Amazon on Fire with New Kindles/Tablets
Amazon.com Inc. unveiled two new e-readers and three new tablets on Thursday. Available now is a slightly less expensive e-reader with improved display, but no touch screen. The Kindle Paperwhite, Amazon’s first self-illuminating e-reader with longer battery life and a sharper screen is available Oct. 1. On Sept. 14, Amazon will debut its new Kindle Fire, also with improved battery life. The Kindle Fire HD will have two Wi-Fi channels for faster transfers to better accommodate high-definition movies and other large files. The HD model will also come in two other incarnations, one with a larger screen, and the other with an added built-in LTE connection. Amazon is hoping to make inroads in the Apple-dominated tablet computer market, Reuters reports.
Cutbacks for Japan’s Largest Brokerage
Nomura Holdings, struggling in the wake of an insider trading scandal as well as after picking up some of Lehman Brothers’ units following that company’s collapse in 2008, announced it will cut a further $1 billion, The bank said it would make cuts to its equities and investment banking units, mainly at its overseas operations, the BBC reports. This marks the second cost-cutting measure by Nomura in less than a year.
U.K. Economy Contracts
The UK's economy is set to contract by 0.7 percent this year, according to the Organization for Economic Cooperation and Development (OECD. The forecast revises an earlier estimate in May when the organization forecast 0.5 percent growth, Financial Times reports. The OECD also cut growth forecasts for other major developed economies, citing the ongoing eurozone debt crisis as the primary risk to global growth.
The OECD's report noted that the impact of the Olympics may "not be fully accounted for in these forecasts" for the UK, FT said.
Precious Cutbacks in the Diamond Trade
Canadian miner and retailer Harry Winston announced it will hold back until later this year its most expensive diamonds from the market, the Associated Press reports. The company cited slowing consumer demand and volatile prices. Harry Winston’s fiscal second quarter net income dropped 52 percent.
Twitter Tops Facebook in Mobile Ad Revenue
Despite its fewer users, Twitter has taken an early lead over Facebook in the mobile advertising market CNN reports. A report published Thursday by EMarketer, a market research group, stated that Twitter will earn almost twice as much revenue from mobile advertising as Facebook this year in the US, both group’s largest ad market, but further forecasts that Facebook will overtake Twitter in 2013, albeit by a slimmer margin. But both lag far behind Google, which has captured more than 50 percent of the U.S. market.