Now its time for World Business report. Hit by the eu profits fall at googles Parent Company alphabet, after a huge fine levvied by the european union. And bitcoin whats it for . Well, now you can use the cryptocurrency to pay for art. All will be explained. Welcome to World Business report. Im rachel horne. In a minute sharanjit will tell us how sk hynix increased its profits by more than 500 . Three of the worlds most valuable Internet Firms release their latest numbers this week. The biggest by far is googles alphabet, which has just reported a 21 jump in revenues. That was better than expected but there was less cheer on the when it came to earnings. Net profit fell 27. 7 to 3. 5 billion. Hitting the bottom line was a 2. 7 billion fine issued by the European Commission injune. It ruled the firm abused its power by promoting its own shopping Comparison Service in its search results. Google says it may appeal. But, alphabets shareprice fell 3 in after hours trading. But take a look a
Investors scramble for snapchat, in the biggest Tech Flotation since twitter. But is the app a Cash Cow Orjust a craze . Plus, coming up on netflix the boss tells us his plans for the Internet Tv Giant as it heads towards 100 million users. Welcome to World Business report. Im sally bundock. Also in the programme up up and away the us markets blast through previous record highs, the global rally is continuing in asia. Details in a moment. We start on wall street where investors are gearing up for what could be the biggest and certainly the most hyped Technology Flotation since twitter in back 2013 or even facebook the year before. In a few hours time shares in snap the owner of photo messaging app Snapchat Will Begin Trading on the new york stock exchange. The big question will it end up a Stock Market Giant like facebook or, like twitter, a bit of a flop . Heres what we know so far the flotation has been hugely oversubscribed there were as many as ten orders for every share. Thats all
Where now for south africa . After last weeks massive Cabinet Reshuffle, President Zuma may face another vote of No Confidence. We talk you through whats at stake. Third time unlucky . Toshiba shares plunge in tokyo again on reports it may miss its results deadline, for the third time. Welcome to World Business report. Ina in a moment we will look at the Property Market in beijing as well. We begin in south africa where the parliaments speaker is considering a No Confidence vote request from the opposition of president jacob zuma. This comes after the countrys finance minster, Pravin Gordhan, and many other cabinet members, were sacked last week by the president which has had a big impact. Lets talk you through the reaction. Within hours of mr gordhans removal, the south african currency, the rand, fell sharply and was down over 5 against the dollar for the week. The Share Markets were also impacted seeing their biggest drop since 2015 with Government Bonds and Banking Stocks falling h
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