Webwire: LGE plots smartphone turnaround; PLDT cuts profit target

Staff writer
04 Nov 2011

LGE to raise $887m for smartphone turnaround

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.

Financial Times

PLDT cuts 2011 profit target

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.


US accuses Russia, China of cyberspying

A US government department has accused China and Russia of stealing state and trade secrets in a new report on cyber-espionage.

Agence France-Presse

iPhone 4S users report Siri outages

Some users of Apple's new iPhone 4S have been reporting intermittent outages of voice-enabled virtual personal assistant Siri.

All Things Digital

Groupon prices closely-watched IPO at $20

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.

New York Times

Investors pay $1.6b for Alibaba stake

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.


AMD to cut 10% of workforce

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.


LinkedIn swings to $1.6m loss

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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