Apple agrees to pay Nokia under patent settlement

Finnish handset maker Nokia Corp. says it has settled a patent dispute with Apple Inc., putting an end to “all patent litigation” between the two companies.

During the long-running legal battle, Apple and Nokia accused each other of infringing on patents that cover features such as swiping gestures on touch screens and the built-in “app store” for downloading updated programs.

Under the deal, Nokia says Apple will pay it ongoing royalties as well as a one-time sum, leading both companies to withdraw their complaints to the U.S. International Trade Commission. The financial details of the settlement were not disclosed Tuesday.

 

Best Buy’s revenue beats forecast despite weak sales

Best Buy says weak sales of TVs and DVDs lowered its first-quarter net income by 12 percent, but its shares rose 6 percent because the electronics retailer topped Wall Street’s profit and revenue expectations.

The Minneapolis-based company said Tuesday that net income fell to $136 million, or 35 cents per share. That compares with $155 million, or 36 cents per share, last year. Analysts had expected net income of 33 cents per share, according to Fact Set.

Revenue surpassed expectations by rising 1 percent, to $10.9 billion, aided by growth in China and strong demand for mobile phones and e-readers.

 

Avis Budget adds markets by acquiring Avis Europe

Avis Budget Group said Tuesday that it has agreed to take over Avis Europe in a $1 billion deal.

Avis Budget, based in Parsippany, N.J., will pay $5.16 per share for Avis Europe, based in Bracknell, England. That’s a 60 percent premium over the closing share price on Monday.

Avis Europe was legally separated from Avis in 1986, and was acquired by GE Capital Services in 1992. Avis Budget said the deal would give the company an increased presence in growing car rental markets in India and China.

 

New Wall Street regulation falling behind schedule

As federal efforts to regulate some of the wildest corners of Wall Street fall behind schedule, officials declared Tuesday that they might take until the end of this year to complete the task.

The Commodity Futures Trading Commission voted to give itself until Dec. 31 to impose new restrictions on trading in derivatives, financial instruments that can be used to hedge against risks or make speculative investments.

Last year, when Congress passed the sweeping Dodd-Frank Act in response to the financial crisis, it said that new restrictions on much of the largely unregulated market in derivatives would kick in July 16. But it left the CFTC an out if it could not meet the deadline, and on Tuesday the agency seized the opening.

CFTC Chairman Gary Gensler called for the extension but delivered a word of caution.

Until a new regulatory regime is implemented, Gensler said, “the public remains unprotected.”

 

Starbucks lets users buy via smartphone barcode

Starbucks Corp. is launching an application today that lets customers with Android smartphones buy with a wave of their phones.

The Seattle-based company launched similar applications nationwide for BlackBerry and iPhone and iPod touch in January.

Customers can pay by holding their mobile device in front of a scanner that registers the on-screen barcode. The application also allows customers to load their Starbucks loyalty card accounts, check card balances and find stores nearby, and it notifies customers of promotions and other discounts.

Starbucks already uses the technology at its 6,800 company-owned stores and more than 1,000 cafes within Target stores.