Top News For Oct 13, 2021
Thursday, October 13, 2021 11:24 AM

Samsung Tablets Banned in Australia


Federal court justice Annabelle Bennett Thursday passed an injunction order to temporarily ban sales of Samsung’s Galaxy tab 10.1 in its current form. The order is in line with other judgments passed by German and Netherlands courts upholding Apple’s claim Samsung copied Apple technology.

The battle between the two technology giants over global patents, has ranged far and wide with Apple accusing Samsung of imitating its popular iPad and iPhone. The ruling is a blow to Samsung, which hoped to launch its tablet product this fall in time for Christmas sales.


Higher Foreclosure Activity in Q3


More homes in U.S are entering into foreclosure with Q3 numbers up 14 percent as compared with the last quarter. This increase signals banks are moving aggressively against borrowers who have defaulted on mortgage payments. With the increase in foreclosure activity, struggling homeowners may be at greater risk of facing foreclosure in the near future. The pickup in foreclosure activity also signals a faster turnaround in the U.S housing market.


Carrefour Downgrades Annual Earnings


French retail giant Carrefour SA said losses this year will be greater then expected on account of flat sales this quarter and weakening economic conditions. Carrefour posted sales of euro 22.8 billion, up 0.3 percent, and said that its full-year earnings could be down between 15 percent to 20 percent on account of declining sales in Europe. Sales in Latin America and China are increasing, but are insufficient to offset declining sales in Europe, which is battling a sovereign debt crisis.


Stock Markets Ride High as Europe Announces New Debt Steps


Stock markets rallied upwards on positive news coming out of Europe. Investors gave a thumps-up and bought at a hectic pace, heartened by new steps taken by European leaders to fight the European debt crisis and recapitalize European banks. Investors even shrugged off Slovakia’s rejection of more funds for a European bailout fund. Britain's FTSE 100 added 0.2 percent to 5,452.58 and Germany's DAX was up 0.6 percent to 6,031.98. France's CAC 40 gained 0.2 percent to 3,237.49. Wall Street was set to rise with Dow futures up 0.4 percent at 11,465.


Political Motives behind Wal-Mart’s China Trouble


Authorities in Chongqing closed down 13 Wal-Mart stores for two weeks, arrested two employees and fined the company 2.7 million yuan ($421,000).T he steps were taken in order to contain public anger over Wal-Mart’s food safety measures and political infighting. Analysts believe that the penalty is too excessive for the violation. Wal-Mart is accused of passing off regular pork as high priced organic meat. The penalty is seen as a bid for power by the city’s communist secretary. Critics believe the secretary is using public outrage over Wal-Mart food safety for political advantage.





Strong Franc for Roche Declining Sales


Swiss Drug maker Roche blamed a strong franc for a 14 percent decline in year-on-year sales for the first nine months. Its sales for the first three quarters, including anti-influenza drug Tamiflu, fell to $24.4 billion from $28.4 billion last year. But in dollar terms its sales rose 4 percent. Excluding Tamiflu its sales dropped 13 percent in francs, but rose 6 percent in dollar terms. In the third quarter alone, Roche said sales dropped 14.5 percent to 9.82 billion francs. The July-September sales were below market expectations of at least 10.2 billion francs. The company’s stock lost 3.9 percent and was trading around 141.80 francs in mid-morning trading.