+------------------------------------------------------------------------------+
Microsoft Said to Agree to Buy Nokia Phone Business, BGR Reports
2011-06-01 15:13:13.868 GMT
By Colin Keatinge
June 1 (Bloomberg) -- Microsoft Corp. has agreed a deal to
buy Nokia Oyj's mobile-phone business for $19 billion,
BoyGeniusReport said on its website, citing Eldar Murtazin.
Nokia spokesman Mark Durrant today declined to comment on
the report when contacted by Bloomberg News.
The Finnish company said on May 16 that speculation by
Murtazin it may sell its mobile-phones unit to Microsoft was
inaccurate.
With assistance from Diana Ben-Aaron in Helsinki and Simon Thiel
in London. Editor: Peter Branton
Story Link:NSN LM49CL6VOT1C<GO>
Link to Company News:MSFT US <Equity> CN <GO>
Link to Company News:NOK1V FH <Equity> CN <GO>
For Related News and Information:
Top Stories:TOP<GO>
To contact the editor responsible for this story:
Colin Keatinge at +44-20-7673-2494 or
ckeatinge@bloomberg.net
Wednesday, June 1, 2011
(WPT) Dollar Slides as Weak Jobs Report Bolsters Slowdown
+------------------------------------------------------------------------------+
Dollar Slides as Weak Jobs Report Bolsters Slowdown Worry; Investors Wait for Greek Aid Deal
2011-06-01 14:28:30.505 GMT
Dollar Slides as Weak Jobs Report Bolsters Slowdown Worry;
Investors Wait for Greek Aid Deal
By Associated Press
June 1 (Washington Post) -- NEW YORK — The dollar is falling
against the euro and yen after a weak U.S. jobs report increased
worries about a slowdown in economic growth.
A private-sector U.S. jobs report shows businesses adding
far fewer jobs in May than economists had expected.
Analysts say hopes of a Greek aid deal coming soon that
would stave off default are also bolstering the euro. Credit
Suisse currency strategists are recommending that investors buy
euros again. The euro had fallen to a two-month low below $1.40
last week because of fears about a Greek debt default.
In morning trading Wednesday in New York, the euro rose to
$1.4413 from $1.4378 late Tuesday, while the dollar fell to 80.71
Japanese yen from 81.50 yen. The British pound slipped to $1.6393
from $1.6448, however.
Copyright 2011 The Associated Press. All rights reserved.
This material may not be published, broadcast, rewritten or
redistributed.
-0- Jun/01/2011 14:28 GMT
Dollar Slides as Weak Jobs Report Bolsters Slowdown Worry; Investors Wait for Greek Aid Deal
2011-06-01 14:28:30.505 GMT
Dollar Slides as Weak Jobs Report Bolsters Slowdown Worry;
Investors Wait for Greek Aid Deal
By Associated Press
June 1 (Washington Post) -- NEW YORK — The dollar is falling
against the euro and yen after a weak U.S. jobs report increased
worries about a slowdown in economic growth.
A private-sector U.S. jobs report shows businesses adding
far fewer jobs in May than economists had expected.
Analysts say hopes of a Greek aid deal coming soon that
would stave off default are also bolstering the euro. Credit
Suisse currency strategists are recommending that investors buy
euros again. The euro had fallen to a two-month low below $1.40
last week because of fears about a Greek debt default.
In morning trading Wednesday in New York, the euro rose to
$1.4413 from $1.4378 late Tuesday, while the dollar fell to 80.71
Japanese yen from 81.50 yen. The British pound slipped to $1.6393
from $1.6448, however.
Copyright 2011 The Associated Press. All rights reserved.
This material may not be published, broadcast, rewritten or
redistributed.
-0- Jun/01/2011 14:28 GMT
(BLG) Boy Genius: Microsoft strikes deal to acquire Nokia’s phone business, insider claims
+------------------------------------------------------------------------------+
Boy Genius: Microsoft strikes deal to acquire Nokia's phone business, insider claims
2011-06-01 14:53:09.392 GMT
http://www.bgr.com/2011/06/01/microsoft-strikes-deal-to-acquire-nokias-phone-business-insider-claims/
PageExcerpt:
According to industry insider Eldar Murtazin, Microsoft has struck a deal to purchase Nokia’s mobile phone business for $19 billion. Just two weeks ago, Murtazin — who has a proven track record — suggested that Microsoft and Nokia were ...
Boy Genius: Microsoft strikes deal to acquire Nokia's phone business, insider claims
2011-06-01 14:53:09.392 GMT
http://www.bgr.com/2011/06/01/microsoft-strikes-deal-to-acquire-nokias-phone-business-insider-claims/
PageExcerpt:
According to industry insider Eldar Murtazin, Microsoft has struck a deal to purchase Nokia’s mobile phone business for $19 billion. Just two weeks ago, Murtazin — who has a proven track record — suggested that Microsoft and Nokia were ...
(BN) Goldman Sachs ‘Too Big’ to Face Criminal Prosecution, Hintz Says
+------------------------------------------------------------------------------+
Goldman Sachs 'Too Big' to Face Criminal Prosecution, Hintz Says
2011-06-01 14:34:21.217 GMT
By Christine Harper
June 1 (Bloomberg) -- Goldman Sachs Group Inc. won't face
criminal prosecution related to sales of mortgage-linked
securities because such a move could threaten the U.S. financial
system, according to Brad Hintz, an analyst at Sanford C.
Bernstein & Co.
The U.S. Department of Justice, which is reviewing a Senate
subcommittee report that alleged Goldman Sachs misled clients
before the financial crisis, will avoid jeopardizing the fifth-
largest U.S. bank by assets because it's viewed as "too big to
fail," Hintz wrote in note to clients today.
"If an alleged violation is identified during a Goldman
investigation, we expect a reasoned response from the Justice
Department," Hintz wrote. "In a worst case environment, we
would expect a 'too big to fail' bank such as Goldman to be
offered a deferred-prosecution agreement, pay a significant fine
and submit to a federal monitor in lieu of a criminal charge."
Stephen Cohen, a spokesman for New York-based Goldman
Sachs, declined to comment on Hintz's note. Laura Sweeney, a
spokeswoman for the Justice Department in Washington, didn't
immediately reply to requests for comment.
Under a deferred-prosecution agreement, the U.S. files
charges against a company and agrees to dismiss them after a
certain period, typically if the company pays a fine or penalty
and improves its governance or other practices. In October, the
Justice Department dismissed a conspiracy case against UBS AG,
Switzerland's biggest bank, after the expiration of an 18-month
deferred prosecution agreement with the Zurich-based bank.
Litigation Risk 'Manageable'
Hintz, ranked the No. 1 analyst covering brokerage firms in
a survey by Institutional Investor last year, said that the
Justice Department's approach to criminal charges against
companies has changed since accounting firm Arthur Andersen
LLP's business collapsed following a felony charge.
A 2003 Justice Department policy document "stated that
prosecutors can reward cooperation by offering a negotiated
settlement to a targeted company that can range from immunity
from criminal indictment to a deferred prosecution agreement,"
Hintz wrote. "Ultimately, the targeted company is treated not
as a hardened criminal but as the equivalent of a juvenile
offender that can be reformed."
Goldman Sachs's potential civil litigation risk related to
sales of mortgage-backed securities and collateralized debt
obligations "is manageable," Hintz wrote, because the statute
of limitations for many of the claims has already passed.
Franchise Will 'Suffer'
Goldman Sachs's most senior employees, known as partners,
have every incentive to put the firm's legal and political
problems behind them, Hintz said.
He kept his "outperform" rating on Goldman Sachs. The
stock fell $2.32, or 1.6 percent, to $138.41 at 9:55 a.m. in New
York Stock Exchange composite trading. Goldman Sachs has
declined 16 percent this year through yesterday.
"As politicians continue to criticize the firm and the
public scrutiny persists, we believe that Goldman's clients will
begin to rethink their relationship with the firm and the
franchise will ultimately suffer," he wrote. "With
approximately 17 percent of the ownership in the hands of
current and former partners, this control group has ample
motivation to make amends with politicians and the public in
order to reduce the threat to its franchise."
In July, Goldman Sachs agreed to pay $550 million to settle
a civil fraud suit by the U.S. Securities and Exchange
Commission that alleged the firm misled clients about a
mortgage-linked investment. The settlement, in which the company
also admitted to making a "mistake," was agreed to three
months after the firm's statement that the allegations "are
completely unfounded in law and fact and we will vigorously
contest them and defend the firm and its reputation."
Fabrice P. Tourre, the only Goldman Sachs employee who was
also sued by the SEC in that case, hasn't settled that suit.
For Related News and Information:
On Goldman Sachs and the law: GS US <Equity> TCNI LAW <GO>
On Goldman Sachs earnings: GS US <Equity> TCNI ERN <GO>
Top finance news: FTOP <GO>
For stories on Goldman Sachs: GS <Equity> CN BN <GO>
--Editors: William Ahearn, David Scheer
To contact the reporter on this story:
Christine Harper in New York at +1-212-617-5983 or
charper@bloomberg.net
To contact the editor responsible for this story:
David Scheer at +1-212-617-2358 or
dscheer@bloomberg.net.
Goldman Sachs 'Too Big' to Face Criminal Prosecution, Hintz Says
2011-06-01 14:34:21.217 GMT
By Christine Harper
June 1 (Bloomberg) -- Goldman Sachs Group Inc. won't face
criminal prosecution related to sales of mortgage-linked
securities because such a move could threaten the U.S. financial
system, according to Brad Hintz, an analyst at Sanford C.
Bernstein & Co.
The U.S. Department of Justice, which is reviewing a Senate
subcommittee report that alleged Goldman Sachs misled clients
before the financial crisis, will avoid jeopardizing the fifth-
largest U.S. bank by assets because it's viewed as "too big to
fail," Hintz wrote in note to clients today.
"If an alleged violation is identified during a Goldman
investigation, we expect a reasoned response from the Justice
Department," Hintz wrote. "In a worst case environment, we
would expect a 'too big to fail' bank such as Goldman to be
offered a deferred-prosecution agreement, pay a significant fine
and submit to a federal monitor in lieu of a criminal charge."
Stephen Cohen, a spokesman for New York-based Goldman
Sachs, declined to comment on Hintz's note. Laura Sweeney, a
spokeswoman for the Justice Department in Washington, didn't
immediately reply to requests for comment.
Under a deferred-prosecution agreement, the U.S. files
charges against a company and agrees to dismiss them after a
certain period, typically if the company pays a fine or penalty
and improves its governance or other practices. In October, the
Justice Department dismissed a conspiracy case against UBS AG,
Switzerland's biggest bank, after the expiration of an 18-month
deferred prosecution agreement with the Zurich-based bank.
Litigation Risk 'Manageable'
Hintz, ranked the No. 1 analyst covering brokerage firms in
a survey by Institutional Investor last year, said that the
Justice Department's approach to criminal charges against
companies has changed since accounting firm Arthur Andersen
LLP's business collapsed following a felony charge.
A 2003 Justice Department policy document "stated that
prosecutors can reward cooperation by offering a negotiated
settlement to a targeted company that can range from immunity
from criminal indictment to a deferred prosecution agreement,"
Hintz wrote. "Ultimately, the targeted company is treated not
as a hardened criminal but as the equivalent of a juvenile
offender that can be reformed."
Goldman Sachs's potential civil litigation risk related to
sales of mortgage-backed securities and collateralized debt
obligations "is manageable," Hintz wrote, because the statute
of limitations for many of the claims has already passed.
Franchise Will 'Suffer'
Goldman Sachs's most senior employees, known as partners,
have every incentive to put the firm's legal and political
problems behind them, Hintz said.
He kept his "outperform" rating on Goldman Sachs. The
stock fell $2.32, or 1.6 percent, to $138.41 at 9:55 a.m. in New
York Stock Exchange composite trading. Goldman Sachs has
declined 16 percent this year through yesterday.
"As politicians continue to criticize the firm and the
public scrutiny persists, we believe that Goldman's clients will
begin to rethink their relationship with the firm and the
franchise will ultimately suffer," he wrote. "With
approximately 17 percent of the ownership in the hands of
current and former partners, this control group has ample
motivation to make amends with politicians and the public in
order to reduce the threat to its franchise."
In July, Goldman Sachs agreed to pay $550 million to settle
a civil fraud suit by the U.S. Securities and Exchange
Commission that alleged the firm misled clients about a
mortgage-linked investment. The settlement, in which the company
also admitted to making a "mistake," was agreed to three
months after the firm's statement that the allegations "are
completely unfounded in law and fact and we will vigorously
contest them and defend the firm and its reputation."
Fabrice P. Tourre, the only Goldman Sachs employee who was
also sued by the SEC in that case, hasn't settled that suit.
For Related News and Information:
On Goldman Sachs and the law: GS US <Equity> TCNI LAW <GO>
On Goldman Sachs earnings: GS US <Equity> TCNI ERN <GO>
Top finance news: FTOP <GO>
For stories on Goldman Sachs: GS <Equity> CN BN <GO>
--Editors: William Ahearn, David Scheer
To contact the reporter on this story:
Christine Harper in New York at +1-212-617-5983 or
charper@bloomberg.net
To contact the editor responsible for this story:
David Scheer at +1-212-617-2358 or
dscheer@bloomberg.net.
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