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Posts tagged as “business”

LG to close its Smartphone Business Unit, promises OS updates for 3 years

LG just announced the South Korean tech giant will close its mobile business unit, which was approved by its boar of directors (BoD). In their official announcement, LG made the decision to exit the smartphone business because it’s been an “incredibly competitive mobile phone sector” and that it “will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well…

Souq is now Amazon.Sa

If you’re a user of Souq, you probably received an email from Amazon that “Souq is now Amazon.sa,” which of course have been a long time coming, since Amazon completed its acquisition of Souq in March 2017 for $580 million in cash.

Honda to close its Sta. Rosa Manufacturing Plant

Honda Cars Philippines, Inc. (HCPI) just announced that they will close its Sta. Rosa Manufacturing Plant, effective March 2020. In their official announcement, Honda said “To meet Honda’s customer needs in the Philippines for reasonably priced and good quality products, Honda considered efficient allocation and distribution of resources. As such, after consideration of optimization efforts in the production operations in Asia and Oceania region, Honda decided to close the manufacturing operations of HCPI.” HCPI will…

Summit Media will now be a “digital-first”, stops print edition of its magazine

Here’s the full text of Summit Media Press release; With over 20 million unique monthly users visiting its 15 websites and 33 million more fans following its brands on social media platforms, Summit Media is now the Philippines’ leading digital lifestyle network, and one of the top two local digital media companies in the country. Its expertise in creating data-informed quality content has allowed it to reach digital audiences comprising more than 25% of the…

SEC suspends Rappler’s license to operate

Securities and Exchange Commission (SEC) cancelled the registration of online news organization Rappler for allegedly violating the Foreign Equity Restriction of the Philippine Constitution. According to Foreign Equity Restriction of the Philippine Constitution, “(t)he ownership and management of mass media shall be limited to citizens of the Philippines, or to corporations, cooperatives or associations, wholly-owned and managed by such citizens.” SEC cites the funding that it received from Omidyar Network and from Marcus Brauchli’s North…

Disney acquires 21st Century Fox for $52.4 Billion in stock

Disney just acquired 21st Century Fox for $52.4 billion in stocks, the reported actual value the deal is approximately $66.1 billion. Once the transaction is close, shareholders of 21st Century Fox will receive 0.2745 Disney shares for each 21st Century Fox share they hold, this will give the Murdoch family trading control of 21st Century Fox for a 4.25% stake in Disney. The deal is expected to complete in 12 to 18 months, once closed,…

Lazada to open official Apple ‘Shop-in-Shop’ for Southeast Asia customers

Fans of Apple can now buy their favourite Apple products on Lazada, Southeast Asia’s leading eCommerce company. As an authorised online reseller, Lazada’s customers can choose from a wide range of Apple products including iPhone, MacBook, MacBook Pro, iPad, iPad Pro, Apple TV, Beats by Dr. Dre, and other accessories. Start shopping this holiday season Consumers can start browsing this holiday season when the Apple ‘Shop-in-Shop’ on Lazada officially launches today (8th December) in the…