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News Corp profits grow

Storey Link: News Corp profits grow

As reported by the BBC, media group News Corporation watched its net revenues rise 65 per cent in the three months up to the end of December 2011, comparing positively to the same time period in 2010. The growth is the first time the firm’s profits have risen compared to 2010 since New Year 2011. The media group made $1.06 billion (£888...

BHP Billiton profits drop with weaker iron ore price

Storey Link: BHP Billiton profits drop with weaker iron ore price

As reported by the BBC, lower commodity prices are pushing down profits for BHP Billiton, the world's largest mining company. The Anglo-Australian firm reported a 5.5% yearly fall in first-half revenues to $9.9 billion (£6.2 billion). The company also forewarned of a turbulent future citing Europe's debt crisis and a slowing Chinese...

Macquarie shares drop 5% following profit warning

Storey Link: Macquarie shares drop 5% following profit warning

Australia’s largest investment bank Macquarie Group has said it anticipates that full year profits will fall by 25 per cent because a weak market is affecting its business, reports the BBC. Its investment and trading banking operations were the most severely hit, said the company in a statement. The bank’s shares dropped five per cent...

Lynas shares rise 19% for rare earth licence in Malaysia

Storey Link: Lynas shares rise 19% for rare earth licence in Malaysia

Shares of Australian mining firm Lynas have risen after it received a licence from Malaysian authorities to run a rare earth refinery in the SE Asian country. Lynas shares ended 19% stronger at A$1.590 at the Australian Securities Exchange. After being completed, the plant is to be one of the largest supply sources of rare earth elements...

Facebook unveils $5bn flotation plans

Storey Link: Facebook unveils $5bn flotation plans

Facebook, the largest social networking site in the world, has announced its stock market flotation plans. Facebook said that it aimed to raise $5bn (£3.16bn), roughly half the amount a number of analysts had predicted. However, the initial public offering (IPO) is still likely to be the largest sale of shares by an online company,...

Amazon reports lower profits and issues loss warning

Storey Link: Amazon reports lower profits and issues loss warning

Internet retailer Amazon has announced a dramatic drop in profits and warned of worse than anticipated results this year. For the three months ending 31 December, net income at the online giant was $177m (£144m), plummeting from $416m a year earlier. The fall came despite revenues during the period increasing by 35 per cent to $17.43bn....

Hong Kong six session rally comes to an end while Shanghai reopens down

Storey Link: Hong Kong six session rally comes to an end while Shanghai reopens down

Hong Kong shares broke a winning streak of six sessions yesterday, dragged down by banks and developers for China, as investors made profits on recent outperformers at the same time all eyes remain on Greece debt-swap deal talks. As reported by Reuters, soft mainland markets that are back in trading after the week-long holiday for Chinese...

Record profits for Apple

Storey Link: Record profits for Apple

Technical giant Apple posted record-breaking net profits in the final quarter of 2011 of $13.06bn (£8.36bn), an increase of 118% from the same quarter in 2010. In the same period it also more than doubled the number of iPhones it sold in the last quarter of 2010, with an incredible 37 million iPhones sold, according to the BBC. Chief...

Stock markets down as Athens debt talks falter

Storey Link: Stock markets down as Athens debt talks falter

Stock markets have fallen while eurozone finance ministers carry on putting further pressure on Greece's private creditors, who they want to accept lower interest rates on the loans they have made to Athens. BBC News reported that British and French share indexes ended up closing lower yesterday, while Wall Street dropped on opening....