Wed, Apr 24, 2013 - Page 15 News List

World Business Quick Take

Agencies

PATENTS

Motorola suit tossed

The US International Trade Commission (ITC) on Monday tossed out a Motorola Mobility patent claim that threatened to block the import of some Apple iPhone models into the US. The commission dismissed a complaint by Google-owned Motorola Mobility accusing Apple of infringing on patented technology that makes touch screens ignore fingers when people are holding smartphones to their ears for calls. The ITC reasoned that the technology at issue in the patents was not original enough to support the accusation.

AVIATION

Virgin takeover backed

The Australian Competition and Consumer Commission yesterday approved the takeover by Virgin Australia of budget rival Tiger Airways Australia. The commission said it would not oppose the transaction because it is unlikely to substantially reduce competition in the nation’s aviation market. The proposed acquisition of a 60 percent stake in Tiger for A$35 million (US$36 million) still requires approval from the Foreign Investment Review Board.

RETAIL

CP All buys Siam Makro

CP All Pcl, the owner of 7-Eleven stores in Thailand, agreed to pay about US$6.6 billion to acquire Siam Makro Pcl, putting control of the discount retailer back in the hands of billionaire Dhanin Chearavanont. CP All, controlled by Dhanin’s Charoen Pokphand Group, will pay 787 baht a share for the 64 percent of Siam Makro owned by SHV Holdings NV, the company said yesterday. It will also make a tender offer to other shareholders at the same price, a 15 percent premium to Siam Makro’s share price of 682 baht before it was suspended from trading on Monday.

ENTERTAINMENT

Netflix gaining customers

Netflix’s decision to feature original programming on its Internet video service appears to be pulling in more customers. Numbers released on Monday showed Netflix Inc added 2 million US subscribers to its video streaming service during the first three months of the year. Through last month, Netflix had 29.2 million US streaming subscribers. The subscriber growth helped Netflix eke out a profit of US$3 million, or US$0.05 per share, in the quarter. That contrasted with a loss of nearly US$5 million, or US$0.08 per share last year.

UNITED STATES

S&P case dismissal sought

The parent company of Standard & Poor’s (S&P) wants a federal judge to dismiss a US government lawsuit that claims the ratings agency gave falsely high ratings to mortgage investments that helped trigger the financial crisis. Attorneys for McGraw-Hill Cos Inc delivered their arguments in documents filed on Monday in US District Court in California. The motion asserts that the US government’s complaint against S&P is a stretch, noting that other agencies issued ratings identical to S&P.

GREECE

Eurobank needs help

Eurobank says it will not be able to privately raise money to complete its 5.84 billion euro (US$7.61 billion) recapitalization, and would rely on a national rescue fund instead. The bank’s governing board on Monday said it would make the recommendation at investor meeting to draw all the money from the Hellenic Financial Stability Fund — a move that could mean handing over management of the bank to the state.

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