Category: 3. Business

In 2021, Anuvu’s predecessor Global Eagle emerged from Chapter 11 restructuring after selling substantially all its assets to a group comprising the firm’s first-lien investors, including but not limited to certain funds managed by affiliates of Apollo Global Management, Inc., Eaton Vance Management, Mudrick Capital Management, and Crestline Investors, Inc. Two months later, Global Eagle rebranded as Anuvu.

Now privately-held Anuvu confirms it intends to sell 100% of the company to Beverly Hills, California-based Platinum Equity, which manages roughly $50 billion of diversified assets.

Financial terms have not been disclosed, but the transaction will include Anuvu’s inflight connectivity (IFC) and Media units, and allows the company to pay off debt, deploy free cash flow in new investments, and continue to scale its network infrastructure, CEO Josh Marks tells Runway Girl Network.

Anuvu provides both IFC and inflight entertainment (IFE) content service provisioning to airlines, and counts a raft of operators as customers, including notably Southwest Airlines for IFC. It has asked the US Federal Communications Commission (FCC) for permission to transfer non-common carrier earth station licenses to a newly registered company owned by Platinum Equity.

Anuvu’s arrangement with Platinum Equity is structured for tax efficiency and corporate simplification. Pre-closing, Anuvu expects to realign its current operations into two subsidiary entities, each managing one of its two primary lines of business IFC and Media technology.

“By adjusting our IFC and Media corporate structure as part of an ownership change, we simplify back-office and customer complexity while also driving tax efficiency,” explains Marks.

“We plan to transfer our FCC licenses to the IFC subsidiary. The contemplated corporate changes will occur after receiving regulatory approvals and before closing, and will not impact our current operations or customers.”

He confirms that:

Anuvu will continue to operate both IFC and Media.

Founded in 1995, Platinum Equity describes itself as “a global investment firm with ~$50 billion of assets under management, teams and investors around the world, and a diverse, global portfolio of operating companies in a wide range of industries. Our current portfolio of approximately 60 companies operates in a diverse range of industries, generates $100+ billion of aggregate revenue and employs approximately 200,000 people across the globe.”

Platinum Equity’s prior investments in telecommunications carriers include Covad, Securus, DSLnet and Matrix Telecom.

“Platinum Equity Advisors are experienced investors in aerospace, telecommunications and media-related services. Platinum’s platform investment in Anuvu allows us to pay off debt, deploy free cash flow in new investments, and continue to scale our network infrastructure, distinctive content and digital capabilities,” says Marks.

“This transaction is the next milestone in our successful transformation post-COVID, reflecting our significant free cash flow generation, customer growth, and successful deployment of new technologies, including our Anuvu Constellation MicroGEO satellites. NuView Alpha and Bravo entered commercial service this month and are actively deployed on our North American network with excellent performance.”

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Featured image credited to istock.com/Patamaporn Umnahanant

A record number of electric cars were registered in western Europe between April and June, as more affordable battery-powered cars came to market, according to new research.

Nearly 600,000 battery electric vehicles (BEV) hit the roads in the last quarter in a boost to sales that had been rising more slowly than previously forecast in the last year.

The record rollout, which is likely to be topped in the current quarter, has come as more affordable BEVs enter the market and sales in southern Europe have accelerated, according to Matthias Schmidt, a Berlin-based automotive analyst.

“Electric vehicles are becoming more affordable and more attractive to private consumers for the first time. Previously, it was just corporate consumers, company car drivers,” Schmidt said.

While electric cars are much cheaper to own than their petrol equivalents, they often come with a higher purchase price. However, the arrival of smaller and cheaper models is seen as an important step in persuading lower-income buyers to make the switch from fossil fuel vehicles.

European carmakers, such as Citroën-owner Stellantis and Renault, have started to introduce more affordable models to attract price-sensitive potential buyers and bring down the average emissions of their vehicle fleets in line with EU regulations.

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The continued rollout of the charging network across Europe is also helping to remove some potential owners’ range anxiety: the name given to drivers’ worries about being able to find a charge point during their journey.

As a result, quarterly sales across western Europe are predicted to exceed 600,000 for the first time between July and September, partly thanks to the September release of a new number plate in the UK, traditionally boosting sales.

Sales of Chinese-made EVs are also rising across Europe, particularly those produced by BYD, which is vying with Elon Musk’s Tesla to become the world’s biggest electric carmaker and is focusing on sales in the UK, Spain and Italy.

A quarter of BYD vehicles shipped to Europe end up on British roads, Schmidt said. The EU introduced tariffs of up to 35% on Chinese-made EVs in late 2024, after a year-long anti-subsidy investigation, a move that has not been followed by the UK. Currently one in 10 electric vehicles currently on European roads are Chinese-made.

In the final months of the year, the revival of a social leasing scheme in France combined with the re-introduction of a UK government electric vehicle subsidy scheme – which will cut the price of some electric cars by up to £3,750 – is also expected to increase sales.

However, in the UK, a discount of up to 10% will only be available for the “greenest” cars and those priced at less than £37,000, meaning neither Teslas – which start at about £40,000 – nor Chinese-made cars from makers such as BYD will be eligible.

The National Savings Centre in Faisalabad has announced the winners of the Rs1,500 prize bond draw for August 2025.

As per the State Bank of Pakistan’s (SBP) policy, the first prize is worth Rs3 million, while three second prizes of Rs1 million each have been awarded.

Rs1,500 Prize Bond Top Winners August 2025

First Prize: Rs3 million – Ticket number: 790468

Second Prizes: Rs1 million each – Ticket numbers: 031085, 193673, 607650

Story Continues

Artificial intelligence start-up Perplexity AI has made an unsolicited $34.5bn (£25.4bn) all-cash offer for Google’s Chrome browser, in a move that some analysts say is as much about signalling intent as it is about striking a deal.

The San Francisco-based company revealed the bid on Tuesday, reported Reuters, claiming it had secured backing from several large venture capital funds to finance the offer in full, although it did not name them.

Chrome, launched in 2008, is used by more than three billion people worldwide and remains a cornerstone of Google’s control over online search.

The timing is notable, with Perplexity’s approach coming our just weeks before US District Judge Amit Mehta is expected to outline remedies in a major antitrust case the Department of Justice (DOJ) won against Google last year.

The DOJ has proposed that Chrome be divested to restore competition, though Google has vowed to appeal, describing the remedies as “extraordinary” and “overboard”.

Perplexity, valued at $18bn in its latest funding round, is one of a wave of AI-powered search challengers seeking to disrupt the traditional search market.

Founded in 2022, the firm’s search engine provides AI-generated direct answers alongside links to source material, and in July it launched Comet, its own browser built on the same open-source platform as Chrome.

In its bid, Perplexity pledged to keep the open source platform, Chronium, invest $3bn in Chrome over two years, retain most of the browsers’ staff and, notably, keep Google as the default search engine.

Ben Barringer, global tech analyst at Quilter Cheviot, said the offer “is as much about making a statement as it is about securing a deal”, noting the $34.5bn price tag “is widely seen as undervaluing Chrome” and could be the start of a broader price discovery process.

The move also highlights the growing strategic value of browsers in the AI era.

“Whoever owns the gateway to the web holds influence over how information is accessed, prioritised, and trusted”, said Alon Yamin, co-founder and chief executive of Copyleaks.

Whether the bid is a realistic attempt or a calculated show of strength, analysts expect any forced Chrome sale to attract multiple suitors like OpenAI and Yahoo, if regulators push ahead.

But Google is likely to fight any divestment through a lengthy appeals process, potentially delaying such a decision for years.

Eyestem Research Pvt. Ltd., closed $10 million (USD) funding round. This funding was led by a strategic partner with notable strong participation from existing investors.¹

In reporting from India Entrepreneur, Jogin Desai, Founder and CEO of Eyestem, is quoted on this news saying, “This milestone strengthens our foundation for global expansion while ensuring patient access to transformative therapies.”¹

Endiya Partners, an early supporter of Eyestem, sees progress from laboratory research to late-stage human trials underscores the potential of Indian innovation to address global health challenges.¹

In June of 2025, Eyestem has announced the completion of its phase 1 study for its investigational retinal pigment epithelium (RPE) cell therapy, Eyecyte-RPE. The company has submitted the results to the Central Drugs Standard Control Organisation (CDSCO), India’s national regulatory body for cosmetics, pharmaceuticals, and medical devices, for permission to start phase 2 of the study.²

The trial was designed to evaluate the safety and efficacy of Eyecyte-RPE in patients with geographic atrophy (GA) secondary to dry age-related macular degeneration (dry AMD), and according to the company, it has shown “promising outcomes in the initial phase.”²

The trial treated 9 patients in 3 sequential, ascending dose-level (DL) cohorts. The 3 DLs were Eyecyte-RPE at 100,000, 200,000, and 300,000 cells. Eyecyte-RPE is a suspension of human induced pluripotent stem cell (hiPSC)–derived retinal pigment epithelial (RPE) cells.²

The company states that planning for a US leg of the trial is underway and is targeted for the first half of 2026.²

Ophthalmology Times spoke with Jogin Desai, founder of Eyesteam while on site at the 2025 ARVO meeting, which was held in May of 2025 in Salt Lake City. Watch this interview and learn more about the current trials Eyestem is conducting.³

Reference:

1. Eyestem Research Raises USD 10 Million. India Entrepreneur. News Release. August 12, 2025. Accessed August 15, 2025. https://www.entrepreneur.com/en-in/news-and-trends/eyestem-research-raises-usd-10-million/495782

2. Harp MD. Eyestem completes phase 1 study of Eyecyte-RPE in patients with geographic atrophy. Published June 18, 2025. Accessed August 15, 2025. https://www.ophthalmologytimes.com/view/eyestem-completes-phase-1-study-of-eyecyte-rpe-in-patients-with-geographic-atrophy

3. Desai J, MD Harp, Hayes H. ARVO 2025: Dr. Jogin Desai provides Phase 2 updates from a first-in-human RPE cell suspension trial. Published May 6, 2025. Accessed August 15, 2025. https://www.ophthalmologytimes.com/view/arvo-2025-dr-jogin-desai-provides-phase-2-updates-on-a-first-in-human-rpe-cell-suspension-trial

From April to June, Israel’s business sector contracted 6.2%. Private consumption dropped 4.1%, public spending fell 1%, and investment in fixed assets plunged 12.3%, signaling weakening confidence.

Exports of goods and services, excluding startups and diamonds, declined 3.5%, while imports, excluding defense purchases, rose 3.1%.

The downturn followed the June conflict with Iran, which began after Israel attacked military and nuclear sites on June 13.

Iran responded with missile strikes that forced many Israelis into shelters.

The United States joined on June 22 with airstrikes on Iran’s nuclear facilities at Fordow, Natanz, and Isfahan. A US-brokered ceasefire took effect on June 24, ending the 12-day war.

Bank of Israel Governor Amir Yaron told Bloomberg in late June that the fighting was likely to cost nearly $6 billion or 1% of GDP.

Analyst Andreas Krieg told TRT World that overall losses could reach between $11.5 billion and $17.8 billion, around 2% to 3% of Israel’s economy.

Costly for Tehran

The conflict also took a heavy toll on Iran’s economy.

Krieg estimated Iran’s direct and indirect losses at $24 billion to $35 billion, equal to 6% to 9% of its $380 billion GDP.

The conflict also dealt a heavy blow to Iran’s trade: non-oil exports in June totaled $3.4 billion, according to Iranian customs statistics—a 34% drop from a year earlier.

Iran’s digital economy was also hit.

The communications minister reported a 30% contraction and losses of 150 trillion rials (about $170 million) in one month, attributing the damage to widespread internet restrictions imposed during the fighting.

Chris Hemsworth hits with another setback as his wellness apps has closed its Australia office this week.

The Thor star’s fitness app, Centr, has officially closed its Melbourne headquarters and lays off 15 Australian workers, as the company shifts its operations to the United States.

A spokesperson for Centr confirmed to 9News that the “Melbourne office will no longer operate, and only a few Aussie employees will remain on board in remote roles”.

“As Centr continues to scale globally, we’ve made the strategic decision to consolidate operations in the US to improve operational and geographic efficiency,” said an insider.

“This transition affects 15 roles, with a few team members continuing remotely as part of the US–based team.”

Nick Robinson, Centr’s digital general manager, stated that the “company plans to continue to drive towards business goals’ through ‘streamlining operations” and hiring top talent in the US.

The drastic move came over a year after Chris sold the app for a reported $100 million to HighPost Capital, a private equity firm co-founded by Mark Bezos, who is the brother of Amazon billionaire Jeff Bezos.

Meanwhile, the layoffs raised concerns considering the Avengers actor was seen holidaying in Spain and Ibiza with wife Elsa Pataky and their children in latest weeks.