Philips to sell major stake for $2.8bn

THE HAGUE: Dutch electronics giant Philips on Tuesday said it was selling a majority stake in its LED and car lighting arm to a consortium led by China and US-based GO Scale Capital investment fund in a deal worth $2.8 bn.

The deal is part of Philips’ broader streamlining move which will eventually see the 120-year-old company transform into a specialist healthcare-lifestyle manufacturer.—AFP

Facebook moves into new headquarters

SAN FRANCISCO: Facebook moved into its new Frank Gehry-designed headquarters in Silicon Valley, with a rooftop park and “the largest open floor plan in the world”.

Facebook co-founder Mark Zuckerberg insisted, however, that the building is “pretty simple and isn’t fancy.”

“That’s on purpose,” Zuckerberg said on his Facebook timeline. “We want our space to feel like a work in progress. When you enter our buildings, we want you to feel how much left there is to be done in our mission to connect the world.”

Published in Dawn, April 1st, 2015

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