World Bulletin / News Desk
Nokia Chief Executive Stephen Elop promised to unveil a new smartphone using Microsoft's latest Windows 8 software soon, raising the prospect it will be launched in early September before rival Apple promotes its new iPhone.
The Finnish company, which is fighting for survival after losing out to rivals in the lucrative smartphone business, is due to hold a trade show in Helsinki on September 5-6, just before an Apple event on September 12 where the U.S. competitor could announce a redesigned iPhone.
Nokia, the world's second-largest cellphone maker, has not commented on what it will announce at the Nokia World event, but business magazines have said it will unveil the new Windows 8 smartphones.
Elop, in Oslo for a meeting with Telenor Chief Executive Jon Fredrik Baksaas, did not deny a September launch but would only say Windows 8 smartphones would be released "relatively near term."
Nokia shares, which have been trading near all-time lows, rose sharply after Elop's comments and traded up 7.5 percent at 0924 GMT.
Elop, who was brought in from Microsoft in September 2010 to lead the company's battle against increasingly dominant Apple and Samsung, said he was sticking to his strategy of using Microsoft software despite the limited success of Windows Phones so far.
Nokia decided in early 2011 to ditch its home-grown Symbian software for a deal with Microsoft, aiming to catch up with Apple and Google in smartphones.
"I don't think about rewinding the clock and thinking about competing elsewhere," he told reporters.
"In today's war ... (between) Android, Apple and Windows, we are very clear, we are fighting that with the Windows phone."
Nokia lost 1.53 billion euros in the second quarter and sold just 4 million Windows phones in the period, well short of Apple's sales of 26 million iPhones and Samsung's 50 million smartphones.
Ecuador, Egypt, Pakistan, Venezuela, Belize, Cuba, Cyprus, Greece, Jamaica and Ukraine are all on the verge of a default, according to Moody's ratings.
A World Trade Organisation pact to ease worldwide customs rules collapsed late on Thursday over India's demands for concessions on agricultural stockpiling.
India's new nationalist government has insisted that a permanent agreement on its subsidised food stockpiling must be in place at the same time as the trade facilitation deal
Chemicals firm LyondellBasell has emerged as the mystery American buyer of Kurdish crude oil this year, but said it will not be buying any more
Some EU member states remain nervous about the impact on their own fragile economies. The sanctions deal was agreed only after initial proposals were narrowed.
Bankers in Singapore say Russians looking for a new Cyprus have come to the wrong place.
The default could get much messier and take longer to clear up if creditors force an "acceleration" for early payment on their bonds.
The ban came a day after the European Union and United States imposed their first sanctions aimed at hitting broad sectors of the Russian economy
Russia called new U.S. sanctions "destructive and short-sighted"
While the default will obviously hurt the economy, it will not be as severe as in 2001, economists say
The Czechs, who supported the action, have been against sweeping sanctions, worried about trade relations with Russia
The trade program has been criticized for disproportionately benefiting certain industries and a handful of countries, including Nigeria, South Africa and Angola.
The United Kalavrvta tanker, carrying some 1 million barrels of crude worth about $100 million, arrived off the coast of Texas on Saturday but has yet to unload its disputed cargo.
The uncertainty comes at a bad time for the 18 countries in the euro zone, whose economy is already in the doldrums.
"Kalashnikov regrets that consumers are faced with such a problem," said spokeswoman Yekaterina Boni.
Cairo and Khartoum had earlier accepted a proposal by Addis Ababa to hold the talks in Sudan in the third week of August.