Companies & Sectors
BlackBerry reports $ 670 mn loss, may exit smartphone business
BlackBerry, the Canadian mobile company sold just 5 lakh phones globally in the first fiscal quarter - down from six lakh in the previous quarter - reporting a $ 670 million loss which is its biggest loss in over two years.
 
Although much of the loss was down to restructuring charges, sales also fell to $ 400 million, down 39% on a year earlier, The Telegraph reported on Friday.
 
"I really, really believe that we could make money out of our device business," BlackBerry CEO John Chen told financial analysts during a conference call.
 
Last year, BlackBerry tried to revive its handset business by launching Priv smartphone running Google's Android operating system (OS). However, early sales figures have been disappointing.
 
BlackBerry has said it will decide whether to stop making phones for good by September.
 
"The device business must be profitable, because we don't want to run a business that drags onto the bottom line," Chen said at BlackBerry's annual meeting. "I don't personally believe handsets will be the future of any company," Chen added.
 
"Our software business continues to achieve scale and traction, resulting in robust growth and increasing market share," Chen was quoted as saying in CNET report.
 
BlackBerry recently announced its partnership with HCL Infosystems to expand the channel and distribution network for BlackBerry enterprise software products and services in India.
 
"By working with an established partner like HCL Infosystems in India, we aim to create growth for our partners while giving our customers wider access to our leading suite of enterprise solutions with world-class support, helping organisations advance their mobility strategies," said Richard McLeod, Vice President, Global Channels at BlackBerry, in a statement.
 
It is not just WhatsApp that decided to end support for BlackBerry OS 10 services by the end of 2016, Facebook too is leaving the BlackBerry platform after announcing recently to discontinue support of its application programming interfaces (APIs) for BlackBerry.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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EU referendum: Pound falls to 31-year low
Fears of Britain exiting from the Europan Union (EU) as a result of a historic referendum held on Thursday, has pushed the value of the pound on Friday to its weakest level against the dollar in 31 years.
 
Market expectations that Britain is on the verge of voting to leave the EU sent the pound down to $1.35, depths it has not been plunged since 1985, the Independent reported.
 
The pound has already set a record intra-day swing of more than 10% between its high and low points. 
 
The value of the currency soared as high as $1.50 after polls released after 10 p.m. showed 'Remain' in the lead. But that mood changed rapidly when the actual count results started to come in.
 
Analysts have warned that the pound could fall up to 20% in the wake of a Brexit vote
 
Meanwhile, FTSE 100 Index future derivatives - which give an indication of where the stock market will open at 8 a.m. - have slumped 6.1%.
 
US stock-index futures are down more than 3%.
 
The pound touched a low of $1.3640, down as much as 9% on the session.
 
Chris Towner, chief economist at HiFX, said: “We still have a lot of votes to come, however the market cannot ignore the momentum and the reality of where the UK is heading.”
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex will remain range-bound – Thursday closing report
We had mentioned in Wednesday closing report that Sensex, Nifty is trendless. Today the indices moved flat upto 12.30 pm after which it gained momentum and edged higher to cover up more than the past two days losses. The gain has been backed by the move of Britons to vote on a referendum on whether Britain should remain a part of the European Union.
 
 
Initially, both the key indices opened on a flat-to-positive note, in-sync with their Asian peers, as investors were seen optimistic that Britain will stay on in the European Union.
 
Increased chances of Britain staying on in the European Union, combined with higher crude oil prices and a strong rupee, buoyed the Indian equity markets on Thursday. The key indices closed the day's trade with appreciable gains, as healthy buying was witnessed in banking, automobile and healthcare stocks. 
 
A couple of opinion polls in Britain have indicated that the 'Remain in the EU' camp has gained momentum. The island nation will announce referendum results on this issue on Friday.
The Indian rupee strengthened by 23 paise during the day's trade. It closed at 67.25-26 against a US dollar from its previous close of 67.48-49 to a greenback.
 
In terms of investments, the provisional data with exchanges showed that the foreign institutional investors (FIIs) bought stocks worth Rs 81.87 crore, and the domestic institutional investors (DIIs) purchased scrip worth Rs 203.56 crore.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 

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