Monday, 28 January 2019 12:07
International tax on digital giants expected in 2020
An international levy on digital conglomerates such as Google, Facebook, Microsoft and Amazon are expected to be imposed in 2020. The admission was made by OECD Secretary-General Angel Gurria when speaking at the World Economic Forum in Davos. However, the implementation of the tax is highly complex, with many countries threatening to go it alone, whilst Europe remains divided on the issue. Gurria said, “It is possible. I believe that the conditions exist to lay the foundations for an agreement…
Tagged under
Thursday, 29 November 2018 12:09
US tech giants make huge investment in NYC
According to The Wall Street Journal, Google is reportedly set to purchase significant amounts of real estate throughout New York City, which could provide an extra 12,000 tech workers to multiply its workforce. Parent company, Alphabet Inc. is nearing a deal to buy or lease three new properties in the city, including a 1.3 million-square foot building in St. John’s Terminal. Earlier this year, the tech giant spent $2.4 billion buying New York City’s historic Chelsea Market, with plans to…
Sunday, 04 February 2018 10:46
Investment firm wins bid for Etisalat’s former Nigerian arm 9mobile
UAE telecom operator Etisalat’s former Nigerian operation, rebranded as 9mobile, will be purchased for $500 million by investment firm Teleology Holdings. An auction was held for the troubled operator, which became a new brand in the Nigerian telecom market in mid-2017 after Etisalat pulled out of the country. The auction for 9mobile was supervised by Barclays Africa, which picked the highest bidder after four companies were shortlisted. Pan-African telecoms group Smile made a bid for $300 million and is said…
Tagged under
Sunday, 21 January 2018 13:27
Xiaomi plans to go public
Chinese electronics and software company Xiaomi has reportedly signed on bankers to support an expected initial public offering (IPO) which could value the company at $100 billion, Bloomberg said. Goldman Sachs and Morgan Stanely have been selected by Xiaomi, with Credit Suisse and Deutsche Bank playing a role, the report speculates. Xiaomi experienced a weak 2016 only to return to much stronger growth in 2017. Therefore, there is significant interest in the company going public. According to reports, the Chinese…
Tagged under
Monday, 13 November 2017 12:30
Broadcom proposes to acquire Qualcomm for $130 billion
US semiconductor firm Broadcom has proposed to acquire all of the outstanding shares of Qualcomm for per share consideration of $70 in cash – a transaction valued at $130 billion. The proposal was made on Nov. 6, and represents a 28 percent premium over the closing price of Qualcomm common stock on Nov. 2, the last unaffected trading day prior to media speculation of a potential transaction. The Broadcom proposal stands whether Qualcomm's pending acquisition of NXP is consummated on…
Tagged under
Thursday, 09 November 2017 09:54
Qualcomm’s Q4 results reflect ongoing dispute with Apple
Qualcomm Incorporated announced results for its fiscal fourth quarter and year ended September 24, 2017. The company reported revenues of $5.9 billion for Q4 2017 compared to $6.2 billion in Q4 2016 (5 percent drop). Qualcomm said the results were negatively impacted by its ongoing dispute with Apple. The company also highlighted a previously disclosed dispute with another licensee, who underpaid royalties to Qualcomm due in the second quarter of fiscal 2017 and did not report or pay royalties due…
Tagged under
Sunday, 05 November 2017 13:31
FCC approves CenturyLink’s $30bn acquisition of Level 3
US communications provider CenturyLink has completed its acquisition of US telecommunications and Internet service provider Level 3 Communications for an estimated $30 billion. The combination of CenturyLink and Level 3 creates a global network services company capable of providing customers a wide range of technology solutions over a secure fibre-rich network. The US Federal Communications Commission (FCC) approved the merger on November 30. CenturyLink's network now connects more than 350 metropolitan areas with more than 100,000 fibre-enabled, on-net buildings, including…
Sunday, 05 November 2017 11:04
EITC reports 4% net profit growth; says focus is on next growth phase
Emirates Integrated Telecommunications Company PJSC, the parent company of “du” and “Virgin Mobile UAE”, published its financial results for the quarter ended 30 September 2017, showing a 4 percent growth in net profit after royalty to AED 476 million. Revenue was “stable” according to EITC chief executive officer, Osman Sultan, at AED 3.13 billion, compared to AED 3.14 billion in Q3 2016, as the company “invests in adjacent business areas to transition to its next phase of growth.” “We continue…
Tuesday, 31 October 2017 12:33
Alphabet’s revenues up 24 percent year-on-year
Alphabet Inc., the parent company of Google, announced its financial results for Q3 on Oct. 26, for the quarter ended Sept. 30. The company’s revenues were up 24 percent year-on-year, reflecting strength across Google and other bets. “Our momentum is a result of investments over many years in fantastic people, products and partnerships,” said Ruth Porat, FCO of Alphabet. The company had a “terrific quarter” said Porat in a conference call with media. Revenues of $27.8 billion were up 24…
Tagged under
Monday, 30 October 2017 10:54
Nokia’s patent business ‘clear highlight’ of Q3 results
Nokia released its Q3 financial results for 2017 showing net sales of €5.5 billion for the quarter compared to €6 billion for the same period last year. The company reported a 7 percent year-on-year sales decrease in Q3. Nokia CEO Rajeev Suri said the company’s patent licensing business was the “clear highlight” of the quarter. “We reached a favorable arbitration outcome with LG and have since reached an agreement with them on a license for a longer term than what…
Tagged under
Monday, 30 October 2017 08:33
Telefónica still in heavy debt following sale of Telxius
Spanish telecoms giant Telefonica released its financial results for the January-September period, showing a profit of €2,439 million (+9.6 percent) and a free cash flow generation of €3,226 million (+ 39.2 percent). The company still faces heavy debt despite the sale of its infrastructure arm Telxius. Telefónica’s debt fell by €3.646 million to €45.947 million. Telefónica confirmed in February it would sell up to 40 percent of its infrastructure unit Telxius to US investment fund KKR for 1.27 billion euros…
Tagged under
Sunday, 29 October 2017 12:11
Ericsson reports 6 percent year-on-year drop in Q3 revenue
Swedish telecom equipment provider Ericsson published its Q3 financial results on October 20. The company reported a 6 percent year-on-year drop in third quarter revenue which accounted for SEK47.8 billion ($5.9 billion) while the loss was SEK4.8 billion ($590 million), worse than last year’s, reaching $24.5 million. “We continue to execute on our focused business strategy,” said Ericsson President and CEO Borje Ekholm. “While more remains to be done, we are starting to see some encouraging improvements in our performance…
Tagged under
