Webwire: LGE plots smartphone turnaround; PLDT cuts profit target

Staff writer
telecomasia.net
LG Electronics has launched a roughly 1 trillion won ($887 million) rights issue to help turn around its smartphone business, after reporting a 413.9 billion won net loss for the third quarter.
 
The Philippines' PLDT now expects to miss its target of a slight increase in profit for 2011, and is instead forecasting a 3% decline from the prior year.
 
A US government department has accused China and Russia of stealing state and trade secrets in a new report on cyber-espionage.
 
Some users of Apple's new iPhone 4S have been reporting intermittent outages of voice-enabled virtual personal assistant Siri.
 
Groupon has priced its IPO at a higher than expected $20 per share, in a deal which values the daily deals site at $12.65 billion. 
 
A group of investors, including Yunfeng Capital and Silver Lake, are said to have purchased a 5% stake in China's Alibaba in a deal worth $1.6 billion.
 
Microprocessor maker AMD plans to cut 10% of its workforce and introduce other streamlining initiatives, in a bid to shave around $200 million from its operating expenses budget.
 
Professional social networking site LinkedIn swung to a $1.6 million loss in the third quarter, from a $3.96 million profit a year earlier.

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