Company news
Apple's mettle in India tested in squabble
In India, the world’s second-biggest smartphone market, Apple Inc’s normally deft management of government relations is being put to a fresh high-stakes test.
For almost two years, Apple has battled India’s telecom regulator over a demand that it allow the use of the government’s anti-spam app. Non-compliance, the watchdog threatened last month, could result in phones being “derecognised” from the country’s networks, meaning they would no longer function.
It is just one of several headaches the Cupertino, California-based company is nursing in India - a market it calls a top priority but where it has just 1% share.
-Nampa/Reuters
Fox's formal bid opens final chapter of Sky battle with Comcast
Twenty-First Century Fox Inc has triggered a 46 day deadline to raise its bid for Sky in a battle with Comcast CMCSA.L for control of the British pay-TV group.
Under British takeover rules, Rupert Murdoch’s Fox now has until September 22 to trump Comcast’s 14.75 pound per share offer for Sky, which values the broadcaster 25.9 billion pounds (US$33 billion), after it formalized its own 14 pounds per share bid.
Comcast gatecrashed Fox’s attempt to buy the 61% of Sky that it does not already own earlier this year and the US cable giant’s latest, higher offer, which it submitted in July, has been recommended to shareholders by the broadcaster’s independent directors.
-Nampa/Reuters
Appeal lost over Anheuser-SABMiller merger
A federal appeals court on Wednesday rejected an antitrust challenge by 23 beer drinkers to Anheuser-Busch InBev SA’s US$107 billion purchase in 2016 of SABMiller Plc, which they claimed would thwart competition and raise prices in the US beer market.
The 9th US Circuit Court of Appeals in Portland, Oregon said SABMiller’s agreement with antitrust regulators to divest its U.S. beer business, by selling its stake in the MillerCoors joint venture to Molson Coors Brewing Co, would prevent increased concentration in the industry.
-Nampa/Reuters
Boeing sees more delivery delays
Boeing Co, the world’s largest planemaker, said on Wednesday it expects delivery delays of its hot-selling narrowbody aircraft to continue deeper into the year as it grapples with delays of fuselages and engines from suppliers.
“You saw some of that making its way into 2Q deliveries a little bit, and you’ll see more of that in Q3 where we’ll expect to have deliveries lower than our production rate,” Boeing Chief Financial Officer Greg Smith told an analyst conference.
“And so therefore you’ll see a much more heavily weighted Q4,” Smith added. “Those jobs are now in our factory and each one of those suppliers is getting more on track,” he said.
-Nampa/Reuters
Glencore posts record interim profit
Glencore posted record interim profit and cut debt to below target, but left investors guessing about what it will do with all the extra cash.
The world’s biggest commodity trader said it would continue to focus on cutting its debt and returning money to shareholders. However, it failed to increase its interim dividend or expand an existing buyback at a time when rivals are paying out more to investors. That may leave the door open for more deal-making by billionaire chief executive officer Ivan Glasenberg.
-Fin24
In India, the world’s second-biggest smartphone market, Apple Inc’s normally deft management of government relations is being put to a fresh high-stakes test.
For almost two years, Apple has battled India’s telecom regulator over a demand that it allow the use of the government’s anti-spam app. Non-compliance, the watchdog threatened last month, could result in phones being “derecognised” from the country’s networks, meaning they would no longer function.
It is just one of several headaches the Cupertino, California-based company is nursing in India - a market it calls a top priority but where it has just 1% share.
-Nampa/Reuters
Fox's formal bid opens final chapter of Sky battle with Comcast
Twenty-First Century Fox Inc has triggered a 46 day deadline to raise its bid for Sky in a battle with Comcast CMCSA.L for control of the British pay-TV group.
Under British takeover rules, Rupert Murdoch’s Fox now has until September 22 to trump Comcast’s 14.75 pound per share offer for Sky, which values the broadcaster 25.9 billion pounds (US$33 billion), after it formalized its own 14 pounds per share bid.
Comcast gatecrashed Fox’s attempt to buy the 61% of Sky that it does not already own earlier this year and the US cable giant’s latest, higher offer, which it submitted in July, has been recommended to shareholders by the broadcaster’s independent directors.
-Nampa/Reuters
Appeal lost over Anheuser-SABMiller merger
A federal appeals court on Wednesday rejected an antitrust challenge by 23 beer drinkers to Anheuser-Busch InBev SA’s US$107 billion purchase in 2016 of SABMiller Plc, which they claimed would thwart competition and raise prices in the US beer market.
The 9th US Circuit Court of Appeals in Portland, Oregon said SABMiller’s agreement with antitrust regulators to divest its U.S. beer business, by selling its stake in the MillerCoors joint venture to Molson Coors Brewing Co, would prevent increased concentration in the industry.
-Nampa/Reuters
Boeing sees more delivery delays
Boeing Co, the world’s largest planemaker, said on Wednesday it expects delivery delays of its hot-selling narrowbody aircraft to continue deeper into the year as it grapples with delays of fuselages and engines from suppliers.
“You saw some of that making its way into 2Q deliveries a little bit, and you’ll see more of that in Q3 where we’ll expect to have deliveries lower than our production rate,” Boeing Chief Financial Officer Greg Smith told an analyst conference.
“And so therefore you’ll see a much more heavily weighted Q4,” Smith added. “Those jobs are now in our factory and each one of those suppliers is getting more on track,” he said.
-Nampa/Reuters
Glencore posts record interim profit
Glencore posted record interim profit and cut debt to below target, but left investors guessing about what it will do with all the extra cash.
The world’s biggest commodity trader said it would continue to focus on cutting its debt and returning money to shareholders. However, it failed to increase its interim dividend or expand an existing buyback at a time when rivals are paying out more to investors. That may leave the door open for more deal-making by billionaire chief executive officer Ivan Glasenberg.
-Fin24
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