MICROSOFT ALLEGES PIRACY IN CHINA LAWSUITS
Microsoft has stepped up its fight against software piracy in China with unprecedented lawsuits against Chinese electronics retailers. The company is suing Shanghai Gome, a branch of one of the country’s largest electronics and appliances chains, and Beijing Chaoyang Buynow, one of China’s largest computer malls. The Gome and Buynow cases mark the first time Microsoft is suing retailers in China, lawyers said.
SEAN QUINN BANKRUPTCY ANNULLED BY BELFAST COURT
The High Court in Belfast has annulled the UK bankruptcy of Sean Quinn in a move that will see the Irish businessman face bankruptcy proceedings in the Republic of Ireland. The decision by Mr Justice Donal Deeny on Tuesday is a victory for Anglo Irish Bank, the state-owned Irish lender that claims it is owed more than €2bn by Mr Quinn.
CITI CHIEF URGES RISK DISCLOSURE SHAKE-UP
The chief executive of Citigroup has said banks should be forced to publicise how they measure risk so that investors can “punish” institutions that are too optimistic about the quality of their assets. Vikram Pandit writes in today’s Financial Times that each bank should be required to explain how it would measure risk in a standard portfolio, allowing investors to “compare apples with apples”.
GOOGLE SEARCHES SET TO BECOME PERSONALISED
Google has wielded its dominance of web search as a key weapon in its battle with Facebook, with a new approach that draws information from its Google+ social network directly into users’ search results.
KINGFISHER SWOOPS CLOSER TO BANKRUPTCY
Kingfisher Airlines was edging closer to bankruptcy yesterday after the airline made a last-ditch appeal for government help to keep some of its aircraft from being seized by leasing companies. The Indian carrier has warned that without access to more funds from state-owned banks, it may not be able to continue operating because it is unable to make lease payments for its fleet.
INTEL GAMBLES ON RISE IN ULTRABOOKS FOR 2012
Intel, the largest maker of microchips, is gambling that 2012 will see the rise of the ultrabook, which it claims is a whole new category of computer. This is a super-slim, lightweight notebook computer modelled on the bestselling Apple MacBook Air.
The Daily Telegraph
EUROPE CASTS SHADOW OVER DETROIT SHOW
Fiat and Chrysler chief executive Sergio Marchionne has warned European leaders that they are “playing with fire” over a crisis that's left the car industry depressed about the prospect for sales in the region. Marchionne said that sales in Europe over the next three years will be flat at best, as a wave of austerity sweeps across the continent.
LION CAPITAL BUYS IN FINDUS DEBT TO STAVE OFF RESTRUCTURING
Private equity firm Lion Capital is facing another blow to one of its companies, as it buys junior debt in Findus to stave off a forced restructuring by lenders. Lion, which owns Findus, has a Friday deadline to get agreement from lenders to waive covenant requirements, just four days after seeing La Senza fall into administration.
THE WALL STREET JOURNAL
TIFFANY LOSES MOMENTUM
Tiffany & Co. cut its full-year earnings forecast following a holiday season damped by cautious spending in the US and Europe, adding to worries that economic uncertainties in the regions have tempered demand from luxury shoppers. The warning by Tiffany may reverberate to other high-end retailers, but is also specific to the company’s overseas growth.
QUAKE JOLTS WESTERN INDONESIA
A powerful earthquake has hit waters off western Indonesia, prompting officials to briefly issue a tsunami warning. Panicked residents poured into the streets, but there were no immediate reports of injuries or serious damage. The US Geological Survey said the 7.3-magnitude quake struck 260 miles (420 kilometers) off the coast of Aceh province just after midnight.