BUSINESS October 27, 2011 | 4:56 PM
Despite recent criticism from market analysts, online coupon giant Groupon.com is set to launch its IPO on November 4 after a US-based roadshow – offering 30 million shares at $16-$18 per share.
Although it has scaled back considerably from its original plans for a $750 million IPO, Groupon disclosed at a recent regulatory filing that it now expects net proceeds of approximately $480 million from its upcoming initial public offering. While the stock offered in the IPO represents only around 5% of the entire company, upon sale of its offered shares valuation is estimated to reach between $10.1 billion and $11.4 billion, or just a little less than 50% of its original IPO estimate of $20 billion.Read more »
ECONOMY October 27, 2011 | 2:47 PM
Among concerns of rising student debt and tuition costs, Obama announced publicly at the University of Colorado his new relief plan for those suffering from excessive student loans.
The new measures will allow over 6 million students to bundle and consolidate some federal loans into one monthly payment.Read more »
FINANCE October 27, 2011 | 2:16 PM
Shares in German pharmaceutical company Merck rose more than 5% on the Frankfurt Stock Exchange yesterday, surpassing all estimations in its third quarter financial results.
Third quarter net profit jumped almost 8% to €226.6 million ($315.2 million), up from €210.8 million for the same period last year and well above the €180 million industry experts had been predicting. Revenue rose 3.8% to €2.5 billion, marginally higher than expectations.Read more »
FINANCE October 27, 2011 | 10:34 AM
Health insurance company Cigna Corp is to buy Tennessee-based healthcare plan outfit HealthSpring for $3.8 billion. HealthSpring runs a nationwide prescription drug plan and Medicare Advantage plans in several states including Washington, Texas, New Jersey and Florida.
The Medicare market is luring health insurers as an ageing US population enters retirement and is opting for private Medicare Advantage plans. These private plans make up around 25% of Medicare plan registrations at present, or 46 million beneficiaries, while 75% are accounted for by state-run plans.Read more »
BUSINESS October 26, 2011 | 5:49 PM
Google’s Android has overtaken Apple iOS in the global mobile applications market, according to market intelligence firm ABI Research. In the second quarter of 2011, the Android operating system became the number-one mobile apps player with 44% of the market, pushing iOS back into second spot with a 31% share.
Google’s mobile device platform has proven much more popular than ABI had predicted, with analysts back in 2009 forecasting a potential market share of 23% by 2014. The bulk of the growth seems to have come this year, with ABI research from August 2010 showing Apple was still dominating the market at 52% of app downloads going to iOS.Read more »
BUSINESS October 26, 2011 | 5:27 PM
After rising sharply this summer, premium travel has fallen back to the fourth-quarter levels of last year, with the International Air Transport Association (IATA) reporting a drop for the month of August - the most recent month for available statistics.
IATA says economy-class travel also decreased but not as much as premium.Read more »
BUSINESS October 26, 2011 | 12:20 PM
FedEx is preparing for a massive jump in United States deliveries, with projections indicating it may be its busiest festive season on record. The world’s second-biggest parcel deliverer has projected demand between Thanksgiving and Christmas to rise as much as 12% to over 260 million packages.
On its busiest day, expected to be December 12, up to 17 million deliveries should be processed – 10% more than its peak in 2010.Read more »
ECONOMY October 26, 2011 | 11:44 AM
The housing market in the United States may be stabilizing: a recent private survey reveals home prices are up in half of all major US cities.
The Standard & Poor's/Case-Shiller index also showed an increase in 10 of the 20 cities it studied, marking a fifth-consecutive month of increases. The index compared prices with January 2000, and creates a three-month average.Read more »
ECONOMY October 25, 2011 | 5:09 PM
Canada’s inflation rate has reached new heights, now climbing over 3% in the last twelve months, with Statistics Canada reporting food price increases of almost 4.5% and energy prices up by 12.5%.
Without food and energy as part of the equation, inflation rates would have increased by slightly less than 2% over the twelve month-period prior to the end of September.Read more »
BUSINESS October 25, 2011 | 3:08 PM
AT&T will appeal to a federal court in Washington to dismiss an antitrust case brought forward by Sprint Nextel to block its acquisition of T-Mobile USA. Sprint opened a lawsuit saying the proposed merger between AT&T, the second largest wireless carrier in the US, and T-Mobile, the fourth largest, would limit competition within the industry.
Sprint also said the acquisition would damage its own business prospects which, on the back of 15 straight quarterly losses, it can ill afford.Read more »
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