KSA, Finland sign pact on telecoms

Updated 04 November 2014
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KSA, Finland sign pact on telecoms

Saudi Arabia and Finland signed a memorandum of understanding here Tuesday in the telecommunications sector.
Krista Kiuru, Finland’s minister of education, science and communications, signed the agreement with Mohamed Jamil bin Ahmed Mulla, minister of communications and information technology at the Saudi ministry’s offices.
“It is a wide ranging agreement in Information and Communication Technology to further enhance bilateral cooperation,” Kiuru said.
This includes broadband, digital media and cyber security. Nokia has already done a great deal in facilitating further cooperation between the two countries, she said.
Kiuru said her visit was “an effort to seek wide-ranging cooperation of mutual interest.” Her priorities are education and communication because Finland is one of the world’s leaders in these sectors.
She said Finland has agreements on education in the Kingdom, with the Technical and Vocational Training Corporation (TVTC) and a kindergarten program.
“We believe in quality education. We would like to make sure that our sources are reliable and ensure vocational training faces up to the challenges of the growing Saudi market.”
Kiuru is accompanied by a huge delegation comprising senior officials and technical experts in education and telecommunications. She said that many countries are seeking to follow the model of the Finnish education system, which is free for citizens, as it is in Saudi Arabia.
The minister visited several institutions of higher learning in Riyadh including King Saud University, the TVTC, King Abdullah Project for Public Education Development (Tatweer) and Princess Nora bint Abdulrahman University, which “impressed” her.
She also met with members of the Shoura Council to discuss further cooperation including a student exchange program.
Kiuru said that Finland has invited the Saudi telecoms minister to Helsinki to bolster cooperation in the field.


Fujifilm wins appeal in battle with Xerox over scrapped merger

Updated 17 October 2018
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Fujifilm wins appeal in battle with Xerox over scrapped merger

  • Xerox in May scrapped a $6.1 billion merger deal with Fujifilm
  • A US court overturned preliminary injunctions requested by activist investors that had blocked a planner merger

TOKYO: Fujifilm Holdings Corp. has won an appeal in its legal battle with Xerox Corp, with a US court overturning preliminary injunctions requested by activist investors that had blocked a planner merger.
Xerox in May scrapped a $6.1 billion deal with Fujifilm in a settlement with investors Carl Icahn and Darwin Deason that also handed control of the US photocopier giant to new management.
The ruling by the New York State Appellate Court could give Fujifilm leverage to bring Xerox management back to the negotiating table.
The court found in its ruling that Xerox’s former CEO Jeff Jacobson had neither misled or misinformed the board.
“The board, which engaged outside advisers and discussed the proposed transaction on numerous occasions prior to voting on agreeing to present it to the shareholders, did not engage in a mere post hoc review, nor was the transaction unreasonable on its face,” the ruling also said.
Fujifilm said in a statement that it stands by its view that the original planned merger remains the best option for the shareholders of both companies.
“(The) Court’s decision will allow us to discuss with Xerox the fulfillment of the original agreement. All Xerox shareholders ought to be able to decide for themselves the operational, financial, and strategic merits of the transaction to combine Fuji Xerox and Xerox,” it said.
The two companies agreed in January to a complex deal that would have merged Xerox into their Asia joint venture Fuji Xerox and given Fujifilm control. That prompted Icahn and Deason, who own 15 percent of Xerox and argued the US firm was being undervalued, to launch a proxy fight.
Representatives for Xerox and Deason were not immediately available for comment.