Articles about Debt

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
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 …
closed_sign shut down under collapsed liquidation

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

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
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
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

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
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
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 …
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 …
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 regulator …
OUT-LAW.COM, 27 Mar 2012
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

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
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
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
channel_teaser_money_top

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
Indian mobile use

Indian mobe networks don’t want 700MHz – because they're too poor

While most telcos are baying for more radio spectrum to stuff with mobile internet broadband, the Indian operators are asking their government to hold off. They want the hold not just on the high-frequency 2.6GHz and 3.4GHz spectrum that will be useful for cities, but for the extra-valuable 700MHz spectrum that would give the …
Simon Rockman, 28 Jul 2015
greece

Crowdfunded beg-a-thon to bail out Greece raises 0.003% of target

A well-meaning, if definitely doomed, attempt to crowdfund a bailout for soon-to-default Greece has been launched on Indiegogo by a Yorkshireman who works in a London shoe shop. Pitched as a bailout fund for Greece, replete with Gettysburg Addres-style "by the people, for the people" rhetoric, Thom Feeney aims to raise €1,600, …
US spectrum map

Ping-pong sueballs: Bankruptcy dogs LightSquared's chances

Stricken US mobe network LightSquared is wriggling for survival in Chapter 11 bankruptcy. The idea of Chapter 11 is to provide protection for a company so that it can trade through difficulties and hopefully get back to trading normally. The system was to use a combination of 4G (LTE) and satellite to deliver national high- …
Simon Rockman, 10 Mar 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 …

NEVER MIND the B*LLOCKS Osbo peddles, deficits don't really matter

Worstall @ the Weekend What with another budget just coming up, to correct the one that chancellor of the exchequer George Osborne kidded everyone with before the election, it might be time to answer the question of whether deficits really matter? For Osborne is most certainly going to continue shouting that they do and, equally certainly, everyone to …
Tim Worstall, 24 May 2015

Debt hangs heavy on Stone: Yes we make PCs. For the public sector

Stone Computers would appear to be caught between a, er, rock and a hard place: it specialises in building PCs for the public sector, both areas of industry that have fallen on hard times of late. The general PC market has been in continual decline since the second half of 2010 and austerity measures brought in by the coalition …
Paul Kunert, 22 Oct 2013

Go, daddy, go: GoDaddy shares rocket 30% in value at IPO

GoDaddy has had a successful launch at the New Stock Exchange on Wednesday morning with shares jumping more than 30 per cent, valuing the company at around $6bn. The company dominates the market for internet domain names with just over 30 per cent market share and offers a range of add-on services from security certificates to …
Kieren McCarthy, 01 Apr 2015
Boy slurps watermelon. Credit: Shutterstock

Six Degrees separates: Sold to Charlesbank Capital Partners

Private equity biz Penta Capital has agreed to sell hosting and managed services outfit Six Degrees to funds affiliated with Charlesbank Capital Partners for an undisclosed sum. The business came onto the market in February with corporate financier DC Advisory managing the sale process, as El Chan exclusively revealed. …
Paul Kunert, 17 Jun 2015

Mobe encryption guru Charles Brookson picks up OBE from the Queen

Charles Brookson – the man behind the encryption algorithms in GSM mobile networks – has collected his OBE from the Queen. Brookson led the team that produced the A5/1, A5/3 and A5/2 algorithms used by countless mobes worldwide to encrypt calls from eavesdroppers. He recently stepped down from his role as chairman of the GSM …
Simon Rockman, 27 Jun 2015
troll

Anti-download biz sued for 'abusive' robo-call demands for money

Internet piracy hunter Rightscorp, which shakes down alleged copyright infringers for damages, has been accused of harassment, abuse and illegal debt collection. A class-action lawsuit [PDF] filed in California claims the business broke a load of US laws while making automated robo-calls accusing people of illegally downloading …
Shaun Nichols, 25 Nov 2014
Raphael's School of Athens

C'mon! Greece isn't really bust and it can pay its debts

Worstall @ the Weekend As I write we've just got the latest news that Greece has been saved from default, bankruptcy, being thrown out of the euro and everything is going to be lovely for The Men Without Ties. Which is, of course, lovely, but there really wasn't quite as much to worry about as people seemed to think. It could, obviously, all have gone …
Tim Worstall, 01 Mar 2015
Taylor Swift

Taylor Swift boycotts Apple Music over no-pay-for-plays shocker

Taylor Swift has come out swinging against Apple's "shocking" decision not to pay musicians or composers a penny during a three-month music-streaming trial period. The pop star took to her Tumblr account today to confirm that she would be withholding her album – 1989 – from Apple Music to show her support for young songwriters …
Kelly Fiveash, 21 Jun 2015
Two dollars

Altice to buy controlling stake in Suddenlink for NINE BEEELION dollars

Patrick Drahi's telecommunications firm Altice is set to make its first foray into the American telecommunications market after acquiring a controlling stake in Suddenlink for over $9bn. The Wall Street Journal first reported that Drahi was in "advanced talks" to capture Suddenlink Communications, one of the United States' ten …
Intel and Micron's 20nm, 128Gb NAND chip

Tegile scores VC cash to splash on flash growth dash

Tegile has landed itself a massive $70m D-round of funding to pay for global expansion of its hybrid/all-flash array business. Founded in 2010 with a $2.l5m A-round that year, Tegile took in a $10m B-round in 2012, and a $35m C-round in 2013. Total funding now stands at $117.5m. In comparison, fellow hybrid array startup Tintri …
Chris Mellor, 27 May 2015
iiNet actor

iiNet to be scooped up by TPG for $1.4 billion

Competition in the Australian broadband market is about to take another step backwards in favour of consolidation, with TPG announcing it's going to buy iiNet. iiNet has long been a favourite of Australia's Internet users for doing battle with "big content" over its right to take piracy cases all the way to end users. It won the …
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Failed would-be COMET saviour now FAILS to save his own biz

A creditors' meeting has been called for Lewisons Wholesale, an electrical retailer run by Clive Coombes, the man that tried and failed to resurrect the brand name of fallen UK High Street giant Comet. As revealed by the Register last month, Lewisons Wholesale was struggling to remain afloat and had notched up eight County Court …
Paul Kunert, 15 Dec 2014
£1.92bn buys a lot of dog food

GoDaddy float values puppy-bothering hosting company at £1.9bn

Domain name, registration, web and mail hosting company GoDaddy is expected to be valued at $2.87bn (£1.92bn) when it floats to become a PLC with the stock ticker GDDY. The US company manages about 20 per cent of the world’s internet domains and has grown through use of attractive women in its advertising, not least Indy racing …
Simon Rockman, 20 Mar 2015
Shaun of the Dead

We've made a profit, shouts Azzurri Comms. Yeah, 'made' is right

Azzurri Communications is out of intensive care now it has its debts under control but it still took a whopping £58m inter-company loan to turn a loss-making year into a profitable one, avoiding any board level blushes. The integrator majors on unified comms (UC) with Avaya and Mitel, and sells connectivity, security services …
Paul Kunert, 12 Feb 2015

Teradata tumbles off Wall Street pedestal, buys back paper

Big data and data warehouse shop Teradata has fallen from Wall Street grace with a Q1 revenue and profits miss. First quarter 2015 revenues of $582 million were 7.3 per cent down on the year-ago quarter's $628 million. The $22 million net income was 63 per cent less than the $59 million recorded a year ago. In the prior quarter …
Chris Mellor, 07 May 2015
big droplets falling from rain cloud

Outsourcery still losing as much as it turns over

Former Dragons' Den rude boy and Outsourcery co-founder Piers Linney is likely to be forced to pitch his business to investors again for a fresh round of funding, after closing off a tough, cash-zapping year. The London-listed cloudy biz reported revenues of £7.4m for calendar 2014 – up 42 per cent, but still some £1.1m down on …
Paul Kunert, 30 Mar 2015

CloudRouter inches closer to G/A with second beta

The open-source CloudRouter project is getting closer to general availability, with its second beta hitting the Internet today. CloudRouter first emerged in March under the aegis of peering company IIX. The Register asked project lead Jay Turner why, in a world where routers have well over 20 years' of development, the world …

Liquidator: 2e2 preferential creditors to get £745k payout

2e2's preferential creditors, including former staffers made redundant after the business crashed and burned, have been told what they can expect collctively from the financial embers and it's not a lot. The Berkshire-based integrator’s UK ops went into administration at the start of 2013, the result of too many poorly …
Paul Kunert, 15 May 2015
2e2

Berkshire bigboy 2e2 in the pink - apart from crushing debt burden

Integrator 2e2 recorded steep losses in calendar 2011 caused by crippling interest repayments, discontinued operations and restructuring costs, but despite all this, some progress was made in the underlying operations. The privately held Berks-based firm, which pushed out the numbers in a glossy annual report, made a net loss of …
Paul Kunert, 29 Jun 2012
The Register breaking news

IBM gorges on cheap debt for share buybacks, acquisitions

IBM sometimes behaves like a bank, and sometimes like a private equity firm. Sometimes it even behaves like an IT vendor. This week, in selling $1bn in debt for doing acquisitions, Big Blue is behaving like a private equity firm. The debt is being sold between Monday and Thursday this week and pays out 2 percent on 30 November, …

Annodata consumes print services minnow STS

Hertfordshire-based Annodata has plucked print services minnow STS Ltd from relative obscurity to bolt onto its own division that operates in the same field. The buy fills a gap in the portfolio, namely large format specialised printing, adds nearly £3m in annual revenues and a customer base including William Hill, and several …
Paul Kunert, 17 Feb 2015
Fraud image

Dragons' Den man and co-CEO to work for FREE at loss-making Outsourcery

Outsourcery bosses Piers Linney and Simon Newton are relinquishing their salaries for the next 12 months in a bid to save the loss-making cloudy biz £500,000, the company told the stock market today. The desperate duo’s act is part of measures to find £4.5m in funds to keep the wolves from the door in the medium term, a move …
Paul Kunert, 14 Aug 2014