Latest Economy News

Noventiq seeks Nasdaq listing, combining with Corner Growth
Noventiq, a UK-based IT firm providing cybersecurity and cloud solutions, has announced plans for a Nasdaq listing through a potential business combination with Corner Growth Acquisition Corp, a Californian blank-check firm. Noventiq's board of directors believes the company's current price of its listed Global Depository Receipt is 'not a fair reflection' of the company's value.... Read More

IT recruitment activity fell by almost 7% in December
As recessionary fears grow across many global economies, a number of organisations are cutting back on new hires or are letting staff go that are no longer seen as essential. While the initial period after pandemic-related restrictions were eliminated saw an uptick in recruitment, this boost appears to be short-lived. According to statistics from GlobalData’s... Read More

Singapore technology firms layoff over 1,200 staff since July
A total of 1,270 staff at technology firms in Singapore were laid off from July to mid-November this year, mirroring the employment situation at tech businesses across the world. This figure represents a major increase from the first half of the year, where only 260 staff were laid off, according to figures released by Manpower... Read More

Carlyle raises €3 billion for European technology fund

US-based private equity company Carlyle Group has reportedly raised more than €3 billion to be invested in lower mid-market and growth technology businesses in Europe through a European technology fund, according to a Reuters report. The fund called CETP V is said to seek out “pockets of life” found in the economy according to the… Read More

Twitter staff brace for major layoffs

Employees at Twitter are preparing themselves for a major set of layoffs, as around 2,000 staff, or 25% of the workforce, may be dismissed as part of an extensive overhaul. Soon after buying Twitter for $44 billion, new owner Elon Musk appointed himself CEO, dissolved the board of directors and fired leading executives. Earlier reports… Read More

Asia Crypto Ecosystem Faces New Opportunities and Challenges

The crypto space in Asia is set to undergo a great deal of change in the coming months, as Singapore prepares to introduce strict guidelines on virtual digital assets and China increases its efforts to reduce crypto transactions. However, the Asian crypto space is increasingly diverse, with a number of positive developments around cryptocurrencies and… Read More

Citeline, Norstella Merge to Form $5bn Pharma Tech Company

Norstella and Citeline have completed a $5 billion merger to form one of the world’s largest pharmaceutical intelligence solutions providers. More than 1,600 employees make up Norstella’s five brands: Evaluate, MMIT, Panalgo, The Dedham Group, and now Citeline. “We believe that patient access starts with identifying unmet needs and doesn’t end until a patient has… Read More

Rockwell Automation acquires CUBIC, broadening access to data centre solutions

Rockwell Automation, the world’s largest industrial automation and digital transformation company, has completed its acquisition of CUBIC, a Danish company specialising in modular systems for constructing electrical panels. The deal is expected to broaden Rockwell’s market access in renewable energy and data centre solutions. “We are excited to welcome the CUBIC team with their expertise… Read More

Indian semiconductor component market forecast to reach $300bn by 2026

A combination of supply chain challenges and COVID-related issues have significantly impaired the semiconductor manufacturing sector. The massively growing number of devices and products that require semiconductors, such as smartphones, computers, trains and cars, is helping drive demand. According to a new joint report by the India Electronics & Semiconductor Association (IESA) and Counterpoint Research,… Read More

Research shows organisations expect to ramp up tech investment post Covid-19

Investment in new tech by businesses is likely to increase despite uncertainty from the coronavirus pandemic, new research suggests.

A survey of IT professionals by CWJobs as part of its annual Confidence Index found that almost half (49%) of senior staff believe they will increase their tech budget in the wake of the outbreak.

Alibaba Cloud to inject $28 billion into cloud infrastructure

Alibaba has announced plans to plough $28 billion into its cloud division over the next three years following a surge in demand for cloud services that assist remote working.

The majority of the investment will fund an expansion of Alibaba’s cloud operating system and servers and chips for its data centres. Alibaba Cloud currently has 63 availability zones, located in Asia, Australia, the Middle East, Europe and the United States.

Schneider Electric reopens China factories closed due to coronavirus

Electrical equipment and data centre infrastructure giant Schneider Electric has said the financial impact of coronavirus on its quarterly revenues could reach €300m after factory closures in China temporarily halted production.

The company was forced to shut down facilities in China in response to the outbreak, 80 percent of which have now reopened.