Important Note From Virtual University

Published On:  Tuesday, January 29, 2013
·         It is strictly prohibited to give cash to any person or Private Virtual Campus (PVC) for depositing any kind of University dues / fees. In such a case, the student will be solely responsible for any loss. All University dues / fees are collected through authorized banks only. 
·         All PVCs are also strictly prohibited to take cash from any University student(s) for any purpose whatsoever. The University dues / fees are only collected through authorized banks.



Total Marks
Starting Date
Monday, January 28, 2013
Closing Date
Wednesday, January 30, 2013
Capital Structure

Learning objective
The purpose of this GDB is to learn the implications of capital restructuring under Modigliani & Miller (M&M) proposition.

Learning Outcomes
After attempting the GDB, students will be able to analyze the impact of restructuring on weighted average cost of capital under different circumstances.  

Suppose you are a financial analyst of ABC Company which was 100% equity financed with net worth of Rs. 10 million and Weighted Average Cost of Capital of 22%. 
Management of the company has decided to change its capital structure by adding Rs. 4 million in debt at 14% cost of debt. Net income and cost of equity were Rs. 2,040,000 and 16.4% respectively after this restructuring. Moreover, Tax rate is 30%.

A.       Keeping in view the Modigliani & Miller (M&M) theorem, you are required to calculate:
                             i.      WACC of levered firm by ignoring tax.
                              ii.      WACC of levered firm by considering tax.

B.       On the basis of above calculation you are required to prove that M&M proposition are applied or not. Justify your answer with logical reasoning.


Solution IDEA :

A calculation of a firm's cost of capital in which each category of capital is proportionately weighted. All capital sources - common stock, preferred stock, bonds and any other long-term debt - are included in a WACC calculation. All else equal, the WACC of a firm increases as the beta and rate of return on equity increases, as an increase in WACC notes a decrease in valuation and a higher risk.

The WACC equation is the cost of each capital component multiplied by its proportional weight and then summing:

WACC = (E/V)*Re + (D/V)*Rd * (1-Tc)

Re = cost of equity
Rd = cost of debt
E = market value of the firm's equity
D = market value of the firm's debt
V = E + D
E/V = percentage of financing that is equity
D/V = percentage of financing that is debt
Tc = corporate tax rate

Businesses often discount cash flows at WACC to determine the Net Present Value (NPV) of a project, using the formula:

NPV = Present Value (PV) of the Cash Flows discounted at WACC.


Broadly speaking, a company's assets are financed by either debt or equity. WACC is the average of the costs of these sources of financing, each of which is weighted by its respective use in the given situation. By taking a weighted average, we can see how much interest the company has to pay for every dollar it finances.

A firm's WACC is the overall required return on the firm as a whole and, as such, it is often used internally by company directors to determine the economic feasibility of expansionary opportunities and mergers. It is the appropriate discount rate to use for cash flows with risk that is similar to that of the overall firm.

WACC = RD (1- Tc )*( D / V )+ RE *( E / V )

rD = The required return of the firm's Debt financing
This should reflect the CURRENT MARKET rates the firm pays for debt. calculates the cost of debt as the firm's total interest payments diveded by the firm's average debt over the last year.

(1-Tc) = The Tax adjustment for interest expense
Interest paid on debt reduces Net Income, and therefore reduces tax payments for the firm. This value of this 'interest tax shield' depends on the firm's tax rate. We calculate the tax rate as the firm's total Taxes divided by pre-Tax income for the last 3 years.

(D/V) = (Debt/Total Value)

rE= the firm's cost of equity
The firm's cost of equity is best (or, at least, most easily) calculated using the CAPM (Capital Asset Pricing Model).
Cost of Equity rE = rf + β(rM - rf) where...
rf = the 'Risk Free' rate of return
β = the firm's 'Beta'; the correlation between the firm's returns and the market
rM = the historical "Market" return
(E/V) = (Equity/Total Value)

(E/V) = (Equity/Total Value)
The % of the firm's value that is comprised of Equity. This is based on the firm's intra-day market cap (stock price x shares outstanding).


If you read the chapter on Weighted Average Cost of Capital (WACC), you know that the best capital structure for a corporation is when the WACC is minimized. This is partly derived from two famous Nobel prize winners, Franco Modigliani and Merton Miller who developed the M&M Propositions I and II.

M&M Proposition I

M&M Proposition I states that the value of a firm does NOT depend on its capital structure. For example, think of 2 firms that have the same business operations, and same kind of assets. Thus, the left side of their Balance Sheets look exactly the same. The only thing different between the 2 firms is the right side of the balance sheet, i.e the liabilities and how they finance their business activities.


M&M Proposition II

M&M Proposition II states that the value of the firm depends on three things:

1) Required rate of return on the firm's assets (Ra)
2) Cost of debt of the firm (Rd)
3) Debt/Equity ratio of the firm (D/E)

If you recall the tutorial on Weighted Average Cost of Capital (WACC), the formula for WACC is: WACC = [Rd x D/V x (1-5)] + [Re x E/V]

The WACC formula can be manipulated and written in another form:Ra = (E/V) x Re + (D/V) x Rd

The above formula can also be rewritten as:Re = Ra + (Ra - Rd) x (D/E)

This formula #3 is what M&M Proposition II is all about.


VU Faisalabad Campus wins 3rd position in Intervarsity Drama Competition

Published On:  Monday, January 28, 2013

Students of VU, Faisalabad campus, won the 3rd position in 1st intervarsity drama competition and one of the students Ms. Mehreen Afzal stood second in “the best actress” award. In addition to formal studies, Virtual University students are also flourishing in extra-curricular activities; Virtual University congratulates the winning team and especially Ms. Mehreen Afzal on her achievement.


LG Unveils its New Flagship, the Optimus G Pro

lg optimus g pro official ntt docomo LG Unveils its New Flagship, the Optimus G Pro
LG has just unveiled its response to its competitors namely the new Xperia Z, iPhone 5 and Samsung GSIII in the new Optimus G Pro. The new flagship follows the new trends of the market by offering features like a Full HD display and a powerful hardware.
Running on Android 4.1 Jelly Bean, the big screen phone, LG Optimus G pro features 5 inches 1920×1080 IPS LCD display with Zero Gap Touch tech.
Apparently, this device is approximately 1.5mm thicker and substantially bigger than the original Optimus G .
LG Optimus G pro seems to measure 139x70x10 mm, weighing 160 grams and is likely to come in two colors of black and white.
Inside LG Optimus G pro, there is a faster 1.7GHz quad-core Snapdragon S4 Pro with 2GB of RAM and 32GB of storage with a microSD card slot expandable to 64 GB.
On board, there’s a 13.2-megapixel shooter with BSI sensor and LED Flash for better low-light imaging and a 2.4 MP front-facing camera
On connectivity front, LG Optimus G pro is equipped for LTE service that would offer download speeds up to 100Mbps, 3G, Wi-Fi 802.11 b/g/n, Bluetooth, GPS and NFC.
LG is promising strong battery capacity of 3000mAh for this flagship as compared to the LG Optimus G.
Further, Optimus G Pro is packing a few new software enhancements along with Jelly Bean. Small widget like apps LG is calling “Slide Apps” that can be summoned atop other apps like shortly announced Xperia Z.
So far, there is no information on price and international availability for this device but it has been expected that it will make full appearance at Mobile World Congress next month
Here are showdown of LG Optimus G pro specifications:
  • Android 4.1 Jelly Bean
  • 5 inch Full HD, True IPS display
  • Multi-touch, capacitive touchscreen
  • Weight: 160g
  • Thickness: 10mm
  • 1.7 Ghz quad-core processor running on Qualcomm Snapdragon S4 chipset
  • 2GB RAM with 32GB expandable storage
  • Adreno 320 GPU
  • 13mp rear-facing camera with LED Flash and Full HD video recording
  • 2.4mp front facing HD camera
  • Wifi, Wifi Hotspot, Bluetooth 4.0, microUSB 2.0, GPS
  • NFC, mobile wallet
  • Non-removable 3000 mAh battery
  • Available in Indigo Black and Platinum White colors
No international availability and pricing details are out yet but you should expect to see LG Optimus G pro in MWC this february. We’ll get further details then and also the answer to the question whether this phone can compete with the current and future Android flagships or not. Reaching conclusion, until then will be useless.
  LG Optimus G pro Gallery:


Microsoft’s Surface Pro Tablet Coming on Feb 9th for $899

Microsoft Surface Pro 1 thumb Microsofts Surface Pro Tablet Coming on Feb 9th for $899
Microsoft’s much awaited Surface Pro tablet is finally being released and that too with a price tag which may prove a bit too much for most people, $899. The tablet will be released on February 9.
The Specifications:
Microsoft and its specs promise that this tablet is almost a full-fledged Windows 8 PC especially when you add a touch or type cover to make up for the lack of keyboard.
The tablet features a 10.6 inch ClearType Full HD, 10-point touchscreen with 16:9 aspect ratio. The processor is an Intel Core i5 unit. The RAM amounts upto 4GB and the internal memory is 64 GB for the starting model and 128 GB for the more-expensive one along with Intel HD 4000 Graphics.
There are also 2 HD 1.2mp cameras on the front and back for this tablet. The Surface Pro is powered by a 42 W-h battery and runs Microsoft’s Windows 8 Pro operating system.
All this package comes in a special magnesium casing dubbed by the guys at Redmond as VaporMag. The body is 13mm thick and weighs 2 pounds.
Stylus input is supported here unlike the Surface RT and it actually comes along with the Surface Pro as a bundled accessory. Dual-antennae Wifi, USB 3.0 and MicroSDXC card slot are here too. Just like the Surface RT, the Surface Pro also has a kickstand built into the tablet.
Compared to the competition (and Surface RT), this tablet is more than just a tablet. Unlike the Surface RT, this thing can run Windows legacy software and thanks to a beefy hardware, can do graphic intense work.
One thing that the Surface Pro is the disk drive which some ultrabooks of the same category and price offer. Surface Pro faces an even stiffer competition from them. And unlike them all, you’ll have to buy a separate type or touch cover keyboard for this tablet. The base model costs $899 while the 128GB flavour costs $999. The price will go even up considering the fact that the touch and type cover retails for more than $100.
This is expensive especially when you take into notice the bitter truth that some ultrabooks of the same price range come with Intel Core i7 processor and bigger displays.
So if you DO plan on buying a Surface Pro tablet, you’ll surely have to make some compromises.
Here are few pics of Microsoft Surface Pro

Samsung Galaxy Note 2 – A Gigantic Beast [Review]

Samsung Galaxy Note 2 Samsung Galaxy Note 2   A Gigantic Beast [Review]
Samsung Galaxy Note 2, The Big brother of Samsung Galaxy S3 arrived in Pakistan in October last year and is available in two colors: Titanium Grey & Marble White at a price of PKR 66,000.
Our friends at Samsung got little late in sharing this review unit with us, but its never too late, so let’s get straight to the business:
[Un-boxing & Hands-on video is available at the end of review]
1 Samsung Galaxy Note 2   A Gigantic Beast [Review]
Samsung Galaxy Note 2 looks very similar to the popular Samsung Galaxy S3, but It’s Big – Really Big. It has an enormous 5.5 inch screen. Overall it is around 6 inches tall and 3.2 inches wide. Good news is that this phone is thin (about 0.37 inches) and not too heavy (around 183 grams).
2 Samsung Galaxy Note 2   A Gigantic Beast [Review]
The body is mostly made of glossy plastic – even the bezel is made of plastic with metal coating over it. The back of the phone is a finger print magnet. No doubt the plastic is very durable but a little touch of metal would have given a premium feel.
Above the screen there is a front-facing camera, along with there are light and proximity sensors in addition to ear speaker. Below the screen is a physical Home button with two touch-sensitive buttons for Menu and Back.
The Power/Lock button is on the right and volume rocker is on the left. The top houses the 3.5mm headset jack, the bottom has mic, Micro-USB port and the S Pen slot.
3 Samsung Galaxy Note 2   A Gigantic Beast [Review]
On the back, there is the primary Camera with LED flash. Beneath the back cover you have Battery slot, microSD card slot, which can hold up to 64GB in external memory and Micro-SIM card slot. The back cover is embedded with NFC.
4 Samsung Galaxy Note 2   A Gigantic Beast [Review]
Despite being this big Galaxy Note 2 provides a very comfortable hold. You can easily hold it with one hand while using other hand for operating phone. But if you have small hands then you might have to face some issues.
Galaxy Note 2 can fit easily in your jeans or even in the dress pant pocket but it looks terrible. A Jacket pocket would be fine though and same goes with ladies handbags.
5 Samsung Galaxy Note 2   A Gigantic Beast [Review]
Galaxy Note 2 is one of the most powerful devices in the world. Packed with Exynos 4412 chip-set, it has a speedy 1.6GHz quad-core Cortex processor and 2GB of RAM.
5.5 inch Super AMOLED display with 720p resolution and 267 ppi, Galaxy Note 2 provides stunning color contrast for movies and pictures.
The S Pen stylus is powered by Wacom’s digitizer technology which gives a very accurate writing experience.
Operating System:
Galaxy Note 2 is packed with Android Jelly bean 4.1.1 with the familiar TouchWiz interface on top, which offers great customization for lock screen, gallery and settings.
On booting up you get 7 screen with the option of selecting easy mode interface that provides widgets for frequently used apps and contacts. You can customize them all.
screen Samsung Galaxy Note 2   A Gigantic Beast [Review]
The buttons below the screen have secondary functions too, press and hold the menu touch sensitive button to get the new Google Search app with Google Voice Actions and Google Now.
Press and hold the Physical Home button to pull up your list of most recent apps. You can kill an app or go to task manager from here too. Double pressing the home button takes you to the Samsung voice assistant, S Voice which is not good as Apple’s Siri but still it is fun.
weather Samsung Galaxy Note 2   A Gigantic Beast [Review]
Pressing and holding the back button pops up a sidebar which offers split-screen multitasking. Using this feature will enable you to  simultaneously open two apps on the same screen – You remember Note 2 has an enormous screen so let’s put it to some use, Navigating on the Maps and texting to your friends on same screen will sounds great, no?
This feature works in both landscape and portrait mode but the number of apps which support this feature are very limited.
hardees Samsung Galaxy Note 2   A Gigantic Beast [Review]
Galaxy Note 2 has a variety of Motion features, like smart rotation and smart stay, which use the front camera to detect your face and keep the screen on and orientation according to your eyes as long as you are looking towards it. The pop ups will appear to guide you about the motion and other settings while using the phone.
Galaxy Note 2 has a Blocking mode similar to iPhone that lets you block calls, notifications, alarms and LED notification light, either all day or between certain hours. The block mode has an ‘Allowed contacts’ so only those people can call or text you.
 S Pen Stylus:
spen Samsung Galaxy Note 2   A Gigantic Beast [Review]We told you that the main attraction of Galaxy Note 2 is the gigantic screen, but S Pen makes the deal even more attractive. The Stylus is very comfortable to hold with Wacom’s digitizer technology 1,024 levels of pen-pressure sensitivity, which means you can press lightly or hard for different results.
The Pen has a physical button by pressing which you can perform different tasks.
When you take out the S Pen, a page pops up that allows you to perform various S Pen related tasks, also the Notification panel shows apps that can be used with S Pen.
Writing with S Pen is very accurate. The phone comes with a dedicated app for writing notes, which is  called S Note, but you can bring a pop up note anywhere, while calling or texting or even watching a video – Just press the S Pen physical button and double tap the screen.
You can also digitally sign the Photos and add custom signatures to Email.
S Pen comes with Air View, a technology with which you don’t need to touch the screen instead you just hover the S Pen over photos and videos and a small thumbnail preview would pop up. You can also view frames of video by hovering just like you do with YouTube.
You can also scroll up and down, and from side to side. The Air View also gives you tool tips when you hover over them.
You can also take screen-shots using S Pen or take clippings, just press the S Pen and draw a closed shape around the area you want to copy.
The image can be sent to the clipboard, sent as an email, MMS, or can be saved in the S Note application. To make sure you don’t leave the S Pen, there is a detachment indicator which beeps when you walk without the S Pen (This feature normally doesn’t work as intended).
pen Samsung Galaxy Note 2   A Gigantic Beast [Review]
Camera & Video:
The Galaxy Note is packed with two Cameras – The Primary 8 MP camera is on the back powered with a LED flash light and 1.9 MP front facing camera. Sadly there is no dedicated key for Camera, but still you can take good photos if you hold the phone in two hands when shooting.
camera Samsung Galaxy Note 2   A Gigantic Beast [Review]
The Camera is powered by BSI (back side illuminated) technology which allows better quality shots in dimly-lit locations and the flash light is also very powerful. The pictures come out very sharp both outdoor and indoor and the SuperAMOLED screen makes them look even better. The Camera automatically focus itself but you can always tap on a specific object to focus it. Sadly the shutter speed is not the ideal and you might end up with blurry images if the subject is constantly moving.
There are lots of Camera settings and modes to play with, you can also take snapshots by voice, just say “Cheese” or “Capture” and it will take the shot (This feature mostly didn’t work for me). The front facing 1.9 MP also does the job well but a no match for the primary camera.
Video quality of Note 2 is also very good. You can record videos in 1920 x 1080 (HD) resolution to 320 x 240. The mic performs also very well. There are lots of effects and filters to play with. You can also record videos in slow-motion and fast-motion. We didn’t face any issue while recording videos of constantly moving objects. The camera focus worked well too.
Another interesting feature about video is that like any good camcorder you can also take still photos while recording the video. The volume rocker buttons can be used to zoom in or out.
The 3,100mAh battery of Galaxy Note 2 does the job very well. I have tested it by playing an online 3d multiplayer game, which uses Screen, Processor & GPU, Wi-Fi and Speakers. Note 2 battery provided 10 hours of continuous game play.
Remember this phone has a huge screen and a quad core processor which consumes more battery than any other device. There is also a power saving mode available which turns off the haptic feedback and lowers the brightness etc. You can also customize the settings and turn off the motion features to increase the battery time.
Final Words:
final Samsung Galaxy Note 2   A Gigantic Beast [Review]
Packed with a speedy 1.6 GHz quad-core Exynos 4 processor, Galaxy Note 2 performance is very impressive and the jelly bean experience makes it even faster and to sweeten the deal there is the S Pen with so many features.
The big size of the phone creates some problems but after a while you would get used to it. Note 2 offers great experience for playing games, watching videos and browsing the internet. It is not a Tablet replacement but a better smartphone.
So if you are looking for a new phone and your budget is flexible – Samsung Galaxy Note 2 is the best choice.

HTC Unveils Desire U; Inexpensive Android Handset

clip image001 HTC Unveils Desire U; Inexpensive Android Handset
A lot of rumours have been heard lately saying that HTC is pulling itself out from the Android starting range but those have finally been denied as the Taiwanese company has just an
nounced a new budget phone for the market, The HTC Desire U.
To keep the pricing down, HTC has opted for Android 4.0 Ice Cream Sandwich instead of Android Jelly Bean. Also instead of a dual-core processor, this phone runs on a single-core 1GHz processor.
In terms of design, the Desire U fits in nicely . On front, this new device features a 4.0-inch with 800 x 480 resolution display.
HTC packs 5 megapixel camera on the back with WVGA video recording, Beats Audio with the battery capacity of 1,650mAh.
As far as connectivity goes, the Desire U offers Bluetooth 4.0, and W-Fi, and it’s compatible with HSPA, WCDMA, and GSM networks.
Here are showdown of its specifications:
  • 1GHz processor
  • Android 4.0.x- ICS with HTC Sense UI
  • 512MB of RAM
  • 4GB of internal storage
  • MicroSD card support up to 32GB
  • Dimensions: 118.5 × 62.3 × 9.32 mm
  • Weight: 119.0 grams
  • 4-inch, 800×480 (WVGA) capacitive touch
    • 5MP, Auto focus rear camera with LED Flash
    • 3.5 mm stereo headphone jack
    • Micro-USB 2.0 port
    • Wi-Fi (b/g/n) and Bluetooth 4.0
    • Beat Audio
    • 1650 mAh lithium-ion battery
    The pricing and availability details aren’t given yet but it should cost around 20K here in Pakistan.

    Samsung Announces Shock, Dust and Water Proof Galaxy Xcover 2

    clip image0011 Samsung Announces Shock, Dust and Water Proof Galaxy Xcover 2
    Samsung has just unveiled the widely rumoured Galaxy Xcover 2 — only one month before Mobile World Congress 2013 trade fair.
    Samsung has improved all the specs of its predecessor (Xcover S5690), from a bigger screen to a more powerful processor.
    Weighing 149 grams, The Galaxy Xcover 2 boasts a 4” WVGA TFT screen measuring 130.5 x 67.7 x 12 mm that is quite bigger than its predecessor. Following the Xcover S5690, the new Galaxy Xcover 2 is a rugged smartphone that is shock and dustproof, in addition to being IP67 certified; consequently, it’s waterproof and can function in up to three feet of water while being able to stay there for half an hour due to a battery cover lock that provides additional protection against dropping.
    A dedicated camera key, meanwhile, has made it possible for underwater photography.
    On hardware front, it has dual-core 1GHz processor, 1GB of RAM and 4 GB of built-in memory along with a micro SD card which can be expanded up to 32 GB. It runs Android 4.1 Jelly Bean with Samsung’s TouchWiz customizations and Samsung Hub, including the latest apps and services such as Readers Hub, Video hub, Game Hub and Music Hub.
    In this new device, Samsung has given 5MP main camera with LED flash which can shoot 720p video and there’s a dedicated shutter key including a front-facing VGA camera.
    Connectivity options for this includes 3G with 14.4Mbps HSDPA and 5.76Mbps HSUPA, Wi-Fi b/g/n, Bluetooth 4.0 and GPS + GLONASS along with 1700 mAh battery capacity which offers a stand-by time of up to 570 hours.
    Here are technical specifications for this device:
    • Operating system: Android 4.1 (Jelly Bean)
    • Processor: 1 GHz dual-core processor
    • Display: 100.8mm 4.0 inch WVGA(480 x 800) TFT
    • Dimension: 130.5 x 67.7 x 12 mm, 148.5 g
    • Memory: 4GB User memory and 1GB (RAM) microSD (up to 32GB)
    • Network: HSPA 14.4/5.76    900/2100 and EDGE/GPRS 850/900/1800/1900
    • Video: H.264, MPEG‐4, H.263, VC‐1, Divx/Xvid, Sorenson Spark, WMV7, WMV8 and Recording/ Playback of 720p
    • Audio: MP3, Music Player with SoundAlive and 3.5mm Ear Jack
    • Camera: 5-megapixel auto focus camera with LED flash with VGA camera along with Direct camera key
    • Ruggedized Features: IP67 Certified, Battery cover lock and Strap holder.
    • GPS: A-GPS, Glonass
    • Connectivity: Bluetooth v 4.0, USB 2.0, Wi-Fi 802.11 b/g/n, Wi-Fi Direct
    • Sensor: Accelerometer, Digital Compass, Proximity
    • Battery: Standard battery, Li-ion 1,700mAh
    • Miscellaneous:: Samsung Apps , Samsung Kies /Samsung Kies Air, Samsung TouchWiz, Samsung ChatOn mobile communication service Samsung Hub , Game Hub ,Readers Hub / Music Hub / Video Hub, Samsung AllShare Play, Motion UI, Smart Stay, Best Shot, S Voice, S Cloud, Cardio Trainer Pro.
    Pricing and availability for this device is not unveiled yet, and it is likely that Samsung will reveal more information during MWC late next month. The estimated price for this new device is said to be about 35,000 to 40,000 PKR.


    808 Pureview Turns Out to be The Last Symbian Phone from Nokia

    Symbian Dies thumb 808 Pureview Turns Out to be The Last Symbian Phone from Nokia
    This is a bad news for the Symbian fans among us. After decades of working with the OS — which lead the mobile phone race by distance — Nokia has finally announced that it’s ditching Symbian for Windows Phone OS.
    s to say, the decision was expected given the success of Lumia and Asha series of phones.
    Although the decision, I think, came quicker than it should’ve as the company still sold 2.2 million of Symbian devices in the last quarter, Nokia has finally decided to call it a day on the OS.
    Compared to those 2.2M phones, 4.4 million phones of the lumia series were sold and an even more astonishing 9.3 million phones of the Asha series. The devices which contributed to those 2.2 million phones were unarguably the Nokia 808 Pureview and the N8.
    Nokia 808 PureView White back and front thumb Nokia 808 Pureview with 41 MegaPixel Camera, and 5 Other Nokia Phones Unveiled at MWC12
    The Nokia 808 PureView, a device which showcases our imaging capabilities and which came to market in mid-2012, was the last Symbian device from Nokia.
    The last Symbian d
    evice, the 808 Pureview boasted the best camera among all its competitors with a 41 megapixel sensor with Carl Zeiss lens and Pureview camera technology, not to mention the special ‘looseless zoom’ feature. Most of this technology was built by Nokia themselves in house.
    This cuts the race down to 2 OS in the Nokia team and the smartphone race to 1. With no Symbian phones left, Nokia can now fully concentrate on the phones which sell the most. In case you don’t know, a Windows Phone with a better Pureview camera is expected to be released this year.
    The Lumia 920, Nokia’s current flagship also boasts a Pureview camera but doesn’t yields quite nearly as good results.
    So this is the end of Symbian. So long old fella. We hope you rest in peace. Long Live Lumia.