01202017Fri
Last update: Fri, 20 Jan 2017 08pm

Business & Finance - Industries & Sectors

Monopoly suit against Apple's App Store gets new life SAN FRANCISCO: A US appeals court on Thursday revived a civil suit accusing Apple of creating a monopoly by making its App Store the only place to buy iPhone applications.The suit, initially filed in late 2011, seeks hundreds of millions of dollars in damages based on the reasoning that the lack of competition pushed app prices higher.An appellate court panel in San Francisco reversed a lower court judge's decision to derail the suit on the grounds iPhone owners were doing business with app creators and not Apple at the online shop."The panel reversed the dismissal for lack of statutory standing of an antitrust complaint alleging that Apple, Inc., monopolized and attempted to monopolize the market for iPhone apps," the US Court of Appeals for the Ninth Circuit said in a written ruling."The panel held that the plaintiffs were direct purchasers of iPhone apps from Apple, rather than the app developers, ...


Business & Finance - Industries & Sectors

India's SpiceJet to buy Boeing planes worth $22bn NEW DELHI: Indian airline SpiceJet said on Friday it had agreed to buy up to 205 Boeing planes worth $22 billion in what it said was one of the largest deals ever in Indian aviation.SpiceJet Chairman Ajay Singh said the low-cost airline, which has a 13-percent share of the Indian market, was expanding both its domestic and international operations."This is the largest deal for SpiceJet, it's one of the largest in Indian aviation and is ...

Business & Finance - Banking & Finance

Yellen had 'super risky' proposal for Fed's 2011 low-rate vow FRANCISCO/WASHINGTON: Faced with sharply deteriorating economic conditions in 2011 after ending their second bond-buying program, Federal Reserve policymakers made an unprecedented bid to shore up the recovery by promising to keep rates low until at least mid-2013.But according to transcripts of the 2011 Fed meetings released for the first time on Thursday, then-Fed vice Chair Janet Yellen wanted an even stronger statement - a vow to keep rates low not just until mid-2013, but until ...

Business & Finance - Banking & Finance

UniCredit says will complete cash call in time for bond payouts MILAN/ROME: The chief executive of Italy's biggest bank UniCredit pledged on Thursday to complete a 13 billion euro ($14 billion) share issue by March 10, in time to make payouts due on high-risk bonds that came under pressure on the market. UniCredit's shareholders met on Thursday to approve Italy's biggest corporate cash call to help clean up its balance sheet and restructure under new CEO Jean Pierre Mustier, distancing itself from the protracted banking crisis. ...

Business & Finance - Industries & Sectors

Uber for tech financial analysis proves elusive NEW YORK: If only there was an Uber for analyzing tech unicorns. Bank regulators have expressed displeasure over how Morgan Stanley, Goldman Sachs and other advisers pitched a loan for the $70 billion ride-hailing enterprise. Imaginative slicing and dicing of figures is an irksome dark art performed by investment bankers. At the same time, the Federal Reserve's guidance on leverage can be hard to apply to unprofitable ventures. Silicon Valley's widespread use of numbers that ...

Business & Finance - Industries & Sectors

AT&T chief executive at Trump Tower to discuss Time Warner merger NEW YORK: AT&T chief executive Randall Stephenson on Thursday visited Trump Tower in New York for talks over the company's planned merger with Time Warner Inc, according to a source, a deal which has been criticized by President-elect Donald Trump.Stephenson was seen entering the lobbying but declined to answer questions.A source briefed on the matter said Stephenson is holding meetings with the Trump transition team to discuss the company's planned $85.4 billion merger with Time ...

Business & Finance - Industries & Sectors

Amazon submits against India, after Sushma Swaraj threat MUMBAI: Amazon.com removed doormats resembling the Indian tri-color flag from its Canadian website on Wednesday, after an Indian government threat to rescind visas of the U.S. company's employees if they did not stop selling the product."Amazon must tender unconditional apology," India's external affairs minister Sushma Swaraj said on Twitter. "They must withdraw all products insulting our national flag immediately.""If this is not done forthwith, we will not grant Indian Visa to any Amazon official," she ...