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The week Facebook's value plunged $58bn

The week Facebook's value plunged $58bn

Business
Facebook ended the week $ 58bn lower in value after its handling of a historic data breach.Its founder Mark Zuckerberg apologised for data breaches that affected 50 million users.The apology did not stop investors from selling shares in Facebook, with many wondering just how bad the damage would be for the social network.The breach was called a "light bulb" moment for users, spawning the social media trend #deletefacebook.All the negative headlines led to some advertisers saying "enough is enough".Shares in the social media company fell from $ 176.80 on Monday to around $ 159.30 by Friday night.Will the shares recover?Facebook's initial public offering in 2012 priced shares at $ 38 each, giving the company a market valuation of close to $ 104bn.Following steady user growth and a dominant s...
Spotify eyes $23bn value in US share sale

Spotify eyes $23bn value in US share sale

Technology
Spotify has filed to sell its shares publicly on the New York Stock Exchange in a move that could value the loss-making firm at more than $ 23bn (£16.7bn).The world's biggest music streaming service said the flotation could be worth up to $ 1bn.It applied for a direct listing with the US Securities and Exchange Commission - a rare process involving the sale of existing shares currently held by staff and investors rather than new shares.It means the company can move towards an IPO (Initial Public Offering) without having to raise new capital or hire a bank or broker to underwrite the offering - keeping costs to a minimum.Spotify, which has a presence in more than 60 countries, said in its filing that it has 71 million premium subscribers and about 159 million monthly average users.It said:
Festive sales cheer for value retailer B&M

Festive sales cheer for value retailer B&M

Business
Discount retailer B&M has emerged as a Christmas winner after food and other household essentials helped it grow like-for-like sales by 3.9% in the UK.Shares in the company, whose soon-to-depart chairman is former Tesco boss Sir Terry Leahy, rose 3% after the trading update covering the 13 weeks to 23 December.It comes a day after figures from Sir Terry’s former company fell short of City expectations, despite showing the best Christmas performance since 2010, when he was in charge.Retailers have seen mixed fortunes over the period, with food stores broadly doing well as squeezed consumers focused on essentials – leaving less left to spend on clothing and gifts at other stores.:: Christmas of contrasts for Britain's retailersB&M, which describes itself as the UK's leading general m
Value ETFs: Lost But Not Forgotten

Value ETFs: Lost But Not Forgotten

Finance
Shutterstock photoThe 2017 market has been defined by momentum-driven trends in high growth sectors such as technology and consumer discretionary stocks.  The pervasive strength can be attributed to a cadre of household names that have made impressive new highs this year.  Apple, Amazon, Facebook, Google, Netflix and others have crushed traditional broad-market benchmarks as their stock prices surge and volatility remains muted.As these market forces exert themselves, the concomitant effect is that conventional value stocks have shown a far more muted pace.  Companies in the energy, financial, utility, and consumer staples sectors have lagged the major indexes as investors focus on chasing the strongest performers of the year. One illustration of this is the effect is t...
PSBs look to frame common rules to value stressed assets

PSBs look to frame common rules to value stressed assets

Finance
NEW DELHI: The finance ministry is working with state-run lenders to frame a common set of rules for valuation of stressed assets for faster resolution of loans extended by consortia of banks. A senior finance ministry official said a select group of bankers is working to arrive at common rules of valuation. “It has been observed that in cases of joint lending, banks are unable to arrive at a common valuation, which stalls the resolution process. Further, individually, banks also fear that if they agree to a certain haircut, it may not stand the scrutiny of vigilance agencies,” the official said, adding that new norms will address such concerns. The group was formed during ‘PSB Manthan,’ a two-day conclave of PSBs and has representation from all leading banks. A bank executive who is p