I'm gathering this is just one more step till closure and the resolving of tax dispute. Good on Nokia for helping the employees as much the can, shame on the gov't.
Read "Behind the Beautiful Forevers" by Katherine Boo - an easy but engaging read - you will learn how pervasive corruption is in India.
Coincidentally, I had dinner yesterday evening with a Harvard Business School professor who is from India, and I mentioned the Boo book, and how surprised I was at how endemic corruption is in India. He told me his mother retired from a Civil Service position and had to wait 2 years for her pension because she refused to pay bribes. Instead, for 2 years she sat outside the offices of those holding up her pension, talking to them as opportunities arose. They finally paid the pension just to get rid of her.
That's India. Add millions in extreme poverty to the pervasive corruption. Tremendous potential, we can hope they work their way through it - maybe the new PM will make progress. My dinner companion said younger Indians are losing patience with the current culture....
A little sad, but the elected officials there seemed to cluelessly overplay their position.....game over.
Vringo, represented by Hoyng Monegier, is the owner of a portfolio of patents relating to 2G/3G/4G telecommunication equipment. The portfolio was transferred to Vringo by Nokia Corporation (“Nokia”). Nokia and thereafter Vringo have offered ZTE a license under the standard essential patents (SEPs) in this portfolio under “fair reasonable and non-discriminatory” (FRAND) conditions. Despite these offers, ZTE did not conclude a license agreeme
Starting in 2012, Vringo has instituted multiple infringement proceedings against ZTE, including in Germany, France, the UK, India, Brazil and recently in The Netherlands. In December 2013, the Landgericht Mannheim issued an injunction against ZTE to stop infringement of one of Vringo’s patents (“EP 119”).
On the basis of EP119, Dutch customs recently detained a number of ZTE’s UMTS-infrastructure products. In preliminary injunction proceedings instituted at the District Court The Hague, ZTE requested the release of these products and a prohibition against further border detention measures.
Referring to the recent decisions by the European Commission in the Motorola- and Samsung-cases, ZTE argued that Vringo’s enforcement measures violated its FRAND-obligations and constituted an abuse of a dominant position in accordance with article 102 EU-Treaty. The President disagreed and distinguished the case from the Motorola-case, in which Apple had been considered “willing” to conclude a license under FRAND-conditions. The President did not agree with ZTE that it could equally be considered a “willing licensee” stating that it could not be assumed for now that ZTE is in genuine pursuit of a license. The President also concluded that ZTE’s invalidity – and non-infringement arguments could not result in the release of the detained UMTS-products.
Following the detention of the products by customs, Vringo has started proceedings on the merits at the District Court The Hague in which the destruction of the detained products is requested
What's the point of this? Making the employees/unions happy was never a catalyst/concern for shareholders. This still doesn't affect the tax dispute we are in with India.
From our main man SonnyD on Market Pulse.
CHENNAI: A final settlement was reached for over 900 workers still employed at Nokia's phone manufacturing unit in Sriperumbudur on Thursday, a day before the official closure of the plant. The deal arrived at gives the staff a sum slightly higher than the amount of Rs 6 lakh announced through a voluntary retirement scheme (VRS).
A tripartite meeting between the Nokia India Thozhilalar Sangam - the workers' union, the company management and the labor commissioner's office concluded on Thursday, bringing about an amicable financial settlement for the 912 employees and 28 clerical and contract staff remaining in the Nokia unit.
The workers will get a severance package of Rs 7.5 lakh and a lump sum of Rs 1 lakh, sources said. The settlement has been arrived at and accepted unilaterally upon the advice of the labor commissioner. In addition to the settlement sum, the Nokia management has agreed to pay salaries for November and December, sources said. It has also been agreed upon that October 31, 2014, Friday, will mark the end of employment for the employees.
The plant, which has been manufacturing phones since 2006, will cease production with effect from November 1. Microsoft, which acquired Nokia in September last year, ended its contract with the company last month.
Following the discussions, the Union is expected to have a general body meeting on Friday and make a presentation to employees on the discussions and decisions taken during the tripartite meeting, sources said.
At its peak, the Nokia manufacturing unit had about 40,000 employees - both direct and indirect - and ever since Nokia was acquired by Microsoft, the number has been dwindling, leaving about 940 employees staying on with the company till the end.
Neighbors asked, why do you always back your car into garage..
now when the last time ya seen the batmobile back out off the bat cave?
ALU ended 2013 at $4.40 and got grinded down to an intraday low of $2.28 several weeks ago because it was alternatively French or European and/or buffetted by wireline/wireless capex headwinds. Still a long way to go for these last-chance guys. They expect to be free cash flow positive next year despite the lack of sales visibility and erratic sales trends in different parts of their business.
Thank you Alfred you have always helped here at the Wayne mansion and help keep things in order, patiently... :-)
Uh that was last qtr report wasn't it? Which was a very good one soo I feel like Nancy Karajan after getting sacked on the shin with a pipe, WHYYY!!!! WHYYY!!!
couldn't make sense of it initially, but had a read of the digital lumens website and have an idea for a possible link.
The article you posted talked about Google and Nest, and although people naturally think that Google is going to send adverts to you from your smoke alarm, i think it is more likely that Google is just trying to gain a head start in the IoT of home devices, in the same way that connected cars are a battleground.
Currently the revenue opportunities there don't seem so apparent but when you got money you can afford to speculate right?
So initially I was thinking that Nokia are trying to do something similar with LED lighting, i.e get a foothold in the IoT market outside of connected cars. However I don't think it is about that, as much as it is about "collecting big data".
Digital lumens are about "intelligent" lighting, so this will involve collection of feedback and use of software algorithms, etc, and this is why I think NGP is interested and where the tie up with Nokia's focus is.
How Nokia will monetize big data I don't know either, but they collect big data for use in their network optimisation products, are collecting it from the HERE product suite to give efficiency insights to their commercial licensees, and so I guess they are looking to do the same with a ubiquitous industrial and commercial necessity as well (LED lighting).
I presume they are hoping digital lumens will become a leader in what is probably quite a lucrative field (power management of industrial and commercial lighting), and that we will either take dividends or capital gain from an exit one day.
I can see some synergies in regards to operational expertise etc, but i don't see revenue synergies between digital lumens and our current 3 divisions.
saw where you "sold your pretend position" llast Thursday @ $8.52
not even a single share traded at $8.52 IGNORE
Snippet from Bloomberg on earnings
Nokia raised its profitability forecast for the network division, saying its full-year operating profit will be slightly above 11 per cent. It previously projected the adjusted margin to be at or slightly above the high end of a target range of 5 per cent to 10 per cent.
The company said this month it signed a 970 million-US dollar (765 million-euro) contract with China Mobile to provide fourth-generation equipment, software and services through 2015. Third-quarter sales in North America benefited from Sprint building out a 4G network.
No longer plus or minus 5%
It states a fact here, Forcast Profit Will Be Above 11%
China Mobile, 970 Million, TO provide, through 2015, equipment and services = Nice Q4 earnings