Tech

GE Lagos Garage
Tech

GE’s Q2 revenue drops by 12% to USD29.6 billion

GE said its second quarter revenue dropped by 12% year on year while its cash flow rose more than expected. Outgoing CEO and Chairman, Jeff Immelt, Chairman “GE’s portfolio enables us to execute in a slow-growth, volatile environment, with Industrial segment organic revenues +2% and orders +6%. We delivered $0.28 […]

Georgi Ganev to head Kinnevik from 2018
Tech

Georgi Ganev to head Kinnevik from 2018

Georgi Ganev, the recently appointed chief executive officer of Kinnevik will be resuming his position by the 1st of January, 2018. Kinnevik confirmed the status in its latest trading update where its net asset value was disclosed at SEK81.9 billion (SEK 298 per share), up SEK 2.4bn or 3% during […]

Kinnevik invests USD65 million in Betterment LLC
Tech

Kinnevik invests USD65 million in Betterment LLC

Kinnevik AB, Swedish tech investor said it has invested another USD65 million into Betterment LLC. Betterment is the largest independent automated investing service company in the United States, as the company extends its financing round from last year. Kinnevik said the USD70 million extension to the March 2016 financing round […]

Paysafe acquires Merchants’ Choice Payment Solutions
Tech

Paysafe acquires Merchants’ Choice Payment Solutions

Paysafe Group, owners of Skrill said it will acquire the holding company for Merchants’ Choice Payment Solutions, a payment processor based in the Houston suburb of Shenandoah, Texas. MCPS is a data-focused full-service payment processor for merchants and sophisticated, high-volume Independent Sales Organisations (“ISOs”) in North America. Delivering card processing […]

ABB Q2 EBITDA misses estimates on high commodity prices
Tech

ABB Q2 EBITDA misses estimates on high commodity prices

ABB, the industrial robotics company said its second quarter EBITDA missed estimates as a result of higher commodity prices. Operational EBITA margin 12.4%, dampened this quarter by commodity prices and some overcapacity. Net income came in at USD525 million. The company’s cash flow from operating activities was USD467 million reflects […]

Millicom second quarter EBITDA falls by 0.5%
Tech

Millicom second quarter EBITDA falls by 0.5%

Millicom said its second quarter earnings before interest, depreciation and AMORTIZATION, EBITDA fell slightly by 0.5%. EBITDA for the quarter missed analyst estimates to come in at USD535 million as against USD586 million disclosed last year. Total revenue of USD1,517 million declined 1.5% year-on-year as reported and by 1.8% on […]

Arto Nummela resigns as HMD Global’s CEO
Tech

Arto Nummela resigns as HMD Global’s CEO

Arto Nummela, the Chief Executive Officer of HMD Global, makers of Nokia phones has resigned his appointment from the company. A statement released by the company from its Finnish headquarters, the company said Arto Nummela will leave HMD with immediate effect. Commenting on the changes, Sam Chin, Chairman of the […]

Pete Rive resigns from Tesla Inc
Tech

Pete Rive resigns from Tesla Inc

Tesla Inc. has just confirmed that Pete Rive will be leaving the company to “explore new opportunities”. According to his profile, Peter Rive served as SolarCity’s co-founder and COO, overseeing all company operations nationwide. He has been the primary visionary driving the company’s technology innovation and is responsible for many […]