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The Chinese authorities are preparing to provide US regulators with full access to the audit reviews of the vast majority of the more than 200 companies listed in New York in the middle of these 12 months, which is an important concession to prevent further decoupling between the two largest economies in the world.
The Fees of securities regulation in China and the various national regulators are in the technique of drafting a framework that can allow most Chinese-speaking companies to maintain their lists, people aware of the mentioned method, asking not to be named discussing a personal matter. Nevertheless, the federal government is ready to simply accept that some state-owned enterprises and personal companies that retain delicate knowledge are likely to be delisted, they mentioned.
The framework should provide legibility on knowledge that could trigger security considerations on a national scale, the people mentioned. Regulators are wondering if companies that deal with buyers’ data, such as Alibaba Group Holding Ltd, would regularly fall into this category, one of the many people mentioned, including the fact that processing massive volumes of this data would not essentially make an agency a security problem.
If the plan is implemented, it could mark an unusual U-turn by Beijing, undoubtedly ending a decades-long dispute that escalated when the United States imposed a 2024 deadline to expel non-compliant companies from the New York Inventory Exchange and Nasdaq. The compromise would also present China’s willingness to reconcile national security considerations with the needs of buyers and businesses at a time when its economic system is facing many challenges.
Shares of Chinese-language companies rallied in pre-market buying and selling in the United States. Alibaba shares rose 5.8% in pre-market buying and selling, JD.com Inc. was up 4 percent, Pinduoduo Inc. gained 7.9% while Didi International Inc. jumped more than 18%. The Nasdaq Golden Dragon Index recorded its worst first quarter since 2008 due to considerations related to audit disputes, regulatory crackdowns and financial development.
The details are nevertheless below, and are expected to change, the individuals mentioned, including that he also wants the approval of the most senior management. Chinese language regulators are hoping to reach an agreement with the United States around daylight saving time, one of the many people mentioned.
Nevertheless, the CSRC has repeatedly adopted a more optimistic tone about the desirability of an agreement than its American counterpart. Securities and foreign exchange fees chairman Gary Gensler this week refuted the assumption that a response was imminent, signaling that only full compliance with audit inspections will allow companies to continue buying and selling in US markets.
China could simply transfer an agency to a non-US exchange in the event that it wants to protect monetary paperwork, Gensler mentioned in an interview. He further identified that U.S. legislation focuses on non-compliant nations rather than particular corporations. So, if a request is blocked, it means that the requirement is not met.
The CSRC mentioned in an e-mailed statement to Bloomberg Information that regulators on the 2 sides are holding lively discussions on audit cooperation and that progress has been clear, including that all details of the negotiation will probably be submitted to the general public statements of each event.
Washington and Beijing have been at odds for twenty years over the mandate that all companies that do public business in the United States grant entry to audit working documents. The difficulty prompted a motion on Capitol Hill on the eve of the Trump administration, when US lawmakers demanded that non-compliant companies be delisted. The legislation is particularly threatening for companies mainly based in China and Hong Kong, as Beijing has refused to grant entry to company audits, citing nationwide security considerations.
The Chinese authorities have made overtures over the past two years to allow some American audit opinions, but the United States has stood up with calls for American inspectors to be able to enter an international accounting agency directly and demand audits of all companies that trade in the United States.
There are more than 200 Chinese-language companies listed in the United States as American Depository shares, with a combined market capitalization of $2.1 trillion as of May 2021, as well as eight state-owned enterprises at the national level, according to a report by the US authorities.. The Nasdaq Golden Dragon China index of U.S.-listed companies has fallen more than 50 percent in the previous 12 months.
The last month the SEC revealed a “tentative list” of companies that could be removed. While the transfer had long been telegraphed, it fueled a sharp decline in U.S. shares of companies mainly based in China and Hong Kong. The most recent addition to the list included Baidu Inc., Futu Holdings Limited, Nocera Inc., iQiyi Inc. and CASI Prescription drugs Inc. It is expected that all the more than 200 companies will eventually end up on the list, except that a settlement is reached between the regulatory bodies.
The draft framework would also deal with the detailed approval course for offshore, as well as the guidelines governing the so-called variable entities, or life construction, one of the many people mentioned.
China unveiled sweeping rules governing its companies’ gross market share sales in December, taking one of its biggest steps to tighten scrutiny of global debuts following a controversial exposé by Didi International Inc. The rules created additional uncertainty about the prospects for preliminary public elections abroad, which had gone almost unchecked for twenty years and had generated billions in profits for American financing banks.
(Updated with the CSRC’s remark in the ninth paragraph.)
— With the help of John Cheng.
To contact the editors responsible for this story:
Candice Zachariahs at [email protected]
Jun Luo, Jonas Bergman
© 2022 Bloomberg L. P. All rights reserved. Used with permission.


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Popular high-street store New Look have announced they may have to close down at least 60 of it's 593 stores in Britain.
The move would require the company to make up to 980 staff redundant, out of its 15,300 UK employees, reports The Telegraph.
However, New Look said it would attempt to redeploy those at risk of redundancy in other parts of the business.
In a statement – executive chairman of New Look – Alistair McGeorge – said: "Given our challenged trading performance and over-rented UK store estate, we are having to take tough but necessary actions to reduce our fixed cost base and restore long-term profitability."
He added: "We have held constructive discussions with our key landlords and strategic partners and will now seek creditor approval on our CVA proposal. A priority for us is to keep all potentially affected colleagues informed during this difficult time."
The news comes after Toys R Us announced it had gone into administration and Marks and Spencer revealed many of their stores would be closing down.
Mirroring this, New Look partner at Deloitte – Daniel Butters – explained the retail trading environment in the UK "remains extremely challenging, driven by weaker consumer confidence, the implications of Brexit and competition from online channels".
Stores earmarked for closure include those in city centres such as London Oxford Circus, Cardiff Queen Arcade and Leeds The Core Shopping Centre.
As well as smaller towns such a Brynmawr and Pontypool in South Wales.
OK! Online has contacted New Look for comment.

domain: news


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In an effort to appeal to tomboys everywhere, Nike’s newest spokesperson Brittney Griner will model men’s clothing for the sports brand. As the first openly gay person to enter an endorsement deal with Nike, Griner’s affection for bow ties and blazers is a plus for this historic partnership. “I used to do the whole baggy, hard-core, I’m-a-boy look,” she says. “Then I went through a preppy phase. Now I have the athletic, bow-tie look. I found my style.”
ESPN reports that the 6’8″ Phoenix Mercury player will also model Nike’s skateboarding brand SB and go after non-traditional endorsements with outside companies.
Since graduating from Baylor University this year, Griner has come out as a proud “strong black lesbian woman,” often speaking at awards shows and conferences about her experience as a closeted basketball player.
Photo Credit: Barry Gossage/NBAE/Getty Images


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has just leaked their 2011 Black Friday sale. Express once again will be offering consumers 40% off entire purchase on Black Friday before 12pm, however, it looks like Express
will also be open on Thanksgiving Day offering consumers 40% off everything. Late shoppers will get 30% off after 12pm on Black Friday and the entire day on Cyber Monday. In addition, starting November 16, Express will be offering $25 Express cash for every $50 purchase. The $25 Express cash could be used towards your purchase of $50 or more between November 28 to December 4.
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From festive deals and low-cost devices to Windows Phone developments, Lollipop updates, Firefox for iOS, Street Fighter V, and Xbox outages, we look back at highlights from this week's top tech news.
Hands-on with the Microsoft Surface Book and Surface Pro 4
Review: Tesoro Excalibur Spectrum, a colorful Mechanical keyboard
Hands-on: Lumia 950, 950 XL, 550 and the Continuum Dock
lumia 950 xl
Here's the recap for Microsoft's Windows 10 Devices event in NYC
Editorial: Surface Pro 4 excites but leaves room for improvement
surface pro 4
It looks like XOLO may be preparing to launch its second Windows Phone, as 10,000 units of a new 'Win Q1000' handset have been shipped to India, along with 2,000 dummy units for retail stores.
Lava - parent company of XOLO - has launched its first Windows Phone in India, with a 1.2GHz Snapdragon 200, 1GB RAM, front and rear cameras, and an ultra-low price tag of just Rs.4,999 ($81).
Microsoft has announced two new manufacturers which will be partnering with the company to build Windows Phone based smartphones, bringing the total number of partners to an impressive 15.
In a bid to gain marketshare with cheap handsets from local manufacturers, Microsoft is reported to have waived the licensing fee for the Windows Phone mobile operating system in India.


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- Retired Gen. Stephen R. Lyons, former commander of the U.S. Transportation Command, will take over as the Biden administration’s port and supply chain envoy, the White House and U.S. Department of Transportation announced Friday.
- Lyons will take the reins from former Port Envoy John D. Porcari, a former Maryland transportation secretary and U.S. deputy secretary. The post entails leading the government's attempts to ease freight bottlenecks that continue to squeeze supply chains.
- The retired general joins the Biden-Harris Administration Supply Chain Disruptions Task Force with 36 years of military experience, most recently as head of the Department of Defense's work to project and sustain the U.S.'s global military power, according to the announcement.
Lyons, who had led the U.S. Transportation Command since 2018, will work with U.S. transportation, agriculture and commerce officials to engage the industry as supply chains prepare for the disbursement of billions in federal infrastructure funding. The announcement of his appointment did not provide a start date.
“I look forward to rolling up my sleeves and continuing to engage industry, labor, and port stakeholders to improve the fluidity of our supply chains, cut down on shipping costs, and ultimately save money for the American people,” Lyons said.
The task force negotiated a shift to 24/7 operations beginning last fall at the San Pedro Bay ports and helped propose a fee for long-dwelling shipping containers that officials say has led to a 50% improvement — even without being collected.
Over the past year the task force has launched a variety of other efforts, including launching a data-sharing initiative known as the Freight Logistics Optimization Works, a trucking action plan to improve driver recruitment and retention and pop-up container yards.
As Biden’s first ports envoy, Porcari brought together ports, carriers, shippers and other supply chain stakeholders on conference calls three times a week to discuss problems and identify solutions to improve cargo flow.
The National Economic Council's Elisabeth Reynolds, special assistant to the president for manufacturing and economic development, and Andrew Petrisin, U.S. Department of Transportation associate ports and supply chain advisor, have helmed the calls in recent weeks, one call participant told Supply Chain Dive.
U.S. Transportation Secretary Pete Buttigieg credited Porcari in a statement with doing “a tremendous job addressing challenges at every stage of the supply chain.” Porcari could not be reached Tuesday for comment.
“Goods have moved more quickly and affordably because of his actions,” Buttigieg said.
Buttigieg added, however, that supply chains "will remain fragile as long as the pandemic continues to disrupt ports and factories around the world, and a lot of work remains to reduce shipping delays and costs for American families."


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Microsoft Corp.'s Bill Gates cast his company's .Net initiative wide Wednesday, releasing the final version of the long-anticipated developer toolkit, Visual Studio .Net, as well as the underpinnings of its emerging Web-based development platform, called the .Net Framework.
Microsoft's chairman and chief software architect introduced the new application development tools with few bells and whistles, letting market momentum speak for itself. More than 3 million developers are testing and deploying applications with early release versions of Visual Studio .Net and the .Net Framework, the largest testing group in the company's history, according to Microsoft. Major corporate customers including Merrill Lynch & Co. Inc. and cosmetics giant L'Oreal SA have already created Web-based applications for customers using the new tools.
"Today is a major step forward in letting people build applications based on the next-generation Internet," Gates said, addressing a packed hall at its VSLive! developer conference here.
At Microsoft's campus in Redmond, Washington, Visual Studio .Net is being called the company's most important set of development tools to date, providing the basis for turning software applications into services as part of the .Net initiative. The .Net Framework makes up the technical foundation of that initiative with the tools hitting retail shelves with Wednesday's releases.
"When we started out we said this could be one of the biggest pieces of work we have to do on a tool," Gates said of Microsoft's efforts to remodel its development tools already used by millions of Visual Basic and C++ developers to add new support for building Web-based applications.
Straying from its typical two-year release cycle, the latest incarnation of Microsoft's application development environment has been in the making for more than three years. New features will allow developers to write applications using more than 20 different programming languages that can run on computers ranging from cell phones to servers and interact with applications written for virtually any computing platform, according to Microsoft.
"It's amazing based on what it can do for our development," said John Lalumondier, senior Web application developer for Seaboard Corp., an agricultural shipping and transportation company based in Shawnee Mission, Kansas. Lalumondier was an early beta tester of Visual Studio .Net and said he is already devising ways to make use of Web services technology included in the software.
"Right now some of it is overwhelming but it's just a matter of time before the opportunities of this tool are realized," he said.
Joseph Gordon, lead software development engineer with Siemens AG. said his division, which builds measurement systems for business process automation, tested the tool for the first time Friday and will roll it out for an internal development project beginning next week.
"We're a Visual Basic shop and the way it looks now I think we will quickly become a Visual Basic .Net shop," Gordon said.
But more important than Microsoft's tools for building new .Net applications, is the final release of the .Net Framework, the technology that will allow these new applications to run on computers, servers and various computing devices such as handhelds.
The .Net Framework is comprised of a runtime environment called the Common Language Runtime, class libraries, a graphical user interface and other basic features. Because it includes various chunks of already-developed code considered the basic plumbing of applications, developers programming with the .Net Framework are expected to reduce the labor and time it takes to build applications from scratch or rebuild existing applications.
That is a handy addition to the development tools, according to Xavier Irias, manager of engineering with the East Bay Municipal Utility District in Oakland, California.
"Right now we have a lot of applications that share a single code base," Irias said, noting that typically his engineering staff would have to retool each application to run in various environments such as the Web or on a client computer. "Now, you can reuse more of your code."
In addition to the version for PCs and servers released widely Wednesday, Microsoft will release a compact version of the .Net Framework later this year for developing applications and services for small devices such as handheld computers.
"There will actually be other tools as well that will target the runtime," Gate said.
Tools maker Borland Software Corp. is one company that plans to target .Net developers. The company announced late Tuesday that it will release new versions of its developer tools later this year with added support for .Net technology. Macromedia Inc. also announced it will create a version of its Dreamweaver UltraDev Web development tools for .Net.
More than 190 add-in tools and features from third-party vendors are also available for visual Studio .Net.
Microsoft has invested all of its resources into developing products around the .Net Framework, Gates said. It plans to spend about $5 billion each year on research and development to outfit its products with support for industry standards such as XML (Extensible Markup Language), SOAP (Simple Object Access Protocol) and UDDI (Universal Description, Discovery and Integration).
"It's a big change for every piece of Microsoft software," Gates said.
First the company is adding a layer on top of its software products that use XML as a data type to transfer data. Many of Microsoft's server and desktop software products continue to be updated with new support, including SQL Server database software. The next step, Gates said, is to release new versions of products that will include XML as the central data type. An XML-centric release of SQL Server code-named "Yukon" is due for release next year.
"The entire Microsoft R&D budget is aimed at adding XML to our products," Gates said.
Visual Studio .Net is available in three editions and costs from US$549 for an upgrade from the professional version, to $2,499 for the full enterprise version. The software is for sale in retail outlets as well as Microsoft's Web site. There is no charge for the .Net Framework, the software maker said.


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Taulia: Over 60% of Businesses Are More Interested in Early Payment as a Result of COVID-19
Over 60% of businesses are more interested in requesting early payment (62%) and automating invoice processing (66%) as a result of the COVID-19 pandemic, according to a report conducted by working capital technology solutions leader, Taulia. The global report unlocks key insights into supplier behavior due to the impact of COVID-19, with main themes being: a shift in working practices, a decrease in business demand, and an increase in the automation of financial processes.
The survey which was conducted over a two-week period in June 2020 collected the views and insights of over 9,000 global respondents, with the majority (55%) of respondents coming from businesses with less than USD $10 million in revenue. Respondents were asked questions about how COVID-19 has impacted their business and how their behavior has changed as a result of the pandemic.
The report found that businesses are adapting to the current environment in numerous ways, with many respondents (78%) stating they have seen a change in their customers’ working practices. This change is reflected in their own work environment, with 41% of respondents saying they will now allow staff to work from home. Respondents also noted that there has been an increase in receiving late payments (43%) and a general decrease in business demand (56%), which means managing cash flow and injecting liquidity into the business has never been more important.
“COVID-19 has disrupted the entire business world and we want to do whatever we can to help businesses, small and large, to remain operational and competitive. As a result of COVID-19, we have seen a tremendous increase in early payment requests and demand for solutions to help manage financial processes electronically. The report sheds light on current business attitudes and behavior, which we hope to use to fuel more innovation to help our customers succeed,” states Cedric Bru, CEO, Taulia.
The full COVID-19: Effects on your business report can be viewed here.
Taulia is a leading provider of working capital technology solutions headquartered in San Francisco, California. Through a unique combination of its technology platform, people and process, Taulia helps companies access the value tied up in their supply chain by transitioning from inefficient and often manual working capital management practices into technology-led, working capital optimization strategies. Taulia’s vision is to create a world where every business thrives by enabling buyers and suppliers to choose when to pay and get paid. A network of 2 million businesses use Taulia’s technology and the company processes over $500 billion every year. Taulia is trusted by the world’s largest companies including Airbus, AstraZeneca, Nissan and Vodafone. For more information, please visit www.taulia.com
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Oracle Corp has formally launched a blockchain cloud platform, joining other tech giants such as IBM and Microsoft in offering blockchain-as-a-service for firms that wish to deploy distributed ledger technology at low cost.
The Oracle Blockchain Cloud Service allows businesses to automate processes over immutable blockchain networks to drive more secure and efficient transactions and to track goods through supply chains on a global scale, according to an announcement.
Oracle said the service provides customers with a development platform to build their own networks, and to quickly integrate with Oracle and third-party applications they already use, as well as other blockchain networks, also enabling users to deploy and run “smart” contracts.
In addition, Oracle is delivering new software-as-a-service applications to use blockchain technology for common use cases, such as track and trace, provenance identification, warranty and usage, and cold chain.
Arab Jordan Investment Bank, Indian Oil, Nigeria Customs, shipping management firm CargoSmart, and Intelipost are among early adopters of the enterprise-class distributed ledger service, according to the press release.
“Blockchain promises to be one of the most transformative technologies of our generation,” Amit Zavery, executive vice president, Oracle Cloud Platform, said in the announcement.
Oracle’s blockchain platform is using The Linux Foundation’s Hyperledger Fabric as its basis. The Hyperledger open source project is supported by IT giants such as IBM, Intel, Airbus, Daimler, and financial institutions including JP Morgan, with the aim of improving cross-industry blockchain technologies.
Tech giants have been flocking to provide blockchain-as-a-service offerings in recent years. IBM, Microsoft, SAP and Amazon Web Services are among those that have launched blockchain platforms to allow businesses to test the distributed ledger technology.
Consultancy firm Accenture announced on Monday that it has partnered with French multinational aerospace firm Thales Group to update aircraft supply chains using blockchain based on Hyperledger Fabric.
– Contact us at [email protected]


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It was arranged by Franklin Templeton Investments as Moove aims to build the largest electric vehicle ride-hailing fleet in the Middle East and North Africa region.
Founded in 2020, Moove said it would use the funds to scale to 2,000 EVs in the UAE in the coming year, “creating sustainable economic opportunities, while accelerating the electrification of mobility and enhancing the ride-hailing passenger experience in the region”.
The company predicted that this fleet of EVs would contribute to a reduction of more than 5,000 metric tonnes of carbon dioxide emissions per year to help cities such as Dubai meet their net-zero targets.
“This financing is a milestone for Moove — our first sukuk issuance which showcases our growth and sustainability as a global company,” said Ladi Delano, co-founder and co-chief executive of Moove.
“Equally important is that this furthers our mission to build the biggest EV ride-hailing fleet in the region, to drive forward mobility electrification and enable cities to reach their net-zero targets.”
As part of its launch in the UAE, the start-up will release its EV charging app, Moove Charge. Initially launched in London in August, the app allows users to find charge points, show their availability in real time, filter by charge speed and start and stop charging of the vehicle.
The Emirates, second largest economy in the Arab region, is investing Dh 600 billion in clean and renewable energy projects over the next three decades as it aims to achieve net-zero emissions by 2050.
The UAE is among the world's top 10 countries as a market that is geared towards electric mobility, according to the consultancy Arthur D Little.
The UAE EV market, which is currently in its early stages, is projected to grow at an annual rate of 30 per cent between 2022 and 2028, according to the global electric mobility readiness index 2022 compiled by Arthur D Little.
Moove provides revenue-based vehicle financing and financial services to mobility entrepreneurs. By embedding its alternative credit scoring technology on to ride-hailing, e-logistics and instant delivery platforms, Moove said it uses proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services.
Moove said the latest funding has brought the total capital raised so far to more than $280 million and its customers have completed over 11 million trips in Moove-financed vehicles.
The successful completion of the debut sukuk will allow Moove to attract Islamic investors who are interested in environmentally and socially responsible projects, the company said in a statement on Thursday.
The issuance of the Shariah-compliant notes or "sukuk" has been privately placed and structured as a sukuk al-istisna, a Shariah-compliant contract for the order to manufacture EVs, it added.
“Franklin Templeton is pleased to lead this innovative sukuk transaction that simultaneously complements our global sukuk and Sharia-compliant private market strategies, while supporting the development of mobility and FinTech ecosystems in the UAE initially, followed by more markets in the future,” said Mohieddine Kronfol, chief investment officer, Global Sukuk and Mena fixed income at Franklin Templeton.
“The transaction also further validates the opportunity we have been arguing exists in private credit across the region, combining attractive yields with security and credit control."
With a commitment to ensuring that at least 60 per cent of the vehicles Moove finances globally are EVs, the company is working with partners within the value chain across the Mena region to facilitate this transition in places where charging infrastructure remains limited.
The company launched in Europe in August when it started up its 100 per cent EV rent-to-buy model in London.
In July 2020, it teamed up with Uber to provide potential and existing Uber drivers in sub-Saharan Africa with long-term access to vehicles.
Moove also aims to be the largest EV partner on Uber’s platform in London with plans to bring up to 10,000 EVs by the end of 2025.


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First SpaceX Moon Tourist Yusaku Maezawa is an Avid Car Collector
With a Bugatti Chiron and Aston Martin One-77
Japanese billionaire Yusaku Maezawa has been chosen as SpaceX's first private passenger. Maezawa will fly around the moon on SpaceX's upcoming Big Falcon Rocket in 2023. The lucky space tourist posed with SpaceX founder and fellow billionaire Elon Musk ahead of the announcement this week (pictured in the Tweet below). Why should any of this matter to you? Because Maezawa also happens to be an avid car collector who owns some of the world's rarest, most expensive vehicles.
Maezawa founded the online retail fashion company Zozo, which offers among other things a service called Zozosuit that lets customers self-measure themselves at home and mail away for a custom-fit suit. That may not sound like an idea that would make you billions of dollars, but nevertheless, Maezawa landed in 18th place on Forbes' 2018 list of the 50 richest people in Japan. The publication pegged the 42-year-old's net worth at $2.7 billion.
It should come as no surprise that anyone with that much money would have a few expensive cars, but Maezawa's collection includes some extremely rare and noteworthy pieces. According to Reuters, the Japanese billionaire owns a Bugatti Chiron—likely one of the only examples in Japan. Meanwhile, his Instagram account is filled with photos of his Mercedes-Maybach G650 Landaulet, the ultra-luxurious convertible version of the G500 4x4² that was limited to just 99 units.
Maezawa also commissioned a custom Pagani Zonda called the Zonda Zozo, but that multi-million-dollar coupe was destroyed in a crash in 2016. Losing a one-off supercar would understandably devastate any car lover, but at least Maezawa has an Aston Martin One-77, plus a Valkyrie on order, to console him.
It's unknown exactly how much Maezawa paid for the first commercial trip around the moon, which will include passage for himself and six to eight invited artists, but he told Reuters the cost was "much higher" than the record-breaking $110 million he paid for a Jean-Michel Basquiat painting last year. Sounds like he may have to cut back on the supercars for a while.


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SoftBank Corp., Japan's third-largest mobile phone carrier, is purchasing a 70% stake in leading US carrier Sprint Nextel for over $20 billion. The deal will be mutually beneficial for both companies, allowing them to better compete in the lucrative US market.
In Japan, handset shipments have fallen 27% to 38 million units over the past five years; during the same time US shipments grew, reaching 191 million units in 2011.
Sprint has been struggling financially since it purchased Nextel for $36 billion in 2005. About 7.7 million contracted customers left, and Sprint was forced to write off 80% of the purchase.
The deal with SoftBank will provide Sprint Nextel with much needed funds to pay down debt and purchase equipment.
It will also be able to expand its Long Term Evolution, or LTE, network. This summer, Sprint began offering LTE service in 24 cities, and expects to have the service available in 100 more by the end of the year.
Industry analysts say customers will not notice much difference in service because it will take Sprint some time to be on the same level as competitors.
The deal is expected to close by mid-2013, but must first be approved by regulatory officials, shareholders and the boards of both companies. If shareholders reject the deal, Sprint must pay up to $75 million in Softbank expenses. Should the company accept another offer, it will be required to pay a $600 million termination fee.
Once approved, the combined company will be world’s third-largest mobile phone carrier by revenue.
US Mobile Market
At the start of October, Deutsche Telekom AG, owners of T-Mobile, agreed to merge with MetroPCS. The deal came after a $39 billion agreement to merge with AT&T Inc. failed to gain regulatory approval in 2011.
Once the SoftBank-Sprint deal is finalized, three of the four national mobile carriers in the US will have a large portion of their businesses owned by foreign companies.
Despite having began LTE upgrades a year earlier than Verizon Wireless, Sprint trails its competitor in the number of markets it serves. Verizon services 340 markets.
Key Statistics - Global Wireless Telecommunications Industry (source: MarketLine)
- Between 2007 and 2011, the wireless telecommunication services market had a compound annual growth rate (CAGR) of over 8%. In 2011, the market had revenue totaling $1.2 trillion globally.
- From 2007 to 2011, wireless telecommunication service industry consumption volumes increased at a CAGR of over 14.5%. In 2011, it reached 4.6 billion subscribers.
- For the five-year period 2011-2016, market performance is predicted to decelerate, with a CAGR of nearly 4%. By the end of 2016, the market is forecast to be valued at $1.3 trillion.


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Coinstar’s stock fell nearly 9 percent today following an announcement that the company’s Redbox DVD rental machines would raise prices from $1 to $1.20 per day for movie rentals. The new price will go into effect Monday.
Coinstar officials say the price increase was necessitated by increasing operating costs, including higher debit card fees that went into effect Oct. 1, and $1.20 was selected as the best price point to offset said expenses. Blu-ray discs and video games were unaffected by the price change, remaining at $1.50 and $2 per day, respectively.
To ease the transition, Coinstar is allowing customers to reserve their rentals online for $1 per day between Monday and Nov. 20. Additional rental days will go back to the $1.20 price point.
Netflix saw similar customer outrage in September after it split its DVD rental and streaming services, raising the price $6 per month for the combined service.
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Apple's fix for overheating iPhone 15 Pro and Pro Max is on its way, new report claims.
According to MacRumors, Apple is internally testing iOS 17.0.3, a new version of the company's mobile platform which could contain a fix for iPhone 15 Pro and Pro Max models that run too hot.
Apple acknowledged the issue late last week after a slew of complaints from users, who said their iPhones occasionally get uncomfortably hot.
“We have identified a few conditions which can cause the iPhone to run warmer than expected. The device may feel warmer during the first few days after setting up or restoring the device because of increased background activity,” the company told Forbes.
The company also acknowledged a few iOS 17 bugs, as well as issues with third party software, and said that it's working with third party app developers to fix those.
The good news is that Apple said its fix for the overheating issues will not including throttling the phone's performance. The company also said the overheating does not happen due to flaws in the phone's hardware design.
Having had an iPhone 15 Pro and Pro Max for nearly a month now, I haven't experienced any overheating issues, but the fact that Apple acknowledged the bugs means they're definitely there for some users.
There's no official news on what the iOS 17.0.3 contains or when it's coming out, though MacRumors says it's likely to come either later this week, or next week. The company's iOS 17.1, currently in developer beta, is also likely to contain the same fix.


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Legend has it that more Johnnie Walker whisky is consumed in India each year than is produced at the brand’s plants in Scotland.
Whatever be the veracity of that statement, there is little doubt that emerging markets have helped the Scotch whisky industry bounce back from the business lows of last year. Figures released by the Scotch Whisky Association this week show that worldwide sales for the “water of life” has jumped 22% by volume for the first half of this year.
And while the top two countries on the market league tables have remain unchanged—the US and France remain top and both grew by around 14%—new markets have expressed an enhanced liking for the wee dram. Sales in Asia have zoomed up by 33%. Tiny Taiwan is the outperformer. The island only has one-thirteenth the population of the US, but consumes one-fourth as much whisky.
It is not just Italy that is banking on an outstretched Asian helping hand. Brands that make everything from premium whisky to luxury jewellery are currently looking east for salvation.
The global luxury business plummeted quickly after la affaire Lehman. Blue chip customers, spooked by vanishing investments and plummeting net worths, slashed luxury spends mercilessly.
But, it appears, they are also the first buyers to bounce back.
While the poor and middle class all over the world struggle with unemployment, inflation and general economic malaise, the rich are spending again. Last week, Swiss luxury conglomerate Richemont, which owns Cartier, announced that sales had surged 29% in the first five months of 2011. And most of that is owed to booming Asian customers. Richemont even had growing sales in turbulent Japan.
Shares in the group leapt 5%.
One study forecasts that by 2015 China will become the world’s largest luxury market with 20% of all luxe sales.
All this seems bizarre at a time when economic headwinds are bearing against Europe and the US. Emerging markets, we are told, may be overheating.
Yet the rich, somehow, seem to be getting richer. Whisky makers will be happy. Getting richer or poorer are both good reasons for a stiff one on the rocks.
Does the future of luxury lie in emerging markets? Tell us at firstname.lastname@example.org


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News > US surpasses China as India’s biggest trading partner in FY22 at $119.42 bn
US surpasses China as India’s biggest trading partner in FY22 at $119.42 bn
Latesttalks | 29/05/2022 12:20 PM | Click to read full article
The US surpassed China to become India’s top trading partner in 2021-22, reflecting strengthening economic ties between the two countries. According to the data of the commerce ministry, in 2021-22, the bilateral trade between the US and India stood at $119.42 billion as against $80.51 billion in 2020-21.
During 2021-22, India’s two-way commerce with China aggregated at $115.42 billion as compared to $86.4 billion in 2020-21, the data showed.


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May 7, 2014, 10:50 AM
- Has irrational exuberance given way to panic selling? Internet stocks are off again today, as the Street registers disappointment with earnings reports from AOL, Groupon, Zulily, SouFun, 500.com, and King.
- Yahoo (YHOO -6.2%) has fallen below $35 as the Street digests Alibaba's IPO filing. Twitter (TWTR -4.4%), crushed yesterday following its lockup expiration, briefly cracked $30 before rebounding a bit.
- Other decliners: QIHU -8.9%. BITA -7.2%. GOMO -7%. TRLA -5.2%. MELI -4.7%. ANGI -4.6%. Z -4%. YOKU -5.5%. CTRP -5.3%. WUBA -5.3%. JOBS -5.1%. GRUB -4%.
- Internet/social media ETFs: PNQI, SOCL, FDN
Apr. 8, 2014, 9:37 AM
- Bloomberg reports leading Chinese travel sites Ctrip (CTRP +5.4%) and Qunar (QUNR +5.4%) are "discussing a range of possibilities, from a full-blown merger to a partnership."
- Sources caution the talks are at an early stage, and that ownership structure and financing haven't yet been agreed upon.
- With combined 2013 sales of more than $1B, a Ctrip-Qunar merger would create a Chinese online/mobile travel powerhouse ... provided regulators don't object. The companies have been aggressively battling for mobile customers, sacrificing margins in the process.
- Ctrip and Qunar are both rallying. Rival eLong (LONG +1.9%) is also higher amid positive early trading for recently-pressured Chinese Internet stocks.
- Baidu (BIDU +1.8%) owns 58.6% of Qunar, which delivered a strong IPO last year.
Apr. 3, 2014, 9:09 AM
Mar. 10, 2014, 3:57 PM
- Chinese Internet and solar names, many of them among the standouts of the 2013/2014 tech rally, are heading into the close with steep losses after the Chinese government reported exports fell 18.1% Y/Y in February (much worse than expected).
- Internet decliners: WUBA -10.7%. YOKU -7.3%. ATHM -7.2%. QUNR -6.4%. NQ -6%. RENN -5.2%. CTRP -5.2%. YY -4.4%. WBAI -4.4%. KONG -5.5%.
- Solar decliners: JKS -6.3%. YGE -5.8%. TSL -6.7%. CSUN -4.9%. CSIQ -4.5%. DQ -4.2%. HSOL -4.5%.
- Solar ETFs: KWT, TAN
Feb. 27, 2014, 2:21 PM
- Sources tell Marbridge Consulting Alibaba (ABABA) is talking with Ctrip (CTRP +6.9%) about a possible investment.
- Alibaba took stakes in AutoNavi and Sina's Weibo microblogging platform last year. Marbridge's track record with investment/M&A rumors is mixed, but it has made some accurate calls in recent months.
- Ctrip has rallied above $55, and Chinese online travel rivals Qunar (QUNR +3.3%) and eLong (LONG +8.3%) are also posting sizable gains.
- Separately, the WSJ reports Chinese messaging/gaming giant Tencent (TCEHY) is looking to buy a stake in top Alibaba rival JD.com, which recently filed for a $1.5B IPO.
Feb. 18, 2014, 4:03 PM
- On a good day for many tech momentum plays, solar and Chinese Internet stocks led the way.
- Solar names could be benefiting from Chinese government remarks suggesting Beijing remains open to trade talks to end its ongoing solar import dispute with the U.S. The comments come after the ITC added Chinese solar panels made with Taiwanese cells to its list of Chinese panels covered by import duties.
- Also: SunEdison (SUNE +6.6%) has filed for an IPO for its solar project business, a move that could entice other companies with major solar project ops to do the same.
- Solar gainers: FSLR +6.9%. SCTY +8%. JASO +12.6%. DQ +9.2%. CSUN +8.1%. YGE +5.5%. JKS +5.3%.
- Chinese Web gainers: CTRP +11.5%. CCIH +16.8%. RENN +11%. YOKU +6.1%. QIHU +6.9%. WUBA +10.6%. WBAI +7.9%. GOMO +9.1%. SOHU +5.6%.
- Solar ETFs: KWT, TAN
Feb. 13, 2014, 9:13 AM| 1 Comment
Feb. 12, 2014, 5:37 PM
Feb. 12, 2014, 5:01 PM| 4 Comments
Jan. 28, 2014, 1:00 PM
- Chinese Internet stocks, crushed over the last few trading days amid SEC-related concerns and a general rout in tech momentum plays, are rebounding sharply today in tandem with other high-beta tech stocks.
- Possibly helping: The SEC has settled a dispute with Deloitte over its request for documents related to Longtop Financial, a Deloitte-audited Chinese firm suspected of accounting fraud. The settlement, which comes after the SEC received a "substantial volume" of requested docs, is fueling hopes the SEC's auditing ban on the Chinese arms of the big-4 accounting firms (including Deloitte) will be revoked, and a final resolution between U.S. and Chinese regulators achieved.
- Also: Morgan Stanley is calling the selloff a buying opportunity, and has picked five names it's a fan of - Baidu (BIDU +2.8%), YY (YY +14.5%), New Oriental (EDU +2.8%), Dangdang (DANG +6.8%), and Ctrip (CTRP +5.2%)..
- MS expects Baidu's margins (recently pressured by huge investments) to stabilize later this year with the help of accelerating sales growth; it's pleased with Ctrip's willingness to sacrifice near-term margins for share gains; it think Dangdang's e-commerce strategy is yielding margin improvement and better fulfillment efficiency; and it's a fan of YY's "sticky" user base and monetization potential (less than 2% of users are currently monetized).
- Major gainers include Sungy Mobile (GOMO +11.3%), 500.com (WBAI +18.3%), ChinaCache (CCIH +9.8%), Vipshop (VIPS +10%), Bitauto (BITA +9.5%), and Qunar Baidu-controlled (QUNR +8.8%).
Jan. 27, 2014, 12:44 PM
- U.S. and Chinese Internet stocks are adding to last week's big losses, as investors continue taking profits following major 2013 gains. Chinese stocks were hit last week by an emerging markets selloff, weak PMI data, and an SEC ban (pending appeal) on audits from the Chinese units of big-4 U.S. accounting firms.
- Twitter (TWTR -8.2%), the company bears are most likely to point to when arguing a new Internet stock bubble has formed, is headlining the U.S. decliners. Shares are still up 25% from their post-IPO opening trade of $45.10.
- Other U.S. decliners: GOOG -3.1%. FB -2.9%. YELP -5.3%. Z -5.1%. LNKD -4.3%. P -3.2%. ANGI -4.1%. ZNGA -3.1%. GRPN -3.1%.
- Chinese decliners: BIDU -2.9%. CCIH -19%. BITA -14.6%. CTRP -7.4%. NQ -7.9%. LONG -9.4%. DANG -7.3%. SOHU -4.3%. GOMO -5.8%. SINA -3.3%. QUNR -7.7%. SFUN -5.4%. WBAI -7.5%. RENN -5%.
- Internet/social media ETFs: FDN, PNQI, SOCL
Jan. 23, 2014, 9:59 AM
- SEC administrative law judge Cameron Elliot has barred the Chinese units of the Big-4 accounting firms - KPMG, Deloitte, PwC, and Ernst & Young - from auditing U.S.-listed companies for six months.
- Elliot declares the accounting firms "willfully" chose to withhold audit work papers from U.S. regulators for Chinese companies being investigated for accounted fraud. The firms have been worried about violating Chinese privacy laws by turning over the papers, and have argued the dispute needs to be resolved politically.
- Though the firms plan to appeal and say they can continue serving Chinese clients for now, shares of Chinese Web and solar names aren't handling the news well. Soft Chinese PMI data could be worsening matters.
- Chinese Web decliners: BIDU -2.5%. SOHU -3.2%. DANG -8.9%. SFUN -8.5%. PWRD -8.5%. QUNR -7.1%. LITB -6.5%. YY -6.1%. WUBA -6%. BITA -5.4%. EJ -5.9%. SINA -4.6%. LITB -6.5%. CTRP -5.4%. NQ -7.1%.
- Chinese solar decliners: TSL -8.7%. JASO -6.9%. SOL -6.3%. JKS -5.6%. CSIQ -5.4%. DQ -4.6%. YGE -5.6%. CSUN -6.2%. HSOL -7.8%.
- Qihoo (QIHU -4.6%) has joined the selloff in spite of a BrightWire report stating Alibaba (ABABA) has reached a deal to acquire a stake in the company. Marbridge Consulting reported two weeks ago Qihoo and Alibaba were in talks about a possible investment.
Jan. 23, 2014, 9:12 AM| Comment!
Jan. 14, 2014, 3:52 PM
- A JPMorgan upgrade to Overweight has led Ctrip (CTRP +2.4%) to turn positive in the final 20 minutes of trading.
- CLSA downgraded the Chinese online travel firm last Friday, and UBS started them at Buy yesterday. Shares have been pressured by concerns about the sales/margin impact of heavy mobile promotions amid strong competition from Baidu-controlled Qunar.
Jan. 9, 2014, 11:44 AM
- Chinese online travel firms Ctrip (CTRP -12.6%) and Qunar (QUNR -12.1%), both of which have shown plenty of volatility in recent weeks, are each down sharply. A selloff in Chinese equities (followed the release of CPI/PPI data) could be playing a role.
- China's 86 Research is out with a note stating Qunar's adoption of mobile messaging leader Tencent's online payments platform, together with a related coupon promotion, could boost its mobile booking volumes as it contends with a Ctrip mobile promotion.
- Concerns about intense price competition/promotional activity in the Chinese online travel space have been around for a while.
- Ctrip is already down 21% in 2014. Shares fell sharply last Friday after Qunar provided upbeat air ticket bookings and mobile metrics.
Jan. 3, 2014, 4:36 PM
- Qunar (QUNR +10.9%) has announced it recorded 60K+ air ticket bookings on New Year's, and that half of its hotel bookings now come via mobile devices. (PR)
- The company also boasts (among other things) its Cheche mobile taxi-booking service now covers over 42 Chinese cities, and that a report from research firm TalkingData calls Qunar "the [travel] market leader for both December mobile app user coverage and usage rates for Android devices."
- Qunar, which had been largely treading water since delivering a very strong IPO on Nov. 1, closed sharply higher in response. Rival Ctrip (CTRP -7.9%), meanwhile, went in the opposite direction.
- The shoe was on the other foot last week: Ctrip rallied and Qunar slumped following a T.H. Capital note highlighting strong download activity for Ctrip's Android and iOS apps.
CTRP vs. ETF Alternatives
Other News & PR


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Dark Horse Comics publishes Star Wars comics in 2022
Arriving again in the constantly expanding universe of Star Wars, Dark Horse Comics has announced in a blog article on November 18 that they publish new Star Wars comics in 2022.
The famous publisher collaborates with Lucasfilm and Disney Worldwide Publishing to offer new comics to readers of all ages. The books will take place at each time of the Star Wars world. From the Upper Republic to the climb of the first order and beyond. All these comics will be added to Star Wars expanding barrel.
I am delighted that Dark Horse gives new life to new stories of this incredible galaxy, said Mike Richardson, founder and CEO of Dark Horse. I do not exaggerate when I say we look forward to bringing these new adventures to fans of all ages.
Fortunately for fans, it is obvious that Dark Horse has spent a lot of time in the world of Star Wars. The new comic bands of 2022 are far from the first time Dark Horse works in a very, far away galaxy. From Star Wars: Dark Empire in 1991 at the comic book release next year, Dark Horse has thirty years of history in the publication of Star Wars stories. From now on, Star Wars fans will have all new adventures to complete the other content from Lucasfilm and Disney.
Similarly, Dark Horse offers books to enrich series already outputs. For example, their art books that allow program spectators like Star Wars: Rebels and Star Wars: Visions to revisit some of their favorite characters and scenes. Fans can preorder the newest of these art books, The Art of Star Wars Visions, on Amazon
The new comics and graphic novels should be launched in the spring of 2022.


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The Deputy Minister of Hajj and Umrah Abdel Fattah Mashat revealed that the ministry will activate the smart card in the Hajj season in 1442 AH after using it in the Hajj in 1440 AH by trying 50 thousand cards.
He explained, during his participation in the digital initiatives industry discussions within the Makkah Cultural Forum, that the smart card initiative is a collection of technical efforts in the sectors that serve the pilgrims during the Hajj season and the pilgrims benefit from them in entering the Kingdom and housing sites.
He added that the card contains a large set of data and information on the Hajj, which helps the system of managing services for pilgrims coming from outside the Kingdom.
He indicated that the card makes it easier for the Ministry and all sectors to identify the pilgrim and provide him with services in a manner befitting the Kingdom.
The Royal Commission for Makkah City and Holy Sites, represented by the Kidana Comp…


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Comcast Cable has completed a nearly $1 million investment in the expansion of its Comcast Business office and the remodeling of its Xfinity store in Midtown Detroit.
The company has expanded its Comcast Business suite by 1,500 square feet, making room for 20 new sales employees who will be closer to their customers.
“Our Detroit presence spans more than 40 years, and we’re continuously looking at ways we can improve the customer experience,” says Tim Collins, senior vice president of Comcast in Michigan. “We made this investment in our Midtown space with customer service in mind. We’re bringing more employees downtown to serve our residential and business customers, and we redesigned our store so that people who live and work in the area can rely on us as a one-stop shop for all their technology needs.”
Comcast’s Midtown Xfinity store, 3907 Woodward Ave., has been remodeled to incorporate all the latest Xfinity products and services. Xfinity Internet customers now can purchase Xfinity Mobile service, phones, and accessories at the Midtown store. This mobile phone service includes access to almost 19 million Wi-Fi hotspots across the nation, with thousands in the Detroit area.


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It happens like clockwork: Every few weeks, a new story emerges about some big, bad, scary Android malware threat and how everyone who owns an Android device is in serious soil-your-pants-style danger.
The only problem? In nearly every scenario, the threat is purely hypothetical — and the chances of an actual infection are next to none.
That's certainly the case with our latest doom and gloom story — a fright-inducing app signature vulnerability brought into the public eye by a new security company called Bluebox (which, like almost every company that releases scary-sounding info about Android threats, is a business built around the sales of Android security software — go figure).
The vulnerability, according to Bluebox, allows hackers to modify legitimate Android apps and transform them into Trojan programs that — you guessed it — will steal your data, take control of your phone, and kill your friends and family. (Okay, maybe not that last part, but it's only a matter of time before someone claims that, too.)
That all sounds pretty scary, right? Here's the thing, though: In the real world, few if any people are actually in danger. Why? Because Google scans all apps within its official Play Store for this exact sort of malicious code. Given that the vast majority of Android users obtain apps from the official Google marketplace, there's no need to panic, destroy all electronic devices and flee to the nearest forest (unless that's just your idea of a lovely summer evening, in which case you should proceed as planned).
But wait — it's possible to install apps from outside of the official Play Store, right? Of course, silly goose; this isn't a dictator-controlled fruit farm. But in order to install an app from a third-party source, you'd have to first manually enable an option within your device's settings that allows the installation of non-Play-Store apps. It's not something that's going to come up and bite you while you're sleeping.
Even if you are an advanced user and have that setting enabled, you'd then have to manually opt to install an app from a dangerous third-party source before any evil genie could take over your phone. You'd go through multiple layers of warnings about the risks of installing such a program before anything bad could happen. And beyond all of that, Google's app-scanning system actually extends to non-Play-Store installations as of the latest Android release — so even if you ignore all the other red flags and move forward, your phone could still catch the conniving code before any damage is done.
(Remember, too — that just like on your PC — if you want another layer of protection on top of everything else, you can always opt to install a third-party virus scanning utility that'll also look over every new download for you. I don't think it's necessary, myself, but there are certainly plenty of options out there if it makes you feel more comfortable.)
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Today only, GraveyardMall.com cuts an extra 50% off already-discounted items via coupon code "CLEARMAY50". Most are at lowest-we-could-find prices. Shipping adds $5.99. Notables:
Don't Miss: Sam's Club Black Friday 2016 Details
- Silver Lynx Sewing Kit for 74 cents
- Herb Board with Cutter (pictured) for $2.49
- Energizer Energi To Go Portable Power for Motorola and Blackberry for $4.99
- Pelvic Back Pain Belt 2-Pack for $4.99
- shop all clearance items at GraveyardMall.com
I4U News brings you daily shopping tips on new releases, pre-orders, hot deals, sales events and unique gadgets. Read the latest Shopping Tips now.


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OnePlus 10R design leaked through Amazon ad, set to launch on THIS date
The Chinese smartphone maker OnePlus is all set to launch the feature-loaded Nord CE 2 Lite 5G and Nord-branded TWS earbuds on April 28th. Amidst this, there are reports that have suggested that the company may also drop its OnePlus 10R, which is a successor to one of its hot-selling product OnePlus 9R from last year on the same day.
Ahead of its official, e-commerce giant Amazon has already leaked the photos of upcoming smartphones accidentally through the ads on Instagram. and revealed its latest design. of OnePlus 10R. Seeing the ad on the feeds, one of the users said, he is not sure if it was intentional or accidental. While another said, that is a great strategy for getting the attention.
Read Also: Top 5 smartphones under Rs 10,000 in India
Take a look at leaked photos of OnePlus 10R
What are the expected specs, features, and price of the OnePlus 10R?
Reports said, the OnePlus 10R is likely to feature a 6.7-inch FHD+ E4 AMOLED display with a 120Hz refresh rate and HDR10+ support, under which the customers will be able to experience a full 4K quality while using the phone. Earlier, the company had confirmed that it will be powered by the MediaTek Dimensity 8100 chipset paired with 8GB/12GB LPDDR5 RAM and up to 256GB UFS 3.1 storage. Reports suggested that the upcoming smartphone is likely to launch in two variants – one with a 4,500mAh battery which will support 150W fast charging. While another one with a 5,000mAh battery and 80W charging. Both the models are likely to have a price difference between Rs 2,000 to Rs 4,000.
Apart from this, the smartphone will come with premium features like stereo speakers, Dolby Audio support and an in-display fingerprint sensor. Reports said it will run on the latest and advanced Android 12. Meanwhile, the customers also will get the connectivity features that include dual-band Wi-Fi, 5G, Bluetooth, NFC, GPS, and a USB Type-C port.
Oppo K10 specifications leaked ahead of official launch, check price and other details
Realme 9 5G, Realme 9 SE 5G to go on first sale today on Flipkart, here’s all you need to know


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Land Rover owner Tata ousts boss after bust-up and installs a family insider
The chairman of the Indian conglomerate which owns Jaguar Land Rover has been ousted in a boardroom power struggle.
Cyrus Mistry has been replaced as head of Tata Sons – the holding company for Tata Group – by family insider Ratan Tata.
Mistry, 48, was only the sixth chairman in Tata's 150-year history.
Ta ta Tata: Cyrus Mistry has been replaced as head of Tata Sons – the holding company for Tata Group – by family insider Ratan Tata
He took over from Ratan, who stepped down in 2012 aged 75, and was appointed more than a year before the transition happened in a clear signal of the firm's commitment to stability.
As well as JLR, the firm also owns Tetley Tea and troubled British company Tata Steel.
One of India's most powerful conglomerates, it controls 100 companies worldwide including IT giant Tata Consultancy Services.
No official reason has been given for Mistry's departure but it is rumoured that there were deep-rooted concerns about performance during his tenure.
A selection committee has launched a four-month search for a replacement boss, with Ratan taking over as interim leader.
Mistry was a surprise choice when his appointment was announced.
He is the younger son of Pallonji Mistry, a billionaire construction tycoon who has an 18 per cent stake in the Tata Group.
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Oberoi Realty, Axis Bank, Tata Motors, Petronet LNG and Tech Mahindra are some of the stocks whose ratings have been upgraded by brokerages after Q1 results
The domestic stock market scaled new highs in July, thanks to a strong start to the June quarter earnings season. Companies, excluding those providing financial services, have reported a good set of numbers for the quarter.
For the companies that have already declared their earnings for the quarter under review, average sales growth was around 21 percent, while average EBITDA growth and average growth in net profit was around 20 percent and 14 percent, respectively.
"Out of 17 non-financial companies that have declared results, 6 saw earnings beat in excess of 5 percent while 6 companies saw earnings misses in excess of 5 percent," Elara Capital said in a report.
"Given high earnings growth expectations for FY19 (22 percent YoY), continuing earnings growth momentum is critical to sustaining the current high market levels," the brokerage said.
Having said that, if we were to include the performance of financial services companies in the overall mix, then the earnings season so far hasn't been as great as it seems.
"The 1QFY19 earnings season has so far been mixed with aggregates impacted, as has been the case for last few quarters now, by Corporate Banks and Tata Motors," brokerage Motilal Oswal said.
Of the 32 Nifty companies that have declared their earnings so far, 20 have either met or exceeded net profit expectations, the brokerage said, while 25 have done so on expectations of EBITDA.
Here is a list of top 5 stocks that brokerages upgraded after Q1 results:
Oberoi Realty: Buy| Target Rs 600
Oberoi Realty reported more than three-fold jump in its consolidated net profit at Rs 309.42 crore for the first quarter of this fiscal. Its net profit stood at Rs 91.37 crore in the year-ago period, the Mumbai-based developer said in a statement.
Reacting to the results, HSBC upgraded the stock to buy with a target price of Rs 600. The global investment bank is of the view that the business model will become more robust for the company.
HDFC Securities upgraded the stock to buy from neutral with a target of Rs 598. After a muted 4QFY18, Oberoi Realty (ORL) had an impressive start to FY19 clocking 300,000 sq ft in pre-sales and Rs 620 crore in sales value.
ORL will continue to assess internal thresholds for booking margins. "While the Borivali project has met margin recognition in 1QFY19, for Mulund the entire pending margins will be recognized only later in FY19E," said HDFC Securities in a report.
ORL's recent QIP proceeds of Rs 1,200 crore will be used as growth capital towards fresh land purchases. HDFC Securities continues to assign a NAV premium of 30 percent to capture terminal value.
Tech Mahindra: Accumulate| Target: Rs 729
Tech Mahindra posted results below analyst expectations on July 30, but Chief Financial Officer Manoj Bhat said that he was confident of growth in the company's telecommunications business.
Reacting to the results, CLSA upgrades the stock to underperform from sell earlier and has also raised its target price to Rs 650 from Rs 635 earlier.
The revenue beat was led by the enterprise as telecom business remained soft. Investors should watch for growth recovery. CLSA lifts FY19-20CL margins by 20-40 bps, and earnings by 1-3 percent.
IDBI Capital also upgraded the stock to accumulate with a target price of Rs 729. Tech Mahindra Q1 results have allayed concerns on the Communications segment and confirmed that it has already secured a couple of large deals in Q2 and has a strong deal pipeline.
"IDBI Capital has factored in EBIT margin beat and FX rate of Rs 68, compared to Rs 65.5 earlier, and increase FY19/20 EPS forecast by 2.6 percent/6 percent. We now forecast revenue (US$)/EPS CAGR of 7.7 percent/6.3 percent over FY18-20E," it said.
Petronet LNG: Buy| Target Rs 245
Petronet LNG (PLNG) reported a healthy set of Q1 numbers, with a 42 percent year-on-year (YoY) increase in revenue, led by higher volumes at the Dahej terminal due to increased downstream demand and closure of Dabhol terminal on account of the monsoon.
Reacting to the results, UBS upgraded the stock to buy from sell post Q1 results and has also raised its target price to Rs 245 from Rs 235 earlier.
Strong LNG imports are driving the short-term outlook. Lower utilisation due to higher Regas capacity additions is priced in. Going forward, strong utilisation rates and a 5 percent increase in Regas tariffs to drive FY19 earnings, said the note.
Tata Motors: Buy| Target: Rs 346
Global automaker Tata Motors reported a consolidated net loss for the quarter ended June at Rs 1,862.57 crore, missing estimates by a huge margin. Diesel concerns in the UK and Europe, as well as the duty change impact in China, hit the company during the quarter.
Earnings before interest and tax margin in China was negative 3.7 percent for JLR due to de-stocking, duty change in China, forex revaluation and higher depreciation and amortisation.
Reacting to the results, Elara Capital upgraded the stock to buy from accumulate but slashed its target price to Rs 346 from Rs 362 earlier.
“While JLR’s Q1FY19 performance was below par, we note that it was due to 8 percent YoY decline in wholesales led by inventory reduction at dealers end and transitionary weakness in China,” said the note.
The retail growth in Q1FY19 though has been impressive at 6 percent YoY, higher than the FY18 retail growth of 2 percent. Elara Capital expects the wholesales business to bounce back especially in 2HFY19 and expect FY19E volume growth at over 5.5 percent led by new launch ramp-up (RR and RR Sport order backlog of 2 months) and China recovery. Elara reduced JLR/ CJLR EBITDA by 2-5 percent/8 percent, while increase its standalone EBITDA by 3 percent over FY19-20E.
Axis Bank: Hold| Target: Rs 625
Axis Bank reported a satisfactory Q1 FY19, in line with what the management had guided earlier. Reported profit after tax of Rs 701 crore was lower by 46 percent from the year-ago quarter.
Asset quality that had been a pain point for a while showed marked improvement with the gross slippage declining to Rs 4,337 crore.
Reating to the results, domestic brokerage firm, Sharekhan upgraded the stock post Q1 results with a target price of Rs 625. Axis Bank has shown improvement in the overall asset quality and expects the pace of slippages H2FY19 onwards should normalize.
Margins are expected to remain stable as MCLR rate hike effect comes into play. Going forward, ageing related requirements, resolution of stressed assets, and importantly loan book pick up will be key challenges before the bank.
Axis Bank currently trades at 2.1xtimes FY20E book value which we believe is reasonable, however, Sharekhan opine cautious approach to witness how asset quality, management issues play out.Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.


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Nearly 300 art works belonging to one of the most fun-loving of playboys, the late Gunter Sachs, are to be auctioned in London with a collective asking price of more than £20m.
Sachs was known for his glamorous jet-setting lifestyle but Sotheby's director Cheyenne Westphal, the auction house's chair of contemporary art in Europe, said the works also reveal his "little-known side as one of the most visionary and influential collectors of the 20th century".
It was, she said, "among the most desirable single-owner collections ever to come to market".
The collection includes pop art by Andy Warhol and Roy Lichtenstein; surrealist pieces by René Magritte, Salvador Dalí and Max Ernst; works by Arman and Yves Klein; and furniture by some of the world's most revered cabinet-makers and designers including Émile-Jacques Ruhlmann and Louis Majorelle.
The sale will include works depicting his second wife Brigitte Bardot, over whose house he dropped 1,000 red roses from a helicopter hours after meeting her.
There will be Warhol's 1974 silkscreen portrait of Bardot – estimated at up to £4m – as well as Richard Avedon's source photograph from 1959, a limited edition print estimated at £40,000-£60,000.
Sachs killed himself at his Gstaad chalet last year aged 78, leaving a note explaining he would rather die than live with a "hopeless" illness.
It followed a life many would envy. Sachs inherited his billions from his mother, a member of the Opel car dynasty and his father, co-owner of one of Germany's biggest car parts suppliers.
Sachs put his money to the pursuit of pleasure, once boasting that he never "worked a day in my life." Ruggedly handsome – they called him "Sexy" Sachs in the sixties – he could be the epitome of playboyishness, living life in a whirl of jets, beautiful women and champagne. He once turned up at a party dressed as Kaiser Wilhelm and he was chairman of the St Moritz bobsleigh club.
But he also had a more industrious side to him. He was obsessed by astrology and wrote a bestseller called Astrology File, he opened a chain of fashion shops called Micmac and was undoubtedly a shrewd collector of art, presenting Warhol's first large European exhibition at his gallery in Hamburg. Other Warhol works in the sale include a 1.2 metre Flowers painting valued at £3m-£4m and one of his last self-portraits, Pink Fright Wig, estimated at £2m-£3m.
The furniture in the sale includes everything from classic French art deco to his more sexualised bedroom furniture designed by Allen Jones in 1969 and featuring scantily-clad mannequins.
The auction will take place over 22 and 23 May, and the works will be on display at Sotheby's in London between 18-22 May.


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MINI’s first series electric car will debut in 2019. The new car will likely receive the same powertrain as the BMW i3 compact van.
The MINI Electric Concept (pictured) was presented last year and caused an interest of specialists and consumers. Today, it is officially announced that the trade version will be on sale in 2019.
The manufacturer reveals details about the electric MINI step by step. In particular, it will borrow its engine, transmission and battery from the BMW i3. The next generation of the latter, by the way, is also being prepared for production.
It’s too early to say about the MINI Electric specifications, but the car is expected to acceparate to 100 km/h in 7.5 seconds. The autonomy reserve will be 185 miles (about 300 km).
The MINI EV will now have direct rivals, at least initially. The BMW i3 from the parent company is, rather, a compact van.
The rest of the popular electric cars today sit either in other price categories (the Renault Zoe), or in other segments (Tesla models). The Volkswagen e-Golf, for example, is larger in size and not premium, and a two-seater Smart Fortwo ED is even smaller than the MINI Electric.


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Eleven upcoming titles were highlighted at the Japan Game Awards' Future Division ceremony ahead of release over the coming year.
The return of dramatic airborne dogfighting franchise Ace Combat is anticipated through a seventh numbered entry across PlayStation 4, Xbox One and Windows PC in early 2019, and despite (or because of) a 12-year absence, it is among a dozen titles hotly anticipated by the JGA.
Likewise, Kingdom Hearts III arrives over a decade after Kingdom Hearts II, a successful and accessible blend of Disney characters with elements of the Final Fantasy video game franchise.
Kingdom Hearts III was revealed as far back as 2013 and has already been delayed from 2018 to January 2019; together with classic Disney characters Donald Duck and Goofy, players will make their way through worlds modeled on the Toy Story, Big Hero 6, Monsters, Inc, Tangled and Pirates Of The Caribbean movies among others.
And Call Of Duty: Black Ops 4 stood out on the JGA's list of Future Prize winners, being the only title developed outside of Japan.
Set for an Oct 12 launch across PS4, XBO and PC, it's jettisoning traditional single-player story for co-op modes and a versus multiplayer called Blackout, the franchise's take on massively popular battle royale games like PUBG and Fortnite.
Also included in the Future Prize listing were action games Mega Man 11 (early October), God Eater 3 (December in Japan), Devil May Cry 5 and Sekiro: Shadows Die Twice (both March 2019), cartoon fighting game Jump Force (February 2019), gangland detective mystery Judge Eyes (December 2019), survival horror remake Resident Evil 2 (January 2019) and Minecraft challenger Dragon Quest Builders 2 (December, Japan).
The Japan Game Awards are organised by Japan's Computer Entertainment Supplier's Association as well as the Japanese Ministry of Economy, Trade and Industry.
Announced at a September 20th Games of the Year ceremony for titles released between April 2017 and March 2018, was Grand Award winner Monster Hunter: World, previously named among the Future Division of 2017. – AFP Relaxnews
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Has Google peaked?
Its mantra was "don't be evil" and it shunned the conventional.
By doing so, Google became the world's second most valuable company.
One that's been able to garner a vast trove of personal data and turn it into advertising gold.
Ken Auletta is one of America's top business journalists and had unprecedented access to Google's executives to write "Googled: The end of the world as we know it."
He's in New Zealand for the Auckland Writer's Festival this weekend and sat down with The Nation's Simon Shepherd who asked him if the Google juggernaut that has left media and ad industries gasping has peaked yet.
Ken Auletta:" I don’t think so. I mean, there was a point in time where I was reporting my book that Steve Ballmer, who is the head of Microsoft, said that Google was a one-trick pony; it was all search. In fact, if you look at it, it's a multi-trick pony. It’s not just search, which it continues to do very well but it’s also Android, which is the operating system for mobile phones that is now the dominant platform in the world, and it can decide at any point to start charging for Android.
Simon Shepherd: And they don’t charge for that yet?
"No. They have the three-quarter, 75% market share in the world with Android, so that’s one. They have YouTube, which is the largest television network in the world – over a billion users a month – which is generating money today. And then they’re doing all of these experiments with driverless cars and Google glasses and all these other things. I think it’s a very creative company with enormously deep pockets."
But it has scared people. Some people have called it Googzilla. Some people believe it’s become too dominant in search and so no longer does their motto ‘do no evil’ apply.
"I think people all over the world are frightened of someone who has a dominant market share, who appears to be a monopoly. That’s a problem they’re running into in Western Europe today, where the European Union has basically charged them with being a monopoly and were favouring in their search their own products."
"And so they’ve got to deal with that, but they’ve had to deal with governments. One of the lessons you learn from watching the engineers at Google – they are brilliant at figuring out algorithms and how to collect and massage data. They are not good at things they can’t measure, like people’s fear – governments’ fear that it's a monopoly, people’s fear that their privacy is being invaded. And those are the troubles they’re encountering today."
You talk about privacy – are people more relaxed about giving up their data these days than they were?
"No, I think in the post-Snowden world, I think people are more alarmed and concerned about their privacy and more curious about, ‘What are you doing with the information you collect from me?’ And there’s another interesting clash. I mean, the engineers think that data is virtuous, so the more data they can collect about you, the better they think they can serve you and predict what consumers might want. On the other hand, how much of my data do you actually have and what are you doing with it? Are you selling it to advertisers?"
Yeah, what does Google know about me?
A lot? And should I be scared that they do know a lot, and who they’re going to sell that to, and is the government going to access it?
"Google will claim that it doesn’t know your name. It doesn’t have much of your credit card information. Apple does, Amazon does; Google doesn’t. It has some credit card information – very little. But that is one of the questions – how transparent are they or is any digital company, not just Google, about what data they have on you?"
Are the public happy to give up their privacy for the convenience of the Google speed and the speed of the service that they deliver?
"Sometimes we are. If I write in ‘jobs’, they don’t give me unemployment figures; they give me Steve Jobs because they know I’ve searched over the years for Steve Jobs. So that’s a convenience for me that I like."
"But there’s always a but. But how much do you know about my previous searches?"
That’s right. Okay, so they know all that information about previous searches. It’s sitting there on their servers. The government wants to know that. The government has gone and demanded that before.
"Government wants to know about the searches that people are suspected of being terrorists or linked to terrorists have, and this raises another interesting question that has not yet been resolved. In light of what happened with Edward Snowden, where digital companies like Google were embarrassed and lost some support from their users, who worried, ‘What are you giving to the government? Are you invading my privacy?’ Google then comes out and says, as does Facebook and the others, ‘We are going to create a wall that the government cannot penetrate. We’re going to encrypt the data so the government cannot find out what’s going on.’ The government then comes to Google and says, ‘Hey, wait a second. In order to track down and protect your security, we need to be able to track what potential terrorists and people we have tracked in Europe and elsewhere are doing.’"
So we’ve got security versus privacy butting heads here?
"It’s right now butting heads and it has not been resolved."
Is Google also trying to recover some trust lost with its users over this issue?
"Oh, totally, and understandably. They need our trust. Any digital company does in order to continue to function. We’re giving them a tremendous amount of information. I mean, I’m writing emails, you’re writing emails, which are very personal. I mean, to your family or whatever. The searches you do can be very personal. The gifts you might buy for your wife or a loved one, whatever, can be very personal. So we worry about people having access to that."
What about the governments who want to use that particular information to spy on its citizens? I mean, does Google know what the government’s doing with the information that it’s demanding from Google?
Well, Google knows who the government has asked to have access to their emails, let say, or their purchase history. It knows that. But it doesn’t know who the person is. I mean, again, they don’t know your name. They know your ISP address but they don’t know your name. They can figure out geographically where you are and what income level you’re in and what you buy but they don’t know your actual name.
So you mentioned before that they’re butting heads with the government, not only Google but Facebook and other tech giants, because the government wants the metadata, Google says no, other companies say no. Who’s going to win that particular battle?
"I suspect the government will. Government will get what it wants on the theory that it's protecting the citizens, and it’s not at all clear the citizens won’t support government in that. You know, the fear of terrorist activities, including the lone wolf – it’s not just 9/11 and the planes going into the World Trade Center or the Pentagon; it’s the shoe bomber or someone carrying a hand-made bomb – and people are frightened. It’s Charlie Hebdo."
Yeah, so have we reached a point where privacy online doesn’t exist?
"I think that that’s something that the future — it will unfold in the future. I think Edward Snowden’s incident and the information he disclosed I think excited a lot of interest in the privacy issue. Will that persist is a question. But I think there’s no question that people are more concerned about privacy today than they were."
Could Google put in much greater security and encrypt all emails and bring all that kind of security in place to regain trust? But at the same time that would go against this business model of hoovering up all this free information.
"Oh, no. You see, you can encrypt and to prevent outsiders like government getting access but fundamental to an engineer’s psyche and business sense is the more data we have, the more virtuous we are because we can help you and make things more — we can predict what you’d like and therefore make it much more efficient for you."
So why don’t they protect us?
"Well, they argue they are, but the question is – will they protect us and do we want them to? From government subpoenas, they say, ‘We need to be able to go through your back door to check this potential terrorist.’"
You just talked about the engineers being virtuous through the use of their data. Google were started with ‘don’t be evil’ as its motto, but it’s trying to reinvent itself. Larry Page, the CEO, is saying that maybe that motto doesn’t apply any more. What kind of company is Google going to be?
"I don’t think it’s clear. They’re going to be a powerful company – that’s clear. They’re going to be a company of many different businesses – that’s clear. They’re going to be a company that experiments and throws money up against the wall to see if Google Glass or driverless cars, if that sticks and it works. And that’s a wonderful thing that they’re doing that. But search will continue to decline. "
"It's slightly declining. It’s still a money machine."
The second most valuable company in the world, yes.
"But its business model will continue to change, and as it changes, it will be forced to make compromises that it at one point would have considered evil. Does it want to be in China? So far it has stood its ground and resisted, but that’s a really big market, and in order to get in that market, you’re going to have to make some compromises."
So what about the traditional media companies? Is anybody going to be able to make money? Is it just going to be Facebook and Google?
"Well, I mean, their companies still make money. You know, the New Yorker, my magazine, makes money. I mean, you know, it doesn’t make money the way Google makes money and profit margins are not as big as Facebook’s are."
I’m sure they’d love to, but, yeah.
"I’m sure. But, you know, newspapers are threatened, even the great New York Times, arguably the best newspaper in the world, which now has 950,000 digital subscribers, which is enormous. But the economic problem is the average reader of the New York Times spends 35 minutes a day reading the New York Times newspaper. That same reader online spends 34 minutes a month. So an advertiser says, ‘You’re not spending enough time to look at my ads, therefore I’m paying you one-tenth for the same ad in the digital.’"
So the revenues are just going down?
"So what happens is that the advertising revenue, even though digital is growing, advertising revenues for the newspapers is declining."
Just finally, Google has become so dominant in the search area. It is looking into all these other areas. You’ve spent a lot of time looking at the people behind it. Do you like Google as a company?
"Oh, I think it’s a great company. I mean, it’s a troubled company in some ways. I mean, I think engineers are brilliant but robotic in many ways and don’t trust instincts and, you know, human relationships the way we do, in traditional media, I think much more so. But I think they’re just an amazing company. And still for a mature company – it’s been around since 1998 – they’re leaning forward and they’re trying new things all the time. And some of the new things they’re trying are quite extraordinary – how to prolong life, for instance. They’re investing hundreds of millions of dollars in science, and so I think Google is – if you ask me do I think they’re a plus for the world? Yes, I do."
Watch the full interview here.


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Galaxy S4 Google Edition gets Samsung out of Nexus phone program, for early Android access run-around
There will be no new Google Nexus phone announced at Google I/O later today. But the will something better.
A Google Edition of what is arguably the best or second best smartphone on the market – Samsung Galaxy S4, running the stock version of latest Android.
There’s no word which stock Android version will that be, but my guess – it’s the one with the newest update that will most likely also be announced today.
So what does that mean for Google Nexus program itself? Not much, I think. Samsung was out of Nexus phone game after the Galaxy Nexus problems screwed up Galaxy S2 chances on Verizon, back in 2011. Galaxy S4 Google Edition just makes it sort of official.
But it also means that Sammy does see some additional value of attracting hard core Android users, that just have to have pure Android on their phones. And, in addition to its overall clout in Android ecosystem, this approach should help the Korean smartphone giant get the earliest possible access to the latest Android releases. Thus being able to launch flagships with their official UI updated to the newest Android iteration, few weeks or months before competitors.
Notice how Samsung Galaxy S4 shipped with Android 4.2.2 on board, while HTC One only had 4.1.2, with a promise of further upgrades? This shows that due to its massive influence and ownership of ~40% of Android ecosystem, Samsung has somehow got access to the newest 4.2.2 version of Android, before anyone else.
I don’t think other Android partners were happy about this. And those rumblings about fear of increasing Samsung dominance inside Google, had something to do with Samsung’s demands for early access, to which Google caved somewhat.
Releasing a pure Google Android editions of new flagships, might be some sort of compromise.


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Apple has refused to postpone the injunction from the ruling in the Epic Games v. Apple case that they have 90 days to allow iOS developers to direct their users to make in-app purchases outside of Apple.
The ruling in the case from September 10, 2021 means that the app developers of a given app can in future link to payment solutions outside of Apple and thus avoid having to pay the tech giant commission of 30 percent. In addition, Apple may no longer prevent app providers from communicating with customers about payment outside of the internal payment system.
Epic – which among other things publishes the popular game Fortnite – appealed the verdict, as the judge ruled that Apple does not have a monopoly on the market for mobile games, and therefore Epic must pay compensation to Apple for breaking the company’s rules for purchases for three months in 2020 and apps.
Apple therefore wants the injunction to be postponed until this appeal is settled, which could take several years.
Epic Games has not commented on the matter.
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Directors of GoConnect Ltd (ASX:GCN) are pleased to advise that the company's IPTV business channel, World Business Network, has just received approval from LG Inc. (SEO:066570) and has gone live on all LG Internet connected TVs sold globally. The World Business Network is available as a downloadable application on all Internet connected TVs of LG. It currently carries two programs, The Business Show, which distributes a series of sponsored business interviews conducted by Adam Shand, and the ABN Newswire business news programs.
Asian markets sharply fell on Tuesday with the pessimistic sentiment that the global economic downturn could be lasting longer than expected. Tokyo market ended 1.4% lower, while Shanghai Composite dropped 2.9%, giving up some recent gains. South Korea stocks took a massive 4.1% loss, and Hong Kong's Hang Seng Index slipped 3.8%.
Overnight US stocks rallied and commodity gained after the Federal Reserve's chairman backed more government spending to help the economy and credit market conditions showed further signs of improvement.


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INDIANAPOLIS -- Marsh is "in talks" with several interested potential buyers, a company spokesperson said Wednesday.
Marsh has until Friday, July 7 to find a buyer, or the remaining 44 grocery stores will close. The spokesperson said the plan is to keep those stores open, but to do that, they need help.
The interested parties, which are unnamed, are doing their due diligence, the spokesperson said. Those include: looking over sales numbers, visiting physical locations and reading lease agreements.
On May 11, Marsh filed for Chapter 11 bankruptcy. If all 44 locations close, 2,788 part-time and full-time employees would be laid off.
PREVIOUS | Marsh Supermarkets could close all locations if no buyer is found | Marsh to close longtime Indianapolis store at the end of January | Marsh is closing another Indianapolis store at the end of February | Marsh to close two more Indy stores by mid-April; that makes four in 2017 | Greenfield, Indy Marsh stores closing in May
The employees could lose not only their jobs, but their health coverage.
This process is similar to what Indianapolis-based electronics and appliances store hhgregg went through this year. hhgregg couldn't find a buyer, so the company closed dozens of its locations in early April.
About 3,700 people lost their jobs.
PREVIOUS | Indianapolis-based hhgregg files for bankruptcy | Indy-based hhgregg to close all stores after failing to find a buyer | hhgregg may close all 132 locations, liquidate items if company isn't purchased