Newsletter BOX: Business Today: Nokia to sell handset business to Microsoft for $7.2 billion

09/3/2013

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

Nokia to sell handset business to Microsoft for $7.2 billion

HELSINKI/SEATTLE (Reuters) - Two years after hitching its fate to Microsoft's Windows Phone software, Nokia collapsed into the arms of the U.S. software giant on Tuesday, agreeing to sell its main handset business for 5.44 billion euros ($7.2 billion).

Futures climb as potential Syria action delayed

NEW YORK (Reuters) - U.S. stock index futures jumped on Tuesday after U.S. President Barack Obama opted to seek congressional authorization for military action against Syria, a move that was likely to delay any strike for at least several days.

Bank of America cutting China bank holdings with $1.5 billion stake sale

HONG KONG (Reuters) - Bank of America Corp launched on Tuesday an up to $1.5 billion share offering in China Construction Bank Corp (CCB), exiting an eight-year investment in China's second-biggest lender in a bid to shore up its own balance sheet.

Nokia handset sale hammers hedge funds

LONDON/PARIS (Reuters) - Hedge funds betting that the collapse in Finnish telecom group Nokia's share price would continue got a rude surprise on Tuesday, and their rush to unwind their bets left the stock eyeing a record daily gain.

Verizon, Vodafone set $1.55 billion breakup fee

(Reuters) - Verizon Communications Inc and Vodafone Group Plc agreed to a $1.55 billion breakup fee if their $130 billion deal falls apart.

Bribery by GSK China was coordinated at company level: Xinhua

SHANGHAI (Reuters) - A Chinese police investigation into drugmaker GlaxoSmithKline has discovered that alleged bribery of doctors in China was coordinated by the British company and was not the work of individual employees, state media reported on Tuesday.

U.S. banks turn to subprime auto loans as delinquencies fall

(Reuters) - U.S. banks are making more of their car loans to subprime borrowers as delinquencies fall and as automobile manufacturers' finance subsidiaries draw the more-reliable customers, according to data released on Tuesday.

Insight: It's all in the wrist - Who has vision to crack the "smartwatch"?

SINGAPORE (Reuters) - The smartwatch could be as revolutionary as the smartphone - an intelligent device on our wrist that connects our bodies to data and us to the world - but only a handful of companies have the heft and vision to be able to pull it off.

Swiss banks apologize for assisting tax cheats

ZURICH (Reuters) - Switzerland's banks on Tuesday issued an unusually direct apology for their role in helping tax cheats, following a landmark settlement with U.S. authorities which could threaten the existence of some firms.

India's new central bank governor to step into eye of rupee storm

MUMBAI/NEW DELHI (Reuters) - Raghuram Rajan, a suave, unflappable University of Chicago economist, will step into the eye of the storm roiling India's economy on Thursday as the new governor of India's central bank and chief defender of a nose-diving rupee.