Other finance stories in brief
Trintech cuts its losses as sales rise 18%
Trintech, the Nasdaq-quoted Irish financial and healthcare software company, reduced its second-quarter losses as revenue rose.
The net loss in the three months to July 31st fell to $965,000 (€656,000) from $1.05 million a year earlier, the company, whose principal offices are now in Dallas, said. Revenue climbed 18 per cent to $10.5 million. This comes on the back of a 31 per cent rise in revenues to $9.64 million for the first quarter ending April 30th.
Ebay reduces fees for its US sellers
Ebay is cutting the fees US sellers on its site pay to list fixed-price items to boost merchandise for sale, lure new buyers and take on competitors.
Total sellers' fees will decrease in most cases under eBay's plan to improve the balance between buyers and sellers on the world's largest online auction site.
"I'd say this is the most fundamental change we've made, ever, to the marketplace," said Lorrie Norrington, president of eBay marketplace operations.
Instead of charging sellers to list each item separately, eBay will charge 35 cent to list any number of the same types of fixed-price items. Similar changes will be made in Germany and Britain, eBay's second- and third-largest auction markets. - (Reuters)
House of Fraser sales rise 2.9%
House of Fraser, the UK department store chain owned by Iceland's Baugur Group Hf, said first-half sales rose as store refurbishments and new brands helped the retailer stave off a slowdown in consumer spending.
Sales gained 2.9 per cent in the 26 weeks ended July 26th, the company said yesterday. Earnings before interest, tax, amortisation and depreciation increased more than 30 per cent on an underlying basis, it said.
House of Fraser said sales at refurbished outlets were 8 per cent ahead of the rest of the chain. The retailer, which owns 61 department stores across the UK and Ireland, has introduced upscale brands to win customers as consumers rein in spending. - (Bloomberg)
Investor 'happy' with Smurfit Kappa
Private-equity firm Madison Dearborn Partners (MDP) has reaffirmed its commitment to the 21.4 per cent stake it holds in paper and packaging firm Smurfit Kappa, despite the fact that the value of the company has fallen by €3.7 billion since its flotation in March 2007.
Sam Mencoff, co-chief executive officer of MDP and a non-executive director of Smurfit Kappa, said yesterday the firm is a "very happy shareholder" of Smurfit Kappa, adding: "The paper and packaging sector tends to be low-growth, tied to gross domestic product, capital intensive, commoditised, cyclical, highly competitive. But within that there exists exceptionally talented management teams and strong companies."
Despite spending some $18 billion acquiring assets in the industry, Smurfit Kappa is one of only two paper and packaging companies still held by MDP, along with US firm Boise. So far this year, Smurfit Kappa has fallen by €5.18 or by 56 per cent.
Lehman failed to sell 50% of shares
Lehman Brothers, the beleaguered US investment bank, held talks to sell up to 50 per cent of its shares to Korean or Chinese parties during the first week of August, but failed to reach an agreement.
Both parties walked away after concluding Lehman was asking for too much, sources said. The talks took place as Lehman faces pressure to raise capital ahead of the company's mid-September earnings report, which, analysts said, could include writedowns of $4 billion, bringing the total to $12 billion.
Lehman shares have fallen 85 per cent since early 2007 and its market value is now about $9.4 billion. - (Financial Times service)
