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| compos mentis. Concision. Media. Clarity. Memes. Context. Melange. Confluence. Mishmash. Conflation. Mellifluous. Conviviality. Miscellany. Confelicity. Milieu. Cogent. Minty. Concoction. |
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Long-Time File-Swappers Buy More Music, Not Less |
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| Topic: Intellectual Property |
6:00 pm EDT, Apr 27, 2002 |
Contrary to charges that Internet song-swapping is killing the music industry, new Jupiter Media Metrix research contends that experienced online song-swappers are more likely to buy new albums than average music fans, not less. ... "The boost outweighs the bust." The industry blames "mass copying and Internet piracy." ... The music industry has grown more reliant on a few smash hit records to generate much of its profit. [So has the film industry.] Another pointless "study" that just happens to serve the interests of those who commissioned it. People throw around percentages to prove "facts" that "explain" the situation. Why don't book publishers complain about the sales of printers and blank paper? Do we have a "piracy tax" on 8.5"x11" copy paper? Question: do writers for the New York Times feel cheated by the fact that anyone can read their stories "for free" online? Does a year's worth of a columnist's writings represent less personal effort than an album that an artist spent a year to produce? Long-Time File-Swappers Buy More Music, Not Less |
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Long Distance May Face a Very Short Future |
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| Topic: Economics |
5:48 pm EDT, Apr 27, 2002 |
As long-distance companies watch their calls and profits slip away to rivals such as cellular phone networks, the day may soon come when their business -- once considered a pillar of American enterprise -- ceases to exist. WorldCom 1Q profit plunged 78%. ... call volume fell significantly, but revenue dropped even faster. Analyst: "At the end of the day, they're pretty much doomed. Long distance will be a memory." Long Distance May Face a Very Short Future |
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Corvis Revenue Drops Almost 90% |
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| Topic: Economics |
7:35 am EDT, Apr 26, 2002 |
Fiber-optic maker Corvis Corp. announced yesterday that its revenue declined nearly 90 percent during its first quarter, as its financially distressed telecommunications customers stopped spending on equipment. CEO: "The near-term visibility remains difficult in our sector." Its Q3 customers were Broadwing, WilComm, and Telefonica. Broadwing and Williams are both investors in Corvis, and both are struggling. Williams filed for Chapter 11 bankruptcy protection on Monday. Earlier this week, Corvis renegotiated a deal with Qwest to purchase $12M in Corvis equipment in the next two years -- far less than the $150 million it originally planned to buy. Sounds like Corvis is on its way out, unless a bunch of wealthy buyers suddenly appear out of nowhere. Corvis Revenue Drops Almost 90% |
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JDS Uniphase Has $4.3 Billion Loss |
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| Topic: Economics |
7:32 am EDT, Apr 26, 2002 |
JDS Uniphase on Thursday posted a quarterly net loss of $4.3B as sales plunged by one-third and the fiber-optics equipment maker cut another 2,000 jobs in the face of a collapse in demand for telecommunications equipment. ... Shares of JDS have dropped 42% since the beginning of the year ... Dropping 2,000 employees is a 20% reduction in staff levels. And yet JDS is still losing buckets of money, even after a $41B writedown last year. JDS Uniphase Has $4.3 Billion Loss |
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Chief Quits at Phone Giant in Canada, and Stock Soars |
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| Topic: Economics |
6:32 am EDT, Apr 25, 2002 |
Jean C. Monty resigned today as chairman and chief executive of BCE, Canada's dominant telecommunications company, after telling investors at a conference here that the company was backing away from its beleaguered Teleglobe unit. ... Plans an $8B writedown for Q2. ... "[Monty] decided that the headwinds were too much going forward." ... [Inexplicably,] BCE's stock soared 20% on the day ... You've got to know when to hold 'em, when to fold 'em ... when to walk away, when to run ... Ever try bluffing your way through a round of five-card stud while clinging madly to the back of a bucking bronco in the midst of a stampede? You will, and BCE will bring it to you. Chief Quits at Phone Giant in Canada, and Stock Soars |
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AOL's Slump Helps Produce a Major Loss for Its Parent |
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| Topic: Economics |
6:29 am EDT, Apr 25, 2002 |
Time Warner, the world's biggest media company, said yesterday that it would not achieve its original financial goals for 2002 because the online advertising market had deteriorated even further than it had expected. The announcement came as AOLTW announced a $54.2B net loss for the first quarter, among the biggest quarterly losses in corporate history. ... [This makes] it clear that the difficulties facing the company's flagship America Online unit are more daunting than even some pessimists had expected. ... The bigger they are, the harder they fall ... AOL's Slump Helps Produce a Major Loss for Its Parent |
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AT&T Posts Nearly $1 Billion [Quarterly!] Loss |
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| Topic: Economics |
6:19 am EDT, Apr 25, 2002 |
AT&T reported its loss widened to nearly $1B in the first quarter, blaming the performance on falling long-distance sales, an accounting change and a slide in the value of its investments. The company's revenues continued to slide, especially in its long-distance telephone businesses. ... Long-distance telephone sales continue to be punished by increasing competition from cellular service, e-mail and local telephone carriers ... How, exactly, do you manage to lose a billion dollars in a single quarter? AT&T found a way. AT&T Posts Nearly $1 Billion [Quarterly!] Loss |
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Ericsson to Cut 17,000 Jobs |
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| Topic: Economics |
6:08 am EDT, Apr 25, 2002 |
Ericsson shares plunged 24% Monday after the wireless equipment maker unexpectedly announced it was shedding up to 17,000 more jobs, about 20% of its work force. Chairman: "It's very much a matter of trying to sweat it out, trying to survive a very hard recession in this industry." An economist: "We still haven't seen anything from the 3G market yet. It's affecting every company in the telecom market." CEO: cuts primarily in development activities worldwide. ... Ericsson expects wireless industry sales to be down more than 10% this year. The plan is go from 107,000 employees in January 2000 to 65,000 in December 2003 ... Ericsson to Cut 17,000 Jobs |
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Pay Features Gather Steam on Web |
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| Topic: Economics |
6:00 am EDT, Apr 25, 2002 |
Yahoo, which has rolled out 17 paid services to consumers in the last year, has been among the most aggressive businesses in getting people to pay for online services and information they had formerly received free. ... All across the Web, consumers are buying newly offered information and services. ... a recent Forrester survey indicated that one-third of Internet users would be willing to pay for online content next year. ... content providers will have to "slice and dice" things ... Smart Money Select now has 7,500 paid subscribers ... Yahoo is developing "lifestyle bundles" ... Weightwatchers.com is profitable today. Pay Features Gather Steam on Web |
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Williams Communications Files for Chapter 11 |
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| Topic: Economics |
5:52 am EDT, Apr 25, 2002 |
Williams Communications Group filed for bankruptcy late Monday night, part of its plan to restructure $6B in debt. The filing came after the company was give a Friday deadline to restructure the $6B in debt owed to its creditors. It expects to file a reorganization plan "in the near future." ... The company amassed its $5.9B debt constructing a 33,000-mile fiber-optic network ... stock was once at $40 a share but is now sold for less than a quarter.
Williams Communications Files for Chapter 11 |
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