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RIM shares head downward, in talks with India and security
MONTREAL — Shares in Research In Motion fell Monday as the BlackBerry maker remained in talks with authorities in India over the level of access it will provide the country's government to services on the smartphone.
RIM shares were at $53.15, down $2.44 or almost 4.5 per cent in afternoon trading on the Toronto Stock Exchange. They have lost about 10 per cent of their value over the past month after several governments expressed concern about access to traffic across RIM's smartphones.
There were reports the BlackBerry maker had promised provide Indian security agencies with partial access to its instant messaging service, but the company has not made any official statement on the negotiations.
In addition to India, Saudi Arabia and the United Arab Emirates have threatened to shut down some BlackBerry services, while Lebanon and Indonesia have said they're considering similar moves but have no firm plans. Their concerns centre around national security, since traffic over BlackBerry's instant message service is extremely difficult to intercept and monitor.
Research In Motion (TSX:RIM) could not be reached for comment on Monday. But the Waterloo, Ont., company has said it would not compromise security on the device.
RIM is trying to expand its growth internationally as the North American market becomes more crowded.
IDC Canada says smartphone use in the Middle East and Africa is expected to grow 62 per cent this year on a year-over-year basis.
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