Chirpy Angry Birds maker eyes IPO golden egg

Angry Birds maker Rovio Entertainment said sales jumped tenfold to $100 million last year as gamers flocked to download its titles, adding business was now strong enough for a stock market listing.

The Finnish startup making Angry Birds games -- in which players use a slingshot to attack pigs who steal the birds' eggs -- has been valued by analysts at up to $9 billion, just short of that of struggling world No.2 phonemaker Nokia.

Rovio said on Monday its finances were good enough for a listing after revealing a highly profitable 2011 in its first public disclosure of business results and forecast a bumper year ahead.

Rovio, originally founded in 2003, became a global phenomenon after it launched Angry Birds for Apple's iPhone in late 2009.

Since then it has remained at top of the gaming charts with more than 800 million downloads and it had 200 million monthly users at the end of 2011, just short of U.S.-based Zynga's 240 million.

"Rovio has fended off all rivals so far," said analyst Tero Kuittinen from Finnish mobile firm Alekstra. "Rovio is still the king of the mountain, despite stiff recent challenges by OMGPOP and Disney's 'Where's My Water?'"

Rovio plans to launch several more titles in 2012, which include a non-Angry Birds title, Chief Executive Mikael Hed told Reuters in an interview.Rovio predicted further growth driven by growing cellphone sales and its significant investments in product development, branding, brand protection and corporate infrastructure.

"2012 looks fantastic," Hed said. "We have had some very strong download numbers over four months."

Its Angry Birds Space game was downloaded more than 50 million times in 35 days since its launch in March.

Rovio is also expanding its brand to toys and playgrounds, and is taking the birds to the big screen. The first full-motion animated movie featuring the characters is in the works and the short animations are a YouTube hit.

Consumer products, which includes merchandising and licensing, generated around 30 percent of revenues last year, with the share higher in the fourth quarter, Hed said.

WORKING ON LISTING

At the shareholders meeting on Monday listing plans were not on the agenda, but Rovio has earlier said the company would likely be ready for an initial public offering next year, either in New York or Hong Kong.

"This company is preparing itself and getting ready," said Anders Lindeberg, Rovio's head of investor relations, adding the firm was working on meeting corporate governance requirements.

Rovio reported 2011 profit before tax of 48 million on sales of 75.4 million euros ($99 million), for a margin of 64 percent. The company did not provide historic data, but has said 2010 revenues were around $10 million.

Last year Rovio raised $42 million from venture capital firms including Accel Partners, which previously backed Facebook and Baidu, and Skype founder Niklas Zennstroem's venture capital firm Atomico Ventures.

Rovio was founded after three students including Niklas Hed -- CEO Mikael Hed's cousin and now Rovio's COO -- won a game-development competition sponsored by Finnish mobile phone maker Nokia and Hewlett-Packard CO.

Shares in Nokia, whose headquarters are just a few buildings away from Rovio, were 1.4 percent lower on Monday, valuing the firm at 8.84 billion euros ($11.6 billion). ($1 = 0.7625 euros).

This looks awfully familiar for Karl

Edvard Munch’s iconic portrait of existential angst, “The Scream,” was auctioned off last week for close to $120 million, enough to bankroll an NBA team for a season and leave enough change for a chateau in the French countryside.
Meanwhile, pro basketball’s face of anguish and torment was on display Sunday night, as George Karl sat at an interview table — not in a full-throated shriek, but rubbing his forehead and grimacing, not yet ready to contemplate another season that appears headed toward an early ending.
That’s where Karl’s Nuggets sit after the Lakers’ 92-88 victory gave them a 3-1 advantage and an opportunity to close out the series Tuesday when it returns to Los Angeles.
Except for a run to the 2009 Western Conference finals, where they were vanquished by the Lakers, the Nuggets have been bounced from the playoffs in the first round in every other one of Karl’s seven seasons before this one. In those other six seasons, the Nuggets have won but six playoff games.
“Losing always gets old. Losing is no fun,” said Karl, who seemed to be trying to buck himself up as much as his team. “I love . . . I’m not unhappy with my team. I’m not unhappy with where we’re at. I wish it was 2-2, but I still think we’ve got a series to play and it’s going to be fun on Tuesday night. I think it’s a powerful challenge to us and I don’t think it’s an impossible challenge.”
Karl is the NBA’s winningest active coach, and has been widely viewed as one of the game’s sharpest minds since he became a head coach with Cleveland at the age of 33. But his career might also be characterized as a lifetime of pushing boulders uphill — or a case study in the cruelty of the basketball gods.
He had been exiled to Spain after quitting at Golden State. He became the first coach of a No. 1 seed to lose to a No. 8. Twice his teams have lost Game 7 of conference finals and his one trip to the NBA Finals ended before it began in 1996, when Chicago won the first three games.
A promising season disintegrated two years ago when he was diagnosed with throat cancer and missed the end of the regular season and playoffs. (He has since recovered). Another series began with a comic metaphor — a team bus catching fire en route to the arena, leaving the Nuggets on the side of the freeway awaiting another vehicle.
It presaged another early flameout.
“George’s career has been filled with peaks and valleys, and I think that’s molded him,” said Lakers general manager Mitch Kupchak, who considers Karl a “brilliant” coach and a dear friend since they played together at North Carolina.
They not only shared the same roots, but the same car — a green 1969 Nova that required pliers to turn on the headlights and whose speakers were housed in a cigar box in the backseat. Karl, when he left for the ABA, sold the car to Kupchak for $225.
“Other than that it was a wonderful car,” Kupchak said. “I got my money’s worth.”
Sunday’s game had to be reminiscent for both Kupchak and Karl of the 2009 conference finals, when Trevor Ariza’s steals allowed the Lakers to escape with a pair of victories early in the series. This time, it was other unusual suspects, Steve Blake and Ramon Sessions sinking a pair of 3-pointers in the final minute, which snapped a tie.
Kobe Bryant and Pau Gasol instead became the role players — Gasol setting a crunching pick on Danilo Gallinari and delivering the pass to Sessions and Bryant delivering the pass to Blake.
The Nuggets had their own opportunities to rue. Ty Lawson missed an open 3-pointer, Al Harrington missed a layup which led to an offensive goaltending by Andre Miller and Miller blew an alley-oop play — all in the waning minutes.
The way the Nuggets floundered at the finish raised a familiar — and painful — question: Can a team win in the playoffs without a transcendent talent? Not since Detroit won in 2004 has a team won without a star player who could carry it at critical moments.
The Nuggets last season traded away such a talent, Carmelo Anthony, rather than lose him to free agency. They have also jettisoned Chauncey Billups, Kenyon Martin and J.R. Smith. In return for Anthony, they received a package of players including Gallinari, who is the cornerstone of a deep, young roster whose starting lineup’s average age is not yet 24 years old. It’s a roster that Karl relishes coaching.

“He’s older, been through a lot off the court,” said Miller, the veteran guard who has played for Karl twice. “I don’t think he needs the stress of dealing with a superstar that has a certain type of ego and personality that you have to bend and adjust to. I think at this point in his career, he’s more into developing young guys.”
For parts of this series, there have been signs of promise. Gallinari, who had 20 points, was a matchup nightmare Sunday without the suspended Metta World Peace. Lawson, rookie forward Kenneth Faried and enigmatic center JaVale McGee have been energetic and Miller and Harrington, who played with a broken nose, played with a veteran’s wiliness. But ultimately, they have not clicked well enough to keep the Nuggets on the verge of extinction.
“I like the team because it’s engaging, it’s new — I think we all like new cars and new personalities and new things better than we like old things,” Karl said earlier Sunday. “’Melo kind of showed us, are we going to be able to keep a superstar [as a smaller market team]? Did we keep him happy enough for him to win here? It’s just a philosophical thing. That means nothing to me. I’ve got a great challenge as a coach. I’ve got a team that’s pretty connected with each other. We’re playing a team that’s probably capable of winning a championship.”
As he left the court, Karl removed his tie, folded it and placed it in the inside pocket of his suit jacket. Not long after, he did his best to neatly tuck away the disappointment of being on the brink of another early exit.
“For me?” Karl said. “Having been blessed with great runs in the playoffs, I think I probably have one or two left in me in my lifetime.”

Greek uncertainty deepens as first coalition effort fails

Greece's main center-right party has failed to form a coalition government Monday, adding yet more uncertainty to the debt-ridden country's political situation.

New Democracy leader Antonis Samaras said he did "everything possible" to form a coalition, but that none of the parties agreed to join with his party, which won first crack at forming a government after finishing first in Sunday's parliamentary elections.

It will now be up to the leftist Syriza coalition, which opposes unpopular austerity measures imposed to secure a European bailout, to form a government.

That group will have three days to form a government.

Syriza leader Alexis Tsipras left little doubt Sunday about what direction his party would take in a new government.

"European leadership and especially (German Chancellor Angela) Merkel have to understand that austerity policies have suffered defeat," Tsipras said Sunday.

He called the election results "a message of a peaceful revolution."

Sunday's election results were widely seen as a message to politicians to back away from the harsh economic austerity measures imposed in Greece.

A European Commission spokeswoman said Monday that Greece needs time to work through its political process but reminded the country's leaders that they would be expected to abide by terms of a bailout program meant to avoid a crippling financial meltdown.

"The commission hopes and expects that the future government of Greece will respect the engagements that Greece has entered into," spokeswoman Pia Ahrenkilde Hansen told reporters.

The center-right New Democracy party finished first in Sunday's voting, but with just 19% of the vote, giving it 108 seats in Greece's 300-seat parliament. Voters also delivered a rebuke to PASOK -- New Democracy's socialist partner in the outgoing coalition government -- stripping the party of 119 seats.

Together, the parties fell short of the 50% necessary to continue the coalition, requiring formation of a new government.

"I asked for a strong mandate, but people chose differently. I respect their message," Samaras said Sunday on state television. "Today's result expresses people's disappointment toward the implemented dead-end economic policy that tested their limits and didn't include the necessary development policy."

PASOK leader Evangelos Venizelos said after meeting with Samaras that his party would be willing to participate, but only in a coalition with a friendly view toward Europe led by a prime minister willing to renegotiate terms of the bailout deal with the European Commission.

Last year, Greece's debt threatened to force it to drop Europe's common currency, the euro, prompting the European Central Bank and other lenders to swoop in with emergency funding. In exchange, they demanded that the government slash spending.

The resulting measures have led to tax increases and cuts in jobs, wages, pensions and benefits -- and significant public outcry.

The national unemployment rate for January, the latest month for which figures are available, was nearly 22%, prompting widespread protests and leading some young people to leave the country in search of work.

Furthermore, for the past two years, the country's massive amount of debt has threatened the stability of the 17-country eurozone.

Greece pushed through a huge debt swap in March to save it from disorderly default and clear the way for it to receive a second bailout from the European Union, the European Central Bank and the International Monetary Fund, worth €130 billion ($171.5 billion).

The debt restructuring deal gave some breathing space to the eurozone bloc, where fears that Greece might collapse had increased pressure on other debt-laden nations such as Spain and Italy.

The Greek stock market was down about 6% Monday as concerns that Sunday's election could prompt Greek leaders to reconsider the deal resonated throughout Europe.

Hansen, the European Commission spokeswoman, said Greece needs time to form a government and said the commission stands ready to continue its assistance. But she said it would need to be within the framework of the second bailout.

Politicians have until May 17 to come up with a new working alliance or, if they cannot, set a date for another round of elections.

Before New Democracy's failure to form a coalition, Samaras said his party's two priorities would be to remain in the eurozone and alter existing policies, including stringent austerity measures, to "achieve development and offer people relief."

"I understand people's rage, but I will not let the country (exist) without a government," Samaras said.

PASOK's Venizelos said he favors the formation of a unity government that is "EU-oriented, regardless of what their take is" on previously implemented measures. His party will have 41 seats in parliament, down from 160 before the elections.

The tribulations of New Democracy and PASOK were matched by triumphs of a number of other parties that were also-rans and in some cases nonexistent just a few years ago, propelled by voters angry about stringent austerity measures.

Spanish government threatens Euro 2012 final boycott

The Spanish government would boycott the final of Euro 2012 in Kiev if Ukraine did not resolve the case of jailed former Prime Minister Yulia Tymoshenko, Spain’s Foreign Minister Jose Manuel Garcia-Margallo was quoted as saying on Sunday.

Spain are the defending champions and favourites for the continental soccer tournament being jointly hosted by Ukraine and Poland and the final is due to be played in Kiev on July 1.

“If Spain gets through to that final, there will be no member of the government present while the case of Yulia Tymoshenko is unresolved,” Garcia-Margallo said in an interview with ABC newspaper published on Sunday.

Spain would consider not playing the final if there was a Europe-wide decision for teams to boycott it, he said, adding that he was in touch with Poland and Germany on the issue.

Tymoshenko, the main rival of President Viktor Yanukovich, was sentenced to seven years in prison last October for abuse of office after a trial the West says was politically motivated.

She is in prison in the city of Kharkiv, one of the Euro 2012 venues, and is on hunger strike in protest at what she said was an assault by prison guards, an allegation denied by the prison administration.

New Europe?

French President-elect Hollande casts doubt on austerity

The election of François Hollande as president of France sent shock waves through markets in Asia and Europe on Monday and prompted German Chancellor Angela Merkel to lay down red lines about Europe's future.

In his victory speech Sunday night, Hollande signaled a possible end to the sharp budget cuts that have become a European article of faith in response to economic and budget crises across the continent.

"Austerity can no longer be something that is inevitable," Hollande said after defeating President Nicolas Sarkozy.

Sarkozy must hand over power by midnight May 17.

Merkel said Monday that she was in favor of economic growth but that it could not be based on government debt.

"The core of the discussion is about whether we are going to have programs for growth that are on the back of debt or programs for growth that are going to be sustainable," she said.

Her spokesman, Steffen Seibert, said earlier Monday that it was "not possible" to renegotiate the European Union fiscal pact. The deal, championed by Merkel and Sarkozy, demands that EU governments stay within strict debt limits.

Merkel invited Hollande to Berlin "as soon as possible after he is sworn in" and said she would welcome him with "open arms," Seibert said.

"Both agree on how important tight German-French relations are and have assured one another that they'll strive to work together well and with trust," Seibert said on the chancellor's website.

Markets in Europe and Asia plunged in the wake of Hollande's election, predicting that one of the nations that drives European policy will shift to the left.

Tokyo's Nikkei and the Hang Seng index in Hong Kong both dropped more than 2%, while markets in Germany and France dropped more than 1% in Monday morning trading.

Hollande officially won 51.62% of the vote Sunday, while Sarkozy took 48.38%. The vote was a runoff between the two top finishers of the first round of elections in April.

A little more than 80% of registered voters cast ballots Sunday, including 4.66% who handed in blank ballot papers, the Interior Ministry said.

Speaking to supporters Sunday in the city of Tulle, Hollande alluded to becoming the first Socialist president since François Mitterand left office in 1995.

"Many people have been waiting for this moment for many long years. Others, younger, have never known such a time. ... I am proud to be capable to bring about hope again," he told the cheering crowd.

Later, Hollande went to Paris, where he addressed a large crowd at the Bastille. Supporters waved flags and shouted his name.

"I know what many people feel -- years and years of wounds, of ruptures, and we have to repair, recover, unite. That is what we're going to do together," he vowed.

Crowds roared at the center-left candidate's campaign headquarters as the exit poll results came out Sunday evening. Celebratory car horns blared along the Champs-Élysées in Paris.

"It's a great night, full of joy for so many young people all across the country," said Thierry Marchal-Beck, president of the Movement of Young Socialists.

U.S. President Barack Obama called Hollande shortly after results were in to congratulate him and invite him to the White House.

Sarkozy had fought to keep his job amid a wave of discontent over his inability to rein in unemployment. He defended his economic record despite low growth and unemployment at about 10%, saying the impact of Europe's debt crisis could have been far worse.

France is a key player in plans to lead the eurozone out of its debt crisis.

Sarkozy's defeat marks the latest -- and most significant -- of more than half a dozen European leaders swept from office during the eurozone economic crisis, including the Greek and Italian prime ministers.

France's vote came the same day as the Greek parliamentary election. Exit polls in that country indicated Greece's ruling coalition appeared headed for steep losses, while parties on the far left and far right were poised to make significant gains amid anger over austerity measures.

Sarkozy has been president since 2007. He becomes the first sitting French president in three decades not to be re-elected.