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Two sources with direct knowledge of the tender told Reuters that the project reached a stalemate due to security concerns raised within the island nations over HMN Tech's bid. "The Chinese government has always encouraged Chinese companies to engage in foreign investment and cooperation according to market principles, international regulations and local laws." The three island nations involved in the project were represented on the bid assessment committee. The project was designed to connect to the HANTRU-1 undersea cable, a line primarily used by the U.S. government that connects to Guam. Nauru, which has strong ties to Australia and is a Pacific ally to Taiwan, initially raised concerns over the bid lodged by the Chinese company.
Persons: Mike Pompeo, Jonathan Ernst, HMN, Trump, there's, Jonathan Barrett, Yew, Simon Cameron, Moore Organizations: Pohnpei International, REUTERS, Bank, Reuters, Huawei Marine Networks, Technologies, Co, Alcatel Submarine Networks, Nokia, Japan’s NEC, East Micronesia Cable, Federated, HMN, Huawei, HMN Tech, Development, Asian Development Bank, World Bank, Hengtong, ASN, NEC, U.S . State Department, U.S ., Huawei Technologies, U.S . Commerce, The, Beijing, Thomson Locations: Pohnpei, Kolonia, States, Micronesia, Pacific, SYDNEY, BEIJING, Shanghai, Nauru, Kiribati, Federated States, Guam, U.S, Washington, China, United States, Guam . Washington, Australia, Taiwan
Dish Network taps Dell for 5G network infrastructure
  + stars: | 2021-06-17 | by ( Stephen Nellis | ) sentiment -0.97   time to read: +2 min
A logo of Dell Technologies is seen at the Mobile World Congress in Barcelona, Spain February 28, 2018. REUTERS/Yves HermanJune 17 (Reuters) - Dish Network (DISH.O) will tap Dell Technologies Inc (DELL.N) for key parts of the new 5G network it is building in the United States, the companies said on Thursday. Dish has committed to U.S. regulators to covering 70% of the country's population with its network by mid-2023 and will launch its first 5G service in Las Vegas, Nevada later this year. Unlike existing carriers who are upgrading their networks for newer 5G speeds and capabilities, Dish is building its network from scratch. Earlier this week Vodafone (VOD.L) said Dell will help it build Europe's first O-RAN 5G network.
Persons: Yves Herman June, Marc Rouanne, Dell, Dennis Hoffman, , Stephen Nellis, Lincoln Organizations: Dell Technologies, Mobile, REUTERS, Dish, Dell Technologies Inc, Access, Nokia, Huawei Technologies Co, Fujitsu Ltd, Web Services, Dell, Vodafone, RAN 5G, Thomson Locations: Barcelona, Spain, United States, U.S, Las Vegas , Nevada, San Francisco
British telecoms group Vodafone (VOD.L) has chosen Samsung Electronics (005930.KS) to supply its 5G network equipment in Britain, the pair said on Monday, a breakthrough for the South Korean company in Europe's telecoms gear market. European mobile operators are increasingly considering Samsung to replace China's Huawei (HWT.UL) as a supplier, with executives from Spain's Telefonica (TEF.MC) and France's Orange (ORAN.PA) previously telling Reuters they had held talks with the firm. Britain has already ordered all Huawei equipment to be removed from its 5G network by the end of 2027, echoing a U.S. campaign against Huawei, citing national security risks. Samsung is banking on Europe to maintain growth in its network equipment business, a senior executive told Reuters earlier this month, as 5G rollouts widen. The European telecoms equipment market is dominated by Nokia (NOKIA.HE), Ericsson (ERICb.ST) and Huawei, but Samsung has entered the picture after it unexpectedly landed a $6 billion deal with U.S. giant Verizon in September.
Persons: Richard Webb, Rakuten Organizations: Vodafone, Samsung Electronics, South Korean, Samsung, Huawei, Spain's Telefonica, Reuters, Ericsson, Nokia, U.S, Verizon, RAN, Dish Network, Telefonica, Thomson Locations: Britain, U.S, Europe
Vodafone joins forces with Dell, Samsung, others for Open-RAN development
  + stars: | 2021-06-14 | by ( ) sentiment -0.57   time to read: 1 min
A branded sign is displayed on a Vodafone store in London, Britain May 16, 2017. REUTERS/Neil Hall/File PhotoMobile and broadband operator Vodafone (VOD.L) has selected six partners to build Europe's first commercial open RAN (radio access network), it said on Monday. It said Dell Technologies (DELL.N), NEC (6701.T) Samsung (005930.KS), Wind River, Capgemini Engineering and Keysight Technologies (KEYS.N) would help it build one of the largest Open RAN networks in the world. Vodafone said the partnerships would build on its new Open RAN lab in Newbury, southern England, and its planned digital skills hubs in Malaga, Spain, and Dresden, Germany. Mobile operators and governments want to encourage the development of Open RAN technology to help more vendors enter a market dominated by Huawei, Ericsson (ERICb.ST) and Nokia (NOKIA.HE).
Persons: Neil Hall Organizations: Vodafone, REUTERS, Mobile, Dell Technologies, NEC, Samsung, Keysight Technologies, RAN, Huawei, Ericsson, Nokia, Thomson Locations: London, Britain, Newbury, England, Malaga, Spain, Dresden, Germany
Shares in meme-stock favorite AMC have seen some explosive price moves in the past few weeks and traders are constantly on the look-out for the next big stock to short. Researcher has come up with a shortlist of five candidates that look ripe for a squeeze this week. The company has developed an algorithm that provides investors and traders with data to help quantify the short squeeze risk for a particular company. Many recent stocks that have been pumped higher by social media-savvy traders have been far more under the radar. lists a series of existing meme stocks along with some little-known names that boast hefty short interest and could be prone to big rallies:
Persons:, Reddit's Organizations: BriaCell Therapeutics, AMC, GameStop, Nokia
Romanian president signs bill into law to ban Huawei from 5G
  + stars: | 2021-06-11 | by ( ) sentiment -0.98   time to read: +1 min
A Huawei logo is seen on a cell phone screen in their store at Vina del Mar, Chile July 18, 2019. REUTERS/Rodrigo Garrido/File PhotoRomania's President Klaus Iohannis signed a Washington-backed bill on Friday that effectively bars China and Huawei (HWT.UL) from taking part in the development of its 5G telecommunication networks, on security concerns. The centrist government of Prime Minister Florin Citu, an ally of Iohannis, approved in April a ban on Chinese-controlled firms, and parliament subsequently rubber-stamped it. Romania was a staunch Washington ally even before it joined the North Atlantic Treaty Organization in 2004. Washington sees Huawei as an arm of China's Communist Party's global surveillance machinery.
Persons: Rodrigo Garrido, Klaus Iohannis, Florin Citu, Iohannis Organizations: Huawei, Vina del, REUTERS, Ericsson, Nokia, North Atlantic Treaty Organization, Washington, Communist, Thomson Locations: Vina del Mar, Chile, Washington, China, Europe, Beijing, U.S, Romania
Verizon turns on commercial private 5G in U.S.
  + stars: | 2021-06-10 | by ( Supantha Mukherjee | ) sentiment -0.79   time to read: +2 min
REUTERS/Brendan McDermid/File PhotoVerizon Business (VZ.N) on Thursday launched its first commercially available private 5G network in the U.S. to offer businesses and government departments high-speed indoor or outdoor connectivity. Private 5G networks remove the need for businesses to jostle for speed with others on a public network and help enable data-intensive applications that use computer vision, augmented reality and machine learning to increase productivity. Verizon has been trialing private 5G with several customers, including Associated British Ports, and have partnered with the likes of Microsoft (MSFT.O) and Amazon (AMZN.O). The private 5G network, managed by Verizon, would keep all cellular traffic on the premises of the customer to increase security, while authorised remote users can still access applications. Verizon is seeing a lot of demand from financial institutions to increase speed of trading flows using 5G, and warehouses, which are planning to use robots and autonomous vehicles, Sampath said.
Persons: Brendan McDermid, Sampath Organizations: Verizon, REUTERS, Private, Associated, Associated British Ports, Microsoft, Corning, Tyndall Air Force Base, Marine Corps Air Station Miramar, Nokia, Samsung, Thomson Locations: New York City, U.S, Associated British, WeWork
How AMC and GameStop became Reddit faves
  + stars: | 2021-06-10 | by ( Paul R. La Monica | Cnn Business | ) + 0.00   time to read: +5 min
But it's the BANG stocks of Reddit WallStreetBets meme fame that are now taking the investing world by storm. BlackBerry BB Nokia NOK AMC AMC GameStop GME The Reddit crew is looking for underdogs that Wall Street pros think are relics:andgot left behind when everybody started buying iPhones and Androids, whileandhave both been hit hard by the pandemic, plus shifts in how people watch movies and play video games. But today we set it up," wrote one Redditor on Thursday about AMC, GameStop and, a cannabis company that is also heavily shorted. The support of the Reddit crowd is grabbing attention from the meme stocks' management teams, too. "I'm quite optimistic about the new shareholder base of AMC," said AMC CEO Adam Aron on its earnings call last month.
Persons: You've, there's, Vivek Garipalli, Clover, Adam Aron, WEN, Trian, Nelson Peltz Organizations: CNN, Apple, Netflix, Google, AMC, Nokia, GameStop, Clover Health, BlackBerry, AMC AMC GameStop, Clover, Twitter, YouTube Locations: York, Reddit
Samsung bets on Europe 5G orders to grow network equipment business
  + stars: | 2021-06-08 | by ( Joyce Lee | ) + 0.00   time to read: +2 min
SEOUL (Reuters) - Samsung Electronics is banking on Europe to maintain growth momentum in its network equipment business, a senior executive said, as 5G rollout widens and industry leader Huawei Technologies of China focuses on its domestic market. 1 in memory chips and smartphones, in 5G network equipment it ranks fifth behind Huawei, Ericsson, Nokia and ZTE, with a 10-15% market share in the first quarter of 2021, according to market research firm Dell’Oro Group. The network equipment business is small currently for Samsung, which had a revenue of 236.8 trillion won ($212.50 billion) for 2020. Samsung said since the 5G network rollouts began in 2019 in various countries, it has seen the number of new clients for its 5G equipments and systems rise by 35% a year on average. Samsung’s goal is to become top-three in the network equipment business from seventh now, Kim said, but did not give a timeframe, citing the industry’s long incubation time.
Persons: Kim Hong, Ji, Woojune Kim, Kim, , 1,114.3600 Organizations: Samsung Electronics, Huawei Technologies, REUTERS, South Korean, Huawei, Ericsson, Nokia, Dell’Oro, Samsung, U.S, Verizon, Japan’s NTT Docomo, Reuters, Deutsche Telekom, Play Communications, RAN, 5G RAN Locations: SEOUL, Europe, China, Seoul, South Korea, Czech Republic, Poland, India, Australia, Southeast Asia
2021 progress: In January, Apple announced the launch of several projects related to its $100 million commitment through REJI. On top of the $5 million commitment, Cisco employees also gave $800,000 to groups in the Fighting Racism and Discrimination Fund, which Cisco matched. Other notable updates: Beyond the $100 million commitment, Comcast has since committed $1 billion over 10 years to help close the digital divide between high- and low-income communities. It created a $1 million fund in Brazil and a $2 million fund in Europe for Black founders outside the U.S. Peloton has not yet provided an update on its $20 million commitment to address its own job opportunity gap.
Persons: Win McNamee, George Floyd, Airbnb, it's, Tim Cook, Brooks Kraft, Apple, Cook, Siebert Williams Shank, Aaron Levie, Box, Levie, Joelle Emerson, HBCUs, Black, John D, Harris II, Brian Roberts, LeBron James, Ava DuVernay, Mark Zuckerberg, Zuckerberg, he's, Derek Chauvin, Facebook, Roy Austin, Google Sundar Pichai, Pichai, Geert Vanden Wijngaert, Bob Swan, Lyft, Colin Kaepernick, Microsoft Satya Nadella, Charles Pertwee, Satya Nadella, Reed Hastings, Siebert, Williams, Shank, John Foley, Christal Morris, Juneteenth, Reddit, Alexis Ohanian's, Ohanian's, Michael Seibel, Combinator, Paula Price, who's, Shopify, Slack, Stewart Butterfield, Jen Rubio, Raheem, Donald Trump's, Trump, SoftBank, Hollie Adams, TikTok, Mutale Nkonde, Twitter, Jack Dorsey, Uber, Dara Khosrowshahi, Khosrowshahi, Erica Ellis, — CNBC's Jennifer Elias, Ursula Burns Organizations: Lincoln, NAACP, Foundation, Advancing Justice, Black Employee Network, Apple Apple, Developers, Steve Jobs, Apple Inc, Apple’s Racial Equity, Justice, Black, Apple, Equal, Initiative, Apple Developer Academy, Michigan State University, Harlem Capital, Co, NAACP Legal Defense, Educational Fund, Gideon's Army, Black Excellence Network, Spelman College, Cisco, Matter Foundation, Raytheon International, Comcast, NBCU Academy, CNBC, Facebook, Getty, U.S, Thurgood Marshall College Fund, Minneapolis Police, Advisory, Google, Inc, Bruegel, Union, Bloomberg, YouTube, Center for Policing Equity, Opportunity Finance Network, for Policing Equity, Justice Database, Fund, Tech Exchange, Intel, UNESCO, Obama Foundation, Greater Houston Community Foundation, Amnesty International, National Urban League, North Carolina Central University, National Action Network, Bail Fund, Council, Alliance, NFL, Microsoft, Microsoft Corp, Nokia Oyj, Matter, Innocence, Leadership Conference, Freedom Fund, FDIC, Southern, Resilience Fund, Netflix, Black U.S, United Negro College Fund, Morehouse College, Posse Foundation, Netflix Fund, Creative Equity, PayPal, Association for Enterprise Opportunity, Economic Opportunity Fund, Optus Bank, Economic Development Fund, Northern Trust Institutional Government Fund, National Association of Black Accountants, York Urban League, Business, Center, North, Justice Task Force, Black Health Alliance, HOPE, Community, Salesforce, Lens, Industry, Group, Academies, BET, Twitter, Smithsonian National Museum of, Initiative and National Association of Black Journalists, Finance, National Museum of, Groups, Fellows, Uber, MDI Locations: Washington , DC, Cupertino , California, REJI, Detroit, Atlanta, Black, U.S . Black, U.S, Brussels, Belgium, Brazil, Europe, North, Lake, Minneapolis, HBCUs, Singapore, Finland, South Carolina, New York City, North America, London, microgrants, Twitter's, Canada, Mansfield
(Reuters) - European stocks hit fresh record highs on Tuesday, as strong metal and oil prices boosted shares of big commodity companies, while data showed euro zone manufacturing activity expanded at a record pace in May. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 20, 2021. REUTERS/StaffThe pan-European STOXX 600 index gained 0.9% in the first trading session of June, with UK’s blue-chip index rising 1.1% after a holiday on Monday. The survey suggested growth would have been even faster without supply bottlenecks that have led to an unprecedented rise in input costs. Until then, the market is embracing what we’re seeing.”Euro zone consumer prices data for May is due later in the morning.
Persons: German DAX, “ We’ve, , Keith Temperton, Glencore Organizations: Reuters, REUTERS, Staff, CAC, IHS, European Central Bank, Fed, ECB, Forte Securities, Miners, BHP Group, Oil, BP, Royal, Shell, Daimler, Nokia, Projekt Locations: Frankfurt, Germany, German, American, Warsaw
Daimler to pay Nokia patent fees, ending legal fight
  + stars: | 2021-06-01 | by ( Foo Yun Chee | ) sentiment -0.99   time to read: +2 min
BRUSSELS (Reuters) - Daimler has agreed to pay Nokia for using its patents, ending a row that highlighted a battle between tech and car companies over royalties for key technologies. FILE PHOTO: The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin, Germany, April 5, 2018. Nokia and Daimler said that they had reached a patent licensing deal and will also halt their litigation. “Under the agreement, Nokia licenses mobile telecommunications technology to Daimler and receives payment in return,” the companies said in a joint statement. Audi, Bentley, BMW, Mini, Porsche, Rolls Royce, Seat, Skoda, Volkswagen and Volvo are already paying patent fees to Nokia.
Persons: Hannibal Hanschke, carmaker Daimler Organizations: Daimler, Nokia, REUTERS, Tech, Lenovo, Samsung, South Korean, , Justice, Europe’s, Audi, Bentley, BMW, Porsche, Royce, Skoda, Volkswagen, Volvo Locations: BRUSSELS, Berlin, Germany, Luxembourg
Daimler to pay Nokia patent fees, ending German legal spat
  + stars: | 2021-06-01 | by ( Foo Yun Chee | ) + 0.00   time to read: +3 min
BRUSSELS (Reuters) -Daimler has agreed to pay Nokia for using its patents, ending a row that highlighted a battle between tech and car companies over royalties for key technologies. Tech firms want automakers to pay royalties for technologies used in navigation systems, vehicle communications and self-driving cars, but the latter say their suppliers should pay instead, which could reduce the fees for patent holders. Nokia and Daimler did not disclose the terms of their patent licensing deal, but said they would halt litigation. It urged the European Commission to set out a binding patent licensing framework. Audi, Bentley, BMW, Mini, Porsche, Rolls Royce, Seat, Skoda, Volkswagen and Volvo already pay patent fees to Nokia.
Persons: carmaker Daimler, Mads Rosendal, , Helmut Matschi Organizations: Daimler, Nokia, Tech, Lenovo, Samsung, South Korean, Danske Bank, Justice, Europe’s, Continental, Bury Technologies, Valeo, Thales, Commission, ” Continental, Audi, Bentley, BMW, Porsche, Royce, Skoda, Volkswagen, Volvo Locations: BRUSSELS, Luxembourg, United States
Take a look at some of the biggest movers in the premarket:AMC Entertainment (AMC) – AMC is selling 8.5 million shares to investment firm Mudrick Capital for $230.5 million, following the recent surge in the movie theater operator's stock price. Cloudera (CLDR) – Cloudera agreed to be acquired by private-equity firms KKR (KKR) and Clayton Dubilier & Rice for $16 per share. Its shares rose 1% in premarket trading. The stock rose 1.4% in the premarket. Nio (NIO) – Nio delivered 6,711 vehicles in May, an increase of 95% compared to a year ago for the China-based electric vehicle maker.
Persons: – Cloudera, Clayton Dubilier, Rice, Cowen, , earplugs, Morgan Stanley, Jessica Alba's, – Nio, Nio, Xpeng, Johnson, – Johnson Organizations: AMC Entertainment, AMC, Mudrick Capital, Regal, KKR, Boeing, Nokia, Daimler, 3M, Honest, Citi, Jefferies, JPMorgan Chase Locations: China
In it, Galloway talks about famous CEOs, from Yahoo's Marissa Mayer to WeWork's Adam Neumann, who cost their companies millions. I've lost a lot of other people's money. Working with OPM (i.e., Other People's Money) is often phrased as a positive, but the real luxury is to be in a position to lose your own capital. That's $9.9 billion turned to ash in four years (or 13.5 Burj Khalifas), for a DBB of $6.8 million. That equates to an impressive $7.8 million DBB.
Persons: Scott Galloway, Galloway, Marissa Mayer, WeWork's Adam Neumann, I've, there's, we've, Daily Benjamin Burn ™, Benjamins, they've, Benjamin Burn, Jeffrey Katzenberg, Meg Whitman, Roku, Jeff, Meg immolated, Gray Lady, Jesus …, Meg, Mayer, That's, Adam Neumann, Softbank, Neumann, Randall Stephenson, John Stankey, you've, Stephenson, Stankey, Steve Ballmer's, Ballmer, Bernie Madoff, Madoff, Pierre Cardin, Hartmann, he'd, He's, , Scott Organizations: NYU Stern, Daily, Burj, New York Times Company, Board, Google, Rockefeller, Yahoo, Verizon, Gulfstream, DirecTV, Mobile, Warner, Microsoft, Nokia, Daimler, Benz, Chrysler, Izod, & $ Locations: America, China, Alibaba, Americas
The BlackBerry logo is pictured at the BlackBerry campus in Waterloo Thomson ReutersBlackBerry shares rose as much as 12% amid increased chatter from Redditors. BlackBerry shares jumped as much as 12% Wednesday amid cheers from Redditors and a broader rally in meme stocks. BlackBerry shares rose as high as $25.10 on January 27, before falling back down to single digits in the following months. GameStop rose as much as 18% as AMC rose as much as 19%, both adding to gains earlier in the week. GameStop, AMC, BlackBerry, and Virgin Galactic were the most talked about stocks on Reddit, HypeEquity data show.
Persons: Redditor, Redditors, Richard Branson Organizations: Waterloo Thomson Reuters BlackBerry, GameStop, AMC, Virgin Galactic, Nokia Locations: Waterloo
Cramer's lightning round: Nokia had a decent quarter
  + stars: | 2021-05-21 | by ( Tyler Clifford | ) sentiment -0.78   time to read: +1 min
Boston Omaha: "I'm going to say, 'hard pass.'" That last quarter was a miss. I'm going to put it in the penalty box. Nokia: "Nokia had a decent quarter, and so did Erickson, by the way. Marathon: "I like Conoco — I added that one — and I like Chevron in the majors, and then I still like, by the way, Pioneer is terrific."
Persons: they've, Erickson Organizations: Nokia, Chevron Locations: Omaha
(CNN) Lollapalooza is returning with some major star power. The lineup for the four-day Chicago music festival was announced Wednesday and it's chock full of some musical biggies. Miley Cyrus, Post Malone, Journey, Da Baby, Tyler the Creator, Marshmello and The Foo Fighters are just some of the acts who will be appearing at the city's largest music festival, which is coming back to Grant Park after canceling last year due to the pandemic. More than 165 bands are set to perform on eight stages during the festival's run from July 29 to August 1. Other slated performers include Roddy Ricch, Olivia O'Brien, Illenium, Princess Nokia, LAUV and Trevor Daniel.
Persons: it's, Miley Cyrus, Post Malone, Baby, Tyler, Roddy Ricch, Olivia O'Brien, Illenium, Nokia, Trevor Daniel, Read Organizations: CNN, Fighters, Grant Locations: Chicago
The case stems from the Swedish government's decision last October to ban Huawei from supplying 5G equipment due to security concerns. An Ericsson spokeswoman confirmed that the company has been invited to participate in 5G tests in China. He had earlier criticized Sweden's ban on Huawei for restricting free competition. Nokia's home country, Finland, has not banned Huawei outright, although its parliament has passed a law that allows it to ban equipment for national security reasons. A Nokia spokesperson said the company has already completed the 5G tests in China.
Persons: Michele Tantussi, Börje Ekholm, Kenneth Fredriksen, Pekka Lundmark, EY Organizations: Huawei, IFA, REUTERS, Ericsson, Global Times, Communist Party, Central East, Nordic, Nokia, Reuters, Thomson Locations: Berlin, Germany, Sweden, China, Swedish, Washington, Beijing, Central East Europe, Nordic Region, Finland, China . China
Apple's head of software, Craig Federighi, said in court on Wednesday that Apple is not pleased with the amount of harmful software, or malware, on its operating system for Mac computers, MacOS. "Today, we have a level of malware on the Mac that we don't find acceptable and that is much worse than iOS," Federighi testified in the Epic Games v. Apple trial. Epic Games argues that Apple can easily apply Mac software installation policies and security mechanisms to iPhones, while Apple says its App Store review process and rules keep users secure. On Wednesday, Federighi said that the user base of the Mac is about one-tenth the user base of the iPhone. For example, software developers still use Macs because they can install development tools, such as Xcode, and access the guts of the computer — including installing unauthorized software.
Persons: Craig Federighi, Federighi, Apple, who've, Yvonne Gonzalez Rogers, you've, there's, Tim Cook Organizations: Apple, Epic, Nokia, Android, Windows
The cybersecurity startup Query.AI has raised its first funding, a seed round of $4.6 million. Below is the deck Query.AI used to raise the seed round from ClearSky Security and other investors. On Thursday, he announces the first funding of his startup, Query.AI — headquartered in Brookings, South Dakota, population 35,000. The two worked together at several cybersecurity startups, including ArcSight, which was acquired by Hewlett-Packard (HP) in 2012 for approximately $1.5 billion. Below is the pitch deck Query.AI used to raise its seed round and launch.
Persons: Dhiraj Sharan, I'm, Sharan, Query.AI, Jay Leek, Andrew Maloney, Raj, Andrew, Leek, Anamika Prasad Organizations: ClearSky, Hewlett Packard Enterprise, Novell, ClearSky Security, Hewlett, Packard, Nokia, Palo Alto Networks, South Dakota State University, Billings Locations: Billings , South Dakota, Silicon Valley, Bangalore, India, Brookings , South Dakota, Leek, Brookings
Ericsson to Pay Nokia $97.2 Million to Settle Damages Claim
  + stars: | 2021-05-12 | by ( Dominic Chopping | ) + 0.50   time to read: +1 min
STOCKHOLM— Ericsson AB said it would pay Nokia Corp. €80 million, equivalent to $97.2 million, to settle a damages claim relating to previously announced allegations that it violated the U.S. Foreign Corrupt Practices Act. In 2019, Ericsson settled probes by the U.S. Securities and Exchange Commission and Justice Department into allegations of corruption in China, Djibouti, Indonesia, Kuwait, Saudi Arabia and Vietnam. Ericsson said the settlement amount announced Wednesday reflects “uncertainty, risk, expense, and potential distraction from business focus associated with a potentially lengthy and complex litigation.”A Nokia spokesman said Ericsson’s statement about the settlement was accurate. The settlement will hit Ericsson’s second-quarter earnings before interest and tax by €80 million and cash flow by €26 million, Ericsson said. Further details of the terms of the settlement are confidential, Ericsson said.
Persons: , — Jack Hagel, Dominic Organizations: STOCKHOLM, Ericsson, Nokia Corp, U.S . Foreign, U.S . Securities, Exchange Commission, Justice, Justice Department, SEC, , Nokia Locations: China, Djibouti, Indonesia, Kuwait, Saudi Arabia, Vietnam
Ericsson to pay 80 million euros after settling damages claim with Nokia
  + stars: | 2021-05-12 | by ( ) sentiment -0.96   time to read: 1 min
Ericsson logo is seen at its headquarters in Stockholm, Sweden June 14, 2018. REUTERS/Olof SwahnbergTelecoms gear maker Ericsson (ERICb.ST) has reached an agreement with Finland's Nokia to pay a settlement of 80 million euros ($97.0 million), it said on Wednesday. Ericsson said the settlement would impact operating profit (EBIT) by 80 million euros and cashflow by 26 million euros in the second quarter. The Swedish company added that the remainder of the settlement amount would be made in similar installments in 2022 and 2023 respectively, impacting cash-flow. ($1 = 0.8247 euros)Our Standards: The Thomson Reuters Trust Principles.
Persons: Olof Organizations: Ericsson, REUTERS, Nokia, Thomson Locations: Stockholm, Sweden, Swedish
EXCLUSIVE Foxconn iPhone India output drops 50% amid COVID surge-sources
  + stars: | 2021-05-11 | by ( ) + 0.00   time to read: +4 min
The Foxconn facility in the southern state of Tamil Nadu produces iPhones specifically for India, the world's No.2 smartphone market. Tamil Nadu is one of the worst hit states in the second coronavirus wave engulfing India. Officials imposed a full lockdown in the state from Monday, closing public transport and shuttering shops, to try slow surging infections. Foxconn similarly said strong smartphone sales contributed to a stronger-than-expected performance in the fourth quarter amid the work-from-home trend. Nokia and Chinese smartphone maker OPPO last year suspended production at factories in India after workers tested positive for COVID-19.
Persons: Stephen Lam, Foxconn, Tim Cook, Canalys, TrendForce Organizations: Apple, REUTERS, Reuters, Employees, Nokia, Samsung, Thomson Locations: San Francisco , California, U.S, India, Tamil Nadu, Chennai, Taipei, China, Washington, Beijing
Steve Jennings | Getty Images for TechCrunchLONDON — Carl Pei, the co-founder of Chinese smartphone maker OnePlus, is starting afresh. The Chinese-born Swedish entrepreneur formed a new consumer tech company called Nothing late last year. "We want to bring this element of human warmth back into our products," Pei told CNBC in an interview. OnePlus co-founder Carl Pei's new start-up, Nothing, revealed the name of its upcoming wireless earbuds on Tuesday: Ear 1. But some feel the modern smartphone industry has stagnated, introducing only minor updates each year, albeit at higher prices.
Persons: OnePlus, Carl Pei, Steve Jennings, earphones, Pei, They're, Carl Pei's, Pete Lau, China's Oppo, There's Organizations: Getty, LONDON, CNBC, Electronics, Apple, 5G, Nokia, Samsung Locations: Francisco, Swedish, Guangzhou, London, Beijing, Sweden
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