Feeds

Financial News > More stories

'Fangless' activist investor chomps up chunk of Rackspace

A so-called "fangless" activist investor has increased its grip on OpenStack cloud cheerleader Rackspace, with a view to a possible sale. Blue Harbour Group has revealed it now holds a 6.4 per cent stake in the aspiring cloud provider, or 9.1 million shares. The company is reported to have started gobbling up Rackspace shares …
Gavin Clarke, 19 Aug 2014
channel_teaser_money_top

Top money men face up to 2 YEARS in slammer for neglecting to spot crim-cash activity

Senior managers at "money service businesses" face up to two years imprisonment and an unlimited fine if their neglect leads to money laundering or terrorist financing activities, HM Revenue & Customs (HMRC) has warned. In new guidance on its supervision of money services businesses under anti-money laundering rules (65-page/ …
OUT-LAW.COM, 18 Aug 2014
Smart home

Samsung slurps Internet of Home Stuff upstart SmartThings

Samsung is all set to slurp home automation platform SmartThings in another manoeuvre to prime the firm for the Internet of Stuff – if it should ever arrive. SmartThings is a platform that connects a range of consumer IoT devices for the house together into a smartphone app that works on iOS and Android. The company is a smart …
Ciscoblood

Cisco prepares to take $700m hit to make 6,000 layoffs

Cisco has said that it will be hit with $700m in charges in fiscal 2015 in the restructuring plan that will see the firm axe 6,000 employees. The company said in a regulatory filing that it expects to recognise around $250m to $350m of these charges in the first quarter of the next financial year and the rest throughout the year …

Intel teams up with rap chap 50 Cent on heartbeat headphones

The rapper 50 Cent has hooked up with Intel to get his headphone firm making kit for the health-tech wearables set. The pair plan to produce a set of cans which monitor vital stats at the same time as bombarding fit folks' ear drums. Following in the footsteps of the music producer turned Apple employee who self-identifies as " …
Jasper Hamill, 15 Aug 2014

eBay in talks with Bitcoin firms about payments processing

PayPal is reportedly in talks with Bitcoin firms to integrate the e-currency into its recently acquired Braintree payments system, according to the Wall Street Journal. eBay’s subsidiary has been chatting to Bitcoin facilitators like Coinbase about getting Braintree to accept the virtual cash, but has yet to reach any agreements …
arrow pointing up

Lenovo posts an INCREASE in desktop PC and notebook sales

Lenovo, the world’s largest maker of PCs, saw its profits leap 24 per cent this spring. The China-based manufacturer reported first-quarter profits of $211m, compared to $170m for the year before. That was from revenue that jumped 18 per cent to £10.39bn. Earnings per share for the giant were up, from $1.65 to $2.03 for the …
Gavin Clarke, 14 Aug 2014
No Sale

NetApp: Revenues are down – but own brand kit wasn't to blame

Revenues down, profits up and no growth for three years: that's the picture from NetApp's first fiscal 2015 quarter results. The quarter finished on 25 July, and revenues were $1.49bn. They were $1.52bn a year ago, a 2 per cent fall, and $1.65bn in the previous quarter, 10 per cent less and a seasonal pattern. Net income for …
Chris Mellor, 14 Aug 2014
money trap conceptual illustration

Dodgy payday loan ads make up 83% of cases probed by UK's FCA

The majority of cases under investigation by the Financial Conduct Authority now involve online adverts for "cheap" credit services, the regulator has said. Some 80 per cent of the cases it has launched in the past four months involve firms that offer financial products over the internet or through mobile phones. All in all, …
Jasper Hamill, 14 Aug 2014
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

Oz telco results season! Telstra booms, Optus slides

Telstra continues to gorge on the Australian telecommunications market at the expense of its competitors, leaving Optus with a focus on squeezing efficiencies out of its operations to stay profitable. The incumbent and number-two carrier have both announced financial results today, telling starkly different stories. Telstra's …
Ciscoblood

Cisco revenue dip means 6,000 staff to be de-assimilated

Facing rising competition, Cisco has announced another round of layoffs – 6,000 – in financial results that beat analyst expectations but were still flat. Presenting the company's latest quarter results, CEO John Chambers announced the latest round of layoffs, but was at least able to give a sliver of good news, with revenue …
australian credit cards fraud contactless

Amazon takes swipe at PayPal, Square with card reader for mobes

Amazon has launched its own mobile payments device and app at a starting price that undercuts existing tech from Square and PayPal. Youtube Video Amazon’s “Local Register” popped up in a YouTube video and a dedicated site online before the mega etailer officially announced it. Anyone who signs up to the secure card reader by …

CEO of Brit giant Daisy Group in talks to take biz private

Matthew Riley, the man in charge of perpetually hungry comms and tech titan Daisy Group, is part of a consortium that has made advances to buy the LSE-listed biz. The group today confirmed it “received an approach” on 27 July from its largest shareholder Toscafund Asset Management LLP and Penta Capital, as well as Daisy chief …
Paul Kunert, 13 Aug 2014
Dot Hill Assured_SAN_Ultra48

Storage array supplier Dot Hill: Revenues are down, but so are losses

Storage array supplier to OEMs has less to be dismal about with declining revenues but much less of a loss in its second quarter. The business isn't growing, but at least it is not shrinking. Revenues for the second calendar 2014 quarter were $48.2m, the same as the previous quarter but 8.4 per cent down on the year-ago quarter …
Chris Mellor, 12 Aug 2014
Racks inside Rackspace's Sydney Data Centre

Rackspace: Record revenue shows managed cloud strategy 'working'

Despite record revenue growth in the second quarter and good expectations for this quarter, profit at Rackspace Inc was flat, disappointing shareholders. The former hosting firm said it had added thousands of new customers as it tries to transition itself into a cloud company in the midst of serious price competition from the …
SOURCE:  http://www.sxc.hu/browse.phtml?f=view&id=1412135

Leaky channel tanker Phoenix IT Group: It's steady as she goes

Investors received no nasty surprises in a trading update from leaky channel tanker Phoenix IT Group as the turnaround plan plotted by the latest exec at the helm remains on course. The infrastructure and managed services outfit said in an interim management statement covering 1 April until 11 August that trade is “broadly in …
Paul Kunert, 12 Aug 2014

Oh, Emulex: Another quarter, yet more red-splattered results

Emulex results were dismal, never mind what president and CEO Jeff Benck said about achieving "the high end of our revenue guidance." Revenues were down and losses deeper for its fourth fiscal 2014 quarter - ended June 29 - and for the full year. Q4 of financial year 2014's revenues were $99.8m; they were $109.7m last quarter …
Chris Mellor, 11 Aug 2014

Facebook slurps PrivateCore - 'cos your selfies need locking up

Facebook has just bought out the security firm PrivateCore in a bid to keep your selfies that little bit safer. Although the exact terms of the deal have not been publicly announced, Facebook has promised to incorporate the smaller firm's tech into its own stacks. Joe Sullivan, Facebook’s chief security officer, said: "I’ve …
Jasper Hamill, 8 Aug 2014
USB Stress Panic Button

US titan CSC: Our numbers are going nowhere this year

US titan CSC – you remember, the firm that botched the £10.1bn National Programme for IT – is bleeding out slowly, with revenues dwindling and income growth stalling. The bad news for investors and staff respectively is that things are not forecast to get better any time during this fiscal year, and the company is again …
Jasper Hamill, 8 Aug 2014

Serco welcomes former CSC boss to run gov unit

Gardening leave is almost over for former CSC UK bigwig Liz Benison, who is set to rock up at Serco to run its Brit and European local and regional government division from the start of next month. As revealed by The Channel back in April, Benison was replaced at the CSC helm by ex-Cognizant veep Dr Sanjiv Gossain, at the same …
Paul Kunert, 8 Aug 2014
Photo of a stack of $100 bills

Smartcard firm Gemalto slurps SafeNet in $890m securo-boost deal

Security company Gemalto is buying data protection firm SafeNet. The deal, announced Friday, is valued at $890m and is being financed through cash and existing long-term credit facilities. Once completed the acquisition will add data protection technologies to Gemalto's core authentication products and services (e.g. smartcards …
John Leyden, 8 Aug 2014
Farmville on the iPhone

Farmville maker Zynga delays new games after losing 57 MILLION users

Zynga has slashed its financial forecast for this year and delayed the launch of several new titles after reporting weaker-than-expected second quarter results. The company, best known for its FarmVille game on Facebook, has lost 57 million monthly active users since the same quarter last year, dropping to 130 million from 187 …
Dixons Carphone Warehouse

Newly spawned Dixons Carphone leaps onto LSE as £12bn sales org

The shotgun wedding between hard-pressed consumer biz Dixons Retail and Carphone Warehouse was consummated today as the £12bn turnover borg started trading on the London Stock Exchange. The merger between Dixons Retail, owner of Currys and PC World, and Carphone Warehouse was first announced back in May. Dixons Carphone - …
Jasper Hamill, 7 Aug 2014

US giant Avnet plots cost slash fest in EMEA enterprise tech arm

The EMEA wing of enterprise distie Avnet Technology Solutions is again in cost-cutting mode after a double-digit sales dive blighted a growth spurt across the pond as local PC system builders missed out on the XP refresh. Revenues for Q4 of fiscal’14 ended 28 June were $2.73bn, up 0.3 per cent on an organic basis, or 4.2 per …
Paul Kunert, 7 Aug 2014
Spam

This is your chance to help Blighty beat off moneymen's spambots

It used to be said that age knows no class. Perhaps the same can now be said of spam advertising. Some annoying message or other must have reached the gilded timeline of someone at the Financial Conduct Authority, because it has launched a bid to clamp down on the uniquely irritating social media promotions industry – at least …
Jasper Hamill, 7 Aug 2014

UK.gov eyes up virtual currencies, fingers red tape dispenser

The UK government is to review the trade in virtual currencies to investigate whether it should regulated. Chancellor George Osborne said the review would look into the potential of "alternative payment systems" to boost UK growth and would include an assessment of the need to regulate the use of virtual currencies in …
OUT-LAW.COM, 7 Aug 2014
Nutanix cloud appliance

Compute+storage upstart Nutanix reveals $200m-plus run rate

Nutanix, the converged compute+storage box-shifter is shifting more boxes and says it has reached a $200m annual revenue run rate 11 quarters after starting shipments. Its VCP (Virtual Computing Platform) has been bought by 800 customers in 43 counties – the country total was 30 in January. The firm adds that more than 16 …
Chris Mellor, 6 Aug 2014
samsung workers

Samsung sticks with CHILD labor shame fab: Zero-tolerance means 30% less trade

Samsung will do 30 per cent less business with a Chinese parts maker reportedly caught with underage workers at its factory – despite the supplier’s promises to comply with labour laws in future. The South Korean chaebol suspended business with Dongguan Shinyang Electronics, a subsidiary of Shinyang Engineering, when US charity …
management regulation2

LinkedIn settles missed overtime pay case: Will pay $6m to staffers

LinkedIn has agreed to pay around $6m in unpaid overtime wages and damages to 359 of its employees in four states after a US Department of Labor investigation. The government agency found that the business networking firm had failed to record and account for all the hours their staff worked in a week, leaving some staff out of …

Oracle cold bath shrinks Larry Ellison's pay package

Oracle's Larry Ellison, one of the world’s richest men and best-paid CEOs in the US, is getting his pay cut by more than half. The database giant's chief executive has been awarded just 3 million stock options by its compensation committee in its annual review process. That’s down from 7 million the year before and every year …
Gavin Clarke, 5 Aug 2014
BlackBerry Passport

BlackBerry boss John Chen: We're FINISHED (with the job cuts)

BlackBerry has finished its long and painful restructuring process – and is even considering adding new employees. That's according to a leaked staff memo apparently sent by BlackBerry chief exec John Chen. In the file, he wrote that the process of laying off workers, which started three years ago, has now come to an end: "We …
Bus jam

EE rolls out London bus pay-by-bonk app – only fandoids need apply

Riding a London bus is about as pleasurable as trying to saddle a twitchy rhino that has decided to charge at the slightest perceived threat. But the business of bus-based travelling through an ancient city designed with horse and cart in mind might be set to get a teeny bit easier - at least for EE customers with NFC-enabled …
Jasper Hamill, 4 Aug 2014
Bill_Veghte

HP storage revenue downturn? It's just a 'kink', says exec

Analysis HP's first calendar 2014 quarter storage revenue downturn was a blip, according to the global head of its enterprise group – though analysts at IDC may not agree. Bill Veghte, exec veep and GM of HP's Enterprise Group, was speaking about the calendar Q1 numbers that co-incide with HP's second fiscal quarter. He told us the …
Chris Mellor, 1 Aug 2014
padlock

IBM snaps up identity access gatekeeper tech

IBM has snapped up privately held security software firm CrossIdeas. Financial terms of the deal, announced Thursday, were undisclosed. Rome, Italy based CrossIdeas has been developing identity access technology since 2011. Its technology allows CISOs and security teams in big companies to automatically detect conflicts in …
John Leyden, 1 Aug 2014

Insight CEO: We've found bottom line balm to soothe Microsoft pain

Microsoft’s heftiest enterprise licensing pal Insight Enterprises is now managing the biting fee reductions emanating from Redmond to such an extent that it feels enough comfort to lift bottom line forecasts for 2014. In contrast, as the reseller titan rolled out Q2 numbers showing revenues stagnation, it pulled down estimates …
Paul Kunert, 1 Aug 2014
Tesla Sport

Tesla and Panasonic to build NOT-SO-SECRET GigaFactory in US

Tesla has signed a deal with Panasonic which will see both firms collaborate on the construction of one of the world's biggest battery factory. The GigaFactory, as it's been called, will build lithium-ion batteries to satisfy an anticipated boom in demand for electric vehicles. Tesla hopes that the GigaFactory – located in Reno …
Jasper Hamill, 31 Jul 2014

Samsung faces down TAB and smartphone MOUNTAIN HORROR

Samsung has confirmed sluggish sales of smartphones and tablets combined with efforts to shift the stock mountain that cast a shadow over Europe, denting group sales and profits for calendar Q2. The Korean chaebol has been out of step with falling market demand and as exclusively revealed by The Channel back in May, Sammy UK …
Paul Kunert, 31 Jul 2014
BT Openreach van outside Comedy Pub

BT consumer biz saves day: Grr, if it weren't for that meddling Ofcom

Former state-owned telco monopoly BT reported top line declines across the majority of operations for the opening three months of its new financial year with only the consumer biz - fuelled by broadband demand - bucking the trend. Sales for Q1 ended June were two per cent adrift of revenues in the same period a year ago at £638m …
Paul Kunert, 31 Jul 2014
WD Caviar Green 2TB

Disk daddy WD dishes out more drives, but profits dip anyway

For its final fiscal 2014 quarter WD revenues were flat at $3.7bn but profits declined despite the firm having sold a greater number of disk drives. SSD sales declined compared to the previous two quarters. The increased drive demand came from PCs, gaming devices and notebooks but, unfortunately gaming and notebook drives have …
Chris Mellor, 31 Jul 2014

AVG stung as search revenue from freebie scanners dries up

Security software firm AVG net income has fallen from $24.7m in Q2 2013 to $13.7mn in Q2 2014, according to financial results out Wednesday. The profits slide is explained by the slip in revenue from $100.4m in Q2 2013 to $88m in the three months running up to 30 June 2014. AVG responded to the results by revising its outlook …
John Leyden, 31 Jul 2014
Wii U

Nintend-OH NO! Sorry, Mario – your profits are in another castle

Nintendo is reeling after it posted a $96m loss on the quarter to June 30. The Mario maker said that the quarter, its first of the fiscal year, brought total sales of 74.69bn Yen ($726m), down 8.4 per cent over last year's quarter, and a net income loss of 9.92bn Yen ($96m) compared to a 8.62bn profit last year. That eyebrow- …
Shaun Nichols, 30 Jul 2014