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management regulation2

Judge rules investors can sue Meg Whitman and HP over Autonomy

HP and its chief Meg Whitman will have to face claims from a shareholder class action lawsuit alleging the exec and her firm knew statements from Autonomy's management were misleading before the acquisition. US District Judge Charles Breyer ruled that investors can go ahead with claims against the company and Whitman, saying …
apothekerCHANGES2

Autonomy ex-moneyman: 'Visionary' Léo would have made HP merger work

The former chief financial officer of Autonomy has struck back against HP's claims that he defrauded it and its shareholders, arguing that HP's execs were solely responsible for bungling the company's $10.2bn acquisition of Autonomy in 2011. "HP's Opposition swells with bile, but its sound and fury signify nothing," lawyers for …
Neil McAllister, 12 Aug 2014
Microsoft Surface bomb

Clock ticking for Surface 3 as Microsoft preps for globo-launch

Given the losses Microsoft has racked up with the Surface "design point", the firm could be forgiven for drawing a line under the project rather than sending the third generation product to Britain. In a blog post, Microsoft this week confirmed the Pro 3 model will hit the streets in 25 countries including the UK on 28 August - …
Paul Kunert, 08 Aug 2014
Samsung logo

Say CHEESE: Samsung files patent for transparent camera

Korean electronics giant Samsung appears to be upping its efforts to crack the digital camera market after a patent filing emerged detailing designs for a compact camera with a completely transparent display. The filing with the Korean Intellectual Property Rights Service (KIPRS), seen by the Wall Street Journal, describes the …
Phil Muncaster, 20 Mar 2014
cloud

Sage moves into cloud with online SMB accounting package

Business software company Sage launched a new web-based accounting product today targeted at individuals and SMBs. The Newcastle-based FTSE 100-listed firm developed the software, which was built on the Ruby-on-Rails open source web application framework, as part of Sage's effort to focus on what its North European boss Paul …
Kelly Fiveash, 18 Jan 2011
Motoroheadphones Motorizer

IPO? Don't know what you're talking about, says Spotify as it seeks IPO report guru

Spotify has advertised for a new "external reporting specialist", fueling rumors that the online music streaming biz is getting ready for a stock-market debut. In a job ad on its website, Spotify said it was looking for someone who could "prepare the company for international financial standards". The new recruit should act as …
Red pen

Ex-state attorney general probes Tech Data CEO's sale of $2m shares

A firm of legal eagles is investigating whether distie giant Tech Data violated state or federal laws by making accounting errors that will wipe millions off its bottom line from recent years. Kahn Swick & Foti (KSF) is also probing CEO Bob Dutkvsky's offloading of $2m in his firm's shares earlier this month The US logistics …
Paul Kunert, 22 Mar 2013
Crystal ball via http://www.manoftaste.de/

Ericsson: There'll be over 9 BILLION mobe subscribers by 2019

Smartphones accounted for 65 per cent of the phones which sold in 2014 so far, and by 2016 the number of smartphones in use will overtake the number of basic feature phones. Of the 6.8 billion mobile phone connections in the world, 2.6 billion are mobile broadband. These stats come from the 6th Ericsson Mobility report. Every …
Simon Rockman, 04 Jun 2014
hands waving dollar bills in the air

Microsoft's Fast charged with 'accounting fraud'

Norwegian economic crime police have raided the headquarters of Microsoft-owned Fast Search and Transfer and charged the firm with accounting fraud. Police attorney Baard Thorsen told Reuters that evidence was being sought following allegations that Fast inflated its revenues prior to Microsoft’s $1.2bn buyout of the company in …
Kelly Fiveash, 16 Oct 2008
management management1

HP clinches six week extension on whether to join shareholders' suit against Autonomy

HP has said that it has made decisions about how to proceed with a case brought by its shareholders over the $8.8bn writedown for the acquisition of Autonomy – but it wants six more weeks to mull them over. The company was given until last Friday to think about recommendations by a committee of independent directors over the …

Boffins debunk red wine miracle antioxidant myth

Saddening news from US researchers who have demonstrated that quaffing red wine doesn't confer some of the alleged benefits attributed to the tipple, specifically the ability of the antioxidant resveratrol to "reduce deaths, cardiovascular disease or cancer". Resveratrol is found in red plonk, dark chocolate and some berries, …
Lester Haines, 13 May 2014
OCZ Vertex 4 256GB Sata 3 SSD

OCZ balances books, files results following 4-year omnishambles

SSD supplier OCZ Technology Group has finally filed its fiscal 2013 year results after having to correct the four previous years' results, showing how inadequate financial controls nearly caused the company to collapse. As it is, the consumer and enterprise SSD supplier has been facing a Nasdaq delisting and severe financing …
Chris Mellor, 09 Oct 2013
5_pounds_sterling_money_cash_moolah

WHOMP: Mega UK services player Phoenix IT falls back into the ashes

There was no sound of popping champagne corks at Phoenix IT Group this morning – just anguished cries coming from the boardroom as execs warned trading results are getting worse. The LSE-listed IT services player pushed out an interim Q1 2014 statement covering 1 April to 30 June, saying it "continues to be cautious" about its …
Paul Kunert, 01 Aug 2013

Nokia, new CEO Rajeev Suri, and BEELLIONS of euros burning a hole in the bank

Nokia Oyj begins a new chapter in its 149-year history today with new CEO Rajeev Suri – and a massive pile of cash in the bank. Last week the venerable Finnish industrial combine finally cast off the mobile phones division that made Nokia a household name across the world. What's left at Nokia today is an oddball combination of …
Andrew Orlowski, 29 Apr 2014
Tech Data

Tech Data: Computer 2000 brand taken out back and shot...today

The Computer 2000 brand is to be retired from today as the UK arm of Tech Data adopts its parent's name tag. The timing is interesting, given that C2000 – or the company formerly known as C2000 – is the subject of an ongoing investigation into vendor accounting improprieties. In a letter sent to vendor customers, seen by El …
Paul Kunert, 07 Oct 2013
management governance3

Clock ticking for IT distie Tech Data to end accounts probe

IT channel biz Tech Data has until September to get its house in order - because that's when it must file all its delayed financial reports to regain compliance with NASDAQ rules. The world's second largest tech distributor missed the deadline for filing its Q1 2013 results this month, some 45 days after the end of the quarter …
Paul Kunert, 20 Jun 2013
BlackBerry logo

BlackBerry bottoms out: Vows to wow with new Berries

BlackBerry is staying in the handset market by the skin of its teeth by confirming two new models will arrive this year. The two new devices will be called BlackBerry Passport, a full touch device, and BlackBerry Classic, a QWERTY model designed to alleviate the awkwardness of BB10. The Passport and Classic will be released in …
Andrew Orlowski, 19 Jun 2014

Indonesia becomes MOST DANGEROUS place on the internet

Indonesia has had the dubious honour of supplanting China as the number one source of attack traffic globally in the second quarter, according to the latest stats from content delivery and security firm Akamai. The vendor’s State of the Internet report for Q2 found Indonesia accounted for 38 per cent of the world’s attack …
Phil Muncaster, 17 Oct 2013

Tech industry IGNORES customers: 'It's a supplier-driven world'

Tech manufacturers and their third party suppliers have profiteered by ignoring the real demands of SME customers in the pursuit of extra margin, or so says the CEO at a print hardware and services biz. The, er, revelatory piece of info was announced by Steve Francis, boss at print solutions company Danwood. Francis was …
Paul Kunert, 11 Jul 2014

Mega-distie Ingram Micro cops to plans to axe jobs, padlock offices

Ingram Micro has confirmed that the "delayering" exercise that it was cagey about a fortnight ago will indeed involve redundancies across European ops as it centralises back-office functions. The beefy tech wholesaler revealed earlier this month that it is trying to figure out ways to slash annual overheads by $100m, speed up …
Paul Kunert, 27 Feb 2014
Great Wall of China

China's CERT blames US for a THIRD of all attacks on Middle Kingdom PCs

China’s Computer Emergency Response Team (CNCERT) has claimed in a new report that backdoor attacks on systems jumped by over 50 per cent over the past year, and once again fingered the US as the main culprit in 2013. The CERT announced the findings of its latest annual report on its website. It claimed that 15,000 "hosts" …
Phil Muncaster, 31 Mar 2014
The Register breaking news

Xero gets $NZ60m to account for

Kiwi tech entrepreneur Rod Drury’s accounting software company Xero has attracted a further $NZ60m from existing backers Matrix Capital and Peter Thiel’s Valar Ventures. The new cash is the third round of investment from the SaaS accounting outfit's US supporters and will go towards further expanding service, support and global …

Telstra flogs phone books to Platinum Equity

Mere days after Telstra was rumoured to be selling its Sensis directory division for “as much as $AU3 billion” the carrier has closed the deal for the fire-sale price of $AU450 million. The sale puts 70 per cent of Sensis in the hands of US private equity firm Platinum Equity – putting a total valuation on the division at around …

'British Bill Gates' Lynch laments HP's Autonomy 'botch-up'

Mike Lynch, once billed as Britain’s Bill Gates, has lamented the handling of his former company Autonomy, saying Hewlett-Packard fumbled the acquisition. In a softball CNBC interview where he pushed his Invoke Capital venture fund, Lynch said Autonomy was the “next generation of software” until HP "dropped the ball". In …
Gavin Clarke, 16 Sep 2013
management regulation1

Google facing $5 BEEELLION antitrust fine in India

Google may be in the midst of securing a deal on its long-running search dispute with the European Union, but it’s still facing a possible $US5bn (£3bn) fine from the Competition Commission of India (CCI) over allegations it has abused its market leading position in the internet search space. Local laws state that the CCI can …
Phil Muncaster, 10 Mar 2014

Lovers of Tor can now sprinkle Bitcoins on its developers as thanks

The folks behind web privacy tool Tor will now accept donations in Bitcoins. The project, which attempts to anonymize connections across the internet, will team up with payment biz Bitpay to allow users to donate using the crypto-currency; BTC contributions will be ultimately converted into dollars for the developers' coffers …
Shaun Nichols, 18 Dec 2013

Probe into Autonomy allegations could take years - report

The federal probe into the alleged book-cooking at Autonomy prior to its acquisition by HP could take years to play out, according to reports. This will not be music to the ears of Mike Lynch, former CEO of Cambridge-based Autonomy, who stands accused, along with his fellow directors, of deceptive accounting irregularities that …
Paul Kunert, 12 Jun 2013

Tech distie Tech Data tears up last THREE years of profit numbers

IT distribution giant Tech Data has ripped up its financial results for the last three years after discovering errors in its UK subsidiary's accounts. The company revealed this morning it will recalculate the figures and publish new reports as a result of uncovering mistakes in "vendor accounting" by its Brit biz Computer 2000 …
Paul Kunert, 22 Mar 2013
hand with thumb up

Singapore itching to hire new IT pros

Things are looking up for ex-pat IT pros on the hunt for jobs in Singapore, with confidence about growth levels in the city state’s technology sector through the roof, according to a new skills report. Recruiter Robert Half’s latest employment report for Singapore collected info from over 400 business leaders. It revealed that …
Phil Muncaster, 23 Jan 2014
Kim Dotcom

Dotcom's Mega looks for a backdoor onto NZ stock exchange

Kim Dotcom’s cloud storage business Mega Ltd has announced plans to go public with a NZ$210 million (£109m) backdoor listing on the New Zealand stock exchange, which will open the firm up to a whole new level of scrutiny. Backdoor listings are usually enacted by smaller firms looking to go public without the cost and hassle of …
Phil Muncaster, 25 Mar 2014
Cellular basestation antenna

Mobile price competition stirs in Australia

Beleaguered Australian mobile users might be about to get some price relief, if research from Goldman Sachs proves accurate. Vodafone Australia and Optus sub-brand Virgin mobile are leading the charge, the price survey found, both announcing “double data” plans for a limited time. According to Australian telco newsletter …
channel_teaser_exit

Chief leaves Brit IT giant Phoenix after just 15 months

Phoenix IT Group chief exec Dave Courtley has quit the firm after less than 15 months in the role, the LSE-listed IT services company confirmed this morning. The former Fujitsu Services bigwig rocked up at Northampton-based Phoenix in July 2011 replacing long-serving boss Nick Robinson, who stepped down after 18 years at the …
Paul Kunert, 04 Oct 2012
channel_teaser_exit

Tech Data suspends four amid accountancy probe

Four middle managers in the finance function at Computer 2000 have been suspended as the distributor continues to investigate improprieties into vendor accounting errors. Back in March Tech Data, parent of UK arm C2000, revealed it would restate results for fiscal 2011, '12 and some or all of '13 that could wipe out between $25m …
Paul Kunert, 17 May 2013

Phoenix IT group's profits turn to smoking pile of ashes

Managers at the beleaguered Phoenix IT group haven't had much luck in fiscal '13, with personnel changes, accounting woes and the flatlining economy all weighing heavily on them. The meagre fruits of their labour were laid bare yesterday. Phoenix made an underlying profit from operations of £19m in the twelve months to 31 March …
Paul Kunert, 04 Jun 2013

Brit giant Daisy stuffs face with treats, but she ain't piling on ££££££s

Telecoms provider Daisy Group forked out tens of millions of pounds on acquisitions in fiscal 2014 – only to see its top line stagnate as organic growth fell off a cliff in its legacy calls business. Operating losses have widened and debts mounted. The British biz spent £35.3m on four buys: £7.5m to pick up two of 2e2's data …
Paul Kunert, 17 Jun 2014
The Register breaking news

Scots council cops £100K fine for spaffing vulnerable kids' data ONLINE

UK data privacy watchdogs have fined Aberdeen City Council £100,000 after a council employee published vulnerable children's details online. The sensitive social services information was released after a council worker accessed documents, including meeting minutes and detailed reports, from her home computer. A file-transfer …
John Leyden, 02 Sep 2013

We'll miss SEC financials deadline, says accounts-blundering Tech Data

Tech Data has warned it will fail to report its fiscal first-quarter financial numbers to the US Securities and Exchange Commission on time due to a continuing investigation into its accounting errors. The channel biz has 45 days from the end of April to file the paperwork, but says it will sail through that deadline. The world …
Paul Kunert, 11 Jun 2013
Pierce Brosnan in Tomorrow Never Dies

Tape straightens its tie, speeds away from villain's lair: I think I'll die another day

Declines in the sales of tape media are decreasing and the death of tape has now been postponed - indefinitely. The Santa Clara Consulting Group tracks the tape market on a quarterly basis and its latest release describes what happened in the third 2013 quarter. Total backup tape cartridge sales were $141.73m with LTO format …
Chris Mellor, 03 Dec 2013
Panasonic_plasma

Panasonic throws in towel on plasma tellies, preps for BILLION-dollar kick in pants

Panasonic is reportedly planning to pull out of the plasma TV business by the end of the financial year. The TV market has proved more and more unprofitable for once-dominant Japanese consumer electronics firms and Panasonic was expected to give up on the plasma display industry at some point, though its exit is sooner than …
management analysis3

Tech Data granted one more stay of execution by NASDAQ

The NASDAQ Panel has granted Tech Data a final extension until the end of March to get its accounts up-to-date or face an embarrassing and costly de-listing. The tanker-sized wholesaler confirmed this in a brief filing today that it had until the 27th of that month to report restated results for each quarter in fiscal '14 ending …
Paul Kunert, 09 Dec 2013
hands waving dollar bills in the air

New accounting rules to juice IT numbers

The US Financial Standards Accounting Board, which makes the rules that bean counters use to juggle the books, last week approved a new rule about revenue recognition for systems that could cause a brief bump in hardware sales for some IT suppliers based in the United States or using US accounting rules. FASB ruled on a number …

Phoenix IT Group is FIGHTING BACK

A fightback has begun at beleaguered Phoenix IT Group after the services provider confirmed it has at last filled the vacant CEO post and is proposing a share placement to pay down debts. It is 17 months since previous top dog Dave Courtley called it a day at Phoenix, but finally the Northampton-based firm has lured in former …
Paul Kunert, 12 Mar 2014

Android holds steady as iOS and Windows Phone slip in Kantar reports

The closing months of 2013 saw Android gain ground on rivals in much of Europe and the US, as iOS and Windows Phone saw mixed results in the global market. Research firm Kantar Worldpanel reported that Android grew its market share in key countries in Europe, as well as the US and China, in 2012. Amongst the 'EU5' group of Great …
Shaun Nichols, 28 Jan 2014

OFT probe: Do small UK firms get fair shake in public sector tenders?

Armed with data provided from suppliers and public sector IT bods, the Office of Fair Trading will now launch a probe into the state of the government tech landscape and whether SMEs are getting a fair share. Back in July, the competition watchdog put out a call for information as bids to discover if competition is alive and …
Paul Kunert, 15 Oct 2013

Misco set to snap up Phoenix's network ops centre AND its staff

Phoenix IT Group is set to offload its network operations centre in High Wycombe to Misco, TUPEing across staff in the process. The lease on the building is expected to be assumed by direct marketing reseller Misco, which, under the guidance of former Dell exec Pim Dale, is trying to rely less on tin shifting by building a …
Paul Kunert, 14 Feb 2014

Feds charge man in $1m 'Dr Evil' scam to blackmail Mitt Romney

A Tennessee man has been charged over a high-profile extortion and wire fraud scam involving former Republican presidential candidate Mitt Romney's tax returns. Michael Mancil Brown, 34, of Franklin, Tennessee faces six counts of wire fraud and six counts of extortion over his alleged involvement in a plot to blackmail Romney …
John Leyden, 01 Jul 2013
Scotland

Capita and Updata ink £325m Scottish PSN deal

Capita and Updata Infrastructure UK pipped BT and a joint bidding team from Vodafone and Virgin Media to scoop up the mega Scottish Wide Area Networking (SWAN) framework gig. The nine-year contract, valued at £325m, involves building and running a public sector network to be accessed by up to 4,600 sites in the country, …
Paul Kunert, 17 Feb 2014
Virgin Media Central Headend

Tough times in the server market, even though more iron moved in '13

The market dynamics were all wrong for folk building and supplying server boxes in 2013 - in the year that shipments reached a record nine million milestone, factory revenues tumbled. IDC is the second beancountery in as many days to publish less than flattering stats, with unit sales rising 3.2 per cent on calendar '12 but the …
Paul Kunert, 27 Feb 2014
Columns of coins in the cloud

HP-Foxconn wave cloud kit under the nose of Google, Facebook et al

As many as 20 cloud titans that order servers by the container load are fixed in HP's server team's sights – as a joint venture between contract manufacturer Foxconn and the PC giant begins. The duo's alliance was forged last week: the aim is to give HP a better shot at competing against Taiwanese assembly lines that churn out …
Paul Kunert, 07 May 2014
Oracle Termites

Oracle shares pummeled after giant reports glacial growth

Oracle's shares dropped sharply after the database giant reported results that – yet again – missed analysts' expectations. Ellison & Co. reported revenues of $11.32bn and an earnings-per-share (EPS) of $0.92 for its fourth financial quarter of 2014 on Thursday, missing analyst expectations of $11.48bn and an EPS of $0.95. …
Jack Clark, 19 Jun 2014