Microsoft To Buy Nokia’s Handset Business For $7.2 Billion (Bloomberg)
The devices and services unit, which accounted for half of Nokia’s 2012 revenue, along with 32,000 employees, will transfer to Microsoft, the companies said. Nokia Chief Executive Officer Stephen Elop, 49, will return to Microsoft after a three-year stint running the Finnish manufacturer. The move stoked speculation he may be a successor to CEO Steve Ballmer, who said last month he’d retire within 12 months.
Citi Sheds ‘Alternative’ Holdings (WSJ)
The nation’s third-largest bank by assets last week sold a $4.3 billion private-equity fund called Citi Venture Capital International for an undisclosed price to Rohatyn Group, a private-equity fund run by Nick Rohatyn, son of financier Felix Rohatyn, said people familiar with the matter. It couldn’t be determined what price the fund fetched. On Aug. 9, Citigroup sold a $1.9 billion emerging-markets hedge fund to the fund’s managers, the people said.
Banks’ ‘Princelings’ Hires Were Widespread in China (WSJ)
Investment banks in Hong Kong have long hired princelings, the relatives of high-ranking Chinese government officials, for their knowledge of the Chinese financial system and their connections inside China, people in the industry say. They add that most are well-educated graduates of Western universities. The Justice Department and the Securities and Exchange Commission are trying to determine whether the banks’ hiring practices violated U.S. laws against paying bribes overseas, according to people familiar with the matter…The scrutiny goes beyond the probe disclosed by J.P. Morgan in August, according to people with knowledge of the situation. A J.P. Morgan spokeswoman has said the bank is cooperating with investigators.
Worst Of Crisis Over For Asian Emerging Markets, Nomura Says (Bloomberg)
“We’re through the worst of the crisis but it doesn’t mean individual countries won’t continue to suffer significant challenges,” Steve Ashley, London-based head of global markets at Nomura, said in an interview. “We remain relatively positive on the longer term performance of risk assets in Asian emerging markets.”
Microsoft Board Shows Little Taste For Bold Choice In CEO (WSJ)
“Judging from the makeup of the board and the CEO they’ve been accustomed to in Steve Ballmer, the likelihood that they pick anything other than a stay-the-course guy is small,” said Jeffrey F. Rayport, a longtime digital strategist and a senior adviser of private-equity firm Castanea Partners Inc., which doesn’t hold Microsoft shares.
Police Break Up ‘Drug-Fueld Sex Party’ At Masonic Temple In Michigan (RS)
Police ordered people to leave a Masonic Temple in Michigan early Sunday after discovering women in their birthday suits performing indecent acts on a stage. Officers were called at 2:19 a.m. about a possible fight at the Battle Creek Masonic Center. When they arrived, they were surprised to find couples performing lewd acts, drug activity and multiple nude women. Some men were also videotaping the action. Police described the scene as a “drug fuel sex party.” Multiple arrests were made. Police told Newshchannel 3 it wasn’t the first time the Masonic Temple had been the scene of an out of control party. A man known as “Charlie” told Newshchannel 3 that an identified group had rented the Masonic Temple for a dancing party. The Masonic Lodge has suspended all future rental parties.
Casinos Heed US Reporting Warning (WSJ)
Some casino companies are revamping their anti-money-laundering procedures after being put on notice by the Justice Department that they need to comply with federal reporting requirements, casino executives say.
Bank of America cutting China bank holdings with $1.5 billion stake sale (Reuters)
Bank of America Corp launched on Tuesday an up to $1.5 billion share offering in China Construction Bank Corp, exiting an eight-year investment in China’s second-biggest lender in a bid to shore up its own balance sheet.
Icahn Eyeing Apple Hookup (NYP)
The chatter first kicked in several weeks ago when Icahn — who at the time had a 16.4 percent stake in Nuance, the maker of the popular Siri speech recognition technology — also revealed a “large position” in Apple. Tamping expectations, however, was Icahn’s curiously passive position in Nuance in the form of a generic 13G regulatory filing. That changed late Thursday when Icahn switched to a 13D filing, which warns companies of activist intentions. He announced an elevated 16.9 percent stake and said he thinks the shares are undervalued. The change to a 13D reignited chatter that a deal between Nuance and Apple could be in the pipeline. “It would be a small acquisition for Apple,” said hedge-fund consultant Charles Gradante, who thinks Apple could buy Nuance for $7 billion — mere pocket change for the gadget maker. “Nuance is a leader in voice. Voice is the future. Apple needs to expand its future,” Gradante added.
Zurich Suicide Aftermath Attempts To Threaten Ackermann’s Legacy (Bloomberg)
Pierre Wauthier, who was found dead on Aug. 26 at his home near Zug, Switzerland, mentioned Ackermann in a suicide note. The Swiss native, 65, quit as chairman three days later and called the allegations “unfounded.” Zurich Insurance, facing renewed concerns about its financial health, has since said it’s looking into whether undue pressure was placed on the CFO. “No matter which way you cut it, the departure amounts to a personal failure,” said Lutz Roehmeyer, a fund manager at Landesbank Berlin Investment, who helps oversee more than 11 billion euros ($14.5 billion). “He’ll be seen either as a bad guy who forced a person to suicide, or someone who couldn’t push through what he wanted. This will limit his job opportunities to companies that wouldn’t normally have come into question.”
London’s Newest Skyscraper Is Melting Cars Parked Near It (Jalopnik)
Nicknamed the Walkie-Talkie, 20 Fenchurch Street in London’s busy financial district turns out to be a giant
magnifying glass parabolic reflector as well as a 37-story skyscraper, melting cars and forcing pedestrians to shield their eyes on the street. The most recent casualty is a Jaguar XJ…It only took an hour of parking on the street for businessman Martin Lindsay to end up with a Jaguar that had most if its plastics melted beyond repair. He is not the only one. Another unlucky driver came back to his van only to find a melted dashboard and a twisted bottle of Lucozade in the cabin.