LOS ANGELES (AP) — American Express says its net income rose 9 percent in the third quarter, as cardholders spent more in the U.S. and elsewhere. The results trumped Wall Street estimates.
The New York-based company said Wednesday that spending on its global network jumped 7 percent in the June-September period. It also benefited from growth in income from interest charges, as well as card loans.
American Express cardholders tend to be more affluent than other credit card users, which is one reason the company has done well as the nation's economy has gradually improved despite a sluggish global economy.
Unlike Visa and MasterCard, which only process transactions, American Express issues its own cards. When cardholders charge more on their AmEx cards, the company earns even more in interest income and a variety of fees.
For the three months ended Sept. 30, American Express reported net income of $1.36 billion, or $1.25 per share. That compares with net income of $1.25 billion, or $1.09 per share, in the same period last year.
Revenue increased about 6 percent to $8.3 billion, from about $7.86 billion.
Analysts polled by FactSet were expecting, on average, earnings of $1.22 per share on revenue of $8.23 billion.
Shares in American Express ended regular trading up $1.07 at $76.32. The stock added 23 cents to $76.55 in extended trading.
NEW YORK (AP) — Intel said Tuesday that its third-quarter net income was unchanged, stymied by a continued slump in global PC demand.
The chipmaker earned $2.95 billion, or 58 cents per share, compared with $2.97 billion, or 58 cents per share, in the same quarter of 2012.
Revenue also was unchanged at about $13.5 billion.
The drop in PC-related sales came amid another decline in PC shipments. Intel supplies chips for about four out of every five PCs. The rest come from Advanced Micro Devices Inc., which reports financial results on Thursday.
IDC said last week that worldwide PC shipments fell nearly 8 percent during the third quarter, to 81.6 million, while fellow market research firm Gartner Inc. put the decline at almost 9 percent, to 80.3 million. The two firms define PCs slightly differently. The drop marked the sixth-straight quarter of decline for the industry, as computer makers, and the companies that supply them, try to reshape themselves amid the continued shift toward tablets and smartphones.
Intel CEO Brian Krzanich said on a conference call with investors that while consumer demand in emerging markets was sluggish during the recent quarter, the company started to see early signs of improvement in North America and western Europe. He attributed that to the company's growing product lineup.
Intel's results for the quarter, which ended Sept. 28, beat Wall Street predictions. Analysts polled by FactSet expected a profit of 53 cents per share on revenue of $13.4 billion.
Revenue at the company's personal-computer business fell 3.5 percent to $8.4 billion because of a drop in the number of chips sold, while data center revenue increased 12 percent to $2.9 billion, helped by both higher prices and higher volumes.
For the fourth-quarter, Intel projected revenue of $13.2 billion to $14.2 billion. Analysts were looking for $14.0 billion.
Shares of Santa Clara, Calif.-based Intel Corp. fell 59 cents, or 2.5 percent, to $22.80 in extended trading after the release of results.
WASHINGTON (Reuters) - U.S. Senate leaders intend to announce their deal to reopen the government and raise the country's debt limit when the Senate convenes at noon EDT (1600 GMT) on Wednesday, a senior aide said.
The Republican-led House of Representatives will vote first on the proposal, which is expected to pass with mostly Democratic votes, the aide said. The measure would then go to the Senate for final congressional approval, which would clear the way for President Barack Obama to sign into law.
Authorities in Moscow have rounded up more than 1,600 migrant workers after an ethnic riot took place over the weekend. Russian nationalists and soccer hooligans attacked a market area in a gritty industrial suburb of Moscow that's home to many migrant workers from the North Caucasus. The riot broke out after police announced that they were searching for a North Caucasian man suspected in the stabbing death of a young, ethnic Slav man. The situation highlights Russia's immigration problem — the country needs migrant labor, but fears what it perceives as foreign influence.
You're listening to ALL THINGS CONSIDERED from NPR News.
Tensions are high in Moscow today after a weekend in which rioters targeted migrant workers. Most of those workers are Muslim. And today, security is tight around the city's mosques. The riots, in one of Moscow's grittiest industrial neighborhoods, brought calls for new anti-immigration measures.
As NPR's Corey Flintoff reports, they also led to a crackdown on migrants who are already in Russia.
COREY FLINTOFF, BYLINE: The chain of events began last week when a 25-year-old man was stabbed to death as he walked home with his girlfriend. He was an ethnic Slav. Police put out a description of his attacker as a migrant from the Caucasus, the mountainous region that runs from southern Russia to Turkey. Word spread through the working-class neighborhood of Biryulyovo and was picked up by nationalist groups and soccer hooligans looking for a fight.
(SOUNDBITE OF SMASHING GLASS)
FLINTOFF: On Sunday, a protest turned violent and a mob attacked a market where many migrants work. The rioters smashed windows, looted shops and overturned cars. They attacked migrant workers and police with rocks and bottles. Police say they arrested nearly 400 people during and after the melee. Moscow's Deputy Mayor Alexander Gorbenko said the riot was instigated by what he called a handful of nationalist scum.
But the following day, it wasn't nationalists, neo-Nazis or skinheads that the police were after. It was migrant workers. Police rounded up more than 1,600 people. State TV showed dozens of dark-haired men lying face-down on the pavement being handcuffed by police in riot gear.
It was a familiar pattern, and one that has played out several times over the past few months. Police stage mass round-ups at city markets and other places that employ a lot of migrant workers every time there's a high-profile crime involving immigrants. Russia's human rights ombudsman, Vladimir Lukin, issued a call for tolerance on state television.
VLADIMIR LUKIN: (Foreign language spoken)
FLINTOFF: We must learn to live together, Lukin said, but he added that Russians must also work to counteract rampant corruption. That nod toward the issue of corruption brings up a major complaint from both the anti-immigrant side and those who say they seek justice for migrants. While police may arrest migrant workers during the periodic round-ups, some also profit from taking bribes to ignore illegal workers during the rest of the year.
Illegal workers are forced to accept cheap wages and bad working conditions while their employers evade social taxes and benefits. Svetlana Gannushkina is the chair of the human rights committee Civil Assistance. She says the problem is a system that has turned out to be very lucrative for everyone but the migrants themselves.
SVETLANA GANNUSHKINA: (Through Translator) It takes a dishonest employer who doesn't want a contract with a worker. For him, slave labor is more profitable than the labor of a legal migrant. It takes bureaucrats who cover up for the employer and police who get bribes. And the nationalists who keep people in fear of immigrants fit into this system very well.
FLINTOFF: Gannushkina says Russia doesn't need tough new laws to control migrants. She says it needs to enforce existing laws designed to provide employers with legal workers and keep those workers from being exploited. The talk about tough measures against immigrants, she says, is just aimed at channeling public indignation against the most vulnerable people in the system. Corey Flintoff, NPR News, Moscow.
NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.
UK Chancellor announces Sino-British health partnership
Public release date: 14-Oct-2013 [
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Contact: Aeron Haworth aeron.haworth@manchester.ac.uk 44-161-275-8387 University of Manchester
The Manchester Academic Health Science Centre (MAHSC) has formed a partnership with the Peking University Health Sciences Centre to establish an international centre of excellence in genetic medicine.
The new Peking-Manchester Centre for Genomic Medicine, announced by British Chancellor George Osborne in Beijing today (Monday), will comprise three separate but interdependent research facilities the International Centre for Rare Diseases, the Centre for Cancer Genetics, and the Joint Clinical Trials Facility.
MAHSC's involvement is being led by the Manchester Centre for Genomic Medicine, an integrated centre bringing together University of Manchester researchers and Central Manchester NHS Foundation Trust's clinical services, to form a world leader in genetic and genomic medicine for research into inherited diseases and delivery of services to families with inherited disorders.
Speaking at Peking University, the Chancellor, who is in China to promote UK business and encourage Chinese investors to choose Britain, said: "I am delighted to announce here the establishment of a new partnership between Peking University and Manchester University in the UK with the creation of a new joint centre for genomic medicine. Here, in the oldest and most prestigious medical school in China, let us work together on the medicines of tomorrow.
"This partnership will, I hope, give even more of you the chance to come to Britain and to study there. We already have 130,000 Chinese students, like you, studying in Britain I want more of you to come There is no limit to the number of Chinese [students] who can study in Britain."
Dean and Vice-President of the University of Manchester's Faculty of Medical and Human Sciences and Director of MAHSC, Professor Ian Jacobs, who is participating in the government-led visit, said: "This is an exciting partnership between MAHSC and our colleagues in Beijing. It will lead to important health and research benefits in the rapidly developing field of genetics to benefit the people of both countries as well as having a global impact. The planned work will draw on populations of up to 50 million individuals to harness next-generation genetic technology for patient benefit.
"The joint venture will contribute to the further development of the research strength of the Manchester Academic Health Science Centre and advance Manchester's international reputation as a world leader in personalised cancer medicine, while improving care and diagnosis for many people here and in China."
The Peking University Health Sciences Centre (PUHSC) is the oldest Western medical school in China, ranked first in the country for research and training. As part of the collaboration, six senior geneticists from the Manchester Centre for Genomic Medicine will travel to Beijing this week to deliver a training course for more than 300 health professionals and scientists at PUHSC.
Mike Deegan, Chief Executive of Central Manchester University Hospitals NHS Foundation Trust (CMFT), said: "This is a great indication of the quality of our clinical genetics services within the Manchester Centre for Genomic Medicine based in Saint Mary's Hospital. Working collaboratively is key to improving health care; this partnership will deliver cutting-edge translational research that will help our clinicians develop innovative diagnostics and treatments to benefit patients both in the UK and worldwide."
Professor Graeme Black, Consultant in Genetic Medicine and Director of the University of Manchester's Institute for Human Development, added: "This joint venture comes at an exciting moment. Genomic medicine promises to revolutionise the understanding and delivery of care to patients across all specialties of medicine. It is an opportunity to harness our scientific discoveries for the benefit of the patients within our two large populations."
###
Notes for editors:
The Manchester Centre for Genomic Medicine is a joint collaboration between two members of MAHSC (Manchester Academic Health Science Centre) The University of Manchester and Central Manchester University Hospitals NHS Foundation Trust.
MAHSC is a partnership between The University of Manchester and six NHS organisations. It is one of only five centres in the country designated as an AHSC. AHSC designation recognises excellence across research, innovation, education and patient services, and in particular the potential to excel in translational medicine.
[
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
UK Chancellor announces Sino-British health partnership
Public release date: 14-Oct-2013 [
| E-mail
| Share
]
Contact: Aeron Haworth aeron.haworth@manchester.ac.uk 44-161-275-8387 University of Manchester
The Manchester Academic Health Science Centre (MAHSC) has formed a partnership with the Peking University Health Sciences Centre to establish an international centre of excellence in genetic medicine.
The new Peking-Manchester Centre for Genomic Medicine, announced by British Chancellor George Osborne in Beijing today (Monday), will comprise three separate but interdependent research facilities the International Centre for Rare Diseases, the Centre for Cancer Genetics, and the Joint Clinical Trials Facility.
MAHSC's involvement is being led by the Manchester Centre for Genomic Medicine, an integrated centre bringing together University of Manchester researchers and Central Manchester NHS Foundation Trust's clinical services, to form a world leader in genetic and genomic medicine for research into inherited diseases and delivery of services to families with inherited disorders.
Speaking at Peking University, the Chancellor, who is in China to promote UK business and encourage Chinese investors to choose Britain, said: "I am delighted to announce here the establishment of a new partnership between Peking University and Manchester University in the UK with the creation of a new joint centre for genomic medicine. Here, in the oldest and most prestigious medical school in China, let us work together on the medicines of tomorrow.
"This partnership will, I hope, give even more of you the chance to come to Britain and to study there. We already have 130,000 Chinese students, like you, studying in Britain I want more of you to come There is no limit to the number of Chinese [students] who can study in Britain."
Dean and Vice-President of the University of Manchester's Faculty of Medical and Human Sciences and Director of MAHSC, Professor Ian Jacobs, who is participating in the government-led visit, said: "This is an exciting partnership between MAHSC and our colleagues in Beijing. It will lead to important health and research benefits in the rapidly developing field of genetics to benefit the people of both countries as well as having a global impact. The planned work will draw on populations of up to 50 million individuals to harness next-generation genetic technology for patient benefit.
"The joint venture will contribute to the further development of the research strength of the Manchester Academic Health Science Centre and advance Manchester's international reputation as a world leader in personalised cancer medicine, while improving care and diagnosis for many people here and in China."
The Peking University Health Sciences Centre (PUHSC) is the oldest Western medical school in China, ranked first in the country for research and training. As part of the collaboration, six senior geneticists from the Manchester Centre for Genomic Medicine will travel to Beijing this week to deliver a training course for more than 300 health professionals and scientists at PUHSC.
Mike Deegan, Chief Executive of Central Manchester University Hospitals NHS Foundation Trust (CMFT), said: "This is a great indication of the quality of our clinical genetics services within the Manchester Centre for Genomic Medicine based in Saint Mary's Hospital. Working collaboratively is key to improving health care; this partnership will deliver cutting-edge translational research that will help our clinicians develop innovative diagnostics and treatments to benefit patients both in the UK and worldwide."
Professor Graeme Black, Consultant in Genetic Medicine and Director of the University of Manchester's Institute for Human Development, added: "This joint venture comes at an exciting moment. Genomic medicine promises to revolutionise the understanding and delivery of care to patients across all specialties of medicine. It is an opportunity to harness our scientific discoveries for the benefit of the patients within our two large populations."
###
Notes for editors:
The Manchester Centre for Genomic Medicine is a joint collaboration between two members of MAHSC (Manchester Academic Health Science Centre) The University of Manchester and Central Manchester University Hospitals NHS Foundation Trust.
MAHSC is a partnership between The University of Manchester and six NHS organisations. It is one of only five centres in the country designated as an AHSC. AHSC designation recognises excellence across research, innovation, education and patient services, and in particular the potential to excel in translational medicine.
[
| E-mail
| Share
]
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
When most people hear the word "drone," they probably picture a cockpit-free plane zipping over the Iraqi desert. But there's more to it than that. The Army is in the process of adopting a whole new generation of unmanned vehicles that will assist soldiers on the battlefield—and they're by far the scariest remote-controlled cars you'll ever see.
SAN FRANCISCO (Reuters) - Twitter Inc revealed on Tuesday a tripling in quarterly losses as it prepares to list on the New York Stock Exchange in one of the year's most anticipated IPOs.
The online messaging service's decision to go with the older exchange deals a blow to the tech-heavy Nasdaq, which bungled Facebook Inc's 2012 offering. Twitter is now expected to kick off its investor roadshow on October 28 where it will pitch its offering to Wall Street before shares start trade in mid-November, two sources familiar with the situation said Tuesday.
In an amended IPO filing on Tuesday, the eight-year-old company showed that it sustained its recent pace of revenue and user expansion in the latest quarter ended September 30 - even though its losses continued to widen.
Among the biggest winners of a successful IPO would be co-founder Evan Williams with a 12 percent stake. Rizvi Traverse, run by Hollywood and Silicon Valley financier Suhail Rizvi, and its affiliates hold 17.6 percent, as the largest institutional holder. JPMorgan Chase's alternative asset management arm holds another 10.3 percent, the filing revealed for the first time. CEO Dick Costolo, an early angel investor, owns 1.6 percent.
Rizvi and his investors, who obtained their shares with the help of Silicon Valley investor Chris Sacca, paid more than $1 billion for their stake, Reuters reported in October.
Other major stakeholders include Spark Capital and Benchmark Capital, which own 6.8 percent and 6.6 percent of the company, respectively. Union Square Ventures owns 5.9 percent.
Twitter's debut will be the culmination of a journey from side-project to sociocultural phenomenon, one that has become a communications channel for everyone from the Pope to President Barack Obama.
The company more than doubled its third-quarter revenue to $168.6 million. But net losses widened to $64.6 million in the September quarter compared with $21.6 million a year earlier.
And in the three months ended September, Twitter grew its monthly active users 39 percent to 231.7 million on average. That figure was up from about 218 million when the company first disclosed its IPO filing on October 3.
Those losses were driven partly by a 158 percent surge in sales and marketing spending, as the company ramped up its sales forces in offices around the world to push its advertising platform. Sales and marketing costs rose to $61.2 million from $23.7 million a year earlier.
Twitter said its revenue is increasingly coming from mobile devices, the preferred way for most users to log on. In the three months ending through September, over 70 percent of advertising revenue came from phones and tablets versus 65 percent in the prior quarter.
EXCHANGE WARS
Twitter represents the latest loss for Nasdaq OMX Group in recent years. The NYSE Euronext's aggressive campaigning helped snag LinkedIn Corp and Pandora Media Inc, amongst other high-profile consumer-tech debutantes.
Both bourses vied fiercely for the prestige of hosting Twitter. But analysts had predicted that Facebook's debut, marred by a series of technical glitches that delayed the start of trading, could weigh against the Nasdaq.
Nasdaq CEO Robert Greifeld flew to Twitter's San Francisco headquarters as recently as October 4 to make one last unsuccessful pitch for listing on his exchange, a person close to Twitter said.
"This is a decisive win for the NYSE. We are grateful for Twitter's confidence in our platform and look forward to partnering with them," said Scott Cutler, head of NYSE's listings business.
In a statement, the Nasdaq said it "wished Twitter well."
(Additional reporting John McCrank in New York and Poornima Gupta in San Francisco; Editing by Edwin Chan, Richard Chang, Bob Burgdorfer and Lisa Shumaker)
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