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Daily Nation : February 5th 2014
36 | Business News TAKEOVER| Spooked investors react Lenovo shares take a fall in Hong Kong Stake plummets 14 per cent after deal to buy struggling Motorola for $2.91 billion last week HONG KONG, Tuesday today, after it agreed to buy struggling handset maker Motorola from Google for $2.91 billion. The firm dived 14.31 per cent to S HK$8.62 by the break, following a more than eight per cent slump on Thursday before the market closed for the Lunar New year holiday. Wednesday’s deal — which came a week after Lenovo bought IBM’s low-end server business for $2.3 billion — has spooked investors worried 2.38 The rate at which the benchmark Hang Seng Index was down in line with a regional sell off after heavy losses on Wall Street hares in Chinese technology giant Lenovo slumped more than 14 per cent in Hong Kong about Motorola’s profitability. The benchmark Hang Seng Index was down 2.38 per cent, in line with a regional sell-off after heavy losses on Wall Street sparked by weaker-thanexpected US manufacturing data. “People don’t think it will be worth it to pay such a large amount of money to acquire Motorola,” Core Pacific Yamaichi research analyst Felix Kwok told AFP. In 2013 Lenovo become the world’s biggest PC maker, eight years after buying IBM’s PC business. However, investors do not think the Motorola brand is strong enough to boost Lenovo, Kwok said, adding that the handset maker has been on a downward trend for the past two years. “Everyone’s worried about whether or not Lenovo would be able to turn Motorola from a loss to a profit in the short term,” Tanrich Securities vice president Jackson Wong told AFP. Even under Google, Motorola failed to gain traction in a rapidly evolving smartphone market now dominated by South Korea’s Samsung and United States-based Apple. Google’s inability to make Motorola profitable has sparked doubts about Lenovo’s capacity to turn the handset maker around, Wong said, adding that there were also worries about how it would fund the purchases. (AFP) REPUBLIC OF KENYA REPUBLIC OF KENYA OFFICE OF THE GOVERNOR COUNTY GOVERNMENT OF KERICHO TENDER NOTICE The County Government of Kericho invites sealed bids for various works as below: TENDER NO CGK/T/40/2013/2014 (R): PROPOSED REFURBISHMENT AND EXTENSION OF THE GOVERNOR’S OFFICES AT COUNTY GOVERNMENT KERICHO HEADQUATERS TENDER NO CGK/T/135/2013/2014: TENDER NO CGK/T/136/2013/2014: PROPOSED REFURBISHMENT AND EXTENSION OF COUNTY OFFICES PROPOSED STADIUM STANDS AT KERICHO GREEN STADIUM A complete set of tender documents as indicated above may be obtained by interested candidates from the County head of Supply chain management office – Kericho County, Room 104 at a fee of Kenya shillings one thousand(Khs.1000) only (non refundable). Completed tender documents are to be enclosed in plain sealed envelopes marked with reference number to be deposited in the tender box at Kericho County Government Offices Entrance Kericho County or to be addressed to County Secretary P.O. Box 112 – 20200 Kericho, so as to received on or before 19th February, 2014 at 10.00 am. Complete bids shall be accompanied with: a) Certificate of Company Registration b) Certificate of Registration with National Construction Authority category (7) and above c) Current Tax Compliance Certificate d) Audited Accounts for the last three (3) years e) Bid Security of equivalent to 2% of the contract sum from a reputable financial institution f) Evidence of similar works completed in the last five (5) years g) Detailed company profile including the relevant qualification of key personel. h) Tenderers for Tender No’s CGK/T/40/2013/2014 (R) and CGK/T/136/2013/2014 must provide proof of experience in light gauge steel construction technology. Prices quoted should be net inclusive of all taxes, and delivery must be in Kenya Shillings and shall remain valid for (120) days from the closing date of the tender. Tenders will be opened immediately thereafter in the presence of the candidates or their representatives who choose to attend at County Chambers – Kericho at 10.00 am. Registered firms of Youth, Women and people with disabilities from Kericho County are encouraged to apply. Wesley Kipng’etich County Secretary Kericho County Ag. HEAD OF SUPPLY CHAIN MANAGEMENT COUNTY GOVERNMENT OF GARISSA. COUNTY GOVERNMENT OF GARISSA CHANGE OF TENDER OPENING DATE Following our advertisement for various Tenders and Expressions of Interest in the The Daily Nation newspaper of Friday, January 10th 2014, please note the following changes to the opening/closing dates. TENDER CLOSING/ OPENING DATE NEW TENDER CLOSING/ OPENING DATE MONDAY, 10TH FEBRUARY MONDAY, 24TH 2014, 10 A.M. FEBRUARY 2014, 10.00 A.M. ALL OTHER TERMS AND CONDITIONS OF THE TENDER REMAIN THE SAME. PHOTO | AFP Chow Chung-kong (centre right), chairman of the Hong Kong Exchange, bangs a gong next to KC Chan (second left), Hong Kong’s financial services and treasury secretary yesterday as the first day of trading began after the Lunar New Year holiday in Hong Kong. Toyota in high gear over good profit TOKYO, Tuesday Toyota has shifted into high gear, with the world’s largest car maker tipping a record annual profit after more than doubling its nine-month earnings to $15 billion thanks to the yen’s sharp decline and surging sedan sales. The buoyant results underscore a recovery not only for the Camry and Corolla maker but also for rival Japanese car giants including Nissan and Honda. The trio have been big winners NEW SESSION | Stock market back in business DAILY NATION Wednesday February 5, 2014 BRIEFLY MINING S Africa to go on with shale gas exploration South Africa will move ahead “decisively” with the exploration of shale gas, the country’s minerals minister said in Cape Town yesterday. Minerals minister Susan Shabangu said that “geology indicates” a potential for 485 trillion cubic feet of shale gas trapped in the formations of South Africa’s arid Karoo region. Shabangu, speaking at the opening of a major mining conference in the city said legislation governing the exploration would come soon. ANNIVERSARY Facebook plans small, low-key birthday bash Facebook has grown into an In- over the past year as a sharp drop in the yen inflated exporters’ repatriated profits boosted by improved overseas demand in key markets including the United States and China. Sales in China fell off a cliff in late 2012 and into last year as a TokyoBeijing diplomatic row sparked a consumer boycott of Japanese brands in the world’s biggest vehicle market. Relations remain tense, but Japanese manufacturers have reported sales are returning to pre-spat levels. (AFP) ternet giant over the last decade, but it is celebrating its birthday with a low-key, belated party and an eye toward the future. While the arrival of its 10th anniversary yesterday has pundits analysing the social network’s past and theorising about its future, the Internet juggernaut is trying to stay focused on the job at hand. “Just as we do every year, we will have an internal party on Friday afternoon,” Facebook spokeswoman Arielle Aryah told AFP in response to a query regarding the company’s birthday celebration plans.
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