TMCnet News
WHAT THE OTHER PAPERS SAY THIS MORNING(City A.M. (UK) Via Acquire Media NewsEdge) Facebook pays minimal UK tax Facebook paid almost no UK corporation tax for the second year in a row after it reported a pretax loss of £11.6m in 2013, even though revenues rose at the British arm of the social networking company. UK revenues rose from £34.6m to £49.8m, according to Facebook UK's annual filing to Companies House, published yesterday. However, it incurred a corporation tax charge of just £3,169. Yelp gets bad review after earnings Yelp shares slid nearly 16 per cent in after hours trading yesterday after the online consumer review site projected fourth quarter sales below Wall Street forecasts and reported slowing unique visitor growth. The company expects fourth quarter sales to range between $107m and $108m, below estimates for $111m. DeepMind goes on the buying trail DeepMind, the UK artificial intelligence group purchased by Google for £400m earlier this year, has revealed plans to create a broad alliance with the University of Oxford after acquiring two companies spun out of computer science projects at the academic institution. The London-based group, now a department within the US search giant, said it had acquired Dark Blue Labs and Vision Factory, enterprises founded by Oxford professors. People familiar with the matter said the deals are worth tens of millions of pounds. China tries to clear the air for guests Official plans to cleanse the smog-choked skies of Beijing during an impending summit of Asia-Pacific leaders will require closing thousands of schools, ordering 50 per cent of cars off the capital's roads and idling hundreds of factories for a week. The increasingly desperate-looking anti-pollution measures lay bare some of the more alarming flaws in China's management of the economy and have emerged as Beijing revealed that GDP growth in the most recent quarter had slumped to a five-year low. In smog crises this month, Beijing's air pollution has climbed 20 times over the World Health Organisation's safety limit. Tesco looks to spin off Asian business Tesco is considering spinning off its Asian operations and floating them as a separate company as the embattled grocer examines ways to raise billions of pounds to shore up its stretched finances. Britain's biggest retailer - which is due to publish its half-year results today - is looking at a range of drastic measures including largescale asset sales following a succession of profit warnings and the discovery of a £250m accounting black hole. One move that is now being looked at seriously is carving out Tesco's prized Asian assets and listing them separately on the stock market. Analysts estimate the businesses would be worth between £8bn and £10bn. Apple Pay glitch hitting users banks Some Bank of America credit- and debit-card users have been charged twice for the same purchase when they use Apple Pay, Apple's new mobile-payment system that debuted Monday. The bank says about 1,000 transactions have been affected, and it is reversing the duplicate charges. Visa set to hike its dividend by 20pc Visa is increasing its dividend by 20 per cent, just a year after boosting the payout by 21 per cent. The credit-card company said yesterday that its quarterly dividend is rising to 48 cents. (c) 2014 City A.M. |