Court orders Xbox off German shelves
A German court ruled yesterday that Microsoft infringed Motorola Mobility's patents and ordered Microsoft to remove its popular Xbox 360 gaming consoles and Windows 7 operating system software from the German market. However, Microsoft said that the ruling did not mean that its products would be taken off retailers' shelves because a US district court in Seattle has granted Microsoft a preliminary injunction against Motorola to prevent it from enforcing any German court order.
Societe Generale sells €600m loans
French bank Societe Generale is selling property loans worth more than €600m as it seeks to slash its exposure to the volatile sector and withstand the euro debt crisis, according to a source close to the situation. The sale is part of the bank's bid to cut debt and strengthen its balance sheet in the face of a crisis that has dried up access to funding markets. The bank also said that first quarter profit fell 20pc yesterday.
Tullow to ramp up production in Ghana
Tullow Oil will likely increase production at its Jubilee offshore field in Ghana to a long-delayed target of 120,000 barrels per day in 2013, its chief executive told local shareholders yesterday. "We are currently doing around 70,000 barrels per day and we are also looking at various ways of enhancing the production to around 90,000 barrels by the end of this year and probably ramp up to 120,000 barrels next year," Aidan Heavey told the meeting in Accra, Ghana.
Judge approves AIB share capital cut
THE Commercial Court under Ms Justice Mary Finlay Geoghegan has approved an application by Allied Irish Banks to reduce its share capital by almost €6bn for several purposes, including an effort to clear current and future losses.
The bank also wants the reduction to establish a reserve to meet other liabilities. The move allows AIB to eliminate a €2.35bn deficit on its profit and loss account. The remaining €3.6bn reserve created by the capital reduction would be available to the bank for various purposes.