Company news in brief

31 August 2018 | Business

Apple buys startup

Apple Inc has acquired a startup focused on making lenses for augmented reality glasses, the company confirmed on Wednesday, a signal Apple has ambitions to make a wearable device that would superimpose digital information on the real world.

Apple confirmed it acquired Longmont, Colorado-based Akonia Holographics. “Apple buys smaller companies from time to time, and we generally don’t discuss our purpose or plans,” the iPhone maker said in a statement.

Akonia could not immediately be reached for comment. The company was founded in 2012 by a group of holography scientists and had originally focused on holographic data storage before shifting its efforts to creating displays for augmented reality glasses, according to its website.

-Nampa/Reuters

Calvin Klein owner profit up

Apparel maker PVH Corp reported a 38% rise in second-quarter profit on Wednesday and raised its earnings forecasts for the year, helped by higher sales of its Calvin Klein and Tommy Hilfiger brands.

The company now expects earnings of US$9.20 to US$9.25 per share, compared with its previous forecast

The New York-based apparel maker, like peers Tapestry Inc and Ralph Lauren Corp , has pulled heavily discounted products from department store shelves to regain its premium brand status.

“We are increasing our revenue and earnings guidance for the year, while continuing to take a prudent approach to planning our business in the second half of the year, as we experience increasing macroeconomic and geopolitical volatility around the world,” PVH Corp chief executive Emanuel Chirico said in a news release Wednesday.

-Nampa/Reuters

Panasonic to move European headquarters

Panasonic Corp is to move its European headquarters from London to Amsterdam in October to avoid potential tax issues linked to Brexit, the Nikkei Asian Review said on Thursday.

Moving the regional headquarters to continental Europe will also help Panasonic avoid any barriers to the flow of people and goods, Laurent Abadie, chief executive officer of Panasonic Europe, told Nikkei.

-Nampa/Reuters

AB InBev dispensing systems to be investigated

The US International Trade Commission said on Wednesday it would investigate whether certain Anheuser Busch InBev NV beverage dispensing systems and components infringe a Heineken NV patent.

Heineken alleges that the importation and sale of the systems and components violate section 337 of the Tariff Act of 1930 and has requested that the USITC issue a “limited exclusion order and cease and desist orders,” the commission said in a statement.

-Nampa/Reuters

Activist Elliott argues Sky is worth over $34 billion

Activist hedge fund Elliott believes Walt Disney’s deal to buy assets from Twenty-First Century Fox has valued Sky at more than US$34 billion, higher than any of the current offers for the British broadcaster, Britain’s takeover regulator disclosed on Wednesday.

Sky is at center of a bidding battle between Rupert Murdoch’s Fox, which already owns 39% of the pay-television company, and US cable giant Comcast.

Disney has also agreed a separate deal to buy TV and film assets from Fox, including its Sky shareholding, for about US$71 billion. Disney was forced to raise the price it is paying for the Fox businesses in June to US$38 a share after Comcast also tried to gate-crash that deal.

-Nampa/Reuters

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