Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Nokia’s phone unit Nokia Oyj is to be renamed Microsoft Mobile Oy in the wake of the Finnish company’s acquisition by Microsoft, according to a leaked letter to Nokia’s suppliers.
The memo, published by Nokia Poweruser, states that Microsoft will assume all rights, benefits and obligations of the Nokia Devices and Services business.
Microsoft announced on its blog the deal will be officially completed by Friday April 25, after being originally finalised in September last year.
In a statement executive vice president of legal and corporate affairs Brad Smith said: “This acquisition will help Microsoft accelerate innovation and market adoption for Windows phones. In addition, we look forward to introducing the next billion customers to Microsoft services via Nokia mobile phones.”
Mr Smith also announced an adjustment to the original deal, which will see Nokia employees in China join Microsoft, having originally been designated to stay with Nokia.
Microsoft’s line of Windows phones, that include the Nokia Lumia, have so far struggled to match the market dominance of Apple and Samsung and their more established devices.
As part of the deal, Microsoft will take control of and manage the nokia.com domain and all official social media channels for a minimum of one year.
Data from Kantar Worldpanel ComTech, a global consumer analyst, showed that as of February, Windows had a 10 per cent market share for smartphones in the UK, compared to a 32 per cent share for Apple’s iOS and 54 per cent for Android.
The company recently announced its first major update to the Windows Phone software, introducing a virtual personal assistant for the first time.
Named Cortana, the software is able to carry out functions within the phone through voice commands, and is a direct competitor to Apple’s own assistant, Siri, and the Google Now programme that runs on Android. Original post at Telegraph