Info Tech
EBay beefs up U.S. war chest in pursuit of growth
SAN FRANCISCO – EBay Inc is preparing to bring a major portion of its foreign earnings back into the United States, hoping to bankroll acquisitions and drive an expansion into mobile payments and other high-growth areas as its core business matures.
Ebay, which on Tuesday forecast lower-than-expected earnings this quarter, also plans to ramp up its marketing spending on PayPal, which is an Internet leader but faces stiff competition in the fledgling smartphone payments market.
The company took a $3 billion non-cash tax charge in the first quarter. The move will allow eBay to boost its available U.S. cash by about $6 billion, when needed.
It ended the first quarter with cash, cash equivalents and nonequity investments of $11.9 billion, though just $2.2 billion of that is in the United States.
“If you look at our last 15 acquisitions, my guess is 10 have been inside the U.S., maybe 11,” Chief Executive John Donahoe said in an interview. “Just looking at that versus where our cash is located, you just say, alright it would make more sense to have more cash in the U.S. for M&A.”
Shares of eBay fell about 4 percent to about $52.25 in after-hours trading despite posting a higher-than-expected first-quarter profit. Ebay’s second-quarter profit outlook fell short of analyst estimates.
During the first quarter, eBay repurchased 33.1 million common shares for about $1.8 billion as part of its previously announced $5 billion share buyback program.
The quarterly scorecard came a few weeks after activist investor Carl Icahn dropped his campaign to force eBay to spin out its most attractive division, PayPal.
Icahn’s push to carve off PayPal emerged in January, but he backed down after his efforts failed to gain the support of eBay investors. Donahoe said Icahn’s campaign did not shape eBay’s decision to repatriate foreign earnings to fund U.S. growth.
The reality is we’re seeing growing opportunities in the U.S.,” Chief Financial Officer Bob Swan said during a call with analysts. “Additionally, we are an acquisitive company and we need to ensure we have the resources available to capitalize on targets that become available both domestically and abroad.”
‘ACTION AND ACTIVITY’
EBay declined to say how it would use the extra cash in the United States, but Donahoe said eBay’s approach to acquisitions would be consistent with years past. He pointed to last year’s acquisition of payment gateway Braintree as an example of how eBay would build on its businesses such as PayPal.
PayPal has been a key driver of eBay’s share value, as the company vies with larger rival Amazon.com Inc, and analysts expect the unit to remain a fast-growing business as it expands into offline payments.
“If you look at what is happening in the world of commerce and payments, there is a lot of action and a lot of activity,” Donahoe said during a conference call. “And so we continuously assess opportunities to where we think it will be strategically and financially valuable to extend our platforms.”
The company earned 70 cents per share during the quarter, better than the average analyst estimate of 67 cents per share, according to Thomson Reuters I/B/E/S. But eBay forecast a second-quarter profit between 67 cents and 69 cents, less than the 70 cents per share expected by Wall Street.
Some investors were expecting an even larger first-quarter beat after Carl Icahn ended his campaign to force eBay to spin out PayPal earlier this month, Wedbush Securities analyst Gil Luria said.
EBay’s revenue rose a slightly better-than-expected 14 percent to $4.26 billion. PayPal, eBay’s fastest-growing division, posted a nearly one-fifth increase in revenue.
“Investors assumed that’s because the results were very good and Mr. Icahn was content with what he was seeing,” Luria said.
“Expectations were very high going into the quarter,” he said. “The results were good, but not as good as some expected.”
– REUTERS
In efforts at spicing up the 2023 ITREALMS E-Waste Dialogue, the management of ITREALMS Media has partnered with E-waste Producer Responsibility Organization of Nigeria (EPRON) membership organisations for a day-long collection scheme of small electronic waste on Friday, December 15, 2023.
The EPRON members aligning their partnership with 2023 ITREALMS E-Waste Dialogue are EL-AS Tech Enterprises Limited and WEEE Eco-Friendly.
ITREALMS’ day-long collection scheme is part of the commemoration of 2023 international E-Waste Day (IEWD) within the ITREALMS E-Waste Dialogue with the theme “You Can Recycle Anything with a plug, battery or cable” at Welcome Centre Hotels, International Airport Road, Lagos.
Revealing this collaboration, the Group Executive Editor, ITREALMS Media, the organisers of the 2023 ITREALMS E-Waste Dialogue, Sir. Remmy Nweke, urged mobile device enthusiasts to come along with their devices that have reached their end-of-life to the venue for proper disposition by professionals who would also be on grounds to address some topical issues.
The collection of small electronic wastes especially mobile phones and like-devices, would be carried out by EPRON member organisation, EL-AS Tech Enterprises Limited as facilitated by ITREALMS Media group as part of this year’s ITREALMS E-Waste Dialogue on Friday, December 15, he added.
He disclosed that the exercise would commence at Welcome Centre Hotel by 9am till close of work hours the same day.
Nweke pointed out that the collection of small e-waste items would include mobile phones, pointers mouse, earpieces, rechargeable torches, phone chargers, to name a few.
Further, he said, that this initiative has become time-serving because some people may have missed any other opportunity before now for the year-long campaign, hence this awareness on e-Waste has to be continuous, “ITREALMS came up with this scheme.”
Nweke beckoned on Nigerians, especially mobile phone users, to leverage the opportunity in disposing of their mobile devices they no longer use, of course in exchange for a voucher or gift item.
In her reaction to this year’s day-long small waste collection, EPRON Executive Secretary, Mrs. Ibukun Faluyi, described the initiative as commendable, expressing confidence it would intensify the collection of end-of-life devices for proper disposition.
Mrs. Faluyi, also urged Nigerians to take advantage of this day-long collection of small wastes courtesy of ITREALMS Media.
Recalling for instance that in October 2022, EPRON had partnered SLOT alongside some UN agencies for collection of small e-waste items in Lagos, including the United Nations Information Centres (UNIC), United Nations Industrial Development Organization (UNIDO), International Labour Organisation (ILO), Lagos Waste Management Authority (LAWMA) and Lagos State Environmental Protection Agency (LASEPA).
This is even as the Executive Vice Chairman of the Nigerian Communications Commission (NCC) Dr. Aminu Maida and Director-General, National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Aliyu Jauro, would both lead speakers at the 2023 ITREALMS E-Waste Dialogue slated for this Friday, December 15, in Lagos.
Today, September 12, the tech corporation Apple will introduce the iPhone 15, their newest iPhone model.
According to a Forbes story, this model, which will be introduced at the company’s “Wanderlust” event in Cupertino, California, will be available in four variations: the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max.
Here are five things you should know about the new iPhone 15 model.
1. The new model is made of titaniu, not stainless steel as some other Apple smartphone models, Senior research analyst at DIGITIMES, Luke Lin reports.
2. The Pro Max model will feature double the optical zoom on the iPhone 14 as it comes with a newly-introduced ‘periscope lens upgrade, performing 5-6x optical zoom.’
3. The Pro models will carry an A17 bionic chip expected to make it perform faster.
4. The iPhone 15 model will feature a USB-C charging port, the same port featured on some Android phone models.
5. Due to its titanium shell, the new model is anticipated to be more expensive to purchase. The following is the speculated price list, as reported by Forbes:
The iPhone 15 starts at $799, the iPhone 15 Plus at $899, the iPhone 15 Pro at $1,099 ($100 increase), and the iPhone 15 Pro Max at $1,299 ($200 increase).
In an effort to reduce the exorbitant cost of Premium Motor Spirit, better known as petrol, the Infrastructure Bank Plc announced its collaboration with FEMADEC Group on Monday to offer 500 buses powered by autogas (Compressed Natural Gas).
Partners in the agreement claimed that the project was created to provide citizens with dependable, affordable, and environmentally friendly travel options, taking into account the negative effects of the nationwide increase in PMS costs.
Under Decree No. 51 of the Federal Republic of Nigeria’s 1992 Constitution, the Infrastructure Bank, originally known as the Urban Development Bank of Nigeria Plc, was founded in 1992 to promote the quick development of infrastructure throughout the nation.
In a statement issued in Abuja on its partnership with FEMADEC, the bank said, “The preliminary offer extended by TIB lays a solid foundation for the expansion of FEMADEC Group’s CNG bus fleet.
“With plans to introduce 500 CNG buses within the next five years, commencing with an initial batch of 50 buses in the forthcoming year, this proposal stands poised to instigate significant change.
“The acceptance of this proposition by FEMADEC Group, notably championed by Fola Akinnola, the Group Chief Executive Officer, is a testament to their zeal and dedication to this alliance.”
The bank described the partnership as a “pivotal endeavour that is primed to redefine Nigeria’s public transportation landscape, offering dependable, cost-effective, and ecologically conscious travel alternatives for citizens, while harmonising with the nation’s broader sustainability ambitions.”
“This partnership represents a remarkable stride towards a more ecologically aware future for Nigeria’s transportation sector, highlighting the shared commitment of both TIB and FEMADEC Group to sustainable advancement and progress.”
It said FEMADEC Group’s strides in operating Compressed Natural Gas buses, including the existing fleet of 20 CNG buses under LAMATA, underscored their unwavering dedication to ecologically sound solutions, a commitment predating the fuel subsidy removal.
“Their leadership within the CNG value chain is undeniable, and the new alliance with TIB underscores their foresight.
“This partnership seamlessly aligns with TIB’s sustainability objectives, echoing their resolute endorsement of the government’s net-zero and climate change agenda.
“The bank’s aspiration to champion Nigeria’s infrastructure progress is evident in its endorsement of pivotal initiatives like this, yielding expansive positive impacts on both the environment and society,” the bank stated.
The bank added that it would continue to make a significant contribution to the country’s growth as a leading financial institution committed to advancing effective and long-lasting infrastructure projects.
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