Talk of the day
By Times Staff Writer
Published January 30, 2008
Ebay listings to become a better deal on Feb. 20
EBay Inc., the world's largest online auctioneer, said it will lower fees to sell items and make standards more stringent to attract buyers. EBay will reduce U.S. listing fees by 25 percent to 50 percent starting Feb. 20, the company said Tuesday. It will raise fees on items that actually sell and eliminate costs to add photos. The company also will change its search function to favor highly rated buyers and sellers. Customers have moved to Amazon.com Inc. after being discouraged by eBay's listing costs and selling practices that deter buyers such as excessive shipping charges. Although certain fees have been reduced before, this is the first across-the-board cut to display listings for eBay, spokesman Usher Lieberman said.
Berkshire split has oracle opposition
Berkshire Hathaway shareholders likely won't get to vote whether to split the company's Class A stock, which sells for more than $138,000, at the annual meeting in May. The Securities and Exchange Commission has given Warren Buffett's company permission to leave a shareholder proposal for a stock split off its proxy statement because the proposal calls for adjusting the value of Class A shares to a specific value, according to letters an SEC lawyer exchanged with Berkshire officials. But even if such a proposal were to go to shareholders, it would likely face opposition from Buffett, who has never split Berkshire's stock since he took control of the textile firm in the 1960s.
Vanguard champ of mutual funds
Vanguard Group Inc. gathered $76.2-billion from mutual fund investors last year, dethroning American Funds, which had been the industry's best-selling company since 2002. American Funds, owned by Los Angeles-based Capital Group Cos., added $74.7-billion in net new money, unchanged from 2006, according to Financial Research Corp. in Boston. Vanguard, known for its index funds, posted a 77 percent increase. Vanguard vaulted over rivals during a year when stock- market indexes peaked. Index funds typically outperform actively managed funds in rising markets. The Standard & Poor's 500 Index, Morgan Stanley Capital International EAFE Index and MSCI Emerging Markets Index hit highs in 2007, only to tumble at the end of the year on concern that the U.S. economy would weaken.
Ad roster complete for Super Bowl
News Corp.'s Fox network, seizing on advertisers' demand for commercials viewers won't skip, sold its last 30-second spot for Sunday's Super Bowl. "It's the earliest we've ever sold the game out," Fox Sports spokesman Lou D'Ermilio said Tuesday. The New England Patriots-New York Giants matchup is Fox's fifth Super Bowl game. D'Ermilio declined to say which advertiser bought the slot and for how much. Fox sold 90 percent of its 63 slots before Hollywood writers went on strike on Nov. 5 as marketers sought out viewers less likely to skip ads with digital recorders. Fox sold later spots for as much as $3-million, higher than the $2.6-million CBS Corp. reached last year. Advertisers on the game include Anheuser-Busch Cos., Toyota Motor Corp., PepsiCo Inc. and Procter & Gamble Co. The record $2.5-million average asking price for Super Bowl commercials was set in 2006.