. The move supposedly comes ahead of the anticipated uptick in passenger traffic in the coming months.

The terminal will reopen in phases from 29th May, and will mostly be hosting peak-hour flights of Terminal 3 airlines.

According to the Changi Airport Group (CAG), following the completion of the expansion works by 2024, the terminal’s capacity would be increasing by more than 5 million passengers, wherein it would be able to handle 28 million passengers annually.

Read More

Western Europe to experience unusually high temperatures this week

Western Europe to experience unusually high temperatures this week

World

Western European countries are reportedly expected to experience anomalous heat waves at the beginning of spring. Over the past few weeks, parts of India and Pakistan have also been experiencing unusually hot temperatures.

In large parts of Europe, temperatures were below normal during April, and wind direction, usually from the northeast, shifted to the south or south-west, resulting in a rise in temperatures.

As the flow of air is from the southern area, temperatures across the western Europe will increase further, effectively causing the maximum daily temperatures during this time to be among the highest in the world. There is a

Russia nationalizes Renault plant to bring back Soviet-era Moskvitch

Russia nationalizes Renault plant to bring back Soviet-era Moskvitch

World

The Russian Government has reportedly nationalized a Renault factory in Moscow and plans to use it for reviving the famous Soviet-era Moskvitch automotive brand, with the French automaker calling the move a responsible choice for its Russian employees.

This is the first major instance of a transfer of private assets to the Russian state after the government threatened to nationalize Western firms that exited the country over its invasion of Ukraine.

Sergei Sobyanin, Mayor of Moscow, announced that he has decided to list the Renault factory as an asset of the city and resume vehicle production under the historical brand name of Moskv

Greek policymakers to test green technologies on Tilos island

Greek policymakers to test green technologies on Tilos island

World

Greek policymakers have reportedly chosen the country’s most remote location on the map, the tiny island of Tilos, to test green technology.

For this island of only 500 year-round residents, providing energy, essential services, and even a basic ferry routs has been a struggle. The island’s most recent challenge has been managing plastic waste around its waters.

However, this week authorities revealed that over 80% of Tilos' waste is now recycled. Untreated waste was initially dumped in a hillside landfill, which has been closed permanently.

Since 2019, the island has been gener

House of Lithium acquires micromobility startup Reby for $100m

House of Lithium acquires micromobility startup Reby for $100m

World

Canadian private equity firm, House of Lithium Ltd., has reportedly procured, Reby, a European micromobility startup, for $100 million.

House of Lithium, which focuses on investments in private as well as publicly listed businesses involved in the e-scooter, e-bikes, and other electric mobility value chain, was also a large shareholder in the startup.

The management team of the startup will continue handling operations along with the co-founder, Pep Gomez.

According to Reby, the company ended the year with a revenue of around $15 million and nearly $3 million in earnings before interest, tax, d

Virtual currency, K-pop, battery firms rise up in S Korea’s top 500

Virtual currency, K-pop, battery firms rise up in S Korea’s top 500

World

The list of 500 biggest companies in South Korea in terms of sales has reportedly noted a significant change from the previous year, according to corporate tracker CEO Score, with the country reporting strong rise of K-pop, virtual currency, and battery firms.

According to the tracker, the ranking of chemical battery maker, LG Energy Solution, rose to 44 in 2021 from 343 in 2020, as it witnessed a surge in demand for its pouch and cylinder-type batteries due to the growing popularity of electric cars.

It is to be noted that CEO Score compiles the list according to the firms’ regulatory filings.