Connect to share and comment

Weibo valued at $3.46 billion after bottom-end IPO pricing

(Reuters) - China's Weibo Corp will be valued at a lower-than-expected $3.46 billion when it goes public on the Nasdaq on Thursday, amidst concerns about the microblogging service's slowing user growth and the country's highly censored media environment. The Twitter-like microblogging service, owned by web portal Sina Corp, sold 16.8 million American Depositary Shares (ADSs) for $17 apiece, raising $285.6 million, an underwriter told Reuters. The company had planned to sell 20 million ADSs at between $17 and $19 per share.

London Marathon death sparks charity donations surge

Tens of thousands of pounds in donations poured into a charity on Tuesday in memory of a London Marathon runner who collapsed at the finish line and died. Robert Berry, 42, was treated by four consultants after completing the 26.2-mile (42.2-kilometre) course on Sunday and was transferred to hospital where he was pronounced dead. He was running to raise money for the National Osteoporosis Society in recognition of the charity's support for his mother after she was diagnosed with a brittle bone condition.

Amazon launches Amazon Dash for delivery of groceries, household items

(Reuters) - Inc launched a new product named Amazon Dash on Friday that allows the user to add groceries and household goods to their shopping lists using the company's AmazonFresh service. A black-and-white hand-held wand-shaped remote-control features a microphone, speaker as well as a bar-code reader and links directly to the user's AmazonFresh account.

China's Baidu defeats U.S. lawsuit over censored search results

By Jonathan Stempel NEW YORK (Reuters) - Chinese Internet company Baidu Inc on Thursday won the dismissal of a U.S. lawsuit by pro-democracy activists who complained that Baidu illegally suppressed political speech on China's most widely used Internet search engine. Eight New York writers and video producers had accused Baidu of creating search engine algorithms, at the behest of China, to block users in the United States from viewing articles, videos and other information advocating greater democracy in China.

Customers receive credits from e-books case and yawn

By Andrew Longstreth NEW YORK (Reuters) - In the end, one of the highest-profile antitrust cases in years failed to make much of an impression on some of the very people the lawsuit was meant to benefit. Customers of Inc and other e-book retailers on Tuesday began receiving notices of their shares of a $166 million settlement with five of the biggest book publishers, all accused of conspiring with Apple Inc to raise e-book prices.

Boom! E-Trade retires its wiseguy spokesbaby 6 years after his Super Bowl debut

NEW YORK, N.Y. - The E-Trade baby will finally stop talking. In the investor site's new ad, the baby — who looks like a harmless, adorable tot but talks like a character out of "The Wolf of Wall Street" — is upstaged by a cat named Beanie that sings. The tot quits in disgust at the end of the ad. "That's it, I'm done. I'm out of here. Amateurs," the baby says in the ad. E-Trade confirmed it is "retiring" the baby and will go in a different direction with its next ads.

Amazon closes third-party store in China over fake cosmetic report

SHANGHAI (Reuters) - U.S. e-commerce giant Inc's China unit will strengthen regulation of its online sales channels and has closed down a third-party store, the online retailer said on Thursday, after state media criticized Amazon and smaller local rival Dangdang for selling fake cosmetics. A report on China Central Television (CCTV) said that third-party sellers on Amazon and Dangdang were re-selling fake cosmetic products, some of which were sourced from local grey-market wholesalers.

Baidu-led partnership applies for China banking license: CEO

BEIJING (Reuters) - China's Baidu Inc, the country's biggest search engine, has formed a partnership to apply for a private banking license, Robin Li, Baidu's chief executive, said on the sidelines of China's annual parliament on Friday. "Of the businesses the Internet will topple they naturally include finance," Li told a group of reporters. "Baidu is now applying for multiple banking licenses, including payment, but because we're still in the process of applying it's not convenient to reveal too much," said Li.

Baidu quarterly profit edges down 0.4 per cent to $460 million on mobile Internet scramble

BEIJING, China - Baidu Inc., which operates China's leading search engine, said Thursday its quarterly profit edged down 0.4 per cent as it spent heavily to promote mobile services amid an industrywide scramble to keep up with users who increasingly surf the Web on smartphones. Baidu earned 2.8 billion yuan ($459.9 million) in the three months ending Dec. 31, the Beijing-based company announced. Revenue rose 50.3 per cent compared with a year earlier to 9.5 billion yuan ($1.6 billion).

Baidu prepared to grow through further acquisitions in 2014: CEO

BEIJING (Reuters) - Baidu Inc is prepared to grow by making further acquisitions in 2014, Chief Executive Robin Li said on Thursday after the Chinese Internet company reported its fourth quarter earnings. Baidu's aggressive strategy to gain ground on competitors such as Tencent Holdings Ltd and Alibaba Group Holding Ltd has spurred a buying spree. It bought the 91 Wireless app store in August for $1.9 billion and group-buying site Nuomi last month.
Syndicate content