Articles about Debt

Intel inks $8bn debt deal, preps for Altera buy

Intel has bumped up its debt levels by $8bn (£5.2bn) to $20bn (£16bn), ahead of its $16.7bn (£10.4bn) gobble of data centre chip outfit Altera. The Chipzilla admitted to taking on huge debt levels during its third-quarter results conference call. During the three-month period it generated revenues of $14.5bn (£9.4bn) and a …
Kat Hall, 15 Oct 2015

Bloomberg crash embarrasment delays £3 BEELLLION debt sale

A Debt Management Office auction of short-term Treasury bills, forming part of a bid to raise £3bn, has been postponed, after Bloomberg trading terminals went TITSUP on Friday morning. Just as the weekly tender of cheap debt was being flogged by Her Majesty's lackeys, the Bloomberg terminals crashed, affecting an estimated 300 …
Leonidas, king of Sparta, as portrayed by Gerard Butler in the film 300. Pic copyright: Warner Bros

Apple proffers FREE iCLOUD SUBS to tackle Greek debt crisis

iThingy flinger Apple has decided enough is enough with poor old Greece, helping solve the EU nation's debt crisis with an offer of free iCloud services - for a month, anyway. In an email obtained by iPhoneHellas the company said it would offer the one-month only deal to customers currently unable to maintain their …
Kat Hall, 15 Jul 2015
Toilet roll printed with fake US $100 bills

Smut-seeding Prenda Law ringleader must sell home to pay $2.5m debt

One of the key players in Prenda Law, a troll group that seeded smutty films onto file-sharing networks and then harassed the downloaders for payment, has been told he must sell his home and possessions to cover his creditors' bills. In 2013, the civil courts found that Paul Hansmeier and two associates had set up Prenda Law …
Iain Thomson, 05 Dec 2015
Money

Gleeful Apple and Microsoft bathe in bathfuls of debt

Tech giants have discovered an ingenious way to borrow money – assume debts nearly paid for by the lenders. Apple is reported to have raised 1.25bn in Swiss francs ($1.19bn) from two bonds that will mature in 2024 and 2030 with rates of 0.25 and 0.7 per cent. That means Apple will pay back almost zero interest to the bond’s …
Gavin Clarke, 11 Feb 2015
Sky 3D football

Sky bathes in cash - then adds FIVE BEELLLION to its debt mountain

Sky is successfully unbundling itself, or so it seems, and trying to fight off the twin assaults of telco giant BT breaking its live football stronghold in the UK and the emergence of over-the-top players such as Netflix. For the period covering the six months ended 31 December, the company formerly known as "BSkyB" had an …
Andrew Orlowski, 04 Feb 2015
Parcelcopter

Drones to bring DEBT FROM ABOVE in Switzerland

Swiss Post, the neutral nation's postal service, has confirmed it is testing delivery-by-drone. Staff at the outfit have confirmed a report in local media to Agence France Presse, detailing collaboration with US drone-maker Matternet and the freight division of Swiss International Air Lines. Tests of drone-delivered mail are …
Simon Sharwood, 19 Apr 2015
hands waving dollar bills in the air

Dish, AT&T, Verizon's mobile broadband bids slash US debt by 0.13%

AT&T was the biggest spender in the auction for wireless broadband frequencies that closed yesterday – spending $18.2bn to get access to every corner of the US. Of the remaining $23.1bn spent by telcos, Dish Network was the unexpected second largest shopper with $13.3bn blown on spectrum licenses, followed by Verizon with $10. …
Kieren McCarthy, 31 Jan 2015

2e2 debt recovery specialist finds... £2,000 in six months

The administrator of 2e2 has recouped just a tiny fraction of the debts owed to the integrator, a Progress Report has revealed. FTI Consulting took control of the company's affairs January '13 in the well-documented collapse. By March last year, it had struggled to recover one-tenth of the £43m on the debt ledger at its …
Paul Kunert, 12 Feb 2014

Fairfax shovels another $250m into buying BlackBerry debt

BlackBerry backer Fairfax Financial is set to buy another $250m of its convertible debentures, which should give the ailing mobile firm a much-needed shot in the arm. The companies said that Fairfax's generosity was part of an additional debenture option as part of BlackBerry's successful placement of $1bn worth of debentures …
Sony Rolly

Moody's eyes up Sony's debt: Hmm... junk? Bam! Shares drop 11%

Sony shares plunged 11 per cent in Tokyo overnight while ratings agency Moody's has placed the Japanese firm's debt on review for a downgrade that could take it to junk status. Sony said yesterday it was cutting its full-year profit forecast by 40 per cent after another disappointing quarter in tellies and game consoles. The …
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Dell shuts down channel biz Cheriton over unpaid debt

IT reseller Cheriton Computers has been wound up by US giant Dell over an unpaid five-figure debt. Alton-based Cheriton - which is a Lenovo Premium Business Partner, Microsoft small-biz specialist and Dell registered dealer - celebrated its ten-year anniversary this month, but it won't be toasting an eleventh. A winding-up …
Paul Kunert, 18 Apr 2013
The Register breaking news

Ha ha, Osborne, these Gov 2.0 web wranglers have wiped out UK debt

"A digital revolution, masterminded by a team of dress-down civil servants, could save the taxpayer billions," The Times newspaper gushed on Tuesday. And behold: it already has. The UK has apparently paid off its national debt years ahead of Chancellor George Osborne's predictions. Alas, it's no miracle, but an infographics cock …
Team Register, 31 Jul 2013
2e2

Channel biggun 2e2 dragged to county court over £14,000 debt

Reseller-cum-integrator 2e2 has been handed a County Court Judgment (CCJ) over the late settlement of a £14,000 debt. The CCJ lodged at the Northampton County Court's money claims centre must be resolved inside 30 days of 15 September. Failure to do so means the debt is not scratched off the register even after it's been paid …
Paul Kunert, 21 Sep 2012

US House Republicans: 'End net neutrality or no debt ceiling deal' – report

Republicans in the US House of Representatives are reportedly including blockage of net neutrality among their laundry list of demands tied to the passage of an increase the government's debt ceiling. This news comes courtesy of National Review Online, which reports that it received the outline of the GOP bill, which "originated …
Rik Myslewski, 26 Sep 2013

Rumor mill in overdrive as Dell pumps up Perot price, Atos offers $4.3bn

The sale of Dell's hospital IT consulting arm, Perot Systems, has hit a frenzy of speculation, with Atos reportedly leading the pack of companies with a $4.3bn offer. Dell let companies know it wanted to auction off Perot late last year and put out a $5bn price tag. Since then a series of media leaks have pitched companies …
Kieren McCarthy, 05 Jan 2016
Torpedo

Two big risks could torpedo Dell-EMC deal

+Comment The Dell-EMC merger deal, with EMC shareholders getting $33.15 per share, was announced on October 12 last year, when EMC shares traded up to $28.35 from September 29’s low of $23.13; they’d been rising since then on rumours of the deal. Now the EMC shares are worth $24.10. The deal involves EMC shareholders getting $24.05 …
Chris Mellor, 21 Jan 2016
Acropolis by https://www.flickr.com/photos/adeelanwer/ CC 2.0 attribution https://creativecommons.org/licenses/by-nd/2.0/

Bitcoin fixes a Greek problem – but not the Greek debt problem

Worstall on Thursday Hallelujah and may the Lord be praised! Someone has finally managed to find a decent economic use for Bitcoin. This isn't what those of us interested in the nitty-gritty of economics ever really expected, to be quite frank. We have looked on the alt-coin world as a rerun, a recapitulation, of every scam, fraud and mistake that …
Tim Worstall, 16 Jul 2015

Official: WD buys SanDisk

Consolidation in the storage industry is speeding up. One week after Dell decides to buy EMC for $67bn, Western Digital is using Unisplendour money to buy SanDisk for $19bn to create an enterprise and consumer flash powerhouse. Speculation about a SanDisk purchase by Western Digital has been intense, following the $3.8bn …
Chris Mellor, 21 Oct 2015

Man hires 'court hacker' on Craigslist ... who turned out to be a cop

A Pennsylvanian bloke will spend two to four years behind bars for trying to hire a hacker on Craigslist to erase his court fines. Zachary Landis, 27, admitted to Lancaster County Court he tried to hire someone to illegally access court records and strike a $16,000 debt he owed for previous charges. That someone wasn't a …
Shaun Nichols, 04 Nov 2015
The Register breaking news

Irish national telco gets 100 days to escape €4bn debt hell

The Irish courts have stepped in to protect the country's largest telco from creditors after the firm careered €4bn into debt. A judge yesterday granted Eircom 100 days' grace to restructure its balance-sheet busting debts. This is the biggest such move in Irish corporate history. Eircom, the country's biggest broadband, …
Anna Leach, 19 Apr 2012

Server guys: Are you running fewer than 200 virtual machines?

Mid-sized companies can reduce technical debt and free up IT budgets by switching to hyperconverged infrastructure systems (HCIS) in their next data centre refresh. So says Gartner, which defines 'mid-market' as companies with fewer than 200 virtual machines. The IT analyst firm's recommendation appears to be getting through to …
Drew Cullen, 01 Jul 2015
Supreme Court Building

They've reached it: Crossroads' stock price crashes to just $0.25

Crossroads Systems’s share price has collapsed to $0.25. It was $3.65 in March 2015, following full fiscal 2015 results showing a fifth loss-making year of declining revenues. Why is it still afloat? In its final quarter of financial year 2015, ended Oct 31, the archival software systems shipper saw revenues of a derisory $1. …
Chris Mellor, 03 Feb 2016
The Register breaking news

Debt collectors warned off pursuing punters on Facebook

Debt collectors should not be allowed to chase people who owe them money on social networking sites, including Facebook and Twitter, the UK's Office of Fair Trading has said. The OFT issued new guidance today that warned banks, law firms, tracing agents and debt collectors that using social networks to track down debtors was " …
The Register breaking news

OFT warns wallet-raiding debt collectors over web ads

Debt management companies have been warned over their use of the internet and social networking when promoting themselves or their services to consumers. The Office of Fair Trading (OFT) said the firms risk losing their consumer credit licences if they offer misleading information to consumers through the mediums. The …
OUT-LAW.COM, 27 Mar 2012
Cowboy_wranglers

Virgin Media daddy Liberty Global swoops on Cable & Wireless Communications

Liberty Global – the owner of UK telco Virgin Media – has agreed to buy Caribbean-based operator Cable & Wireless Communications for £3.5bn ($5.3bn). The cash and stock deal extends Cable Cowboy John Malone's lasso into Latin America. CWC said that the buyout would "enhance customer benefits" and allow the business to grow as …
Kelly Fiveash, 17 Nov 2015
£10 notes. Pic: Howard Lake

Six Degrees grabs £12m pot of cash from private equity overlord

The private equity backer that coughed for hosting and managed services outfit Six Degrees has stumped up £12m to fund organic expansion in 2016. The cash injection comes half a year after Charlesbank Capital Partners beat off competition from other finance houses to buy Six Degrees - the sale process started in February and …
Paul Kunert, 05 Jan 2016
The Register breaking news

Obama drops Twitter bombs on debt-ceiling foes

The US debt-ceiling legislative dogfight ratcheted up a notch on Friday morning when President Obama's campaign staff launched a Twitter-bombing run on US legislators. Shortly after Obama made a short statement in which he urged Americans to "make a phone call, send an email, tweet; keep the pressure on Washington," @BarackObama …
Rik Myslewski, 29 Jul 2011
Michael Dell, photo: Dell

Dell to offload Perot Systems for $5bn: report

For sale, Perot Systems, just two careful owners - a bargain at $5bn. All reasonable offers accepted. Dell nearly sold its IT services business Perot Systems to Tata Consultancy Services but talks collapsed over the price. The company quietly put Perot on the block for more than $5bn three months ago and has hawked the firm to …
Drew Cullen, 14 Dec 2015
big dog little dog, image Shutterstock

Speaking in Tech: Is Dell's EMC acquisition doomed, or just too big to fail?

Podcast speaking_in_tech Greg Knieriemen podcast enterprise Hosted by Greg Knieriemen, Ed Saipetch and Sarah Vela. This week, with Sarah still on her travels, Amy Lewis joins Eddie and Greg to talk Dell/EMC, storage stocks, the wild world of storage (featuring Pure and Nimble), and bad certificates. Our special guest this week is …
Team Register, 25 Nov 2015
Ouya

Android gaming platform Ouya is down to its last life

The low-cost Android gaming startup Ouya is on the brink of collapse and wants a buyer, fast. According to Fortune, the company tripped a debt covenant and hopes for expressions of interest by the end of April. Originally kick-started to the tune of US$8.6 million, the company caused buzz with its play-your-Android-games-on-TV …
The Register breaking news

Debt-management biz may be barred from Facebook etc.

Debt management companies could be prevented from contacting consumers through social media after a regulator review revealed "widespread problems with misleading advertising". In a draft update to its debt management guidance, now out for consultation, the Office of Fair Trading (OFT) warned that using social media such as …
OUT-LAW.COM, 02 Sep 2011

Arrow: Fraudsters impersonated one of our execs to steal money

Enterprise tech distributor Arrow Inc will take a $13m charge on the chin after a fraudster posing as a company exec transferred money from the corporate bank account to an external one. The admission came as Arrow outlined calendar Q4 numbers for the three months ended 31 December, with sales up six per cent year-on-year and …
Paul Kunert, 05 Feb 2016

Offers? Opera's board likes Qihoo, says shareholders should too

Opera's board has recommended its shareholders accept a Chinese consortium's buyout offer of $1.2bn, about 53 per cent above where it has recently been trading. According to an email sent to shareholders by Opera's board, board members are unanimously in favour of the deal. If completed, the buyout would see Opera gain access …
Twitter for Mac Old

Profitless Twitter: We're looking to raise $1.5... yes, billion

Twitter is planning to raise up to $1.5bn in its first debt offering since the company went public in November last year. Twitter said that some of the cash from the debt offering would go towards paying for these hedge transactions and the rest would be used for very vague “general corporate purposes”. The microblogging …
ASC Cable Landings

Nextgen, Vocus revive Perth-Singapore cable project

Nextgen Group's stalled plans to build a submarine cable from Perth to Singapore are moving again, with M2 takeover target Vocus signing a memorandum of understanding to take a half-share in the build. Restarting the 100 Gbps project would give the west of the country an alternative to the ageing and trouble-prone SeaMeWe-3 …
European commission photo via Shutterstock

Clock's ticking: Euro Commission considers Dell-EMC megacorp

EMC/Dell deal Competition authorities at the European Commission will either rubber-stamp Dell’s proposed $67bn slurp of EMC by the end of next month or launch a full-blown probe. The largest buy in tech history is expected to close between May and October, according to the companies - but this is assuming anti-trust regulators approve it …
Paul Kunert, 26 Jan 2016
Wall St bull image via Shutterstock

Dell SecureWorks files for IPO

Dell security subsidiary SecureWorks is trying to raise funds for working capital and acquisitions, according to a filing with the SEC. The S1 Form lodged last night indicates the division expects to sell up to $100m in stock but this is a placeholder figure that could change before the flotation. Under the terms of the plan …
Paul Kunert, 18 Dec 2015
The Register breaking news

Troubled Game wins reprieve on debt, mulls axing more stores

Game Group has been given a reprieve by its lenders, but the retailer may have to sell its overseas stores to secure it. After a dismal Christmas, Europe's biggest video game retailer admitted that it was going to have issues meeting its debt commitments and paying the £80m rent on its 1,274 shops worldwide, and immediately went …
De Vaartkapoen. Pic: Bianca Bueno

WD notebook drive shipments plummet

WD revenues and profits are declining as it finds disks and SSDs a hard sell in what its CEO calls “an increasingly challenging global economic environment”. Revenues for the second fiscal 2016 quarter, ended Jan 1, were $3.3bn, which is 2.94 per cent lower than the $3.4bn recorded for its first quarter and a decline of 15 per …
Chris Mellor, 29 Jan 2016

Tax bill could kibosh Dell-EMC deal

Dell could be landed with a $9bn tax bill for buying EMC - a deal-breaker. That’s what Dell insiders are telling the Silicon Valley publication Re/Code. At the heart of their concern is how the Internal Revenue Service will treat the tracking stock in VMware, an EMC subsidiary, that Dell plans to issue to help fund the …
Drew Cullen, 11 Nov 2015
Godzila

Dell 'fesses up: We may buy back $3bn+ in VMware tracking stock

Dell could spend at least $3 billion in buying back VMware tracking stock in the latest piece of financial engineering surrounding the proposed purchase of EMC. EMC owns 80 per cent of VMware and the idea was that a tracking stock should be established for VMware. In this way, if and when Dell owns EMC and offers some VMware …
Chris Mellor, 15 Dec 2015
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Met Police: Yes, outsourcing IT to Steria has 'risks'

The deputy commissioner of the Met Police, Craig Mackey, has acknowledged that the force's IT strategy, which includes slashing jobs in a mega outsourcing deal with Steria, is not without risk. Last year the Metropolitan Police announced it was cutting hundreds of jobs in a 10-year £216m mega deal with Sopra Steria, a cross- …
Kat Hall, 27 Jan 2016
£10 notes. Pic: Howard Lake

CityFibre coughs £90m for nearly all of KCOM's UK comms network

Broadband player CityFibre claimed it is shaping up to be a viable “challenger” to BT after coughing £90m for KCOM’s national comms infrastructure – excluding Hull and East Yorkshire. The deal, which includes 1,100 km of duct and fibre network in 24 cities – 21 of which are new to CityFibre – and a long distance network, was …
Paul Kunert, 14 Dec 2015
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What the bleedin' Dell is this? IT giant mulls unit selloffs – report

Reuters reports Dell is thinking of selling off non-core assets to clear the decks before the EMC acquisition and raise $10bn. Four candidate businesses are mentioned: Quest Software IT management with its systems management, security and business intelligence functions SonicWall email encryption and security Rapid …
Chris Mellor, 03 Nov 2015
Selection of Australian banknotes

Labor floats 'startup loans' for youngsters

Perhaps to counter the rapturous reception the tech sector has given new prime minister Malcolm Turnbull, Australia's opposition has floated the idea of government loans for youngsters with a startup idea. Pitched by way of a drop to the Sydney Morning Herald, Labor leader Bill Shorten reckons his thought bubble will encourage …
Bill Bennett, 24 Sep 2015

Administrator tries to squeeze blood out of Stone Computers' parent

Exclusive Senior execs at financially strapped Stone Computers Ltd (SCL) have bid £28.43m to buy the business in a pre-packaged sale after placing the parent company Stone Bidco into administration. But under pre-pack regs, administrator Duff & Phelps has to allow 45-days for someone else to make a rival offer and Stone founder and …
Paul Kunert, 28 Aug 2015
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Pure next in line to put boot into Dell

It would seem smaller scale storage outfit Pure is next in line – following IBM's CEO Ginni Rometty and HP's Meg Whitman – to give Dell a kicking over its $67bn (£44bn) EMC deal. In a blog post Scott Dietzen, chief executive of Pure, said the transaction "comes out of weakness, not strength". He said: "Dell has been exposed …
Kat Hall, 14 Oct 2015
FTC building

Robocalling Americans? That'll cost you $1.7 MEEELLION

A pair of US companies have been fined $1.7m by the FTC for violating federal laws on robocalling. The US trade watchdog said that Universal Processing Services of Wisconsin and HES Merchant Services Company would have to split a $1,734,972 bill for their role in a robocall scheme advertising credit card interest rate reductions …
Shaun Nichols, 20 May 2015
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Phoenix IT Group: Our debts are down! Just like our sales and profits

A year on the job for Phoenix IT Group CEO Steve Vaughan and company sales and profits aren’t dropping nearly as quickly as they used to. The tech services outfit closed off fiscal ’15 ended 31 March reporting brisk trade “across the business” and expects to bank “profits that are comfortably” in sync with analyst estimates. …
Paul Kunert, 09 Apr 2015