Facebook beats Wall Street targets, stock hits record high

Facebook Inc’s fast-growing mobile advertising business helped drive a 61 percent increase in revenue during the second quarter, beating Wall Street’s financial targets and sending shares to a record-high in after-hours trading on Wednesday. The world’s No.1 Internet social network said on Wednesday that it saw increased interest from both advertisers and from users during the second quarter. Facebook now counts 1.5 million advertising customers and the company’s ad business

LinkedIn set to buy business marketing company Bizo

LinkedIn is all set to buy Bizo, a company that makes technology for display and social advertising focused on business customers, for around 175 million dollars. LinkedIn said on Tuesday that it has agreed to purchase Bizo to bolster its advertising offerings. The company said that it will pay about 175 million dollars for Bizo, a company that makes technology for display and social advertising focused on business customers. LinkedIn

Yahoo to buy analytics startup Flurry to bolster mobile ad business

Yahoo Inc will buy mobile analytics startup Flurry to beef up a fast-growing mobile advertising business that still lags Google Inc’s and Facebook Inc’s  in scale.Six-year-old Flurry uses analytics to help target ads at consumers by monitoring activity on more than half a million apps on some 1.4 billion mobile devices around the world, Yahoo said in a statement on Monday.The startup provides information to help marketers and brands more

Facebook to challenge Amazon soon?

After making billions connect socially on its network, Facebook is testing a new feature designed to let users buy products directly from ads and posts on its news feed.“With this feature, people on desktop or mobile can click the ‘Buy’ call-to-action button on ads and Page posts to purchase a product directly from a business, without leaving Facebook,” the post reads.In an image of what this feature looks like, a

Sriram, Kannan appointed SBI Managing Directors

State Bank of India (SBI) Thursday said it has appointed B Sriram and V G Kannan as Managing Directors and Group executives.Both come to SBI from Group associates, where they held senior positions.Sriram, previously Managing Director of State Bank of Bikaner and Jaipur, will be handling international banking, while Kannan, who was MD and CEO, SBI Capital Markets, will be looking after associates and subsidiaries division of the country’s top

Apple to pay 450 million dollars in U.S. e-book lawsuit

Apple will pay an amount of 450 million dollars as a result of a U. S. lawsuit against it that said that the company had increased the price of e-books. An amount of 400 dollars could go back to the consumers, said reports. New York Attorney General Schneiderman said that even the biggest companies had to follow the same rules as others, reports the Verge. He further said that they

Is Flipkart worth $5 billion?

The valuation of an Indian company has perhaps never escalated this fast. The seven-year-old Flipkart, which began in 2007 as an online book store and shot to fame soon after for its inventory and deep discounts, is being valued at $5 billion, based on a big round of funding some time soon, according to a report published in The Economic Times on July 15. While there’s no official word on

Mukesh Ambani richest Indian as Bill Gates returns to top

Mukesh Ambani again emerged as the richest among ten Indians in the Forbes annual list of a record 1,645 billionaires with an aggregate net worth of $6.41 trillion, up from $5.4 trillion last year. Ambani, with a net worth of $18.6 billion was ranked 40th as Microsoft founder Bill Gates was back on top as the world’s richest person on Forbes’ 28th annual ranking of the world’s billionaires after a

Mukesh Ambani eyes telecom pact with Bharti

Reliance Industries Chairman Mukesh Ambani has said his company is open to joining hands with Bharti Airtel for improving telecom network for 4G services in Punjab. The two companies also announced their separate plans of investing Rs 6,500 crore on digital infrastructure for 4G telecom services in the state. “Punjabis are the brand ambassadors of India. We are present in Punjab in manufacturing, retail. We are also rolling out our

Oil price rises as Iran's nuclear talks stall

Oil – $94 a barrel, as talks between Iran and six powers to curb Tehran’s nuclear program seemed to be at an impasse. By early afternoon in Europe, benchmark U.S. crude for January delivery was up 24 cents to $94.09 a barrel in electronic trading on the New York Mercantile Exchange. The contract for December, which expired Wednesday, closed down 1 cent at $93.33. A new round of talks on

I-T Dept. raids Anand Rathi premises for alleged tax evasion

  Income-Tax (I-T) Department on Tuesday raided the residential and official premises of leading brokerage & financial services firm Anand Rathi Financial Services, which has a high exposure to crisis-hit National Stock Exchange Ltd (NSEL). People with direct knowledge of the matter said that the raids by tax sleuths from the investigative wing of the Mumbai I-T department were conducted for alleged tax evasion by Anand Rathi Financial Services. The

Indian rupee falls to 62 per dollar

The Indian rupee has fallen to low of 62 against the US dollar during the intra-day trading on Friday prompting a response from the central bank in the country. The Indian rupee closed at 61.71 a dollar compared to the previous close of 61.44 in intraday trading. The currency opened at at 61.35 and touched a high of 61.33 and a low of 62.01 in the market. The Reserve Bank