Temasek to buy stake in AS Watson for $5.7 billion

Singapore state investor Temasek Holdings has agreed to buy a 24.9% stake in Li Ka-shing’s retail business AS Watson for about HK$44 billion ($5.7 billion). Li’s Hutchison Whampoa, which owns AS Watson, said on Friday that it would use part of the proceeds from the stake sale to pay a special dividend of HK$7.00 per share to its shareholders. Temasek’s investment in AS Watson values the company at HK$177 billion ($22.8 billion). AS Watson’s business includes supermarket operator ParknShop and the Watsons, Superdrug and Kruidvat personal care stores.

Symantec terminates CEO Steve Bennett

Security software maker Symantec fired president and CEO Steve Bennett’s employment and named director Michael Brown as his temporary replacement. It’s the second time in less than two years that Symantec has fired its CEO. Bennett became president and CEO in July 2012, when Enrique Salem was fired after three years in charge of the company. The Mountain View, California, company behind Norton Antivirus software did not cite a precise reason for Bennett’s ouster.

Nike signals weaker-than-expected sales growth

Nike, after posting third-quarter profit and sales that topped analysts? estimates, signalled momentum may slow as the strong dollar hampers its performance abroad. Nike?s forecast came after it posted earnings of 76 cents a share in the three months through February 28. Total revenue rose 13% to $6.97 billion. Gross margin expanded 0.3 percentage point to 44.5%. That trailed analysts? projections of 44.7%. Nike?s Q3 net income fell 21% to $685 million from $866 million a year earlier, when it booked a gain from the sale of its Cole Haan and Umbro businesses.

Microsoft board member Steve Luczo steps down

Microsoft said director Steve Luczo, who was a member of the search committee that led the effort to select Satya Nadella as chief executive officer, is stepping down from the board. Luczo, 57, who joined Microsoft?s board in May 2012, said he was leaving to turn his attention to his full-time job as chairman and CEO of Seagate Technology. The departure leaves Microsoft?s board at 10 members. The Redmond, Washington-based company didn?t say whether it would fill Luczo?s position.

Sinopec denies violating INEOS chemical patent

China Petroleum & Chemical (Sinopec) has denied violating intellectual property rights of INEOS after the Swiss-based chemicals company opened a case at a Beijing court. Subsidiary Shanghai Research Institute of Petrochemical Technology is being sued over technology related to the industrial chemical acrylonitrile, Sinopec said in a statement. The subsidiary developed what became a core technology “after 50 years of research?, it said. INEOS was not available for comment.

AT&T, T-Mobile to begin orders for Samsung S5

AT&T began taking orders for Samsung’s new Galaxy S5 smartphone on Friday, while T-Mobile will start on Monday. Verizon, Sprint and others are also expected to carry the phone, though details have yet to be revealed. Samsung has said the phone will start shipping worldwide on April 11. AT&T says the phone will cost $200 with a two-year service agreement or $650 without a contract. T-Mobile is charging $660 under its instalment plan.