(CNN) - The share price of Samsung Electronics dropped more than 7% in early trading Monday morning as investors had their first opportunity to react to Friday's more than $1 billion decision against the Korean electronics giant by a California jury for infringing on Apple patents.
Samsung dropped 6.3% at the open of South Korea's Kospi index and was down about 7% at noon Seoul time, after dropping as much as 7.7%. The tumble erased $12 billion from the company's market value Monday morning.
Samsung is planning to appeal Friday's decision of a U.S. federal jury which awarded Apple $1.05 billion for copying the look and feel of iPhones and iPad design. The jury rejected Samsung's counterclaims against Apple.
A senior Samsung executive told the Korea Times the decision was "absolutely the worst scenario for us" as he was heading into an emergency meeting at the company's Seoul headquarters on Sunday.
(CNN) – A South Korea court ruled that both Apple and Samsung violated each other’s patents, in a case that mimics legal battles between the electronics giants around the world.
The Seoul District Court ruled that Samsung must pay $33,350 for infringing two of the intellectual property rights for Apple’s iPhone and iPad. Apple was found to have infringed Samsung’s Wi-Fi technology, and must pay $22,000 in damages.
The court banned sales in South Korea of Apple’s iPhone 4 and iPad 2, Samsung’s Galaxy SII and Galaxy Nexus smartphones and Galaxy Tab and Galaxy 10.1 tablet computers.
Just days after Apple won favorable back-to-back U.S. court rulings in its legal battle against Korean electronics maker Samsung, the technology giant reached a monetary settlement on Monday to end a long-running legal dispute with a China-based electronics firm.
The Guangdong high court in southern China said that through mediation, Apple agreed to pay Proview US$60 million over ownership of the iPad name in China. In its lawsuit, Proview alleged that it still owned the China rights after its iPad trademark was acquired by the Cupertino, California, company in 2009. FULL POST
(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.
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:
Hong Kong (CNN) - Proview Electronics - a little known Asia-based company that claims it has rights to the “iPad” trademark in China - has taken its legal battle against Apple to the technology giant’s home turf.
In a lawsuit filed last week in the U.S. Superior Court of California in Santa Clara County, the Taiwan affiliate of Proview International Holdings accuses Apple of deception when it purchased the iPad trademark in 2009, The Wall Street Journal reports.
The suit alleges that one of Apple’s law firms set up a company - IP Application Development Ltd (or IPAD) - to buy the trademark from Proview for $55,000, according to the report.
Apple has maintained the purchase gives it worldwide rights to the trademark; Proview Electronics claims that Apple acted deceptively by hiding its involvement.
Hong Kong (CNN) – A few years back, influential New York Times columnist Nicholas Kristof shocked readers by opening a column this way: “Africa desperately needs Western help in the form of schools, clinics and sweatshops.”
For Kristof, who regularly advocates better conditions for people in the developing world, this advice seems to belie his progressive views. But he’s part of a chorus of liberal economic thinkers who advocate that sweatshops – a broad term for factories or workshops characterized low wages, long hours, sometimes underage workers and unsafe conditions – are an unsavory but necessary first step to help bootstrap the world’s poorer economies.
What better to revolutionize education than a company with a name like Apple? It almost seems destined. In fact, Phil Schiller, its senior VP of worldwide marketing, kicked off the event saying that "education is deep in the company's DNA," and he didn't waste any time showing exactly what he meant.
London (CNN) – Shock! Horror! Crisis! Apple’s iPhone was not the top selling phone at Christmas – Samsung’s Galaxy S II was. Can this be? What has gone wrong? Surely some mistake?
OK – I need to declare I am not an Apple worshipper. Yes, I have an iPad, which I l love, and an old iPod which I use when travelling, but otherwise I am a PC person through and through.
I tell you this in advance because there is nothing more polarizing that the subject of Apple versus the rest of the world.
Apple users believe they have seen the light and are messianic about the company. Everyone else thinks the Appleites have drunk the Kool-Aid, probably need therapy and gleefully look forward to when the Apple empire’s cool veneer starts to wear thin. FULL POST
(CNN) – While it lacked the winding queues and applause normally associated with an Apple launch, the release of Steve Jobs' authorized biography still made a splash.
It hit stores earlier than planned, as publishers Simon & Schuster moved to meet the wave of public interest in Jobs following his death. Before it was even unveiled, the book was a blockbuster. FULL POST
About Business 360
CNN International's business anchors and correspondents get to grips with the issues affecting world business, and they want your questions and feedback.