Nokia Corp. said Tuesday it expects the global market for mobile devices to grow 10 percent next year
The markets had expected higher growth
It said worldwide sales for all companies should total more than 1.2 billion units in 2008.
Nokia said the worldwide market for Internet services would reach $145 billion by 2010.
The highest growth in the global mobile market next year -- more than 15 percent -- will be in the Asia-Pacific region, China, the Middle East and Africa, Nokia said. The lowest growth -- less than 10 percent -- will be in North America, Europe and Latin America.
Nokia said that globally there will be 4 billion mobile subscribers by 2009, a milestone that would come a year earlier than the company had earlier predicted.
The Finnish company -- which said in October that its global market share had grown to 39 percent, from 36 percent in the third quarter of 2006 -- said it aims to further increase market share in 2008. Its long-stated goal has been 40 percent, although Chief Executive Olli-Pekka Kallasvuo has said the company might raise that target.
Mary McDowell, from Nokia's enterprise solutions division, said Nokia handset owners will be able to use Avvenu's "digital locker," a file access and sharing technology to search, access and share PC files remotely even if a PC is turned off or not connected to the Internet.
Nokia also previously announced major deals with other recording labels, as well as with Vodafone, the world's largest mobile phone company, to provide Internet access "at the click of a button" to handset users. Nokia launched its own Web services on a new site, called "Ovi," that includes an online music store.
Link
Tuesday, December 4, 2007
ETFC and Citadel Deal
At first blush, Citadel’s rescue plan Thursday looked like a pretty good deal. But now, many investors are beginning to wonder if E*Trade is burning the village to save it.
Here’s why: Lost in the excitement of the deal was the fact that E*Trade wrote down about $2.6 billion on its balance sheet — $2.2 billion of asset backed securities and $400 million in home equity loans. Citadel will invest roughly the same amount in E*Trade by buying the ABS portfolio for $800 million and taking on $1.75 billion in E*Trade debt.
But E*Trade will pay 12.5% interest on that debt, a hefty premium. (It’s also worth remembering that E*Trade lost about 15% of its deposits for which it paid a much lower interest rate than it will be paying Citadel.)
In addition, Citadel is getting 84 million shares, valued at about $405 million at yesterday’s closing share price, thrown in the pot for free.
Castle
E*Trade has effectively given away 20% of the company and borrowed $1.75 billion at a rate that could impair earnings by one analyst’s reckoning by more than 50 cents a share.
And what happens if further writedowns are necessary? E*Trade wrote down 3% of its $12 billion home-equity loan portfolio. By one rough comparison, Wells Fargo set aside reserves equal to 12% of its own $12 billion portfolio of home equity loans.
Maybe E*Trade’s loans are more sound. Maybe not.
We’ll find out in March when more adjustable rate mortgages reset. In the meantime, E*Trade might want to think about improving its fortifications.
Courtesy WSJ Blog
Here’s why: Lost in the excitement of the deal was the fact that E*Trade wrote down about $2.6 billion on its balance sheet — $2.2 billion of asset backed securities and $400 million in home equity loans. Citadel will invest roughly the same amount in E*Trade by buying the ABS portfolio for $800 million and taking on $1.75 billion in E*Trade debt.
But E*Trade will pay 12.5% interest on that debt, a hefty premium. (It’s also worth remembering that E*Trade lost about 15% of its deposits for which it paid a much lower interest rate than it will be paying Citadel.)
In addition, Citadel is getting 84 million shares, valued at about $405 million at yesterday’s closing share price, thrown in the pot for free.
Castle
E*Trade has effectively given away 20% of the company and borrowed $1.75 billion at a rate that could impair earnings by one analyst’s reckoning by more than 50 cents a share.
And what happens if further writedowns are necessary? E*Trade wrote down 3% of its $12 billion home-equity loan portfolio. By one rough comparison, Wells Fargo set aside reserves equal to 12% of its own $12 billion portfolio of home equity loans.
Maybe E*Trade’s loans are more sound. Maybe not.
We’ll find out in March when more adjustable rate mortgages reset. In the meantime, E*Trade might want to think about improving its fortifications.
Courtesy WSJ Blog
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