British budget airline EasyJet has agreed in principle to a revised takeover offer from U.S. investment firm Castlelake, valuing the carrier at £5.5 billion ($7.34 billion). The latest bid offers shareholders £6.90 per share, a 73% premium over easyJet's May 29 closing price. The proposed deal could reshape Europe's aviation sector, though a final binding agreement has yet to be signed.

EasyJet backs Castlelake's €6.1 billion takeover offer

The 2024 Paris Olympics are coming in significantly over budget because of an "incomprehensible lack of understanding of the complexity of the IOC's specifications", France's Court of Audit has found. The court's latest report, which was sent to AFP on Wednesday, said the Paris bid committee 'underestimated'&nbsp;the costs of staging the Games at the time of the bid and warned that cuts might be needed before next summer.

"Further measures to reduce service levels will be required to ensure final budgetary equilibrium," said the report adding that "substantial uncertainties remain concerning the final level of resources."

The report also highlighted difficulty securing enough bids from private security firms, sponsorship shortfalls, the difficulty in working out total costs and delays in finishing construction, particularly of transport infrastructure.

ALSO READ:&nbsp;<a href="https://www.wionews.com/sports/us-senate-panel-invites-pga-tour-commissioner-liv-ceo-to-testify-on-merger-607185">US Senate panel invites PGA Tour commissioner, LIV CEO to testify on merger</a>

The budget for the organising committee, known as Cojo, around 3.3 billion euros at the time of the successful bid in 2017, rose to 4.4 billion euros by the end of 2022.

The report estimated that "two-thirds" of the increase "resulted not from management drift or ill-considered changes to the project, but from an obvious underestimation of the bid budget and an incomprehensible lack of understanding of the complexity of the IOC's (International Olympic Committee) specifications".

The report said budget revisions for 2022, by an extra 400 million euros, partly due to inflation, "were carried out transparently and rigorously" by Cojo.

The report comes just after French authorities carried out a series of raids on Cojo, Solideo, the body in charge of the Olympic construction sites, and other companies with ties to the Games.

A source close to the case told AFP that the searches on Tuesday and Wednesday, were part of two preliminary investigations by the French National Financial Prosecutor's Office into the contracts awarded for the Paris Olympics.

Meanwhile, the audit report said it was concerned over local sponsorship deals, which are budgeted to bring Cojo 1.24 billion euros.

"Some 337.2 million euros remain to be secured, which means it is imperative to conclude the partnership with (French luxury giant) LVMH, announced for 140 million but still not signed," said the report.

The report reiterated a request that "all costs" be "consolidated" because it was impossible to establish a clear total bill.

The court also expressed concern at the failure of Cojo to attract enough bidders for private security contracts.

<h2>Underestimating budget now costing Paris</h2>

Despite "the combined efforts of the Cojo, the State and the professional sector, there is a real risk that several calls for tender will remain unsuccessful," it said.

The report added that "the now-probable recourse to internal security forces and the armed forces to make up for this shortfall must therefore be anticipated."

The report also fretted about failure to complete metro train improvements and extensions on time as well as continuing issues afflicting public transport in the region.

"These infrastructure projects remain essential to ensure the smooth flow of traffic during the Games", said the report.

The report also urged Solideo to take "reinforcement measures" to ensure the completion of "certain structures affected by delays" such as the athletes' village, media village, and at least one arena.

&nbsp;

WATCH WON LIVE HERE:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The 2024 Paris Olympics are coming in significantly over budget because of an "incomprehensible lack of understanding of the complexity of the IOC's specifications", France's Court of Audit has found.

The 2024 Paris Olympics are coming in significantly over budget because of an "incomprehensible lack of understanding of the complexity of the IOC's specifications", France's Court of Audit has found. The court's latest report, which was sent to AFP on Wednesday, said the Paris bid committee 'underestimated' the costs of staging the Games at the time of the bid and warned that cuts might be needed before next summer. "Further measures to reduce service levels will be required to ensure final budgetary equilibrium," said the report adding that "substantial uncertainties remain concerning the final level of resources." The report also highlighted difficulty securing enough bids from private security firms, sponsorship shortfalls, the difficulty in working out total costs and delays in finishing construction, particularly of transport infrastructure. ALSO READ: US Senate panel invites PGA Tour commissioner, LIV CEO to testify on merger The budget for the organising committee, known as Cojo, around 3.3 billion euros at the time of the successful bid in 2017, rose to 4.4 billion euros by the end of 2022. The report estimated that "two-thirds" of the increase "resulted not from management drift or ill-considered changes to the project, but from an obvious underestimation of the bid budget and an incomprehensible lack of understanding of the complexity of the IOC's (International Olympic Committee) specifications". The report said budget revisions for 2022, by an extra 400 million euros, partly due to inflation, "were carried out transparently and rigorously" by Cojo. The report comes just after French authorities carried out a series of raids on Cojo, Solideo, the body in charge of the Olympic construction sites, and other companies with ties to the Games. A source close to the case told AFP that the searches on Tuesday and Wednesday, were part of two preliminary investigations by the French National Financial Prosecutor's Office into the contracts awarded for the Paris Olympics. Meanwhile, the audit report said it was concerned over local sponsorship deals, which are budgeted to bring Cojo 1.24 billion euros. "Some 337.2 million euros remain to be secured, which means it is imperative to conclude the partnership with (French luxury giant) LVMH, announced for 140 million but still not signed," said the report. The report reiterated a request that "all costs" be "consolidated" because it was impossible to establish a clear total bill. The court also expressed concern at the failure of Cojo to attract enough bidders for private security contracts. Underestimating budget now costing Paris Despite "the combined efforts of the Cojo, the State and the professional sector, there is a real risk that several calls for tender will remain unsuccessful," it said. The report added that "the now-probable recourse to internal security forces and the armed forces to make up for this shortfall must therefore be anticipated." The report also fretted about failure to complete metro train improvements and extensions on time as well as continuing issues afflicting public transport in the region. "These infrastructure projects remain essential to ensure the smooth flow of traffic during the Games", said the report. The report also urged Solideo to take "reinforcement measures" to ensure the completion of "certain structures affected by delays" such as the athletes' village, media village, and at least one arena. WATCH WON LIVE HERE:

2024 Paris Olympics: Bidding committee 'underestimated' budget, says government report

Several large banks, including JPMorgan Chase &amp; Co. and PNC Financial Services Group Inc., are reportedly interested to bid for purchasing First Republic Bank. According to reports, US banking regulator Federal Deposit Insurance Corp. (FDIC) could seize and sell First Republic bank this weekend.

FDIC is an independent agency created by the US&nbsp;Congress to maintain stability and public confidence in the nation’s financial system.&nbsp;

The announcement comes as the FDIC is getting ready to immediately put First Republic into receivership after determining there is no longer time to attempt a private sector rescue of the ailing regional lender.

The San Francisco-based lender would be the third American bank to fail since March if it enters receivership, after the failure of Silicon Valley Bank and Signature Bank. First Republic clients panicked and withdrew almost $100 billion in deposits in a few days of the SVB catastrophe.

Also Read | <a href="https://www.wionews.com/world/eu-nations-reach-deal-in-principle-to-transit-grain-from-ukraine-587170">EU nations reach deal 'in principle' to transit grain from Ukraine</a> 
 
Since then, the stock has lost around 97% of its value. The largest banks in the country, including JPMorgan and PNC, attempted to support the First Republic bank with a $30 billion deposit, but it was insufficient.

According to The Wall Street Journal, First Republic contemplated a sale or an outside capital infusion and recruited investment bankers to advise on its alternatives.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/indian-air-force-uses-night-vision-goggles-bravely-rescues-121-people-from-sudan-airstrip-587183">Indian Air Force uses night vision goggles, bravely rescues 121 people from Sudan airstrip</a>

Additionally, a proposal to sell some of its loans, securities, or both at a premium to market value was floated. It would be the second-largest bank to collapse in the United States history, with $233 billion in assets at the end of the first quarter.

On Monday, First Republic presented a dreadful quarterly profits report that included fresh information on the severity of the harm caused by the deposit run.

The bank claimed that costly loans from the Federal Reserve and Federal Home Loan Bank were used to plug the hole left by fleeing depositors. That left the lender facing a future scenario in which it might have to pay more in liabilities than it would have made in assets.

Watch | After Russia's winter assault, Ukraine prepares for summer attack

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/after-russias-winter-assault-ukraine-prepares-for-summer-attack-587155/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The bank's stocks dropped roughly 50% in one day. It fell further during the week, closing at $3.51 a share on Friday, down from $115 on March 8 when SVB announced its&nbsp;losses that alarmed investors.

Customers with balances above the $250,000 deposit insurance limit started to withdraw their money in large quantities in March out of fear for the stability of a few smaller banks, which set off turbulence in the banking industry.

A few days following SVB's demise, the New York-based Signature Bank went down.

Regulators and bankers anticipated that once the government intervened to compensate uninsured depositors at SVB and Signature, the panic had subsided. However, First Republic had few viable options due to its severely damaged balance sheet.

The assets and deposits of First Republic might be easily absorbed by a small number of banks. Some of them, such as Wells Fargo &amp; Co., encounter regulatory barriers to growth. Others are still processing recent bank agreements.

Both JPMorgan and the Pittsburgh-based PNC have a history of stepping up in times of need.

In 2008, JPMorgan acquired the failing Bear Stearns, and after the government seized it, it took over the activities of Washington Mutual Inc.

Jamie Dimon, the CEO, used his expertise in crisis management to establish himself as a statesman among bank executives. He frequently utilises his position to advise government leaders and advocate for policy changes he believes would boost the economy.

With support from the government, PNC acquired the struggling Cleveland-based lender National City Corp. during the financial crisis of 2008. According to the Federal Reserve, it was the sixth-largest bank in the country at the end of last year.&nbsp;

 
 
WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Several large banks, including JPMorgan Chase & Co. and PNC Financial Services Group Inc., are reportedly interested to bid for purchasing First Republic Bank. According to reports, US banking regulator Federal Deposit Insurance Corp.

Several large banks, including JPMorgan Chase & Co. and PNC Financial Services Group Inc., are reportedly interested to bid for purchasing First Republic Bank. According to reports, US banking regulator Federal Deposit Insurance Corp. (FDIC) could seize and sell First Republic bank this weekend. FDIC is an independent agency created by the US Congress to maintain stability and public confidence in the nation’s financial system. The announcement comes as the FDIC is getting ready to immediately put First Republic into receivership after determining there is no longer time to attempt a private sector rescue of the ailing regional lender. The San Francisco-based lender would be the third American bank to fail since March if it enters receivership, after the failure of Silicon Valley Bank and Signature Bank. First Republic clients panicked and withdrew almost $100 billion in deposits in a few days of the SVB catastrophe. Also Read | EU nations reach deal 'in principle' to transit grain from Ukraine Since then, the stock has lost around 97% of its value. The largest banks in the country, including JPMorgan and PNC, attempted to support the First Republic bank with a $30 billion deposit, but it was insufficient. According to The Wall Street Journal, First Republic contemplated a sale or an outside capital infusion and recruited investment bankers to advise on its alternatives. Also Read | Indian Air Force uses night vision goggles, bravely rescues 121 people from Sudan airstrip Additionally, a proposal to sell some of its loans, securities, or both at a premium to market value was floated. It would be the second-largest bank to collapse in the United States history, with $233 billion in assets at the end of the first quarter. On Monday, First Republic presented a dreadful quarterly profits report that included fresh information on the severity of the harm caused by the deposit run. The bank claimed that costly loans from the Federal Reserve and Federal Home Loan Bank were used to plug the hole left by fleeing depositors. That left the lender facing a future scenario in which it might have to pay more in liabilities than it would have made in assets. Watch | After Russia's winter assault, Ukraine prepares for summer attack × The bank's stocks dropped roughly 50% in one day. It fell further during the week, closing at $3.51 a share on Friday, down from $115 on March 8 when SVB announced its losses that alarmed investors. Customers with balances above the $250,000 deposit insurance limit started to withdraw their money in large quantities in March out of fear for the stability of a few smaller banks, which set off turbulence in the banking industry. A few days following SVB's demise, the New York-based Signature Bank went down. Regulators and bankers anticipated that once the government intervened to compensate uninsured depositors at SVB and Signature, the panic had subsided. However, First Republic had few viable options due to its severely damaged balance sheet. The assets and deposits of First Republic might be easily absorbed by a small number of banks. Some of them, such as Wells Fargo & Co., encounter regulatory barriers to growth. Others are still processing recent bank agreements. Both JPMorgan and the Pittsburgh-based PNC have a history of stepping up in times of need. In 2008, JPMorgan acquired the failing Bear Stearns, and after the government seized it, it took over the activities of Washington Mutual Inc. Jamie Dimon, the CEO, used his expertise in crisis management to establish himself as a statesman among bank executives. He frequently utilises his position to advise government leaders and advocate for policy changes he believes would boost the economy. With support from the government, PNC acquired the struggling Cleveland-based lender National City Corp. during the financial crisis of 2008. According to the Federal Reserve, it was the sixth-largest bank in the country at the end of last year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

JPMorgan Chase, PNC bid for distressed First Republic as part of FDIC takeover

British billionaire Jim Ratcliffe, linked with a possible purchase of Chelsea Football Club, is not interested in buying the team from Russian owner Roman Abramovich, a spokesman for his company INEOS told Reuters on Thursday.

British media reports had said that Ratcliffe was considering a bid for Chelsea but the spokesman told Reuters: "There is no substance to the stories."

Abramovich said on Wednesday he would sell Chelsea Football Club, 19 years after buying the Premier League team, amid calls in Britain for sanctions against him following Russia's invasion of Ukraine.

ALSO READ:&nbsp;<a href="https://www.wionews.com/sports/roman-abramovich-wants-to-get-rid-of-chelsea-so-he-offered-to-sell-it-says-swiss-billionaire-hansjorg-wyss-458199">Roman Abramovich wants to get rid of Chelsea so he offered to sell it, says Swiss billionaire Hansjorg Wyss</a>

Ratcliffe, chairman of chemical company INEOS, currently owns French club OGC Nice and the INEOS Grenadiers cycling team, has been linked with Chelsea in the past.

"Right now his focus is on OGC Nice which made it to the final of the French Cup to be played in Paris at the beginning of May," said the spokesperson.

Abramovich's decision to put Chelsea up for sale offers a rare chance to purchase a top Premier League club but soccer industry experts suggest it may not be a straightforward sale.

Forbes magazine valued Chelsea at $3.2 billion and ranked them the seventh most valuable club in the world but below English rivals Manchester United, Liverpool and Manchester City.

ALSO READ:&nbsp;<a href="https://www.wionews.com/sports/asian-champions-league-saudi-arabia-set-to-host-group-matches-458506">Asian Champions League: Saudi Arabia set to host group matches</a>

In December, Chelsea announced losses of £145.6 million. They made a profit of £39.5 million the previous year after losses of £102 million in the 2019-20 season.

Chelsea's most recent accounts said they are “reliant on Fordstam Limited for its continued financial support”.

Fordstam is the entity through which Abramovich owns Chelsea and through which he has loaned the club £1.5 billion.

In his statement on Wednesday, the Russian said: "The sale of the Club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid".

But the sale may not be a straightforward matter says Rob Wilson, football finance expert at Sheffield Hallam University.

ALSO READ:&nbsp;<a href="https://www.wionews.com/sports/everton-suspends-all-commercial-sponsorships-with-russian-companies-with-immediate-effect-458227">Everton suspends all commercial sponsorships with Russian companies with immediate effect</a>

"The complexity of the ownership of the club, the soft loans provided by the current owners, ongoing losses and commitments to player contracts mean that any sale of Chelsea is unlikely to be plain sailing," he told Reuters.

"The write off, or not, of the £1.5bn in loans to Abramovich is the biggest point of contention. Will that really be written off? Converted to equity or bought as part of the acquisition. All questions that need to be answered," he said.

There has been increasing interest in the Premier League from American investors with both Manchester United and Liverpool owned by U.S backers but one U.S based soccer investment source said simply "It depends on the price".

On Wednesday, Swiss business tycoon Hansjoerg Wyss said he was one of three people who had been approached by Abramovich to buy the club.

"Abramovich is currently trying to sell all his villas in England. He also wants to get rid of Chelsea quickly now. I, along with three other people, received an offer on Tuesday to buy Chelsea from Abramovich," Wyss told Swiss newspaper Blick.

ALSO READ:&nbsp;<a href="https://www.wionews.com/sports/lokomotiv-moscow-coach-markus-gisdol-steps-down-in-protest-against-russian-invasion-457866">Lokomotiv Moscow coach Markus Gisdol steps down in protest against Russian invasion</a>

Wyss said he would not consider purchasing Chelsea alone.

"If I buy Chelsea, it will be with a consortium of six or seven investors," he said.

Reports have suggested that American Todd Boehly, co-owner of the LA Dodgers baseball team, could be part of such a consortium.

Boehly, is founder and CEO of Eldridge Industries and was reported to have made an attempt to buy Chelsea in 2019.

Eldridge did not immediately respond to a request for comment.

British billionaire Jim Ratcliffe, linked with a possible purchase of Chelsea Football Club, is not interested in buying the team from Russian owner Roman Abramovich, a spokesman for his company INEOS told Reuters on Thursday.

British billionaire Jim Ratcliffe, linked with a possible purchase of Chelsea Football Club, is not interested in buying the team from Russian owner Roman Abramovich, a spokesman for his company INEOS told Reuters on Thursday. British media reports had said that Ratcliffe was considering a bid for Chelsea but the spokesman told Reuters: "There is no substance to the stories." Abramovich said on Wednesday he would sell Chelsea Football Club, 19 years after buying the Premier League team, amid calls in Britain for sanctions against him following Russia's invasion of Ukraine. ALSO READ: Roman Abramovich wants to get rid of Chelsea so he offered to sell it, says Swiss billionaire Hansjorg Wyss Ratcliffe, chairman of chemical company INEOS, currently owns French club OGC Nice and the INEOS Grenadiers cycling team, has been linked with Chelsea in the past. "Right now his focus is on OGC Nice which made it to the final of the French Cup to be played in Paris at the beginning of May," said the spokesperson. Abramovich's decision to put Chelsea up for sale offers a rare chance to purchase a top Premier League club but soccer industry experts suggest it may not be a straightforward sale. Forbes magazine valued Chelsea at $3.2 billion and ranked them the seventh most valuable club in the world but below English rivals Manchester United, Liverpool and Manchester City. ALSO READ: Asian Champions League: Saudi Arabia set to host group matches In December, Chelsea announced losses of £145.6 million. They made a profit of £39.5 million the previous year after losses of £102 million in the 2019-20 season. Chelsea's most recent accounts said they are “reliant on Fordstam Limited for its continued financial support”. Fordstam is the entity through which Abramovich owns Chelsea and through which he has loaned the club £1.5 billion. In his statement on Wednesday, the Russian said: "The sale of the Club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid". But the sale may not be a straightforward matter says Rob Wilson, football finance expert at Sheffield Hallam University. ALSO READ: Everton suspends all commercial sponsorships with Russian companies with immediate effect "The complexity of the ownership of the club, the soft loans provided by the current owners, ongoing losses and commitments to player contracts mean that any sale of Chelsea is unlikely to be plain sailing," he told Reuters. "The write off, or not, of the £1.5bn in loans to Abramovich is the biggest point of contention. Will that really be written off? Converted to equity or bought as part of the acquisition. All questions that need to be answered," he said. There has been increasing interest in the Premier League from American investors with both Manchester United and Liverpool owned by U.S backers but one U.S based soccer investment source said simply "It depends on the price". On Wednesday, Swiss business tycoon Hansjoerg Wyss said he was one of three people who had been approached by Abramovich to buy the club. "Abramovich is currently trying to sell all his villas in England. He also wants to get rid of Chelsea quickly now. I, along with three other people, received an offer on Tuesday to buy Chelsea from Abramovich," Wyss told Swiss newspaper Blick. ALSO READ: Lokomotiv Moscow coach Markus Gisdol steps down in protest against Russian invasion Wyss said he would not consider purchasing Chelsea alone. "If I buy Chelsea, it will be with a consortium of six or seven investors," he said. Reports have suggested that American Todd Boehly, co-owner of the LA Dodgers baseball team, could be part of such a consortium. Boehly, is founder and CEO of Eldridge Industries and was reported to have made an attempt to buy Chelsea in 2019. Eldridge did not immediately respond to a request for comment.

British billionaire Jim Ratcliffe not interested in bidding for Chelsea, says spokesman

LG has decided to walk away from its smartphone business. It's the end of an era. Many features that we take for granted in our smartphones were actually pioneered by LG.

They rolled out the first capacitive touch screen. They introduced us to slow motion video recording, but with a dwindling market share and mounting losses, they had no option but to shut shop.

Wacky displays, ultra-wide cameras, gesture controls, LG did it all.

And they did it, way ahead of their rivals.

Apple can't stop bragging about its stainless-steel frames. For LG, that's old news because they did it in 2015.&nbsp;

When Sony and Apple were toggling their screen brightness in 2014, LG unveiled quad high definition, four times standard HD, etc. LG had managed to conjure magic into its screens.

Everyone wanted to own one. By 2013, it was the world's third largest smartphone maker.

But then, things went south. The market was becoming more competitive. Apple and Samsung were making durable phones. Devices suited to our multi-tasking lives. LG just couldn't keep up. Its phones struggled with hardware and software issues. Users grew tired of staring at the buffering bezel. They abandoned LG. In the last 6 years, losses mounted.

LG bled around 4.5 billion dollars in this period. They were shipping 28 million phones compared to Samsung's 256 million. It was time to call it a day. LG first tried to sell its smartphone business. No luck, nobody wanted to bet on a sinking ship. So instead, they shut shop. Leaving behind an industry, it helped build. But we haven't heard the last of LG. Not by a long shot. They still own a thriving consumer appliances business. They are the second best-selling TV brand in the world.

The company plans to focus more on robotics and artificial intelligence. It's a bold new era for the Korean giant but LG's fall is a commentary on our times. The markets change every fortnight. Consumer taste depends on the next advertisement they watch. Market domination isn't absolute anymore. It's a game of musical chairs.

The smartphone industry is known to be a giant slayer. Companies that were perceived to be too big to fall have been shunned to the market fringes. Remember Nokia and Motorola?

Pioneers reduced to paupers. Loyal customers are an overrated concept. More than loyal today's customer are wily. They swapped out Yahoo for Gmail and Orkut for Facebook.

In the 90s and 2000s, blockbuster video ruled the video rental space, games, movies. They had it all.

In 2010, blockbuster filed for bankruptcy. They'd missed the digital bus. In 2000, blockbuster turned down an offer from what was back then a little-known business, Netflix.

Then there was polaroid, pioneers of instant photography. They basked in their initial success while DSLRs scooped away their customers.

The airline industry is another giant slayer. Big guns like Pan Am and Concorde revolutionised flying but they soon fell into ruin.

Remember the first rule of business. The customer is always right. Today, their message is clearer than ever. Innovate or die. LG's bag of neat tricks couldn't hide their slow processors in this highly competitive world. The only constant is change.

LG has decided to walk away from its smartphone business. It's the end of an era. Many features that we take for granted in our smartphones were actually pioneered by LG.

LG has decided to walk away from its smartphone business. It's the end of an era. Many features that we take for granted in our smartphones were actually pioneered by LG. They rolled out the first capacitive touch screen. They introduced us to slow motion video recording, but with a dwindling market share and mounting losses, they had no option but to shut shop. Wacky displays, ultra-wide cameras, gesture controls, LG did it all. And they did it, way ahead of their rivals. Apple can't stop bragging about its stainless-steel frames. For LG, that's old news because they did it in 2015. When Sony and Apple were toggling their screen brightness in 2014, LG unveiled quad high definition, four times standard HD, etc. LG had managed to conjure magic into its screens. Everyone wanted to own one. By 2013, it was the world's third largest smartphone maker. But then, things went south. The market was becoming more competitive. Apple and Samsung were making durable phones. Devices suited to our multi-tasking lives. LG just couldn't keep up. Its phones struggled with hardware and software issues. Users grew tired of staring at the buffering bezel. They abandoned LG. In the last 6 years, losses mounted. LG bled around 4.5 billion dollars in this period. They were shipping 28 million phones compared to Samsung's 256 million. It was time to call it a day. LG first tried to sell its smartphone business. No luck, nobody wanted to bet on a sinking ship. So instead, they shut shop. Leaving behind an industry, it helped build. But we haven't heard the last of LG. Not by a long shot. They still own a thriving consumer appliances business. They are the second best-selling TV brand in the world. The company plans to focus more on robotics and artificial intelligence. It's a bold new era for the Korean giant but LG's fall is a commentary on our times. The markets change every fortnight. Consumer taste depends on the next advertisement they watch. Market domination isn't absolute anymore. It's a game of musical chairs. The smartphone industry is known to be a giant slayer. Companies that were perceived to be too big to fall have been shunned to the market fringes. Remember Nokia and Motorola? Pioneers reduced to paupers. Loyal customers are an overrated concept. More than loyal today's customer are wily. They swapped out Yahoo for Gmail and Orkut for Facebook. In the 90s and 2000s, blockbuster video ruled the video rental space, games, movies. They had it all. In 2010, blockbuster filed for bankruptcy. They'd missed the digital bus. In 2000, blockbuster turned down an offer from what was back then a little-known business, Netflix. Then there was polaroid, pioneers of instant photography. They basked in their initial success while DSLRs scooped away their customers. The airline industry is another giant slayer. Big guns like Pan Am and Concorde revolutionised flying but they soon fell into ruin. Remember the first rule of business. The customer is always right. Today, their message is clearer than ever. Innovate or die. LG's bag of neat tricks couldn't hide their slow processors in this highly competitive world. The only constant is change.

Bidding goodbye to nostalgic LG smartphones 

A report on Friday said that a scandal-hit Bellagraph Nova Group in Singapore is still seeking to buy Newcastle United. Also read: Honda to withdraw from Formula One at end of 2021 season The firm, founded by two Singaporean entrepreneurs and a Chinese business partner, announced in August it was in "advanced talks" to buy the English Premier League team.

A report on Friday said that a scandal-hit Bellagraph Nova Group in Singapore is still seeking to buy Newcastle United. Also read: Honda to withdraw from Formula One at end of 2021 season The firm, founded by two Singaporean entrepreneurs and a Chinese business partner, announced in August it was in "advanced talks" to buy the English Premier League team. Despite, a police probe and accusations it doctored photos to falsely show its founders meeting with Barack Obama. Singapore police are also investigating a company which is linked to the Singaporean co-founders, cousins Terence and Nelson Loh after an accounting firm lodged a report over unauthorised signatures on the group's financial statements. The firm's Chinese co-founder Evangeline Shen nonetheless told the BBC the firm was still pushing ahead with its bid, reported to be worth $280 million ($360 million). "We are always in contact and we are still very aggressive on trying to close the deal," she said, adding the company's team recently met a representative of Newcastle's owner. "We started real planning for the club such as whom to hire as trainer and whom to sign for players," she added. Shen did not respond to queries sent to her by AFP. (Inputs from AFP)

Scandal-hit firm in Singapore says still bidding for Newcastle: Reports

As the coronavirus continues to unleash its wrath over the world with more than 1700 dead and 71,000 infected, China is trying something unconventional to counter the spread.

As reported by CNN, the country intends to ''deep clean'' infected cash, which could indeed be a valid carrier of the virus. Additionally, most of the infected cash will be destroyed.

The People's Bank of China announced the measure on Saturday, with the aim to contain the virus, which recently received an official name - Covid-19, pegged by the WHO.

Also read: <a href="https://www.wionews.com/world/latest-99-more-coronavirus-cases-confirmed-in-diamond-princess-japanese-cruise-281124">99 more confirmed with coronavirus on Japanese cruise; total cases jump to 454</a>

Many people believed that receiving packages hailing from China could spread the virus further. But as per the directions of the WHO, the virus only survives for a few hours on surfaces.

The health bodies in deeply infected regions are cleaning elevator buttons, door handles, and other surfaces that may be more often touched by people.

There is where cash currency comes into play, for it is exchanged among people multiple times a day.

As per the guidelines, all banks have to disinfect their cash with ultraviolet light combined with high temperatures. This is followed by storing the cash for 14 days before it is released to the customers, as announced by a press release by the central Chinese government.

<img alt="ppppp" data-entity-type="file" data-entity-uuid="9da0d954-9669-461b-bdeb-5bbc95c2835e" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%281%29_1.jpg" />

The government has identified high-risk infection areas, especially hospitals, schools, and markets (with focus on wet markets). Currency emanating from any of these places will be treated, and then returned to the Chinese Central Bank before being put into circulation again.

However, in the Guangzhou branch of the Central Bank, these notes may be completely destroyed, a local tabloid Global Times reported.

Also read: <a href="https://www.wionews.com/world/japan-records-slowest-economy-in-over-five-years-as-coronavirus-halts-trade-with-its-biggest-partner-china-281107">Japan records slowest economy in over five years as coronavirus halts trade with its biggest partner, China</a>

This does not imply that the cash will not be recirculated. According to the statement, the bank intends to issue fresh currency to make up for the recall.

Additionally, in Wuhan, the epicentre of the coronavirus outbreak, over 4 billion yuan worth of new bank notes are being circulated.

Another route to limit the infection from spreading includes suspending cash transactions, especially in the hardest-hit provinces.

As the coronavirus continues to unleash its wrath over the world with more than 1700 dead and 71,000 infected, China is trying something unconventional to counter the spread.

As the coronavirus continues to unleash its wrath over the world with more than 1700 dead and 71,000 infected, China is trying something unconventional to counter the spread. As reported by CNN, the country intends to ''deep clean'' infected cash, which could indeed be a valid carrier of the virus. Additionally, most of the infected cash will be destroyed. The People's Bank of China announced the measure on Saturday, with the aim to contain the virus, which recently received an official name - Covid-19, pegged by the WHO. Also read: 99 more confirmed with coronavirus on Japanese cruise; total cases jump to 454 Many people believed that receiving packages hailing from China could spread the virus further. But as per the directions of the WHO, the virus only survives for a few hours on surfaces. The health bodies in deeply infected regions are cleaning elevator buttons, door handles, and other surfaces that may be more often touched by people. There is where cash currency comes into play, for it is exchanged among people multiple times a day. As per the guidelines, all banks have to disinfect their cash with ultraviolet light combined with high temperatures. This is followed by storing the cash for 14 days before it is released to the customers, as announced by a press release by the central Chinese government. The government has identified high-risk infection areas, especially hospitals, schools, and markets (with focus on wet markets). Currency emanating from any of these places will be treated, and then returned to the Chinese Central Bank before being put into circulation again. However, in the Guangzhou branch of the Central Bank, these notes may be completely destroyed, a local tabloid Global Times reported. Also read: Japan records slowest economy in over five years as coronavirus halts trade with its biggest partner, China This does not imply that the cash will not be recirculated. According to the statement, the bank intends to issue fresh currency to make up for the recall. Additionally, in Wuhan, the epicentre of the coronavirus outbreak, over 4 billion yuan worth of new bank notes are being circulated. Another route to limit the infection from spreading includes suspending cash transactions, especially in the hardest-hit provinces.

China intends to destroy 'infected currency' in a bid to contain coronavirus

German football legend Franz Beckenbauer will be probed by Swiss prosecutors for alleged corruption during the bidding process to host the 2006 World Cup.&nbsp; 
 
The World Cup winner is suspected of money laundering and breach of trust, according to German news website Spiegel Online.&nbsp; 
 
But the&nbsp;Office of the Attorney General of Switzerland (OAG) did not confirm whether they would investigate him for suspected money laundering.&nbsp; 
 
An OAG spokeswoman said more details will be divulged later in the day.&nbsp; 
 
Beckenbauer has maintained his innocence, although he admitted in 2015 that he made a mistake during the bidding process. But he said he didn&#39;t buy votes to help Germany host the 2006 World Cup. 
 
The 70-year-old was heading the organising committee responsible for Germany hosting the 2006 World Cup. 
 
In October 2016,&nbsp;Spiegel Online had alleged that German Football Association (DFB) had created a slush fund of 6.7 million Euros to buy votes during the bidding process. 
 
He is only one of two people in history to lift football World Cup as a player and a manager.&nbsp; 
 
(WION with inputs from agencies)

A German news website had recently accused the football legend of money laundering during the country's bid to host the 2006 edition

German football legend Franz Beckenbauer will be probed by Swiss prosecutors for alleged corruption during the bidding process to host the 2006 World Cup. The World Cup winner is suspected of money laundering and breach of trust, according to German news website Spiegel Online. But the Office of the Attorney General of Switzerland (OAG) did not confirm whether they would investigate him for suspected money laundering. An OAG spokeswoman said more details will be divulged later in the day. Beckenbauer has maintained his innocence, although he admitted in 2015 that he made a mistake during the bidding process. But he said he didn't buy votes to help Germany host the 2006 World Cup. The 70-year-old was heading the organising committee responsible for Germany hosting the 2006 World Cup. In October 2016, Spiegel Online had alleged that German Football Association (DFB) had created a slush fund of 6.7 million Euros to buy votes during the bidding process. He is only one of two people in history to lift football World Cup as a player and a manager. (WION with inputs from agencies)

Beckenbauer to be probed for 2006 World Cup bid 'graft'

bidding

Bidding, News on Bidding, stories on Bidding, articles on Bidding, Bidding stories at Wion, Bidding news, Bidding latest news