Wall Street to open flat after data; oil pares losses
Wall Street was set to open little changed on Friday, the last trading day of the quarter, as oil prices pared losses and investors assessed a set of key economic data.
HELSINKI NokiaNOK1V.HE has asked the Delhi High Court to help release its Indian factory after its seizure by the local tax authorities, the Finnish firm said on Thursday as it seeks to resolve the tax dispute ahead of the sale of its mobile phone business to Microsoft (MSFT.O).
Nokia said it did not expect the dispute to affect its 5.4 billion euros deal with Microsoft, although it was prepared for the possibility that the Chennai plant, one of its biggest phone-making factories, will not be transferred to the U.S. company in time for the sale, which is due to close in the first quarter of next year.
If the seizure is still in place when the Microsoft deal is finalised, Nokia could briefly operate the plant as a contract manufacturer for Microsoft, according to sources close to the company.
Nokia has been in disagreement with the Indian authorities over an income tax bill of 20.8 billion rupees, one of several tax disagreements involving foreign companies in India.
In a statement, Nokia said it wanted the assets to be released by December 12. The sources said the court will hold a hearing on November 28.
($1=0.7428 euros) ($1=62.5450 rupees)
(Additional reporting by Devidutta Tripathy in New Delhi; Editing by Greg Mahlich)
BENGALURU/MUMBAI A drop in gold prices prompted consumers to buy the precious metal, ahead of festivals in India, the wedding season and China's long National Day holidays, boosting demand in Asia.
NEW YORK Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday.