Apple Keeps Its Shine: Morning Business Memo

Jan 24, 2012 7:21am

Apple today will report its first full quarterly numbers since the death of Steve Jobs. Another big rise in sales and profits is expected. Analysts say Apple sold more than 30 million iPhones during 2011′s 4th quarter – double the amount of the year before. Tablet sales, however, might have weakened ahead of the expected launch of the iPad3 this March. Apple’s share price has doubled in the past two years as the company goes from strength to strength.

Rupert Murdoch’s News Corp. is launching a Spanish-language broadcast TV network. The move has been called a bold entry into a market dominated by top-ranked Univision and No. 2 Telemundo. MundoFox, will be launched in September or October in partnership with Colombia-based RCN Television Group. RCN already produces popular shows for one of Univision’s junior networks in the U.S., TeleFutura.

Macy’s is suing Martha Stewart Living Omnimedia in a bid to block a licensing deal with J.C. Penney. In the lawsuit filed in New York State Supreme Court, Macy’s claims Martha Stewart Living’s deal with J.C. Penney violates the terms of an exclusive pact Macy’s has to sell Martha Stewart Living products at its stores.

A standoff over Greek debt. European finance ministers rejected an offer by hedge funds, banks and other private bondholders to restructure Greece’s debt burden. IMF and European officials want private sector creditors to accept average interest rates of less than 4 percent. A high interest rate could buffer losses for the investors, but would also require the eurozone and the International Monetary Fund to put up more in rescue loans they promised in late October. Athens is trying to get its private creditors to swap their Greek government bonds for new ones with half their face value, thereby slicing $130 billion off its massive debt.

Richard Davies Business Correspondent ABC NEWS Radio twitter.com/daviesabc

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