Nokia’s interim CEO addresses the ‘next 150 years’ (The Verge)
Microsoft Corporation (NASDAQ:MSFT) might be buying Nokia Corporation (ADR) (NYSE:NOK)‘s phone business for $7.2 billion, but the company will live on focused on mapping and network technologies. Interim CEO Risto Siilasmaa is upbeat about the changes, and believes “this is the beginning of the next 150 years of Nokia’s story.” The Finnish company may have started life 150 years ago making paper, boots, and car tyres, but its mostly known for its mobile phones. In a recent interview, Siilasmaa notes the challenges faced by Nokia and the emotions involved in 32,000 employees leaving to join Microsoft Corporation (NASDAQ:MSFT) and the reality that Nokia is no longer a phone maker.
Nokia launches EMI scheme for Lumia 925 (The Economic Times)
Nokia India today launched an EMI scheme for its latest smartphone Lumia 925, priced at Rs 33,499, wherein the amount can be paid in six equal monthly installments at zero per cent rate of interest. Nokia has tied up with Citibank, HDFC Bank, Axis Bank, Standard Chartered, HSBC, ICICI Bank and SBI Cards for the equal monthly installments (EMI) scheme and the offer will be available to consumers with credit cards from any of these banks.
Nokia, Mercedes-Benz in smart map deal (IBN Live)
Nokia Corporation (ADR) (NYSE:NOK) says it will cooperate with Daimler AG (PINK:DDAIF)‘s Mercedes-Benz car division to create and develop digital smart maps. Finland-based Nokia says its mapping and location services unit, HERE, and Mercedes will initially provide 3D maps for the Mannheim to Pforzheim route in Germany for cars connected to a computing cloud. Nokia said Tuesday at the Frankfurt Auto Show that connecting cars to a cloud is “one of the biggest opportunities for the automotive industry today.”
UPDATE: Bank of America Upgrades Nokia on Risk/Reward Skewed to Upside (Benzinga)
In a report published Wednesday, Bank of America analyst Didier Scemama upgraded the rating on Nokia Corporation (ADR) (NYSE:NOK) from Neutral to Buy, and raised the price target from $6.19 to $7.07. In the report, Bank of America noted, “We upgrade Nokia to Buy and increase our revenue and EBIT forecasts for 2014/15 by 5/9% and 32/28%, reflecting a more bullish view on the top line for NSN and Advanced Technologies. The risk profile of new Nokia is very different to the handset-focussed Nokia of old, and we see limited potential downside in our bear case to €4, whilst in our bull case we see c60% potential upside to €6.68.
Nokia reiterates commitment to India (The Financial Express)
A week after it was acquired by Microsoft Corporation (NASDAQ:MSFT), Finnish mobile maker Nokia Corporation (ADR) (NYSE:NOK) reiterated its commitment to India. In a meeting with commerce and industry minister Anand Sharma on Tuesday, Stephen Elop, former CEO of the company assured Nokia’s continued commitment to all of the works it does in India.