Groupon grabs more revenue but fails to post its first profit February 8, 2012 ONLINE discount website Groupon posted a $42.7m (£27m) net loss for its fourth quarter – despite almost tripling revenue to $506.5m – in its first ever earnings report as a public company. However, the loss attributable to shareholders, which Groupon put down to particularly high tax rates in certain countries, decreased 89 per cent on last [...]
Facebook deal sends Bango stock sky high February 8, 2012 SHARES in British mobile payments business Bango rocketed yesterday as the company did a deal with Facebook, despite both parties refusing to disclose the terms of the agreement. Bango said in a statement it will “provide payments services to Facebook”. This follows last week’s confirmation – after a rise in share price around the time [...]
Cisco trumps estimates and increases guidance February 8, 2012 NETWORK equipment maker Cisco Systems last night promised further revenue growth after its second quarter results beat estimates thanks to a restructuring, leading to a dividend increase. The company, a sector bellwether because of its global scale and diverse client base, forecast five to seven per cent growth in fiscal third quarter revenue. That translates [...]
Lenovo results beat forecasts February 8, 2012 LENOVO Group, the world’s second-biggest PC maker, this morning posted a 54 per cent rise in third-quarter net profit, beating expectations. But growth at Hong Kong-listed Lenovo slowed for a third straight quarter on weak global PC demand and a shortage of components. The firm, which last year edged out Dell to rank behind market [...]
Greek bailout held up by politicians’ refusal to accept plans to cut the cost of pensions February 8, 2012 GREEK Prime Minister Lucas Papademos said last night that one final area of disagreement “requires further elaboration and discussion with the troika”, as talks over a new bailout package dragged on. The troika – the European Union, European Central Bank and International Monetary Fund – requires Greece to implement reforms and austerity measures to ensure [...]
BA and Japan Airlines agree revenue share February 8, 2012 BRITISH Airways and Japan Airlines have agreed a revenue-sharing deal for flights between Europe and Japan, potentially giving their oneworld alliance more competitive muscle. The joint venture would lead to more choice of flights and could lead to more routes, BA’s parent International Airlines Group (IAG) said yesterday. “Despite the difficulties the Japanese aviation market [...]
News Corp results rocket despite hacking expenses February 8, 2012 NEWS Corp forked out $104m (£65.8m) in the second half of 2012 due to phone-hacking investigations, of which 15 per cent was paid out to victims with the remainder related to lawyer and adviser fees. The Murdoch-controlled company grew revenues two per cent to $8.98bn in the second fiscal quarter, with profits up 65 per [...]
General Motors considers UK factory closure February 8, 2012 GENERAL Motors is preparing for a clash with unions following reports that the carmaker is planning to shut down manufacturing plants in the UK and Germany. The firm is set to report a quarterly loss of more than $300m (£189m) at its troubled Opel unit next week. The division – branded as Vauxhall in the [...]
US makes a tax deal with banks February 8, 2012 THE US Treasury Department yesterday enlisted five EU nations to help crack down on offshore tax evasion by Americans and ease the burdens the effort has imposed on many banks and financial institutions. The new law, entitled FACTA, gives banks in the UK, France, Germany, Italy and Spain simpler data disclosure agreements starting in 2013, [...]
Harry Potter conjures up profits for Time Warner February 8, 2012 TIME Warner rounded off a better-than-expected year on the back of its growing cable networks and the lucrative final Harry Potter film. The New York-based media and entertainment company reported fourth quarter profits of $772m (£488m), up slightly on last year’s $766m, from a five per cent rise in quarterly revenue to $8.2bn. This contributed [...]
