Feeds

Financial News > More stories

Newsnight goes sour on Tech City miracle

+Sketch BBC's Newsnight decided to get a reality check on Britain's economic miracle of East London's "Tech City Cluster" on Friday, and asked me if I'd like to contribute. With a hangover and not much sleep the night before? Of course I would. Radio 4's Today and BBC2's Newsnight are invitations you don't turn down if you think you've …
Andrew Orlowski, 31 Mar 2014
Blackberry_bold_9000_all_sides

BlackBerry revenue slips below $1bn as users shun BB10

BlackBerry's revenue slipped below a billion dollars in the fourth fiscal quarter for the first time since 2007, as its smartphone sales continued to slide, but its losses were slightly less than expected. The ailing Canadian firm reported a net loss of nearly $6bn for the year up to the start of March and a loss of $423m for …
78rpm records

Pop music, tech bubble... what could go wrong? Spotify said to be closer to IPO

Spotify could be making its much-rumoured market debut as soon as six months from now, after reportedly starting talks with investment banks for an IPO. Those chatty sources "familiar with the process" told Quartz that the music streaming service was considering going public in autumn this year. The report adds fuel to a well- …
balaclava_thief_burglar

SEC mulls how to save markets from hackers: How about a CRACK TEAM... of advisers?

The Securities and Exchange Commission (SEC) invited security and finance experts to Washington yesterday to discuss cybersecurity issues and whether companies and stock markets should be required to immediately disclose attacks and invest in protecting their systems. SEC commissioner Luis Aguilar said that the agency needed to …

Terminator-maker 'Cyberdyne Inc' lists on Tokyo stock exchange

El Reg readers of a more fatalistic disposition may be dismayed, but probably not surprised, to hear that Cyberdyne - the company that invented Skynet and ultimately the murderous "Terminator" machines - has just listed on the Tokyo stock exchange. Of course, it’s not the shadowy defence firm of the iconic Arnie films, which …
Phil Muncaster, 27 Mar 2014
Candy Crush Saga

Candy Crush King sees IPO go sour as stock price heads south

Mobile games firm King Digital failed to take the stock market by storm Wednesday as the firm's initial public offering (IPO) saw its stock price decline by more than 15 per cent at close of trading. The company made famous for its Candy Crush mobile game had been seeking a valuation of roughly $7bn wen it offered its shares on …
Shaun Nichols, 27 Mar 2014
A shiny new cash point

Forget sledgehammers – crooks can CRACK ATMs with a TEXT

Mexican cybercrooks are targeting bank ATMs with malware that can be activated by a SMS message that forces compromised cash machines to spew out cash. The attack is a refinement on previous assaults using the Ploutus backdoor strain of malware that makes robbing cash machines even easier for local banditos, according to net …
John Leyden, 26 Mar 2014

GSMA: EU net neutrality reforms are the enemy of business

Proposed reforms designed to ensure net neutrality across the European Union will hinder innovation to the detriment of businesses and consumers, according to a leading global mobile operators' association. The GSMA, which represents almost 800 mobile operators worldwide, said that EU proposals to prevent internet service …
OUT-LAW.COM, 25 Mar 2014
Kim Dotcom

Dotcom's Mega looks for a backdoor onto NZ stock exchange

Kim Dotcom’s cloud storage business Mega Ltd has announced plans to go public with a NZ$210 million (£109m) backdoor listing on the New Zealand stock exchange, which will open the firm up to a whole new level of scrutiny. Backdoor listings are usually enacted by smaller firms looking to go public without the cost and hassle of …
Phil Muncaster, 25 Mar 2014
padlock

Palo Alto Networks splashes $US200 million on Cyvera

Palo Alto Networks has announced that it's buying Tel Aviv-based Cyvera for $US200 million, including $US88 million in cash. The attraction is the Israeli company's TRAPS (Targeted Remote Attack Prevention System), an endpoint protection system for Windows machines, which PAN will add to its existing firewall and cloud security …
wall_street

Box shock stock doc clocks 250 million bucks

Box has filed its hotly anticipated initial public offering (IPO) paperwork to the US Securities and Exchange Commission (SEC). The upstart's S-1 document was published this afternoon, US West Coast time, putting in motion its stock market debut. Box, which provides online file-sharing for businesses, wants to raise $250m from …
Shaun Nichols, 24 Mar 2014
Broke - empty pockets

Miserly investors toss $11m at storage upstart Amplidata

Is this thin investment provisioning in action? Object storage startup Amplidata has had $11m chucked at it to grow the business – a relatively trifling amount. Amplidata develops and sells the AmpliStor object storage product, which is OEMed as Lattus by Quantum. It uses a component of its StorNext multi-tier file …
Chris Mellor, 24 Mar 2014
First official pic of Ashton Kutcher as Steve Jobs

Zuckerberg, Musk and Fake Steve Jobs invest in secretive AI firm

Elon Musk and Mark Zuckerberg have become some of the latest investors in secretive artificial intelligence software firm Vicarious. The SpaceX billionaire and the Facebook founder took part in a $40m funding round, the second major cash-raising from the firm in the last two years, the Wall Street Journal reported. The actor who …
New York City's Manhattan skyline

Airbnb might get $10bn price tag ... despite its legal woes

Airbnb, the online home-rental marketplace, is in talks to raise funding from private equity firms that would value the company at a sturdy $10bn. New York City's Manhattan skyline Those kind of valuations are par for the course for today's net startups really, but it's still a strong vote of confidence for a company that's …
Padmasree Warrior

Sync'n'sharers Box snaffle Cisco's Warrior CTO .... IPO time?

File sync'n'sharer Box has recruited a big hitter to its board: Cisco’s chief technology officer. Padmasree Warrior, the capable chief technology and strategy officer for Cisco, is becoming a director at Box, where the CEO is co-founder Aaron Levie, and the goal is, we understand, an IPO. She will be the second independent …
Chris Mellor, 21 Mar 2014
closed_sign shut down under collapsed liquidation

Ad-funded mobile carrier goes titsup

OVIVO, a mobile virtual network operator that did not charge for calls, SMS or data, has suddenly closed its doors. The carrier has pulled down almost all of its site, save for a home page stating “We are very sad to announce that for reasons beyond our control, OVIVO Mobile is closing down on the evening of Wednesday 19th March …
Simon Sharwood, 20 Mar 2014
Elephant

Cloudera bags $160m from Google Ventures and Mike Dell

Cloudy startup Cloudera has raised $160m from top investors including T Rowe Price and Google Ventures in its latest funding round to expand further into the big data market. "Cloudera will use the funding to further drive the enterprise adoption of and innovation in Hadoop and promote the enterprise data hub (EDH) market, …
wall_street

Oracle takes an arrow to the EPS: It's that darned strong dollar... again

Oracle is claiming a $9.3bn haul of revenues, up 4 per cent year-on-year, in its third quarter of fiscal 2014 – but that fell short of Wall Street analyst earnings expectations. The company said that on the quarter it saw GAAP earnings per share of $.56, up 8 per cent and just short of the projected 10 per cent increase. Overall …
Shaun Nichols, 19 Mar 2014

MtGox allows users to see a picture of their money, but not have it

Bitcoin exchange MtGox has finally allowed thousands of concerned customers to view their balances, but not to withdraw the digital funny money. On its website, MtGox said it would let users look at their accounts as long as they were happy not to touch. "This balance confirmation service is provided on this site only for the …
Jasper Hamill, 18 Mar 2014
Spain

Spanish cable firm Ono says oh yes to €7.2bn Vodafone takeover

As has been widely speculated, the Spanish cable company Ono has accepted a €7.2bn (£6bn) offer from Vodafone, dropping its plans for an IPO. Vodafone is growing its unified communications strategy across Europe and this follows a similar purchase of Kable Deutschland. The price of 7.5 times EBITA is considered low by some …
Simon Rockman, 17 Mar 2014
French fries

Takeaway order spewer Just Eat plans to raise £100 MEEELLION in IPO

Online takeaway aggregator Just Eat is hoping to raise a hefty £100m from an initial public offering on the London Stock Exchange. The 13-year-old Danish firm connects hungry folks to local takeaway and delivery services in 13 countries, including the UK, France, Canada and Ireland and claims to have had revenue of £96.8m last …
alibaba logo

Alibaba float could make Facebook's look like small change

Chinese tat bazaar e-commerce and cloud giant Alibaba Group has finally announced plans to IPO, but in something of a surprise it will take place in the US rather than Hong Kong. The firm, which runs China’s hugely popular Taobao and T-Mall e-commerce platforms, could be valued as high as $200 billion and may even raise more …
Phil Muncaster, 17 Mar 2014

NetApp to 'realign', cut 600 jobs worldwide

NetApp has announced it will cut 600 jobs around the world, as part of a plan to adopt “... a business realignment plan designed to focus its resources on key strategic initiatives and streamline its business in light of the constrained IT spending environment.” The company announced the plan today in a form 8-K filed with the …
Simon Sharwood, 13 Mar 2014
Candy Crush Saga

Candy Crush King plans IPO valuing it at $7.6 BEEELLION

European mobile gaming firm King has updated its plans for an initial public offering in the US, telling the Securities and Exchange Commission that it wants to sell its shares for between $21 and $24 each, valuing itself at around $7.6bn. The Candy Crush Saga-maker is hoping to sell 22.2 million stocks and raise around $533m in …
Microsoft campus

Shift up, Ballmer: Microsoft expands board, makes room for activist investor

Microsoft has appointed activist investor Mason Morfit to its board after his investment firm ValueAct Capital agitated for a greater say on how the company is run. ValueAct bought a $2bn stake in the software firm last April and immediately started to campaign for change at the company. By August, Microsoft had capitulated, …

Hey IBM – Lenovo here. Sort your server factory strike out, will you?

Chinese PC maker Lenovo has shrugged its shoulders at a strike in a server factory in China, saying that it's up to IBM to sort out the dispute before its server business transfers to Lenovo later this year. Yet Lenovo has said that it will keep the same salaries and benefits in place for Big Blue employees moving across. More …
Workers in a Foxconn plant, credit: Steve Jurvetson from Menlo Park, USA

Foxconn preps for Peak Apple with FIFTEEN THOUSAND new hires

Foxconn, also known as Hon Hai Precision Industry Co, has embarked on a hiring spree in Taiwan and will welcome more than 15,000 new workers through its doors during the coming year. More than a million people now work for Hon Hai, which builds iStuff for Apple. The new staff will work in 4G wireless services, cloud computing …
Jasper Hamill, 11 Mar 2014
PayPal

eBay rejects Carl Icahn's board nominees as 'inexperienced'

eBay has rejected both of Carl Icahn's nominees for its board, saying they're not qualified for the job – and has urged its investors to do the same. The online marketplace said in a pre-annual general meeting filing that it had looked at the candidates proposed by the activist investor, who's agitating to get the firm to spin …

'Hacked docs' prove MtGox has 1 MILLION Bitcoins, claim blog-snatchers

Hackers have released what they claim are genuine documents which they say prove the stricken exchange still controls almost a million Bitcoins. As Bitcoin exchange MtGox was filing for bankruptcy in the US on Sunday, a group of hackers took over MtGox CEO Mark Karpeles' personal blog, which has since been taken down, and posted …
Jasper Hamill, 10 Mar 2014

Violin CEO gazes at red-smeared accounts: Firm posts $149m loss

Incoming CEO Kevin DeNuccio has presided over Violin Memory's first quarterly results since assuming the hot seat and painted a real poor picture. The only way is up, right? It's traditional; an incoming CEO rescuing a troubled firm clears out all the lousy items on the first earnings call to help make subsequent ones look good …
Chris Mellor, 7 Mar 2014

PayPal mudslingfest TELEVISED: Icahn and Donahoe go on telly

The fight between activist investor Carl Icahn and eBay over the fate of PayPal has hit the media, after Icahn claimed that he'd "never seen worse corporate governance" at another firm. Speaking to CNBC television, Icahn criticised the firm's governance policy and also said that eBay chief exec John Donahoe shouldn't have …

Blimey! ANOTHER Bitcoin bleed brouhaha

A cryptocurrency exchange called Poloniex has lost more than ten per cent of its entire stash of Bitcoin after allegedly being hacked. Tristan D'Agosta, who runs Poloniex under the pseudonym Busoni, admitted to the loss and issued a comprehensive rundown of what went wrong. This approach contrasts starkly with the wall of …
Jasper Hamill, 6 Mar 2014

Speaking in Tech: Really... $19bn. For WhatsApp?

Podcast speaking_in_tech Greg Knieriemen podcast enterprise Hosted by Greg Knieriemen, Ed Saipetch and Sarah Vela. This week, Greg, Eddie and Sarah are all together and chew the fat about Mobile World Congress, Carl Icahn's effect on business and THAT Facebook post which cost a family $80,000. Next week's episode will be recorded as …
Team Register, 5 Mar 2014

Icahn and I will: Carl's war on eBay goes NUCLEAR over Skype

Carl Icahn has pressed the red button in his war on eBay and has demanded access to all its records documenting the sale of VoIP firm Skype. The irate investor has published another of his infamous open letters in which he savages eBay management, and board director Marc Andreessen in particular. Icahn wants to launch a full …
Jasper Hamill, 4 Mar 2014
hands waving dollar bills in the air

ROBOCOP statue, Minecraft film, revived Sinclair ZX Spectrum...

Crowd-funding broker Kickstarter has surpassed the $1bn mark for funding on its projects, which include a RoboCop which just stands there in the cash-strapped Michigan city of Detroit and a calendar featuring cats dressed up as magical creatures. The company on Monday said that its projects have amassed more than billion dollars …
Shaun Nichols, 4 Mar 2014
Tesla Model S

Tesla wants $1.6bn to help fund $5bn TOP SECRET Gigafactory

Tesla Motors has released a smattering of details about its planned battery "Gigafactory", although it was hardly the in-depth announcement people were expecting. Elon Musk's electric carmaker said the massive plant would be getting $4bn to $5bn of investment in the next six years, around $2bn of which Tesla itself is expecting …
channel_partners_deal_handshake

Lenovo banks on $1 BEELLION Moto turnaround in SIX quarters

Lenovo boss Yang Yuanqing has boasted that he can wipe Motorola Mobility’s $1bn-a-year (£600m) losses in just six quarters once his firm takes the helm at the handset maker. Yang told Bloomberg on the sidelines of Mobile World Congress this week that he could make the turnaround without the need to cut any jobs. “Don’t be …
Phil Muncaster, 27 Feb 2014
Bitcoins

MtGox has VANISHED. So where have all the Bitcoins gone?

Almost one in 10 of the world's Bitcoins disappeared during the collapse of MtGox, it has been claimed. The allegations were made in what was purported to be an "internal MtGox crisis presentation". The sloppily written briefing claimed that 744,408 Bitcoin were stolen over a period of several years. There are currently about 12 …
Jasper Hamill, 25 Feb 2014

Distie giant Tech Data's profits collapse amid beancounter probe

Fresh from restating P&L accounts for fiscal 11', '12 and '13, box-flinging demon distie Tech Data has released some delayed numbers for the nine months to 31 October and they make for happy reading… if you are a rival. The world's second largest tech wholesaler earlier this month published a report on the embarrassing …
Paul Kunert, 25 Feb 2014
Sina Weibo logo

Sina rumoured to be prepping Weibo for $500m US-based IPO

Chinese web giant Sina has picked two of the big banks to prep its Twitter-alike microblogging site Weibo for an IPO in the US. Goldman Sachs and Credit Suisse have been taken on to help the site manage a debut onto the market in New York, sources told the Financial Times and Reuters. Weibo, which is hugely popular in China, is …

Pics: 'Bitcoin ATMs' spring up in the US

America is getting its first IRL dealing with Bitcoin as a pair of digital currency "ATMs" went online this week. The machines, which allow cash deposits and Bitcoin withdrawals – but not cash withdrawals – were launched just hours apart by separate companies in Boston and Albuquerque, are the first of their kind to appear in …
Shaun Nichols, 24 Feb 2014
Groupon office screen

Groupon plans MORE losses next quarter: Will lob wads of cash down marketing's maw

That brief period where it looked like voucher bazaar Groupon might actually make some money could be over already. The site has forecast a quarterly loss for its next financial results as it turns to advertising to try to keep its fortunes on track. Groupon said it was going to use a swathe of its money on advertising its …