China unveiled yesterday (Sunday) what it described as a “massive” economic stimulus package – a planned capital infusion of $586 billion that it plans to use to reverse its slowing growth, to loosen credit and to offset slowing global growth by stoking domestic demand.
Siemens Settle Bribery Charges for $1.3 Billion; Google Walks From Yahoo; Enbridge Channels 88% Profit Growth; FCC Approves Sprint-Clearwire Merger; GMAC Finance Revenue Stuck in Reverse; Time Warner Revenue Unchanged; Molson Coors Pops; News Corp. Profit Down 30%
News Corp. (NWS), the media giant owned by Rupert Murdoch, will strengthen its presence in India with the creation of six regional television channels.Murdoch has in the past warned that an advertising slowdown in the newspaper and television industries would have a decidedly negative impact on U.S. media businesses. At the same time, however, India’s entertainment market is just beginning to realize its potential.
About 17 million viewers joined India’s burgeoning television market in the first half of 2008. Television advertising responded to the broader audience, growing 26% in the first six months of the year.
The media and entertainment market in India is expected to grow by 18.5% by 2012, according to consultancy firm PwC. That’s the fastest among the BRIC countries…
Can it be earnings season already? It sure is, but don’t expect too much. With its report tomorrow (Tuesday), Alcoa Inc. (AA) leads off what is expected to be a pretty dismal series of profit reports.
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Brian Hunt brings you the New Highs and Lows of note last week.
Shares in internet search company Yahoo (YHOO) dropped 10% yesterday as the prospect of a deal with Microsoft ended.
According to Bloomberg: “Yahoo said yesterday it scrapped talks after Microsoft refused to pay the $47.5 billion it offered last month. Instead Yang unveiled a partnership with Google Inc. While that deal may add $800 million to annual sales, it may not be enough to revive the stock, said analyst Colin Gillis of Canaccord Adams.”
Lowe’s Reports 1Q Declines; Oracle of Omaha for Obama; Microsoft, Yahoo at it Again; Staples Launches Hostile Takeover of Corporate Express; News Corp. Increases Premier Stake; Take-Two Snubs EA; Pacific Ethanol Stock Surges Despite Loss; Feds to Investigate DeVry.
Microsoft Corp. (MSFT) bankers recently contacted Facebook Inc. and made inquiries about purchasing the popular social networking site, the Wall Street Journal reported.
Shares of Yahoo! Inc. (YHOO) tumbled 15% yesterday (Monday) to close at $24.37 a share as investors responded to Saturday’s news that Microsoft Corp. (MSFT) would drop its $47.5 billion dollar bid for the beleaguered search engine firm.
But the tough times are just beginning for Yahoo, which must now prove why it is worth more than the lofty price Microsoft was offering.