On Tuesday, KKR & Co Inc announced plans to purchase cybersecurity startup Barracuda Networks from its private equity owner, Thoma Bravo, showing buyout firms’ persistent interest in cybersecurity industries. Financial parameters were not disclosed in the deal, which confirmed an earlier Reuters report. Barracuda Networks, situated in California, was valued at around $4 billion, according…
Demand for Louis Vuitton and Dior products bolstered its first-quarter sales at LVMH, the world’s largest luxury goods group, demonstrating the industry’s resilience in the face of geopolitical tensions, Covid-19 lockdowns in China, and unpredictable financial markets. According to RBC’s average forecasts, high-end fashion brands contributed a 30 percent increase in sales of its largest segment,…
Elon Musk has decided not to join Twitter’s board of directors, according to the company’s CEO, Parag Agrawal. Musk’s appointment was set to take effect on Saturday, following his announcement last week that he had purchased a 9.2% interest in the social networking site. However, Agrawal tweeted: “Elon shared that same morning that he will…
Higher food costs, rising rents, and soaring energy prices are likely to propel consumer price inflation to its highest level since December 1981 in March. According to Dow Jones, the consumer price index will be revealed Tuesday at 8:30 a.m. ET, with experts expecting a monthly increase of 1.1 per cent and an increase of…
Energy giant Shell has stated that disposing its Russian assets will cost them up to $5 billion (£3.8 billion) as part of plans to exit the country. The company has stated that it will no longer buy oil, but that contracts inked prior to the invasion of Ukraine will be honored. Shell’s exit from Russia…
Tencent is shutting down its video game streaming platform just months after Beijing blocked a massive merger that would have turned the Chinese internet giant into a significant player in the industry. Tencent has announced that the service Penguin Esports will be discontinued as of June 7, citing a change in business strategy. Tencent’s Penguin…
In an effort to challenge Tesla in sales, General Motors and Honda Motor Co have announced that they will create a series of lower-priced electric vehicles based on a new shared platform, potentially producing millions of cars starting in 2027. The news builds on GM’s intentions to start producing two electric SUVs for Honda in…
On Tuesday, US authorities announced criminal and civil accusations against the former CEO of a now-defunct British business for allegedly making a fraudulent offer to buy Textron Inc, a US aerospace and defence company, for $13.8 billion. Melville ten Cate and his London-based Xcalibur Aerospace Ltd were never in a position to complete a tender…
As part of a fresh round of penalties on Russia for its illegal invasion of Ukraine, the European Commission will propose banning Russian coal. Due to the sensitivity of the discussions, two EU sources told the media on Tuesday that the EU’s executive arm will propose that coal be included in the sanctions. The EU…
American auto giant General Motors and Japanese motor company Honda Motor Co announced that they will collaborate on a series of electric vehicles that would be manufactured on a new shared platform. The two companies target to mass produce the electric vehicles beginning in 2027. This latest announcement from GM builds on its intentions to begin producing two electric SUVs for Honda in…
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