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The Latest Breaking News from Ericsson

Ericsson Says No Hardware Exported to Russia, Only Software Support

Ericsson said on Friday it is only providing software and technical support to Russian clients and has not sold any telecommunications equipment to mobile operators there since the Ukraine war started, after Swedish media reported the company had continued its exports. Shares of the company fell 4.6% in morning trading.…

Asharq Al-Awsat

Ericsson to Wind Down Business Activities in Russia Over Coming Months

Ericsson said on Monday it will gradually wind down business activities in Russia over the coming months as the Swedish telecoms equipment maker completes its obligations to customers. The company, which suspended its business in Russia indefinitely in April, said it has about 400 employees in Russia and would provide…

Asharq Al-Awsat

Airtel to start 5G services rollout in August; inks pacts with Ericsson, Nokia, Samsung

NEW DELHI: Within days of bidding for spectrum in auctions, Bharti Airtel on Wednesday announced it has signed 5G network agreements with gear makers Ericsson, Nokia and Samsung to commence deployment this month.

The Times of India

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Benzinga Before The Bell: Donald Trump's Presidential Bid, Facebook Testing Multiple Profiles, UnitedHealth Q2 Earnings Growth And Other Top Financial Stories Friday, July 15

CNBC Augmented Supply Best Way To Balance Rising Oil Prices, Says OECD Chief

Benzinga

Ericsson's Core Profit Misses as Rising Costs Hit Margins

Ericsson, the Swedish telecoms equipment firm which is facing bribery investigations, reported a rise in second-quarter core earnings on Thursday but missed expectations as margins were hit by increased component and logistics costs. Rising inflation, a chip shortage and Russia's invasion of Ukraine drove up costs and pushed down the…

Asharq Al-Awsat

Hybrid work model catching on in India

Only 5% of respondents intend to work in virtual mode

The Hindu

Morning Brief: Top Financial Stories Dominating on Friday, June 10

Reuters Rebranded McDonald’s Restaurants To Reopen In Russia

Benzinga

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Here's What This Analyst Has To Say About SEC Probe On Ericsson

Ericsson's (NASDAQ:ERIC) alleged misconduct in Iraq could trigger fines of $100 million to $300 million, Bloomberg quotes from an email by Svenska Handelsbanken analyst Daniel Djurberg. The U.S. SEC initiated a probe into the Ericsson's Iraq connection. Djurberg termed the update as a negative for the share. However, it was no major surprise to the market, Djurberg…

Benzinga

SEC launches probe on Sweden's Ericsson over its Iraq connection

The U.S. SEC intimated Ericsson (NASDAQ:ERIC) regarding its launch of an investigation on the company concerning the matters described in the company's 2019 Iraq investigation report. Ericsson said it cooperated with the authorities regarding their review and investigation of its conduct in Iraq. Previously CEO Borje Ekholm' disclosed that Ericsson may have made payments to the…

Benzinga

Record-breaking $16m purse for Indy 500, Ericsson scoops $3.1m

Marcus Ericsson’s Indy 500 victory earned him $3.1 million from a record-breaking total purse of $16,000,200m for the event.

Motorsport

Ericsson Chalks Out Restructuring Plans

Ericsson (NASDAQ:ERIC) disclosed plans to restructure its operating units to focus on mobile infrastructure and business customers, effective June 1. EVP Arun Bansal and Peter Laurin, head of the business area managed services, will leave the company. Also Read: Ericsson Shares Drop Post Q1 Results; Acknowledges DOJ Penalty, Russia Business Suspension Ericsson created a…

Benzinga

Ericsson to Restructure Operations, Two Execs to Depart

Sweden's Ericsson on Wednesday laid out plans to restructure its operating units to focus on mobile infrastructure and business customers, and announced that two senior executives will leave the company. A new business unit was created by merging digital services and managed services to increase its cloud expertise and build…

Asharq Al-Awsat

Better Buy for 2022: Ericsson vs. Nokia

As businesses are increasingly adopting advanced technologies to stay ahead of the race in this digital era, the demand for communication equipment is expected to rise exponentially. So, popular communication equipment stocks Ericsson (ERIC) and Nokia (NOK) should benefit from the industry tailwinds. But which of these two stocks is…

StockNews.com

Ericsson Shares Drop Post Q1 Results; Acknowledges DOJ Penalty, Russia Business Suspension

Telefonaktiebolaget L M Ericsson (NASDAQ:ERIC) reported a first-quarter FY22 sales growth of 11% year-on-year to SEK 55.1 billion. Group organic sales grew by 3% Y/Y, driven by Networks in North America, Europe, and Latin America. Organic sales in Networks rose 4% Y/Y, and Digital Services sales down by 2% Y/Y. It reported an…

Benzinga

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Asharq Al-Awsat

Ericsson Warns of Possible Fine Over Payments to ISIS in Iraq

Sweden's Ericsson, under fire for its handling of a bribery investigation in Iraq, warned on Thursday of a potential fine by US regulators and reported a fall in first-quarter core earnings over its suspension of business in Russia. Last week, investors publicly rebuked Chief Executive Borje Ekholm and the board…

Asharq Al-Awsat

Nokia to Stop Doing Business in Russia

Telecoms equipment maker Nokia is pulling out of the Russian market, its CEO told Reuters, going a step further than rival Ericsson , which said on Monday it was indefinitely suspending its business in the country. Hundreds of foreign companies are cutting ties with Russia following its Feb.

Asharq Al-Awsat

Ericsson Suspends Business in Russia

Ericsson is suspending its business in Russia indefinitely and has put employees on paid leave, six weeks after the Swedish telecom equipment maker started a review of the impact of Western sanctions on its operations. The company said on Monday it would record a 900 million crown ($95 million) provision…

StockNews.com

3 Tech Stocks to Scoop Up After Sharp Declines: Seagate Technology, NICE, and Ericsson

Skyrocketing inflation, rising interest rates, and a geopolitical crisis caused by Russia’s invasion of Ukraine, have triggered massive selloffs in the technology sector. However, these conditions represent a great opportunity to buy stocks on their price dips. So, we think it could be wise to invest in financially solid tech…

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Reuters

Ericsson investigating how it addressed Iraq probe, board backs CEO

Ericsson Chairman Ronnie Leten said on Monday a comprehensive review is underway led by its new chief legal officer over the company's conduct relating to Iraq and how it was addressed.

StockNews.com

Buy the Dip in 3 Top-Rated Large-Cap Stocks

The increasing economic sanctions on Russia and consequent surge in oil prices and supply-chain disruptions will surely keep the stock market under pressure. Therefore, we think it could be wise to buy the price dip in quality large-cap stocks Regeneron Pharmaceuticals (REGN), Telefonaktiebolaget LM Ericsson (ERIC), and PPG Industries (PPG)…

Benzinga

Read What Activist Cevian Demanded From Ericsson Post ISIS Fiasco

Europe's leading activist investor Cevian AB pressed Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) to amend its articles to give its Class A shareholders the power to convert their shares into Class B shares, Bloomberg reports. Class A shareholders carry ten times Class B's voting power per share, notes Bloomberg. Cevian holds ~5% of Ericsson's Class…

Benzinga

Here's Why Ericsson Shares Are Plunging Today

The U.S. Department of Justice admitted that Telefonaktiebolaget L M Ericsson (NASDAQ:ERIC) failed to make adequate disclosures about its operations in Iraq before entering a deferred prosecution agreement in 2019 Bloomberg reports. The DOJ also determined that Ericsson breached the agreement by "failing to make subsequent disclosure" after signing it. Ericsson's dealings in Iraq came…

The Guardian - UK

Ericsson broke DoJ deal over Iraq corruption claims, say US prosecutors

Telecoms group’s admission comes days after revelations about alleged bribes given to Islamic State

Benzinga

Why Ericsson Shares Are Plunging Today

Citi analyst Andrew Gardiner downgraded Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) to Neutral from Buy, calling the company "uninvestable." The re-rating followed the report of alleged "tens of millions of dollars in suspicious payments" by the telecom company to ISIS over nearly a decade to keep its business in Iraq. Related Content:…

The Guardian - UK

Revealed: leaked files show how Ericsson allegedly helped bribe Islamic State

Leak also found the telecoms giant had put its contractors at risk and allowed them to be kidnapped by the militants

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