Morgan Stanley’s stock dropped nearly 4% as declines in the bank’s trading division rattled investors.
Stocks closed out the trading day and the week with modest declines, with the Nasdaq logging its first losing week this year. Oil and gold slid nearly 2%.
Visit link: S&P 500 rises for 7th week in a row
India’s inflation declines further in November, helped by an easing of fuel and manufacturing prices.
See the original post here: Indian inflation declines further
Paid-for digital subscriptions reach almost 600,000 but advertising suffers year-on-year declines
The New York Times has reported an 11% increase in paid-for digital subscriptions to almost 600,000 in the three months to the end of September.
However, both print and digital advertising at the paper suffered year-on-year declines. The Times reported a small profit of $2.28m (£1.41m) in the third quarter. Digital subscriptions rose 11% between the second and third quarters to 592,000 with Arthur Sulzberger Jr, chairman and chief executive of the New York Times Company, saying that digital subscription trends have “remained robust”.
A breakdown shows that paid subscribers to the New York Times and its sister paper, the International Herald Tribune, amounted to 566,000, an increase of 57,000 or 11%, quarter on quarter. Paid subscribers to the NYT-owned Boston Globe were 26,000 at the end of the third quarter, up 3,000 or 13% compared to the previous three months.
“While our results for the third quarter reflect continued pressure on advertising revenues, total circulation revenues rose led by the expansion of our digital subscription base,” Sulzberger said. Total revenue fell 0.6% year on year to $449m as the tough advertising market continues to batter the publishing company. Total advertising revenues fell 8.9% year on year in the third quarter to $182m.Print advertising at the company’s newspapers, slumped by 10.9% year on year in the third quarter. Digital revenues fell 2.2% year on year to $44.6m mainly because of lower national display and property ads. Digital ad revenues account for 24.4% of total ad revenues. The publisher said this was “largely due to the challenging economic environment, ongoing secular trends and an increasingly complex and fragmented digital advertising marketplace”.
Circulation revenues increased a healthy 7.4% year-on-year to $234m, thanks to print cover price increases and growth in digital subscriptions. The company said that it expects circulation revenues to increase in the “mid to high single digits” in the final three months of 2012 thanks to the growth in digital subscribers and print price increases.
Ad revenue declines are expected to be about the same in the fourth quarter as they were in the three months to the end of September.
The company said it had completed the sale of how-to web operation About Group for $300m.
A Texas judge declines a request by state regulators to immediately appoint a receiver over Life Partners Holdings (LPHI -17.6%) but says the regulators were “likely to prevail” in claims the company committed fraud in connection with its business of selling life insurance investments. LPHI -2% AH. Post your comment!
Link: A Texas judge declines a request by state regulators to immediately appoint a receiver over Life Partners Holdings ([[LPHI]] -17.6%) but says the regulators were "likely to prevail" in claims the company committed fraud in connection with…
Price declines in Vancouver dragged the national average home price lower in July, even as most markets saw slight increases compared to the same month a year ago.
Go here to read the rest: Average home price ticked 2% lower in July
Florida lifeguard is fired for saving a life; uproar ensues
Los Angeles Times
Lifeguards are supposed to save lives, right? Well, several lifeguards in Florida were temporarily out of jobs this week after one of them saved a man from drowning on a stretch of beach north of Miami — and then was fired for doing so.
Fired Florida lifeguards won't take jobs back
Fired Lifeguard Offered Job Back, Declines
Florida lifeguard says he's been offered his job back
Two of the big three confidence indexes show late spring declines. A weak labor market is the likely culprit
Read this article: Americans’ Confidence Is Down. Why?
Not every chief executive after a year of lousy financial performance declines his bonus (hello, Bob Diamond at Barclays)
Philip Clarke of Tesco can easily afford to pass on a £372,000 bonus; he still collected about £1.65m last year in salary, benefits plus a windfall from a maturing 2009 scheme. It’s also true that many of the group’s mistakes over the past year, such as the cack-handed introduction of the Big Price Drop strategy, originated in his office. But not every chief executive after a year of lousy financial performance declines his bonus (hello, Bob Diamond at Barclays). Well done, Mr Clarke. His example wasn’t followed his fellow board members, but as four out of six have left or are leaving soon perhaps that was too much to expect.
There is another novelty to mention from Tesco’s pay report. This chart appears for the first time. It illustrates how much each board member has collected over the past five years via the various components of his of her package. It is clear, tells the long-term story and deserves to be universally adopted by large companies.
U.S.-based solar companies suffered today, reversing gains made yesterday after trade duties were announced. Some think the duties could end up hurting the U.S. solar industry because they could slow the rapid price declines that have made the technology less reliant on government subsidies. FSLR -8.4%, SPWR -9.1%. Post your comment!
The rest is here: U.S.-based solar companies suffered today, reversing gains made yesterday after trade duties were announced. Some think the duties could end up hurting the U.S. solar industry because they could slow the rapid price declines that have made the…