| Business News |
Ford posts $8.7 billion loss on truck slump
(Reuters)
 Reuters - Ford Motor Co posted a $8.7
billion quarterly loss on Thursday as it wrote down the value
of truck and SUV operations and cautioned that it did not
expect to see a U.S. economic turnaround until 2010.
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Dow Chemical second-quarter profit hurt by costs
(Reuters)
 Reuters - Dow Chemical Co posted
second-quarter earnings that fell short of market expectations
as its price increases did not completely offset a sharp spike
in energy and raw material costs.
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Nokia patent deal with Qualcomm boosts both stocks
(Reuters)
 Reuters - Nokia (NOK1V.HE), the world's top
cellphone maker, has ended three years of legal battles with
wireless chip developer Qualcomm and signed a patent
agreement that boosted both companies' shares.
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Wall Street extends drops after housing data
(Reuters)
 Reuters - Stock extended losses on Thursday
following a report that showed a steeper-than-expected drop in
existing-home sales in June, heightening concern about the
impact of the housing slump on economic growth.
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FCC has pact to approve Sirius-XM deal: source
(Reuters)
 Reuters - A majority of members of the Federal
Communications Commission have reached an agreement to
conditionally approve Sirius Satellite Radio Inc's
purchase of XM Satellite Radio Holdings Inc , a source
familiar with the agency review said on Thursday.
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New layoff filings jump as companies retrench
(AP)
 AP - The number of newly laid off people filing claims for unemployment benefits bolted past 400,000 last week as companies trimmed their work forces to cope with a slowing economy and fallout from a collapsed housing market.
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| Music industry hopes upgrades boost mobile sector - 12, May 2008 |
By Antony Bruno
DENVER (Billboard) - Perhaps no single device has had more impact on mobile music than Apple's iPhone. While only 6.7 percent of overall mobile customers use their phone to listen to music, rising to 27.9 percent for smartphone users, a full 74.1 percent of iPhone owners reported using the device as an MP3 player, according to M:Metrics.
The majority of this music, however, is transferred from the computer, rather than purchased through the phone and downloaded wirelessly. That may change this summer once Apple unveils what many expect will be a new version of the iconic device, featuring access to high-speed third-generation (3G) wireless networks.
The company has not made an official announcement, but signs point to an early June release. Apple has stopped restocking retailers with the current iPhone version, which analysts say is a sure sign that a new model is imminent. Apple's Worldwide Developers Conference is scheduled for June 9, and CEO Steve Jobs will deliver the keynote address.
Existing iPhone models connect to an older, slower wireless network but compensate with access to high-speed Wi-Fi Internet networks. Those using the iPhone to download music from iTunes, for instance, must use this Wi-Fi connection. While certainly faster than cellular networks, Wi-Fi does not offer nearly the same range of coverage.
Apple has sold more than 5 million iPhones worldwide, but many tech-savvy buyers, particularly in Europe, have been holding out for a 3G version. Upgrading the iPhone to 3G is considered crucial if Apple is to meet its stated goal of selling 10 million iPhones this year.
SMARTPHONES GET SMARTER
Even if Apple manages to reach its goal, the iPhone would still represent only about 1 percent of all mobile phones available. For the music industry, as significant as the iPhone mobile music usage figures are, the greater significance is how they inspire other device manufacturers to reach for similar levels. The company with the most to lose from the iPhone's momentum is Research in Motion, maker of the popular BlackBerry.
In the United States, RIM leads the smartphone market with a 40 percent share, but Apple is close behind at 28 percent, according to research group Canalys. Apple has begun incorporating support for Microsoft-based corporate e-mail applications into the iPhone, which is considered a direct attack on the BlackBerry.
(c) 2008 Reuters
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