Ericsson credit rating cut by Moody’s as crisis deepens

Helsinki: Ericsson had its credit rating cut by Moody’s Investors Service after the Swedish phone-network maker revealed this week that waning demand means it won’t reach the profit goals it had set for itself.The rating was reduced one level to Baa2 from Baa1, Moody’s said in a statement on Friday. The firm may lower it further, depending on matters including Ericsson’s dividend policy and how the company manages its liquidity amid “the expected cash burn,” Moody’s said. The new rating is two steps above junk.Ericsson reported plunging third-quarter sales and earnings this week, deepening a crisis at a company already slashing jobs to cope with slumping demand and intensifying competition. Chief Executive Officer Jan Frykhammar told investors Ericsson’s savings plans aren’t enough…

Dubai Metro bridge in Ibn Battuta mall officially opens ‹› Dubai: A new walkway connecting Ibn Battuta Mall with the Dubai Metro officially opened on Thursday, marking the completion of the Dh135 million expansion of Nakheel’s shopping complex. The “Mall-Metro” link is the second element of the developer’s phase one expansion, which also includes a 300,000 square-foot extension to the mall that officially opened earlier this year. A second 4.7 million-square-foot expansion is under way. The two-storey, 210 metre walkway means Dubai Metro and bus users can now directly access the mall and its 400 shops, restaurants and attractions. The link itself features 90 new retail and dining outlets including a food court – the second at Ibn Battuta Mall – with around 20 restaurants.  “Today marks yet another major milestone for Nakheel and its rapidly-growing...

Stats NZ boss: I'm asking the same questions that you're asking about our ... Inspections of buildings which look to have serious damage are expected to happen on Tuesday, RNZ's Adam Bennett reports. The Government Statistician is demanding answers about why her department's relatively new headquarters could have suffered such major structural damage. In a video post to staff posted on the Statistics New Zealand Facebook page, Liz MacPherson said she would be thankful "forever" that the quake had not happened when her staff were inside. "I want to start off by saying how thankful I am that the earthquake happened at midnight and not at midday and that none of you were in the building. It's something that I will be forever grateful for," McPherson said. It appeared that there had been structural damage to two floors of the...

Innus of Pessamit warn Hydro-Québec to back off water projects Accusing the provincial utility of infringing on their aboriginal land rights, the Innu community of Pessamit has issued formal intents to sue Hydro-Québec.  In its first mise en demeure, the Conseil des Innus de Pessamit demands that Hydro-Québec stop raising water levels in the Manicougan Reservoir, which they charge the crown corporation has worked on without consultation or investigation of environmental impact. They claim resulting flooding of nearby forests will cause the release of methyl mercury. “They have no right to land they have not occupied for 40 years, which is occupied and rightfully claimed by Innu,” the council said in its notice.  Also referencing Bersimis generating stations, the council wants Hydro-Québec to stop manipulating the flow of the Betsiamites River and return it...

Fashioning friendships By Lorelei Mihala Business reporter Image copyright AFP Image caption Ivan Khodakovsky was seven years old when civil war broke out in Moldova."The explosions hit the city during the school graduation," he says."I have imprinted in my memory an emergency evacuation to Ukraine, including many women and children."And a huge number of holes from bullets in half-ruined and burnt buildings."Now 31, Ivan is looking back at a little-known European conflict - the Trans-Dniester War. The main fighting took place over four months in 1992 between Moldova, which declared its independence from the Soviet Union in 1991, and the country's separatist eastern region of Trans-Dniester.Trans-Dniester, which is predominantly Russian-speaking, didn't want to be part of Moldova, whose main language is...

India to reap $45b budget gain on anti-graft cash ban Mumbai: Indian Prime Minister Narendra Modi’s biggest move to fight tax evasion and graft can add $45 billion to India’s budget, or about three times the size of Iceland’s economy.Mumbai-based brokerage Edelweiss Securities Ltd. predicts the government’s surprise crack down on high-value currency notes will uncover Rs.3 trillion ($45 billion) in black money, which is cash that’s stashed away to avoid tax. ICICI Securities Primary Dealership Ltd. is even more optimistic, pegging the figure at as much as Rs.4.6 trillion.Economists are scrambling to calculate potential gains from Modi’s late Tuesday decision to ban 500 and 1,000 rupee ($15) notes as legal tender. The move will suck out about 86 per cent of the Rs.17.8 trillion of currency in circulation. The analysts say as much as...

Las Vegas sports book to take first-ever wagers on e-sports A Las Vegas sports book will take the first-ever wagers on an e-sports competition this weekend thanks to a quick administrative approval by the chairman of the state Gaming Control Board.Bettors at the William Hill Sports Book at the Downtown Grand will be able to wager on six video-game teams competing in the League of Legends tournament Saturday and Sunday at the Oracle Arena in Oakland, California.Control Board Chairman A.G. Burnett said he signed the administrative order authorizing betting Friday morning.Burnett and proponents of e-gaming met Wednesday with Gov. Brian Sandoval and his Gaming Policy Committee and speculated that the start of e-gaming wagering was near, but it wasn’t until Friday that the details were worked out.“This ...

Get ready for higher interest rates under Trump, says RBC, as it downgrades REIT sector A surge in interest rates under Donald Trump could spell bad news for Canada’s real estate investment trusts, says a new report from RBC Capital Markets.  The report, titled The Corner of Bay and Trump, says that Republican control of the House under Trump means that there is a much higher likelihood that many of the president-elect’s proposed policies could get passed. Some of those policies, such as a ramping up fiscal spending and tax cuts, are seen by economists as very inflationary.  That will harm Canada’s REITs, which have benefited from low interest rates. Because REITs typically offer higher yields than other stocks, investors have flocked to them in an effort to increase their income as interest rates are currently near record lows. “In a...