Friday, June 15, 2012
The company also warned investors that its loss was likely to be greater in the second quarter, which ends June 30, than it was in the first, and that the negative effects of its transition to a Windows-based smartphone business would continue into the third quarter.
Nokia, based in Espoo, Finland, posted a loss of €929 million, or $1.2 billion, in the first quarter as sales plummeted 29 percent. Once the undisputed global leader in the mobile phone business, Nokia has been outcompeted by Apple, as well as by Samsung and other makers of handsets running Google’s Android operating system.
In February 2011, Nokia and Microsoft announced an alliance to produce a line of smartphones called Lumia running the Windows operating system.
Since then, the Finnish company has seen its sales fall and profit evaporate as consumers and operators have avoided, or demanded discounts on, smartphones running Nokia’s in-house Symbian operating system, which the company is phasing out. Although Lumia devices have won critical praise, sales have not been strong enough to offset declines in its main business.
“These planned reductions are a difficult consequence of the intended actions we believe we must take to ensure Nokia’s long-term competitive strength,” said Stephen Elop, the Nokia chief executive and a former Microsoft executive. “We do not make plans that may impact our employees lightly, and as a company we will work tirelessly to ensure that those at risk are offered the support, options and advice necessary to find new opportunities.”
The company said the job reductions, and the shutdowns of research and development centers in Ulm, Germany, and Burnaby, Canada, and a handset factory in Salo, Finland, would save €1.6 billion by the end of next year.
As part of its streamlining, Nokia announced the sale of its luxury handset business, Vertu, to EQT VI, a European private equity firm, for an undisclosed price. The company also said it had purchased Scalado, a maker of smartphone imaging technology that is based in Lund, Sweden. It did not say what it paid for Scalado. Further, Nokia said it would “closely assess the future of certain noncore assets.”
In a conference call with journalists, Mr. Elop suggested that Nokia Siemens Networks, the company’s 50-50 network equipment venture with Germany’s Siemens, which lost a combined €986 million in 2010 and 2011, could be one of the businesses in the focus of its future review. Mr. Elop declined to describe Nokia Siemens as a noncore asset but said the network gear maker’s restructuring, now in its second year, was designed to make it more attractive for potential investors.
“What we have said is that Nokia Siemens is going through its own restructuring and we are pleased with the efforts so far,” Mr. Elop said. All the restructuring is being done to make it “a more independent entity in future,” he added. “As that proceeds, we will make a determination to see what the future holds.”
Nokia said 3,700 of the planned 10,000 job to be cut would take place in Finland. The handset factory in Salo to be closed is Nokia’s largest in the country, and about 850 employees will be affected there by the reductions. Nokia plans to keep a research center in Salo open.
Pete Cunningham, an analyst at Canalys, a research firm in Reading, England, said the cuts by Nokia were not surprising given the intense competition from Apple, the global leader in smartphones, and Samsung, the South Korean rival that overtook Nokia this year as the world’s largest bulk maker of cellphones.
“It is an unfortunate but necessary action to streamline the business to ensure that it has the best chance of competing,” Mr. Cunningham said. “Apple and Samsung are really turning the thumbscrews on the rest of the market. Nokia is having to work very hard to make its Lumia handsets attractive due to the lack of traction that Windows Phone has in the market today.”
Shares of Nokia were down 9.4 percent Thursday in Helsinki trading.
Nokia employed 53,553 workers in its handset business at the end of March. The company also had 68,595 employees in Nokia Siemens.
HOUSTON — Jaime Escalona was fleeced so thoroughly by the financier R. Allen Stanfordthat he could no longer pay for his grandson’s autism treatments, he said in a steady voice in court on Thursday, before turning to the defendant and declaring, “You are a dirty, rotten scoundrel.”
Mr. Stanford took the insult in stride, and stared right back.
Then Angela Shaw Kogutt, who said three generations of her family had lost over $4 million because of Mr. Stanford’s “financial terrorism,” asked all the scores of victims in the federal court gallery to stand before Mr. Stanford to show him their faces of misery. Judge David Hittner of the Federal District Court told Mr. Stanford he was under no obligation to look, but he swiveled his chair toward the victims anyway without a flinch or sign of caring.
For Mr. Stanford, his day in court on Thursday — the day he was sentenced to 110 years in prison without parole for masterminding a $7 billion Ponzi scheme — was anything but a time for contrition. Instead, after refusing to testify in his own trial, Mr. Stanford broke his silence to say that unlike Bernard L. Madoff, the most prominent of Ponzi scheme swindlers, “I am not a thief.”
Rather, he said, he was the victim of government “Gestapo tactics” that provoked a run on his Caribbean bank and then sold off his assets at bargain-basement prices. Anyone who lost their money, he said, did so because of the government’s “unnecessary” actions.
“I’m not up here to ask for sympathy or forgiveness,” he said in a rambling statement to the court before the sentencing, intermittently holding back tears and shuffling papers. “I’m up here to tell you from my heart I didn’t run a Ponzi scheme.”
In response, the federal prosecutor William J. Stellmach called Mr. Stanford’s version of events “obscene.”
“This is a man utterly without remorse,” Mr. Stellmach said. “From beginning to end, he treated all of his victims as roadkill.”
A federal jury in March convicted Mr. Stanford of running an international scheme over more than two decades in which he offered fraudulent high-interest certificates of deposit at the Stanford International Bank, which was based on the Caribbean island of Antigua.
Prosecutors argued that Mr. Stanford had consistently lied to investors, promoting safe investments for money that he channeled into a luxurious lifestyle, a Swiss bank account and various business deals that almost never succeeded. Mr. Stanford’s defense lawyers pleaded for a sentence effectively of time served because of the three years he spent in prison awaiting trial. Prosecutors recommended 230 years, the maximum according to sentencing guidelines, for his convictions on 13 counts of conspiracy, wire and mail fraud, obstruction and money laundering. He was acquitted of one count of wire fraud.
The prosecutors heavily relied on James M. Davis, Mr. Stanford’s former roommate from Baylor University, who served as his chief financial officer. Mr. Davis testified that the Stanford business empire was a fraud, with bribes paid to Antiguan regulators and schemes to hide operations from federal investigators. He described how Mr. Stanford had sent him to London to send a fax to a prospective client from a bogus insurance company office to reassure him that his investment would be safe.
For Mr. Stanford, the verdict and sentencing represented the end of a remarkable career that began when he bought a Texas fitness club. After it went bankrupt, he tried offshore banking and lived a life of glamour. Mr. Stanford is now a shadow of the swaggering financier who only three years ago had an estimated fortune of over $2 billion, a knighthood awarded by Antigua and a collection of yachts and a fleet of jets, and even his own professional cricket team and stadium on the West Indies island.
As Mr. Stanford spoke to the court, dressed in a loosefitting olive green prison jumpsuit with his hands cuffed, he did not go into details about the accusations. But he and his lawyer, Ali R. Fazel, said that unlike Mr. Madoff, who was sentenced to 150 years in 2009, Mr. Stanford was accused of pocketing money that was actually invested in many enterprises, some of which had earned United States regulatory approval. Mr. Stanford said he had employed more than 5,000 people and lent money to the government of Ecuador and several corporations, municipalities and hospitals.
“Stanford was a real brick-and-mortar financial institution,” Mr. Stanford said, referring to his bank. “I am not a thief.”
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Rita Ora tore up New York City Tuesday night as she performed at Gramercy Theatre for the VEVO LIFT showcase. The Roc Nation beauty performed popular singles like “R.I.P” and along with new material from her upcoming album, which she said, was expected to release around September. Ora was an electric performer as the packed audience in the theatre went wild throughout the show and especially at the end when Ora brought two fans on stage to shower the crowd with glitter and confetti while performing her popular single “How We Do (Party).” With a fast growing fan following the British singer is expected for great things.
Pharrell Williams is being honored byThe American Society of Composers, Authors and Publishers (ASCAP)
Pharrell Williams in undoubtedly a musical pioneer, and this month he is being honored byThe American Society of Composers, Authors and Publishers (ASCAP) for his contributions as a producer, songwriter, and composer.
The three-time Grammy Winner is being awarded with the prestigious ASCAP Golden Note Award during its 25th Annual Rhythm & Soul Music Awards.
Past winners include Sean “Diddy” Combs, Jermaine Dupri, Jimmy Jam & Terry Lewis, Stevie Wonder, Alicia Keys, Jay-Z, Quincy Jones, LL Cool J and Lionel Richie.
The event takes place Friday, June 29 in Los Angeles.
Congrats are in order to the Hip-Hop trendsetter.
If Game 1 was forshadowing anything it would be that Game 2 was going to be that much more insane. The Heat came out of the gate and didn't look back holding the lead for the entire game. Just because they held the lead the entire game doesn't mean the Thunder didn't make it very interesing in the final minutes. Prior to all that though the Heat started the game on a tear while the Thunder were the complete opposite. For the second game in a row Shane Battier hit at least 4 three pointers, that and Dwyane Wade getting off to a quick start propelled the Heat to a 12 point lead at the half.
The second half wasn't entirely like Game 1 where the Heat came out flat, but the Thunder came out on fire yet again. Kevin Durant and Russell Westbrook put the team on their back as the Thunder kept crawling closer and closer to taking the lead getting it all the way down to 2 points at one time. Truth be told when playing in OKC and the crowd is in to the game it seems like your playing a 5 on 6. Two highlights of the second half would be Kevin Durant dunking all over Shane Battier, and then late in the game when the Heat were so close to closing the game out, a late turnover resulting in a three by Kevin Durant put the game at 98-96 with 37 seconds left. LeBron James quickly fired an ill advised three which he missed giving the Thunder another chance. During a Durant drive to the hoop for the game tying bucket it seemed as if the refs missed a very big foul call that would've put Durant at the free throw line. The no call resulted in a miss, quick foul, and then two crucial made free throws by LeBron. With 6 seconds left Westbrook fired a three which didn't connect as the game went final 100-96.
As controversial as the NBA can be sometimes the players can't dwell on what should've been for long, as Game 3 will be Sunday at 8:00 PM ET down in Miami. The adjustments for Miami seemed to work in Game 2, now it is on OKC to make the right adjustments to get a win in Miami for Game 3. Also a reminder that the Finals goes 2-3-2, so the next three games will be in Miami. Check the stats from the key players below.
Oklahoma City Thunder
Kevin Durant - 32pts, 3 reb, 1 asts
Russell Westbrook - 27pts, 8reb, 7ast
James Harden - 21pts, 4reb, 2 ast
LeBron James - 32pts, 8reb, 5 asts
Dwyane Wade - 24pts, 6reb, 5ast
Chris Bosh - 16pts, 15reb
Breezy sends a tweet suggesting there is no bad blood between the stars.
Despite reports that he was responsible for the bloody chin Chris Brown sustained in a bottle-throwing clash last night in a NYC club, Meek Mill seems to be getting along with C-Breezy just fine. Two artists downplayed any supposed beef in a Twitter exchange, even expressing mutual respect.
"Me and @MeekMill ain't on that bulls---. Real respect Real...." Brown wrote on the microblogging site.
Mill then co-signed Brown's sentiment with a retweet, adding, "Naw, we just getting money!"
Earlier reports had said Mill and Brown had gotten into a shouting match last night at club W.I.P. in New York, which led to a scuffle between Drake and Brown’s entourages, but so far it looks like the only person the Maybach Music Group rapper has a problem with is Roscoe Dash.
Last month, Meek and Brown got into a skirmish on Twitter allegedly over Rihanna, whom both men have been linked to.
Thursday, June 14, 2012
If Funkmaster Flex had his way, he’d have you believe the domestic charges against him – involving Monica Taylor – were dropped. But, that doesn’t appear to be the case. Know why? Because the Hot 97 DJ’s estranged wife is revealing the only reason she didn’t move forward with the second degree aggravated harassment charge against him, is to protect her kids.
You may remember back in April 2011, cops were called to the couple’s Westchester, New York home – where the altercation between the pair led to the arrest of Flex. At the time of the incident, the couple was married for 18-years.
Monica Taylor, who has since legally separated from her Hip Hop-personality husband – whose real name is Aston Taylor – after filing an order of protection against him, says there was no way she would have the court order her daughter to testify before a judge – leaving the court with no choice but to drop the case.
She says despite what Flex’s lawyer may have said, he was NOT found ‘not guilty’ of the domestic abuse charges against him.
Here’s what Funkmaster Flex’s lawyer had to say about the case:
“We are pleased to report that on April 15, 2011, Mr. Taylor was found NOT GUILTY of all charges.”
Here’s what Monica Taylor had to say about the case:
“Not Guilty? Case was dropped because I refused to allow my daughter 2 testify or her 911 calls public. Be a man, protect kids not urself.
I have moved on! I now have a new life with Happiness & peace. Leave me out of your public battles & cries 4 attention, Wish U only the best.”
Earlier today, June 15, 2012, Yvette Wilson passed away after her battle with cervical cancer.
Yvette Wilson, born March 6, 1964 in Los Angeles California, is best known for her role as Andell Wilkerson on the UPN sitcom Moesha and its spinoff The Parkers.
Yvette appeared on many comedy films such as House Party 2, House Party 3, Friday, and on Def Comedy Jam.
Remember whether you’re approaching a prospective employer or seeking financial backing it’s your job to sell yourself. There are thousands of others competing in any chosen profession, but you can give yourself an edge by thinking what do I have to offer. So many people approach a new career by asking, “What can this career do for me?” instead of “What can I do to make myself and my services invaluable? What unmet needs can I fulfill?” This is the attitude that can mean the difference between success and failure.
Remember that the truly successful career is built upon three requirements. First, you must have the desire to succeed, or as I say it, the “have to” spirit. Second, you must have the “know how.” Knowledge is power it build enthusiasm and enthusiasm builds success. But neither knowledge nor power is enough. The third requirement is that you apply yourself. You can want to succeed as an A&R with all your heart. You may learn everything you can know about the music industry. But unless you are willing to apply all your skills – in other words to work hard-all your efforts will be wasted.
Not all of us want to develop an international conglomerate-most are independent people who want to support our families while practicing the art of trade. If you decide to become an entrepreneur, you must also be willing to work harder than you will ever work in an ordinary job. You must condition yourself to work like you have a boss standing over you. This means you must set aside exact hours to work every single day. Once you make the decision stick to it, no matter what. You too will have to be a strict boss to avoid failure.
Kamal D. Jabbar