Tag - Citigroup
Apple is engaging in an "aggressive expansion" into the enterprise market, Reuters reports. Sources tell the newswire agency that Apple has hired dedicated sales teams to talk with clients such as Citigroup. Apple is, moreover, said to be working in conjunction with "a dozen or so" developers -- such as ServiceMax and PlanGrid, which develop apps for managing field technicians and sharing construction blueprints, respectively. Apple is reportedly in talks to bring other developers into formal partnerships.
In preparation for its mobile payment technology, Apple has successfully negotiated deals with five major financial institutions -- American Express, JP Morgan Chase, Citigroup, Capital One, and Bank of America -- to lower transaction fees, sources say. One linchpin was convincing them that mobile payments constitute "card present" transactions, which have a lower discount rate than their opposite, owing to lower fraud risk. That card-present rate has been dropped another 15 to 25 basis points however, meaning that Apple should get a roughly 10 percent discount on processing rates.
Analysts at Citigroup and Piper Jaffray helped trigger stock market jitters on Thursday over the implications of LTE chip supply as it relates to Apple. Following Qualcomm statements after its quarterly results that there was a supply shortage of its 28 nanometer chips made at TSMC, Citi's Glen Yeung and Piper's Gene Munster both suggested that was a direct sign of Apple choosing a 28nm MSM9615 cellular chipset for its next iPhone. To Yeung, a ramp down in existing 45nm parts combined with the shortage was a sign Apple was switching production and lowering orders of older hardware as it got ready to produce the new.
Kodak is drafting Chapter 11 bankruptcy filings in the event it can't sell patents in the next few weeks, insiders asserted Wednesday. The proposed plan seen by the Wall Street Journal would see the camera legend possibly enter bankruptcy later this month or in early February. The reorganization would see it get $1 billion of debtor-in-possession funding and sell its entire library of 1,100 patents through a bankruptcy auction rather than a typical process.
Saudi Prince Alwaleed bin Talal has bought a just under four percent interest in social networking pioneer Twitter. Prince Alwaleed, 26th on Forbes' list of billionaires, is the nephew of Saudi King Abdullah. The Prince paid out $300 million for his investment.
HTC on Tuesday was confirmed to have sued Citi Global Markets for allegedly misrepresenting the company's already dim outlook. Deputy chief prosecutor Huang Mou-hsin told Reuters that the smartphone designer had quietly sued in August for allegedly breaking a stock transaction law after HTC's share price collapsed. Its price has been cut to a third of its April value, down to the equivalent of just over $13.
(Update: confirmed) Citigroup is splitting EMI in two for a sale that's about to be imminent, according to claims Friday. Pointing to sources, the Wall Street Journal's Dana Cimilluca said that the publishing wing, EMI Music Publishing, would be sold off to a Sony consortium for $2.2 billion. The pure music label would go to Universal for $1.9 billion.
A new study by Citigroup analyst Mark Mahaney reinforced Netflix's dominance of online video. The online check had Netflix representing 24.5 percent of online video, ahead of Hulu (22.5 percent) and just short of Facebook (27.1 percent). iTunes was the top pay-per-show provider but was well short in use at just 9.8 percent of those asked online.
HTC on Monday shot down rumors mentioned by the Economic Daily Times and other outlets that Microsoft was raising the patent fees it was getting from Android makers. Following a Citi analyst report leaking royalty rates which showed HTC paying less than others, claims had surfaced in the Taiwanese press that HTC was about to pay more. Those aren't true, HTC said.
Hints that Microsoft might add NFC to Windows Phone 7 gained corroboration Tuesday with a pair of tips from insiders. The feature would be used for the expected role of mobile payments and would have the feature baked into the OS itself. NFC may come early, however; it could be in shipping devices before the end of 2011, Bloomberg was told.