Foreign business news in brief

SEOUL: Samsung Electronics Co Ltd said that it has signed a contract to buy a 5% stake in Symbian Ltd of the UK for £17mil in a bid to enter the Symbian OS-based smart phone market. 

“We have decided on the strategic investment to tap into leading technologies and secure competitiveness for new products in the growing smart phone market,” it said. 

Symbian is a software licensing company, owned by wireless industry leaders such as Ericsson and Nokia, to supply the advanced, open, standard operating system called Symbian OS for data-enabled mobile phones. – AFX 


HONG KONG: Wheelock and Co Ltd said it proposes to divest its retail business portfolio, comprising Lane Crawford and its interest in Joyce Boutique Holdings and City Super department stores, for HK$589.8mil. 

The aggregate loss of the retail business portfolio attributable to Wheelock was about HK$38.7mil for the 12 months to March 2002, and about HK$7.1mil for the six months to September. The retail business portfolio has experienced high volatility in the past few years, the company said. 

It said the proceeds from the disposal would be used for Wheelock group debt payments. – AFX  


TOKYO: The liabilities for firms that went bankrupt in January hit a post-war record of 1.219 trillion yen after the collapse of several large real-estate firms, among them Shoei Fudosan KK, with debt of 150 billion yen and Taiheiyo Kanko Kaihatsu, with liabilities of 116.4 billion, Teikoku Databank said. 

Recession-induced bankruptcies totalled 1,108 cases, accounting for 77.2% of total failures. One in four bankrupt companies had been operating for 30 years or longer. – AFX  

For the latest news from The AP Wire click here


Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

UK reveals US$13.3b of inward investment in green push
Bitcoin pushes toward record before debut of futures-based ETF
Hong Kong's new China futures create bourse history, but lag rival Singapore
Chinese property bonds firm after Kaisa and Sunac make coupon payments
CIDB hopes for funds to boost tech in construction
IOI Corp offers to buy debt notes
Indonesia’s higher coal output target thwarted by heavy rains
H&R to invest RM200mil in speciality manufacturing plant in Lumut
AirAsia X proposes to pay 0.5% of RM34bil debt owed to creditors
Haily bags RM25mil project

Others Also Read