Nokia will unveil its first Windows-based smartphones this quarter, targetting a clear opportunity for an alternative to the products of big-hitters Apple and Google, the Finnish firms chief executive said on Tuesday. Our belief is that there is a clear opportunity for an alternative ecosystem, Stephen Elop told the audience at a technology fair in Helsinki, adding that he saw the battle extending to tablet computers and televisions. The worlds largest phone maker by volume, left in the dust by Apple and Google, announced its high-risk new strategy at the start of the year which Elop likened to jumping from a burning oil platform. The firm ditched its home-grown Symbian software for a deal with Microsoft but there has been a long delay between the announcement and the first of its models using the latters Windows software for smartphones reaching the market.
UBS Q3 credit gains to cancel out trading loss
Swiss bank UBS said it expects to report a modest third-quarter net profit, easing concerns about the short-term impact of the $2.3 billion alleged rogue trading loss revealed last month as the bank chalks up gains on credit derivatives. The bank also expects net new money in its core wealth management business to be broadly similar to the second quarter, when it reported client inflows of 5.6 billion Swiss francs ($6.1 billion), it said on Tuesday. When UBS told investors about the rogue trades on September 15, only two weeks before the end of the third quarter, the bank said it might push it to a third-quarter loss. This is positive, as we expected a loss so far, Sabine Bohn, analyst at DZ bank, said in a note.
Deutsche Bank abandons 2011 profit targets
Deutsche Bank, Germanys largest bank, said Tuesday it will miss its profit target for the current year in face of the financial market turbulence. The announcement sent Deutsche Bank shares into a tailspin on the Frankfurt stock exchange, where they were among the biggest losers, shedding 1.56 euros or 6.1% to 24.18 euros in a sharply weaker market. In face of ongoing market turbulence, our planned pre-tax target of 10 billion euros ($13.2 billion) from our core businesses is no longer achievable for 2011, Deutsche Bank said in a statement. The intensifying European sovereign debt crisis led to sustained uncertainties among market participants in the third quarter and thus to significantly reduced volumes and revenues, in particular for Deutsche Banks corporate banking and securities business, chief executive Josef Ackermann said.
HP closes $12-bn Autonomy deal
Hewlett-Packard completed its $12-billion buy of British software firm Autonomy on Monday, the centerpiece of a botched strategy shift that cost ex-chief executive Leo Apotheker his job last month. HP said its 25.50-per-share cash offer representing a 79% premium that many HP shareholders found excessive had been accepted by investors representing 87.34% of the companys shares, well ahead of the 75% threshold needed. Buying the firm, whose software searches unstructured data like emails, phone calls and tweets that do not fit into traditional databases, was one of a raft of surprise radical reforms announced by HPs Apotheker in August.
Double-digit sales growth for Hyundai and Kia in Sept
Hyundai Motor and affiliate Kia Motors posted double-digit vehicle sales growth in September, fueled by solid gains in key markets such as the United States and China. The South Korean duo expects to outstrip earlier sales targets for this year, but limited manufacturing capacity, the global economic crisis, and rising competition may dent growth. Hyundai posted a 14% rise in global sales in September from a year earlier, while Kias sales rose 16%. Hyundai and Kia outperformed the overall US market with double-digit US sales growth last month but their combined sales and market share fell from the previous month.
Panasonic chief warns sales hit by Europe impact
Panasonics sales are not going as well as initially planned due to Europes damaging effect on the global economy, its president said on Tuesday. Panasonic president Fumio Ohtsubo also said that European sales were below year-ago levels, while sales in emerging economies were strong but their outlook not as bullish as previously expected.