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Business this week

Thu, 26 Nov 2009 11:40:33 +0000

The government of Dubai requested a six-month “standstill” from creditors on paying back debt accumulated by Dubai World, causing a prompt downgrade to government-related debt from credit-rating agencies. The state-owned conglomerate is behind some of the Gulf emirate’s most ambitious ventures of recent years, including the Palm Jumeirah residential resort. Once feted by businessmen the world over, Dubai’s government and state-backed companies are reckoned to have racked up as much as $80 billion in debt. See article It emerged that Facebook has introduced a dual-class share structure—similar to the way Google organises its shareholders’ voting rights—which tightens the grip on the privately held company of Mark Zuckerberg, its co-founder and chief executive. The news was taken as (yet another) indication that the social-networking site is preparing for an initial public offering. See article ... >

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The problem with dual-class shares: More equal than others

Thu, 26 Nov 2009 11:40:32 +0000

Will Facebook pay a price for its new two-tiered share structure? FROM the start, Facebook has assiduously imitated Google. The social-networking site has poached its chief operating officer and in-house chef from the search giant. Like the young Google, Facebook has turned down multi-million-dollar takeover offers in favour of going public. Then on November 24th came the news that it had prepared for a public offering by adopting a dual-class share structure, which gives some shares more votes than others—again, like Google. The assumption is that Facebook’s founder, Mark Zuckerberg, will keep control with the mightier shares after selling ordinary ones to the masses. In theory, Facebook ought to pay a price for this two-tiered structure, which makes it hard for a majority of shareholders to remove even dismal managers. Venture capitalists tend to hate dual-class structures, as they reduce the price at which they can sell their shares; no doubt Mr Zuckerberg has been given a tough time ...

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Bing tries to sign up newspapers: Web-wide war

Thu, 26 Nov 2009 11:40:32 +0000

Microsoft opens a new front in its battle with Google EVEN technology pundits can sometimes be right. Jason Calacanis, a blogging mogul, recently argued that there is a simple solution to the woes of both Microsoft and big media companies. The world’s largest software firm should pay Time Warner, News Corporation and others to block Google, the search giant, from indexing their content—and make it searchable exclusively through Bing, Microsoft’s new search service. Media companies would thus get badly needed cash, and Bing might take market share from Google. On November 23rd it emerged that Microsoft and News Corp are talking about just that. Although the discussions may come to naught, or prove a mere ploy in the media giant’s separate negotiations with Google, the news caused a stir. It is a sign not only of how far Microsoft is willing to go in order to turn Bing into a serious rival to Google, but also of how the entire internet could well evolve. ... > ...

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Italian Prosecutors Seeks Jail Time For Google Execs

Wed, 25 Nov 2009 22:38:54 +0000

Mamma mia. According to Bloomberg , prosecutors in Milan are seeking one-year jail sentences for two current Google execs and a former CFO in a case charging them with violating Italian privacy and livel law. The case targets David Drummond , SVP and chief legal officer; Peter Fleischer , global privacy counsel; and George Reyes , former Google CFO. The prosecutors are also asking for a six-month sentence for libel for A rvind Desikan , a senior product marketing manager. The case is focused on a clip uploaded to Google Video in 2006 by a group of students at a school in Turin, who filmed themselves bullying a disabled classmate. Google said it pulled the video as soon it was notified about it. “We did exactly what is required under European and Italian law,” Google spokesman William Echikson told Bloomberg. “We took the video down when notified by the authorities. Seeking to hold neutral platforms liable for content posted on them is a direct attack on a free, ...

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Google apologizes for now removed racially offensive Michelle Obama image -

Wed, 25 Nov 2009 16:51:23 +0000

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Google Looms Large As Next Telecom Giant (GOOG, AAPL, VZ, MOT, DELL, T, VG)

Wed, 25 Nov 2009 07:00:00 +0000

Google's quiet acquisition of Gizmo5 could make the search giant a serious threat to telecom service providers like Verizon and AT&T.;

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Rajaratnam Responds to SEC

Tue, 24 Nov 2009 22:46:10 +0000

Galleon's Raj Rajaratnam denied he received or traded on material, nonpublic information about Google or other companies as alleged in the SEC's civil insider-trading case.

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Google announces plans to digitise artefacts in Iraqi National Museum

Tue, 24 Nov 2009 21:12:54 +0000

Few tourists brave the violent streets of Baghdad to view the treasures of the Iraqi capital’s National Museum. Now there is one more reason to stay away. >

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TiVo To License Viewing Data To Google; Could A Bigger Deal Follow?

Tue, 24 Nov 2009 19:40:09 +0000

TiVo (TIVO) this morning unveiled a deal to license television viewing data to Google (GOOG) to be used in the Google TV Ads platform. Terms were not disclosed. The announcement said Google TV ads will be able to draw on anonymous second-by-second DVR viewing data from stand-alone subscribers “to substantially enhance the measurement and accountability of ad impressions for inventory sold using the Google TV Ads auction-based system.” The TiVo sample covers digital cable, analog cable, satellite, telecom and over-the-air TV in line and time-shifted viewing. Meanwhile, in the sketchy speculation category, Briefing.com writes that it is hearing that a “sell-side shop” - they don’t say which one, and I haven’t figured it out so far - thinks TiVo could now be a takeover target for Google. Stranger things have happened. Certainly it would be an easy deal to do financially: TIVO has a market cap of $1.2 billion, with no debt and more than $230 million ...

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Rajaratnam Responds to SEC

Tue, 24 Nov 2009 15:41:51 +0000

Galleon's Raj Rajaratnam denied he received or traded on material, nonpublic information about Google or other companies as alleged in the SEC's civil insider-trading case.

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AOL: No Growth Years Through 2014, Analyst Says

Tue, 24 Nov 2009 15:24:51 +0000

There may be some perfectly good reasons to pick up shares of AOL , which starts trading today on a when-issued basis in advance of its pending spin-off from Time Warner (TWX) . But growth isn’t one of them. Barclays Capital analyst Douglas Anmuth this morning issued a report on the soon-to-be-independent company, which he thinks is fairly valued at $35-$39 a share. That would give the company a market cap of $3.8 billion to $4.2 billion. (For comparison, Yahoo (YHOO) has a market cap of $21.5 billion, with Google (GOOG) at $183.4 billion.) His valuation represents 8-9x 2010 estimates pro forma EPS, and 3-3.5x 2010 EBITDA. Anmuth writes that he expects declining revenue and profits at AOL to continue - with no growth projected in any year through 2014. His model includes 3-year compounded growth of -8% for revenue and -10% for EBITDA. He does say the company should be able to expand margins slightly in 2010, as it cuts staff by a third. And he says the access business should ...

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More Newspapers Mull Pulling Out Of Google Search

Tue, 24 Nov 2009 14:30:37 +0000

Following recent discussions between News Corp. (NWS) and Microsoft (MSFT) about a deal which would yank News Corp. publications from the Google (GGOG) search index, other newspaper companies now say they are considering a similar move. Bloomberg reports that MediaNews Group , publisher of the Denver Post , will block Google News when it starts charging readers in Pennsylvania and California for online context next year, CEO Dean Singleton told the wire service in an interview. Early next year, the company will install a “pay wall” on newspapers in Chico, California, and York, Pennsylvania, Singleton said. MediaNews also publishes a number of Bay Area newspapers, including the San Jose Mercury-News and the Oakland Tribune . A.H. Belo (AHC) publisher of the Dallas Morning News , likewise is considering introducing online subscription fees and blocking Google, according Belo EVP James Moroney , publisher of the Dallas paper, Bloomberg reports. But he told ...

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Google To Acquire Teracent

Mon, 23 Nov 2009 17:55:28 +0000

Google (GOOG) today in a blog post announced a deal to acquire Teracent , a San Mateo, California, company focused on “intelligent display advertising.” The deal is expected to close this quarter. Terms were not disclosed. The company was funded by New Enterprise Associates . GOOG today is up $12.55, or 2.2%, to $582.54.

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Did Murdoch Just Figure Out How To Save The Newspaper Industry?

Mon, 23 Nov 2009 05:36:12 +0000

News Corp. CEO Rupert Murdoch just may have stumbled onto a way to save the newspaper business. According to the Wall Street Journal (which like this blog is published by News Corp.), Murdoch has had talked with Microsoft (MSFT) about a deal in which News Corp. would remove its newspaper content from Google ’s (GOOG) search engine, while continuing to include it in Microsoft’s Bing search engine. The story is attributed to “people familiar with the matter.” The story said the talks are in a very early stage, and might not result in a deal; a key issue is the price Microsoft would pay News Corp. to feature its content, which includes not just Barron’s and the Journal, but also the New York Post , the Sun , the Times of London , the Australian and various other publications. Unclear is whether the deal might also include MySpace and Fox television properties. The Financial Times, which broke the story on Sunday , writes that Microsoft has ...

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Microsoft, News Corp. Discuss Web Pact

Mon, 23 Nov 2009 04:04:09 +0000

Microsoft and News Corp. have held discussions about a partnership that could result in News Corp. removing its newspaper content from Google's search engine while continuing to feature it on Microsoft's online properties.

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Teslas Motors Reportedly Planning IPO

Fri, 20 Nov 2009 21:07:21 +0000

Tesla: Driving toward an IPO? Tesla Motors , the Valley-based maker of electric sports cars, plans to go public soon, according to Reuters , which cites “two people familiar with the situation.” The story said an IPO filing is expected any day. The company declined to comment on speculation. The company’s Roadster (pictured at right) sells for $109,000. Investors in Tesla include Daimler AG , Valor Equity Partners , Technology Partners , Draper Fisher Jurvetson , DBL , The Westly Group and Compass Venture Partners . Among the individual investors in Tesla are CEO and founder Elon Mus k (who also was a co-founder of PayPa l and also runs the rocket start-up SpaceX ), Jeff Skol l (a former eBay exec who now produces movies) , Hyatt hotels magnate Nick Pritzker , Google founders Larry Page and Sergey Brin , and Elon’s brother Kimbal Musk , the CEO of real-time search engine OneRiot , among others.

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Google Outlines Chrome OS Plans

Fri, 20 Nov 2009 04:26:15 +0000

A Google executive said the Internet giant is "a year away" from making its anticipated Chrome computer operating system available to users.

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Armchair spooks to Google culprits who are destroying rainforests

Thu, 19 Nov 2009 21:08:26 +0000

Environmentalists across the world are to be enlisted as armchair detectives to monitor satellite images of rainforests and report any illegal logging. >

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Google Says Chrome OS Still a Year Away

Thu, 19 Nov 2009 18:56:38 +0000

A Google executive said the Internet giant is “a year away” from making its anticipated Chrome computer operating system available to users.

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Google: Chrome OS Launch A Year Away

Thu, 19 Nov 2009 18:21:48 +0000

Google (GOOG) today said the official launch of Google Chrome OS , the company’s planned foray into the desktop OS sector dominated by Microsoft (MSFT) Windows, is still a year away. Speaking at a media event at the company’s headquarters in Mountain View this morning, Google VP of product management Sundar Pichai said that while no beta version of the software is being released today (contrary to rumors), the company is making the code available. He also said there are now 40 million users for the Google Chrome Web browser; and he indicated that a version of the Chrome browser for the Apple (AAPL) Mac will be available before year end. AllThingsD’s John Paczkowski is blogging the event live.

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Google: UBS Ups Estimates, Boosts Target To $700; Sees Stronger Keyword Pricing

Thu, 19 Nov 2009 17:22:46 +0000

UBS analysts Brian Pitz and Brian Fitzgerald this morning repeated their Buy rating on Google (GOOG) , while lifting their price target on the stock to $700, from $635. GOOG closed yesterday at $576.65. The UBS duo also boosted their 2009 EPS estimate to $22.93, from $22.74; for 2010 they now see $27.72, up from $27.08. For Q4, they now expect $6.63, up from $6.44, and ahead of the Street at $6.39. The analysts say the higher estimates reflect improving keyword pricing. “Our proprietary price tracking and channel checks with several SEMs (search engine marketing companies) and industry participants suggest CPCs (cost per click, or keyword pricing) particularly in categories such as retail witnessed strong growth in October from September and Q3 levels,” they write. GOOG today is down $4.90, or 0.9%, to $571.75.

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Google Phone: Coming Soon?

Wed, 18 Nov 2009 16:09:18 +0000

An Android -based Google -branded (GOOG) smart phone should be on the market by early 2010, according to TechCrunch’s Michael Arrington. Arrington writes in log post the phone will be sold directly and through retailers; the device will be built by a major phone manufacturer but have only Google branding. The piece contends that Google will completely control the design, and will be “Google’s pure vision of what a phone should be.” The reprot says once source claims HTC is building the phone - but Arrington contends the source is wrong, and the company is actually working with a Korean manufacturer, either LG or Samsung . TechCrunch also reports that Google is planning big advertising push for the device, starting as early as January. “That’s all we have for now,” Arrington writes. “We don’t yet know what the device will look like, how big it will be, or even if it has a physical keyboard. But we do know that Google is getting into the phone ...

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Android Versus iPhone: Who Wins, Who Loses? (GOOG, AAPL, RIMM, NOK, MSFT)

Tue, 17 Nov 2009 07:00:00 +0000

What will happen to the smartphone market once Google's Android becomes widely available?

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Google, Microsoft Gains Search Share In October; Yahoo Loses More Ground

Mon, 16 Nov 2009 23:49:39 +0000

Both Google (GOOG) and Microsoft (MSFT ) increased their share of the U.S. search market in October, according to new data from ComScore . Google had 65.4% share, up from 64.9% in September. Microsoft Bing had 9.9% share, up from 9.4% in September. Yahoo (YHOO ) dropped to 18%, from 18.8% in September, and 21% in January. Ask.com (IACI ) maintained 3.9% share for the sixth straight month. AOL (TWX) slipped to 2.9%, from 3% in September, and 3.9% in January. Total search queries in the the month were up 13%, the smallest year-over-year increase ComScore has ever tracked.

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RIMM: Auriga Launches With Hold Rating

Mon, 16 Nov 2009 18:22:46 +0000

Auriga USA analyst Chandan Sarkar this morning launched coverage of Research In Motion (RIMM) with a Hold rating and $66 price target, modestly above Friday’s close at $62.69. On the one hand, Sarkar writes, “RIMM is well-positioned…to take advantage of the ongoing worldwide growth of smart phones - a market that…should grow significantly faster than the overall cell phone market as the spread of all-you-can-eat data pricing plans continues to drive the high end of that market.” But he says that is counter balanced by increasing competitive pressure from Google , Apple , Windows Mobile and others. “Thus, we consider the overall risk/reward ratio well-balanced in the current stock price,” he writes. RIMM today is down 94 cents, or 1.5%, to $61.74.

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New Google Book Pact Unlikely to End Flap

Mon, 16 Nov 2009 13:10:12 +0000

Google and two author and publisher groups submitted a modified version of a controversial settlement over digital books, but it appears likely the fight over the agreement will continue.

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New Google Book Pact Unlikely to End Flap

Mon, 16 Nov 2009 01:35:22 +0000

Google and two author and publisher groups submitted a modified version of a controversial settlement over digital books, but it appears likely the fight over the agreement will continue.

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