Profits up by 50% for eBay
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eBay has announced its second quarter results today, with net profits rising by 50%. Revenue for the auction site was up 26%, though the number of new listings fell by 6%.
The company’s net income for Q2 rose to $376m (£185m) while eBay said that profits for the whole of 2007 are set to reach $7.45bn (£3.75bn).
Despite the drop in the number of listings, higher auction fees have helped raise revenue. In addition, eBay’s worldwide ‘active’ users rose by 7% to 83.3m.
Revenues from online payments system PayPal also increased; it seems to have been unaffected by the launch of Google Checkout. Chief exec Meg Whitman said that three quarters of eBay’s US customers use PayPal, while for the UK the figure is one in three.
PayPal’s Q2 revenue grew by 34%, reaching $454m (£221m), helped by a rise of 57% in payments from non-eBay online customers.
Revenue from eBay’s core auction and buy it now sales rose 26% to $1.29bn (£629m), while the total value of items sold on the auction site increased 12% to $14.5bn (£7bn).
Competition in postal services from 2011
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Postal services across Europe are to be liberalised in 2011, following a decision by the European Parliament.
The move will open up competition in the market to letters - currently it only applies to parcels.
Postal reform had been due to take place in 2009, but it has been delayed by two years to accommodate post operators in Eastern and Central Europe.
Fianna Fail MEP Sean O@Neachtain has said it’s important that the government is prepared to support rural post offices in the advent of greater competition.
Strength of euro may weaken tourist industry
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There is growing concern in tourism circles here over the strength of the euro.
Fáilte Ireland has said that tourism numbers are holding up well.
So far this year the number of Irish people taking a break at home is up on last year.
John Concannon is director of the regions with the authority.
He says the main worry is not the weather but the strength of the euro which is cutting the buying power of the American tourists’ dollar.
Canada pushing for increased trade with Brazil
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Canada wants to double trade with Brazil by 2012, tightening links in sectors ranging from agriculture and mining to air transportation and biofuels, Governor-General Michaëlle Jean said Tuesday. “We are delighted with the vitality of trade relations between our two countries and we are going to continue building on this potential in the years to come,” Ms. Jean told Canadian and Brazilian business executives in Sao Paulo, Brazil’s financial and industrial heart.
Trade between the two countries hit $3.7-billion last year, Brazil’s Agencia Estado news agency reported.
Ms. Jean is on a seven-day visit to Latin America’s largest country and is scheduled to meet with Brazilian President Luiz Inacio Lula da Silva on Wednesday.
Brazil is Canada’s third-largest export market in the Americas and Ms. Jean called the country Canada’s “most important trading partner in South America.”
Brazil has also ramped up investment in Canada, most notably with last year’s blockbuster $18-million purchase of Canadian nickel miner Inco Ltd. by Brazilian iron ore miner Companhia Vale do Rio Doce SA, which turned CVRD into the world’s No. 2 miner after Anglo-Australian BHP Billiton Ltd.
Ms. Jean didn’t mention the deal by name but made a point of telling the Brazilians listening to her speech: “The determination with which you invest will encourage us to be as daring in Brazil.”
Between 2002 and 2006, Brazilian exports to Canada jumped by 190 per cent, while Canadian exports to Brazil rose by 61 per cent, Agencia Estado said.
Sectors that with the biggest potential for growth between Brazil and Canada include automobile motors and parts, tires, airplanes, electric motors, pumps and compressors, flooring and ceramics, furniture, shoes, sugar and cocoa products.
Ms. Jean will close her visit to Brazil by attending the opening ceremony of the Pan American Games in Rio de Janeiro on Friday.
About 5,500 athletes from 42 countries across the hemisphere are expected to attend the July 13-29 games, as well as 2,000 delegation members, 3,000 journalists and 15,000 volunteers.
Brazil and Canada are expected to vie for third place in the overall standings. The United States is expected to win the medal count, while Cuba is expected to come in second.
Low Credit Score May Hurt Car Insurance Rates, But Consumers Have Options
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A low credit score can affect a consumer’s ability to get a home or car loan but also impacts other less-obvious areas of life, such as insurance rates. The good news is that there are ways for consumers to improve credit, clean up credit ratings and find willing lenders. MortgageCreditProblems.com is a top mortgage site offering resources for borrowers looking to make critical financial decisions.
MortgageCreditProblems.com, a primary source of mortgage lending information and bad credit mortgage loans for people with poor credit, can help people who are hurt by a bad credit rating (http://www.mortgagecreditproblems.com). Consumers are hurt by low credit scores in many ways–including, surprisingly, the cost of auto insurance — so it’s important to have the best credit rating possible.
According to the Federal Trade Commission, “Potential lenders use your credit score to help predict whether you are a good risk to repay a loan and make payments on time.” People seeking a home or car loan who have a low credit score will have difficulty finding a lender. The reasoning seems logical — although about half of all credit reports contain errors.
But a low credit score can unexpectedly affect other areas of life, too. The insurance industry has found a surprising — but, it believes, solid — statistical correlation between credit ratings and auto mishaps. Auto insurance companies use credit scores to determine whether to charge higher or lower rates for auto insurance. People with low credit scores pay more for auto insurance than people with higher scores because statistics suggest they may be bigger insurance risks.
Whether or not the sanctions against low credit scores are logical or fair, MortgageCreditProblems.com reminds consumers that they do have options.
- The Fair Credit Reporting Act gives consumers the right to learn their credit rating, find out how much the rating affects their insurance rates and then shop for the best loan and insurance deals.
- A number of top lenders are willing to give credit to borrowers with low credit scores.
- There are many ways for consumers to improve their credit and clean up credit scores. (http://www.mortgagecreditproblems.com/mortgages_badcredit/mortgages_badcredit1.htm)
MortgageCreditProblems.com links borrowers to willing lenders and credit counselors, and offers articles on ways to improve credit scores.MortgageCreditProblems.com is a primary source of mortgage lending information for people with poor credit history or a low credit score. MortgageCreditProblems.com connects borrowers with bad credit to lenders that are willing to give them credit despite their credit history and also offers articles on improving credit scores, refinancing with bad credit and debt consolidation.
Fishing Wider Markets
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Long before there was oil or gas, one of the biggest industries in the sultanate was fishing. As Oman looks to a future when its energy resources run dry so too its fishery industry is contemplating the threat of diminishing returns, with fish stocks being stretched as demand increases.
There are some 30 companies active in the Omani fisheries and seafood export sector, altogether accounting for $104.7m worth of overseas sales to 50 countries in 2006, with the majority of exports going to other Gulf Co-operation Council member states and Europe. The industry is the second highest export earner after energy resources.
To maintain this position though, Oman’s fisheries industry has to make plans to cast its net wider in order to meet its orders. Mohammed bin Hamad al Masrouri, the chairman of Oman Fisheries SAOG, the sultanate’s largest processor and exporter, announced in late June that the company was looking at overseas investments to boost supplies and its financial results. Among the proposals that al Masrouri identified were facilities for fish procurement, storage and fish farming in Yemen, Vietnam and India.
In the financial year ending March 31, Oman Fisheries’ results suffered due to a number of factors, including falling fish stocks, with catches of some prime varieties falling by more than half. Though the company boosted its consolidated turnover from $17m in the previous year to $21m, it fell into the red, posting a net loss after tax of $1.1m, compared to a profit of $1.7m for the 2005-06 financial year.
Along with the rest of the industry, Oman Fisheries had to deal with rocketing fuel prices, with diesel costs up nearly 250%, again forcing up the buying rates of fish.
Though not directly referred to by al Masrouri, the Omani fisheries industry took another blow in early June, when Cyclone Gonu blew in. While most of the sultanate’s fishing fleet was saved from any major damage due to early warnings issued by the authorities, some vessels were damaged. However, the massive storm washed hundreds of tonnes of sediment into the Gulf of Oman and the Arabian Sea, which along with the subsequent high temperatures, drove a large percentage of fish stocks into deeper waters.
Sediment and storm damage from Gonu also impacted on Oman’s shellfish industry, with some producers having to make repairs and wait for the waters to fully clear before their farmed produce can again be marketed.
In the wake of the cyclone, seafood prices around the Gulf region shot up by as much as 70%, mainly a result of the fall in production from Oman.
Though stocks may be declining, the industry is working to open up new export opportunities. One new market the Oman fisheries sector is looking to expand into is the US, assisted by the coming into force of a free trade agreement between the two countries in 2006. A number of the sultanate’s leading exporters took part in one of North America’s biggest marine products fairs, the International Boston Seafood Show, in March, with favourable feedback leading to a potential $4m worth of new orders.
The state has done much to support the fishing industry, mindful that it is one of the country’s main employers, with some 30,000 directly involved in fishing activities and around 5000 working in associated jobs such as packaging and processing. Funding assistance for fishermen to buy new boats and equipment, the establishment of research centres to provide detailed information to the industry and state funded training have all strengthened the industry.
In 1998, when the EU briefly banned imports of Oman seafood due to health and safety concerns, the government acted quickly to protect one of the sultanate’s oldest and most valuable industries. New laws were enacted to ensure all processing facilities met stringent EU and Japanese quality control requirements and further assistance was provided to producers to help upgrade their equipment. As a result, any question marks over the standards of Omani seafood soon disappeared.
The state has also moved to regulate fishing seasons and impose limits on the catch of some species, in order to preserve stocks and maintain standards.
Though the sector may be under pressure from high prices and falling resources, it has established a reputation for quality and is now looking to expand beyond its home waters. While vagaries of weather and seasonal conditions may affect net profits, future investments and sound management of stocks should ensure Oman’s fishing industry remains buoyant.