Company news in brief
MTN's Dubai subsidiary sells MTN Cyprus
South Africa-based mobile telecommunications company MTN Group Ltd said on Monday its Dubai subsidiary sold its Cyprus business to Monaco Telecom SA for 260 million euros(US$304 million).
Africa’s biggest mobile telecoms group said that as part of the deal to sell MTN Cyprus it would allow the use of the MTN brand in Cyprus for up to three years for a fee.
MTN Cyprus, which is the South African company’s only business in the European Union, was acquired as part of the acquisition of telecoms holding company Investcom LLC in 2006.
-Nampa/Reuters
IBM seeks US$167 million from Groupon
International Business Machines Corp on Monday asked a US jury to award it US$167 million in a lawsuit accusing e-commerce marketplace operator Groupon Inc of using patented technology without authorization.
IBM lawyer John Desmarais told a jury in federal court in Delaware that Groupon infringed patents describing foundational e-commerce technology that had already been licensed to Amazon Inc, Facebook Inc and Alphabet Inc’s Google for between US$20 million and US$50 million per company.
-Nampa/Reuters
Bank of America profit beats on consumer loan growth
Bank of America Corp reported quarterly profit above analyst expectations on Monday as the second-largest US lender cut expenses and benefited from growth in loans and deposits on the back of a strengthening economy
Noninterest expense dropped 5% in the quarter from a year earlier as the bank trimmed headcount and worked on digitizing its retail operations to lower overhead.
Revenue rose in each of the bank’s segments with the exception of global banking, where lower investment banking fees dragged revenue down 2%.
-Nampa/Reuters
Warren Buffett donates US$3.4 billion to Gates' and family charities
Warren Buffett has donated roughly US$3.4 billion of Berkshire Hathaway Inc stock to five charities, the billionaire’s largest contribution in his longstanding plan to give away his fortune.
Buffett’s 13th annual donation comprised about 17.7 million Class “B” shares of Berkshire, valued at US$192 each as of Monday’s market close.
The largest block went to the Bill & Melinda Gates Foundation. Buffett’s own foundation, named for his late first wife Susan, and charities run by his children Howard, Susan and Peter received the rest.
-Nampa/Reuters
Airbnb faces ultimatum to comply with EU's consumer rules
Airbnb was warned by the European Union (EU) to expect a regulatory clampdown unless its terms and conditions and the way it presents holiday-home prices comply with EU standards by the end of August.
The online platform must present pricing information in a more transparent way and make the distinction between private and professional hosts clearer to consumers, the European Commission said in a statement on Monday.
“Popularity cannot be an excuse for not complying with EU consumer rules,” said EU Commissioner for Consumers Vera Jourova.
-Fin24
South Africa-based mobile telecommunications company MTN Group Ltd said on Monday its Dubai subsidiary sold its Cyprus business to Monaco Telecom SA for 260 million euros(US$304 million).
Africa’s biggest mobile telecoms group said that as part of the deal to sell MTN Cyprus it would allow the use of the MTN brand in Cyprus for up to three years for a fee.
MTN Cyprus, which is the South African company’s only business in the European Union, was acquired as part of the acquisition of telecoms holding company Investcom LLC in 2006.
-Nampa/Reuters
IBM seeks US$167 million from Groupon
International Business Machines Corp on Monday asked a US jury to award it US$167 million in a lawsuit accusing e-commerce marketplace operator Groupon Inc of using patented technology without authorization.
IBM lawyer John Desmarais told a jury in federal court in Delaware that Groupon infringed patents describing foundational e-commerce technology that had already been licensed to Amazon Inc, Facebook Inc and Alphabet Inc’s Google for between US$20 million and US$50 million per company.
-Nampa/Reuters
Bank of America profit beats on consumer loan growth
Bank of America Corp reported quarterly profit above analyst expectations on Monday as the second-largest US lender cut expenses and benefited from growth in loans and deposits on the back of a strengthening economy
Noninterest expense dropped 5% in the quarter from a year earlier as the bank trimmed headcount and worked on digitizing its retail operations to lower overhead.
Revenue rose in each of the bank’s segments with the exception of global banking, where lower investment banking fees dragged revenue down 2%.
-Nampa/Reuters
Warren Buffett donates US$3.4 billion to Gates' and family charities
Warren Buffett has donated roughly US$3.4 billion of Berkshire Hathaway Inc stock to five charities, the billionaire’s largest contribution in his longstanding plan to give away his fortune.
Buffett’s 13th annual donation comprised about 17.7 million Class “B” shares of Berkshire, valued at US$192 each as of Monday’s market close.
The largest block went to the Bill & Melinda Gates Foundation. Buffett’s own foundation, named for his late first wife Susan, and charities run by his children Howard, Susan and Peter received the rest.
-Nampa/Reuters
Airbnb faces ultimatum to comply with EU's consumer rules
Airbnb was warned by the European Union (EU) to expect a regulatory clampdown unless its terms and conditions and the way it presents holiday-home prices comply with EU standards by the end of August.
The online platform must present pricing information in a more transparent way and make the distinction between private and professional hosts clearer to consumers, the European Commission said in a statement on Monday.
“Popularity cannot be an excuse for not complying with EU consumer rules,” said EU Commissioner for Consumers Vera Jourova.
-Fin24
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