UK in talks to sell part of RBS stake to Abu Dhabi (By BBC)

See: http://www.bbc.co.uk/news/business-17514390

The UK government is in talks to sell a significant stake in the Royal Bank of Scotland (RBS) to Abu Dhabi, the BBC has learned.

The government, which controls 82% of RBS, has for months been negotiating with Abu Dhabi sovereign wealth funds.

It could sell up to a third of its stake to Abu Dhabi, one of the seven states of the United Arab Emirates.

This is likely to to be a loss-making sale, as RBS shares trade at much less than the UK government paid in 2008.

Corporate News (17 Feb 2012) - from the Edge

1. Shell Refining posts losses of RM99m in 4Q, RM125m in FY11
   KUALA LUMPUR (Feb 17): Shell Refining Company (Federation of Malaysia) Bhd posted losses of RM99.49 million in the fourth quarter ended Dec 31, 2011 and RM125.74 million in losses for FY11, impacted by weak refining margins.
2. Sarawak Cable scraps transmission lines plan in state
   KUALA LUMPUR (Feb 17): Sarawak Cable Bhd has scrapped the plan to work with Sinohydro Corporation (M) Sdn Bhd and KEC International Ltd to develop transmission lines in Sarawak.
3. KEuro to buy 15.8 pct of West Coast Expressway, raise stake to 80 pct
   KUALA LUMPUR (Feb 17): Kumpulan Europlus Bhd has proposed to raise its stake in West Coast Expressway Sdn Bhd (WCESB) to 80 pct a move to strengthen its control of WCESB after it secured the RM7.07 billion west coast highway concession.
4. Perisai sees 5.87 pct stake crossed off-market
   KUALA LUMPUR (Feb 17): Perisai Petroleum Bhd saw 50 million shares crossed in several off-market deals at an average price of 88 sen on Friday. The 50 million shares represented a 5.87 pct stake.
5. Gas Malaysia listing delayed to 2Q
   KUALA LUMPUR (Feb 17): The listing of Gas Malaysia Bhd on Bursa Malaysia Securities has been delayed again and the listing is now expected to be in the second quarter of 2012.

Apple posts record $13.06bn quarterly profits, up 118% (By BBC)

See: http://www.bbc.co.uk/news/business-16712089: Apple reported record-breaking net profits for the three months to 31 December 2011 of $13.06bn (£8.36bn), up 118% from the same period in 2010.

The company also sold 37 million iPhones, more than twice as many as it sold in the last quarter of 2010.

"Apple's momentum is incredibly strong, and we have some amazing new products in the pipeline," said chief executive Tim Cook.

The firm is expected to release its iPad 3 in March this year.

"We are very happy to have generated over $17.5bn in cash flow from operations during the December quarter," said Peter Oppenheimer, Apple's CFO.

"Looking ahead to the second fiscal quarter of 2012, we expect revenue of about $32.5bn and we expect diluted earnings per share of about $8.50."

At $400 billion, Apple is worth more than Greece (By CNN Money)

(CNNMoney) -- Apple's value on the stock market briefly rose to $400 billion on Thursday, a record high for what was already the world's most valuable technology company.

The company's market cap slipped below the $400 billion mark by midday as Apple's stock fell back from the all-time high of $431.37 it set earlier in the morning. Shares ended the day slightly down, leaving Apple with a $398 billion market value.

Still, that puts Apple in some pretty exclusive territory. Only Exxon Mobil has a higher valuation, at about $420 billion. PetroChina is Apple's closest competitor, at $270 billion, and Microsoft follows at $235 billion.

Apple's market cap is higher than the gross domestic product of Greece, Austria, Argentina, or South Africa.

Eastman Kodak files for bankruptcy protection (by BBC News)

(See http://www.bbc.co.uk/news/business-16625725): Eastman Kodak, the company that invented the hand-held camera, has filed for bankruptcy protection.

The move gives the company time to reorganise itself without facing its creditors, and Kodak said that it would mean business as normal for customers.

The company has recently moved away from cameras to focus on making printers, to try to stem its losses.

The 133-year-old firm has struggled to keep up with competitors who were quicker to adapt to the digital era.

"Kodak made all its money from selling film, then the digital camera came along and now no-one's buying film. It's not like they didn't see it coming. Kodak hesitated because they didn't want to eviscerate their business," said Rupert Goodwins, editor of technology website ZDNet.

Announcing the move to seek bankruptcy protection, Antonio Perez, Kodak's chairman and chief executive, said: "The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak."