Advertisement
Singapore markets closed

  • Straits Times Index

    3,272.72
    +47.55 (+1.47%)
     

  • S&P 500

    5,042.80
    +32.20 (+0.64%)
     

  • Dow

    38,378.57
    +138.59 (+0.36%)
     

  • Nasdaq

    15,573.33
    +122.03 (+0.79%)
     

  • Bitcoin USD

    66,435.59
    +539.41 (+0.82%)
     

  • CMC Crypto 200

    1,421.57
    +6.81 (+0.48%)
     

  • FTSE 100

    8,034.72
    +10.85 (+0.14%)
     

  • Gold

    2,326.80
    -19.60 (-0.84%)
     

  • Crude Oil

    81.46
    -0.44 (-0.54%)
     

  • 10-Yr Bond

    4.6380
    +0.0150 (+0.32%)
     

  • Nikkei

    37,552.16
    +113.55 (+0.30%)
     

  • Hang Seng

    16,828.93
    +317.24 (+1.92%)
     

  • FTSE Bursa Malaysia

    1,561.64
    +2.05 (+0.13%)
     

  • Jakarta Composite Index

    7,110.81
    +36.99 (+0.52%)
     

  • PSE Index

    6,506.80
    +62.72 (+0.97%)
     

Court orders Japan's Funai to pay Philips 135 million euros over failed 2013 deal

Reuters

AMSTERDAM (Reuters) - Philips (PHG.AS) said on Tuesday an arbitration court had ordered Japan's Funai Electric to pay it 135 million euros (105 million pounds) over the 2013 collapse of a deal for the Japanese firm to buy a business from the Dutch company.

Philips claimed breach of contract when Funai didn't follow through on its purchase of Philips' audio and video businesses, including the Magnovox brand, which at the time was one of the company's few remaining consumer brands.

Philips said the ICC International Court of Arbitration had ruled in its favour and the payment would be booked in the second quarter.

(Reporting by Toby Sterling and Pawel Lapinski; Editing by Mark Potter)