Category: Business News

Pinewood-owner Aermont among suitors for £850m Village Hotels | BusinessNewsPinewood-owner Aermont among suitors for £850m Village Hotels | BusinessNews

The major backer of Pinewood Studios is among the suitors vying to buy Village Hotels, one of Britain’s biggest mid-market hotel chains. Sky News understands Aermont, which specializes in real estate-backed investments, submitted an offer last week for Village Hotels, which is owned by KSL Capital Partners. City sources said KSL was seeking offers worth in the region of £850m or more. A number of other parties are also understood to have tabled bids ahead of a deadline last week. Blackstone, the giant private equity firm, is considering making an offer but has not yet done so, according to insiders.…

September 23, 2024 Taufan

Sales down at Nestle after price hikes | BusinessNewsSales down at Nestle after price hikes | BusinessNews

Nestle, the world’s biggest packaged food company, has reported a fall in sales after increasing its prices. The KitKat and Nescafe maker missed first-quarter sales estimates, the company revealed on Thursday, with business particularly hit in North America. Total reported sales dropped by 5.9% internationally to 22.1bn Swiss Francs (£19.4bn) in the first three months of 2024, compared to the same period the year before. Prices were up 3.4% globally and 4.6% in Europe. Nestle said its Purina PetCare range was a strong driver of growth during the quarter, while there was an overall fall in beverage sales, including its…

September 22, 2024 Taufan

Suzlon to merge wholly-owned subsidiary, transfer project business in restructuring exerciseSuzlon to merge wholly-owned subsidiary, transfer project business in restructuring exercise

Suzlon Energy Ltd.’s board has approved the scheme of amalgamation involving the merger of Suzlon Global Services, a wholly-owned subsidiary with itself. The company also plans to transfer its project business on a slump sale basis to one or more wholly-owned subsidiaries of the company. Suzlon will also undertake a capital reorganization exercise through the Scheme of Arrangement by reclassification and transfer of general reserve to retained earnings of the company and also merge Suzlon Energy Ltd., Mauritius, another wholly-owned subsidiary with itself. The company said that there will be no change in the existing shareholding pattern of Suzlon post…

September 21, 2024 Taufan

The Financial Times and OpenAI strike content licensing dealThe Financial Times and OpenAI strike content licensing deal

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favorite stories in this weekly newsletter. The Financial Times has struck a deal with OpenAI to train artificial intelligence models on the publisher’s archived content, in the latest agreement between the Microsoft-backed start-up and a global news publisher. Under the terms of the deal, the FT will license its material to the ChatGPT maker to help develop generative AI technology that can create text, images and code undistinguishable from human creations. The agreement also allows ChatGPT to respond to questions with short summaries from FT articles,…

September 12, 2024 Taufan

Ultimate Performance strikes deal with buyout firm Inflexion | BusinessNewsUltimate Performance strikes deal with buyout firm Inflexion | BusinessNews

Ultimate Performance, an upmarket health and fitness platform, has struck a deal to fuel its expansion by selling a stake to Inflexion, the private equity firm. Sky News understands that the Manchester-based personal wellbeing business, which was founded in 2009, has agreed a transaction after weeks of talks. Ultimate Performance delivers personalized training and nutrition programs to its clients across 24 sites. Founded by Nick Mitchell, it employs 450 people, including 350 personal trainers, in the UK, US, Middle East, Asia and Australia. Money latest: My employer wants to pay me by the minute – what can I do? Inflexion,…

September 11, 2024 Taufan

Telecom Tariffs In India At “Absurdly Low Level”: Airtel Top BossTelecom Tariffs In India At “Absurdly Low Level”: Airtel Top Boss

New Delhi: Tariffs in the Indian telecom industry are at an “absurdly low level” compared to other parts of the world, Bharti Airtel Managing Director Gopal Vittal said on Wednesday as he strongly advocated “tariff improvements” to lift return ratios. Mr Vittal, during Q4 earnings call of Airtel, further said he was glad to see Vodafone Idea’s recent capital raise, and asserted that India will be well served with three private players operating in the market. “The return that the industry really needs is predicated on tariff repair, this is really the heart of the problem that we have today,…

September 10, 2024 Taufan

This business owner brought most of his manufacturing home from China — and feels punished for itThis business owner brought most of his manufacturing home from China — and feels punished for it

A Canadian company that manufactures children’s toy couches finds itself facing a stiff bill for import tariffs after bringing production home to this country. While Barumba Play is no longer importing a majority of its product, a single component of the couches has been reclassified by the Canada Border Services Agency and is no longer tariff-free. The company’s flagship product is a couch for children made of pieces that can be easily taken apart and reassembled for play. Sara Feldstein founded the company in Markham, Ont., in 2021 and initially produced the couches entirely in China. As the couches were…

September 9, 2024 Taufan

Walmart to close 51 clinics as it shutters its entire Walmart Health divisionWalmart to close 51 clinics as it shutters its entire Walmart Health division

Walmart will close all 51 of its doctor-staffed health clinics as part of an announcement that its Walmart Health initiative is shutting down. The clinics, in Arkansas, Florida, Georgia, Illinois and Texas, have been open just a few years. Walmart also said Tuesday it is winding down its virtual care option. Walmart pharmacies and vision centers will not be affected. Patients with scheduled appointments will continue to be seen, and Walmart will make efforts to direct patients to high-quality providers in their insurance networks to ensure they continue to get care, CNBC reported. The announcement is a swift reversal for…

September 7, 2024 Taufan