ITC backs Motorola claim
The US International Trade Commission (ITC) on Tuesday backed a claim that Apple violated patented Motorola Mobility technology in iPads and iPhones that can connect to 3G wireless networks. Administrative law judge Thomas Pender ruled that the violation would qualify to have the offending gadgets banned from export into the US. However, Pender sided with Apple regarding three other patent violation claims by Motorola. A final ruling from the quasi-judicial federal agency is expected later this year.
Credit Suisse profit falls
Credit Suisse Group AG, the second-largest Swiss bank, reported a 96 percent decline in first-quarter profit after booking accounting charges related to its own debt and costs for bonuses last year. Net income fell to 44 million Swiss francs (US$48 million) from SF1.14 billion in the year-earlier period, the Zurich-based bank said in a statement yesterday. CEO Brady Dougan said the bank benefited from an “improved environment” in the quarter and cut risk-weighted assets at the investment bank by more than previously targeted.
Siemens profit falls 60%
German engineering firm Siemens AG yesterday said its fiscal second-quarter net profit fell more than 60 percent from 2.84 billion euros (US$3.74 billion) to 1.02 billion euros from a year earlier. Munich-based Siemens said a writedown of 640 million euros on its stake in its NSN communications division and charges of 278 million euros in its power transmission division diluted its earnings.
LG back in the black
LG Electronics Inc posted its first profit in three quarters, beating expectations thanks to a revival in its mobile business and demand for high-end TVs. The South Korean company yesterday reported a net profit of 243 billion won (US$215 million) for the January-March period. It had a loss of 15.8 billion won a year earlier. Overall sales fell 7 percent from a year earlier to 12.2 trillion won, but increased smartphone sales and strong demand for premium TVs in its home market shored up its earnings. Its quarterly operating profit more than tripled from a year earlier to 448 billion won.
Nippon Steel sues POSCO
Nippon Steel Corp, Japan’s largest steelmaker, yesterday said it sued POSCO in Tokyo’s District Court seeking ￥100 billion (US$1.2 billion) in damages from the South Korean company for allegedly using trade secrets acquired illegally by a former employee. It also sued the former employee and a subsidiary in the US for infringements of certain patents, it said, without providing further details of that lawsuit. POSCO disputes the claims, describing the lawsuit as “disappointing.”
Electrolux profit up 22%
Swedish home appliance maker Electrolux AB yesterday said first-quarter net profit jumped 22 percent to 560 million kronor (US$83 million) as it gained ground in emerging markets. The Stockholm-based company said that revenue grew by a record 10 percent in the first three months of the year to 25.8 billion kronor, from 23.4 billion kronor a year earlier. CEO Keith McLoughlin gave a positive outlook, saying the second quarter was expected to be even better and that the second half of the year would be stronger than the first six months.