Court rules Apple infringed patent
A Dutch court has ruled that Apple has infringed a patent held by South Korean rival Samsung and ordered the payment of damages. Samsung took Apple to court for alleged infringements on four of its 3G technology patents as part of a world-wide legal fight between the companies over alleged patent breaches. Although the court found Apple in breach of one infringement, it cleared the company of the other three complaints.
Joint bid for Iglo by private equity firms
The company behind Birdseye fish fingers could fetch up to €2.9bn after private equity firms Blackstone Group and BC Partners teamed up to launch a joint bid for owner Iglo Food Group, according to sources close to the deal. Last night the two firms were in talks with Iglo's owner, Permira Advisers ahead of a deadline for final bids that is due to run out today. The joint bid for the company was made after Blackstone and BC Partners bid separately for the business in the early rounds of an auction process.
P&G takes blame as it cuts forecasts
Procter & Gamble took the blame yesterday for a lack of big new products and not being quick enough to cut costs as it deals with persistent slowing demand in western Europe, the US and China. The world's largest household-products maker cut its growth forecasts for a second time in two months yesterday, as expected, and said it did not expect to repurchase shares in the coming fiscal year as it tries to maintain its 'AA-' credit rating. P&G's comments come a day after shipping company FedEx warned about slowing global economic growth.
Japanese exports hit 17-month high
Japan's exports have risen the most in 17 months, easing concerns about the impact of a global slowdown on the Japanese economy. Exports rose 10pc in May from a year earlier, boosted by a 38pc jump in deliveries to the US. Shipments to China, Japan's biggest trading partner, also rose. Japan's export-dependent economy relies heavily on demand from markets such as the US, Europe and China for growth. Imports also rose by a better-than-expected 9pc during the month.
Life insurers may get breathing space
Life insurance companies could get more time to adapt to Europe's tough new Solvency II capital rules under a proposal from a senior lawmaker. The rules set out the amount of assets insurers have to hold against insurance policies, and are set to become tougher from 2014. The life insurers would be allowed to phase in the new capital requirements for their existing policies over seven years under a plan drawn up by Burkhard Balz, the German lawmaker tasked with steering Solvency II through the European Parliament.