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Bank of America (NYSE:BAC): On Tuesday, MBIA (NYSE:MBI) shares dropped over 19 percent as investors decided Bank of America gained the upper hand in its complex legal battle between the two companies, but it is far too early completely disregard MBIA yet. MBIA hopes to end contracts it wrote agreeing to insure some $6 billion worth of mortgage bonds Bank of America’s Countrywide unit that was sold in the years leading up to the 2008 subprime mortgage crisis. MBIA stated that the bonds did not hold up to the terms of the insurance contract due to the fact that the mortgages weren’t what Countrywide claimed they were when MBIA agreed to insure them. Bank of America retaliated to MBIA by challenging its decision to separate its municipal insurance unit from the entity that insured MBS. Analysts predict that Bank of America will pay about $2 billion for the case’s settlement if the lawsuit challenging MBIA’s separation is dropped.
Apple Inc. (NASDAQ:AAPL) has begun to fight back while Apple is at its weakest point by launching a superior location and mapping app for iOS, as it comes to a browser map deal with Google’s competitor Mozilla, and it promises reference systems for Android developers as tries to compete for its position in the smartphone business. Nokia will launch its maps application for iOS beneath the HERE name. The app is based on HTML5 and it features innovative offline capabilities that aren’t present on Apple Maps. These features include voice-guided walk navigation and public transport directions. When he announced the app, Nokia’s head of user experience design, Peter Skillman, stated that the release was partially at least: “On the chance that there might be a few iPhone users that want a different map.”
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Facebook, Inc. (NASDAQ:FB) ban for state broadcaster ORF was upheld by a court in Austria after the country’ broadcast regulators decided that its statutes do not allow it to have a presence on the social media site. The Administrative Court acted as an appeal from ORF, challenging the regulators’ idea that the broadcaster’s Facebook presence provided it with an unfair competitive advantage against private broadcast and print media. The ruling had no effect upon ORF’s news summaries that were posted on Facebook, but it was directed at other pages that were not directly linked to news.
AT&T, Inc. (NYSE:T) intends to begin offering the first Windows RT tablet with LTE capabilities on Friday and prices start at $499, according to the wireless carrier’s statement on Tuesday. AT&T plans to offer Asus’ VivoTab RT tablet, which possesses a 10.1-inch screen and displays images at a 1280-by-800 pixel resolution. The price tag also includes an accessory dock along with a built-in keyboard and battery, possibly extending the battery life of the tablet to 15 hours, according to Asus. The $499 price considers AT&T’s current promotions, including $100 off any tablet and $100 off with the purchase of a Windows phone with a two-year commitment. The Asus VivoTab RT is to have a price of $599.99 without the purchase of a Windows phone.
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