1.ALI EXPRESS :- Online retailer AliExpress Russia on Wednesday said an initial public offering was a possible step for the company, which reported gross merchandise volume (GMV) of $3 billion for the 2020-21 financial year.
A joint venture launched in 2019 with China’s Alibaba and Russian partners, AliExpress Russia operates domestic and cross-border sales.
The company said it now has 29.1 million monthly active users on its online marketplace.
AliExpress Russia did not give a comparison for total GMV, which stood at 229.3 billion roubles ($2.96 billion) for the year to March 31. GMV for its domestic business was up 151% year-on-year at 54.9 billion roubles, the company said.
The COVID-19 pandemic gave a boost to Russia’s e-commerce sector as health restrictions kept consumers at home, but AliExpress Russia, which depends on cross-border transactions for more than three quarters of its business, was slower to see the benefit as supply chains adjusted to new travel restrictions.
The company said an IPO was a possible step, but that such a decision was one for its shareholders.
“There are no specific plans for the dates – it may be next year or later,” AliExpress Russia said.
CEO Dmitry Sergeev said the company’s cross-border business grew in line with Russia’s total e-commerce market, which analysts from market research firm Euromonitor put at almost 40% in 2020, and that its domestic business was growing ahead of the market.
2.GOOGLE- Google research manager Samy Bengio said on Tuesday he was resigning, according to an internal email seen by Reuters, in a blow to the Alphabet Inc unit after the firings of his colleagues who questioned paper review and diversity practices.
Though at least two Google engineers had earlier resigned to protest the dismissal of artificial intelligence (AI) researcher Timnit Gebru, Bengio is the highest-profile employee yet to depart.
Google confirmed Bengio’s resignation and his email. Bengio did not respond to requests for comment. Bloomberg earlier reported the news.
A distinguished scientist at Google, Bengio spent about 14 years at the company and was among its first employees involved in a decade-old project known as Google Brain that advanced algorithms crucial to the functioning of various modern AI systems.
Andrew Ng, an early Brain member who now runs software startup Landing AI, said Bengio “has been instrumental to moving forward AI technology and ethics.” Another founding member, Jeff Dean, now oversees Google’s thousands of researchers.
Google Brain researcher Sara Hooker in a tweet described Bengio’s departure as “a huge loss for Google.”
In the internal email Bengio had sent, he said he decided to leave Google to pursue “other exciting opportunities” and that his last day would be April 28.
Google fired staff scientist Margaret Mitchell in February after alleging she transferred electronic files out of the company. It fired fellow researcher Gebru in December after she threatened to quit rather than retract a paper.
3. DELIVEROO:-Deliveroo shares rose on Wednesday, the first day retail investors could trade stock bought during the food delivery group’s initial public offering (IPO), while some of the company’s UK riders were expected to strike over fair pay.
At 0924 GMT on the first day of unrestricted trading, Deliveroo’s shares were up 2.3% at 286.4 pence, but still about 25% lower than the IPO price, following a hefty first day tumble when it made its stock market debut in London last week.
Deliveroo was given an initial valuation of 7.6 billion pounds ($10.46 billion) through a 390 pence price tag per share.
“Though Deliveroo has risen…on the first day of trading available to retail investors, it’s too soon to tell whether this is a vote of confidence in the stock,” said Connor Campbell, an analyst at Spreadex.
“The real test for the company is going to be the coming months, especially if a driver-strike does indeed go ahead.”
Hundreds of Deliveroo riders were expected to strike on Wednesday, asking for fair pay and basic workers’ rights, according to the Independent Workers’ Union of Great Britain (IWGB).
A Deliveroo spokesperson said that in a survey carried out on Tuesday, 88% of riders said they were happy with the company.
4. NOKIA-Finland’s Nokia has settled a multi-year patent fight with China’s Lenovo Group , the world’s biggest PC maker, resolving all pending litigation across all jurisdictions, the companies said on Wednesday.
While terms of the cross-license agreement remain confidential, Lenovo will make a net balancing payment to Nokia, the Finnish telecom equipment maker said.
A Nokia spokesman declined to disclose the financial details.
Nokia launched its legal battle against Lenovo in 2019 over alleged infringement of 20 video-compression technology patents and had cases in the United States, Brazil and India, in addition to six cases in Germany.
Lenovo had also sued Nokia in a court in California.
A Munich court ruled in September that Lenovo infringed one of Nokia’s patents, and it ordered an injunction and a recall of products from retailers.
“The global accord struck will enable future collaboration between our companies for the benefit of customers worldwide,” said John Mulgrew, chief intellectual property officer of Lenovo.
Nokia’s patent portfolio is composed of around 20,000 patent families, including over 3,500 patent families declared essential to the 5G technology standard.
5. TOSHIBA-Toshiba Corp is considering a $20 billion offer from private equity firm CVC Capital Partners to take it private, a person familiar with the matter said, as the Japanese industrial conglomerate faces pressure from activist shareholders to improve governance.
The proposed deal, which comes three weeks after shareholders approved an independent probe into the scandal-hit company, could shield managers, particularly Chief Executive Nobuaki Kurumatani, from that scrutiny. It would, however, invite regulatory review given its government work.
“Toshiba received an initial proposal yesterday, and will ask for further clarification and give it careful consideration,” Toshiba said in a statement, without providing further details.
Toshiba’s board, which includes Kurumatani who joined Toshiba from CVC, and Yoshiaki Fujimori, a senior advisor at the private equity firm, will discuss the proposal on Wednesday, the source with knowledge of the proposal said.
Shares in Toshiba were untraded in morning trade with buy orders overwhelming sell orders.
CVC is considering a 30% premium over Toshiba’s current share price in a tender offer, putting the value of the deal at nearly 2.3 trillion yen ($21 billion) based on Tuesday’s closing share price of 3,830 yen, said the source, who declined to be identified as the matter is private.
LightStream Research analyst Mio Kato, who publishes on investment research platform Smartkarma, described that offer price as too low.