Word: profiteer
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Since then, the company's finances have improved marginally. The record division made nearly $250 million in underlying profit in the fiscal year 2009, while the company's music-publishing arm, which oversees songwriters, generated $208 million. Both profits, though, were wiped out by massive write-downs, which created a largely paper loss of $2.4 billion. "With that level of debt in the business, the reality is that EMI is now almost worthless," says Simon Dyson, editor of the London-based industry newsletter Music & Copyright. (See the 100 best albums of all time...
...interest bill of about $350 million. But it's not enough to keep Citigroup happy - the bank had agreed to lend the venture-capital firm $4.2 billion only if EMI could hit certain performance targets. As EMI's accounts dolefully note, there is a "significant shortfall" between the profit likely to be generated in 2010 and the target previously agreed upon...
...company turned its first profit in 2004, and went public on the Nasdaq the following year, raising more than $100 million in the process. It was by far the most successful Internet IPO since the dotcom bubble burst in 2000. One of its earliest investors, in fact, was Google - before the company entered the China market in 2006. It paid $5 million for a 2.6% stake in Baidu in 2004. But Google sold its stake in Baidu for about $60 million two years later, and entered the search business in China on its own. It was game...
...taken the drug and determined that lithium didn't work - a conclusion it reached six months ahead of similar findings from conventional clinical trials. (In an interesting sign of the times, PatientsLikeMe presented its observations in December at the international ALS symposium in Berlin.) Free to patients, the for-profit venture sells pharmaceutical companies the blinded data it compiles from its members about drug safety and efficacy. (See "The Year in Health 2009: From...
...actually grew in 2009. One online charity portal, Network for Good, reported that the number of donations nearly doubled last year, and the dollar value of donations increased by 42 percent. However, trends in online giving, including cutting-edge methods like text-message donations, vary markedly from traditional non-profit donations, and their growing importance will have a significant effect on the quantity and character of charity worldwide, and not necessarily a positive...