Japan's NEC Corp, Hitachi Ltd and Casio Computer Co are in talks to merge their struggling mobile phone manufacturing operations to create Japan's No 2 handset maker, the Yomiuri daily reported on Friday.
Loss-making NEC could hive off its mobile operations and merge it with an existing joint venture between Hitachi and Casio to together develop handsets, or the three could merge their mobile phone production operations, the newspaper said without citing sources.
NEC would be likely to hold a majority of the new firm, it said. The three are struggling in Japan's saturated cellphone market and mounting development costs, said to be about 10 billion yen ($107 million) per handset. In the year ended in March, Sharp Corp controlled over one-fifth of Japan's handset market, followed by Panasonic Corp.
Agencies
Showing posts with label struggling. Show all posts
Showing posts with label struggling. Show all posts
Friday, August 28, 2009
Thursday, April 16, 2009
Will Yahoo layoff hundreds of employees?
Yahoo Inc is gearing up for its third round of mass layoffs in 14 months, signaling the long-slumping Internet company is still struggling to snap out of its financial malaise under a new leadership team.
The cuts will likely affect several hundred employees, a person familiar with the plan said, confirming a report first published on The New York Times' Web site.
The person asked to remain anonymous because Yahoo isn't publicly discussing anything that might affect its stock price until the April 21 release of the Sunnyvale, California-based company's first-quarter earnings report.
Most analysts expect those results to be lackluster, extending a pattern of disappointing profits that began in 2006.
Yahoo hired technology veteran Carol Bartz as its chief executive in January to steer a turnaround. The blunt-talking Bartz has spent much of her tenure trying to understand Yahoo's strengths and weaknesses while promising to throw out the dead wood. She already has reorganized Yahoo's management team.
Bartz's predecessor, Yahoo co-founder Jerry Yang, also tried to shake things up by laying off about 1,000 workers in February 2008 only to expand the payroll again in the next few months. Just before Bartz's hiring, Yahoo eliminated more than 1,500 jobs to enter 2009 with 13,600 workers.
When they made the last cuts, Yahoo executives warned more layoffs could be coming if the recession worsened — an unwelcome turn that occurred during the first three months of the year.
The deepening downturn has caused more advertisers to trim their spending, a trend that has hurt all companies like Yahoo that depend on advertising for most of their revenue. The retrenchment has been a bigger problem for more traditional media, particularly newspapers, but it's also forcing Internet companies to tighten their belts.
Even Internet search leader Google Inc, which generates three times more revenue than Yahoo, decided to lay off about 340 workers and curb other expenses during the first quarter to bolster its profits during the tough times.
Agencies
The cuts will likely affect several hundred employees, a person familiar with the plan said, confirming a report first published on The New York Times' Web site.
The person asked to remain anonymous because Yahoo isn't publicly discussing anything that might affect its stock price until the April 21 release of the Sunnyvale, California-based company's first-quarter earnings report.
Most analysts expect those results to be lackluster, extending a pattern of disappointing profits that began in 2006.
Yahoo hired technology veteran Carol Bartz as its chief executive in January to steer a turnaround. The blunt-talking Bartz has spent much of her tenure trying to understand Yahoo's strengths and weaknesses while promising to throw out the dead wood. She already has reorganized Yahoo's management team.
Bartz's predecessor, Yahoo co-founder Jerry Yang, also tried to shake things up by laying off about 1,000 workers in February 2008 only to expand the payroll again in the next few months. Just before Bartz's hiring, Yahoo eliminated more than 1,500 jobs to enter 2009 with 13,600 workers.
When they made the last cuts, Yahoo executives warned more layoffs could be coming if the recession worsened — an unwelcome turn that occurred during the first three months of the year.
The deepening downturn has caused more advertisers to trim their spending, a trend that has hurt all companies like Yahoo that depend on advertising for most of their revenue. The retrenchment has been a bigger problem for more traditional media, particularly newspapers, but it's also forcing Internet companies to tighten their belts.
Even Internet search leader Google Inc, which generates three times more revenue than Yahoo, decided to lay off about 340 workers and curb other expenses during the first quarter to bolster its profits during the tough times.
Agencies
Saturday, November 22, 2008
Citi likely to replace Vikram Pandit as CEO
Citigroup's Board is considering firing its Chief Executive Vikram Pandit, who was appointed as CEO late last year to infuse confidence, as the banking giant finds itself searching for hope all over again.
Replacing Pandit – an enthusiastic defender of the company's existing mix of businesses – is one of the options being considered by Citi executives, along side selling all or part of the company, a public endorsement from the government or a new financial lifeline to stabilise the banking behemoth, after its shares took a sharp plunge this week.
In a series of tense meetings and telephone calls, the executives weighed several options, including whether to replace Citigroup's chief executive Vikram S Pandit or to sell all or part of the company, the New York Times reported.
The paper reported that the company's executives on Friday entered into talks with federal officials about how to stabilise the struggling financial giant.
The report came amidst some analysts saying that infusion of $50 to $100 billion might be needed to bail out the bank.
The course of action, however, remained uncertain on Friday night, the people involved in talks were quoted as saying, and other options may yet emerge. But after a year of gaping losses and an accelerating decline in share price, Citigroup, which has $2 trillion in assets and operations in scores of countries, is running out of time, analysts were quoted by The New York Times as saying.
The paper said, Citigroup's management and some board members held several calls with Henry M Paulson Jr, the Treasury secretary, and with the president of the Federal Reserve of Bank of New York, Timothy E Geithner, who later emerged as President-elect Barack Obama's choice to be Treasury secretary.
Source: PTI
Replacing Pandit – an enthusiastic defender of the company's existing mix of businesses – is one of the options being considered by Citi executives, along side selling all or part of the company, a public endorsement from the government or a new financial lifeline to stabilise the banking behemoth, after its shares took a sharp plunge this week.
In a series of tense meetings and telephone calls, the executives weighed several options, including whether to replace Citigroup's chief executive Vikram S Pandit or to sell all or part of the company, the New York Times reported.
The paper reported that the company's executives on Friday entered into talks with federal officials about how to stabilise the struggling financial giant.
The report came amidst some analysts saying that infusion of $50 to $100 billion might be needed to bail out the bank.
The course of action, however, remained uncertain on Friday night, the people involved in talks were quoted as saying, and other options may yet emerge. But after a year of gaping losses and an accelerating decline in share price, Citigroup, which has $2 trillion in assets and operations in scores of countries, is running out of time, analysts were quoted by The New York Times as saying.
The paper said, Citigroup's management and some board members held several calls with Henry M Paulson Jr, the Treasury secretary, and with the president of the Federal Reserve of Bank of New York, Timothy E Geithner, who later emerged as President-elect Barack Obama's choice to be Treasury secretary.
Source: PTI
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