Suzuki riled at Volkswagen
Suzuki Motor Corp says it has sent Volkswagen AG a notice accusing it of numerous breaches of their 2009 alliance agreement. Suzuki is seeking “remedies” from Volkswagen or a return of its shares. Volkswagen owns 19.9 percent of Suzuki under the partnership inked two years ago. Suzuki’s board of directors decided last month to dissolve the alliance. Chief executive Osamu Suzuki says the deal was intended to give Suzuki access to Volkswagen’s technologies. He says he is “disappointed that we have not received what we were promised.” However, Volks-wagen said it has no plans to sell its stake in Suzuki.
Hulu wants to stay single
The owners of the popular video-streaming Web site Hulu have decided against selling it despite the reported interest of heavy hitters including Apple, Yahoo, Google and Microsoft. News Corp, Disney and the private equity firm Providence Equity Partners announced in a joint statement late on Thursday that they would hang on to the site, which streams free television episodes with ads. NBC Universal, another owner, was not named in the statement. Hulu, which broadcasts television shows through on-demand streaming, said in July that it had 875,000 paid subscribers and was on track to approach half a billion US dollars in revenue this year.
Hedge fund tycoon jailed
Raj Rajaratnam, a self-made hedge fund tycoon convicted in the biggest Wall Street trading scandal in a generation, was ordered on Thursday to serve 11 years in prison, one of the longest sentences ever in an insider-trading case but far less than prosecutors sought. The sentencing caps a prosecution, marked by secret wiretaps of Rajaratnam and his associates, that shocked the investment world. Rajaratnam once ran a US$7 billion hedge fund, but was found guilty of running a network of informants who provided him with corporate secrets. The sentence was lighter than the 19-and-a-half-year minimum term that prosecutors had sought.
Apple looking for movie deal
Apple is in talks with Hollywood studios about offering its new iCloud services for movies. That would allow people to buy movies on iTunes and then watch them on any Apple-made device without needing to transfer or save files. That’s according to two people familiar with the situation who spoke on condition of anonymity because talks are ongoing and Apple has not finalized agreements with all of them. Movies were a big omission from the system Apple launched on Wednesday. In a free update to its iOS mobile operating system, the update allows for music, books and apps bought through iTunes to be automatically synced on multiple Apple devices without the need for a physical connection.
Sony Ericsson breaks even
Mobile phone maker Sony Ericsson has posted a break-even third quarter, with profits shrinking because of lower margins, partially offset by lower operating expenses. Net profit fell to 0 from 49 million euros (US$67.6 million) in the same quarter last year, while sales dipped slightly to 1.59 billion euros, from 1.6 billion euros a year earlier. Sony Ericsson yesterday said its Android-based Xperia smartphones now account for more than 80 percent of its sales. It said it would shift its entire portfolio to smartphones next year.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
MediaTek Inc (聯發科) has hired a former US Department of Commerce official to help it navigate worsening US-China tensions that have already ensnared its customer Huawei Technologies Co (華為). Patrick Wilson, who most recently served as director of the department’s Office of Business Liaison, has been appointed vice president of government affairs at MediaTek USA to lead its public policy initiatives, the chip designer said in a draft press statement seen by Bloomberg News. Wilson previously worked at the Semiconductor Industry Association, where he led the trade group’s dealings with the US federal government. Technology companies with ties to or operations in China