Today - Wednesday, December 11, 2013
5:09 AMCisco fails in challenge to Microsoft-Skype deal
- The European Union's General Court, the bloc's second highest court - has rebuffed a request by Cisco (CSCO) to revisit the EU's approval of Microsoft's $8.5B acquisition of Skype in 2011.
- Cisco argued that the deal led to a monopoly and that the EU should have demanded concessions from Microsoft.
- However, the judges disagreed. "The merger does not restrict competition either on the consumer video communications market or on the business video communications market," the judges said.
- Cisco can now appeal to the EU Court of Justice.
3:44 AMGM to end Australian production in four years
- GM (GM) intends to follow in Ford's footsteps and halt manufacturing in Australia by 2017.
- GM will take pretax charges of $400-$600M in Q4, while 2,900 workers will lose their jobs.
- "The decision to end manufacturing in Australia reflects the perfect storm of negative influences the automotive industry faces in the country, including the sustained strength of the Australian dollar, high cost of production, small domestic market, and arguably the most competitive and fragmented auto market in the world," outgoing GM CEO Dan Akerson said.
- GM's decision will leave Toyota (TM) as the last major car manufacturer in Australia, although the latter might now also leave. The move will "place unprecedented pressure on the local supplier network and our ability to build cars in Australia," Toyota said.
- The country's car industry is now in serious danger of collapse; it supports over 40,000 workers and 150 supplier companies. (PR)
- Australia ETFs: EWA, AUSE, FAUS
3:14 AMCostco EPS misses forecasts| Comment!