Agilent Technologies Inc said it will lay off 2,700 workers and halt share buybacks as the scientific-instrument maker struggles with a huge drop in demand.
The company expects revenue in its electronic-measurement segment to drop 30 per cent in fiscal 2009 -- the lowest level in its 10-year history.
Revenue in its chip and board test segment is expected to fall 50 per cent from the 2008 level, and 65 per cent from its peak volume.
Agilent is cutting annual costs by $300 million in its electronic-measurement segment and by $10 million in its chip and board test segment.
The company will also suspend share buybacks for the rest of its fiscal year, which ends in October.
The 2,700 layoffs bring the number of employees who have been laid off since December 2008 to 3,800, spokeswoman Amy Flores said, marking a 20 per cent cut in workers since the end of last year.
The moves entail cash costs of about $160 million. “Business remains severely depressed, and there are no prospects for a meaningful recovery in the foreseeable future,'' Chief Executive Bill Sullivan, said in a statement released by the company.
Agencies
Saturday, March 28, 2009
Toshiba to take over 100 percent of Panasonic LCD JV
Japan's Toshiba Corp plans to take a 100 per cent stake in its struggling liquid crystal display (LCD) joint venture with Panasonic Corp, a source with knowledge of the matter said.
Toshiba Matsushita Display Technology, currently owned 60 per cent by Toshiba and 40 per cent by Panasonic, is the world's second-largest maker of small and midsized LCD panels used in cell phones, car navigation systems and other devices.
Toshiba has decided to buy Panasonic's 40 per cent stake for several billion yen, the source said, confirming an earlier report in the Nikkei business daily.
No one at Toshiba or Panasonic, formerly named Matsushita Electric Industrial, was immediately available for comment.
The source spoke on condition of anonymity because the deal has not yet been made public.
Hit by falling prices and sluggish demand, Toshiba Matsushita Display is expected to post an operating loss of 30 billion yen on sales of 270 billion yen for the financial year ending this month.
Despite the earnings downturn, Toshiba still views the small and midsize display business as an important business and taking a 100 per cent stake will allow it to accelerate decision-making and restructuring, the source said.
Toshiba is planning to cut costs by 300 billion yen in the next business year from April as it braces for its worst-ever annual loss in the year ending this month.
At the same time the deal should allow Panasonic, the world's top maker of plasma TVs, to focus more of its resources on large displays, though it will still hold 25 per cent in another small and midsized LCD venture majority-owned by Hitachi Ltd.
Toshiba Matsushita Display held 10.3 per cent of the global market for small and midsize LCDs in 2008, second only to Sharp Corp's 20.2 per cent share, the Nikkei said, citing figures from research firm DisplaySearch.
The move will mark the latest realignment of the LCD sector.
Earlier this month NEC Corp said it would close a LCD plant in Japan while Sony Corp and Seiko Epson Corp announced that they were considering an alliance in small-sized LCDs.
After making the venture wholly-owned, Toshiba plans to scale back production of amorphous silicon panels, which have been hit hard by sliding prices, and focus on higher-end polycrystalline silicon panels, the Nikkei said.
Agencies
Toshiba Matsushita Display Technology, currently owned 60 per cent by Toshiba and 40 per cent by Panasonic, is the world's second-largest maker of small and midsized LCD panels used in cell phones, car navigation systems and other devices.
Toshiba has decided to buy Panasonic's 40 per cent stake for several billion yen, the source said, confirming an earlier report in the Nikkei business daily.
No one at Toshiba or Panasonic, formerly named Matsushita Electric Industrial, was immediately available for comment.
The source spoke on condition of anonymity because the deal has not yet been made public.
Hit by falling prices and sluggish demand, Toshiba Matsushita Display is expected to post an operating loss of 30 billion yen on sales of 270 billion yen for the financial year ending this month.
Despite the earnings downturn, Toshiba still views the small and midsize display business as an important business and taking a 100 per cent stake will allow it to accelerate decision-making and restructuring, the source said.
Toshiba is planning to cut costs by 300 billion yen in the next business year from April as it braces for its worst-ever annual loss in the year ending this month.
At the same time the deal should allow Panasonic, the world's top maker of plasma TVs, to focus more of its resources on large displays, though it will still hold 25 per cent in another small and midsized LCD venture majority-owned by Hitachi Ltd.
Toshiba Matsushita Display held 10.3 per cent of the global market for small and midsize LCDs in 2008, second only to Sharp Corp's 20.2 per cent share, the Nikkei said, citing figures from research firm DisplaySearch.
The move will mark the latest realignment of the LCD sector.
Earlier this month NEC Corp said it would close a LCD plant in Japan while Sony Corp and Seiko Epson Corp announced that they were considering an alliance in small-sized LCDs.
After making the venture wholly-owned, Toshiba plans to scale back production of amorphous silicon panels, which have been hit hard by sliding prices, and focus on higher-end polycrystalline silicon panels, the Nikkei said.
Agencies
Friday, March 27, 2009
Has Spice Corp pulled out of Satyam bid?
Noida based BK Modi promoted Spice Corp has pulled out of the bid process for Satyam 'at least for the moment'. The company cites non-transparency as the reason for pulling out. "We are pulling out of the Satyam bid at least for the moment.
We have sent a letter to the Satyam board and former Chief Justice SP Bharucha, who is supervising the bid process. The bid process should have been in line with the order of the Company Law Board," said a company top executive overlooking the bid.
The company was reportedly unhappy over Satyam board not disclosing the names of other shortlisted bidders and making the auction 'open'. It was also not happy with the fact that the second round includes another ‘closed’ technical evaluation' post the one which has already happened post EoI submission.
"As it is only a few bidders are left, what constrains the company from not making the auction process public for the benefit of all shareholders?," the executive added. The company spokesperson however added that Spice might relook at their decision if Satyam makes the bid process 'open and transparent' as advised by CLB.
April 9 is the last date for submission of financial bids for shortlisted players. Spice, L&T and Tech Mahindra are amongst a few bidders shortlisted to participate in the second round.
Economictimes
We have sent a letter to the Satyam board and former Chief Justice SP Bharucha, who is supervising the bid process. The bid process should have been in line with the order of the Company Law Board," said a company top executive overlooking the bid.
The company was reportedly unhappy over Satyam board not disclosing the names of other shortlisted bidders and making the auction 'open'. It was also not happy with the fact that the second round includes another ‘closed’ technical evaluation' post the one which has already happened post EoI submission.
"As it is only a few bidders are left, what constrains the company from not making the auction process public for the benefit of all shareholders?," the executive added. The company spokesperson however added that Spice might relook at their decision if Satyam makes the bid process 'open and transparent' as advised by CLB.
April 9 is the last date for submission of financial bids for shortlisted players. Spice, L&T and Tech Mahindra are amongst a few bidders shortlisted to participate in the second round.
Economictimes
GobalLogic expands Bangalore centre
GlobalLogic Inc, the leader in global product development services, has expanded its newest centre in Bangalore.
LumenData, an innovative product company specializing in data management, has partnered with GlobalLogic for product development and implementation.
"We feel privileged that LumenData has chosen GlobalLogic as its partner to expand its presence in Bangalore," said Peter Harrison, CEO of GlobalLogic.
"GlobalLogic seeks only highly skilled engineers with several years of experience to join its global team. The centre in Bangalore is critical to our recruitment efforts in India. It's an important technology hub that gives us access to a pool of highly talented engineers," he said in a statement here today.
GlobalLogic has engineering centres in Eastern Europe, Israel, China and the US.
It helps software product companies innovate. In contrast to many firms that focus on IT services, GlobalLogic specializes in product R&D for emerging and established companies.
Agencies
LumenData, an innovative product company specializing in data management, has partnered with GlobalLogic for product development and implementation.
"We feel privileged that LumenData has chosen GlobalLogic as its partner to expand its presence in Bangalore," said Peter Harrison, CEO of GlobalLogic.
"GlobalLogic seeks only highly skilled engineers with several years of experience to join its global team. The centre in Bangalore is critical to our recruitment efforts in India. It's an important technology hub that gives us access to a pool of highly talented engineers," he said in a statement here today.
GlobalLogic has engineering centres in Eastern Europe, Israel, China and the US.
It helps software product companies innovate. In contrast to many firms that focus on IT services, GlobalLogic specializes in product R&D for emerging and established companies.
Agencies
IBM-Sun talks on merger to extend beyond a few weeks
IBM's talks to acquire Sun Microsystems Inc are continuing and may extend beyond next week, according to a person with knowledge of the matter.
IBM is still examining Sun's business as part of its due diligence process, said the source, who was not authorized to speak about the talks and therefore requested anonymity.
Neither IBM nor Sun has issued any statement to say they are in talks, although sources said last week that the two sides are negotiating a merger that would bolster IBM's high-end server and software business.
The Wall Street Journal reported on March 18 that IBM could pay as much as $8 billion for Sun, amounting to a 100 percent premium for the high-end server computer maker. If a deal is sealed, it would be IBM's largest acquisition.
The source said on Thursday that IBM's due diligence process, or examination of Sun's business, was necessary considering Sun's size and complexity.
An IBM spokesman declined to comment, and Sun was not immediately available.
Some analysts have said Sun would bolster IBM's position against rivals like Hewlett-Packard Co and Cisco Systems Inc, both of which have been acquiring smaller, niche technology firms to broaden their product and service offerings.
Agencies
IBM is still examining Sun's business as part of its due diligence process, said the source, who was not authorized to speak about the talks and therefore requested anonymity.
Neither IBM nor Sun has issued any statement to say they are in talks, although sources said last week that the two sides are negotiating a merger that would bolster IBM's high-end server and software business.
The Wall Street Journal reported on March 18 that IBM could pay as much as $8 billion for Sun, amounting to a 100 percent premium for the high-end server computer maker. If a deal is sealed, it would be IBM's largest acquisition.
The source said on Thursday that IBM's due diligence process, or examination of Sun's business, was necessary considering Sun's size and complexity.
An IBM spokesman declined to comment, and Sun was not immediately available.
Some analysts have said Sun would bolster IBM's position against rivals like Hewlett-Packard Co and Cisco Systems Inc, both of which have been acquiring smaller, niche technology firms to broaden their product and service offerings.
Agencies
Search engine major Google to improve search facilities
Google has its globally popular Internet search service to understand relationships between words, as the company bids to better grasp what Web users are looking for.
Along with taking into account intended meanings of search terms, Google beefed up results pages with longer snippets in summary paragraphs focused on what people appear to be seeking.
"We're deploying a new technology that can better understand associations and concepts related to your search," Google search quality team technical lead Ori Allon and snippets team engineer Ken Wilder wrote in a blog post.
"We are now able to target more queries, more languages, and make our suggestions more relevant to what you actually need to know."
Internet search services have traditionally been based on matching key words typed into query boxes with words at websites or in other online data.
There has been growing interest in "semantic searches" that are smart enough to go beyond simply matching words to understanding what sentences or combinations of words mean.
A longstanding concern has been whether companies will be able to implement technology that can process the increasingly complex searches with the high speed that Internet users have come to expect.
Microsoft recently confirmed it is testing a Kumo.com semantic search engine it hopes will be more popular than its Live Search service that has long been mired in a distant third place behind Yahoo and market leader Google.
Google on Tuesday rolled out semantic search capabilities in 37 languages. Examples given by Wilder and Allon included a search in Russian for "fortune-telling with cards" yielding search results that included "tarot" and "divination."
A Google search in English for "principles of physics" triggers suggestions to inquire about "big bang" and "quantum mechanics."
Agencies
Along with taking into account intended meanings of search terms, Google beefed up results pages with longer snippets in summary paragraphs focused on what people appear to be seeking.
"We're deploying a new technology that can better understand associations and concepts related to your search," Google search quality team technical lead Ori Allon and snippets team engineer Ken Wilder wrote in a blog post.
"We are now able to target more queries, more languages, and make our suggestions more relevant to what you actually need to know."
Internet search services have traditionally been based on matching key words typed into query boxes with words at websites or in other online data.
There has been growing interest in "semantic searches" that are smart enough to go beyond simply matching words to understanding what sentences or combinations of words mean.
A longstanding concern has been whether companies will be able to implement technology that can process the increasingly complex searches with the high speed that Internet users have come to expect.
Microsoft recently confirmed it is testing a Kumo.com semantic search engine it hopes will be more popular than its Live Search service that has long been mired in a distant third place behind Yahoo and market leader Google.
Google on Tuesday rolled out semantic search capabilities in 37 languages. Examples given by Wilder and Allon included a search in Russian for "fortune-telling with cards" yielding search results that included "tarot" and "divination."
A Google search in English for "principles of physics" triggers suggestions to inquire about "big bang" and "quantum mechanics."
Agencies
Thursday, March 26, 2009
Is bankrupt Nortel giving away $7.3 m as bonus?
A Canadian court has allowed eight senior executives at Nortel Networks Corp to share in the bonuses that the telecom equipment maker plans to pay out even as it fights for survival in bankruptcy protection.
Bankruptcy courts in both the US and Canada will allow Nortel Networks to pay as much as $7.3 million in incentive bonuses to the executives.
Nortel already had court approval to pay out a total of $45 million in bonuses for close to 1,000 executive and non-executive employees.
Friday's ruling by the Ontario Superior Court makes the eight senior executives, who do not include Chief Executive Mike Zafirovski, eligible to receive a share of this money, company spokesman Mohammed Nakhooda said.
In addition to the $45 million, Nortel has a separate quarterly bonus plan in place for "the vast majority of employees at all levels," he added.
Nortel -- North America's biggest maker of telephone gear -- had argued in an earlier court report that the bonuses were needed because "the commitment and retention of key employees will be essential to the execution of a restructuring of Nortel".
Executive compensation has become a hot-button issue with investors and politicians alike, particularly amid revelations that US insurance giant American International Group (AIG) paid out $165 million in bonuses after receiving $180 billion in government aid.
Some companies, including all of Canada's large banks, have introduced nonbinding shareholder votes on executive compensation in a bid to provide greater transparency and more accountability.
Toronto-based Nortel filed for bankruptcy protection in January, blaming the economic crisis for derailing a turnaround effort that began in 2005.
It had about $2.4 billion in cash when it sought protection and about $4.5 billion in long-term debt.
Nortel shares were unchanged at 10 Canadian cents on the Toronto Stock Exchange on Friday. In mid-2000, at the height of the company's success, they were worth more than C$1,100 each, adjusted for a stock consolidation that took place in 2006.
Agencies
Bankruptcy courts in both the US and Canada will allow Nortel Networks to pay as much as $7.3 million in incentive bonuses to the executives.
Nortel already had court approval to pay out a total of $45 million in bonuses for close to 1,000 executive and non-executive employees.
Friday's ruling by the Ontario Superior Court makes the eight senior executives, who do not include Chief Executive Mike Zafirovski, eligible to receive a share of this money, company spokesman Mohammed Nakhooda said.
In addition to the $45 million, Nortel has a separate quarterly bonus plan in place for "the vast majority of employees at all levels," he added.
Nortel -- North America's biggest maker of telephone gear -- had argued in an earlier court report that the bonuses were needed because "the commitment and retention of key employees will be essential to the execution of a restructuring of Nortel".
Executive compensation has become a hot-button issue with investors and politicians alike, particularly amid revelations that US insurance giant American International Group (AIG) paid out $165 million in bonuses after receiving $180 billion in government aid.
Some companies, including all of Canada's large banks, have introduced nonbinding shareholder votes on executive compensation in a bid to provide greater transparency and more accountability.
Toronto-based Nortel filed for bankruptcy protection in January, blaming the economic crisis for derailing a turnaround effort that began in 2005.
It had about $2.4 billion in cash when it sought protection and about $4.5 billion in long-term debt.
Nortel shares were unchanged at 10 Canadian cents on the Toronto Stock Exchange on Friday. In mid-2000, at the height of the company's success, they were worth more than C$1,100 each, adjusted for a stock consolidation that took place in 2006.
Agencies
Subscribe to:
Posts (Atom)