Source AP ©

EBay to take $1.43 billion impairment charge in 3Q

Online auctioneer eBay Inc. said Monday it will take an impairment charge of about $1.43 billion (EUR1 billion) in its third quarter, due in part to payments it made to some Skype shareholders as part of an earn-out agreement.

EBay said it paid $530 million (EUR372.4 million) to settle future obligations it had with some shareholders under an agreement that stemmed from its 2005 purchase of Skype.

EBay anticipates recording this amount and an additional $900 million (EUR632 million) as impairment charges in its third-quarter financial report.

Under the earn-out agreement, eBay was required to pay up to about $1.7 billion (EUR1.19 billion) based on things like Skype's number of active users and sales and gross profit targets in 2008 and the first half of 2009.

EBay shares rose 35 cents, or 0.9 percent, to $39.37 in morning trade Monday.

The Basmanny Court of Moscow arrested Michael Calvey, the founder of Baring Vostok investment fund, on allegations of embezzling 2.5 billion rubles from Vostochny Bank. Calvey will be held in custody until April 13

Putin informed about arrest of US investor Michael Calvey
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