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Yahoo Inc (NASDAQ:YHOO) will appeal a $2.7 billion judgement against it issued Friday by a Mexican civil court for alleged breach of contract regarding an online Yellow Pages listings service. Yahoo is of the view that the decision of the court suffers from errors in procedure as well as application of law, according to Reuters, citing a person familiar with the matter. The full details of the suit are not yet available, but it was filed by Mexican companies Worldwide Directories S.A. de C.V. and Ideas Interactivas S.A. de C.V. against Yahoo and Yahoo de Mexico. According to the person familiar with the matter, Yahoo had a commercial relationship with these companies from 2002 through 2009.
QUALCOMM Inc (NASDAQ:QCOM) will invest up to ¥9.9 billion, or approximately $120 million, in the capital of struggling Japanese electronic firm Sharp Corp. It will receive new shares in Sharp at ¥164 a share, which is a 6% discount to the closing price of ¥174 as on Tuesday, against an initial investment of ¥4.9 billion. QUALCOMM will invest a second tranche of ¥5 billion before next March. The two companies will collaborate in the development of next-generation displays using QUALCOMM’s low-power display technology and Sharp’s innovative ‘IGZO’ liquid crystal display technology. The combination of these technologies would allow for mobile devices to run longer on a battery charge, provide better resolution and enable more sensitive and accurate touchscreens.
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Hewlett-Packard (NYSE:HPQ) has filed a suit in federal court in San Francisco against Taiwanese LCD screen makers Chunghwa Picture Tubes and its subsidiary Tatung Company, claiming over $1 billion in damages for alleged price-fixing and overcharging in respect of display screens during the period 1998 through 2006, according to the Financial Times. HP was forced to take the matter to the court after negotiations for an out of court settlement proved unsuccessful.
Once-mighty cellphone maker Nokia (NYSE:NOK) may sell its impressive Finnish headquarters in a drive to raise cash through the sale of non-core assets that includes real estate holdings, says Reuters. Company spokeswoman Maija Taimi said, “We are evaluating different options for non-core parts, such as real estate holdings, and that includes the headquarters.” Located by the Baltic Sea, the headquarters are valued at an estimated €200 million-$300 million.
A crackdown on money laundering and corruption is afoot in Macau with police arresting certain junket operators that finance high-stakes gambling at casinos. These operators circumvent a $50,000 limit on foreign exchange remittances out of China including to Macau, by providing funds to Chinese gamblers at Macau casinos, and thereafter collecting within mainland China. Last month, a partner at junket operator David Star was detained by police at a Wynn Resort Casino and taken to China. The crackdown could affect business at casinos owned by Wynn Resorts Ltd (NASDAQ:WYNN) and Las Vegas Sands Corp (NYSE:LVS).
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