Samsung gets some good legal news, while Chrysler sales rev up. Learn more about these and other of the day's top business stories.
Ban on Samsung Tablet Lifted
Samsung Electronics Corp is now free to sell its Galaxy 10.1 tablet computer in the United States after a federal judge lifted a ban on sales, Reuters reports. U.S. District Judge Lucy Koh had previously banned domestic sales of the tablet pending the resolution of a sweeping patent trial between Apple Inc. and Samsung over vital technology used in smartphones and tablet computers. A jury in September ruled for Apple and ordered Samsung to pay $1 billion after finding many of Samsung's products—but not the Galaxy 10.1-- illegally used technology developed by Apple for its iPhones and iPads.
Legal Trouble for More Banks?
Financial Times reports that a fraud suit against JP Morgan Chase launched on Monday by the New York attorney general is being seen as a last attempt by U.S. authorities to win fines and concessions from Wall Street before the November presidential election. The suit is expected to be the first in a new wave of U.S. regulatory action against banks for alleged wrongdoing that led to the economic collapse, FT notes. The complaint accuses Bear Stearns, which JP Morgan purchased in 2008, of having “systematically failed to evaluate the loans” that were packaged into mortgage-backed securities, leading to the inclusion of mortgages on which borrowers were likely to default, and later did, causing investor losses of more than $20 billion.
Latin America Economy to Contract
Weaker growth in Argentina and Brazil will slow Latin America growth, a United Nations report suggests. The Economic Commission for Latin America and the Caribbean (ECLAC) forecast the region would slow to 3.2 percent growth this year, down from 4.3 percent in 2011, the BBC reports. ECLAC cited the global economy, which has been hit by the eurozone debt crisis and slowing Chinese growth. Panama is forecast to show the biggest growth at 9.5 percent, followed by Haiti, which expected to expand by 6 percent this year.
S&P Erases Losses
The Standard & Poors Index ended higher yesterday, erasing losses toward the end of the trading day, Bloomberg News reports. A rebound from Apple help buoy the S&P, which closed 0.1 percent higher at 1,445.75. The Dow Jones Industrial average lost 0.2 percent to close at 13,482.36. Concerns over the credit crisis in Spain continue to weigh on investors.
Merger Would Help T-Mobile Compete
Deutsche Telekom AG yesterday announced a move to combine its U.S. wireless business with that of MetroPCS Communications, Bloomberg News. The merger would help T-Mobile USA compete with Verizon Wireless and AT&T Inc. Shares of MetroPCS hit a 24-month high following the announcement.
Chrysler Reports Higher Sales
Chrysler Group yesterday reported the best September sales since 2007, according to USA Today. Sales were up 12 percent last month compared to September 2011. Total Ford Motor sales for September remained essentially flat compared to last September, though sales of the company’s small cars were the highest since 2002. General Motors also saw a dramatic increase in its small care sales, but reported a modest 1.5 percent year-over-year increase in sales for September.