Fairfax to buy BlackBerry for $4.7bn

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Struggling smartphone company BlackBerry has agreed to sell itself for $4.7bn to a group led by largest shareholder, Fairfax Financial Holdings Ltd. Blackberry recently announced a near $1bn loss and the lay-off of 4,500 workers. A letter of intent has been signed and BlackBerry shareholders will receive $9 in cash for each share.

(Source: AssociatedPress YouTube channel)

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Cover Story 9

Ravi to riches
Dr Ravi Pillai launched his first business at the age of 14, trading in coconuts so he could afford school books. Three decades later, his RP Group brings in revenue of $4bn and employs 80,000 staff, helping make him one of the world’s richest Indians. But in his first personal interview to date, he explains why a happy workforce and a good reputation are far more important than money. He also talks of the launch of his latest venture — RP Global — a real estate company that will build luxury projects in Dubai this year.

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