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Business, Financial & Legal Posts - Page 127

Foxconn makes a cool $3.2 billion in net profit, thanks Apple for letting them make their iPhones

Foxconn Technology have reporte their earnings for the year, seeing a nice net income of $3.2 billion according to the Financial Times. The company otherwise known as Hon Hai Precision are the company known for manufacturing some of the most popular devices in the world.

 

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If you didn't already know, these devices are better known as the iPhone, iPad and iPod. Hon Hai Precision are what they go by in their home country, where they beat analysts' predictions on high margins for these iOS-based products. Foxconn International Holdings is the world's largest cellphone maker, where they produce devices for a multitude of companies, including Apple, Nokia and Motorola, but suffered a net loss of $316.4 million.

 

Because of this, there is now some concerns that Foxconn's huge reliance on Apple is going to be a problem going into the future.

Yahoo buys news-summarizing app Summly for $30 million

Yahoo are on a continued mission to revamp their digital news and media business, with their latest acquisition of Summly, a startup that specializes in summarizing web content into a format made easier to consume media on a mobile device.

 

 

AllThingsD reports that the transaction saw Yahoo shifting $30 million to acquire the startup, 90% of it in cash with the remaining 10% in stock. The news gets better; with the iPhone app first designed by London-based Nick D'Aloisio, who was just fifteen years old when he created Summly.

 

What exactly does Summly do? Well, it allows you to choose your news sources from a bunch of pre-packages categories, or from your favorite websites. From there, it will let you enter keywords for topics that might be of interest too. Summly will also show you the latest stories that it has summarized in up to 400 characters, presented with a beautifully clean interface.

Continue reading 'Yahoo buys news-summarizing app Summly for $30 million' (full post)

T-Mobile confirmed to be talking iPhone at tomorrow's Uncarrier event

It's about time that T-Mobile got a legitimate iPhone. Currently, T-Mobile only has AT&T iPhones that have been unlocked. CNET has confirmed that T-Mobile will be talking iPhone at tomorrow's Uncarrier event. Tomorrow's Uncarrier event will be used to talk up the changes that T-Mobile are undergoing as they move towards a more European model.

 

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T-Mobile is ditching the whole two-year contract model. Along with that, T-Mobile is doing away with phone subsidies, though they are replacing subsidies with a similar option of paying a down-payment and then a monthly payment until the device is paid in full.

 

We expect T-Mobile to launch its 4G LTE network tomorrow with the iPhone 5 being the showcase device for the new network. We'll bring more T-Mobile news tomorrow as the Uncarrier event unfolds.

HTC ditching 'Quietly Brilliant' tagline, looking to be bolder with marketing

HTC has a lot riding on the HTC One. This device will make or break the "Quietly Brilliant" company. HTC Chief Marketing Officer Benjamin Ho wants to make sure that the HTC One makes the company. That's why HTC is retiring their "Quietly Brilliant" tagline and will be taking a more aggressive approach to advertising.

 

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"We have a lot of innovations but we haven't been loud enough," Mr. Ho said. We've already seen some of HTC's more agressive marketing. Outside the Galaxy S4 launch event, HTC employees demoed the new One device. They directly attacked the Galaxy S4 with the Twitter hashtag #theNextBigFlop.

 

We'll keep an eye on HTC to see if the new marketing strategy pays off. HTC really needs to come up with some great ads to help sell their devices. Making a great device doesn't hurt either.

Spotify launches ad campaign, looks to gain wider use

Streaming music provider Spotify is looking to move into the mainstream with a new series of TV advertisements. The first campaign kicks off with a spot during NBC's "The Voice." This particular advertisement will feature complementary Wed and social media components to increase engagement.

 

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This advertising campaign likely comes as a result of, at least partly, complaints by major music label executives that Spotify hasn't done enough to expand in the US market. In December, Spotify announced that they have one million paying subscribers in the US. It's worth noting they've only been in the US for a year and a half.

Continue reading 'Spotify launches ad campaign, looks to gain wider use' (full post)

NASDAQ to pay out just $62m to investors who lost an estimated $500m in Facebook IPO

We all remember that fateful day last year when Facebook had its IPO on the NASDAQ stock exchange. I'm sure most of us recall some of the difficulties associated with the IPO and how the price plummeted from its list price of $38. The estimated loss to investors due to the glitches suffered by the NASDAQ stock exchange is $500 million.

 

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NASDAQ will be paying out just $62 million to those affected. The United States Securities and Exchanges Commission (SEC) have agreed with this payout. Investors who had orders not completed or who were not correctly notified of buys or sells successfully completed are among the eligible.

Kim Dotcom looking to sue Hong Kong government

The Megaupload and Kim Dotcom saga just won't end. The latest from Mega's founder, Kim Dotcom, is that they are readying a lawsuit against the Hong Kong government over the raid of his business back in January 2012. He says the raid on his headquarters and freezing of his assets were illegal.

 

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Dotcom:

We were in the process of preparing a listing on the Hong Kong stock exchange and the valuation of our company was over $US2 billion. Fortunately, the US government will have to indemnify Hong Kong for any damages awarded to us.

 

So far, Dotcom's legal adventures have been fairly successful. He has won the right to sue New Zealand over the raid on his mansion and has yet to be extradited to the United States. We will have to wait and see if his legal successes continue to come.

 

Dotcom plans to keep his headquarters in Hong Kong due to the tax benefits. "It involves some US artists as potential shareholders and they want a more tax-friendly jurisdiction. That's why we looked at Hong Kong and Singapore."

FCC Commissioner calls net neutrality the agency's biggest failure

Last week FCC Commissioner Robert McDowell announced that he would be stepping down from his seat at the FCC. McDowell was one of the biggest opponents to the Net Neutrality rules that were adopted by the FCC in 2010.

 

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In 2010 the FCC approved net neutrality rules that prevented Internet service providers from blocking lawful traffic and banning discrimination against competitive services running over the ISP's networks. This was seen as a major win for internet lovers across the nation.

 

The controversy came when Wireless carriers were deemed to not be subject to those rules. McDowell opposed the net neutrality rules stating "I just think it was needlessly disruptive and a diversion of FCC resources." When asked to elaborate, McDowell had the following to say:

 

First of all, I've been a strong advocate for a free and open Internet. What I opposed really focused on, first of all, there is no market failure that needed to be addressed. Second, the FCC did not have the statutory authority to do what it did. Third, if there had been a problem there were laws already on the books that would have addressed the problem.

 

There wasn't a problem before the rules and there's not a problem with any danger of a closed Internet in this country after the rules. For those who think the rules have preserved an open Internet, that's sort of like a rooster taking credit for the sunrise.

Dell receives two or more offers before deal deadline reaches

If you thought Dell would just fly off into the night and go public without anyone else bidding, well, you were wrong. The Blackstone Group submitted a preliminary offer before the original deal deadline on Saturday for Dell to go private for $24.4 billion.

 

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Under the terms of the "go shop" clause in the agreement, it allowed Dell to seek other suitors. A second offer was received by investor Carl Icahn who purchased a bunch of shares a couple of weeks ago. There's no concrete details on Blackstone's deal, but they are offering between $13.65 and $15 per share in a deal that will see shareholder participation. Blackstone have invited GE Capital and others in order to help them out with financing the deal.

 

Icahn have previously demanded Dell pay $15.7 billion in special dividends above the buyout price or risk a proxy fight. Icahn's proposed dividend of $9 per share sees a 67% premium to existing shareholders over the current $13.65 offer that is currently at play with the buyout from Michael Dell, Microsoft and investment company Silver Lake.

Google shut Reader down due to the high cost of privacy compliance

There are thousands of people, myself included, saddened by the news that Google are shutting down Reader in a couple of months. Why did they do it? News is now coming out that the Mountain View-based company closed Reader due to the hidden costs of keeping users' data private.

 

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This is coming from an unnamed source of AllThingD, who said that the closure of Reader is at least partly due to Google's reluctance to build out the staff and infrastructure needed to deal with the legal and privacy issues related to Reader. The source added that Google are trying to position themselves so that they stop getting into expensive lawsuits, by adding dedicated staff to deal with legal issues to each of their teams.

 

When Google announced the closure of Reader, they didn't even have a project manager of full-time engineer dedicated to it. Google reportedly didn't want to spend the money building the service into a full-blown app, and on the flip side, didn't want to sell it to a third-party because of its deep integration with other Google Apps.

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