Wealth Finance
Chinese Huawei in Android patent talks with Microsoft
Chinas leading telecom company Huawei has confirmed that it is in talks with Microsoft over the use of Android software.
Huawei Devices chief marketing officer, Victor Xu, said the discussions are in progress.
He also revealed that the firm plans to open a new design centre in London, and would expand to expand into the US, Japan and India next year, and then other parts of the world in 2013.
Over the next three years we are aiming to be in the top five smartphone makers, and in the top three in the next five years. We have established very aggressive targets in the market, the BBC quoted Xu, as saying.
Meanwhile, it is suspected that Huaweis mobile device roll-out could lead it into a clash with Microsoft.
The US company has claimed that the Android system, which is used by Huaweis devices, exploits some of its innovations.
Xu, however, hinted that his firm is able to defend itself.
We always respect the intellectual property of key companies.
Why the euro MUST be saved – at any cost
Its without exaggeration to say that the European Union is at crisis point. Students of political and economic history might well be told in years to come that this week in November was a watershed for European monetary union – in the form of the single currency at least – and even for the EU itself.
Unusually warm autumn sunshine could not dispel the bleakest of moods in Brussels this morning, even before the Vice-President for Economic and Monetary Affairs sat down to deliver the EUs latest growth forecasts.
Italian bond yields had yesterday sailed above the 7 per cent mark, leading many – despite some intervention from the European Central Bank today – to conclude there is now way back for the Unions third-largest economy but to seek a bailout.
One which would be all but impossible for the EU and IMF to deliver and which would therefore place impossible strains on the economic structure underlying the Union.
Then Olli Rehn delivered his statement: Growth has stalled in Europe, and there is a risk of a new recession.
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AFA goes for reality TV approach
The Association of Financial Advisers (AFA) will use a reality TV campaign to grow the market for advice.
The programs will feature real case studies with an AFA adviser showing how they are dealing with problems and what advice they will deliver.
A pilot program called “Your best interests” has been produced featuring a couple suffering from debt problems.
The adviser makes recommendations, including taking out life insurance, to help the family back on track.
AFA CEO Richard Klipin told advisers at the association’s annual conference on the Gold Coast last week that talks are underway with Channel 7 about running a series based on the pilot.
“Our campaign is not about going on prime time TV during the footy finals,” he said, indirectly referring to the current campaign being run by the rival Financial Planning Association.
“It is going to be savvy and relevant to real people out there.”
The pilot uses TV presenter Naomi Robson to explain how advice can help and counter negative perceptions.
“A lot of people view financial advice with scepticism,” she told the conference. “People don’t und
Commerzbank’s Greek Exposure Wipes Out Third Quarter Profit
The massive debt crisis in Greece has created yet another victim among European financial institutions.
Commerzbank – which is 25-percent-owned by the German government — posted a 687-million euro ($949-million) loss in the third quarter, including a write-down of 798 million euros ($1.1 billion) related to its Greek assets.
Under terms of the recent rescue package agreed to by Eurozone leaders in Brussels, holders of Greek debt would be compelled to take a 50 percent write-down.
In the year-ago quarter, the bank posted profit of 113-million euros.
“With a view to the ongoing uncertainty regarding Greeces financial solvency and with regard to the EU summit on October 26 [in Brussels], the positions held by the bank were depreciated by 52% of their nominal value,” Commerzbank said in a statement.
As a consequence, Commerzbank, which is Germany’s second largest bank, scrapped its profit targets for next year.