Month: June 2016

Disney CEO: China is tough but a ‘great opportunity’

Bob Iger: Disney can win in China
China is still a place where dreams can come true, at least for Disney. CEO Bob Iger said doing business in China is tough, but the potential rewards remain compelling.
“It's a challenging market, no question about it,” Iger told CNNMoney in an interview Thursday. “We still believe even with what's happened recently and with those challenges that we still have a great opportunity to grow.”
The media and entertainment giant is officially opening a huge new resort in Shanghai — its first in mainland China — next week. Amid the preparations, the company has had to deal with the sudden shutdown of a digital content service and public attacks from a big Chinese rival.
Related: Banned! 10 things you won't find in China
Disney is not alone in finding it hard going. Western companies have complained recently of an “increasingly hostile” business environment in China's slowing economy.
“We're aware of the realities of this..

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People are keeping their old iPhones longer

How tough is your iPhone?
Is it possible people like their iPhones a little too much? People are waiting longer to upgrade to the newest iPhone model, according to new research from Consumer Intelligence Research Partners (CIRP). Currently, nearly half of iPhone users are waiting until their device is two years old or older to upgrade. In 2013, only 34% of iPhone owners waited that long.
The regular iPhone upgrade cycle important to Apple's (AAPL, Tech30) revenue. In its last xearnings report, Apple revealed that iPhone sales had dropped, leading to the company's first quarterly revenue decline in 13 years.
Related: Apple's iPhone sales sink for the first time ever last quarter
The slump is partially due to the company's struggles getting new users in markets like China. But in the U.S., where the market is already saturated, Apple needs people to upgrade at a regular clip.
The company releases a new iPhone every year, with the usual hyperbolic promises th..

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Google shareholder calls exec a ‘lady CFO,’ Twitter erupts

Google names Ruth Porat its new CFO
Oh no he didn't. Twitter users were enraged by a (male) Alphabet shareholder who referred to Ruth Porat as the “lady CFO” of Google's (GOOG) parent company at its annual meeting.
A (female) shareholder eventually chimed in to clarify that Porat is the CFO, not the “lady CFO.”
Eric Schmidt, Alphabet's CEO, also acknowledged the comment when he answered a question and said “speaking as your male executive chairman.”
Related: Men are making more money off their homes
Porat is a rockstar in the world of business and tech. She has an impeccable pedigree, which led to her appointment as CFO of Alphabet in May 2015.
Before that, she served as CFO of Morgan Stanley (MS) and was one of the most powerful women on Wall Street. She played a key role during the 2008 financial crisis and led Morgan Stanley's tech banking franchise. She was the lead banker who helped the firm land business with major tech companies such as Amazon (AM..

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Phones ring up millions for Nigerian musicians

Remember ringback tones? In Nigeria, they're big money.
Dial a random phone number in Nigeria and you're more likely to hear music than a standard repetitive ring. That's because the latest trend to sweep the nation of 170 million is something called a ring-back tone.
For the uninitiated, a ring-back tone is a musical selection, picked by the owner of a mobile phone, that plays when their number is dialed. When the call is answered, the music stops and the talking starts.
The tones were popular in the U.S. years ago, and they have since caught on in markets around the world including China.
Now, ring-back tones are the hottest consumer trend in Nigeria, where they sell for just $0.25 per month.
“It's a phenomenon,” said Audu Maikori, founder of music production house Chocolate City. To demonstrate their popularity, Maikori flipped through his contact list and dialed a few friends: sure enough, there was music on the line.
Full coverage: Nigeria: An econo..

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Stocks: 5 things to know before the open

Oil jumps over $50
It's looking like a 'meh' day for markets. U.S. stock futures are slipping, global indexes are in the red and oil's rally appears to have stalled.

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Nasdaq back near 5,000. Tech rebound? Not exactly

A milestone for U.S. stocks
The Nasdaq, home to Apple, Google, Facebook and many other leading tech stocks, is within spitting distance of topping the 5,000 mark for the first time this year. It was hovering around 4,975 Wednesday afternoon. The Nasdaq has surged nearly 20% since hitting a 52-week low right around 4,200 back in February.

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