There was blood on the carpet in the world of gaming technology as Apple stuck the knife deep into long-term partner Imagination Technologies Group PLC (LON:IMG).
Apple Inc (NASDAQ:AAPL) is its largest customer but the iPhone and iPad maker has served notice to Imagination that it expects to stop using the UK company’s intellectual property (IP) in new Apple products in 15 months to two years’ time.
Imagination received £60.7mln in licence fees and royalties from Apple in the year ended April, and expects to get £65mln in payments in the fiscal year that closes on at the end of this month, according to the statement. The UK company’s revenue for last fiscal year was £120mln.
“Apple has not presented any evidence to substantiate its assertion that it will no longer require Imagination's technology, without violating Imagination's patents, intellectual property and confidential information. This evidence has been requested by Imagination but Apple has declined to provide it,” Imagination’s stock market statement said.
#IMG "Crippled" does not mean "killed". I suspect a deal will end up being worked out. https://t.co/F4Ph4ZusED via @proactive_uk
— John Harrington (@JournoJohnH) April 3, 2017
No room for sentiment as BP exits Forties
A chunk of North Sea history changed hands today as BP Plc (LON:BP.) sold the Forties pipeline network to INEOS.
BP chief executive Bob Dudley said: "While the Forties pipeline had great significance in BP's history, our business here is now centred around our major offshore interests west of Shetland and in the Central North Sea."
Capable of handling 575,000 barrels of oil daily, the Forties field pipeline network was a high water mark for production from the North Sea when BP opened it in 1975.
The network comprises 100 miles of pipes from fields on both the UK and Norwegian sides of the North Sea.
INEOS chairman and founder Jim Ratcliffe said: "The North Sea continues to present new opportunities for Ineos."
Forties handles around 40% of British oil, around 20% of which goes to the Grangemouth refinery.
So who says the Oil is running out?
Ineos don't seem to think so. @theSNP #council17 #ScotRef https://t.co/Zwl7KYB5Ay
— Dougie Campbell (@campbell_dougie) 3 April 2017
BP is selling the pipeline for US$250mln, with US$125mln coming in cash and the other half paid from a seven year earn-out.
Burberry chooses Coty for beauty makeover
Luxury fashion group Burberry PLC (LON:BRBY) meanwhile has signed a licensing deal with Coty Inc (NYSE:COTY) to try to rejuvenate its beauty business.
In a statement, the FTSE 100-listed firm said the exclusive licensing agreement with Coty will take effect from October 2017, subject to regulatory approvals.
Burberry said the move follows “the successful repositioning and elevation of the Burberry Beauty business over the last four years of direct operation.”
Lloyds Banking Group all but private
Lloyds Banking Group plc (LON:LLOY) is another step closer to being fully privatised after the taxpayer’s stake was cut to below 2%, even as the lender continues to tackle legacy issues.
UK Financial Investments, which manages the taxpayer’s shares in Lloyds, reduced the holding by about 1% to 1.97%.
More than £20bn has been returned to taxpayers since the government bought a 43% stake in the bank in a £20.3bn bailout during the 2007-09 financial crisis.