Articles about Finance

Verizon corporate building

Verizon blames striking workers for dent in sales

Fresh from its $4.8bn acquisition of Yahoo!, Verizon says its sales dropped five per cent year-on-year in its latest quarter, the three months to the end of June. Essentially, US telecom giant's wireless and wireline revenues fell over the year-ago quarter. Here's a summary of VZ's Q2 2016 results: Revenues of $30.5bn were …
Shaun Nichols, 26 Jul 2016
Money down the drain

I'm good, I'm fine, solid quarter, real well ... pants Sprint as it limps past, spilling $300m

US telco Sprint says it is bringing in new customers by the boatload, despite another quarter in which its losses reached well into nine figures. The fourth-largest carrier in the US logged a net loss of $302m as it continues a campaign to rebuild its business model. For the first quarter of Sprint's financial 2016, ended …
Shaun Nichols, 25 Jul 2016
udp_7000_648

Data protection biz Arcserve fattens exec ranks with 3 new veeps

CA spinout and private equity-owned Arcserve is growing revenues at double digits, and has hired four new execs to sharpen its finance side, spin out more and better products and keep its channel business growing. Oussama El-Hilali becomes VP of Products, responsible for managing research and development, product strategy and …
Chris Mellor, 25 Jul 2016

WikiLeaks fights The Man by, er, publishing ordinary people's personal information

WikiLeaks prides itself on taking on The Man by finding and publishing information that the world's most powerful organizations want to keep hidden. Unfortunately, on Friday, WikiLeaks took a swing at The Man by standing on the heads of thousands of innocent citizens whose personal details it has published, including their …
Kieren McCarthy, 22 Jul 2016
Dell e-commerce site

Revealed: How Dell can afford $67bn for EMC – by selling $650k laptops

World exclusive Dell's ingenious strategy for financing its audacious $67bn acquisition of EMC is a secret no more. Dell is already facing a staggering debt mountain to fund the takeover. Now a crack Reg investigative team can reveal that the Round Rock computing giant has an ambitious plan in place to raise the cash necessary for the deal …
Shaun Nichols, 22 Jul 2016
Burning money, photo via Shutterstock

AT&T: Money? Oh, sure, no I'm fine – I'm doing great (if you ignore my phone business)

AT&T says wireless revenues are down in what was an otherwise solid quarter for the US telecom giant. Its second quarter of 2016 [PDF] period was, overall, a success thanks to solid returns from the newly-acquired DirecTV. They were, however, tempered by falling revenues in other areas. Quarterly revenues were $40.5bn, up 22 …
Shaun Nichols, 21 Jul 2016
mergers and acquisitions

EMC staffers: We are crashing into Dell within weeks

Staffers at EMC and its subsidiaries are to get Dell email addresses from the start of next month as the proposed mega buy edges closer, insiders have told The Register. EMC shareholders last night approved the $62.4bn bid – somewhat lower than the original $67bn offer due to a slide in VMware’s share price – and Chinese anti- …
Paul Kunert, 20 Jul 2016
Pennies in a jar. Photo via Shutterstock

Three pence in a pound awaits Steljes' trade creditors

Unsecured creditors of audio visual distributor Steljes that are owed £6.72m by the fallen specialist will likely receive just three pence in the pound, according to the company’s administrator. Steljes collapsed in late May after cash flow dried up and directors were forced to call on AlixPartners, which decided the only …
Paul Kunert, 19 Jul 2016
VMware CEO Pat Gelsinger

VMware promises multi-cloud connection and management products

VMware CEO Pat Gelsinger has dropped a very strong hint that the company plans to get into multi-cloud connectivity and management. In prepared remarks during the company's Q2 earnings call today, Gelsinger said the company plans to offer “unparalleled connectivity, security and visibility across multi cloud IT resources …
Simon Sharwood, 19 Jul 2016

Hyperloop One lynched in hangman lawsuit

Tensions at the tube-traveling startup Hyperloop One have burst into the open with a lawsuit alleging physical threats, financial mismanagement and a sugardaddy chairman leaving a hangman's noose on a cofounder's chair. The lawsuit [PDF] was brought before a Los Angeles court yesterday by Hyperloop cofounder Brogan BamBrogan, …
Katyanna Quach, 13 Jul 2016
http://www.shutterstock.com/pic-206007979/stock-photo-female-student-using-mobile-phone-in-classroom.html?src=QwV6NI1PxgBasokGhlmPQA-1-27

Student Loans Company burns £50 million in IT project superfail

Exclusive The UK's Student Loans Company has wasted £50m on a canned IT transformation project, designed to provide a “digital by default” system to cope with a major increase in student numbers. The programme was launched in 2013 in conjunction with the Government Digital Service and was intended to be a "robust and agile customer- …
Kat Hall, 13 Jul 2016
Mark Holt Trainline

Trainline.com dumps Oracle and Microsoft, gulps AWS Kool-Aid

Interview Mark Holt, CTO at TheTrainline.com, is an unashamed AWS believer. He is dumping all of its legacy tech in a complete migration to the cloud, with the US cloud firm now being its sole supplier. "Now we have an Oracle Exadata Database Machine that we are about to throw in the river,” he says. That move has had tangible results …
Kat Hall, 13 Jul 2016
Iris flowers

Hype-filled upstart Symbolic IO hires one-time Micron veep

Rob Peglar, Micron’s departed VP for Advanced Storage, is joining Symbolic IO. Instead of evangelising 3D XPoint memory he’ll be talking about ten times faster IRIS Compute. Peglar becomes an SVP and CTO at Symbolic. CEO Brian Ignomirello said in a canned quote: “ When Rob approached us about joining the company, it reinforced …
Chris Mellor, 12 Jul 2016
Robots2, image via Shutterstock

A journey down the UK's '3D Tongue' into its mini industrial revolution

One of the few "horizon" technologies that is really making a difference right now is 3D printing. While other "big hope" concepts such as genetic engineering, nanotech and quantum physics have yet to make much of an impact, 3D has been making immediate inroads into traditional, sometimes ancient manufacturing techniques. …
Marcus Gibson, 12 Jul 2016

Wannabe Prime Minister Andrea Leadsom thinks all websites should be rated – just like movies

The UK's possible future prime minister thinks all websites should be classified with minimum age ratings, just like films. Andrea Leadsom is one of two candidates left in the race for the leadership of the Conservative Party; the winner of which will become the country's Prime Minister. Although many are concerned with the …
Kieren McCarthy, 08 Jul 2016

EU uncorks €1.8bn in cybersecurity investment. Thirsty, UK?

The EU Commission has launched a public-private partnership on cybersecurity that is expected to trigger €1.8bn ($2bn) of investment by 2020. The EU is promising to invest €450m ($502m) in a bid to spur innovation in cybersecurity with the remainder coming from the private sector. Some security commentators reckon the Brexit …
John Leyden, 05 Jul 2016

Researcher pops locks on keylogger, finds admin's email inbox

Trustwave researcher Rodel Mendrez has gained access to the inbox of the criminal behind a commercial keylogger used to attack industries including finance, cloud services, logistics, foreign trade, and government. Mendrez's reverse engineering effort found credentials buried within the Hawkeye keylogger that lead through …
Darren Pauli, 05 Jul 2016
Detroit skyline

Detroit Rock(et Fiber) City: Startup brings 10Gb service to Motown

A project born out of finance house Quicken Loans is making a push to bring broadband to the city of Detroit. Rocket Fiber, which was launched by three former Quicken employees and still operates under its umbrella of companies, began feasibility studies in 2013, laying out cables a year later and finally launching as a …
Shaun Nichols, 04 Jul 2016
John Lewis Magna Park, photo by John Lewis

John Lewis CIO commands brand-new super-group role

Exclusive Iconic British retailer John Lewis has elevated its chief of IT Paul Coby to a brand-new role, overseeing the entire John Lewis Partnership. John Lewis Partnership covers the John Lewis retailer and Waitrose chain of supermarkets and employs 91,500 staff. Companywide that’s 396 physical shops; it’s a major step up for Coby …
Gavin Clarke, 04 Jul 2016
London stock exchange, photo via Shutterstock

London Stock Exchange's German mega-merger: It's a go, despite Brexit

The London Stock Exchange takeover by its German competitor Deutsche Boerse (aka the "Merger of Equals") should still be going forward despite Brexit, but a planned vote by their respective shareholders throws another wildcard into how job cuts are shared between London and Frankfurt. The £12bn deal, announced in March, is due …
Dominic Connor, 04 Jul 2016
Pulling the plug

Bank tech boss: Where we're going, we don't need mainframes

Dutch finance giant ING is moving away from mainframes as “aggressively” as it can, rejecting vendors’ hopes that a little sprinkling of Agile dust will give the venerable platform a new lease of life. Speaking at the DevOps Enterprise Summit in London on Thursday, Ron van Kemenade, CIO ING Bank, detailed the bank’s …
Joe Fay, 01 Jul 2016

Hackers: Ditch the malware, we're in... Just act like a normal network admin. *Whistles*

Hackers almost exclusively use standard network admin tools to move around a compromised network once they’ve broken in using malware or other hacking techniques. Researchers at security startup LightCyber found that 99 per cent of post-intrusion cyberattack activities did not employ malware, but rather employed standard …
John Leyden, 30 Jun 2016

Google hires black man

Google's parent company Alphabet has added finance specialist Roger Ferguson to its board. Ferguson is the CEO of insurance company TIAA and was a former vice chair of the Federal Reserve. He will also be the company's first black man on the board: something that shouldn't be news but is given Silicon Valley's overwhelming …
Kieren McCarthy, 29 Jun 2016
Bad tech buyers

This local council paid HOW MUCH for an SD card?!

An unnamed local council has entered the hall of shame for making the most eye-watering tech purchase of 2015 - coughing up a 1095 per cent margin on an SD memory card. This is according to the annual poll of 200 procurement heads from 24 industries by pricing bench markers KnowledgeBus, which found average margins paid had …
Paul Kunert, 29 Jun 2016
Woman motorist waves from a red car. Photo by Shutterstock

What Brexit means for you as a motorist

The UK has voted in favour of leaving the European Union and in the past few days the markets have reacted violently, plunging the pound to its lowest level against the US dollar since the mid-1980s. Nobody’s really sure what the future holds for the UK or for its economy, but the referendum result has gone against the wishes …
Ryan McElroy, 29 Jun 2016

MPs of Europe unite: Listen up big biz, air your tax deals in public

European MPs have signed an open letter that presses governments across the Continent to publish their complex tax agreements with multinational companies on a country-by-country basis. The missive follows HMRC's £130m tax deal with Google on a decade’s worth of profits made in the UK over ten years. By way of contrast, French …
Kat Hall, 28 Jun 2016
George Osborne

Osborne on Leave limbo: Travel and trade stay unchanged

Keep calm and carry on is the Chancellor’s message to UK firms trading with Europe working with EU staff following last week’s shock victory for Vote Leave. George Osborne made a statement Monday morning designed to calm the markets and business jitters since the referendum result to leave the EU. Osborn stated the fact that …
Gavin Clarke, 27 Jun 2016
Sun shines on the clouds. Photo by Shutterstock

Oracle: Cloud-first for 12.2 update – on-prem world will have to wait

Oracle is cranking up the pressure on customers to consume its wares as-a-service by initially distributing the updated 12.2 database on a cloud-only basis. Talk of the shift - that will prevent the company’s existing installed base of on-premise punters from accessing new multi tenancy functions - was first spotted across the …
Ireland and Great Britain map, image via Shutterstock

Three non-obvious reasons to Vote Leave on the 23rd

Comment I'm just about old enough to remember the 1975 Europe referendum. Old enough to remember leaflets thudding onto the doormat (for every 'NO', there were three for ‘YES’). Most vividly of all I remember my father and our Austrian GP, who lived a few doors down in Teesside, discussing the EEC as he walked his dog past our house. …
Andrew Orlowski, 22 Jun 2016

Feds warn of skyrocketing business compromise scams

The FBI is warning that businesses have handed some US$3.1 billion to email scammers, a whopping 1,300 percent increase in 18 months. Businesses are tricked into sending the cash to would-be chief executive officers who have sufficient company information, obtained through open source searching or hacking, that makes the …
Team Register, 17 Jun 2016

Friends with benefits: A taxing problem for Ireland in a post-Brexit world

Britain outclasses anywhere in the EU for attracting inward investment, partly because it is in the EU, and Brexit will leave some of those tens of billions looking for a new target. Since Ireland already does well in this, Brexit could turn out rather well for the emerald isle. On the surface, a UK exit from the EU could mean …
Dominic Connor, 16 Jun 2016
Logs and an axe

Hackathons aren't just for hipsters

Glancing up from our smartphones, we catch sight of a world that has suddenly become almost entirely different. Surface appearances haven’t changed very much - buildings and cars and all that infrastructure - but behind the scenes nearly everything has been transformed. Everything … except for business practices. Those haven’t …
Mark Pesce, 16 Jun 2016
Xerox split

Xerox lays out BPO breakup plan

Xerox has detailed the plans that will see the legendary compute company split itself into two different branches. The former photocopy king says that it has named Ashok Vemuri as the CEO of what will become the Xerox Business Process Outsourcing (BPO) company. "Ashok's deep industry experience and proven track record of …
Shaun Nichols, 14 Jun 2016

Fujitsu UK calls time on Entatech distie deal

Fujitsu has given Entatech their marching orders following a review of the UK line-up designed to tackle over-distribution, but it has granted a reprieve to Ingram Micro and Arrow ECS to get their act together. Kevin Matthews, UK sales director for Fujitsu’s Technology Products Group, said the review criteria involved sales, …
Paul Kunert, 14 Jun 2016

Australian CompSci boffins score Queen's Birthday gongs

Australian technologists have scored awards in this year's Queen's Birthday Honours. Professor Michael Ralph Fellows has been made a Companion In the General Division Of the Order of Australia (AC) for his numerous contributions to computer science but especially for co-founding the “new field of theoretical computer science …
Simon Sharwood, 13 Jun 2016
Ireland map, photo via Shutterstock

Over Ireland? Bothered by Brexit? Find that new home for your cloud

As we all know, the cloud isn't an amorphous, non-geographical blob of computing. Which is a good thing, because there are plenty of legal implications around where your data lives and where it moves both to and from. The point is, of course, that as the cloud isn't just a cloud, your choice of provider is largely dependent on …
Dave Cartwright, 13 Jun 2016
 Good GCSEs should cost parents a Jesus-phone

Here's what six storage suppliers will be doing for the next year or two

Analyst haus Stifel Nicolaus' MD, Aaron Rakers, has had some fireside chats with senior execs from Brocade and QLogic, Pure and Nimble, Seagate and WDC at a Stifel Nicolaus Technology, Internet & Media Conference in San Francisco. The execs gave their thoughts on HDD demand, HAMR HDD tech, NVME over fabrics, Gen 6 Fibre …
Chris Mellor, 10 Jun 2016

US govt OKs handover of internet's control panel to ICANN

The US government has formally approved a plan to transition control of the internet's administrative tasks to the private sector. In an announcement Thursday, the National Telecommunications & Information Administration (NTIA) gave the green light to a plan developed over two years by the internet community to hand control of …
Kieren McCarthy, 09 Jun 2016
ransomware

Calgary uni pays ransomware criminals $20k for its files back

Administrators at the University of Calgary, Canada, have caved in to criminals and paid a $20,000 ransom to decrypt their computer systems' files after getting hit by a malware infection. Last month, the university fell prey to ransomware, which installed itself on machines, scrambled documents and demanded cash to recover …
Iain Thomson, 08 Jun 2016
Abstract newspaper letters

Salesforce $50m upstart fund

Salesforce has set up a $50m incubator to finance startups using its Lightning development platform, and will give them free workspace in its San Mateo office in California. "Based in the Bay Area, the Salesforce Incubator will provide a space for select companies to innovate, collaborate, share best practices and interact …
Iain Thomson, 07 Jun 2016
Raining money

'We accidentally hit wrong button on Dell buyout – here's $194m for the cockup'

Some former Dell shareholders can thank a voting mishap for an upcoming windfall. Investment house T Rowe Price says it will refund its clients $194m in value lost when it mistakenly supported Dell's 2013 private buyout at a deflated price. According to the finance company, a "voting error" led it to sign off on the proposed …
Shaun Nichols, 07 Jun 2016

Dragons' Den-run cloud biz Outsourcery close to sale – sources

Cash-strapped AIM-listed infrastructure services biz Outsourcery – co-run by former Dragons' Den badass Piers Linney – is close to wrapping up a pre-pack administration, multiple sources have told The Register. Trading in the firm's shares was suspended on Friday after top brass postponed publication of last year's results and …
Paul Kunert, 07 Jun 2016
Still from Waterfalls by TLC - (C) LaFace Arista Epic

Don't go chasing waterfalls, please stick... Hang on. They're back

Since the publication of the Agile Manifesto, there’s been a steady acceptance that Agile is the way to go when it comes to software development. The old waterfall method was seen as something rather quaint and old-fashioned, the equivalent of hanging onto your vinyl LPs when the rest of the world was downloading onto their …
Maxwell Cooter, 07 Jun 2016
Larry Ellison and Nikita Khan

That didn't take long: Shareholders sue Oracle in 'fake cloud sales' row

Just days after Oracle was sued by an ex-employee, who accused the IT giant of making up its cloud sales figures, its shareholders are now hauling the company into court. A complaint [PDF] filed on behalf of Oracle stockholders by investor Grover Klarfeld alleges that the database goliath put their investments in the company …
Shaun Nichols, 06 Jun 2016

Outsourcery: We've had offers for our assets (and, er, shareholders might get nothing)

Investors in beleaguered cloud biz Outsourcery may well take a bath after the company confirmed it is in talks with suitors who made offers for its assets that will leave them little or no return. The Manchester-based biz, set up by former Dragon Den's luvvie Piers Linney, revealed in April it was again running out of cash and …
Paul Kunert, 03 Jun 2016
Lawyer up

Oracle to sue cloud sales 'whistleblower' for 'malicious prosecution'

Oracle isn't known as a shrinking violet when it comes to legal battles, and it's coming out swinging over allegations that it was playing fast and loose with its cloud revenue reporting. On Wednesday, Svetlana Blackburn filed a lawsuit with the US district court in San Francisco claiming that she was fired from the company …
Iain Thomson, 02 Jun 2016

Oracle pulled made-up cloud figures out of its SaaS – whistleblower

An ex-Oracle staffer claims she was fired for refusing to keep quiet about the database giant's exaggerated cloud sales. On Wednesday, Svetlana Blackburn filed a whistleblower lawsuit with the US district court in San Francisco, alleging that she was dismissed on October 15 last year – two months after being given a positive …
Iain Thomson, 02 Jun 2016
George_Kurian

NetApp posts $8m loss as its pivot continues. Feeling comfy, George?

In its fourth fiscal 2016 quarter NetApp revenues were $1.38bn instead of the $1.425bn predicted at the mid-point of its last forecast, and the company made an $8m loss – the second in George Kurian’s tenure as CEO. The revenues were down 10.4 per cent on a year ago and 0.4 per cent from the previous quarter. A year ago NetApp …
Chris Mellor, 26 May 2016
Yahoo! branded bus

Sky! Blue!, Oceans! Wet!, Yahoo! Overvalued!

Yahoo!'s planned sell-off of its core business may not end up bringing the cash return investors had hoped for. Citing sources familiar with the matter, The Wall Street Journal reports that Jerry and David's Guide to the World Wide Web is receiving bids of around $2-3bn on its core business, significantly less than the $4-8bn …
Shaun Nichols, 20 May 2016
lg_rolly_keyboard_648

Symphony enters messaging app market

Entering an already crowded market, Symphony has announced it will produce an iOS app for its cloud-based messaging service. The Google-backed company's service is used largely by financial institutions due to its high-level security, but is currently only available through a browser. The iPhone app will be released next week …
Kieren McCarthy, 20 May 2016