Microsoft seeks EU approval October 30, 2013 Microsoft has asked EU antitrust regulators to approve its $7.49bn (£4.66bn) takeover of Nokia’s phone business as part of a push into the mobile devices business. The deal, announced last month, includes a 10-year licensing agreement of Nokia’s patent portfolio. The European Commission said it would decide by 4 December whether to clear the acquisition. [...]
Hess output hit by Libya unrest October 30, 2013 Political and military unrest in Libya has curtailed oil and natural gas producer Hess’s quarterly production and profit, forcing it to temper expectations for the year, the company said yesterday. Libya’s total exports have slumped to around 90,000 barrels per day, less than 10 per cent of capacity, as protests halted operations at ports and [...]
Infosys settles US visa case October 30, 2013 Infosys, India’s second-largest IT services exporter, has agreed to pay £21m in a civil settlement with US authorities investigating its use of visas in the US, the company said. US authorities have been investigating Infosys’s use of visas since 2011. “There were no criminal charges or court rulings against the company. Furthermore, there are no [...]
City Moves for 31 October 2013 | Who’s switching jobs October 30, 2013 European Wealth The wealth management business has announced the hire of Martin O’Grady as an associate director in its investment management division. He was most recently at Barclays, where he was a member of its UK and Ireland high net worth team. PwC The professional services firm has made two appointments to its energy and low [...]
Best of the Brokers for 31 October 2013 October 30, 2013 RIGHTMOVE Canaccord Genuity has raised its price target on the online real estate portal to £30 and maintained its buy recommendation. The analysts said that they expect UK estate agents to reinvest a large proportion of their additional revenue in marketing spend, via sites such as Rightmove. TULLOW OIL Investec has upgraded oil and gas [...]
London Report: FTSE ekes out gains ahead of Fed’s decision October 30, 2013 BRITAIN’S top shares edged to a new five-month high yesterday, boosted by good earnings from the likes of Next but suffering in later trade from profit taking ahead of the US Federal Reserve policy decision. Britain’s second-biggest clothing retailer rose 4.7 per cent after it raised its 2013 profit guidance and third-quarter sales came in [...]
New York Report: Bernanke pulls Wall St lower with dim view October 30, 2013 US STOCKS fell yesterday, with the S&P 500 snapping a four-day streak of gains after the Federal Reserve said it had a weaker growth outlook for the economy, even as it held steady with its stimulus programme for the time being. Trading was volatile following the release of the statement, with the major US stock [...]
Microfinance can drive growth but hurdles remain October 30, 2013 SOCIAL enterprises in the Islamic world are playing an important role in driving improvements in living standards – particularly for hitherto marginalised groups. Jita, for instance, a Bangladeshi social enterprise, provides a sustainable source of income for over 4,000 women in rural villages. Supplied by 150 local distribution hubs, these “Avon ladies of Bangladesh” go [...]
How we can support genuine diversity in Islamic business and unlock its huge potential October 30, 2013 THE WORLD Islamic Economic Forum is in London – the first time it’s being held outside an Islamic country. This is a great opportunity to explore how Muslim and non-Muslim countries can work together to ensure our world is a happier and more prosperous place. I will be speaking at the Forum today about my [...]
Promoting cultural connections through the camera lens October 30, 2013 FOR ABDUL-REHMAN Malik, organiser of the International Film Showcase, running this week at the World Islamic Economic Forum, cinema is an ideal medium for bridging the gap between East and West. “Many of the films explore what it means to be a Muslim in the modern world,” he says. “How does a strong cultural identity [...]
