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Man Group PLC reports that net profit for the six months ended September 30 dropped 56% to $109 million. Despite an improvement in investment performance, the hedge-fund company continues to struggle to raise new funds from investors.

After its acquisition of GLG Partners this month, hedge-fund firm Man Group PLC announced it will cut 200 positions over the next six months. Man's managed funds have dropped to $39 billion from $79.5 billion before the global economic crisis.

United Kingdom police officers arrested 19 individuals as part of a worldwide computer crime network which has allegedly stolen $9.5 mil (6 mil euros) from British bank accounts, including Royal Bank of Scotland PLC and HSBC Holdings PLC. The police suspect the network of having infected bank customer computers with a virus allowing them to capture log-in details, then using the log-ins to transfer funds into the crime network's accounts.

Hedge-fund firm Man Group PLC's pretax profit fell 27% to $541 million for the year ended March 31. Man, whose managed assets have dropped to $39 billion from $79.5 billion before the global recession, offered to pay $1.6 billion to buy GLG Partners Inc.

After failing to negotiate a settlement, the UK's Serious Fraud Office will bring charges of corruption against defense contractor BAE Systems PLC. The government alleges BAE paid bribes to obtain public contracts in Eastern Europe and Africa.

EBay Inc. has agreed to sell a 65% stake in its Internet-phone business, Skype, to a group of private investors led by private-equity firm Silver Lake Partners for $1.9 billion in cash and a $125-million note. Ebay will retain 35% of Skype. The transaction values Skype at $2.75 billion.

Hedge-fund manager Man Group PLC says that cash withdrawals have slowed in the present quarter signaling the stabilization of the investment sector. Assets under management at the end of June fell to $43.3 billion, down from $46.8 billion at the end of March. In the quarter ended June 30, institutional investors withdrew $3.6 billion while sales to private investors rose to $3.4 billion.

Publicly-traded hedge-fund Man Group PLC reports an 86% drop in net profit to $503 million, and a 23% drop in revenue to $2.49 billion for the fiscal year ended March 31. Assets under management fell to $44 billion at the end of May from $74.6 billion in March 2008. The company expects further withdrawals of $2 billion by July.

In an effort to restructure its debt, asset-management firm GLG Partners L.P. will issue $214 million in convertible notes. The capital will be used to pay down $285 million in loans the company acquired in 2007. GLG's net assets at the end of March totaled $14 billion.

Telecom operator Vodafone Group PLC will acquire a 70% controlling stake in Ghana Telecom Co. from the government for $900 million. The government of Ghana will retain a minority control of 30%. Article discusses Ghana's wireless telephony market, and Vodafone's planned expansion of its operations.

Wireless telephone company Nokia Corp. announces it has offered to buy the 52% it doesn't already own of cell phone software developer Symbian Ltd. in a deal estimated at $409.8 million. Article discusses strategic partnerships between wireless telephone manufacturers and service providers under newly-created industrial association Symbian Foundation.

Verizon Wireless has agreed to purchase wireless carrier Alltel Corp. for $28.1 billion which includes $22.2 billion in assumed debt. The deal will make Verizon the largest cellphone carrier in the U.S. by number of subscribers.

UK hedge fund management firm Peloton Partners L.L.P., founded by former Goldman Sachs Group Inc. partners Geoffrey Grant and Ron Beller in 2005, has had to shut down one fund and close the other to redemptions by investors due to significant losses resulting from the mortgage investment crisis.

UK hedge fund Richmond Capital Partners L.L.P. dropped more than 50% during January 2008; in December 2007 it had $524 mil in assets. The hedge fund, launched by trader Luca Bechis, follows what is known as a long-short strategy.

The UK government will maintain tax breaks for offshore trust income after a negative response by the public, investors, and tax advisers to proposals to tighten those tax breaks. However, the government announced it will go ahead with a plan to establish a flat tax for non-domiciles of about $58,500 per year after they have resided for seven years in the UK.

Full-year earnings for UK-based hedge fund GLG Partners Inc. totaled $24.6 bil, with $6.1 bil added during 2007. Investors shifted $30.5 bil assets to GLG during the fourth quarter.

A deal between Finland's Nokia Corp. and Universal Music France will allow Nokia to provide unlimited downloads of music for one year on mobile phones that are bundled with the services platform Ovi Web. The deal enables Nokia to compete more strongly with Apple Inc.'s iPhone.

Fiscal half-year net profit for Vodafone Group PLC rose to $6.76 bil, due in part to emerging markets growth and rising mobile Internet usage. Revenue for the UK cell phone service operator increased by 9%.

UK investment firm Apax Partners Worldwide L.L.P. and US investment bank The Blackstone Group are negotiating the purchase of a stake in Weather Investments S.p.A., a telecommunications holding company. Naguib Sawiris, an Egyptian billionaire, controls Weather Investments. The deal value is estimated at $1.7 bil.

Finland telecommunications equipment maker Nokia Corp. has bought US-based Navteq Corp. in a deal valued at $8.1 bil. Navteq manufactures navigation software, which Nokia will sell to others.

Finland's Nokia Corp. is buying US cellphone advertiser Enpocket to advance its presence in the software and services sectors. The deal's financial figures were not disclosed. Enpocket will enable Nokia to implement its mobile advertising initiative via cellphone ad formats that include text messages, video spots, and banners.

The $17.6 bil merger between Canadian financial publishing firm Thomson Corp. and UK news service Reuters Group PLC is expected to create an entity that can dominate rival Bloomberg LP in the sector, as the merger provides a larger suite of services that can directly compete with Bloomberg. The Thomson-Reuters deal also distributes cost-sharing for new or developing services across a wider customer base.

UK wireless services provider Vodafone Group PLC and South African telecommunications firm Telkom Societe Anonyme Ltd. are discussing the possible sale of Telkom's 50% stake in Vodacom Group Ltd. Vodafone has already increased its stake in Vodacom from 15% to 50% last year.

Second-quarter net profit for Nokia Corp. rose to 2.83 bil euro, with sales rising 28% to 12.59 bil euro. Annual costs savings are planned for its joint venture with German electronics firm Siemens AG, as it underperformed against heavy competition in the sector.

US-based media sharing web site Twango Inc. has been bought by Finnish cellular telephone manufacturer Nokia Corp. for a deal valued at under $96.8 mil. The deal enables Nokia to tap new revenue sources available in the Internet services market.

UK cell phone maker Vodafone Group PLC has been targeted by US-based proxy advisory firm Glass, Lewis and Co. that supports Vodafone's shareholders' views on how Vodafone should manage its stake in US telecommunications company Verizon Communications Inc. Vodafone's investors want the stake placed in a tracking stock or new holding cmpany that allows them to monitor its value.

Wind Telecomunicazioni S.p.A. and 3 Italia have agreed to sell the two firms' combined towers units, a deal that could garner 2 bil euro, or $2.72 bil. German firm Deutsche Telekom AG also plans to sell its tower-broadcasting business unit T-Systems, which could bring about 1 bil euro. All three companies have cited cost reductions as a primary reason for the sales.

Finnish telecommunications firm Nokia Corp. will undergo a restructuring effective January 1, 2008, that will switch the company's focus from cellular telephones to services such as Internet browsing, mapping, and music downloading. The reorganization will divide Nokia into three units: software and services, mobile devices, and marketing and supply chain management.

Finnish telecommunications firm Nokia Corp. will undergo a restructuring effective January 1, 2008, that will switch the company's focus from cellular telephones to services such as Internet browsing, mapping, and music downloading. The reorganization will divide Nokia into three units: software and services, mobile devices, and marketing and supply chain management.

ECS Assets PPC has called for a reorganization of Vodafone Group PLC. The small shareholders' group, headed by two former bankers, indicates that investors do not need to possess large stakes in order to become activists.

South Korean manufacturer LG Electronics Inc. has introduced a new, fashionable metallic cell phone. In order to gain market share, cell phone manufacturers are becoming increasingly competitive in terms of technology and design.

Vodafone Group PLC of the United Kingdom and Hutchison Essar Ltd. of India are intializing their partnership agreement. The cell phone operators seem to have ironed out management control issues and are proceeding with the merger. Vodafone Group PLC has purchased an $11.1 billion controlling stake in Hutchison Essar Ltd.

Qatar Telecom is acquiring a 51% stake in Kuwait's National Mobile Telecommunications for $3.7 billion. In contrast to the West, telecommunications companies in the Middle East are expanding rapidly.

Nokia Corp. is introducing cell phones with GPS receivers, which it plans to sell for higher prices than its regular phones. GPS enabled phones are well established in Japan, but are not yet well used in countries like the United States.

Vodafone Group PLC of the United Kingdom is to acquire Hutchison Essar Ltd. of India for $11.1 billion. The cell phone operator acquisition values Hutchison Essar Ltd. at $18.8 billion. The mobile phone market in India is prime for market growth as only approximately 15 percent of the population use cell phones with 6 million new subscribers signing up every month.

Following a new trend of acquisitions o utside their home countries, f oreign investors from places like India and the Middle East are looking to acquire European telecommunications companies.

Sony Ericsson has introduced four less expensive cellular telelphones in an attempt to capture market share. The phones are aimed at the developing Indian, Chinese, and Latin American markets. The company also plans to expand its retail stores in Asia-Pacific.

Nokia Corp. of Finland posted a 19 percent increase in fourth quarter net income to 1.27 billion Euros ($1.65 billion) from 1.07 billion Euros last year. The cell phone market is maturing and prices for handsets are falling increasing competition in the marketplace.

Nokia Corp. of Finland is introducing the new N76 model slim cell phone as it improves its handset designs and takes on its rival Motorola Inc. of the United States. The high end phone is to be introduced at the International Consumer Electronics Show, Las Vegas, Nevada trade show by the Chief Executive Officer Olli-Pekka Kallasvuo.

Vodafone Group PLC and Reliance Communications Ltd. are both poised to bid to acquire Hutchison Essar Ltd., India's fourth-largest cellular service provider. If Reliance acquires Hutchison Essar, it will be the top cellular service provider in India. India's cell phone subscriber base is growing rapidly, due to a strong economy.

Nokia Corp. of Finland, is moving into adjacent markets and has reduced its operating-margin target to 15 percent from 17 percent in December 2006. The cell phone manufacturer is exploring new synergies as the market for mobile phones becomes saturated.

Australian investment firm Babcock & Brown Capital Ltd., which acquired Irish telephone company Eircom PLC in August 2006, is attempting to restructure the company in a new way. Eircom's cable and phone line networks would be separated from the operations that sell services, potentially leading to an increase of billions of dollars of revenue across Europe.

Vodafone Group PLC is introducing its own brand of cell phone, which will cost 30% less than a similar phone from a major manufacturer. It is hoped that consumers will grow attached to the brand, and be more reluctant to switch to another service provider.

Vittorio Colao a former executive of Vodafone Group PLC of the United Kingdom has been appointed the European division chief executive. Mr. Colao also becomes the deputy chief executive and is being considered to succeed Chief Executive Arun Sarin. The mobile phone company European division is the largest of three divisions.

Newly appointed Chief Executive Officer Olli-Pekka Kallavuo, Nokia Corp. of Finland is planning to commute to the United States for one week of every month to oversee United States operations. The United States cell phone market has been troubled and the company is hoping for a turnaround. Mr. Kallavuo succeeded Jorma Ollila in June 2006.

Chief Executive Arun Sarin, Vodafone Group PLC of the United Kingdom has been reappointed in a shareholder vote despite recurring criticism. The cellular telephone services giant shareprice is down 26 percent to $21.21 on the New York Stock Exchange.

Vodafone's new chairman, Sir John Bond, faces the challenge of leading the world's largest cell phone service provider in a saturated marketplace. Experts predict he will inject new life with an innovative business strategy.

Vodafone Group PLC of the United Kingdom has discovered that its cell phone network had been infilitrated by wiretapping software that targeted the cell phones of Greek officials. The scandal is currently being investigated. The officials included the prime minister, cabinet officials and senior defense personnel and police.

Siemens AG of Germany on the heels of a merger with Nokia Corp. of Finland is in negotiations to divest its enterprise unit which supplies telecommunications equipment. The unit has approximately 3.5 billion Euros ($4.4 billion) in annual sales.

Vodafone Group PLC of the United Kingdom is planning to become an internet service provider and to slow international consolidations. The global cellphone provider is also planning a onetime dividend payout of 9 billion Pounds ($16.73 billion).