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...days after last month's Grammy Awards, Terra Firma, the venture-capital firm that owns EMI, announced that the record giant had lost nearly $2.5 billion last year. Not only that, a brick wall looms: EMI has to raise more than $200 million in the next six months to ensure that it does not fall into the hands of Citigroup - the bank that lent Terra Firma, controlled by British financier Guy Hands, the cash to buy it 2½ years ago. (See the top 10 albums...
Since then, the company's finances have improved marginally. The record division made nearly $250 million in underlying profit in the fiscal year 2009, while the company's music-publishing arm, which oversees songwriters, generated $208 million. Both profits, though, were wiped out by massive write-downs, which created a largely paper loss of $2.4 billion. "With that level of debt in the business, the reality is that EMI is now almost worthless," says Simon Dyson, editor of the London-based industry newsletter Music & Copyright. (See the 100 best albums of all time...
Just two days after the earthquake in Haiti last month, the Red Cross had received $5 million in text message donations. After a week, total mobile donations ballooned to $30 million. Haiti relief efforts may not have generated as much aid money as other recent natural disasters, but the devastating earthquake marks a watershed moment in electronic...
...Gaza Strip is a windswept sliver of the eastern Mediterranean Coast, bordered by Israel to the north and east and Egypt to the southwest. The territory is 360 km2 with a population of over one and a half million. Half of the population is under age 15 and four-fifths is under age 50. Gaza has the fifth-highest rate of population growth of any territory in the world. Unsurprisingly, it is among the most densely populated places on the planet, with the Strip’s refugee camps reaching 74,000 people per km2 (compared to less than...
...Despite predictions that the contest would be a close one, Rajapaksa won by a comfortable 1.8 million votes. But Fonseka did not go quietly. He has accused the government of harassment after the defeat and was meeting with opposition political leaders when military police arrived at his house Monday night. Witnesses at the scene told TIME that Fonseka had informed the military that he wanted police to be present when the arrest was made, but despite his protests, he was taken away by military police...