Company Updates

TCS agrees to pay $30 million to settle class action suit in US

   TCS agrees to pay $30 million to settle class action suit in USIndian IT services provider, Tata Consultancy Services (TCS) has agreed to pay $30 million to settle a class action suit against the company in the US.

LG Electronics buys webOS technology from HP

LG-ElectronicsSan Francisco, Feb 26 : LG Electronics has acquired the webOS mobile operating system technology from US IT giant Hewlett-Packard (HP), the two companies announced.

"LG has entered into a definitive agreement with HP to acquire the source code, associated documentation, engineering talent and related websites associated with webOS," the companies said in a joint press release.

As part of the transaction, LG also will receive licenses under HP's intellectual property for use with its webOS products, reported Xinhua.

Hong Leong Bank's net profit rose 32%, says RHB Research

Hong Leong Bank's net profit rose 32%, says RHB ResearchAccording to a new report by RHB Research Institute, Hong Leong Bank's net profit might have risen by about 32 per cent to RM986 million during the six month period till December of 2012 compared to the same period of the previous year.

Rolex beats Apple to become Britain''s most-loved brand

RolexLondon, Feb 25 : Luxury watchmaker Rolex has beaten off competition from Apple to be crowned Britain''s favourite brand. The Swiss firm impressed consumers and industry experts who considered the company''s "quality, reliability, and distinction".

It pushed iPhone maker Apple into second place for the second year running and Microsoft into third, reports Express. co. uk. Industry experts came up with a shortlist of around 1,000 superbrands which were then voted on by 2,900 people.

Samsung India reduces prices of camera by Rs 3,880

Samsung India reduces prices of camera by Rs 3,880South Korean electronics major, Samsung has announced its decision to reduce prices of its Galaxy Camera in India.

The Android-powered camera, which was launched less than two months ago in the country, will now be priced Rs. 3,880 lower at Rs. 26,520. Sansung has said that it will also offer a free battery charging kit with the camera in the country. The camera was launched in India with a price tag of Rs. 29,900 in November 2012.

Telstra planning to cut 648 jobs in Sensis business

Telstra planning to cut 648 jobs in Sensis businessTelstra has said on Thursday that it is planning to slash 648 jobs from its Sensis business, which has recorded a major fall in its revenues in recent times.

Sensis business has recorded a fall in the demand for its White Pages and Yellow Pages directories and this has impacted the company's revenues in recent quarters. David Thodey, the head of Telstra had asserted that the company's focus towards Asia should not be seen as a move to shift jobs out of Australia to cheaper locations.

UB Group seeking to increase limit on lending to units

UB Group seeking to increase limit on lending to unitsUnited Breweries (Holdings), the parent company of the troubled Kingfisher Airlines, has said that it is seeking permission from the shareholders for a plan to increase the limit on the amountof money it can lend to its unit.

Warren Buffett buys Heinz in largest ever food industry $28bn deal

Warren-BuffettLondon, Feb 15 : American tycoon Warren Buffett is set to buy food giant Heinz in a deal worth 28 billion dollars.

Buffett’s Berkshire Hathaway company and private equity firm 3G, which also owns fast-food chain Burger King, have agreed to take over the food company, famous for its ketchup and baked beans.

In a statement, Heinz called the deal ‘historic’, and the largest to date in the food industry, the BBC reports.

The takeover has been approved by the company''s board, but still needs to be voted on by shareholders.

Global sales of LG's Optimus L smartphones top 15 mn

lg-Optimus-LSeoul, Feb 15 : Sales of LG Electronics' Optimus L Series smartphones topped 15 million units globally since its introduction in February 2012, the company said Friday.

Global sales of Optimus L Series devices breached the 10 million mark in December last year, before adding sales of 5 million units, equal to sell a device every second over the past two months, LG said in an e-mailed statement.

After its launch at Mobile World Congress (MWC) in February 2012, LG rolled out Optimus L3, L7, L5, and L9 in a serial order at around 50 countries in North America, Europe, Asia and Latin America, reported Xinhua.

SBI’s net profit rises 4% to Rs 3,400 crore

SBI’s net profit rises 4% to Rs 3,400 croreIndia leading public sector bank, the State Bank of India's (SBI) has recorded a 4 per cent increase in net profit to Rs 3,400 crore during the third quarter of the financial year.

The increase in net profit of just 4 per cent was mainly due to lower net interest income, which is the difference between interest earned and paid out. The bank's net interest income fell about 3 per cent to Rs 11,154 crore during the third quarter from October to December, 2012 compared to the same quarter of the previous year.

Yahoo acquires Alike, the creator of mobile app for recommendations

Yahoo acquires Alike, the creator of mobile app for recommendationsOn Tuesday, Internet firm Yahoo gave a notable boost to its mobile division, by announcing that it has acquired Alike, the company which is the creator or a mobile app for recommendations.

With Alike's mobile app essentially helping users to locate nearby restaurants, bars and other venues which they may like, the Alike concept is fairly akin to that of location-sharing platform Foursquare, which now functions as a social network as well as a recommendation search engine.

Tech Mahindra-Mahindra Satyam merger to be completed soon

Tech Mahindra-Mahindra Satyam merger to be completed soonTech Mahindra has hinted that its proposed merger with Mahindra Satyam will be completed within this year. The company pointed out that a lot of work has been done on the merger and two companies are already working together on several fronts.

Tech Mahindra Executive Vice-chairman Vineet Nayyar said, "The Andhra Pradesh High Court today adjourned the hearing on the petitions challenging the merger of Mahindra Satyam with Tech Mahindra by three weeks. However, we do not see any challenges for the merger."

Kotak Mahindra Bank acquires Barclays’ loans portfolio

Kotak Mahindra Bank acquires Barclays’ loans portfolio Kotak Mahindra Bank has acquired the business loans portfolio of the Indian arm of Barclays Bank, stretching its reach to around 6,000 business loan customers with a total loan outstanding of nearly Rs 700 crore.

With the acquisition of loans portfolio, Kotak will also gain the opportunity to cross-sell the customers' products at both business and personal level.

According to the bank's statement, the loans are classified as "standard loans" as per the Reserve Bank of India's current guidelines.

Nokia to develop grapheme material

Nokia to develop grapheme materialFinnish Mobile giant Nokia is planning to develop the world's strongest material called, Graphene that is believed to be even stronger than steel.

Experts say that Graphene is made of pure carbon is only one-atom thick. They said that the material has wide ranging uses in electronics, solar energy, medicines and water desalination. Henry Tirri, the Chief Executive Officer of Nokia has said that the company is working on graphene since 2006 and has found several areas of modern computing. The company says that grapheme is 300 times stronger than steel and thus can be used to make some devices much stronger.

JSPL planning to acquire Gujarat NRE Coke’s Australian unit

JSPL planning to acquire Gujarat NRE Coke’s Australian unitIndia's Jindal Steel and Power (JSPL) has said that it is planning to acquire Gujarat NRE Coking Coal Ltd, which is a Australian subsidiary of Kolkata-based Gujarat NRE Coke.

JSPL has made a all-cash AUD 221.61 million or about Rs. 1,200 crore. The offer translates to 0.20 Australian dollar (AUD) per share, which is a premium of 5 per cent on the closing price of the shares on January 29 at the Australian Securities Exchange (ASX).

Toyota recalls 22,869 cars over faulty wipers

ToyotaBeijing, Jan 31 : Japanese automaker Toyota will recall 22,869 vehicles exported to China over defects in the vehicles'' windshield wipers, according to China''s consumer quality watchdog.

The company has decided to recall some of its exported Lexus IS sedans produced between January 2006 and September 2011, the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) said in a statement on its website.

Under certain weather conditions, including snow, the front windshield wipers of the recalled models may not work properly due to a clamp nut defect, the AQSIQ said.

US judge rejects Apple’s bid to increase $1.05 bln fine on Samsung

Apple-Samsung-logoLondon, Jan 30 : A US judge has rejected Apple’s demand to increase the 1.05 billion US dollar damages a jury ordered Samsung to pay the iPhone maker.

US District Judge Lucy Koh also rejected demands from both companies to conduct another trial on different issues over claims that the Galaxy smartphone manufacturer unfairly used technology controlled by Apple to build its iPads and iPhones to market knock-off products.

Nokia to offer premium upgrade to its Lumia-only Mix Radio service

Nokia to offer premium upgrade to its Lumia-only Mix Radio serviceIn an announcement made via a company blog post by Nokia's Ian Delaney, the September-launched free Lumia-only Mix Radio music-streaming service from Nokia will boast a premium upgrade, dubbed `Nokia Music+', in the coming weeks.

According to the blog post, the new `Nokia Music+' service to be rolled out by the Finland-based company will chiefly serve as an add-on to the existing radio music capabilities of the Nokia Lumia handsets.

Lenders agree to restructure suzlon Energy's Rs 9,500-crore debt

suzlon-EnergyStruggling wind energy turbine manufacturer Suzlon Energy on Thursday announced that its lenders approved its proposal to restructure its net debt.

A consortium of 19 lenders, led by State Bank of India (SBI), agreed to restructure Rs 9,500 crore of Suzlon Energy's Rs 13,000-crore net debt.

The corporate debt restructuring (CDR) process was triggered after the wind turbine maker defaulted on its foreign currency convertible bonds worth Rs 1,189 crore ($221 million) in October last year.

Samsung's Q4 profit hits new high on Galaxy sales

Samsung-LogoSeoul, Jan 25 : Samsung Electronics' fourth-quarter operating profit hit a new high helped by solid Galaxy smartphone sales and improved earnings in semiconductor business.

Operating profit was 8.84 trillion won ($8.26 billion) in the three months ended December, nearly double from a year earlier, the company said in a regulatory filing Friday.

It was the highest in its history, and posted the record-breaking earnings for five straight quarters. The reading was in line with the preliminary figure estimated by Samsung, reported Xinhua.




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