Articles about Debt

Australian money at a crime scene

Errors in Australia's Centrelink debt recovery system were inevitable

Since it announced a crackdown on outstanding debt in June last year, Centrelink has sent debt recovery letters to thousands of Australian welfare recipients. Early reports indicated that around 20 per cent were issued in error, although the true number may be substantially higher. This led to the appointment last week of a …
Bait

Oracle 'systematically stiffed its salesforce' claims new sueball

Updated A new lawsuit filed by a former Oracle employee alleges the software giant “has systematically stiffed its sales force of earned commission wages for many years, by scrapping contractual compensation plans when they yield commission earnings that are higher than Oracle would prefer to pay and retroactively imposing inferior – i. …
Simon Sharwood, 15 Feb 2017

GDPR: Do not resist! Unless you want a visit from the data police

Comment Data was a hot topic last year and it's already big in 2017: Microsoft continues to resist the US government's attempts to get hold of data held in its Irish data centres. But just as it seems to be making progress, the government has won a favourable first instance ruling against Google forcing it to disclose data held outside …
Frank Jennings, 08 Feb 2017

MapR seeks DevOps love: Stateful storage WLTM Docker containers

MapR says it is has immediate availability for the industry's first persistent storage for containers that offers complete state access to files, database tables, and message streams from any location. The MapR Converged Data Platform for Docker includes the MapR Persistent Client Container (PACC). MapR trots out the cliché …
Chris Mellor, 07 Feb 2017
Cell tower, view from below. Image by Shutterstock.com

Virtual monopoly on UK cell towers and TV masts up for sale

Analysis UK cellular tower and TV mast radio specialist Arqiva has been put up for sale with an optimistic price of between £5bn and £6bn, but its two core areas of business both have questionmarks hovering over them. Any mobile tower company taking a long hard look at 5G has to decide if it can get heavily into a new class of platform …
Faultline, 07 Feb 2017

Wow, what an incredible 12 months: 2017's data center year in review

Comment The data center market is hot, especially now that we are getting a raft of funky new stuff, from promising non-Intel chips and system architectures to power and cooling optimizations. Since we're all thinking several quarters ahead anyway, we're practically in 2018. So from that point of view, we may as well look back at 2017 …
Shahin Khan, 06 Feb 2017
Prison

Motivational speaker in the slammer after HPE applies for court order

A "serial entrepreneur" Brit who compared himself to Nelson Mandela and whose solar power company is alleged to have defrauded Hewlett Packard Enterprise out of $17.5m in discounts has been jailed for 18 months by London's High Court following an application by HPE. During a court-ordered dawn raid on his home in Leicester, …
Gareth Corfield, 02 Feb 2017
Chris Morris in Brass Eye. Channel 4

AMD's had a horrible 2016: Never mind, it lost slightly less than half a billion this time

Industry execs are paid to put on a brave face when outlining company financials, and AMD’s CEO Lisa Su kept up her end of the bargain last night when the broken business reported a net loss of $497m for 2016. This was progress of sorts: in the prior year ailing AMD filed losses of $660m. Despite the latest numbers, the stock …
Paul Kunert, 01 Feb 2017
hands waving dollar bills in the air

Revealed: Soros Group behind mystery unit that gobbled Violin Memory

A Soros hedge fund vehicle made the winning bid at Violin Memory's January 23 auction. The winner, as we reported on Monday, was VM Bidco. Today, we can say that this organization was set up by the Soros Group, part of Soros Fund Management, and it fought off VMA LLC, ESW Capital and others. It won the three-day-long auction …
Chris Mellor, 01 Feb 2017
Cat playing on USA flag. Photo by Shutterstock

If USA wants a say in 5G, Cisco HAS to buy Ericsson

Opinion Results from Ericsson this week will have all of us pundits reaching for just how the Swedish telecoms giant is going to survive the continual onslaught from China’s Huawei. How long will it be before it needs to be acquired and why Cisco needs to be the acquirer. Since Ericsson’s revenues began sliding, we have done this …
Faultline, 30 Jan 2017
Money down the drain

Avaya's bankruptcy protection is a 'good thing,' says Europe North veep

Ronald Rubens, Europe North veep at telecommunications biz Avaya, is busy doing some serious damage limitation, after the US Avaya parent company filed for bankruptcy protection earlier this week. When Rubens and Gary Barnett, senior VP and general manager of engagement solutions at the biz, spoke to El Reg last week, it was …
Kat Hall, 30 Jan 2017
Parliament photo by Shutterstock

Lords slam 'untrammelled' data sharing powers in Digital Economy Bill

A House of Lords committee has slammed the "inappropriate" and "untrammelled" powers laid out in the Digital Economy Bill to share citizen data across the public sector. The Delegated Powers Committee report recommended that the government removes broad powers to share information with a range of "specified persons", which …
Kat Hall, 20 Jan 2017
Money down the drain

Avaya files for bankruptcy

Avaya has filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code, which allows organisations to re-organise their affairs in part by temporarily relieving them of obligations to creditors. The company's canned statement positions the decision to seek Chapter 11's protections as a necessary refresh of …
Simon Sharwood, 20 Jan 2017

Australia's Department of Social Services pushing ahead with data-matching plans

The Centrelink “robo-debt” debacle hasn't dimmed the Australian government's enthusiasm for data-matching as a policy tool. The Department of Social Services (DSS) has confirmed to The Register that it plans to go ahead with its own big data project conceived in the February 2015 “McClure review” (full name: A New System for …
A burning dumpster

Oz government on its Centrelink debacle: 'This is fine'

Australia's Human Services Minister Alan Tudge has finally weighed in on the country's Centrelink debacle, having returned from holidays with a sheet full of talking points. Speaking to the Australian Broadcasting Corporation, the minister denied there was any problem, said he wasn't aware of the system creating any false …

How Apple exploded Europe's crony capitalism

iPhone at 10 Apple's iPhone wasn't just a shiny new thing that was irritatingly and madly overhyped. Before long, it shattered a benevolent kind of crony capitalism in which Europeans took great pride, but that was short-serving the public. And it needed an outsider to do this. Ten years ago, Europe could be excused for feeling a little …
Andrew Orlowski, 10 Jan 2017
Raising _Lazarus_from_the_dead

X-IO: Reports of our demise have been greatly exaggerated

Updated X-IO Technologies chairman and CEO Bill Miller has called in to say: "I was very surprised and disappointed to read our name in the 'Deaths' section of your 2016 year in review article. "As Mark Twain might have said, 'the reports of my death are greatly exaggerated'." Bill tells us: "We have undergone a somewhat miraculous …
Chris Mellor, 09 Jan 2017
 French bulldog puppy wears plastic devil horns and cute expression. Photo by Shutterstock

Australia: Stop blaming Centrelink debts on its IT systems

Australia's welfare agency Centrelink is embroiling the government in a hugely damaging controversy, raising incorrect debts and auto-issuing threatening letters to citizens. The “pay up” letters are genuinely terrifying when the sums involved are often thousands of dollars, especially when even government officials admit that …
Some of the Super Pressure Balloon. M. McCarthy, submitted to the ABC

2016 – the year 3D XPoint came down to earth from Planet Hype

Storage Review in 2016 Storage in 2016 saw its on-premises SAN/filer array heartland assaulted by the public cloud on the one hand, and hyper-converged and software-defined storage on the other. The now-classic dual-controller disk array went hybrid to keep storing primary data, but all-flash arrays are taking on that role and so the hybrids went …
Chris Mellor, 05 Jan 2017

Big Sphere 3D shareholder tosses activist letter in firm's lap

+Comment Cyrus Capital Partners, a major Sphere 3D shareholder, has filed a highly critical public letter calling for a full restructuring of the company to fix "cost" and "under-performance" issues. Sphere 3D is the aggregation of Overland Storage, Tandberg Data tape and disk data protection products, Snap storage products and …
Chris Mellor, 22 Dec 2016

Turns out there's a market for marijuana... plants' video surveillance

Analysis Pot plant surveillance cameras in a Colorado marijuana farm feeding Quantum’s StorNext multi-tiered and scale-out, file virtualisation and data services software with video footage show the substantial market changes to which Quantum is having to adapt. CEO Jon Gacek told a visiting press crew in December: “I feel like the …
Chris Mellor, 21 Dec 2016

BlackBerry sees a rainbow just around a corner

BlackBerry, finally able to describe itself as a “a software company and the market leader in mobile security”, posted a $117m GAAP net loss on revenue of $289m today. But sunnier times are ahead, CEO John Chen told investors. The company expects to achieve non GAAP profitability for the full financial year (which ends …
Andrew Orlowski, 20 Dec 2016
bang_648

MSP Redcentric: Our financial errors are WORSE than we thought

The extent of the financial mismanagement at London-listed managed services outfit Redcentric were outlined today, and they are way worse than the company signalled when the mistakes were first found. The business admitted last month that it has it had made multi-year accounting errors that meant it overstated net assets by at …
Paul Kunert, 14 Dec 2016

Cloudy file-sharing cash rains onto Nasuni

Cloud storage gateway and enterprise file services startup Nasuni has had a funding round to grow its business further expansion in Fortune 500 and Global 2000 companies, meaning expansion outside North America. The startup says it has doubled the amount of customer data under its management to 12PB in the last 12 months. …
Chris Mellor, 13 Dec 2016

If your Xmas party expenses left you with a hangover, you should see Dell's spending

If revenue growth is vanity but profits are sanity, then Dell EMC made something of an inauspicious start to life as one company: sales expansion was overshadowed by deepening losses. The results for the firm’s third quarter of fiscal 2017 ending October 28, which included 52 days of financial results from EMC and VMware, …
Paul Kunert, 08 Dec 2016
graveyard_648

Who killed Pebble? Easy: The vulture capitalists

Comment We just didn’t know it at the time, but Pebble’s fate was sealed in May 2013 when it surrendered control to outsiders who saddled it with debt. Yesterday Pebble’s new owner Fitbit lost no time in closing down the operation, not merely snuffing out any prospect of new products, but warning Pebble owners that they’re not going …
Andrew Orlowski, 08 Dec 2016

Microsoft says LinkedIn will make Trump, Brexit, voters feel great again

Microsoft says buying LinkedIn will help to address the middle class discontent that saw Britain vote to leave the European Union and America vote to leave politics as we know it behind by electing Donald Trump. The company has expressed that sentiment in its post announcing the European Commission's approval of its …
Simon Sharwood, 07 Dec 2016

HPE UK preps the redundancy ride as Chrimbo looms

Cost-cutting at Hewlett Packard Enterprise's CSC-bound services business looks set to continue right up to the point it is sold in the spring, leaked documents have indicated. In a note to his staff this week, Maurice Mattholie, HPE UK and Ireland veep for IT Outsourcing – which part of the outgoing Enterprise Services (ES) …
Paul Kunert, 02 Dec 2016
Shark, photo via Shutterstock

NSW government innovates, with visa workers taking over IT roles

The New South Wales (NSW) Public Service Association has hit the ceiling about the Australian state's decision to hire IT staff from overseas for the outsourcing of its ServiceFirst shared service operation. Last year, ServiceFirst was contracted out to Unisys and Infosys. The PSA says 32 overseas staff had been deployed in …

Imation agrees deal to offload Nexsan to private equity

+ Comment Imation has reached an agreement to sell its Nexsan storage array and Connected Data subsidiaries to private equity company Spear Point Capital Management in a non-cash deal. The stock purchase agreement is detailed in an Imation 8K SEC filing. Here's a timeline of the relevant events: Jan 2013 - Imation buys Nexsan for $ …
Chris Mellor, 24 Nov 2016
Selection of Australian banknotes

Australian government never asked nbn™ to apply for private loans

When nbn™, the entity building and operating Australia's national broadband network (NBN), announced it had secured a loan for AU$19.5bn from Australia's government, it looked like the network-builder had failed to convince lenders it was a decent customer. The reality is a little different: minister for Finance Mathias …
Simon Sharwood, 22 Nov 2016

Symantec doubles down on consumer security by buying LifeLock

Symantec has bought identity theft protection firm LifeLock for $2.3bn. The deal, announced Sunday, represents a brave bid by Symantec to shore up a consumer security business eroded by dwindling anti-virus sales. Selling Norton consumer security alongside identity protection and remediation services from LifeLock will enable …
John Leyden, 21 Nov 2016
NBN CEO Bill Morrow

Australian government lends nbn™ AU$19.5bn to finish the job

nbn™, the entity building and operating Australia's National Broadband Network, has secured a AU$19.5bn loan from Australia's government and will use it to complete project. “nbn™has been advised the government will loan the remaining $19.5 billion required for the total $49 billion base case peak funding forecast,” said CEO …
Simon Sharwood, 18 Nov 2016
A cute cat in a jumper waves goodbye.... Pic via Shutterstock

Hewlett Packard Enterprise to outsource global IT team to CSC borg

Exclusive The global IT team at Hewlett Packard Enterprise that company execs previously praised for managing the smooth break-up of the organization is finally being rewarded – the entire department is being, er, outsourced. The destination for these techies is the CSC and HPE Enterprise Services borg – the businesses are coming …
Paul Kunert, 16 Nov 2016
Metal plant grows out of circuit board - Green IT concept pic. Photo by Shutterstock

Siemens to mentor Mentor Graphics in $4.5bn acquisition

Siemens is to acquire the design automation and industrial software business Mentor Graphics in a $4.5bn deal, including debt. Mentor Graphics, which is headquartered in Wilsonville, Oregon, generates annual global revenues of around $1bn off the back of its integrated circuit design automation software. Siemens reckons the …
Radbot teaser image by Damon Hart-Davis

Testing times: Between some IoT code and a hard place

Radbot Every company has its ups and downs. Those downs could be exploding phones or a sudden unmovable overstock of Clinton merchandise (or conversely an uptick in Trump-the-statesman t-shirt demand). Bigger organisations can better absorb the illness of a member of staff or a surge in demand beyond all expectations, although no one …
Image by Mark Bennetts http://www.shutterstock.com/gallery-2389319p1.html

Add it to the tab: ICO fines another spammer as unpaid bills mount

London-based finance company Nouveau Finance been fined £70,000 (US$85,752, A$112,391) for hiring a spamming marketing company that sent UK residents some 2.2 million illegal SMS messages. 92 battered Britons complained to the Information Commissioner's Office (ICO) which handed down the fine on Monday. The loan broker, based …
Darren Pauli, 08 Nov 2016
bubble

LeEco – the Chinese biz that said it'll topple US tech giants – has already hit the rocks

Less than a month ago, Chinese media and electronics firm LeEco made its glitzy launch into the US market. However, its founder Jia Yueting has just told staff that the firm is in trouble. Back then LeEco (pronounced Le Echo) promised a smartphone better in spec to Google's Pixel or Apple's iPhone but costing half as much; a $ …
Iain Thomson, 08 Nov 2016
DevOps Enterprise Conference 2016

Handling tech baggage: How American Airlines, US Airways merged IT

At the end of 2013, US Airways and American Airlines merged. But actually combining the IT systems of the two companies is expected to take from five to seven years, said Susanna Brown, managing director of operations technologies at American Airlines. The two airlines move slowly because of baggage: They have different …
Thomas Claburn, 08 Nov 2016
A 56k dial-up modem

RIP EarthLink, 1994–2016: From AOL killer to regional ISP's attic

Turn-of-the-millennium internet giant EarthLink has been acquired and will be absorbed into the brand of a regional US ISP. Windstream Holdings said that it will gobble EarthLink in an all-stock transaction that includes assuming $436m of the former dial-up giant's debt. Upon closing, EarthLink employees and executives will …
Shaun Nichols, 07 Nov 2016

Redcentric CFO quits after botched accounts discovered

The chief bean counter at managed services slinger Redcentric has left the business with “immediate effect” following the discovery of multi-year accounting misstatements that will cost a minimum of £10m to rectify. The London Stock Exchange-listed biz made the admission about fiscal errors to the City this morning, and the …
Paul Kunert, 07 Nov 2016

James Dyson's new startup: A university for engineers that doesn't suck

After years of supporting traditional academia, Sir James Dyson is putting serious cash behind a new startup – his own engineering university. Successful students from the Dyson Institute of Technology will graduate from the four-year engineering course with an engineering degree accredited by the University of Warwick. But in …
Andrew Orlowski, 04 Nov 2016

Broadcom snaps up Brocade for $5.9bn

As rumoured storage network switch, Ethernet switch and wireless vendor Brocade is being bought by Broadcom for $5.9bn in an all-cash transaction. The price is for $12.75 per share, valued at approximately $5.5bn, plus $0.4bn of net debt. The cash will come from new debt financing and cash available on Broadcom's balance sheet …
Chris Mellor, 02 Nov 2016
Container ship, photo via Dmitry Chulov Shutterstock

Apcera pitches escape from IT hamster wheel

Apcera, a San Francisco-based maker of container management software, on Tuesday plans to update the Apcera Platform with capabilities to help enterprises deal with containers more effectively. Apcera's software allows companies to deploy and manage cloud-native and legacy applications using on-premises, hybrid, or cloud …
Thomas Claburn, 01 Nov 2016
Fiber optics

CenturyLink set to merge with tier-one provider Level 3 for $34bn

American telco firm CenturyLink has announced a merger with tier-one networking business Level 3. The deal is worth $34bn, including debt, and will see cash and stocks traded as CenturyLink acquires Level 3's fibre-optic capabilities in a deal intended to close by Q3 2017. Unanimous approval from both companies' boards of …
Data scientist image via Shutterstock

EU announces common corporate tax plan

The European Commission has announced plans to overhaul corporate tax across the single market, including the introduction of a common consolidated corporate tax base (CCCTB). A CCCTB would make it easier and cheaper to do business in the EU, and act as a "powerful tool against tax avoidance", the Commission said. The …
OUT-LAW.COM, 28 Oct 2016

Qualcomm agrees to acquire semiconductor biz NXP for $47bn

Chip designer Qualcomm has agreed to purchase Dutch rival NXP Semiconductors for $47bn. As rumoured, the San Diego-based business and its Eindhoven-based target announced on Thursday that they had come to a definitive agreement to see Qualcomm acquire NXP in an all-cash deal worth $47bn, including debt. NXP Semiconductors is …

WD gets flash boom bang from SanDisk swallow

+Comment WD's disk and SanDisk-boosted flash sales boomed as overall revenues in its first fiscal 2017 quarter rose to $4.7bn, up 40.6 per cent on the year-ago $3.4bn. But it reported a net $366m loss. Why a loss? A year ago it made a profit of $283m on lower revenues. This time around there were charges associated with WD’s recent …
Chris Mellor, 27 Oct 2016
Radbot teaser image by Damon Hart-Davis

Hardware ain't hard, money is: Crowdfunding, bootstraps and startups

Radbot Our quiz on startup branding revealed that a worrying number of you are not to be trusted with a hot iron - branding, soldering, or even wool setting, it seems. I made a slight oversight in that while in banking I did not "put aside" (as a friend calls it) the megabucks to become a gentleman of leisure and science, so we need …
AMD CEO Lisa Su speaking at the firm's 2015 financial analyst day

AMD is a rounding error on Intel's spreadsheet and that sucks for us all

On Tuesday, Intel said it expects to bank in the final quarter of the year $15.7bn in sales, plus or minus $500m. That's a billion-dollar swing. Two days later, on Thursday, AMD proudly revealed that its entire revenue for the three months to September 24 was $1.3bn. Just over a billion dollars. AMD is little more than …
Chris Williams, 21 Oct 2016