Financial News

Anonymous Attacks Virgin Media

The British communications company owned by Sir Richard Branson was forced to take its website offline for an hour during a hack attack orchestrated by Anonymous as a protest against the company’s efforts to block access to The Pirate’s Bay, a file-sharing page. In a statement Virgin Media considered that “As a responsible ISP, Virgin Media complies with court orders but we strongly believe that tackling the issue of copyright infringement needs compelling legal alternatives, giving consumers access to great content at the right price, to help change consumer behavior.”

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Spain Takes Over Bankia

The rumors published in our site kandeofund.com have been confirmed. The Spanish government took over Bankia, the country’s fourth largest lender, in a deal that will give the state a 45% indirect stake. Uncertainty over the cost of Spain’s banking reform hit the Euro and the global markets. A huge rescue may put Spain’s fiscal solvency into question and the survival of the Euro zone could be at stake. Spain has already bailed out seven smaller saving banks but Bankia’s rescue is the biggest. Prime Minister Mariano Rajoy announced “We will deepen the process of cleaning up the banks”. He has promised not to use state funds to rescue the banks but mounting doubts are shaking international markets.

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Sony Reports Record Loss

In the fiscal year ending in March, Sony, the Japanese multinational conglomerate, considered one of the leading manufacturers of electronic products, lost a record of US $5.7 billion. This way, the company finishes its fourth straight year with a loss. Panasonic Corporation is also in trouble: it is expected to announce US $10 billion in annual losses. This week Sony’s shares slipped to its lowest level in 25 years. Its television division has lost money for the past eight years. In despite of this situation the company predicts a US $376.5 profit this current fiscal year.

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Facebook Launches its App Store

The successful company created by Mark Zuckerberg has launched a new app store to offer mobile programs that operate using the social network. In the near future developers will have the ability to charge a fee for apps sold. The company admitted that growth in mobile use could hurt future advertising revenue. The app center will be rolled out in the next week. In a statement the company explained: “If users increasingly access Facebook mobile products as a substitute for access through personal computers, and if we are unable to successfully implement monetization strategies for our mobile users, or if we incur excessive expenses in this effort, our financial performance and ability to grow revenue would be negatively affected.”

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New Rules in China’s Twitter

Sina Weibo is a Chinese micro-blogging website considered and hybrid of Twitter and Facebook. It is one of the most popular sites in China, in use by over 30% Internet users. This month the site will introduce new rules. The rules include what topics users can and cannot post. They aim to stop users from publishing content that spreads rumors “disrupting the social order”. A new user contract due to come into effect in May 28 also states that users should not use “oblique expressions” to get around the restrictions. Chinese authorities are putting pressure on social networks to manage what users are saying. A committee of users and experts will be tasked with enforcing the new contract.

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