Financial news on April 14, 2012

Business and Financial news
Behind Instagram’s Success, Networking the Old Way

Success of Kevin Systrom and Mike Krieger, multimillionaires after selling their Instragram photo application to Facebook, depended on their connections to the Bay Area's tight-knit tech scene; network is centered around developers and investors who attended Stanford University, and who hold entrepreneurial risk-taking in high regard. Read more..

By SOMINI SENGUPTA, NICOLE PERLROTH and JENNA WORTHAM - The New York Times

Coinstar Surges on Preliminary Quarterly Results

Coinstar, operator of the Redbox movie-rental kiosks, says in preliminary report that its first-quarter sales and profit exceeded its February forecast, driven by higher prices; shares rise 7 percent to $65.78 on news. Read more..

By BLOOMBERG NEWS - The New York Times

Diamonds as a Commodity

Some investment professionals are competing to turn diamonds into a commodity that would be available to investors in exchange-traded funds in a manner similar to gold; Securities and Exchange Commission is reviewing a proposal to create a fund that would allow investors to buy one-carat diamonds and store them in a vault, providing daily values with an as-yet-unnamed index. Read more..

By NATHANIEL POPPER - The New York Times

Employers Don’t Have to Post Union Notices, Judge Rules

The ruling clashes with one that a federal judge in Washington issued last month, concluding that the labor board did have the authority to issue its order on posting notices. Read more..

By STEVEN GREENHOUSE - The New York Times

Russian Lender Building Its Own Bloc in Eastern Europe

An acquisition campaign that expands Sberbank in eight Eastern European countries might seem like a banker’s version of rebuilding the old Soviet bloc. Read more..

By ANDREW E. KRAMER - The New York Times

Software Service in India Tumbles After Forecast

Infosys, India’s second-largest software services exporter, forecasts sales that miss analysts’ estimates, setting off a 13 percent decline in its share price. Read more..

By BLOOMBERG NEWS - The New York Times

S.& P. 500 Suffers Biggest Weekly Decline of the Year

Standard & Poor’s 500-stock index suffers its biggest weekly decline of 2012, as consumer confidence drops, China’s growth slows and the cost of insuring against a Spanish debt default rises to a record level. Read more..

By BLOOMBERG NEWS - The New York Times

Spain Cautions Argentina on Takeover of Energy Firm

Spanish government warns that it will take unspecified retaliatory measures against Argentina if it proceeds with plans to take back control of YPF, the large oil and gas producer, from Repsol, its Spanish parent. Read more..

By RAPHAEL MINDER - The New York Times

Spain Targets Tax Fraud to Counter a Recession

Spanish government approves a number of measures to crack down on tax fraud as part of its effort to reassure investors that it can replenish the public coffers by bringing to the surface some of the country’s hidden wealth. Read more..

By RAPHAEL MINDER - The New York Times

See what else happened on April 14, 2012