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One Response to “Financial News 8/7/12 – Apple removes Youtube App, Glitch Halts Tokyo Stock Exchange”

1. 

   admin
   

   07. Aug, 2012

   All iPhone and iPad users have grown accustomed to using their
   mobile devices to do just about everything, from watching videos to
   getting directions. Unfortunately, as the rivalry between Apple and
   Google heats up, with each company moving into the other’s territory,
   the feud is beginning to resemble a nasty divorce and soon they will
   be asking consumers to choose between parents. On Monday, Apple
   announced plans to eliminate Google’s YouTube application from all of
   its devices. Simply stating that they will not renew their license for
   the app. No need for too much concern as users will still be able to
   access YouTube through their Safari browser or through a yet to be
   released application Google is developing for Apple’s app store. This
   move may come as a surprise to some but the relationship between the
   two companies has become increasingly strained in recent months as
   Apple announced its plan to substitute Google Maps with its own
   proprietary service. Hopefully, they will work out their differences,
   but you know what they say about divorce, its always the kids, or in
   this case consumers, that end up suffering.

   In other news, the second largest U.S. gas producer, Chesapeake
   Energy, announced its 2nd Quarter earnings yesterday, the first since
   restructuring its board in June. The company reported a higher net
   profit of $929 million dollars nearly double than just a year prior.
   However, that number is somewhat deceiving as more than 99 percent of
   its profit came from the sale of assets and noncash gains. The
   company reported a modest 2 percent increase in revenue. If you are
   interested in learning more, check out their earnings call from this
   morning, on Chesapeake’s website, where Aubrey McClendon, the
   company’s co-founder and CEO spoke publicly for the first time since
   May.

   Only a week after Knight Capital Group’s computer malfunction
   nearly led to the company’s bankruptcy and a $440 million dollar loss,
   The Tokyo Stock Exchange Group experienced a computer glitch that
   halted trading for more than 90 minutes. This is the second time in
   less than a year a malfunction has caused a shutdown in Japan. As
   computer errors become more frequent it will be interesting to see how
   regulators address investors concerns.