(CNN) – Apple isn’t the only global smartphone maker having a good week.
Samsung overtook Apple in the first three months of the year to become the world’s largest smartphone vendor and ended Nokia’s 14-year run as the largest maker of all phone handsets by volume, according to research release Friday by Strategy Analytics.
The South Korean electronics giant reported Friday a record net profit of $4.44 billion in the first quarter, led by strong mobile sales.
Mumbai, India (CNN) – While Japan has a slowing economy and an aging population, India has just the opposite. That’s why the number of Japanese companies in India has doubled in the last two years.
Japanese businesses looking to expand are faced with problems at home, including a strong Yen, which makes exports expensive, and a weak economy, which means shrinking domestic demand. The result? Many Japanese businesses are looking to grow overseas, with India emerging as a favored destination.
Japanese companies are investing in various sectors of the Indian economy, such as automobiles, white goods and pharmaceuticals, and Japan has invested billions of dollars in the construction of an industrial corridor linking Mumbai with Delhi.
Hong Kong (CNN) – To paraphrase Claude Rains in “Casablanca,” reports from U.S. regulators suggest they are “Shocked! Shocked!” to learn Hollywood studios may be lining pockets in Beijing to get a foothold in the Middle Kingdom's theater market.
The U.S. Securities and Exchange Commission appears to be poking around whether Hollywood studios are buying their way into one of the world’s largest – and most tightly controlled – media market. The investigation, first reported by Reuters, says the SEC has sent inquiries to 20th Century Fox, Disney and DreamWorks Animation.
The investigation centers on bribes to Chinese official to get the right to film and show studio movies in China, according to Reuters, the New York Times and the L.A. Times – all citing anonymous sources. The news comes just two months after China’s Vice-President Xi Jinping – who is widely expected to succeed Hu Jintao as president of China in 2013 – wrapped up a week-long trip to the U.S. with a Los Angeles visit that included a $2 billion deal between two Chinese firms and Dreamworks Animation.
London (CNN) – As spring-time rain flooded London's streets and uncomfortable soundbites emerged from the Leveson inquiry, the UK government faced further misery: The UK is back in recession.
The revelation - a psychological blow, even if the figures are later revised up - will increase pressure on David Cameron’s government, already under pressure from the probe into its relationship with Rupert Murdoch’s media empire.
The “double-dip" recession is a loose phrase, but this slump is close enough to the 2008/2009 contraction to warrant the dreaded term. The last time the UK was in a double-dip recession was in the 1970s.
Editor’s note: The Millennials are a generation that are constantly plugged in and moving fast to make their mark on the world. CNN’s Quest Means Business is tracking four of them.
Hong Kong (CNN) – Apple, the world’s most valuable company, nearly doubled its profit in the last quarter based on stronger-than-expected iPhone sales, according to CNNMoney.
The company beat analyst predictions thanks to 35.1 million iPhones sold worldwide from January through March. To help put that figure into perspective, CNN’s Katy Byron spoke to Gene Munster, a senior analyst who covers Apple at Piper Jaffray. A quick breakdown:
(CNN) Every three years city officials here in Vancouver comb the street corners, counting each and every person who doesn't have a home.
In 2011 they tracked down 2,623 people sleeping rough.
Housing is at a premium in Vancouver. Prices are the highest in Canada and affordable homes are in demand. This is North America's most expensive city, according to the Economist. The pressure for housing is a large part of the homelessness equation.
(CNN) – Former Guns N’ Roses bassist Duff McKagan – rebounding from his “Appetite for Destruction” that cost him his pancreas (and nearly his life) – now has an appetite for investment.
McKagan has launched a financial management firm for musicians, educating fellow rockers on how to manage their own wealth.
“You have no experience of money and if you suddenly get a million or two million dollars or more, you’re just in foreign territory,” McKagan told CNN’s Richard Quest. “If you’re a millionaire, there comes a point when you are too embarrassed to ask: What is a mortgage, what’s a bond, what’s a stock?”
Vancouver (CNN) – Vancouver is Canada's Pacific gateway to Asia, with 40% of its residents born overseas. The city is regarded as a model of integration. CNN's Paula Newton looks at Vancouver's long history of immigration.
London (CNN) – On Sunday the French head to the polls to elect the next French president. Voters may be intellectualizing who offers the best deal for them, but the business community has a different set of priorities.
They want changes to the business environment and more flexible labour laws to allow them to flourish. Yet I’ve spoken to bosses who fear that instead, the next President of France will tax small and medium firms out of business.
The French economy desperately needs structural reform. Unemployment, at 10%, is higher than it has been for 12 years, public spending is too high and growth is a piffling 1.7%.
Other European countries in economic strife have embraced austerity packages: Think Italy, Ireland, Portugal and Spain. Admittedly, there are varying levels of success, and austerity is never going to be a vote-winner.
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