Posts Tagged ‘Consumer

12
Aug
10

Recovery still distant as GM turns a corner

NEWS
Recovery still distant as GM turns a corner
General Motors profits move past $1 billion

Thursday, August 12, 2010

••• General Motors said on Thursday its profits hit $1.3 billion in the second quarter, as the car company prepared to break free of U.S. government ownership by relisting on the stock exchange.

‘I am pleased with our progress on achieving our business objectives,’ said chief financial officer Chris Liddell, announcing the second consecutive quarter of growth.

The company erased a loss of $13 billion in the same period last year, as sales and revenues increased.

The firm saw stronger sales in North America in the quarter, even as sales in Europe floundered and market share around the world sank.

GM captured 15.4 percent of the U.S. market for cars versus 17.5 percent in the second quarter of last year, but elsewhere faired poorly.

GM’s executives have said that a public offering will come soon, a process that will help the U.S. government unwind its majority stake in the firm.

The U.S. Treasury Department still owns 61 percent of GM, which received $50 billion of U.S. government financing for its bankruptcy restructuring that led to mass layoffs, plant closures and billions of dollars in debt wiped out.

GM’s drive for an IPO will be boosted by news that the firm’s revenues swelled to $33 billion in the second quarter, a third more than the same period last year.

GM as well as its U.S. competitors Ford and Chrysler were hard hit by the recession which struck the United States in December 2007, caused by a home mortgage meltdown.

Of the so-called Detroit Three car makers, Ford was the only one to avoid bankruptcy, managing to stay afloat thanks to massive loans it had obtained prior to the credit crunch and because it moved more quickly to revitalise its product portfolio.
• Latest News & Headlines » Home «
Share

Advertisements
12
Aug
10

Fed Effort to Aid Recovery Fails to Calm Investors

NEWS
Fed Effort to Aid Recovery Fails to Calm Investors

Thursday, August 12, 2010

More worried about the recovery, the U.S. Federal Reserve has taken a small step to bolster the U.S. economy.

Wrapping up a one-day meeting, the Fed said it will use money from its investments in mortgage securities to buy government debt on a small scale. That could help nudge down long-term rates on mortgages and corporate debt, but wouldn’t have a dramatic impact on stimulating economic growth, economists say.

Perhaps more importantly, the largely symbolic action sends a signal that the Fed sees the recovery weakening and that it stands ready to take more aggressive action, if needed, to keep it on track.

Delivering a more downbeat assessment, the Fed now believes economic growth will be ‘more modest’ than it had anticipated at its late June meeting.

The Fed, citing ‘subdued’ inflation, said it would keep its target for a key interest rate at zero to 0.25 percent for an ‘extended period’.
Investors reacted positively to the statement. Stocks that were down sharply before the announcement made up some lost ground. The Dow Jones industrial average, down about 100 points just before the Fed decision, was down about 40 a short time later. However, the market was likely to fluctuate, as it usually does while investors pore over the Fed’s statement.

Treasury prices rose slightly as investors were pleased by the Fed’s plan to buy government debt, which would reduce the amount of Treasury securities in the market. The yield on the Treasury’s 10-year note, which moves in the opposite direction from its price, fell to 2.77 percent from 2.82 percent just before the announcement.

Economists doubt the Fed can turn around the economy on its own. Some believe additional help from Congress is needed. Others are sceptical that easier credit or even more government aid will persuade Americans to shop more and hire more. Yet others think some jobs – like in construction – will never return to pre-recession levels, as the economy makes a structural shift.
• Latest News & Headlines » Home «
Share

11
Aug
10

Google Street View throws light on web privacy

NEWS
Google Street View throws light on web privacy

Wednesday, August 11, 2010

Google’s online map feature has become a flash point for people worried about the erosion of privacy in the Internet Age.

Street View images at Google Maps sparked controversy from the outset of the project three years ago.

Google dispatched cars and tricycles rigged with cameras and satellite positioning gear to take pictures of what one might see on streets around the world and synched the images to its free online mapping service.

Some people complained that faces could be recognised in pictures, raising the potential that people caught in compromising situations, perhaps stepping out of an adult video store, would have such moments memorialised online.

Others expressed fears that numbers from licence plates could be used to figure out who parks or lives on certain streets.

People were soon accusing Street View vehicles of straying onto private roads or yards to snap pictures in violation of the California-based internet giant’s policies.

Google adapted to ameliorate concerns. It began blurring faces and car licence plate numbers in images.

This year the Street View controversy rocketed to a new level with the revelation by Google that electronics in its picture-taking vehicles captured data from wireless internet systems not secured by passwords.

Google basically had access to unencrypted email, video downloads, web browsing or other digital information passing through wireless routers in homes or businesses as its Street View vans went by, said John Verdi, senior counsel at the Electronic Privacy Information Centre.

Google has apologised repeatedly for what it called an accidental data grab, but authorities in more than a dozen countries are investigating whether the company broke privacy laws.

South Korean police on Tuesday searched the offices of Google Korea as part of its probe, an officer said.

Police seized computer hard discs and other material. After analysing the material they plan to summon the company’s staff for questioning.

Efforts by governments to get the Street View data threaten to multiply damage to people’s privacy even if Google is true to its word that it has done nothing with the information.

‘Simply handing over the data to governments can be a very bad idea,’ said Electronic Frontier Foundation international rights director Katitza Rodriguez.

‘In some cases, the remedy can be worse than the disease.’

Countries could use the pretext of investigating Street View to mine Google data in ways that ‘might create risky situations for human rights activists, dissidents, or bloggers fighting for their rights,’ she added.

Silicon Valley analyst Rob Enderle theorised that Google might have intended to map locations of open wireless ‘hot spots’ as a potential service to users.

‘Telling people where they can get on the internet for free while they are out and about sounds to me like a typical Google thing to do,’ Enderle said. ‘It wouldn’t surprise me.’

Identity thieves might view a roster of open wireless zones the way burglars might look at a list of homes left unlocked, according to the analyst.

Google said it would allow Germans to block out their homes on Street View ahead of its launch in the country this year but privacy watchdogs were still not happy.

‘Google Street View is a great tool, for instance, for tourists to scope out the location that he or she wants to visit,’ Rodriguez said.

‘However, Google’s technology is too invasive, and goes too far. We expect some degree of anonymity while we are walking on the streets.’
• Latest News & Headlines » Home «
Share

05
Aug
10

Rupert Murdoch says Apple’s iPad is a ‘game-changer’ for news media

NEWS
Rupert Murdoch says Apple’s iPad is a ‘game-changer’ for news media

Thursday, August 05, 2010

••• Global media chief Rupert Murdoch says Apple’s iPad will be a ‘game changer’ for newspapers.

The chairman and chief executive of News Corporation said the iPad would allow publishers to attract new readers to their mastheads.

‘It’s a real game changer in the presentation of news,’ Mr. Murdoch said on Thursday during a conference call for the company’s full year profit results.

‘We will have young people reading newspapers. We will have different looking types of newspapers.’

News Corp owns newspapers in the U.S., U.K., Australia and elsewhere.

Mr. Murdoch said he expected to see hundreds of millions of these devices around the world.

‘There will be all sorts of things we can do with them,’ Mr. Murdoch said.

‘As they develop technologically, we have got to to develop our methods of presentation of news.’

News Corp chief operating officer Chase Carey said the iPad ‘really starts to deliver on the promise of multimedia’ for the first time.

In terms of charging for online content, The Times and Sunday Times newspapers in the U.K. started slugging users $1.59 (£1) a day, or $3.18 (£2) a week, to access their content online from the start of July.

Mr. Murdoch said there had been a positive response, but declined to say how many people had paid for subscriptions.

‘We have had a very encouraging number of people subscribing at a good price,’ he said.

‘But we think we are on the right strategy there and we think it’s going well.’

Mr. Murdoch also flagged changes to News Corp’s social networking portal MySpace, which he said was going through a major overhaul under a new management team.

‘It will look very, very different in a few months to what it’s looked for the last few years,’ Mr Murdoch said.

‘We are going to see it out for some time yet.’
• Latest News & Headlines » Home «
• Source(s): News Corporation
Share

04
Aug
10

News Corp. Posts $875 Million Profit as Ad Sales Rise

NEWS
News Corp. Posts $875 Million Profit as Ad Sales Rise

Wednesday, August 04, 2010

••• Media and entertainment giant News Corp. reported, Wednesday, that it has swung to profit in the fiscal fourth quarter on the back of strong performance from its television networks division which posted impressive ad sales.

News Corp. said its net profit in June quarter was $875 million or $0.33 per share as against loss of $203 million or $0.08 per share in the year ago period.

The company said its revenue moved up 5.7 percent to $8.11 billion.

Analysts, on average, had expected News Corp. to report profit of $0.20 per share on revenue on $7.87 billion.

However, operating profit, or sales minus the cost of goods sold and administrative expenses, slipped 1.7 percent year-on-year in June quarter to $932 million from $948 million.

The media conglomerate said its earnings were driven by strong performance put up by its television networks division, which accounted for more than half of its operating income.

Profits at domestic channels surged by 30 percent while international channels improved 40 percent. Overall, operating profit at cable television networks division, which include channels such as Fox News Channel and FX, surged 31 percent to $563 million on the back of advertising revenue which jumped 11 percent. The division also saw double-digit growth in revenue from fees paid by cable, satellite and fiber video providers.

Operating profit at News Corp.’s broadcast television division also surged 13 percent to $113 million on improved ad sales offsetting higher programming expenses at the company’s national broadcast network – Fox Broadcasting.

The group’s filmed entertainment division also did well but could not beat third quarter performance. Operating income in June quarter dropped 32 percent year-on-year to $137 million. In March quarter, profit stood at $497 million. At the time of announcing third quarter earnings, News Corp. had warned that one should not expect stellar performance from this division in the fourth quarter, largely due to an expected year-over-year decline in the film business due to the timing of releases.

The newspapers and information services division, which include the Wall Street Journal, Barron’s, MarketWatch and Dow Jones, also reported 20 percent surge in profit to $115 million on higher ad revenue, though it was below Street estimates.

The company’s digital media division, which include social networking site MySpace, however, disappointed, reporting an operating loss of $174 million in the June quarter on lower search and advertising revenue. News Corp. said MySpace is set for a “major overhaul.”

News Corp.’s satellite TV division also disappointed, reporting a 37 percent slide in operating income to $97 million on the back of continued weakness at Sky Italia.

To reduce dependence on the economically sensitive advertisement-based revenue, News Corp. said it is beefing up its portfolio of subscription-based assets. In June, it said it has made a bid for the 61 percent stake of pay-TV operator British Sky Broadcasting Group Plc (BSkyB) it doesn’t already own.

“The opportunity for us to expand the scale of our franchises is significant, including through taking advantage of the continual technological advances that will broaden the reach of our core content and distribution businesses,” News Corp. CEO Rupert Murdoch said in a statement.

The company’s full-year results were more impressive.

News Corp. said its net profit in fiscal year 2010 was $2.5 billion, helped primarily by blockbuster movie “Avatar.” DVD sales of other films like “Ice Age: Dawn of the Dinosaurs,” “X-Men Origins: Wolverine” and “Night at the Museum: Battle of the Smithsonian” also bumped up its profits. In the prior year, News Corp. incurred a net loss of $3.4 billion, which included a one-time pre-tax impairment and other charges of $9.2 billion.

“These results underscore just how well positioned we are – fiscally, operationally and strategically – for further growth across all of our markets,” Murdoch said.

Shares of News Corp., which owns Dow Jones, Wall Street Journal, New York Post, MySpace and 20th Century Fox among other things, closed up 1.61 percent at $13.85. Following the financial results announcement, the company’s shares were up 3.25 percent in the after-market hours.
• Latest News & Headlines » Home «
• Source(s): News Corporation
Share

29
Jul
10

Adult industry sees iPorn potential in new iPhone

NEWS
Adult industry sees iPorn potential in new iPhone

Porn just got interactive: Now Apple iPhone 4 users can make video calls to X-rated stars with Face Time

Thursday, July 29, 2010

••• The adult industry is moving on the new iPhone, seeking models specifically for video sex chat on FaceTime.

So when Apple launched the iPhone 4 and its FaceTime video conference feature, it didn’t take long for adult-entertainment companies to develop video-sex chat services and start hiring workers through Craigslist.

With more than 3 million of the phones sold, the adult industry stands to make big money on this new way to reach out and touch someone – even if it puts Apple, which has always taken pains to keep its iPhone apps squeaky clean, in an awkward spot.

In at least five cities, Craigslist ads seek models specifically for video sex chat on FaceTime. Many of the ads even offer to throw in a free iPhone 4 for the new employees.

FaceTime lets people call another iPhone 4 user and have live video conversations over a Wi-Fi connection using the front-facing camera on the new model. In one TV ad, a soldier uses it to get a look at his faraway wife’s ultrasound pictures.

The adult industry wants its customers to share moments of an entirely different kind with its stars. And while the technology may be new, the idea is not. Porn providers have always been early adopters.

In the 1970s, the demand for explicit videos at home helped VCRs become widespread, and the industry was the first to embrace DVDs, too. Internet porn peddlers were some of the first to make wide use of streaming video and online credit card payments.
‘The first time someone created a camera there was someone who said, ‘Wouldn’t it be good for someone to take off their clothes in front of this camera? said Michael Gartenberg, vice-president at Interpret, a media research company.

And for years, cameras mounted on computers have helped connect people for racy online video sessions. But the portability and privacy of a cell phone makes FaceTime a new frontier for the industry.

‘A phone is such an intimate thing, you usually don’t lend it out or have someone else use it,’ said Quentin Boyer, a spokesman for Pink Visual, an adult production company.

Boyer said his company began planning for iPhone 4 video services almost as soon as the device hit stores. They should be ready in a matter of weeks. Boyer said the company will offer FaceTime sessions with some of the same women who appear in its videos – likely charging $5 or $6 a minute, payable by credit card.

‘It has a very personal feel – your mobile phone to hers,’ he said.

Online exhibitionism is only growing. Take Chatroulette, which randomly connects strangers for video chats. While the service isn’t explicitly sexual, it’s common for users to stumble upon people looking for more than just conversation.

So far, most online video sex chat services have let the customer see the performer, but not the other way around. FaceTime may change that.

‘We are seeing more and more that customers want to be watched as much as they want to watch,’ said Dan Hogue, owner of an adult chat company called CamWorld, which is planning FaceTime services.
• Latest News & Headlines » Home «
Share

23
Jul
10

Tablet War Hots Up With Microsoft iPad Rival

NEWS
Tablet War Hots Up With Microsoft iPad Rival

Friday, July 23, 2010

••• Microsoft is taking on the iPad in the battle of the tablets as it announced plans to launch it own version later this year.

It is working in partnership with Hewlett-Packard whose executive vice president Todd Bradley said: ‘Slates are going to be an enormous category.

‘Our focus is working with still our largest software partner, Microsoft, to create a tablet, a slate, for the enterprise business.’

‘This is just in its infancy.’

Apple has sold more than three million iPads since it went on sale in April and Microsoft has been seeking to develop products that will tap into the lucrative market.

When the Microsoft tablet arrives on the shelves it may benefit from one key advantage over its Apple rival.

The HP tablet computer will be able to run Flash, the popular video software from Adobe which Apple has barred from the iPad.
The news comes as Microsoft revealed a record $4.52 billion profit with a fourth quarter revenue of more than $16 billion dollars.

The American tech company credited the strong sales figures to the successful launch of its latest-generation Office 2010 software and to continued strong demand for its new Windows 7 operating system.

The popularity of its Xbox 360 videogame consoles and Bing’s improving share of the Internet search market also contributed to the successful final quarter of its fiscal year.

Microsoft chief operating officer Kevin Turner said: ‘We look forward to continuing our product momentum this fall with the upcoming launches of Windows Phone 7 and Xbox Kinect.’
• Latest News & Headlines » Home «
Share




Calendar

September 2017
M T W T F S S
« Aug    
 123
45678910
11121314151617
18192021222324
252627282930  

Archives

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 3 other followers

© Copyright 2010 Dominic Stoughton. All Rights reserved.

Dominic Stoughton's Blog