Apple Inc, Research in Motion enter mobile phone sale top 5

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Thursday, 10 February 2011 02:26

Business and economic news roundup: Apple Inc, Research in Motion, Williams F1, IMF report on groupthink and oil price fears.

Apple Inc (NASDAQ:AAPL) and Research in Motion Ltd (NASDAQ:RIMM), maker of the BlackBerry, entered the ranks of the world’s top five mobile handset makers by sales last year, underlining how demand for high-end smartphones is fuelling growth in the handset market.

Gartner, the US research group, released data on Wednesday showing sales of mobile devices jumped 31.8 per cent to 1.6bn units in 2010, the Financial Times reports.

Research In Motion (RIM) and Apple crept ahead of industry stalwarts Sony Ericsson and Motorola in total phone sales, with both claiming close to three per cent of the total market.

Nokia remained top of the handset ladder, with 461m sales worldwide, giving it a market share of 28.9 per cent. However, the Finnish firm also suffered the biggest loss in market share, dropping 7.5 per cent from 36.4 per cent the year before.

Williams F1

Williams, the Formula One racing team, is offering more than a quarter of the company to outside investors in a flotation that values the team at about €265m (£226m). The Oxfordshire-based outfit, founded by engineers Sir Frank Williams and Patrick Head in 1977, announced a price range of €24 to €29 a share for the 27.4 per cent of the business being floated. No new money is being raised, reports the Financial Times.

IMF report

A damning report on the International Monetary Fund's failings in the run-up to the global financial crisis has blamed "groupthink" and "intellectual capture" for the inability of the Washington-based organisation to spot Britain's looming banking crash.

In a 50-page assessment peppered with harsh criticism, the IMF's independent evaluation office (IEO) said few clear warnings had been provided about the risks and vulnerabilities of the global financial system in the years from 2004 to 2007, the Guardian reports.

Oil price fears

The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.

The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%, reports the Guardian.

Tags: Apple Inc Research In Motion Ltd NASDAQ:AAPL NASDAQ:RIMM

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