Financial news on April 14, 2012
Business and Financial news
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..
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..
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..
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..
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..
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..
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..
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..
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..