THE NEWS WRAP: Groupon files for initial public offering
By Oliver Milman
Groupon is hoping to raise around $US750 million by going public, with the group buying giant filing for an initial public offering overnight.
The site said that it would go public with a mix of new shares and shares from existing investors, although this proportion has yet to be determined. It will trade under the symbol “GRPN”.
Groupon, which raised $US950 million in funding in January, pulled in $644.7 million in revenue during in the first quarter of 2011, but posted a $147 million net loss.
Sony suffers fresh hacking breach
A hacker group has claimed that it has breached Sony’s network and stolen more than one million passwords, email addresses and other information.
Lulz Security said that it managed to access systems operated by Sony Pictures. The breach is the second recent hack on Sony. In April, more than 77 million accounts were compromised.
Treasury unveils new liquidation controls
Investors and creditors will have the power to sack liquidators and cap their fees, under new proposals outlined by the Treasury.
The reforms also include a “one-stop shop” for small businesses that face collapse, as well as tougher penalties for breaches. However, the Government said that it would not strip ASIC of oversight of the liquidation industry, despite a Senate commission recommending the move.
The Dow Jones Industrial Average fell by 41.59 points to 12,248.55 today. The Australian dollar rose to 106.65 US cents.
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