stors either willing or able to put the money forward.
Dutch electronics giant Philips is to sell off its home entertainment business MBT shoes clearance, including hi-fis and DVD players, to Japan's Funai Electric.DVDFunai will pay 150m euros ($200m) and a regular brand licensing fee to take on the product lines longchamp sale.The company wants to focus on its healthcare, light bulbs and home appliances businesses as part of its Accelerate! restructuring plan.Philips also reported a 355m-euro loss for the last three months of 2012.The loss was in line with expectations and was largely due to a 509m-euro fine imposed on the company last year by the European Commission for participating in a cartel to fix prices in the television business.Philips announced last year that it was transferring its loss-making television unit to a new joint venture arrangement with Hong Kong's TPV.Its latest divestments will not happen immediately - its audio business will pass to Funai in the latter half of this year, while the transfer of its video business will not take place until 2017.The Dutch firm's underlying profitability in the last quarter - net of the fine and various restructuring costs - improved to 875m euros supra shoes on sale, beating the expectations of most market analysts.However, chief executive Frans van Houten said he expected sales to remain subdued in the first half of this year, because of the challenging market in the US and Europe, which account for well over half of Philips' revenues.
Two former chiefs of Afghanistan's Kabul Bank have been sentenced to five years in jail for the multi-million dollar fraud that almost led to its collapse in 2010.2010Founder and former chairman Sherkhan Farnood and ex-CEO Khalilullah Ferozi were tried in a special court.Revelations of massive corruption led to a run on the bank in 2010.Foreign donors bailed it out fearing its failure could lead to the collapse of Afghanistan's fragile economy.The country's future aid contributions could have been jeopardised if no action had been taken against those responsible for the fraud, Related articles:

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