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Wall Street embraces biggest IPO in nearly two years
  + stars: | 2023-09-14 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +2 min
New York CNN —The largest public offering since 2021 is here. After a nearly two-year drought in the IPO market, UK-based chip designer Arm started trading in New York on Thursday with 95.5 million shares under the ticker ‘ARM’ (ARM) on the Nasdaq. Wall Street views Arm’s listing as a weather balloon for a number of tech companies waiting to go public. A successful debut by Arm could be the big IPO that clears the pipeline for the rest. That would provide a positive market sentiment for the overall stock market.”Goldman Sachs is the lead underwriter in the IPO.
Persons: haven’t, Goldman Sachs, , David Solomon, Dave Sekera, ” Goldman Sachs Organizations: New, New York CNN, ARM, Nasdaq, Trading, Apple, Samsung, Nvidia, Companies, Google, AMD, Morningstar Research Services Locations: New York
In the background, women in dresses and traditional clothing can be seen cheering and waving the North Korean flag. North Korean leader Kim Jong Un waves before departing Pyongyang for Russia on September 11, 2023. Armored train of luxuryThe train has long been the subject of intrigue, carrying generations of the Kim family across the country and on rare overseas trips. The same train – green with yellow striping – was seen in footage from Russian state media when Kim Jong Il visited Russia in 2002. Information from inside the country slowed to a trickle, even more so in recent years under Kim Jong Un’s rule.
Persons: Kim Jong, Kim, Vladimir Putin, Choe Sun Hui, Chol, Kim Il Sung, Kim Jong Il, Kim Jong Un, Konstantin Pulikovsky, Kim Jong Il’s, Pulikovsky, ” Pulikovsky, Xi Jinping, KCNA, KCNA Kim, Donald Trump, Putin Organizations: CNN, North, KCNA, Central Military Commission, Workers ’ Party, Reuters, Russian, Ministry, New York Times, Times, South, South Korean, Chosun Ilbo, Nuclear, UN Food and Agriculture Organization, North Korean, Yonhap Locations: North Korean, Russia, United States, Russia’s, Pyongyang, Korean, Switzerland, North Korea, Bordeaux, Burgundy, South, Korea, China, Beijing, Vietnam, Hanoi, Vladivostok, South Korean
There’s a general rule about consumer electronics: The older a device becomes, the more competitors appear and prices fall. Remarkably, at an age in which most consumer devices have lost some of their appeal to users, Apple has increased its share of smartphone sales over less expensive rivals. Over the past five years, the iPhone has increased its percentage of total smartphones sold around the world while expanding its share of sales in four of the world’s largest regions: China, Japan, Europe and India. In the United States, the iPhone’s largest market, the device now accounts for more than 50 percent of smartphones sold, up from 41 percent in 2018, according to Counterpoint Research, a technology firm. The gains have helped it claim about a fifth of the world’s smartphone sales, up from a low of 13 percent in 2019.
Persons: There’s Organizations: Apple, Research Locations: China, Japan, Europe, India, United States
Globally, more people searched about sleep this year than ever before, according to data released by Google Trends last week. Hotels and wellness resorts are launching "sleep tourism" programs that go beyond plush bedding and blackout curtains. Source: Zedwell Hotels Trocadero (London) Hotel LtdThe clutter-free aesthetic incorporates natural oak and ambient lighting, and rooms have sound insulation and purified air. Six Senses Laamu, MaldivesSleep-deprived guests can book a sleep wellness program that ranges from three to 10 days at Six Senses Laamu. Carillon Miami Wellness Resort, Miami.
Persons: Cadogan, hypnotherapist Malminder Gill, The Cadogan, Gill, Vicente Mera Organizations: Google, Zedwell, Hotel, Big Apple, Hyatt, Hyatt New, Carillon, Carillon Miami Wellness, Miami Wellness, Sha Wellness Clinic, Sha Wellness Locations: London, Maldives, Switzerland, Fiji, India, Turkey, Thailand, Hyatt , New York, , New York, Hyatt New York, Carillon Miami, Miami, Epsom, Alicante, Spain
But in a few weeks time, the former Old War Office in London, Whitehall will finally open its doors after a multi-million-dollar transformation. Previously home to the operations of military leaders like Winston Churchill, the property has been reinvented as the UK’s first Raffles hotel, with luxurious rooms starting at £1,100 (around $1,392) per night. Monumental buildingA rendering of luxury hotel Raffles London at The OWO, located at the former home to the war offices of military leaders such as Winston Churchill. And according to Jill O’Hare, director of sales and marketing for Raffles London, there was as much restoration as there was construction during the extensive process of transforming the historic building into a luxury hotel. Steeped in historyThis grand staircase is one of the standout features at Raffles London at The OWO, which is scheduled to open in late September.
Persons: London CNN — It’s, Winston Churchill, London’s, Thierry Despont, Ian Fleming, James Bond, Armenian hoteliers, Sir Stamford Raffles, ” Philippe Leboeuf, Jill O’Hare, , Churchill, Granville, Christine Granville, Krystyna Skarbek, Raffles, , Mauro Colagreco, Endo Kazutoshi, Leboeuf Organizations: London CNN, Raffles, British Naval Intelligence, CNN Travel, Raffles London, Army, Horse Locations: London, Whitehall, Raffles London, French, Armenian, Singapore, Polish, Argentine, Mayfair, Buckingham
Best Buy — Shares popped nearly 6% after the retailer's fiscal second-quarter earnings beat on both the top and bottom lines. Big Lots — The discount retailer surged 26.7% after its earnings report came in better than analysts expected. Big Lots lost $3.24 per share, on an adjusted basis, less than the $4.11 forecasted by analysts surveyed by FactSet. Bernstein reiterated its outperform rating and said investors should buy the stock after a recent pullback in share prices. Futu Holdings — The Asian wealth management stock popped 10% following a double-upgrade to buy from underperform by Bank of America.
Persons: Heico, Tesla, Morgan Stanley, tailwinds, General Motors, they're, — Catalent, Catalent, Elliott, Ginkgo, Wells, it's, Bernstein, Jefferies, Splunk, Raymond James, , Sarah Min, Samantha Subin, Yun Li, Hakyung Kim, Michelle Fox, Pia Singh, Jesse Pound Organizations: Refintiv, Revenue, FactSet, Marathon, Securities and Exchange Commission, Marathon Digital, Industry, Nvidia, Holdings —, Oracle — Software, Oracle, UBS, Verizon, Citi, General Motors, Google, General, Motors, Elliott Investment Management, Rockwell Automation, Bank of America, Futu Holdings, NextEra Energy Partners Locations: San Francisco , California, underperform
CNN —With the eyes of the country on Hurricane Idalia as it spins toward Florida’s Gulf Coast, Florida Gov. Ron DeSantis’ presidential ambitions are also under the spotlight as he puts his campaign on hold to manage the crisis at home. The Florida governor is also staving off a field of GOP contenders, who must now also balance sensitivities around Hurricane Idalia with their attempts to overcome DeSantis in the polls. DeSantis has also asserted that he could send his “Florida people” to the southern border to build a wall. “The governor of our state of Florida has created an environment ripe for this.”
Persons: Ron DeSantis, DeSantis, ” DeSantis, Ian, Republican Rick Scott, Hurricane Michael, Bill Nelson, Scott, Jeb Bush, George W, Bush, Chris Christie, Christie, , , Alex Conant, Florida Sen, Marco Rubio’s, Andrew Romeo, ” Romeo, Hurricane Ian, Joe Biden –, Biden, Joe Biden, Saul Young, Donald Trump, Todd Belt, Angie Nixon Organizations: CNN, Gulf Coast , Florida Gov, Republican, White, Hurricane, US, GOP Gov, GOP, Knoxville News Sentinel, George Washington University, Democrats, Trump, ” Democratic, Jacksonville Locations: Gulf Coast , Florida, Tallahassee, Iowa, Florida, New Jersey, New Hampshire, Hawaii, Fort Myers Beach , Florida, Lee County, Florida’s Big, Jacksonville, DeSantis
A man reads a daily Hindi newspaper with front page reporting on successful landing of ISRO's Chandrayaan-3 spacecraft on the south pole of the Moon, in New Delhi on Aug. 24, 2023. A lunar rover slid down a ramp from the lander of India's spacecraft within hours of its historic touch-down near the moon's south pole, Indian space officials said Thursday, as the country celebrated its new scientific accomplishment. "India took a walk on the moon," the state-run Indian Space Research Organization said, adding that the Chandrayan-3 Rover would conduct experiments over 14 days, including an analysis of the mineral composition of the lunar surface. "India Goes Where No Nation's Gone Before,'' read Thursday's headline in The Times of India daily, while the Indian Express newspaper exclaimed, "The moon is Indian." "Prime Minister Narendra Modi or any other politician should not take credit for this achievement," Bhargava said in a telephone interview.
Persons: Ajay Bhargava, Narendra Modi, Bhargava Organizations: Space Research Organization, Rover, Indian Express Locations: New Delhi, India, Times
[1/2] Timothee Chalamet and Zendaya, promoting the movie "Dune: Part Two", attend a Warner Bros. presentation during CinemaCon, the official convention of the National Association of Theatre Owners, in Las Vegas, Nevada, U.S. April 25, 2023. "Dune" was one of the most anticipated films on the late 2023 schedule. "Dune: Part Two" will now debut on March 15, a date that had been reserved for Warner Bros film "Godzilla x Kong: The New Empire." As a result, an animated "Lord of the Rings" film that had been set for April was moved to December. Other major films on the 2023 schedule at the moment include Walt Disney's (DIS.N) "The Marvels," a Lionsgate (LGFa.N) prequel to "The Hunger Games," and "Wonka," another Warner Bros film that also stars Chalamet.
Persons: Steve Marcus, Frank Herbert’s, Oppenheimer, Walt Disney's, Wonka, Chalamet, Lisa Richwine, Chris Reese, Matthew Lewis Organizations: Warner Bros, National Association of Theatre Owners, REUTERS, Hollywood, AMC Entertainment, SAG, Sony Pictures, GameStop, Lionsgate, Writers Guild of America, Thomson Locations: Las Vegas , Nevada, U.S, New York, Los Angeles
A cable car carrying six children and two adults dangled hundreds of meters (feet) above the ground in a remote part of Pakistan after it broke on Tuesday, trapping the occupants for hours before rescuers arrived in helicopters to try to free them. Army commandos could be seen on local TV trying to lower themselves on ropes from the choppers toward the cable car. An expert warned the rescue was incredibly delicate because the wind created by the helicopters' blades could further weaken cables holding the car aloft. "Let us pray that those trapped in the cable car are safely rescued," Sultan said. In 2017, 10 people were killed when a cable car fell into a ravine hundreds of meters (feet) deep in the popular mountain resort of Murree after its cable broke.
Persons: Taimoor Khan, Haq Kakar, Tipu Sultan, Khan, Sultan Organizations: Army, Helicopters, Twitter Locations: Khyber Pakhtunkhwa, Pakistan, Battagram district, Murree
“What did he just say?”Those are some of the most commonly uttered words in my home. No matter how much my wife and I crank up the TV volume, the actors in streaming movies and shows are becoming increasingly difficult to understand. We usually end up turning on the subtitles, even though we aren’t hard of hearing. In the streaming era, as video consumption shifts from movie theaters toward content shrunk down for televisions, tablets and smartphones, making dialogue crisp and clear has become the entertainment world’s toughest technology challenge. “It’s getting worse,” said Si Lewis, who has run Hidden Connections, a home theater installation company in Alameda, Calif., for nearly 40 years.
Persons: We’re, , “ It’s, , Si Lewis Locations: Alameda , Calif
The company says it needs to bring Taiwanese workers to Arizona to get construction back on track. But construction of TSMC's first Arizona factory, which began in the Phoenix area in 2021, has run into some hiccups. "Replacing Arizona's construction workers with foreign construction workers directly contradicts the very purpose for which the CHIPS Act was enacted – to create jobs for American workers," the petition says. The degree to which American workers can get the job done without additional assistance is up for debate. "It's easily the most unsafe site I've ever walked on," said Luke Kasper, a representative of the sheet metal workers union.
Persons: TSMC, that's, Biden, Mark Liu, Liu, It's, Luke Kasper, TMSC, Morris Chang, Chang, Kevin Xu Organizations: Service, Taiwan Semiconductor Manufacturing Company, Arizona Pipe, Google, Facebook, YouTube Locations: Arizona, An Arizona, Wall, Silicon, China, TSMC's, Phoenix, Taiwan, TSMC, Asia
Maui residents John Rey Serrano and Lexie Lara look from a road above Lahaina Town in the aftermath of a wildfire in Lahaina, western Maui, Hawaii on August 11, 2023. Maui County raised the number of confirmed deaths to 80 in a 9 p.m. statement Friday. Cadaver-sniffing dogs were deployed to search for the dead, Maui County Mayor Richard Bissen Jr. said. Maui County's hazard mitigation plan updated in 2020 identified Lahaina and other West Maui communities as having frequent wildfires and several buildings at risk. The report also noted West Maui had the island's second-highest rate of households without a vehicle and the highest rate of non-English speakers.
Persons: John Rey Serrano, Lexie Lara, Anthony Garcia, Garcia, I'm, Josh Green, Green, Richard Bissen Jr, Anne Lopez, Lopez, Lynn Robinson, Kyle Scharnhorst, Gilles Gerling, Karen Clark, Bobby Lee, Andrew Whelton, Lana Vierra, Riley Curran, Curran, I've Organizations: roosters, Gov, Hawaii News, Associated Press, Iniki, Karen Clark & Company, Hawaii Firefighters Association, Purdue University Locations: Maui, Lahaina, Hawaii, Maui County, Kaanapali, West Maui, U.S, California, Paradise, Molokai, Kula
Hawaii residents have long been accustomed to the monthly tests of the outdoor siren warning system. “Maui County faced a challenging, rapidly changing situation, and I think they did everything possible to save lives. Period.’Video Ad Feedback Video shows family's terrifying escape from Maui wildfires 01:18 - Source: CNNThe fire spread with such speed that many people left their homes immediately with little notice from authorities, Maui County Fire Chief Brad Ventura said. Hawaii Department of Land and Natural Resources/AP Burnt boats sit in waters off of Lahaina, Hawaii, on Friday. Phonoxaylinkham, his wife, and their five children were caught in the Lahaina wildfires and survived by exiting their car and spending four hours in the ocean as the west Maui wildfires raged around them.
Persons: Cole Millington, ” Millington, , Millington, , , Adam Weintraub, ” Weintraub, Weintraub, , Allen Vu, Vu, Anne Lopez, Jill Tokuda, Karl Kim, Brad Ventura, ” Ventura, John Pelletier, Josh Green, Clay Trauernicht, Wedelin, Lee, Matthew Thayer, Patrick Fallon, Justin Sullivan, Rick Bowmer, Mike Blake, Zoltan Balogh, Zeran Harris, Robert Gauthier, Mengshin Lin, Evelio Contreras, CNN Vixay Phonxaylinkham, Lana, Phonoxaylinkham, Marco Garcia, Claire Rush, Myrna Ah Hee, Sui, Ty O'Neil, Ku'u Kauanoe, ZUMA, Patrick T, Fallon, Dustin Johnson, Lane, ” Kim, Brock Long, , Rachel Zimmerman Organizations: CNN, Lahaina, Hawaii Emergency Management Agency, CNN Hawaii, National Disaster Preparedness Training Center, University of Hawaii, Maui County Fire, Maui County Police, Gov, Communication, National Weather Service, , Maui Fire Department, Facebook, Firefighter, Fire Department, Maui News, AP Pacific Whale Foundation, Getty, Hawaii Department of Land, Natural Resources, Reuters, . Hawaii Department of Land, Los Angeles Times, AP, Washington Post, Kahului, Technologies, AP Hawaii Army National Guard, Hawaii National Guard, Reuters Residents, ZUMA Passengers, Federal Emergency Management Agency Locations: Lahaina . Millington, Maui, , Hawaii, Lahaina, Millington, Maui County, Manoa, Honolulu, Olinda, Kula, Hanamu, Piʻiholo, Lahaina Bypass, Church, Lahaina Hongwanji, Lahaina , Hawaii, Maalaea, West Maui, AFP, Wailuku, Upcountry, Waiola, Kula , Hawaii, Kahului, California, Las Vegas, Kihei
Courtesy of Tenstorrent /Handout via REUTERSAug 2 (Reuters) - Tenstorrent, a Canadian startup headed by chip industry veteran Jim Keller that is developing artificial intelligence chips, said on Wednesday it has raised $100 million from Hyundai Motor Group (005380.KS) and a Samsung (005930.KS) investment fund, among others. Keller, who has previously developed chips for Apple (AAPL.O), Tesla (TSLA.O) and Intel (INTC.O), took over as the startup's CEO earlier this year. Tenstorrent makes its own AI chips, but also sells its intellectual property and other technology to customers looking to make their own AI chips. Hyundai established a semiconductor development group last year and said that it plans to use Tenstorrent technology in "future Hyundai, Kia and Genesis" vehicles. “With this investment, the Group expects to develop optimized but differentiated semiconductor technology that will aid future mobilities and strengthen internal capabilities in AI technology development," Heung-soo Kim, executive vice president and head of the global strategy office at Hyundai Motor Group, said in a statement.
Persons: Jim Keller, Heung Soo Kim, Keller, Tenstorrent, Kim, Stephen Nellis, Marguerita Choy Organizations: Global, Hyundai, REUTERS, Hyundai Motor Group, Samsung, Nvidia, Apple, Intel, Kia, Catalyst Fund, Fidelity Ventures, Eclipse Ventures, Epiq, Maverick Capital, Tesla, LG, Thomson Locations: Santa Clara , California, U.S, Handout, Canadian
Keita Takahashi did not want to say much before an official announcement for his upcoming project except that it would include a boy and his dog. Yet the creations by one of the video game industry’s most eccentric designers are never that straightforward. One of his games stars a mustachioed green cube on a mission to reunite a group of giggling objects in a circle of friendship. Surreal characters, simple controls and a catchy soundtrack turned the 2004 PlayStation 2 title into a masterpiece. Last month its sequel, We Love Katamari, which arguably perfected those qualities, was rereleased with improved graphics and new levels.
Persons: Keita Takahashi, Katamari Damacy
LG Display expects "a rise in demand for panels" as stockpiles of display panels have fallen during the first half of the year, CFO Sung-hyun Kim said. The second-quarter result was in line with a forecast of an 889 billion won loss from 16 analysts polled by Refinitiv SmartEstimate, weighted toward analysts that are more consistently accurate. Factory run-rates for organic light-emitting diode (OLED) displays used in high-end televisions remained relatively low due to weak sales in Europe, resulting in the poor performance in the second quarter, analysts said. Mobile display panel orders are concentrated in the second half of the year, ahead of the holiday season. However, the initial supply volume is unlikely to significantly impact the company's financials in the third quarter, analysts said.
Persons: Sung, Kim, Refinitiv SmartEstimate, Joyce Lee, Tom Hogue Organizations: LG, Apple Inc, Revenue, LG Display, Apple, Samsung Electronics, Reuters, Thomson Locations: SEOUL, KS, Europe
Following a slowdown in oil production due to the pandemic, consumer demand for gas soared in 2021. Coupled with the Russian invasion of Ukraine that limited oil supply, average prices for regular gas reached record highs of $5.02 in June 2022. However, with U.S. oil production on the rebound, average prices for regular gas have since fallen to $3.69 per gallon, based on American Automobile Association data. Despite rising inflation for most other items, television prices have been trending down for the last two years. Before the pandemic, the average cost for a dozen eggs was closer to $1.50.
Organizations: American Automobile Association, Yahoo Finance, P, U.S . Labor Locations: Ukraine, U.S
July 24 (Reuters) - Alphabet's Google (GOOGL.O) violated a software developer's patent rights with its remote-streaming technology and must pay $338.7 million in damages, a federal jury in Waco, Texas decided on Friday. The jury found that Google's Chromecast and other devices infringe patents owned by Touchstream Technologies related to streaming videos from one screen to another, a court representative said on Monday. According to the complaint, Google met with Touchstream about its technology in December 2011 but said it was not interested two months later. Touchstream said that Google's Chromecast copied its innovations and infringed three of its patents. It also said its patents were infringed by Google's Home and Nest smart speakers and third-party televisions and speakers with Chromecast capabilities.
Persons: Jose Castaneda, Touchstream, David Strober, Blake Brittain, David Bario, Grant McCool Organizations: Google, Touchstream Technologies, New, Google's, Comcast, Thomson Locations: Waco , Texas, New York, Altice, Texas, Washington
OUTSIDE AVDIIVKA, Ukraine — The headquarters of one of the battalions in Ukraine’s 53rd Mechanized Brigade smells of fresh cut pine trees. The scents are from the wooden support beams in the labyrinth of trenches that make up most of the unit’s rudimentary base outside the embattled town of Avdiivka. As the war enters its 17th month, the fighting has developed a noticeable rhythm. Russia and Ukraine are locked in a deadly back and forth of attacks and counterattacks. Russian artillery no longer has the clear advantage and Ukrainian forces are struggling with staunch Russian defenses, grinding on in their southern offensive, slowed because of dense minefields.
Organizations: Ukraine’s 53rd, Brigade Locations: AVDIIVKA, Ukraine, Ukraine’s, Avdiivka, Russia
WASHINGTON, July 18 (Reuters) - The White House on Tuesday along with companies such as Amazon.com Inc (AMZN.O), Alphabet's Google (GOOGL.O) and Best Buy (BBY.N) will announce an initiative that allows Americans to identify devices that are less vulnerable to cyberattacks. A new certification and labeling program would raise the bar for cybersecurity across smart devices such as refrigerators, microwaves, televisions, climate control systems and fitness trackers, the White House said in a statement. Retailers and manufacturers will apply a "U.S. Cyber Trust Mark" logo to their devices and the program will be up and running in 2024. The Federal Communications Commission will seek public comment before rolling out the labeling program and register a national trademark with the U.S. Patent and Trademark Office, the White House said. In March, the White House launched its national cyber strategy that called on software makers and companies to take far greater responsibility to ensure that their systems cannot be hacked.
Persons: Nandita Bose, Jacqueline Wong Organizations: Amazon.com Inc, Google, Cyber, Federal Communications Commission, U.S . Patent, LG Electronics, Logitech, Cisco Systems, Samsung, White House, Federal Bureau of Investigation, Defense Department, Microsoft, Thomson Locations: U.S, Washington
On Friday a new attack on the Russian military began, led by Wagner mercenary leader Yevgeny Prigozhin. But instead of Yanayev taking control, one of Gorbachev's political rivals, Boris Yeltsin, urged the Soviets to resist the attempted coup and fight back. Three protesters died in a tense, three-day standoff against the army, but Yanayev and the others behind the attempted coup eventually relented. On Friday, Prigozhin appeared to openly declare taking up arms against the Russian military. The infighting between the mercenary leader and the Russian military comes after months of Prigozhin feuding with Putin over the treatment of his for-hire army.
Persons: Swan, Wagner, Yevgeny Prigozhin, , Leonid Brezhnev, Gennady Yanayev, Mikhail Gorbachev, Gorbachev, Boris Yeltsin, Putin, Prigozhin, Russia's, Prigozhin's, GeoConfirmed Organizations: Swan Lake, Russian, Service, NPR, Soviet Union's Communist Party, Treaty, Wagner Group, Wagner Locations: Russia, Soviet, Moscow, Russian, Swan, USSR
In the video, a Central African Republic rebel fighter says "the French want to drive Wagner out of Africa". Russia and Wagner have a track record of media manipulation and disinformation, which Wagner founder Yevgeny Prigozhin has admitted to. The European Union sanctioned Wagner in February for alleged rights abuses and spreading disinformation, including in Africa. The foreign ministry unit doesn’t promote or generate fake news, the two diplomats said. However, the foreign ministry unit, and the broader strategy, will face an uphill battle to convince people in Africa that France has changed, seven analysts and diplomats said.
Persons: Ibrahim Traore, Vincent Bado, Wagner, Catherine Colonna, Yevgeny Prigozhin, Emmanuel Macron, Macron, Maria Zakharova, Meta, Anne, Sophie Ave, Lakhta, Prigozhin, Viginum, Faustin, Archange Touadera, , Michael Shurkin, I'm, Jean Gaspard Ntoutoume Ayi, John Irish, Elizabeth Pineau, Bate Felix, Michel Rose, Frank Jack Daniel Our Organizations: REUTERS, Russia, Central, Facebook, Kremlin, Reuters, Quai D'Orsay, Vigilance, Protection, European Union, West, Central African, Twitter, Democratic, Internet Research Agency, Meta, Global, National Union, Gabonese, Thomson Locations: Burkina, French, Ouagadougou, Burkina Faso, Russia, PARIS, DAKAR, Central African Republic, France, Russian, Africa, Paris, France's, Ukraine, Moscow, Central, West Africa, Quai, Kinshasa, Mali, Sahel, Europe, Democratic Republic of the Congo, DRC, U.S, Togo, Libreville, Senegal, Ivory Coast, Dakar
TAIPEI, June 8 (Reuters) - Taiwan's top chip design company MediaTek Inc (2454.TW) said on Thursday it will defend itself in court against accusations from Realtek (2379.TW) that it paid a company that sues over patents a "secret litigation bounty" to file meritless lawsuits. Realtek Semiconductor Corp's lawsuit, lodged in California, accuses MediaTek of conspiring with IPValue Management Inc in an effort to drive Realtek out of the market and monopolise the industry for chips used in smart televisions and set-top boxes. In a statement to the Taiwan stock exchange, MediaTek said the case was in the process of being litigated and it will submit evidence and defend itself against the accusations. It added that the litigation has no significant impact on the company. Reporting by Ben Blanchard; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.
Persons: MediaTek, Ben Blanchard, Christopher Cushing Organizations: MediaTek Inc, Realtek Semiconductor, IPValue Management Inc, Thomson Locations: TAIPEI, Realtek, California, Taiwan
SummarySummary CompaniesCompanies Law Firms Realtek said MediaTek used patent lawsuits to stifle businessAccused chipmaking rival of antitrust violationsJune 6 (Reuters) - Realtek Semiconductor Corp (2379.TW) sued rival Taiwanese chipmaker MediaTek Inc (2454.TW) in Northern California federal court on Tuesday, claiming MediaTek paid a company that sues over patents a "secret litigation bounty" to file meritless lawsuits in the United States to disrupt its business. Realtek said MediaTek signed a patent licensing agreement with IPValue subsidiary Future Link Systems LLC in 2019 that included the secret "bounty" agreement. Realtek said Future Link has kept details of the agreement "buried under confidentiality obligations and protective orders." Future Link settled several other patent cases against tech companies including MediaTek competitor Amlogic soon after the ITC criticized it, Realtek said. The case is Realtek Semiconductor Corp v. MediaTek Inc, U.S. District Court for the Northern District of California, No.
Persons: Realtek, MediaTek, IPValue, Amlogic, Rudy Kim, Michael Murray, Nafeesah, Paul Hastings, Steven Baik, Blake Brittain Organizations: Realtek Semiconductor Corp, MediaTek, IPValue Management Inc, Link Systems, U.S . International Trade Commission, ITC, MediaTek Inc, Northern, Northern District of, White, Thomson Locations: Northern California, United States, West Texas, Northern District, Northern District of California, Washington
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