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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.

UK Inflation reaches 15-year high amid Ukraine war and China lockdowns

UK Inflation reaches 15-year high amid Ukraine war and China lockdowns

World

The cost of household items in the UK, such as clothing, toys, and furniture, has reportedly been increasing at the fastest rate in over 15 years. Fueled by the war in Ukraine and the coronavirus lockdowns in China, the inflation is further intensifying the country’s ongoing cost of living crisis.

According to the British Retail Consortium (BRC) and NielsenIQ’s shop price index, non-food inflation increased from 1.5% in March to 2.2% in April, the highest since the monitor began in 2006.

Meanwhile, food inflation went from 3.3% in March to 3.5% in April, the highest recorded since March 2013, driven by the high prices of

UK buyers stock up on cooking oil and other essentials as prices surge

UK buyers stock up on cooking oil and other essentials as prices surge

World

Shoppers across the United Kingdom have reportedly started to stock up on essentials like cooking oil and others as grocery price inflation reaches its highest in over a decade this month.

As per the recent survey by market analyst Kantar, supermarket customers were bracing for the limited stock of some supplies as well as increased prices as the crisis in Ukraine raised public awareness of supply challenges and prices soared.

Cooking oil sales grew 17% in the year ending April 2021, with sunflower oil, the most widely used frying oil in the UK, up 27%, while vegetable oil sales, increased by 40%.

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Jeff Bezos questions China’s influence on Twitter post Musk’s takeover

Jeff Bezos questions China’s influence on Twitter post Musk’s takeover

World

Amazon founder, Jeff Bezos, has reportedly raised concerns over the latest Twitter takeover deal by questioning whether China would lean on Musk’s EV company, Tesla, to subdue criticism of the Chinese Communist Party (CCP) on the social media platform.

Bezos, who is the second-richest man in the world after Musk, posted a tweet questioning the potential influence Beijing could exert over the platform after the news of Musk acquiring Twitter broke out earlier that day.

For the uninitiated, Elon Musk has reached a $44 billion deal with Twitter’s board to purchase one of the most influential online platforms.

Greece plans to lift COVID restrictions for tourism season this summer

Greece plans to lift COVID restrictions for tourism season this summer

World
  • At least 72% of the population is vaccinated in Greece.
  • Face mask and COVID-19 certificates are no longer required in outdoor spaces.

Greece is reportedly planning to lift COVID-19 pandemic curbs such as wearing masks indoors and presenting certificates throughout the summer tourism period. However, authorities will consider reinstating the restrictions back in September.

For those unaware, Greece recently observed a sharp decline in cases with 15,000 infections and 64 deaths. Besides, at least 72% of the 11 million population is vaccinated, making it

Kakao will increase overseas revenue by 30% in the next three years

Kakao will increase overseas revenue by 30% in the next three years

World

South Korean internet giant, Kakao Corp, will be reportedly expanding its overseas revenue by 30% over the next three years under efforts to diversify its income source, which relies heavily on its domestic business, the company said in an online press conference.

Kim Sung-su, co-head of Corporate Alignment Center (CAC), Kakao, stated that the company’s 56 overseas branches will be looking to boost sales revenue by 40% this year. Sung-su added that by 2025, the company plans on increasing its overseas revenue so it accounts for 30%, instead of current 10%, of Kakao’s total sales.

The firm’s Japanese online webtoon plat