Social media site boosted by DST Global’s $400m, as value doubles since December and daily traffic triples in a year Twitter, the microblogging website that lets users tweet messages of 140 characters or less, is now worth $8bn (£4.9bn). The firm’s new price tag comes after a $400m investment in the loss-making venture from serial social media investor DST Global. Twitter is now nominally worth about the same as rating agency Moody’s, which had revenues of $1.2bn in the first six months of 2011 and is nearly as valuable as Marks & Spencer. The huge valuation reflects high expectations for the company. Confirming the investment, Twitter also announced that its users now send 200m tweets a day, up from 65m a year ago. “One year ago, there were approximately 150,000 registered Twitter apps. Now, there are more than one million that connect to Twitter. And our team has grown from 250 people to more than 600 in the past 12 months,” said the firm in a blog post. “We have the opportunity to expand Twitter’s reach with a significant round of funding led by the venture firm DST Global, with the participation of several of our existing investors,” Twitter said. “We will use these resources to aggressively innovate, hire more great people and invest in international expansion.” The new funds are part of $800m Twitter wants to raise as it grooms its business for a potential initial public offering. DST Global, the investment fund led by Russian billionaire Yuri Milner, also owns stakes in Facebook, online gaming firm Zynga and discount firm Groupon, all of which have plans to go public. Twitter is believed to be using half the money to buy back shares from employees and backers. The rest of the money will be used to help the San Francisco-based company develop its service as it competes for advertising dollars with larger rivals such as Facebook. Twitter may bring in $150m in advertising this year, according to research firm eMarketer, three times what it made last year. The analyst estimates that Facebook brought in ad revenue of $1.86bn last year. Twitter’s valuation has soared along with its peers as investors chase after the world’s top social media companies. At $8bn Twitter’s valuation is more than double the valuation it received last December when Silicon Valley investor Kleiner Perkins Caufield & Byers made a $200m investment in the firm. The new money brings Twitter’s total investment to just over $1.16bn in four years. The company also needs cash to build its international business. Twitter has targeted London as its first major office outside the US and has appointed a UK head, Tony Wang, and a UK-based communications staff. Twitter’s new valuation comes as shares in social media companies now going public are attracting frenzied buying. Shares in LinkedIn, the business-based social media firm, skyrocketed more than 80% in their first day of trading. They are trading at more than double their $45 opening price and the firm is valued at $9.5bn. But not all the new generation of social media firms have fared so well. Pandora, an online music company, priced its shares at $16 apiece and experienced a big bounce up on its first day but is now trading at around $13. Renren, often called China’s Facebook, soared 28.6% on its first day of trading in May, closing at $18 a share, well above its $14 opening price and raising $740m. The shares have subsequently slumped to about $10 as investors worry about lack of profits and the Chinese market. Twitter Social networking Investing Dominic Rushe guardian.co.uk
Continue reading …Vladimir Putin is using Soviet-era terminology to criticize the US over its huge debt load. The Russian prime minister, speaking to a pro-Kremlin youth rally yesterday, called the US a “parasite” and said Russia and other countries should seek a new reserve currency to replace the dollar, reports Reuters . “They…
Continue reading …The national debt is 15 hours away from careening into its ceiling. Luckily, a vote on the debt deal is only three hours away from hitting the Senate, and the AP reports that the legislation is “virtually assured” to pass. President Obama has promised to sign it into law, and…
Continue reading …Greece has a strong tradition of family responsibility, but the Greek family is now coming under unbearable strain Themis Protopsaltou shifted packing boxes across the front room of his parents’ flat in Veria, an agricultural town in northern Greece. Aged 31, and married with a two-year-old son, he was reluctantly having to go the way of many crisis-hit Greeks: move back in with mum and dad. “I’ve got no choice,” he shrugged. “I’m young, I’ve taken every kind of labour possible since losing my job. But I can’t support a family on the occasional pay-cheque of €30 a day. I’m not ashamed. It’s not ordinary workers like me who have caused this crisis.” Protopsaltou, who trained in mechanical engineering, once did skilled work in construction, including building work for Lidl supermarkets. Now he sits by the phone waiting for random shift work sorting peaches for a local farm co-operative for €29.45 a day. His wife, who trained in chemical engineering, was so desperate she took a job gutting fish in a market from 6am until 11pm. But even that dried up. Their rent of €250 a month for a cramped apartment had become too much, and they couldn’t afford their own place. So Themis’s parents – who are in their 60s – agreed to move into a tiny abandoned shop adjoining their flat – after all, empty shops are now two-a-penny in Greece – while Themis renovated their flat for himself, his wife and son. This way, at least there is semblance of privacy. Other families were faced with moving back in with pensioner parents and great-grandparents living in tiny spaces, sometimes a family of five squeezed into one room. “In Greece the family is everything, thank God, because right now it’s all there is,” said Themis’s wife Maria, lighting a cigarette that she said she could hardly afford but helped her deal with the stress. “The family is the only thing that gives us faith. The government knows families will help each other: in a sense politicians are leaving it up to ageing parents to rescue the younger generations.” Even before the crisis, Greece’s social safety net was weak to non-existent and the strong ties of the traditional family filled the gap. For decades successive governments have neglected social structures knowing “mama and papa” would pick up the pieces. Unemployment benefits are small and don’t last long, while creche provisions, elderly care and state support are limited. Greece has one of the strongest traditions of family responsibility in Europe. In rural areas at least, grandparents often look after pre-school children while mothers work, families care for their elderly or disabled at home, parents help around the house and feed the younger generation, sometimes even into middle age. For Greeks, the most popular means to cope with the stress and anxiety of the financial crisis is to spend time with family and friends – more than in any other EU country, according to a recent report by the Boston Consulting Group. But the Greek family is now coming under unbearable strain and cracks are beginning to show in society. With pensions slashed, older parents often feel powerless to help their destitute offspring. One person losing a job can have a disastrous knock-on effect on a dependent extended family. Homelessness is rising, food banks in Athens are struggling to meet demand, and suicide rates have risen sharply along with requests for psychiatric counselling. Young couples can’t afford weddings and Greece, already struggling with its lowest birth-rate in decades, now has a generation of 30-somethings postponing having children because they can’t afford to feed them. Perks for couples having a third child have been slashed, leaving families worried about making ends meet or paying for the private tuition that increasingly supplements a lacklustre state education system. Veria, a historic town of around 50,000 people, sits in the centre of northern Greece’s rich and fertile fruit-farming region, surrounded by orchards of peach trees. On the shopping street the only premises doing much business is the “everything for one euro” shop. Elsewhere, a broker’s sign reads: “We buy gold teeth.” The Protopsaltous consider themselves to be Joe Average. “In fact, we’re the lucky ones,” Themis said. “I’ve still got some kind of work.” Since construction work dried up last year, Themis has accepted anything from travelling a 140-mile round-trip daily to work on road building, which has now stopped, to carrying carcasses in a meat market. Veria is the heart of Europe’s canned peach industry. Until recently, farm labour had mostly been confined to migrant workers. “Now there are 5,000 Greeks applying for 500 jobs for two to three months of seasonal work,” he said. The problem is the last-minute calls for random shifts, never knowing when there will be work or people laid off. He feels increasingly anxious. “I can’t sleep at night, worrying whether what little I do have in the bank is still safe or whether the banks will collapse.” Eight out of nine of the couples they are closest to are in the same situation. But at least the Protopsaltous resisted the steady flow of credit-card offers that landed on their doormat a couple of years ago. Their best friends, a tile-fitter and his wife who doesn’t work, borrowed €150,000 to build an apartment. With children of four, six and nine, they are now destitute and can’t pay it back. Faced with going to their parents’ flat and living five to one room, they have instead taken refuge in a storage space. “It’s 50m square and open-plan. The mother and father sleep on a pullout bed, they’ve tried to build plaster-board partitions but you can hear everything,” Maria said. For a Greek pater familias, this is emotionally hard. “Even for us, there’s a loss of all hope, a sense that you’re a failure. People feel embarrassed to go back to their parents and admit they haven’t succeeded.” Maria has long given up looking for a job that suits her qualifications. She has sold bathtubs and worked in a flower nursery. But the spectre hanging over all short-term, quick-fix jobs is that you’ll be paid under the counter with no national insurance contributions. “It’s a very stressful way of life.” “We’re so happy to be able to help Themis by giving him our flat,” said his mother Panagiota, 64, sitting in her new living room in the disused shop. “My generation has seen real poverty. But we still worry about how our children will get through this crisis.” Greek personal spending has been transformed. A recent survey found 73% of people had cut non-essential items. Maria hasn’t bought new shoes for years. The couple once ran two cars, but now rarely use one. They used to eat at a taverna once or twice a month, now it’s once a year. Supermarket trips happen perhaps once a month, and only to discount stores. Pre-prepared food is out, no more takeaway pizzas while watching the football. They make cheap stews that last two to three days. They used to go for coffee three times a week, but at €3 for an iced coffee they now make it at home. They have stopped their occasional weekend breaks to local hot springs. Greek domestic flights have dropped sharply as people cut travel. In one local village, even the periptero – one of the kiosks that are a key fixture of Greek life, selling cigarettes, drinks and snacks – was closing down. Cash-strapped locals were cutting down on cigarettes, no one was spending on chocolate, and definitely not bottled water, with families now refilling from the tap. Like most families in this northern region, the Protopsaltous depend on food donations from small family farms. Themis’s father, a pensioner farmer, brings them fruit, vegetables and eggs. “If not, we couldn’t afford eggs for €3 a box,” Maria said. The financial crisis has seen a boom in “back to the soil” movements in Greece, with people growing their own produce. “But if I worry about survival up here, imagine how people must be suffering in Athens with no family close by and no farms,” Maria said. “In Greece, we don’t have a social security network, we have friends and family,” said Tom Tziros, 47, an unemployed IT project manager in the northern city of Thessaloniki. His German wife worked in a local bookshop but with few able to spend cash on novels, her salary has been cut. The couple was forced to negotiate a cut in their €500 rent. Tziros’s father delivers him vegetables from his farm in the region. But his father’s pension has been cut and, with new charges for doctors’ visits, he can barely afford crucial health checks. Many of his friends in their 30s live with their parents. “We’d love to have children but how could we feed them? Maybe if we move to Germany we could have kids,” Tziros said. “Jobs are being cut, no one is buying anything. “Money just isn’t circulating in this country. The government doesn’t care about Greece. If they did, they would have found a proper solution. It’s not just about imposing taxes – you have to protect work if you want to tax it.” Europe Greece European debt crisis Angelique Chrisafis guardian.co.uk
Continue reading …Syrian forces continue to attack civilian protesters in Hama and Damascus while UN struggles to agree to condemn violence Syrian security forces continued to attack civilian protesters in the central city of Hama and in Damascus as the EU imposed sanctions on key regime figures and the UN struggled to agree to condemn the violence unleashed by President Bashar al-Assad. Activists said 21 people had been killed across the country on Monday and seven more on Tuesday, bringing to at least 140 the number of fatalities since Sunday, when the government launched an offensive in Hama on the eve of the Ramadan fast. Italy announced that it was recalling its ambassador from the Syrian capital for consultations, but this was not part of a move co-ordinated across the EU. The Foreign Office said Britain’s envoy would stay in Damascus to monitor the situation and expose Syrian deception. The US embassy said several of its diplomats were also leaving the country. In Damascus gunfire was heard as 20,000 people attended a funeral in the Arbeen area. Film from Hama , where holding public funerals is dangerous, showed freshly-dug graves in a public park opposite the Sirjawi mosque. New sanctions agreed by the EU targeted Syria’s defence minster, Ali Habib Mahmoud, and three top security officials linked directly to the repression. Mohammed Makhklouf, Assad’s uncle, was also subject to a travel ban and assets freeze already imposed on 30 regime figures. Diplomats described a “positive atmosphere” during Monday’s consultations by the UN security council in New York, with “more room to manoeuvre” because of a softening of Russia’s position. Russia and China have previously refused to condemn Syria, partly because of anger over the way the UN action on Libya paved the way for Nato intervention and a policy of regime change. But officials said it was unclear whether this would produce a formal statement or a fully-fledged UN resolution that could be vetoed by any one of the five permanent members of the council. Russia said it was not against a resolution but would oppose the imposition of sanctions or other “pressures” on Syria, a long-standing ally. The bloody events in Hama have a special and deeply sinister resonance in Syria because many thousands died there when Assad’s father Hafez sent in tanks to crush an Islamist uprisng in 1982. In Washington, meanwhile, three senators said they would introduce legislation to ramp up pressure on the Assad regime by penalising foreign companies that do business in Syria’s energy sector. Foreign journalists and independent human rights groups are largely banned from Syria but information about the unrest continues to flow freely. Film clips posted on YouTube showed a funeral procession for a man killed in the northern town of Idlib. Footage from Hama showed the corpse of a man whose head had reportedly been blown off by a tank shell. Another clip showed bodies in the city’s Asi river, apparently with their throats cut. None of these could be independently authenticated. Navi Pillay, the UN high commissioner for human rights, called on Syria to stop the bloodshed immediately: “The government has been trying to keep the world blind about the alarming situation in the country. But they are not succeeding. The world is watching and the international community is gravely concerned.” Assad was shown in the official media visiting wounded members of the security forces in hospital on Monday, praising them for devotion to their duty. On Tuesday the president met a delegation of Syrians living in Italy. Police attacked the central prison in Homs after a reported hunger strike by inmates — a tactic likely to bring up more bad memories. In 1980 security forces attacked Tadmor prison in retaliation for an attempt on the life of Hafez al-Assad, killing hundreds. Also in Homs, mourners gathered for the funerals of at least two people shot dead after prayers on Monday. A relative of Adnan Abduldayem, 25, said he was shot in the head, through his right eye. “He had work in Saudi Arabia waiting for him and his family told him to go, but he refused to leave, saying he wanted to stay and protest against the regime.” Local co-ordination committees reported that government forces, including militiamen, had moved in on Zabadani, close to the Lebanese border. Reinforcements were sent to the eastern oil hub of Deir Ezzor, where at least 25 people died over the weekend. Nour Ali is a pseudonym for a journalist based in Damascus Syria Arab and Middle East unrest Middle East Nour Ali Ian Black guardian.co.uk
Continue reading …The first day of Ramadan brought no relief for protesters in Syria: At least 24 were killed yesterday, and the UN Security Council will hold a second day of talks on the situation today. Yesterday’s violence included President Bashar al-Assad’s tanks continuing to shell the city of Hama, and an…
Continue reading …The debt ceiling deal President Obama struck with Republicans passed the House by a wide margin, which leads Nate Silver to one conclusion: Obama gave up too much. “Mr. Obama could have shifted the deal tangibly toward the left and still gotten a bill through without too much of a…
Continue reading …It’s only been a year and a half since Dubai opened the world’s tallest building , and already Saudi Arabia is coming along to steal away the title. The country’s Kingdom Holding Co., run by a billionaire prince, announced today that its associate firm has made a $1.23 billion deal…
Continue reading …Less than two weeks after three hikers were swept over Vernal Fall , another woman has died at Yosemite National Park. Hayley LaFlamme, 26, had reached the Half Dome summit—a treacherous hike that can take as long as 12 hours to finish—and was descending Sunday when she reportedly lost…
Continue reading …For five surreal minutes yesterday morning, Wall Street looked like a nudist colony. At 7am, people all along the street whipped off their clothing, as part of a performance art piece called “Ocularpation: Wall Street.” Artist Zefrey Throwell tells the New York Times that the piece was intended to be…
Continue reading …