Airbnb’s New Sublets, Foxconn’s Large Profit, Arrington Launching Venture Fund, Apple Promotes Cloud Exec Eddie Cue

This and more important news from your Fast Company editors, with updates all day.

Airbnb Launches Sublets. The social-accommodation startup has launched Airbnb Sublets for month-long or more stays in 5,000 cities. Users of the service will be able to pay monthly rent online with their credit cards. And if they register before September 8, Airbnb will throw in $200 toward rent for the first six months. —NS


–Updated 9:50 a.m. EST

Starz Will End Deal With Netflix. Starz Entertainment has announced that it will terminate its contract with Netflix when their agreement ends at the end of February 2012. So far, expensive deals with studios and content providers like Starz have given Netflix an edge in the streaming space against potential competitors like Amazon Prime. —NS

PostSecret Gets An iPhone App. The makers of everyone’s favorite secret sharing blog are launching an iPhone app this Sunday, with an Android app to follow. PostSecret has 1 million Facebook fans and saw 4 million unique visitors in the month of July this year. But its creator Frank Warren told Wired the new app could mean the end of the road for the blog website. –-NS

–Updated 8:00 a.m. EST


Foxconn’s Huge Profit. Foxconn, maker of hardware for Apple and a number of peer computing firms, has reported $943 million profits for the first half of 2011, a significant turnaround from its $218 million loss for all of 2010. Profits are likely to extend in the second half of the year as the firm is also reported as producing 20 million iPads in the third quarter–to meet continuing strong demand–which is twice its typical rate. –KE

Arrington Launches Venture Fund. Michael Arrington, founder of startup-centric TechCrunch is launching a $20 million venture vehicle called CrunchFund to invest in exactly the kind of innovative Silicon Valley startup his blog covers. Facing accusations of improper journalism, AOL–TechCrunch‘s owner–is subsequently replacing Arrington as senior editor, and though he’ll still write for the blog, he won’t have editorial control or decision-making powers. –KE

Apple Promotes Cloud Exec. Eddie Cue, formerly chief of iTunes inside Apple, has been promoted to Senior VP status for Internet Software And Services, and will also serve on the executive team. This places Cue in control of almost every cloud-related asset Apple runs, from iTunes through iBookstore and iAd to the upcoming iCloud service. Cue was listed as our number two Most Creative Person for 2010. –KE

–Updated 6:30 a.m. EST

Yesterday’s Fast Feed: Bungie’s First iOS Game, Samsung’s First OLED Tablet, IBM Buys Analytics Firm …and more…

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