iPhone sales boost Apple results

US technology giant Apple has seen quarterly results beat forecasts, thanks to strong iPhone sales.

Net profits hit $1.23bn (£953m), or $1.35 a share, in the fiscal third quarter to 27 June, from $1.07bn, or $1.19 a share, a year earlier.

Apple sold more than 5.2 million iPhones in the quarter, seven times greater than the same period a year, before, boosted by a new iPhone model.

Analyst reacted positively to the news and shares rose in after-hours trade.

Shares of Apple ended at $151.60 before rising to $157.02 after the results.

'Advantages'

Andy Hargreaves, an analyst at Pacific Crest Securities described the the numbers as "great".

"Their gross profits continue to surprise people and there is a return to product momentum...a return to growth in the Mac business, and then the iPhone is doing tremendously well and that is a potent combination."

He added that forecast for the fourth quarter were strong relative to what he had expected.

Revenue for the period climbed 12% to $8.3bn, ahead of expectations of $8.2bn. Every region in the world saw revenue increase.

The number of Macs sold by Apple grew 4% year-on-year.

Shaw Wu, an analyst at Kaufman Bross said: "We think they are very uniquely positioned with their competitive advantages."

The one area to see a contraction was its iPod, where sales were 7% weaker year-on year.

The firm posted a conservative outlook for the current quarter, predicting earnings of $1.18 to $1.23 a share with revenue between $8.7bn to $8.9bn, but analysts highlighted that Apple is consistently conservative in its predictions.

Apple chief financial officer Peter Oppenheimer said: "We are very proud of this result, particularly given the economic climate around us."

Oil declines below $62 a barrel

Oil has dipped below $62 a barrel, ending four days of gains, as uncertainty over the outlook for energy demand persists.

"I think we could see the market below $60 again next week," said an oil dealer in London.

US crude fell 14 cents in morning trading to $61.88, while Brent crude was down 30 cents at $63.45.

Oil prices have tumbled nearly $10 since early July, partly reversing last quarter's 40% surge.

Figures released on Thursday showed a big increase in US gasoline stockpiles last week. This was despite the 4 July Independence Day holiday, when the summer driving season typically peaks.

The US remains the world's largest energy consumer.

Regulators eye Google book deal

US anti-trust regulators are to investigate a $125m (£76.4m) deal Google has made with book publishers to settle copyright issues, reports say.

The settlement compensates copyright holders and gives Google a share of online book sales and advertisements.

The deal "warrants further inquiry", US Deputy Assistant Attorney General William Cavanaugh said in a letter filed to the New York District Court.

Some fear the deal could make Google the main source for many online books.

"The US has reviewed public comments expressing concern that aspects of the settlement agreement may violate the Sherman [Anti-Trust] Act," Mr Cavanaugh said.

"At this preliminary stage, the US has reached no conclusions as to the merits of those concerns or more broadly what impact the settlement may have on competition," he added.

Right to read

In October 2008, Google reached a deal with the Authors Guild and the Association of American Publishers.

The search engine agreed to pay $125m to create a Book Rights Registry, where authors and publishers can register works and receive compensation.

Google can also digitise orphan works - works whose rights-holders are unknown. Some fear the settlement could prevent other companies from entering the digital book market.

"The Department of Justice and several state attorneys general have contacted us to learn more about the impact of the settlement, and we are happy to answer their questions," Google said in a statement.

"It is important to note that this agreement is non-exclusive and if approved by the court stands to expand access to millions of books in the US."

Jeff Bezos, chief executive of Amazon.com, has previously expressed concerns about the settlement and has said he believes "it needs to be revisited"

EPF interest rate retained at 8.5 pc for 2009-10

Over 4.5 crore subscribers will get 8.5 per cent return for 2009-10 on their provident fund deposits at a time when banks are lowering the deposit rates across the board.

Two days before the budget, the Employees' Provident Fund Organisation (EPFO) decided to retain the interest rate at 8.5 per cent for the fifth consecutive year.



The decision to retain the interest rate was taken by EPFO's policy-making body, Central Board of Trustees (CBT) which was chaired by Labour Minister M Mallikarjun Kharge.



The decision will now go to the Finance Ministry for ratification.



The payment of 8.5 per cent interest rate on provident fund deposits, which are of the order of Rs 1.82 lakh crore,

is expected to leave a surplus of Rs 6.4 crore during the current fiscal.



The EPFO has decided to retain the interest rate even as the interest being paid by the banks has been coming down in the recent past.



The country's largest bank SBI recently decided to cut deposit rates by 25 to 50 basis points in May, while several others followed suit.



The decision to pay 8.5 per cent interest rate was on expected lines as payment of a higher amount would result in a deficit in the EPFO's account.



For, sources said, the EPFO has no reserves left to pay a higher interest rate than 8.5 per cent this fiscal as it had suffered a Rs 139-crore deficit during 2008-09 for maintaining the same rate of interest on deposits.

Rogue trades cost oil broker $10m

A rogue trader at a London oil broker caused his employer to lose $10m (£6m) after making unauthorised trades.

PVM Oil Futures said it was a "victim of unauthorised trading" on Tuesday, 30 June, and said it was now conducting a full investigation.

The rogue trader, believed to be Steve Perkins, has been suspended.

PVM said it had informed the Financial Services Authority and the InterContinental Exchange (ICE), the location for much European oil trade.


Firms have systems to pick up oddities and anomalies... The question is how fast were they able to get on top of it and deal with it
Nick McGregor, Redmayne Bentley

The trades are thought to have caused a jump in the price of Brent crude oil on Tuesday. PVM said it was now conducting business as normal.

"As a result of a series of unauthorised trades, substantial volumes of futures contracts were held by PVM. When this was discovered, the positions were closed in an orderly fashion. PVM suffered a loss totalling a little under $10m," the company said in a statement.

"There are a range of procedures that are followed to look at trading patterns, price movement and levels of activity," explained David Peniket, the president of ICE Futures Europe, which trades futures and energy and commodity contracts.

"It will investigate and follow up, and where appropriate, action will be taken," he added.

Tata Motors to drive in Nano to Africa in 2010

India's largest auto maker Tata Motors will introduce its small car Nano-considered the world's cheapest,in Nigeria within the next 18 months,ahead of its planned launch in Europe.

The car would be available for about NGN 360 for the base model, same as the price in the Indian markets. The car carries a price tag of Rs 1.23 lakh to Rs 1.72 lakh (ex-showroom) in the Indian capital for three variants.



"Tata Motors will make the Nano available in Nigeria in the next one year to one and a half years," a senior official of Tata Africa Nigeria, Sudeep Ray, said.



Tata Africa Nigeria is a subsidiary of Tata Africa, the Indian auto major's African venture.



Ray, however, declined to give details whether the 'cheapest' car of the world be assembled in Nigeria or it would be sold as a completely-built-unit.