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Facebook Founder And Banks Sued Over Float

To view this content you need Flash and Javascript enabled in your browser. Please download Flash from the Adobe download website. 7:30pm UK, Wednesday May 23, 2012 A group of disgruntled shareholders is suing the company, its founder and several banks behind the flotation in a New York court. The shareholders claim that during the IPO marketing process the defendants concealed “a severe and pronounced reduction” in Facebook revenue growth forecasts because of increased mobile device usage.

Myer to generate $300 million online

Myer believes it can generate up to $300 million in on-line sales as women and young people head to its website to purchase clothes. The department store chain plans to have its new website ready by February next year, with the roll-out beginning in August 2012. “We already have over a million customers coming to the site every month and that is growing at an exponential rate,” Mr Brookes told reporters on Wednesday. “We know there is a much larger ...

Facebook Shares Plunge Sharply For Second Day

To view this content you need Flash and Javascript enabled in your browser. Please download Flash from the Adobe download website. 12:38am UK, Wednesday May 23, 2012 Katie Stallard, media and technology correspondent The social network stock dominated Nasdaq trade again, with shares falling another 8.9% at the close on Tuesday – the third day of trading – as accusations flew that leading underwriters had cut their projections ahead of the initial public offering (IPO) on Friday.

Mount Gibson port upgrade complete

Mount Gibson Iron has finished its upgrade of port and rail facilities at Geraldton. The iron ore miner stated commissioning for the upgrade, which will effectively double its capacity at the port to 6 million tonnes per annum, was now under way. Chief executive Jim Beyer stated the port upgrade would enable the company to consolidate its position as a leading iron ore exporter. “The commissioning of our upgraded facilities at Geraldton will help transform the performance of our Mid ...

Facebook Shares Tumble By 13% On Second Day

Facebook had its debut on the Nasdaq exchange on May 18 The shares dropped below their debut price of $38 (£24) in early Wall Street trading, at one point falling to $33 (£21) – down 13.7%. They began to rise as the day progressed. The shares ended their first day, Friday, flat, despite an initial surge to $43 (£27).

Elders returns to profit in first half

Agribusiness and automotive interiors supplier Elders has returned to profitability, boosted by a massive tax win. Elders reported a net profit of $40.5 million for the first half of its 2011/12 fiscal year, compared to a net loss of $14.6 million in the prior corresponding period. The result was boosted by a $34.4 million gain from one-off items, including a $58.3 million gain arising from a successful objection to an Australian Taxation Office (ATO) tax assessment. That gain was partly ...

Greece Crisis Threatens To ‘Open Door To Hell’

To view this content you need Flash and Javascript enabled in your browser. Please download Flash from the Adobe download website. 11:09am UK, Sunday May 20, 2012 Sky News last interviewed George Papaconstantinou two-and-a-half years ago. In December 2009 he told how Greece could survive independently and Greece’s creditors had nothing to fear – they would get back every euro they were owed.

‘Greek Euro Exit Threatens UK Economy’

To view this content you need Flash and Javascript enabled in your browser. Please download Flash from the Adobe download website. 4:06pm UK, Saturday May 19, 2012 The claim comes amid reports that German Chancellor Angela Merkel has suggested to Greece it should hold a referendum on the euro at the same time as the country’s elections on June 17. Berlin at first refused to comment on the rumour, and is now denying the chancellor ever suggested such a vote ...

Facebook Ends Flat On First Day’s Trading

To view this content you need Flash and Javascript enabled in your browser. Please download Flash from the Adobe download website. 11:14pm UK, Friday May 18, 2012 The shares, priced at $38 (£23.95) on Thursday in the largest-ever initial public offering (IPO), failed to flourish in price on the Nasdaq in New York. Facebook shares closed down 8% from the opening day trading peak They eked out a fractional gain of just 0.97% to end at $38.37 (£24.19), with record ...

$A falls as European worries worsen

The Australian dollar has plunged to its lowest level in nearly six months as concern deepens about the euro zone debt crisis. On Friday, the local currency went as low as 97.95 US cents, its lowest since November 29 against the US dollar. At 1700 AEST, the Australian dollar was trading at 98.25 US cents, down from 99.47 cents on Thursday.  Easy Forex currency trader Tony Darvall stated the currency market is paying particular attention to a comment by ANZ ...