Taiwanese Manufacturer Foxconn finalises Sharp takeover

Taiwanese manufacturer Foxconn says it has finally agreed a deal to take over struggling Japanese electronics company Sharp.

Foxconn said the deal was worth 389bn yen ($3.5bn; £2.4bn) and would give it a 66% stake in Sharp.

Foxconn, which assembles most of the world's iPhones, first offered to invest in the troubled Japanese firm in 2012, but talks collapsed.

Ofcom warns BT change is ahead over internet provision

Critics of BT say it has not invested enough in Openreach and want it sold.

Ofcom's chief executive, Sharon White, is currently reviewing the company's provision of superfast broadband.

She said one option was "the structural separation" of Openreach from BT.

StarTimes sues government over unlawful termination of contract

The Chinese company, which earlier won the contract to supply and install a reliable energy-efficient and cost-effective Digital Terrestrial Television (DTT) network solution in April 2012, has already filed a law suit against government to institute arbitral proceedings at the International Commercial Court, London, over the issue — expecting to claim about US$200million for breach of contract.

Dr Edward Omane Boamah

A Vice President of StarTimes Group, interacting with 13 senior journalists from Ghana and Nigeria on a two-week media visit to China, explained that the development is not a happy story for international business transactions that involve the two countries.

“This is not a good way between Ghana government and StarTimes Group, as this is part

Facebook reprot profits rise of 11%on advertising revenue hike

The social media firm reported a net income rise of 11% to $891m (£579m) in July to September, compared with $806m in the same period last year.

Facebook also reported that developing markets had seen strong growth in the number of users. 

 

Facebook chief Mark Zuckerberg said the company was "focused on innovating and investing for the long term".

Facebook's product

iPhone sales send Apple profits up

The tech giant's revenue was $51.5bn (£33.6bn), up 22% compared with the same period last year.

It sold more than 48 million iPhones in the period, which it said were "record fourth quarter sales", although the figure did miss analysts' expectations.

 

It also reported a net income of $11.1bn for the period, adding that 2015 was its most successful ever year.

Volkswagen got ordered to recall 2.4 million cars in Germany

German media reports suggest the KBA earlier rejected VW's proposals that car owners could voluntarily bring their cars in for repair.

VW

Meanwhile, Italian police have raided VW offices in Verona and Lamborghini offices in Bologna.

Reports suggest Italian prosecutors are investigating alleged commercial fraud.

Badagry Ship Dockyard named Samsung, Hyundai as technical Partners

Badagry Ship Repair and Maritime Engineering Company (BSMEC), a consortium of five Nigerian firms, has named Samsung Heavy Industries and Hyundai Heavy Industries as technical partners to the development of the ship repair project at Badagry, Lagos.

 

The consortium, which restated its commitment to the project, said Samsung and Hyundai would be investing in the facility as promoters as well as adding their technical expertise. The facility will undertake the repairs and maintenance of large vessels and offshore units, while the catchment area of the facility will include the West African market.