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Faster China mobile networks to speed up Tencent profit growth
By Paul Carsten BEIJING (Reuters) - Internet giant Tencent Holdings will have to wait until its biggest customers, China's smartphone users, get hooked up to high-speed mobile networks next year before its $2 billion investment on game and chatting apps really pays off. China's biggest Internet company wants clients to spend more time, and money, playing games on its social messaging app WeChat and on other platforms, and the faster 4G networks Chinese telecom firms are set to roll out are expected to further these ambitions. ...
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Sina record revenues fuelled by Weibo, Alibaba
By Paul Carsten and Alexei Oreskovic BEIJING/SAN FRANCISCO (Reuters) - Chinese Internet company Sina Corp saw record revenue in the third quarter, as profit more than doubled from a year ago due to strong earnings growth from its Weibo microblogging service and a partnership with Alibaba Group Holding Ltd. Advertising revenue from Sina Weibo, China's biggest microblogging service with 54 million daily active users, surged 125 percent year-on-year to $43.7 million, reflecting Chinese companies' embrace of social media as a marketing tool. Social media's expanding share of China's 28.8 billion yuan ($4.73 billion) online advertising market is favoring Sina Weibo over rivals such as Youku Tudou Inc's Internet video platforms and Tencent Holding's hugely popular mobile messaging app WeChat. "The vast majority of the (earnings) growth should come from Weibo," Sina chief executive Charles Chao said in a call with analysts on Wednesday. He said Alibaba advertising also "played a very important role in Weibo's advertising growth." Sina's third-quarter net income leapt 157 percent from a year ago to $25.4 million, beating forecasts of $22.8 million as revenue climbed to a record high of $184.6 million, driven by continuing growth in China's online advertising market.
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Far-right rioters leave trail of destruction in Polish capital
By Marcin Goettig and Pawel Florkiewicz WARSAW (Reuters) - Polish police used rubber bullets on Monday to break up groups of masked far-right youths who threw firecrackers and set fire to cars when a nationalist march through the center of the capital turned violent. The march is an annual event to commemorate Poland's national independence day, and for the third year in a row it broke down into running battles in the middle of Warsaw between rioters and riot police. Prime Minister Donald Tusk said what should have been a holiday had been ruined by acts of aggression and violence.
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Lenovo rises as mobile, data server player to sidestep PC slump
People walk past a Lenovo shop in Hefei, Anhui provinceBy Paul Carsten BEIJING (Reuters) - China's Lenovo Group Ltd , the world's biggest personal computer maker, is reinventing itself as a growing force in mobile devices and data storage servers to beat the slump in the PC market that is crippling less agile rivals. Lenovo said on Thursday net profit beat estimates, jumping over a third in July-September to a quarterly record of $219.7 million. Now the world's fourth-biggest smartphone maker, the company also said it's looking for new businesses to buy as it remoulds itself. The progress at Lenovo, with a 17.7 percent share of worldwide PC shipments according to research firm IDC, is in sharp contrast with that of other PC makers like Acer Incorporated .
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Analysis: Park's promise of second South Korea miracle risks ringing hollow
South Korea's President Park Geun-hye speaks at the ASEAN Plus Three Summit in Bandar Seri BegawanBy Christine Kim SEOUL (Reuters) - South Korean President Park Geun-hye took office in February pledging a "Second Miracle on the Han River", a reference to her father's rapid 1970s industrialization, but nine months into office little has materialized. In October, South Korean companies exported a record amount in dollar terms of cars, smartphones and computer chips abroad and economic growth overall this year has been 1.9 percent compared to the same period in 2012. While Korea long ago escaped the "middle income trap" for developing economies, its service sector had shrunk to 58 percent of value-added gross domestic product by 2011 from 61 percent in 2008, according to World Bank data. So far, the tangible change Park has to show is the creation of a new ministry charged with guiding Korea's transformation.
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