Facebook has set the share price for its upcoming initial public offering (IPO) at between $28 and $35 per share, valuing the company at between $84bn-$94bn.

The IPO is set to be the largest ever for an internet firm, bigger than Google’s valuation of $23bn in 2004. Continue reading this post…

UK gas producer BG Group has announced a deal to sell its stake in Brazil’s Comgas to Sao Paulo-based Cosan for $1.8bn.

BG said it expected to deal to be completed by the end of the year.
The group also reported a surge in first quarter profits, which jumped to $2.2bn from $1.4bn a year earlier. Revenue rose 20% Continue reading this post…

First Solar posted a surprise quarterly loss, but raised its full-year profit outlook as it drives down production costs for its solar panels, while peer SunPower slightly beat Wall Street forecasts.
Solar makers have seen profit margins evaporate over the last year as prices for the modules that turn sunlight Continue reading this post…

Amazon has posted better-than-expected profits after the world’s largest retailer cut costs and boosted sales of its Kindle tablet and digital products.

Amazon shares rose almost 15% in after-hours trading in New York after it said quarterly net income was $130m . Continue reading this post…

Samsung Electronics has overtaken Nokia to become the world’s largest maker of mobile phones, according to research firm Strategy Analytics.

Nokia took the top spot in 1998 from Motorola, but in the first quarter of 2012 Samsung shipped 93m phones compared to almost 83m by Nokia. Continue reading this post…

Abu Dhabi National Energy has sold its 7% stake in US electric car maker Tesla. TAQA, three-quarter owned by the government, said it made a profit of $113m on the sale.

Tesla was founded in 2003 and is best known for the Tesla Roadster, which is sold in 32 countries. Continue reading this post…

Fast-food giant Burger King is to relist on the New York Stock Exchange (NYSE). It follows the announcement that its owner, private equity group 3G Capital, is to sell a 29% stake for $1.4bn (£881m) to UK-based investment vehicle Justice Holdings.

Once the sale is complete, Justice Holdings’ shares will suspend trading on the London Stock Exchange. Continue reading this post…

Bank of Communications, China’s fifth-biggest lender, posted a better-than-expected 30 percent rise in quarterly earnings, and said it faced headwinds as a slowing Chinese economy saps loan demand and threatens asset quality.
BoCom 19 percent owned by HSBC Holdings, posted a net fourth-quarter profit of $1.95 billion on Wednesday, according to Continue reading this post…

The onward march of the Chinese consumer continues, with China overtaking the U.S. as the biggest grocery market in the world Continue reading this post…

FedEx reported higher quarterly profit that beat estimates, citing higher revenue per package and record holiday shipping, and forecast further advances in the current quarter.

A lower tax rate and mild winter weather as well as fuel surcharges also drove profit up, the world’s second-largest parcel delivery Continue reading this post…