07012016Fri
Last update: Fri, 01 Jul 2016 12am

Industries & Sectors

Business & Finance - Industries & Sectors

Man sues Apple for $10bn, claims he invented iPhone A Florida man is suing the iPhone maker Apple for $10 billion, claiming that it was him who invented iPhone back in 1992.Thomas Ross, a man residing from US state of Florida says that filed a US patent for a rectangular device, having rounded corners and a backlit screen, which could play music, store books, or have mobile telecommunications hardware, in 1992. His patent application reads, “The device, constituting the invention, is a computerized, electronic reading device, the purpose of which is to provide an alternative to paper-based print-media such as books, magazines, manuscripts and news media.”According to The Register, Ross submitted three drawings of the "Electronic Reading Device" (ERD) and is of the view that Apple copied him."Apple introduced the iPhone, iPad and iPod line of mobile devices, all of which are the very essence of Ross's ERD," his patent-infringement lawsuit filing reads. "Instead of creating its own ideas, ...

Business & Finance - Industries & Sectors

VW owners say core business still strong STUTTGART: Volkswagen's top shareholders said the group's core business is still robust, after the carmaker agreed a record $15.3 billion settlement in its emissions-cheating scandal in the United States."We are firmly convinced that Volkswagen (VW) has long-term potential to gain in value," Hans Dieter Poetsch, chief executive of Porsche SE, which owns 52 percent of VW's voting shares, said on Wednesday.The German carmaker, in a U.S. deal announced on Tuesday, will pay up to $15.3 ...

Business & Finance - Industries & Sectors

Mitsubishi Motors Japan sales extend slide after mileage scandal TOKYO: Domestic vehicle sales at Mitsubishi Motors Corp roughly halved in May for the second straight month as demand continued to fall after the Japanese automaker admitted to overstating the mileage of four mini vehicles it produced.Sales at Nissan Motor Co Ltd also suffered, led by mini vehicles, or "kei" cars, as the company markets two of the affected models supplied by Mitsubishi Motors.Sales of the four models have been stopped since Mitsubishi in April ...

Business & Finance - Industries & Sectors

Toyota recalling 3.37 million vehicles over defects TOKYO: Toyota said Wednesday it is recalling 3.37 million vehicles globally over a pair of defects, in the latest hit for a Japanese auto industry hit by fuel-efficiency scandals and an exploding airbag crisis.The most affected models in Toyota's recall include its Prius hybrid, Corolla sedan, and luxury Lexus brand, with the vehicles mostly sold in Japan, North America and Europe.About half of the recalled vehicles, built between 2008 and 2012, have a problem with ...

Business & Finance - Industries & Sectors

Nike slips as sales disappoint NEW YORK: Sports equipment giant Nike's shares have skidded in disappointment over its sales performance in the face of strong emerging competitors in North America.Nike, sponsor of leading world sports names including Real Madrid striker Cristiano Ronaldo, revealed Tuesday a rise in quarterly sales -- but it was not as large as investors had anticipated."A lot of the initial fears investors had about the increasing competitive landscape, specifically around this quarter, actually came true," said ...

Business & Finance - Industries & Sectors

British car industry drives home EU benefits LONDON: Britain's car sector on Wednesday said its growth depended on the country keeping "unrestricted access" to the European single market -- a situation thrown into doubt by Brexit."Our growth depends on certainty and continued open and reciprocal access to the 100-plus markets with which the UK automotive industry so successfully trades," Mike Hawes, chief executive of industry body SMMT, said in a statement ahead of an annual conference in London on Wednesday featuring car ...

Business & Finance - Industries & Sectors

Suzuki Motors appoints scion Toshihiro Suzuki as CEO TOKYO: Suzuki Motor Corp on Wednesday said its board has appointed Toshihiro Suzuki, son of Chairman Osamu Suzuki, as its next chief executive effective the same day, as the Japanese automaker attempts to recover from a vehicle testing scandal. The appointment comes after patriarch Osamu Suzuki this month said he would decline the CEO position to take responsibility for the automaker's use of incorrect testing methods when calculating vehicle mileage.Copyright Reuters, 2016 ...