Daily News Channel
Nokia, the world’s biggest cellphone manufacturer, recorded its worst quarterly results in more than a decade Thursday on the back of plunging handset sales and a 96 percent drop in operating profits. Nokia posted first quarter operating profits of just €55 million ($73 million), down from euros 1.5 billion a year ago.
The German government moved Thursday to nationalize the stricken Hypo Real Estate bank. It has offered €1.39 ($1.84) per share in what will be the country’s first nationalization since World War II
Asia’s economic growth will tumble to the slowest pace since the 1997-1998 Asian financial crisis, the Asian Development Bank (ADB) said in a report released Tuesday. “The short term outlook for the region is bleak as the full impact of the severe recession in industrialized economies is transmitted to emerging markets,” said Jong-Wha Lee, acting chief economist for the ADB. The Asian Development Outlook 2009 forecasts that economic growth in developing Asia will slip to 3.4 percent in 2009, down from 6.3 percent last year and 9.5 percent in 2007.
The ever budget-conscious boss of Ryanair has suggested the discount airline may start charging passengers for using the toilet on board its flights. Michael O’Leary said the airline had revived inquiries into whether the airline could install coin-operated toilets on its fleet.