Nokia takes $8.1bn gamble on mobile maps 1 Oct 2007 Every cell phone user wants a map on their phone. With this in mind, Nokia agreed to pay 40 times profit for US group Navteq. Success isn t assured despite the stonking price everyone from phone operators to computer groups wants a piece of the pie. But falling phone prices leave Nokia little choice.
New UBS boss throws in kitchen sink 1 Oct 2007 Rohner has taken a $4bn writedown, mainly on subprime mortgages, and fired the head of investment banking and the CFO. As a new boss, he can disassociate himself from the mess. But by taking charge of the investment bank, Rohner now needs to show a clear way forward.
Hedge funds re-evaluate their prime brokers 1 Oct 2007 Following the credit crunch, a prime broker attached to a bank is more reassuring than a brokerdealer that finances itself in the market. It s not just a question of liquidity. Hedge funds fear they will lose out to inhouse desks when it comes to allocating scarce capital.
UBS pays price for abandoning conservatism 1 Oct 2007 The Swiss bank used to be a byword for caution, until greedy investment bankers bamboozled the board into embracing greater risktaking. Those risks were badly handled. Shareholders are at least lucky the crunch hit before UBS s big push into leveraged loans yielded results.
Can Ukraine escape the Putin embrace? 1 Oct 2007 Ukraine was a basket case under proRussian governments until 2004. The Orange Revolution brought the first signs of economic reform. Tough freemarketer Julia Timoshenko did well in Ukraine s election. Putin s revanchist dreams may depend on preventing her taking office.
Ebay admits buyer’s remorse over Skype 1 Oct 2007 It s a delicious bit of irony that the auction company got carried away and paid $1.4bn too much for the internet telecom group. Ebay might be better off selling, but it will have to live with its tchotchke a bit longer. It will pay $195m in handling costs if it sells before April 2008.