Facebook Profits Dip before IPO
Compared with the final quarter of 2011, profits and revenues of the social networking company–Facebook dropped in the first quarter of 2012, due to the leap in expenses as the company boosted staff and absorbed costs from employee stock options.
The news marked a setback for the company just weeks before the widely anticipated IPO.
European Demand for Cars Drops in March
According to the the European carmakers’ association Acea, it was reported that the consumer demand for new cars in the EU was negative for the sixth month running. Last month, the registrations for cars in 27 European Union countries was 7.7% lower than a year ago, underscoring the depth of a slowdown that is splitting the industry along north-south lines.
Eurozone Weighs Union on Bank Regulation
Arguments that divided the EU over its fiscal discipline treaty starts to be replayed over financial policy, as the eurozone explores forging ahead with its own regime for bank regulation.
Last week, a senior policymaker in effect at ECB sketched out a framework for a eurozone banking union. The idea gained traction in European policy circles and cause anxiety in London, which remains the key financial centre for the euro.
AstraZeneca to Cut 7,300 Jobs Amid Pressure on Revenues
The Anglo-Swedish pharmaceutical group–AstraZeneca pledged to buy back $4.5bn of its shares in 2012 as the company warned of increasing pressure on its revenues and unveiled its plans to cut 7300 jobs.
The company posted the full-year revenues down by 2% at constant exchange rates to $33.3bn on the back of about $2bn in sales lost to generic competition and $1bn due to government prices.
BlackBerry Maker Shakes up Board
Mike Lazaridis and Jim Balsillie, joint chairmen and chief executives of the embattled Canadian maker of the BlackBerry smartphone–Research In Motion, have resigned as part of a long-awaited shake-up at company.
According to RIM, it is said late on Sunday that Mr Lazaridis would go on taking an active role as vice-chairman and head of a new board committee on innovation. On the other hand, Mr Balsillie is leaving the company, but will remain a director.
Vodafone Wins $2.9bn India Tax Battle
The supreme court in India just found in favour of the UK-listed telecom company–Vodafone in a landmark case that had threatened to land the telecoms business with a tax bill of $2.9bn and further dent India’s faltering investment environment.
The decision is a defeat for the income tax department in India, which spent five years pursuing Vodafone for capital gains tax the company claimed was due following its $10.9bn acquisition of Hutchison Essar in 2007.
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