Nokia to unveil 1st Windows phones this quarter: Elop
Nokia will unveil its first Windows-based smartphones this quarter, targetting a clear opportunity for an alternative to the products of big-hitters Apple and Google, the Finnish firm’s chief executive said on Tuesday. “Our belief is that there is a clear opportunity for an alternative ecosystem,” Stephen Elop told the audience at a technology fair in Helsinki, adding that he saw the battle extending to tablet computers and televisions. The world’s largest phone maker by volume, left in the dust by Apple and Google, announced its high-risk new strategy at the start of the year which Elop likened to jumping from a burning oil platform. The firm ditched its home-grown Symbian software for a deal with Microsoft but there has been a long delay between the announcement and the first of its models using the latter’s Windows software for smartphones reaching the market.
UBS Q3 credit gains to cancel out trading loss
Swiss bank UBS said it expects to report a modest third-quarter net profit, easing concerns about the short-term impact of the $2.3 billion alleged rogue trading loss revealed last month as the bank chalks up gains on credit derivatives. The bank also expects net new money in its core wealth management business to be broadly similar to the second quarter, when it reported client inflows of 5.6 billion Swiss francs ($6.1 billion), it said on Tuesday. When UBS told investors about the rogue trades on September 15, only two weeks before the end of the third quarter, the bank said it might push it to a third-quarter loss. “This is positive, as we expected a loss so far,” Sabine Bohn, analyst at DZ bank, said in a note.
Deutsche Bank abandons 2011 profit targets
Deutsche Bank, Germany’s largest bank, said Tuesday it will miss its profit target for the current year in face of the financial market turbulence. The announcement sent Deutsche Bank shares into a tailspin on the Frankfurt stock exchange, where they were among the biggest losers, shedding 1.56 euros or 6.1% to 24.18 euros in a sharply weaker market. In face of “ongoing market turbulence, our planned pre-tax target of 10 billion euros ($13.2 billion) from our core businesses is no longer achievable for 2011,” Deutsche Bank said in a statement. The “intensifying European sovereign debt crisis led to sustained uncertainties among market participants in the third quarter and thus to significantly