Big Blue has agreed to pay GlobalFoundries $1.5 billion to take its money-losing chip manufacturing unit off its hands, sources told Bloomberg. IBM will receive $200 million in assets to defray the cost slightly, and will receive crucial processors from GlobalFoundries under a new 10-year agreement.
4 hours ago
“Outside forces” were blamed for Hong Kong protests.
A consortium of investors from Hong Kong and Abu Dhabi will offer $2.2 billion to buy the athletic goods maker from Adidas (paywall), which acquired the company eight years ago for €3 billion ($3.8 billion), sources told the Wall Street Journal. Jynwel Capital and its partners will argue that Reebok would fare better as an independent company, echoing a wave of recent divestitures and split-ups in the tech industry.
5 hours ago
Shinzo Abe loses a key minister to scandal.
Yuko Obuchi, a trade and industry minister appointed as part of the prime minister’s drive to include more women in government, resigned over allegations of misused funds. The loss of Obuchi comes as Abe’s approval rating has slipped to 48.1%: for most of last year he enjoyed an approval rate around 60%, much higher than his predecessors.
4 hours ago
Joko Widodo was sworn in as Indonesia’s president.
The BBC reports that Pope Francis’s proposals to promote greater acceptance within the Catholic church of people who are gay or divorced failed to win a two-thirds majority at a Vatican synod. The pope had called the special council last fall to discuss matters involving the composition of families.
October 18, 2014
Chart of the Moment
Adjusted for inflation, most US families are no wealthier than they were in 1986.
October 17, 2014
Snapchat finally has a business model.
The company behind the self-destructing-messages app notified US users that they soon will start to see advertising in the “recent updates” section of the app. “It’s going to feel a little weird at first,” Snapchat warned in a blog post explaining why the company has finally surrendered to commercial interests.