Friday, August 3, 2012

Former Prostitute Lauri Burns Helps Rescue Troubled Teen Girls


Lauri Burns was just 23, but she was ready to die. Emaciated, heroin-addicted, working as a prostitute, she was shooting up alone in a Santa Ana, Calif., motel room one night in 1986 when she caught a glimpse of herself in the mirror.

"My hair was all over," Burns recalls. "I had blood dripping down my arms. It was the most horrible feeling."

That moment, after a decade of life on the street – and a near-fatal beating from a john a few months later – scared her straight. She vowed to turn her life around and succeeded beyond her wildest dreams, going to trade schools and parlaying a knack for math into a thriving career as a computer program manager at defense manufacturer Northrop Grumman.

Even as she rebuilt her own life, Burns resolved to rescue other girls at risk of falling through the cracks. Since 1998, she has taken in more than 30 girls as a foster mom; in 2007, she founded the Teen Project, a nonprofit that has provided counseling, life-skills education and old-fashioned mothering to hundreds of girls when they age out of foster care at 18.


Growing up in a physically abusive home on New York's Long Island, Burns was shoplifting and taking drugs by the time she hit her teens; she even did a Girl Interrupted-like stint in a mental institution. Pregnant at 19, she would leave her baby daughter Summer with friends for weeks at a time until she finally entered rehab and sobered up for good. "I was broken," she says.

Today, at 49, she is a strong and steady support for five young women now living in the Teen Project home, a five-bedroom house not far from Burns's home in Mission Viejo, Calif. Burns purchased the house with funds raised from private donations. One of Burns's two employees serves as a den mother to former foster kids who stay there for about two years.

Earlier this year, Burns opened a drop-in center for homeless young people in Venice, Calif. Burns has found temporary homes – in some cases her own – for 10.

Young women whom Burns has helped say her energy and belief in them made all the difference. "My life has changed in every way," says Rose Hernandez, 21, who escaped a childhood home she describes as abusive. She recently graduated from cosmetology school.

Also moving up in the world is Janelle Garcia, 25, who finished her stint at the Teen Project house last year and then lived with Burns while she completed her associates degree. Recently accepted at the University of Alaska, she plans to become a doctor and just got engaged. "If Lauri can see it in me, and she's that successful, then I believe it. And I know I can make it."

All of which makes Burns—married for three years to Jeff McMullens, 61, and eagerly anticipating the upcoming wedding of daughter, Summer, 29, a Columbia University graduate and social worker—feel her own struggle was worth it. "I wouldn't," she says, "trade my life for anyone's."

source: people.com

Tiesto leads Forbes list of highest-paid DJs


LOS ANGELES – Electronic dance music DJ Tiesto was named the world’s highest paid DJ on Thursday, in a year when EDM has became a staple sound in mainstream pop music.

Dutch DJ Tiesto, 43, real name Tijs Verwest, earned $22 million in the past year, fueled by headlining sets at this year’s Coachella music festival and an exclusive residency at the Wynn Las Vegas, according to Forbes.com, which compiled the ranking.

Tiesto, 43, has earned a global fan base with his brand of electro house music, and he teamed his 2009 album “Kaleidoscope” with a 15-month, 175 date tour, with many shows sold out.

Los Angeles DJ Skrillex, 24, came second in the ranking with earnings of $15 million. The DJ, real name Sonny Moore, made waves by winning three Grammy awards this year with his debut album “Scary Monsters and Nice Sprites,” a blend of dubstep, house and electronica.

While the music industry has been suffering from lower sales, EDM has been steadily growing in the past year, with DJs performing more than 100 shows at lower overhead costs than bands or artists on tour.

“What’s fueling the DJ craze is that a lot of artists across all different genres realized they needed to put more effort into live music as it’s so much harder to make money off recorded music,” Forbes staff writer Zack O’Malley Greenburg told Reuters.

“Electronic music is ideally suited for the Internet age, (the DJs) never really charged anything for their music, their model was to give away music for free and make money from live shows, and with Twitter and Facebook, it’s so easy for them to spread their music around for free.”

Forbes.com pulled their earnings estimates from a combination of live shows, music sales, endorsements and merchandise sales figures. The ten highest-paid DJs collectively earned $125 million, more than the entire Los Angeles Lakers basketball team.

“EDM, for corporate America, is safer than hip hop, it’s not controversial, it’s ready to project onto whatever you want, and I think that’s why we’re seeing sponsors flock to it much more quickly than they did with rock and hip hop,” said O’Malley Greenburg.

Swedish House Mafia, the DJ collective formed by Steve Angello, Sebastian Ingrosso and Axwell, came in third with $14 million, French DJ David Guetta, 44, notched fourth place with $13.5 million and Southern California DJ Steve Aoki, 34, earned $12 million to round out the top five.

DJ Pauly D, 32, one of the stars of MTV’s “Jersey Shore,” was a surprising entry at No. 7 on the list, earning $11 million in the past year.

Pauly D, real name Paul DelVecchio, used his rising reality star status to propel his music career, opening for Britney Spears at select dates on her 2011 Femme Fatale tour, earning a MTV spin-off show, “The Pauly D Project” this year and establishing a residency at the Hard Rock Hotel in Las Vegas.

The full list of the world’s top ten highest-paid DJs can be viewed here.

source: interaksyon.com

P&G loses Pringles, gains in 4Q


NEW YORK - Procter and Gamble, the US consumer-products giant, on Friday posted a sharp rise in earnings for its fiscal fourth quarter, boosted by the sale of its snacks business.

P&G said net profit rose 45 percent from the year-ago quarter to $3.6 billion.

The sale of its Pringles potato-chip business to The Kellogg Company for $2.7 billion in an all-cash transaction added a net gain of 48 cents per share, P&G said.

Excluding one-time items, earnings per share were 82 cents in the April-June quarter, well above the average analyst estimate of 77 cents.

Net sales fell 1.0 percent to $20.2 billion, slightly missing expectations of $20.3 billion.

P&G, the maker of Gillette razors, Tide laundry detergent, Crest toothpaste and other consumer products, said the decline was primarily due to a negative foreign exchange impact, which reduced sales by four percent.

The Cincinnati, Ohio-based company, which has a presence in about 180 countries, has been battling rising commodity costs and a stronger dollar.

Sales growth increased in four of the company's five business segments compared with a year ago.

"Despite a difficult macro environment, we see significant opportunities for top- and bottom-line growth," said chief executive Bob McDonald in a statement.

"We enter fiscal 2013 with very strong developing market momentum, strengthened plans on our core developed market business, and with the benefit of a $10 billion cost-savings program, which is well under way," he said.

For its first fiscal quarter, from July to September, P&G predicted earnings per share of 83 cents to 91 cents and net sales growth down as much as six percent.

"A major driver of the lower first-quarter EPS outlook is foreign exchange, which is forecast to reduce net earnings by five to six percent versus the prior year," it said.

The company said it will repurchase $4 billion in P&G stock during the fiscal year.

Shares in P&G were up 0.9 percent at $63.51 in pre-market trade in New York.

source: interaksyon.com

Spain PM says difficult for Spain to refinance debt

MADRID - Spain's Prime Minister Mariano Rajoy reiterated on Friday that it has become increasingly difficult for the state to refinance its debts.

"The biggest problem for our country is that we owe a great deal and we must repay that money and, right now, it's very difficult that anyone would lend to us, or would refinance the debts that we have," he said.

Spain paid the second highest rate since the launch of the euro in 1999 to auction 10-year bonds on Thursday as investors become increasingly concerned the country may need to apply for a sovereign bailout.

source: interaksyon.com

Thursday, August 2, 2012

Apple extends gains in surging tablet market: survey


Apple extended its dominance in the sizzling tablet computer market in the second quarter of 2012, with the iPad grabbing 68 percent of global sales, a survey showed Thursday.

The preliminary report by IDC showed global tablet sales of 25 million — up 33.6 percent from the first quarter and 66.1 percent year-over-year.

Apple got a boost from the March release of its newest version of the iPad, and sold 17 million tablets in the second quarter.

Samsung jumped into second place with sales of nearly 2.4 million, up 117 percent from a year earlier.

“Apple built upon its strong March iPad launch and ended the quarter with its best-ever shipment total for the iPad, outrunning even the impressive shipment record it set in the fourth quarter of last year,” said Tom Mainelli, an IDC analyst.

“The vast majority of consumers continue to favor the iPad over competitors.”
Demand is increasingly strong in sectors such as education, said Mainelli.

“While iPad shipment totals are beginning to slow a bit in mature markets where the device saw early traction, growth in other regions is clearly more than making up the difference,” he added.

Amazon rebounded from a sluggish first quarter to sell 1.2 million of its Kindle Fire, which was launched late last year and is sold only in the United States.

Asus was fourth with 855 million tablets sold, a jump of 115 percent from a year earlier.

The data do not include the Google-Asus co-branded Nexus 7, which was launched in July.

IDC said it expects competition in the tablet market to continue to heat up in the second half of 2012 with new product launches from Amazon, probably Apple, and an influx of Microsoft Windows 8 and Windows RT-based tablets.

“If anything, there’s a real risk that people will have too many options from which to choose this holiday season,” said Bob O’Donnell of IDC.

“Consumers baffled by the differences between Amazon and Google versions of Android, or Windows 8 and Windows RT, may well default to market leader Apple.
Or they may simply choose to remain on the sideline for another cycle.”

Many analysts believe Apple will launch a smaller version of its iPad later this year, and that Amazon will release an upgraded Kindle Fire. Microsoft is set to release its Surface tablet in late October.

source: interaksyon.com

US economic data underscores weakening activity

The economy has lost momentum in recent months, hurt by fears of higher taxes and sharp government spending cuts next year and ongoing debt problems in Europe. Factory activity has cooled and job growth has braked sharply.

"The data evidence has been disappointing on a lot of fronts. There aren't too many bright spots," said Paul Edelstein, an economist at IHS Global Insight in Lexington, Massachusetts.

The Federal Reserve on Wednesday signaled it was willing to ease monetary policy further, noting that economic activity had slowed in the first half of the year and unemployment remains elevated. Many economists expect the Fed to launch a third round of bond buying, also known as quantitative easing, in September.

A government report on Friday is expected to show that employers added 100,000 new workers to their payrolls last month, according to a Reuters survey, up from 80,000 in June.

That would be more than the average 75,000 per month job growth in the second quarter, but far less than the average monthly rise of 226,000 in the first three months of the year.

The claims data has no bearing on the July employment report as it falls outside the survey period.

Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 365,000, the Labor Department said on Thursday, less than economists' expectations for an increase to 370,000.

The smaller gain likely reflected seasonal distortions from the temporary plant shutdowns by automakers for annual retooling, which cause wide swings in claims data in July.

The model used by the government to smooth the numbers for typical seasonal patterns has trouble anticipating the timing of the temporary closures and in addition, some automakers kept production lines running in July.

"We would prefer to take the July data with a grain of salt and wait for a few more weeks to get a better sense of the underlying trend in the number of new filers," said Guy Berger, an economist at RBS in Stamford, Connecticut.

A Labor Department official said last week was the last where the seasonal expectation was shaped by seasonal layoffs in the auto manufacturing sector.

The four-week moving average for new claims, a better measure of labor market trends, fell 2,750 to 365,500, the lowest in four months.

Factories lose steam

Underscoring the weakness in the economy, factory orders fell 0.5 percent in June after rising by the same margin the prior month as demand for a range of items such as motor vehicles, machinery and computers sagged.

The rise was in line with economist forecasts. The Commerce Department report was the latest sign of weakening activity in the factory sector.

On Wednesday, the private Institute for Supply Management said manufacturing activity contracted in July for the second straight month.

U.S. financial markets were little moved by the data. Stocks on Wall Street fell as European Central Bank President Mario Draghi disappointed investors hoping for quick action to contain the euro zone debt crisis.

U.S. Treasury debt prices rose and the dollar advanced against a basket of currencies.

While a third report showed planned layoffs at U.S. companies dropped for a second straight month in July, even as job cuts in the financial sector persisted, analysts warned this could be temporary given that layoffs typically slow during the summer.

Employers announced 36,855 planned job cuts last month, down 1.9 percent from June, consultants Challenger, Gray & Christmas said. So far this year, announced layoffs are up 2.5 percent from the same period in 2011.

The financial sector cut 6,156 jobs in July, the largest number since January.

"This may simply be the lull before the storm," said John Challenger, chief executive of the company. "The situation in Europe is far from being resolved and ongoing weakness here could continue to take a toll on the financial sector."

source: interaksyon.com

A Hard Spill in Designer Shoes


THEY were the girls with the golden shoes.

Kari Sigerson and Miranda Morrison couldn’t take a wrong step in their climb from Fashion Institute of Technology students to fashion-world darlings. Celebrities like Cameron Diaz were photographed in their NoLIta shop. Sarah Jessica Parker wore their white ankle boots in the first “Sex and the City” movie. Their gladiator sandals were so popular that in 2010 Vogue.com declared that “every summer is the season of the Sigerson Morrison sandal.”

So, why was Ms. Sigerson, the lanky blond half of the design duo, sitting at a cafe near South Street Seaport on a recent afternoon with little to do but wait for her lawyers to call? “It’s like ‘Invasion of the Body Snatchers,’ ” she said, sipping coffee in jeans and Balenciaga flats. “I went into Barneys, and I didn’t even recognize them.”

She was referring, surprisingly enough, to her namesake shoe label. Just over a year ago, she and Ms. Morrison were fired from the company they had created, and now they find themselves watching from the sidelines as the retooled brand is presented at this week’s New York Shoe Expo without them.

It is a dramatic fall for the partners who, not long ago, seemed to embody every young designer’s dream. After building a cult shoe label from scratch, they found a big backer, Marc Fisher, the scion of the 9 West discount-shoe fortune, who they thought could take them to the stratosphere. But instead of turning Sigerson Morrison into the next Manolo Blahnik or Jimmy Choo, the deal went sour. Very sour.

Not only have the women lost their company and even the right to use their names, but they have also been sued for almost $2 million by their former angel. Theirs is a story that may dissuade other young designers from seeking financial saviors.

“It is definitely a cautionary tale,” said Valerie Steele, the fashion historian and director of the Museum at the Fashion Institute of Technology in New York. “You kind of think: ‘Gosh, didn’t you have a better lawyer? How did you sign that?’ Not just in this specific case, but in general. The problem is that most designers are creative types. They don’t have any training in finance.”

“But fashion is not only a creative field,” she added, “it’s also a business.”

THE young shoe designers met in 1987 in the accessories-design program at F.I.T. Ms. Sigerson was the Midwestern chick who had hung out in the high school parking lot in her Kork-Ease sandals. Ms. Morrison was the cultured Englishwoman with a mop of curls who had studied art at Oxford and had run a gallery in London. Yet they connected right away.

They shared a studio and a philosophy and noticed “the void of shoes designed by women for women,” as Ms. Morrison put it.

After graduation, while making shoes for private clients and runway shows, they began developing their own line. “We wanted to do an American version of European designer shoes,” Ms. Sigerson said. “Simple, clean and modern.”

“Not like shoes for Barbie,” she added pointedly, “but for real women to wear.”

The Sigerson Morrison line was introduced in 1991, with Bergdorf Goodman among the first buyers. Early orders were mostly for black and brown, but the designers had other ideas. “Nobody was doing crazy-colored shoes,” Ms. Sigerson said. “We were like, ‘How about orange, pink, metallics?’ ”

They decided they needed a showcase of their own.

In 1994, with seed money collected from family and friends (they sold 10 shares for $5,000 each), the women rented a 300-square-foot store on Mott Street for $1,200 a month. They were unprepared for what happened next.

“It became a destination,” Ms. Morrison said.

Ms. Sigerson said: “I’ll never forget coming up the stairs. And I was like” — she pantomimed reeling backward — “it was mobbed: Naomi Campbell, Linda Evangelista!”

Michael Tatro was a longtime Sigerson Morrison salesman. “It was like being a rock star,” he said. “Sometimes I would have to just lock the door. And the phone would be ringing, and there would be pounding on the windows. When we’d start the sales, I could only let a few in at a time, because it was a line down the street.”

Julia Roberts once knocked on the door, alone, with no entourage. “She asked me what my favorite ones were,” Mr. Tatro said. “And she bought those.”

Ms. Sigerson and Ms. Morrison won the prestigious Council of Fashion Designers of America award for accessory design in 1996, anointing their arrival in the fashion industry.

“Their shoes were everywhere,” said Maria Cornejo, who opened her own shop on Mott Street in 1998. “They were so identifiable.”

A second Sigerson Morrison store opened around the corner on Prince Street in 1999. “Charlize Theron would buy 20 pairs at a time with her mum,” Ms. Morrison recalled.


More shops opened in Los Angeles and Tokyo, and in 2004 they introduced Belle, a lower-priced line. By 2005 Sigerson Morrison was reportedly worth $30 million, and the designers wanted to grow bigger still. They told Women’s Wear Daily that they were looking for investors. “With smart money behind us, we could actually really see the story to the happiest ending,” Ms. Morrison was quoted as saying.


Through Avalon Group and Savigny Partners, investment banks that acted as matchmakers, the two women met Mr. Fisher, who was building a mass-market shoe company. In addition to its own label, Marc Fisher Footwear also produces shoes for brands like Guess, Tommy Hilfiger and J. C. Penney.

It seemed an odd fit: the high-end princesses aligning themselves with a more plebeian sort, one of the footwear garmentos known in the industry as “shoe dogs.”

What he did have was ready cash. In 2006 Mr. Fisher paid $2.6 million to acquire Sigerson Morrison and the intellectual-property rights to its name. (The company was renamed Fisher Sigerson Morrison, though the label remained the same.)

Ms. Sigerson and Ms. Morrison each retained a 10 percent stake in the company, and were hired as “co-heads of design” for seven years at an annual salary of $350,000 each.

The parties professed mutual admiration. “I’ve always loved the Sigerson Morrison brand and found Kari and Miranda to have a great eye,” Mr. Fisher told Women’s Wear Daily at the time of the sale. Ms. Morrison added that he “shares our entrepreneurial spirit and respects our DNA.” There was talk of new stores, eyeglasses, even fragrances.

But the honeymoon did not last. Ms. Sigerson and Ms. Morrison came to believe that their designs were being knocked off for Marc Fisher’s discount line, they would later claim in court papers. (For example, a black-and-silver flat sandal from their 2008 Ikat collection, they contend, looked eerily similar to an orange Marc Fisher model that retailed for $69 the next summer.)

It was not the first time that Mr. Fisher was accused of copying designs. In May, Gucci won a federal lawsuit in New York that accused Marc Fisher Footwear and others with copying Gucci’s signature “G” logo pattern for a line of handbags and sneakers manufactured for Guess. Marc Fisher Footwear, which has not appealed the ruling, must pay $456,183 in damages.

And last December, lawyers for Derek Lam sent a letter to Ivanka Trump Footwear, another brand Marc Fisher produces, accusing the line of copying a platform sandal. No suit was filed; Mr. Fisher has denied the claim.

Tensions also arose over the manufacturing of the Sigerson Morrison shoes. To cut costs, Mr. Fisher insisted on moving production to China from Italy, according to court papers filed by both sides. The designers argued that this would tarnish the brand, but their pleas did no good.

Perhaps most explosive were the designers’ claims that Mr. Fisher had sexually harassed the women on numerous occasions and created a hostile workplace. According to court papers, at one meeting Mr. Fisher allegedly stared down the back of Ms. Sigerson’s clothes so lewdly that the president of the company, Susan Itzkowitz, wondered aloud whether Mr. Fisher needed sexual harassment training. (Mr. Fisher’s lawyer, Jonathan Minsker, called the harassment claims “entirely frivolous.”)

By 2011, the clash had come to a head. On March 10, 2011, the designers were called to what they thought would be a routine meeting at Trump Tower, where Marc Fisher Footwear has its showroom. Instead, they said, letters of termination were slid across the table, their e-mail accounts were cut off and the company BlackBerry was wiped clean. Three weeks later, Mr. Fisher sued Ms. Morrison and Ms. Sigerson in New York State court, alleging that the designers failed to deliver a collection of shoes on time. Mr. Fisher also sought upward of $1.95 million in damages.


The same day, the designers filed a countersuit against Mr. Fisher seeking $6 million in damages. They alleged that the delay on the shoe collection was not their fault but was a problem with factory samples, and that there had been a mutual decision with Mr. Fisher to hold the collection.



Both parties refused to comment on the active case. But Mr. Minsker added that the sexual harassment claims “were asserted purely as retaliation for the termination of their employment.”

While the legal documents piled up over the last year, the Sigerson Morrison shops on Prince Street and in Los Angeles remained open, but with dwindling stock. There was no fall line. “We’re on hiatus!” the Web site cheerily announced.

WHAT is a designer label worth without the actual designer? The Sigerson Morrison brand is about to find out. This spring, new merchandise began appearing on store shelves. Put together by a team of anonymous in-house designers, it included teetering silver wedge sandals with Lucite sections, aqua-and-brown chunky heels with open toes, and flat woven sandals with zippers on the backs.

Taylor Tomasi Hill, a fixture of street-style blogs and a former accessories editor at Marie Claire, was hired as a creative consultant to advise on trends, colors and details. Her contributions will begin appearing in stores this fall.

Priced about a third lower, with most shoes under $400, Sigerson Morrison has been reborn without its founding designers. Not that casual customers would know. The Web site has been revamped — rather, scrubbed. All mentions of the two women have been deleted, as if they never existed.

And, in some ways, they no longer do. Ms. Sigerson and Ms. Morrison are still designing shoes, but cannot put their names on them. They signed away those rights to Mr. Fisher when they made their starry-eyed deal.

Earlier this year, they created a capsule collection for Anthropologie, under the name Pied Juste, which is expected to hit stores this fall. Ms. Sigerson described the shoes, priced at $100 to $160, as “a continuation of what we would try to do at Sigerson Morrison.”

Both designers also have been working on projects for Steve Madden, a longtime friend. Ms. Sigerson is introducing 7B, a small line backed by Mr. Madden, to wholesale buyers at the shoe expo this week.

But their lives remain very much in legal limbo. Much of their day is spent paging through stacks of correspondence and records (the lawsuit is in the discovery phase) and there is no sign of a settlement. Last month, a judge denied Mr. Fisher’s motion to have all the designers’ claims dismissed, allowing many of the accusations to go forward.

On a recent rainy Saturday, Ms. Morrison took a break from reading legal documents for lunch at a Middle Eastern cafe near her home in Boerum Hill, Brooklyn. She wore a cheery pink Jean Pigozzi sweater and black Rivieras slip-on shoes; her mood was somber.

The prospect of reclaiming the use of their names, she said with a sigh, “seems far-fetched.” The future looks quite different from what the friends had once imagined. “Forever, till the retirement home, till Palm Springs,” she said. “That was the assumption.”

The day before, Ms. Sigerson had flown to Bologna, Italy, to gather ideas and material at a leather trade show for her 7B line. Despite everything that she and Ms. Morrison had been through, she still wished for one more chance. “All I want to do,” she said wistfully, “is what I did.”

source: nytimes.com

Michael Phelps DUMPS Baltimore Condo At $400,000 Loss


Michael Phelps didn't just take a beating in the 200m butterfly recently ... he also got his ASS kicked by the real estate market -- letting go of his swank Baltimore condo for $400,000 less than what he bought it for.

Phelps purchased the 4,080 sq. ft. home in Fells Point back in 2007 for $1.69 million -- but then the housing market crashed ... and so did the value of his home.

The 19-medal-winning swimmer listed the 3-bedroom pad earlier this year for $1.42 million -- but even that was asking too much ... because when he finally sold the place last week ... he could only get $1.25 mill.

For the mathematically challenged, that's a loss in value of $440,000 -- but it's just a drop in the bucket ... the guy's agent once predicted Phelps would earn roughly $100 million during his lifetime from endorsements.

Oh yeah, He's also THE GREATEST OLYMPIAN OF ALL TIME!

source: tmz.com

Facebook completes global rollout of its own app store


MANILA, Philippines — Social networking giant Facebook on Thursday lifted the lid off of its own app store, called App Center, for all of its more than 900 million active monthly users worldwide — including the Philippines — as it attempts to become more relevant to mobile users.

Announced in early June, Facebook’s App Center collates all of the Web, mobile, and social applications created by developers for the social network platform. Through the App Center, users would know which games or apps their friends are using, as well as which apps are garnering popularity among users worldwide.

“The App Center is now available to people worldwide! Discover new and fun apps you can enjoy with friends today,” said the official announcement on Facebook.

But the apps available on Facebook’s store extend beyond apps developed specifically for the network, as they extend to mobile apps on the iOS and Android platforms that interact with the social network through what is known as Facebook Connect.

These apps include mobile food social network Foodspotting, mobile music streaming app Spotify, and mobile photo-sharing network Instagram, which Facebook bought for $1 billion in April, among others.

“The App Center will become the new, central place to find great apps like Draw Something, Pinterest, Spotify, Battle Pirates, Viddy, and Bubble Witch Saga,” said Facebook’s Aaron Brady.

Facebook’s recent App Center move dovetails to its widely publicized struggle with the mobile space, where Facebook currently doesn’t have any form of revenue-generating implementation.

The problem was compounded with a recent Securities and Exchange Commission filing by Facebook saying that some 102 million of its users accessed the service through their mobile phones alone in June, suggesting that the company’s revenues may be affected if it doesn’t act fast on its mobile versions.

The company is reported to be planning an overhaul its mobile apps for the iOS and Android platforms soon, with an initial update that will improve the app’s responsiveness on mobile devices, a common gripe expressed by Facebook users on smartphones.

Following the release of its first financial report following its initial public offering in May, Facebook’s stock fell to a record low of $23.97 last week, or 37 percent below its IPO price of $38. While revenue continues to grow for the company, growth has been slowing down this year.

source: interaksyon.com

'Angry Birds' IPO in late 2013 says Finnish app maker


STOCKHOLM - Rovio, the Finnish makers of the world's most-downloaded mobile app "Angry Birds", will seek a stock market listing by the end of 2013, chief financial officer Mikko Setala said in an interview published Thursday.

"We have prepared a stock market entry for 2013. But the shareholders have not decided when or whether it would even happen," Setala told Swedish economic newspaper Dagens Industrii.

"If we go to the stock market, it would most likely be in the second half of next year. We do not need to raise any more funds at the moment," he said.

Founded in 2003, Rovio had first mentioned its public listing plans in 2011, citing New York and Hong Kong as possible exchanges for the IPO.

Expectations for a listing grew after the company published net profits of 48 million euros on sales of 75.4 million euros for 2011, prompting financial analysts to forecast astronomical valuations for the firm.

When asked to comment on a valuation of 7 billion euros put forward by some, Setala told the newspaper that the figure was pure "speculation".

"We have not come up with any figures. It would a mistake to do so," he said.

Rovio is mainly owned by the three founders of the company -- including one of the shareholders' father who had remortgaged his house to keep the company alive. Other stakes are held by various venture capitalists such as the founder of internet telephone giant Skype, Niklas Zennstroem.

"Angry Birds" reached more than one billion downloads in May, according to Rovio.

source: interaksyon.com