October 25, 2012
Amazon reports loss led by its stake in LivingSocial
Online retailer Amazon has reported a bigger than expected quarterly loss, led by its investment in struggling online deals service LivingSocial. Amazon made a loss of $274m (£170m) for the July to September period, compared with a profit of $63m a…
October 25, 2012
UK economy returns to growth with help from Olympics
The UK economy emerged from recession in the three months from July to September, helped by the Olympic Games. The economy grew by 1.0%, according to official gross domestic product figures (GDP), which measure the value of everything produced in…
October 25, 2012
S&P cuts French banks’ credit rating
Three French banks including BNP Paribas have had their credit rating downgraded by ratings agency Standard and Poor's (S&P). Explaining its decision, S&P said that French banks faced increased economic risks, which left them "moderately…
October 25, 2012
Bank of America sued for $1bn for alleged mortgage fraud
Bank of America is being sued for $1bn (£624m) for alleged mortgage fraud. The civil lawsuit has been brought by the US Attorney Preet Bharara, the top federal prosecutor in Manhattan, New York. He accuses Countrywide Financial, which Bank of…
October 25, 2012
Apple victory as Samsung loses US trade ruling
A US International Trade Commission judge has ruled that Samsung infringed four of Apple's intellectual property patents. However, the ruling was preliminary and needs to be upheld by the full commission. It is another win for Apple, after it was…
October 25, 2012
Former Goldman Sachs board member jailed for two years
A former Goldman Sachs board member who was found guilty of four criminal counts of insider trading has sentenced to two years in jail. Rajat Gupta, 63, had leaked boardroom secrets to Raj Rajaratnam, a former hedge fund manager now serving 11 years…
October 25, 2012
Hong Kong weakens local currency again
Hong Kong's central bank has intervened in financial markets again, weakening the value of its currency after it jumped in value. This follows similar moves on Sunday and pushes the total cost of intervention in the past week to 14.3bn Hong Kong…
October 25, 2012
Nike sells Umbro to Iconix Brand Group for $225m
Sportswear giant Nike has agreed a deal to sell UK sports brand Umbro to US clothing company Iconix Brand Group for $225m (£140m). Nike announced earlier this year it was looking to sell the Cheadle, Manchester-based firm, which specialises in…
October 24, 2012
Facebook posts loss despite 32% rise in revenues
Facebook has posted a loss of $59m (£37m) despite seeing revenues rise 32% during the third quarter. The world's most popular online social network revealed that its income rose to $1.26bn, between July and September. The revenues exceeded…
October 24, 2012
Apple reveals iPad Mini starting at US$329
Apple Inc is refusing to compete on price with its rivals in the tablet market — it’s pricing its new, smaller iPad well above the competition. Yesterday the company revealed the iPad Mini, with a screen that’s about two-thirds the size of the…