Friday 19 January 2018

Facebook to stop taking IPO orders

An investor holds prospectus explaining the Facebook stock after attending a show for Facebook Inc's initial public offering at the Four Season's Hotel in Boston, Massachusett. Photo: Reuters
An investor holds prospectus explaining the Facebook stock after attending a show for Facebook Inc's initial public offering at the Four Season's Hotel in Boston, Massachusett. Photo: Reuters

FACEBOOK plans to stop taking orders for its initial public offering tomorrow, two days ahead of schedule. The offer of 337.4m shares at $28 (€21.8) to $35 each has been oversubscribed. A spokesman for Facebook declined to comment. "They're swamped with the orders that are in," said Jon Merriman, chief executive officer at investment firm Merriman Holdings in San Francisco. "They just need time to determine the price. They can send the message -- the books are closing, send in your orders now."

Moody's warning of Irish mortgage risk

FINANCE

Ratings agency Moody's has warned that investors are at risk because of Irish mortgage losses. Last night Moody's said it put the credit rating of 16 bonds backed by pools of Irish home loans on review for possible downgrade. "Moody's is particularly concerned that exposure to negative equity in the mortgage pools backing the notes could lead to high loss severities," it said in a statement. The move affects international lenders that financed six pools of mortgages totalling about €17.3bn of debt.

Hospital will return to profit -- Leyden

ACCOUNTS

THE chief executive of private hospital Clane General Hospital in Co Kildare expects the hospital to return to profit this year. Sean Leyden projected the facility returning to profit this year after confirming yesterday that the private hospital recorded a break even in 2011. This followed the hospital sustaining pre-tax losses of €777,955 in 2010 and this included non-cash depreciation costs of €553,865.

Channel 4 looks to new programming

MEDIA

CHANNEL 4 is looking to new shows such as US thriller 'Homeland' to turn around the fortunes of its flagship network, after it ran up more than £40m (€50m) in losses last year. Revenues at Channel 4 fell by £19.5m to £622.1m in 2011, as the channel's share of the advertising market shrank, the group said. The drop came as viewing fell by 3pc. The channel posted an operating loss of £42.3m, a sharp rise on the £7.7m loss a year earlier.

Irish Independent

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