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(MENAFN – Kuwait News Agency (KUNA)) In grim economic news, the latest World Bank report released Wednesday slashed its growth forecast for the year to 5.4 percent for developing countries and 1.4 …

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World Bank lowers global economic growth forecast

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GBP/JPY: This market could be in the process of establishing a major base following the September break to record lows. However, the latest round of setbacks will need to hold above 119.00 (key …

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GBP/JPY Classical Technical Report 01.09

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Gold settles above USD 1,600 per ounce last week

December 26, 2011

(MENAFN – Kuwait News Agency (KUNA)) The price of gold kept above USD 1,600 per ounce last week but failed to cross the USD 1,641 mark, said the latest specialized report by Al-Zummorroda Jewellery …

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Fewer Americans filed Jobless Claims Over the Past Month

July 1, 2011

The number of Americans claiming unemployment benefits in the last month continued to drop despite a rise in new claims in the latest week according to Bloomberg

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Canada Post Strike Begins

June 3, 2011
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High Energy Prices Cause Sharp Decline In Manufacturing

June 1, 2011

WASHINGTON (AP) — U.S. manufacturing activity expanded in May at the slowest pace in 20 months, the latest sign that a sharp rise in energy prices is hampering economic growth. The Institute for Supply Management, a trade group of purchasing executives, said Wednesday that its index of manufacturing activity fell to 53.5 percent in May from 60.4 in April. While that marked the 22nd straight month of growth, the slowdown was the biggest since 1984. Any reading above 50 indicates growth. Separately, the Commerce Department said builders began work on more home-remodeling projects to boost construction spending for the second straight month. But the 0.4 percent increase in April barely lifted spending above its lowest level in more than a decade. The seasonally adjusted annual rate of $765 billion is just 0.5 percent higher than an 11-year low hit in February. Analysts predicted it could be another four years before overall construction spending returns to a more healthy level of around $1.5 trillion annually. The weak data offered the latest evidence that the economy is hitting a second “soft patch” nearly two years after the recession officially ended. Stocks plunged after the reports were released. The Dow Jones industrial average fell more than 150 points in midday trading. The manufacturing index had topped 60 for the first four months of the year. Manufacturers had increased production to meet overseas demand for computers and other long-lasting equipment. Although manufacturers in most industries reported growth in May, all said they felt squeezed by the rising costs of fuel, chemicals, metals and other inputs. High prices for oil and other commodities have also dampened consumer spending, which has led to less demand for factory goods. Cliff Waldman, economist with the Manufacturers Alliance/MAPI, a trade group, called the sharp decline “worrisome.” “Elevated commodity prices, slowing global growth, and an increasingly questionable outlook for the U.S. economy are creating headwinds for the factory sector, which thus far has been the one strong element in an otherwise sluggish U.S. economic rebound,” Waldman said. Manufacturing has been one of the strongest sectors of the economy. It has grown in all but one month since the recession ended, according to the trade group index. Still, manufacturing represents only about 11 percent of U.S. economic activity. Spending by consumers, by comparison, accounts for 70 percent of economic activity. For consumers to spend more, the job market must continue to improve. The ISM’s employment index fell to 58.2 from 62.7, indicating that manufacturers are still adding jobs, though at a slower pace. The government’s full report on jobs in May will be released Friday. The consensus forecast is that the economy added 190,000 jobs last month. But the weak data – including a report from payroll processor ADP that said private employers added only 38,000 jobs in May – prompted some economists to lower their expectations. U.S. manufacturers are not alone in seeing less demand. Earlier Wednesday, separate reports in China showed that that country’s manufacturers saw sluggish growth in orders in May. Widespread power shortages and inflation-fighting measures dampened demand. The China Federation of Logistics and Purchasing said its purchasing managers index fell to 52 from 52.9 in April. The index has shown expansion for 26 straight months. And a survey by London-based bank HSBC hit a 10-month low, as manufacturers added workers despite relatively slower output and new orders in May. The ISM survey showed a sharp decrease in demand for manufactured goods both in the U.S. and abroad. Indexes for new orders, production and order backlogs showed the steepest declines. New orders and order backlogs were at 51.0 and 50.5, respectively, suggesting that they are barely growing. Three industries contracted: printing; furniture; and food, beverage and tobacco. All three are closely linked to spending by consumers. And an index of manufacturers’ inventories swung from growth to contraction. That suggests manufacturers are replenishing their stockpiles at slower paces after selling off excess goods that they produced during periods of stronger demand. The ISM survey also found that the overall economy grew for the 24th straight month. The ISM, a trade group of purchasing executives based in Tempe, Ariz., compiles its manufacturing index by surveying about 300 purchasing executives across the country. WATCH a segment on U.S. economic growth.

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Global housing markets take a turn for the worse

May 27, 2011

We present the latest Global Property Guide survey of global house prices for the year ending Q1 2011.

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Video: Tang Says New Venture to Offer Amusing, Practical Items: Video

May 27, 2011

May 27 (Bloomberg) — David Tang, the entrepreneur who founded the Shanghai Tang boutique chain, spoke with Bloomberg’s Robyn Meredith on May 21 in Hong Kong about his views on style, art and his latest commercial venture. (Source: Bloomberg)

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What Stocks Is Warren Buffett Buying?

May 16, 2011

Berkshire Hathaway Inc. (NYSE: BRK-B, BRK-A) and Warren Buffett have just released the latest holdings of U.S.-listed equities as of March 31, 2011 for the Q2-2011 holdings. These public stock holdings have been broken down into two groups of ‘A to L’ and ‘M to Z’ so it is more concise and clear to see the path of changes. Here are Warren Buffett’s holdings and accompanying notes on each for the group ‘A to L’ in shares. When the recent earnings came out, we did see that the equity holdings’ value at March 31 grew to over $61.8 billion from $59.8 billion as of December 31, 2010.

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Video: Feroli Says U.S. Economic Growth Has Lost Some Momentum

May 13, 2011

May 13 (Bloomberg) — Michael Feroli, chief U.S. economist at JPMorgan Chase & Co., talks about the latest U.S. economic reports and the outlook for the economy. The Thomson Reuters/University of Michigan preliminary consumer sentiment index rose to 72.4, a three-month high, from a final reading of 69.8 in April. The U.S. consumer-price index increased 0.4 percent in April. Excluding food and energy, the so-called core gauge rose 0.2 percent. Feroli speaks on Bloomberg Television’s “InBusiness With Margaret Brennan.” (Source: Bloomberg)

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Abebe Aemro Selassie: Confessions of a Dismal Scientist — Africa’s Resilience

May 3, 2011

Like many economists, I tend to fear the worst. I have witnessed phenomenal changes for the better in sub-Saharan Africa over the past 20 odd years. Part of me still worries that this trajectory will not endure. But, the more I see of the region’s economic performance and outlook , the more I’m changing my tune. Old anxieties set aside Until my latest source for anxiety took hold a few months ago (more on this in a moment), I’d worried about the impact of the global financial crisis on sub-Saharan Africa. The crisis hit just as many countries in the region were starting to enjoy a hard-earned period of economic growth, their best since at least the 1970s. I did not want this to be derailed by the crisis. Previous global economic slowdowns were unkind to the region. While other regions tended to recover quickly, recoveries in sub-Saharan Africa tended to be more protracted, looking more U- or even L-shaped. So, in the face of the worst period for the global economy in two-generations, what chance did the still fragile economies have? However, it soon became clear that this time would be different. And in fact, my initial fears were unfounded. This time the region’s recovery has been more V-shaped. Credit for that goes, in large part, to policymakers in the region. Good macroeconomic policies in many more countries the years before the crisis put them in good stead to weather the crisis relatively well. This allowed them to adopt strong counter-cyclical monetary and fiscal policies. And, looking ahead, the recovery to pre-crisis growth rates is well underway in most countries. As we report in our latest Regional Economic Outlook , output in sub-Saharan Africa looks set to expand by around 5½ this year and 6 percent in 2012. To be sure, the crisis has caused considerable dislocation. The 1 million or so jobs lost in South Africa are a case in point. Elsewhere, progress towards the poverty reduction Millennium Development Goal has also been delayed. But it could also have been much worse. In the face of the largest shock to the global economy, many sub-Saharan African countries have shown surprising resilience. Tackling worries My latest worry is the recent sharp increase in food and fuel prices on world markets. When food prices spiked in 2008, there was a prompt and pronounced increase in local prices in most African countries. So far, this time, we have seen a more diverse picture. In a number of countries, strong harvests have helped in limiting increases in local food price. But, in many other countries, prices have started to increase sharply. This will be particularly harmful for the urban poor and landless rural households. The surge in fuel prices will also test the resilience that the region has exhibited in recent years. For the region’s 37 oil importing countries, it will imply higher oil import costs, and higher fiscal deficits where the pass-through of international price to domestic price is delayed. And, across the region, it will imply higher inflation. To help minimize the dislocation that this shock may entail, countries should consider a two-pronged policy response: Wherever food price increases are pronounced, governments should consider targeted interventions–providing the poorest families with transfers from the budget or, less directly, by subsidizing food items they consume. In the case of fuel prices, however, we recommend that local prices should adjust in line with international prices. Fuel price subsidies tend to be highly regressive–the bulk of the benefits go to the richest households–and very costly. So, once again, I might fear the worst. But, witnessing how countries handled the global financial crisis gives me hope–hope that the appropriate policies will be adopted and will be as effective this time too. And that gives this dismal scientist cause for optimism. From iMFdirect blog

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There’s An App For That: Going To College Via Smartphone

April 28, 2011

Mobile devices now offer yet another option for a generation adept at distraction — behold, going to college by smartphone. Earlier this week, the University of Phoenix, the nation’s largest private university, became the latest for-profit institution to dip its toe in the rapidly expanding marketplace of higher-education apps. Specifically, by launching the PhoenixMobile app, which is now available free of charge at the iTunes store , University of Phoenix students who are iPhone, iPod touch or iPad users will now be able to “move seamlessly between the online classroom and their mobile phone,” according to a recent press release. It is currently listed as the number one education app for the iPhone. “It’s all about functionality and the extension of the classroom,” says Michael White, University of Phoenix’s chief technology officer. The app will allow students to check grades, communicate with classmates and participate in online discussions. “From four walls to a laptop to a handheld device, it’s about a classroom on the go, whether on the bus or on the subway, where our students can do their learning when and where they need to.” Soon, some like Diana Rhoten, co-founder of Startl , which helps build digital education companies, predict that we’ll all be learning on our mobile devices — anytime, anywhere. “The 2000s were about universities and electronic-learning,” says Rhoten. “The 2010s are going to be about mobile-learning.” But in lowering the barrier of entry and increasing accessibility, is something being lost as a result? Barmak Nassirian, associate executive director at the American Association of Collegiate Registrars and Admissions Offers, says an unequivocal yes. “Can you learn thermodynamics by texting?” wonders Nassirian, who describes smartphones used as tools for earning college degrees as “weapons of mass instruction.” Further, he sees such a development as an “astonishing display of disregard for the actual substance of education. And it shows how little they think education requires in terms of attention and focus and some measure of actual engagement.” Others are far less troubled by the latest technological innovation — or higher education delivered through the vehicle of a two-inch screen. “Twenty years ago, people were freaking out about the notion that anyone would take a course online. Now, we just take it for granted,” says Frederick Hess, an education-policy analyst at the American Enterprise Institute. He sees the shift away from desktops and laptops toward handheld devices as part of not only a natural, but expected order of things. “Our notion of what’s normal versus what’s convenient tends to evolve as people get used to using tools in new ways.” Hess notes that a 16-person literature seminar being taught by an exemplary professor will be difficult to duplicate on an iPhone. But he doesn’t think that it’s any worse than taking a basic skills course, whether in accounting or air-conditioning repair, on one’s laptop. In 1989 the University of Phoenix became the first university to provide college degrees online. Its core group of students are non-traditional, whether parents, working adults or members of the military and according to its press release, do most of their online coursework during the hours of 9 p.m. and 2 a.m. But as its digital offerings expand, at issue for some is whether the University of Phoenix’s particular for-profit stance might signal other reasons to be more cautious.  “For-profit universities have incentives to try and maximize a return on investment,” explains Hess, who sees potential technological innovations as a way to not only serve more clients, but also cut costs. “A concern is whether that will compromise quality — and that’s a risk. But there’s an enormous potential upside, as well.” According to the most recent data compiled by the U.S. Senate Committee on Health, Education, Labor and Pensions, the Apollo Group, which is the company that owns the University of Phoenix, enrolled 177,368 students in associate degree programs. Of these, fewer than five percent had completed their degree after two years . More troubling to some are the high costs associated with such a risky endeavor. The cost of the two-year University of Phoenix degree is $21,833. Further, according to the U.S. Department of Education, nearly 21 percent had defaulted on their loans after just three years. Meanwhile, the Apollo Group made more than $1 billion in profit last year. José Cruz, vice president of higher education practice and policy at Education Trust, is more concerned with how the app might help to lure in an unsuspecting demographic of student . “It’s very characteristic of what they do in terms of trying to enroll students into programs,” explains Cruz. “It’s this consumer notion that we’ll give you what you want, but that it’s not necessarily what you need.” Further, Cruz wonders whether the money spent on marketing or future app development might better be spent researching improved learning models so that students might actually graduate at higher rates. Eszter Hargittai, an associate professor of communication studies at Northwestern University, worries about the overall effectiveness of such a model. Essentially, that just because we have the tools doesn’t mean they will necessarily improve learning outcomes. “It’s a little hard to imagine the person changing a diaper and running off to work and in between, having the time to meaningfully engage with their classmates.” Meanwhile, Aaron Pallas, a professor of sociology and education at Columbia University’s Teachers College, hopes that such technology doesn’t expand elsewhere for now. He worries about students trying to do too much at once, and that much of learning and subsequent discussion can’t be relegated to a 140-character tweet. One of Pallas’ colleagues is known to pass out his cell phone number so that students can contact him, day or night. “I simply don’t want to be that accessible,” says Pallas, who advocates the imposition of a more reasonable setting of boundaries that demarcate when he can devote his full attention to his students and the complex issues they raise. “I want to be accessible, but I don’t want to be perpetually on call.”

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Amazon.com’s Profit Tumbles More Than Expected

April 26, 2011

SAN FRANCISCO — Amazon.com says its net income fell 33 percent in the latest quarter, a steeper drop than Wall Street expected as the online retailer battles stronger competition from Wal-Mart and other rivals. The world’s biggest online retailer posted net income of $201 million, or 44 cents per share, down from $299 million, or 66 cents per share, a year ago. The earnings were well short of the 61 cents per share that analysts polled by FactSet expected. Revenue rose 38 percent to $9.86 billion, ahead of the $9.54 billion that analysts were forecasting, and up from $7.13 billion a year ago. For the second quarter, Amazon says it expects revenue of $8.85 billion to $9.65 billion. Analysts were expecting $8.75 billion.

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Chicago’s Gas Prices Highest In U.S.

April 25, 2011

Some Chicagoans are heading to the suburbs to fill up their tanks, as gas prices continue to climb in the city limits. According to the latest Lundberg Survey of fuel prices, Chicago has the highest gas prices in the country. While the average price of gas reportedly rose by 12 cents in the past two weeks, Chicago is well above the national average–paying about $4.27 per gallon. Many Chicagoans are paying more than that, however. Chicagogasprices.com reports that a Northwest Side BP station is charging $4.69 per regular gallon, and prices remain in the $4.30-$4.50 range throughout much of the city. “That’s why I’m only putting 10-bucks in here and then going up to the suburbs in Lake County and put the rest, that’s my plan right now,” Chicagoan Mark Jacobsen told Fox Chicago . Prices in the suburbs range from $4.07 per gallon at the Costco station in Melrose Park to the $4.20 range in some southwest suburbs, according to Chicagogasprices.com. President Obama discussed the issue of high gas prices in his weekly address, and told donors in Los Angeles that prices at the pump have quite an impact on his polling numbers. “These gas prices are killing you right now,” Obama said at Facebook headquarters in Palo Alto , acknowledging that many Americans can’t afford new fuel-efficient cars and must drive older models.. For some, he said, the cost of a fill-up has all but erased the benefit of the payroll tax holiday that he and congressional Republicans agreed on last December. Illinois Sen. Mark Kirk pitched some ideas for alleviating pain at the pump in Illinois last week. He said exploring natural gas supplies, speeding up the offshore drilling permit process in the Gulf of Mexico and easing federal regulation would bring down prices quickly. “If the market saw Congress moving in this bipartisan direction, it would see larger supplies in the future and that would directly affect the futures market. The price of gasoline right now is artificially high because the markets see a constriction of supply,” Kirk said, according to WBEZ . The Associated Press reports that the latest Lundberg Survey puts the average price for a gallon of regular gas at $3.88, as of April 22. The national average for a gallon of mid-grade is $4.02, and $4.13 a gallon for premium.

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Obama’s Latest Obstacle

April 24, 2011

WASHINGTON — With gas prices climbing and little relief in sight, President Barack Obama is scrambling to get ahead of the latest potential obstacle to his re-election bid, even as Republicans are making plans to exploit the issue. No one seems more aware of the electoral peril than Obama himself. “My poll numbers go up and down depending on the latest crisis, and right now gas prices are weighing heavily on people,” he told Democratic donors in Los Angeles this past week. In fact, Obama raised the issue unsolicited in a series of town meetings in Virginia, California and Nevada that were ostensibly about his deficit-reduction plan. And he made the gas spike the subject of his weekly radio and Internet address Saturday. “It’s just another burden when things were already pretty tough,” he said. As Obama well knows, Americans love their cars and remain heavily dependent on them, and they don’t hesitate to punish politicians when the cost of filling their tanks goes through the roof. Indeed, for presidents, responding to sudden surges is a recurring frustration. “These gas prices are killing you right now,” Obama said at Facebook headquarters in Palo Alto, acknowledging that many Americans can’t afford new fuel-efficient cars and must drive older models.. For some, he said, the cost of a fill-up has all but erased the benefit of the payroll tax holiday that he and congressional Republicans agreed on last December. On Saturday, Obama insisted in his radio and Internet address that the best answer is a long-term drive to develop alternatives to fossil fuel. He also renewed calls to end $4 billion in subsidies for oil and gas companies. “Instead of subsidizing yesterday’s energy sources,” he said, “we need to invest in tomorrow’s.” Republicans contend that high gas prices are the inevitable result of an administration they accuse of stifling domestic drilling, and which placed new curbs on offshore exploration after last spring’s disastrous BP oil spill. “The administration has declared what can only be described as a war on American energy,” said Senate Minority Leader Mitch McConnell. “Obama is vulnerable on gas prices and the Republicans have and will exploit this as a wedge issue,” said James Thurber, who directs the Center for Congressional and Presidential Studies at American University. Legislative aides report House Republicans are considering a series of hearings and floor votes on measures to boost domestic oil and gas production when Congress returns from its Easter break. Meantime, Obama has ordered his Justice Department to form a task force to look for fraud or manipulation in the oil markets. It will “root out” any abuses, he told a town meeting in Reno, Nev. The president is among those who’ve said the surging price for crude is caused by worries about political upheaval in the Arab world and increasing demand from China and elsewhere. Still, Americans have a tradition of holding the party in power responsible for rising gas costs. Obama’s focus on the issue came as a New York Times/CBS News poll published Thursday found that 70 percent of the public believes the country is headed in the wrong direction. That followed a March AP-GfK survey reflecting widespread discontent over the economy, with just 15 percent seeing an economic improvement the previous month. Through the spring, Obama’s approval numbers in several polls have slipped. “Gas prices are a major factor in his slide … along with unemployment and his talk about cuts and tax increases to deal with deficits and debt,” Thurber said. The national average price for a gallon of regular gasoline is currently $3.84, almost a dollar higher than a year ago. In many places, it’s well over $4. The gas price debate has a sense of deja vu to it, Obama notes. Vows to end dependence on expensive oil imports go back to Richard Nixon’s “Project Independence”, a 1973 response to the Arab oil embargo, and this has been a popular refrain by presidents of both parties over the last 40 years. “Whenever gas prices shoot up, like clockwork, you see politicians racing to the cameras, waving three-point plans for two dollar gas,” Obama said in Saturday’s address. But when prices subside, those plans are quietly shelved. Even calls to target price gouging have a familiar ring. When gas hit $3 a gallon in 2006, George W. Bush launched a probe, declaring Americans “don’t want and will not accept … manipulation of the market. And neither will I.” Seven months later, Bush took what he called a “thumping” in mid-term elections. Of course, other issues – especially Iraq – played a big role. But Obama can’t help pondering that example, and wondering what rising gas prices could do to his hopes for a second term.

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Big Newspaper Chain Posts Bleak Quarterly Earnings

April 18, 2011

McLEAN, Va. — Gannett, the publisher of USA Today and more than 80 other daily newspapers, says its first-quarter net income fell, weighed by special charges and lower ad revenue. Gannett Co. said Monday that it earned $90.5 million, or 37 cents per share, down 23 percent from $117.2 million, or 49 cents per share, a year earlier. The company says revenue fell 4 percent to $1.25 billion from $1.3 billion. Excluding restructuring costs for facility closures and staff cuts, Gannett says it earned 41 cents per share in the latest quarter. Analysts surveyed by FactSet had expected earnings of 42 cents per share on revenue of $1.26 billion. Gannett says digital revenue grew 12 percent during the quarter. But print ads, which make up about half of Gannett’s revenue, fell 7 percent.

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Box Closes #Epic Quarter, Brings on Enterprise General Manager

April 12, 2011

PALO ALTO, CA–(Marketwire – April 12, 2011) – Box today announced that former EMC executive Whitney Tidmarsh Bouck has joined the company as enterprise general manager to drive the next stage of Box’s enterprise growth across sales, marketing and deployment. This hire is the latest in a series of moves to target large corporations, and coincides with a record first quarter. Box had a record first quarter, thanks to enterprise revenue that more than tripled over Q1 2010, and a 25% quarter over quarter increase in average deal size as organizations like AAA and Equinix selected Box to manage their content and collaboration in the cloud. Box also closed a $48M round of funding in February to bring Box to businesses of all sizes, all over the world, with a particular focus on the enterprise market. Box continues to hire aggressively across its engineering and sales teams, with 41 new employees in the first quarter, bringing total headcount to 157.

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San Francisco’s Tech Success: A Bubble 2.0?

April 10, 2011

SAN FRANCISCO — A certain feeling is back in San Francisco. Murmurings of stock market riches. Twenty-something entrepreneurs as celebrities. Lamborghinis parked next to taco trucks. Driven by social media and mobile startups, the money is flowing in the city’s tech industry again, a decade after the dot-com boom minted overnight millionaires and its crash fueled a local recession worse than anything San Francisco has seen in the latest downturn. A recent tax break for Twitter and other proposals show city officials are hopeful that this latest tech industry prosperity does not portend another bubble and another bust. “It seems to be the industry that’s leading us out of the recession at the moment,” said Ted Egan, the city’s chief economist. Even so, he said, “it’s certainly not yet another dot-com boom.” At present, the signs do not point clearly to the same excess of optimism that led to the high perch from which the city had so far to fall. But some of the numbers swirling around the tech startup scene could stir a sense of deja vu. Along with Twitter, the San Francisco startup causing the most excitement is Zynga, maker of popular Facebook games like “FarmVille” and “CityVille.” Estimates based on recent investments put the valuations of both companies at $7 billion or more. Yet unlike the first dot-com era, when companies with neither customers nor a clear way to make money raised millions in public stock offerings, both Twitter and Zynga have become major participants in the online economy. While Twitter is still tweaking its business model and keeps its revenue figures closely held, the company happily claims 175 million users on its way to becoming a global phenomenon. Zynga’s popularity and approach to money-making are even clearer: It sells virtual goods that players use in the company’s online games. Last year, the company made about $400 million doing just that, according to published reports. “It seems like they’re doing things that people want rather than what they think they want,” said market researcher Colin Yasukochi of today’s startups versus those a decade ago. In a study for his employer, commercial real estate firm Jones Lange LaSalle, Yasukochi found that the number of tech jobs in San Francisco is nearing the peak set in 2000, the height of the dot-com boom. Yet the 32,000 tech workers today are occupying about half the commercial real estate space as their 34,000 counterparts before the crash – a possible sign that the estimated 500 tech companies in the city are taking a more conservative approach. During the first dot-com boom, technology companies were committing to large spaces with the intent of filling them with employees well ahead of their needs, Yasukochi said. “Obviously that growth never materialized,” he said. “That had dire consequences.” Those consequences included an office vacancy rate that shot from less than 5 percent to 25 percent in two years. Accompanied by the crushing blow of the 9/11 attacks on the city’s tourism economy and housing prices that kept rising despite major job losses, the dot-com crash hit San Francisco harder overall than the recent recession, Egan said. As a result, San Franciscans have reason to fear the bursting of another bubble even as they enjoy the fruits of the tech industry’s current good fortune. The hope is that companies, investors and the city itself have learned enough from past mistakes to avoid irrational exuberance. The possible signs of a different attitude include a much lower rate of venture capital investment. The greater Silicon Valley saw more than $8.5 billion poured into the software industry during the year 2000 alone, according to Thomson Reuters data. In 2010, the amount was less than $2 billion. Startups are still raising money, but running lean has become fashionable. Last year, Kevin Systrom, 27, co-founded a company that follows the typical lean San Francisco startup model, though with atypical success. The mobile photo sharing service Instagram launched in October. Since then, he says the service has grown to about 3 million registered users, or an average of a half-million new users each month. Right now the company has four workers – as Systrom puts it, one non-technical person and one engineer for every million users. Despite raising $7 million from investors, he says the company has no plans to go on a hiring spree or seek to cash in on a quick public stock offering, the stereotypical scenario during the first Internet boom. “It’s about going after the best people in the world who want to build a world-class company,” Systrom said. “We are pretty sold at staying lean for quite a while.” Instagram got its start at Dogpatch Labs, a San Francisco workspace where as many as 25 small startups at a time occupy desks for a few months while they try to get consumers and investors interested in their ideas. Ryan Spoon, 30, oversees Dogpatch Labs for Polaris Venture Partners, a venture capital investment firm. During the first dot-com wave, he founded a company in his dorm room at Duke University to connect high school athletes with college coaches. The website, berecruited.com, is still around today, unlike many others that started at the time. Spoon says that a big difference between those early days and now is the speed with which social networks can give startups feedback on whether they have a good idea or not. Investors see that feedback, too, meaning they’ll have a better sense before they pour money into a company whether it has a chance. “It’s easier faster and cheaper to start and pursue an idea than it’s ever been,” Spoon said. “It’s a fun time.”

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Joe Keefe: Saying "No" to All-Male Corporate Boards

April 6, 2011

Each year, we hear the latest, discouraging figures on the glacial progress women have made in cracking the male-dominated board rooms of corporate America. According to a recent Catalyst study, women hold only 3 percent of the CEO positions and 15 percent of the board positions among Fortune 500 companies. It is time to ask why progress has been so slow and what can be done differently to accelerate it. This failure is not due to lack of effort. Many well-motivated individuals and organizations have worked for years to alter this state of affairs, deploying a range of strategies aimed at encouraging companies to embrace gender diversity on their boards. There is also considerable evidence that the paucity of women on corporate boards and management teams is costing us, as numerous studies underscore the nexus between greater board and management diversity, on the one hand, and improved corporate governance and financial performance, on the other. When women are at the table, the discussion is richer, the decision-making process is better, management is more innovative and collaborative, and the organization is stronger. This is particularly the case with a critical mass of women in leadership roles. Moreover, the persistence of male-dominated boardrooms takes place against a backdrop of abysmal failures in corporate governance. The recent financial crisis is only the latest reminder that many boards of directors are simply not doing their job. And if this is true, then the old canard that “there aren’t enough qualified women” to fill more board seats can be turned on its head: After all, the (mostly) men who led so many of our largest financial institutions to ruin turn out not to have been very “qualified” either. But there is one indisputable fact about non-diverse boards that we never seem to acknowledge, perhaps because the truth hurts: we elect them. That’s right, even those of us who think that gender discrimination is wrong, and that women should be better represented in corporate board rooms — we elect these non-diverse boards, often unwittingly, year after year. How is that? Well, all publicly traded corporations send out a proxy ballot to their shareholders in advance of their annual general meeting, with a list of director nominees to serve on the company’s board. The shareholders — or at least those who vote — then ordinarily rubber stamp this list of director nominees, which means, in most cases, either no women or a slate of nominees where women are grossly underrepresented. Why do we rubber stamp all-male boards while we profess to believe that more diverse boards are needed? Because we either don’t vote our proxies at all or we assign them to someone else who votes them for us, sometimes contrary to our values and our interests. If we own stock directly, many of us simply throw away the proxy ballot when it arrives in the mail. If we invest in stocks or mutual funds through a broker or investment adviser, or invest in a 401(k) or 403(b) plan at work, or in an IRA, we generally assign responsibility for voting our proxies to an agent. In either case, we are these companies’ shareholders, and if we believe there needs to be greater gender diversity on corporate boards, then we need to start taking rather than abdicating responsibility. We need to become part of the solution rather than part of the problem. There is a simple way to do this. We can withhold support for all-male director slates, or instruct whoever is voting our proxies to withhold such support. If enough investors ask this of their investment advisers, or their retirement plan administrators at work, or their mutual fund managers, then we can begin to make a difference. In fact, if we each wrote a letter to the companies, and enclosed it with our proxy ballot, letting them know why we are saying “no” to their board, the companies we own would begin to get the picture. Companies will respond to investor pressure. They will listen to their shareholders if enough of us are willing to raise our voices. When it comes to increasing gender diversity on America’s corporate boards, the business case is clear. Companies — and their shareholders — will actually be better off. Let your voice be heard. Take the time to vote your proxies for greater gender equality. Jacki Zehner was the youngest woman, and first female trader, to be become a partner at Goldman Sachs and is Co-Chair of Women Moving Millions. Joe Keefe is the President and CEO of Pax World Funds.

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Massey Mines Hit With 80 Citations For Safety Violations

March 28, 2011

CHARLESTON, W.Va. — Massey Energy Co. has been hit with more than 80 citations for safety violations uncovered in the latest round of special inspections by federal regulators. The Mine Safety and Health Administration said Monday that the Massey citations are among 166 issued at eight mines in five states during special inspections in February. The agency started the so-called impact inspections after 29 miners were killed in an explosion at Massey’s Upper Big Branch mine in West Virginia on April 5, 2010. Four Massey mines in West Virginia, Virginia and Kentucky accounted for more than half the violations issued nationally during impact inspections last month. MSHA also cited mines in Alabama and Pennsylvania. A spokesman for Virginia-based Massey had no immediate comment. The company is being bought by rival Alpha Natural Resources.

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Video: Kodak Wins Round in $1 Billion Apple, RIM Patent Dispute

March 25, 2011

March 25 (Bloomberg) — Eastman Kodak Co. has won the latest round in its patent dispute with Apple Inc. and Research In Motion Ltd., a case with the potential to generate more than $1 billion in new licensing revenue for the camera company. Bloomberg News San Francisco Bureau Chief Jeffrey Taylor reports on the stakes involved with Cory Johnson and Emily Chang on Bloomberg Television’s “Bloomberg West.” (Source: Bloomberg)

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Video: Kodak Wins Round in $1 Billion Apple, RIM Patent Dispute

March 25, 2011

March 25 (Bloomberg) — Eastman Kodak Co. has won the latest round in its patent dispute with Apple Inc. and Research In Motion Ltd., a case with the potential to generate more than $1 billion in new licensing revenue for the camera company. Bloomberg News San Francisco Bureau Chief Jeffrey Taylor reports on the stakes involved with Cory Johnson and Emily Chang on Bloomberg Television’s “Bloomberg West.” (Source: Bloomberg)

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Video: Kodak Wins Round in $1 Billion Apple, RIM Patent Dispute

March 25, 2011

March 25 (Bloomberg) — Eastman Kodak Co. has won the latest round in its patent dispute with Apple Inc. and Research In Motion Ltd., a case with the potential to generate more than $1 billion in new licensing revenue for the camera company. Bloomberg News San Francisco Bureau Chief Jeffrey Taylor reports on the stakes involved with Cory Johnson and Emily Chang on Bloomberg Television’s “Bloomberg West.” (Source: Bloomberg)

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Dubai boutique property developer announces project at Business Bay

March 17, 2011

17 Mar 2011 H&H Investment & Development (H&H) officially announced the launch of their latest commercial development, O14, at an exclusive event held at the tower.  Strategically located in the cente…

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Video: Nuclear Industry Face Higher Cooling Costs on New Plants

March 16, 2011

March 16 (Bloomberg) — Bloomberg’s Poppy Trowbridge reports from Sizewell, England, on the safety systems in the latest generation of nuclear reactors.

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Video: Aftershocks Continue in Japan; Rain May Spread Radiation

March 16, 2011

March 16 (Bloomberg) — Bloomberg’s Margaret Conley in Tokyo reports the latest news on the crisis in Japan. A second fire in as many days broke out at a Japanese reactor hours after more earthquakes struck a country battling to avert a nuclear meltdown following last week’s record magnitude earthquake and tsunami. (Source: Bloomberg)

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David Balto: The Bankers’ New Goat

March 11, 2011

According to the Biblical story, on the day that the people were to atone for the sins committed for the year, they would send a goat off from the village to its death. The goat symbolically carried the sins of the villagers and by casting it out the villagers were cleansed and forgiven by God. So began the tradition of picking a scapegoat which has, over the years, been refined and honed into an art form. A prime example comes from U.S. banks. These banks have had many reasons to cast blame elsewhere for their shortcomings. A remarkable example is the very loud discussion of checking fees. Some might say that the concept of free checking accounts has always been a myth. In fact, a Bank of America spokesperson said just that last summer: “Customers never had free checking accounts. They always paid for it in other ways, sometimes with penalty fees.” Yet the concept of free checking has been powerful enough that banks have searched for one excuse after another to justify getting rid of it. In November 2008, the Wall Street Journal reported that “banks are responding to the troubled economy by jacking up fees on their checking accounts to record amounts.” At the same time, other news outlets reported that the banks were charging record-high service fees and customer penalties to make up for losses from bad mortgage loans. Other banks said that they would raise fees due to industry consolidation and proposed increases in FDIC rates for deposit insurance. The truth, summed up nicely by an executive from TD Bank, was: “all banks have to be looking for ways to meet the requirement of shareholders.” That pressure means banks consistently leave no stone unturned in their drive for additional revenues. In May 2009, it was time for a new scapegoat. The Financial Services Roundtable and Bank of America claimed that with higher unemployment, customers became riskier, and higher fees were necessary. One could be excused for wondering why customers giving their own money to banks in checking accounts was risky. The added irony was that American consumers had only months before put up $700 million to bail out the banks for their own “risky” practices. The next sacrificial goats were a 2009 credit card reform bill and regulations of overdraft charges. As USA Today reported , banks responded to credit card regulations by “extending some of their most profitable — and controversial — credit card practices to checking accounts.” This provided a new, and politically convenient, source of blame. An amendment from Senator Durbin now follows as the latest goat. The amendment will eventually rein in the swipe fees that banks can charge. And, though it won’t take effect until July, the bankers have wasted no time raising checking fees and casting blame. It is interesting to note that when the reform first passed, Citi CEO Vikram Pandit was quoted by the New York Times saying that the regulations would not be a problem for Citi. Sensing a scapegoat, however, the banks are now aggressively blaming the Durbin amendment for forcing them to raise fees. The current blame game ignores the banks’ cries of raising fees over and over again over the past few years. And it ignores that in their haste for the latest scapegoat, banks have raised their fees long before the regulations have gone into effect. According to CNNMoney , as of January 24th U.S. Bank was one of the last banks in the nation to offer “free checking” but “that may be about to end.” Banks are always looking for ways to make more money. The bottom line is that even if swipe fee reform were to magically disappear, the banks would do all they could to charge more fees on their customers’ checking accounts. The banks have been doing this for years, since long before the Durbin Amendment was conceived, let alone passed. The pattern is getting old and weary. Banks will raise checking fees whenever and wherever they think they can get away with it. And they will blame any convenient development for their choices. Eventually, our ancestors gave up the practice of sending away a goat to atone for their sins. We can only hope the bankers reach a similar enlightened age and stop blaming others for their own business decisions. David Balto, is an antitrust attorney and former policy director at the Federal Trade Commission.

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Unemployment Rates Rose In Ten States Last Month

March 10, 2011

WASHINGTON — The unemployment rate fell or held steady in 40 states in January, the latest sign that hiring is strengthening throughout the country. The Labor Department says the unemployment rate fell in 24 states and remained the same in 16. The unemployment rate rose in only 10 states. In December, the rate fell in 15 states and rose in 20. Employers added to their payrolls in 35 states in January, up from only 15 in the previous month. That’s the most to report higher payrolls since October. Nationwide, employers added 63,000 net jobs in January, and the unemployment rate fell sharply to 9 percent from 9.4 percent. The rate ticked down last month to 8.9 percent and employers added 192,000 net jobs.

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Jeffrey Campagna: Breaking: Lady Gaga Dissolves Target Deal

March 8, 2011

After significant controversy about Target’s relations with the LGBT community , Lady Gaga has dissolved her exclusive distribution deal with the retailer for her latest album, Born This Way . Updates soon Via: The Power

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Microsoft’s 15 Biggest Acquisitions And What Happened To Them

March 8, 2011

Last week, Microsoft announced it would shut down the Sidekick service for T-Mobile customers, which it got as part of its $500 million acquisition of Danger in 2008. The shutdown put an end to Microsoft’s hopes of getting any value out of Danger, which was supposed to bolster Microsoft’s mobile phone strategy but culminated in the ill-fated Kin phone, which was canceled six weeks after launch. But Danger was only the latest in a long line of acquisitions that didn’t go as planned.

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EUR/USD Short Taken at 1.4025; Latest News Not Supportive of Strength

March 7, 2011

EUR/USD Short Taken at 1.4025; Latest News Not Supportive of Strength

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Megabank Warns It May Be Punished Over Foreclosure Practices

February 28, 2011

HSBC North America Holdings, the nation’s ninth-largest bank by assets, warned investors Monday of impending fines after receiving notice from federal bank regulators admonishing the lender for improper foreclosure practices. The bank is the latest in a string of large financial companies that have used recent securities filings to prep investors for fines and a significant increase in costs associated with processing mortgages and repossessing homes, after being cited by regulators for deficient and sometimes illegal operations. On Friday, Ally Financial , Wells Fargo & Co. , and SunTrust Banks — three of the nation’s 10 largest handlers of home mortgages — said in regulatory documents that they expect to be sanctioned by the U.S. government for their foreclosure practices. The penalties follow months-long criminal and civil probes by federal and state regulators into lenders’ mortgage practices. Officials said they found significant shortcomings and violations of various state laws. A “small number” of foreclosures should not have occurred, John Walsh, the interim head of the Office of the Comptroller of the Currency, the federal regulator of national banks, told a Senate committee earlier this month after his agency surveyed less than 3,000 out of millions of loan files. The lender’s two mortgage subsidiaries, HSBC Finance Corp. and HSBC Bank USA , both received letters from regulators. The Federal Reserve noted “deficiencies” in how the consumer finance arm and the holding company processed foreclosure documents, how it monitored for such issues and the lack of resources they devoted to evicting borrowers from their homes, according to the firm’s annual reports filed with the Securities and Exchange Commission. Its subsidiary bank received a similar letter from the OCC. Combined, HSBC handles about $110 billion in home loans, making it the 12th-largest mortgage servicer in the country, according to Inside Mortgage Finance , a trade publication and data provider. The firm has suspended home repossessions since identifying improper foreclosure practices. In regulatory filings filed with the SEC in November, the bank said it had not suspended foreclosures due to the so-called robo-signing controversy, which forced many of its competitors to halt home repossessions after evidence revealed improper foreclosure practices. But in its most recent filings, HSBC indicated that it had suspended home repossessions. This occurred sometime between Nov. 5 and today. HSBC expects to be subject to a regulatory order banning certain mortgage and foreclosure practices, according to its SEC filings, joining other large firms. The lender is currently in discussions with the Fed and the OCC over the terms of the cease and desist orders, which will require HSBC to fix various deficiencies identified by bank regulators, it said. The orders will be finalized “shortly after” the lender filed its annual reports with the SEC, it said. The orders may subject the firm to more lawsuits, it added. They also may hurt the firm’s reputation and drive up costs associated with implementing proper foreclosure practices. Mortgage companies have long neglected how they handle home loans, regulators have said, skimping on basic practices in order to save money. Perhaps most significantly, the regulators’ various orders will not preclude further action against HSBC, including fines and other monetary penalties, the firm said. The financial services giant, one of the largest banks in the world by assets, could not predict how all of this would impact its bottom line, it said. On Friday, SunTrust outlined a settlement agreement it expects the bank, as well as other large firms, to adhere to based on demands from regulators. The company will likely have to acknowledge they improperly handled documents when trying to foreclose on homeowners, failed to devote sufficient resources when handling mortgages and failed to develop systems to prevent such problems, SunTrust told investors in its annual report. HSBC is among the lenders being targeted for improper and at times illegal foreclosure practices that have led to delays in home repossessions and a decrease in foreclosures, roiling the housing market and depressing home prices. About a dozen federal regulators, along with attorneys general in all 50 states, are conducting the investigations. The Huffington Post reported Thursday that federal regulators could demand as much as $30 billion in penalties from the 14 largest mortgage firms. State regulators, who at present are only examining the five largest servicers, are looking to exact even heftier fines from the targeted companies. ************************* Shahien Nasiripour is a business reporter for The Huffington Post. You can send him an e-mail ; bookmark his page ; subscribe to his RSS feed ; follow him on Twitter ; friend him on Facebook ; become a fan ; and/or get e-mail alerts when he reports the latest news. He can be reached at 646-274-2455.

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Asian Reserve Diversification Has to Be Playing its Part in Latest Price Action

February 18, 2011

Asian Reserve Diversification Has to Be Playing its Part in Latest Price Action

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Bank Watch: 2011 Bank Failures Exceeding 2010 So Far

February 14, 2011

Four more banks failed and were closed at the end of last week by state regulators bringing the total bank closures for the year to 18 – two more than at the same time last year. Banks in Michigan, California, Florida and Wisconsin were the latest succumb to the Great Recession. In Michigan, First Michigan Bank assumed all of the deposits and substantially all of the assets of Peoples State Bank, a full-service bank with 10 branches operating in…

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Insider Trading Accusations Describe Network Of Hedge Fund Corruption

February 8, 2011

In the latest charges to be brought against Wall Street financiers, Federal authorities depict insider trading in dramatic detail. Two hedge fund managers — Samir Barai and Donald Longueuil — were arrested Tuesday morning on charges of insider trading, Bloomberg reports. Two others — portfolio manager Noah Freeman and analyst Jason Pflaum — pleaded guilty. The charges are the latest example of a Federal crackdown on insider trading that the Wall Street Journal detailed in November. In a pair of documents, the Securities and Exchange Commission and the Federal Bureau of Investigation describe an illegal exchange of information, which allegedly allowed hedge funds to reap $30 million in profits. According to the Federal complaints, employees at publicly traded technology companies sold secret information about those companies to workers at hedge funds, which then used that information to make big trades in the companies’ stock. The information was enormously profitable for the firms that received it, according to the court documents. Many of the allegations involve Winifred Jiau, who, the documents say, was employed by various technology companies and, at the same time, by Primary Global Research LLC, as a “private expert.” PGR would allegedly receive information from Jiau and then pass it on to clients, including Freeman and Barai. In May 2008, for instance, Jiau allegedly gave Freeman and Barai early information about the earnings of Marvell Technology Group. According to the SEC, Barai’s hedge fund subsequently reversed its short position on Marvell’s stock, and reaped close to $1 million in profits and avoided losses. In another case, Freeman earned about $9.7 million for his hedge fund, after learning secret information, the SEC says. The FBI documents add more color to the accusations. In November last year, after he read about the probe into insider trading, Barai allegedly wrote to Pflaum from his BlackBerry: – This scope is said to focus on the use of so-called expert network firms – Concern for years that some experts may be passing out confi [meaning, confidential] info about to go public cos [meaning, companies] to traders…. – [The Firm] was only one named!!!! – F*****ck The next morning he said, according to the FBI: – Didn’t sleep much either. – I dunno – I think we ok tho – I think U just go into office – Shred as much as u can He also said, according to the FBI: – Let’s not worry…. – No evidence we got exact info – So it doesn’t matter…. – Forget the past – No proof – So ur fine During a conversation between Freeman and Longueuil, which they recorded, they describe how to destroy electronic evidence, the FBI says. From the document: Freeman then remarked, “I don’t see how you get rid of this sh*t,” to which LONGUEUIL explained, “Oh, it’s easy. You take two pairs of pliers, and then you rip it open … and then, it’s just a piece of NAND. … So I just f*cking ripped it apart right there. … I had two external drives that had like wafer numbers on ‘em. F*ckin’ pulled the external drives apart. Destroyed the platter. … Put ‘em into four separate little baggies, and then at 2a.m. … 2a.m. on a Friday night, I put this stuff inside my black North Face [u/i] jacket, … and leave the apartment and I go on like a twenty block walk around the city … and try to find a, a garbage truck … and threw the sh*t in the back of like random garbage trucks, different garbage trucks.” Longueuil and Freeman have been accused of insider trading while they were employees of SAC Capital Advisors, the $12 billion hedge fund run by Steven A. Cohen. The company released a statement saying it is “outraged by the alleged actions of two former employees, which required active circumvention of our compliance policies and are egregious violations of our ethical standards.” Cohen, who is worth more than $6 billion , and who owns artist Damien Hirst’s embalmed tiger shark, “The Physical Impossibility of Death in the Mind of Someone Living,” has been sued repeatedly by his ex-wife, Patricia Cohen. In the latest version of the suit, she alleges that Cohen himself participated in insider trading. From the suit : Such privileged information was provided to Steven as part of his relationship with Mr. Newberg and as part of an effort to “take care of one another.” They sometimes referred to their group of Wharton friends as “the Wharton mafia.” READ the complaints below, from the SEC and the FBI: comp-pr2011-40 CNBC_Barai_et_al_Complaint

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Microsoft Earnings Edge Down On Slow PC Sales

January 27, 2011

SEATTLE — Microsoft Corp. said Thursday that its net income for the latest quarter fell slightly from a year ago, and it beat Wall Street’s expectations despite the weak personal computer market. Sales of Office 2010 to consumers and businesses buoyed the results, as did the popularity of Kinect, Microsoft’s new motion-sensing controller for the Xbox 360 video game system. Microsoft’s net income for the October-December quarter was $6.63 billion, compared with $6.66 billion in the same period last year. Thanks to stock buybacks, its net income rose to 77 cents per share, from 74 cents. Analysts surveyed by FactSet were expecting net income of 69 cents per share for the fiscal second quarter. Much of Microsoft’s business depends on selling copies of the Windows operating system and Office desktop software, products that usually rise and fall with fluctuations in the personal computer market. Microsoft launched Windows 7 in the same quarter of 2009, making for a tough comparison. Revenue plunged 30 percent in the Windows division to $5.1 billion. Worldwide personal computer shipments only grew about 3 percent in the latest quarter, as Apple Inc.’s iPad and the promise of more tablet devices to come made consumers think twice about what kind of device to buy. However, the division that sells Office software and other programs saw revenue rise 24 percent to $6 billion. Big companies that put off buying new technology during the worst of the recession are more willing now to upgrade their systems. Microsoft said the division’s revenue from businesses rose 18 percent while revenue from consumers jumped 49 percent, both because of sales of Office 2010. Strength in the entertainment and devices division, which is responsible for Xbox 360, also helped make up for weak Windows sales. Microsoft says it sold 8 million Kinect controllers, helping push revenue for the segment up 55 percent to $3.7 billion. In all, Microsoft’s revenue edged up 5 percent to $20 billion, topping analysts’ expectations for $19.2 billion in revenue. The software maker rushed out its earnings report a few minutes early, just before the markets closed for the day. Shares spiked to more than $29 per share in heavy trading about 15 minutes before the closing bell, before dropping back to $28.87, a 9 cent gain for the day. They slipped 16 cents to $28.71 in extended trading. “A preproduction draft of our earnings release was discovered by one or more media sources who then published our results to the Web before market close,” Bill Koefoed, Microsoft’s general manager of investor relations, said in a statement. Microsoft posted its official numbers after consulting with the Nasdaq stock market, he said. The company is reviewing its procedures to avoid a repeat of the earnings leak. This has happened before to other companies, including The Walt Disney Co. last year. A reporter accessed the quarterly report by guessing the Web address Disney would use before the information was made public, based on the pattern used in past quarters. Microsoft did not immediately say whether the media used a similar tactic to obtain the early results. Despite a successful holiday season for Kinect, Microsoft still needs to prove it is heading in the right direction in areas where it currently lags behind market leaders. Thursday’s report included a wider loss in the online division, which is mostly made up of online advertising. Google Inc., which makes almost all of its money from online advertising, saw its earnings in the same period rise 29 percent to $2.5 billion. Devices running a new smart phone system, Windows Phone 7, went on sale during the quarter, but in its quarterly filing with the Securities and Exchange Commission, Microsoft did not mention its contribution to the entertainment and devices division, which also houses Xbox.

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World Elites Gather For Davos Conference

January 23, 2011

Amid high unemployment and concerns over a mounting sovereign debt crisis, some of the world’s top leaders, thinkers and business titans are gathering once again in Davos, Switzerland for the World Economic Forum’s annual meeting. We’ll be compiling the latest updates from the Davos meetings here, including the best tweets, video, news from the conference and blog posts. Check back here regularly for updates from the event which runs from Jan. 26 – 30.

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Corporate Partner Steven Guynn Joins King & Spalding in New York in Continued Worldwide Growth of Firm’s Transactional Practices

January 19, 2011

NEW YORK, NY–(Marketwire – January 19, 2011) –  International law firm King & Spalding today announced the addition of veteran corporate partner Steven D. Guynn to its New York office, the latest move in the firm’s expansion of its transactional practices. Guynn is the twelfth transactional partner worldwide, and the fifth in New York, to join King & Spalding in the past eight months. 

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Euro Holding True to Form; Latest Topside Failure Anticipated

January 5, 2011

Euro Holding True to Form; Latest Topside Failure Anticipated

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US Holiday Retail Sales Surge

January 3, 2011

Holiday shoppers in the US increased purchases at retail stores in the latest week to post the biggest gain in samestore sales of the shopping season according to Bloomberg

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Video: Facebook Targets Russia; Modelo Wants to Stay Single

December 30, 2010

Dec. 30 (Bloomberg) — Bloomberg’s Jon Erlichman reports on the latest breaking news and top stories in today’s Business Briefs. (Source: Bloomberg)

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Video: Paypal To Set Up China Hub; Samsung’s New Media Player

December 29, 2010

Dec. 29 (Bloomberg) — Bloomberg’s Deirdre Bolton reports on the latest breaking news and top stories in today’s Business Briefs. (Source: Bloomberg)

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Video: Paypal To Set Up China Hub; Samsung’s New Media Player

December 29, 2010

Dec. 29 (Bloomberg) — Bloomberg’s Deirdre Bolton reports on the latest breaking news and top stories in today’s Business Briefs. (Source: Bloomberg)

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Video: Rio Bids $3.9 Billion for Riversdale; Rovi to Buy Sonic

December 23, 2010

Dec. 23 (Bloomberg) — Bloomberg’s Erik Schatzker reports on the latest breaking news and top stories in today’s Business Briefs. (Source: Bloomberg)

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Video: Ernst & Young Said to Face Fraud Suit Over Lehman

December 20, 2010

Dec. 20 (Bloomberg) — Bloomberg’s Betty Liu reports on the latest breaking news and top stories in today’s Business Briefs. (Source: Bloomberg)

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