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Accounting and Finance - Accounting News, Corporate Financial News
Top Finance IT News
Federal prosecutors announced indictments against eight people in connection with the theft of more than $9 million from ATMs around the world.
News
The mobile PC chip space, led by Intel’s Atom processor, fueled a record for shipments in the third quarter, with a 23 percent jump over the second quarter, according to IDC. The strong quarter was enough to convince IDC to increase its forecast for the year, to more than 300 million units being shipped. However, IDC analysts cautioned that a lot of the growth came from Atom purchases in China, which could slow the momentum if China decides it can’t keep buying such high numbers of chips.
News
Two European financial firms argue that Cisco's $3 billion bid for video conferencing rival Tandberg is too low considering its performance and stock price. The opposition from Panta Capital and Scott & Associates comes three days before Cisco's Nov. 9 deadline on the deal, and joins stockholders with about 30 percent of Tandberg shares in saying the bid is too low. Cisco officials have called the offer fair.
News
A lawsuit filed by New York prosecutors alleges that Intel, worried about the competitive threat posed by rival AMD, focused incentives and threats on Dell, which prosecutors say received about $6 billion in payments from Intel between 2002 and 2007. The money was used to keep Dell from launching products based on AMD's processors, according to the lawsuit. Intel officials say the payments were legitimate rebates paid to a large customer.
News
In an intelligence note, FBI officials say a mix of banking Trojans and phishing attacks has plagued victims - mainly public institutions and small and midsize businesses - to the tune of $100 million in attempted losses as of October.
News
In announcing Cisco Systems' solid quarterly earnings, Cisco CEO John Chambers says the economic recovery in the IT industry is picking up momentum. However, Chambers warns that it could be a slow recovery hindered by setbacks. Cisco generated $9 billion in revenue in the quarter, a 13 percent decline over 2008 but a better showing than analysts had expected.
News
Microsoft confirms plans to cut another 800 employees from its worldwide payroll, as part of its longer-term plan to eliminate 5,000 positions. With its revenues hammered by the recent economic recession, Microsoft eliminated the employees as part of a larger program to streamline its operations. Added to the total number of layoffs occurring throughout 2009, the new job cuts likely exceed the originally predicted 5,000-employee job-cut total.
News
The N.Y. Attorney General’s office is accusing Intel of using bribes and coercion to pressure OEMs, including HP, Dell and IBM, into favoring its products over those from rival AMD. The charges leveled by the N.Y. investigators echo those of European regulators, who earlier this year fined Intel $1.45 billion for anti-competitive behavior. Intel has appealed that fine and accused the EC of conducting a one-sided investigation. An Intel spokesman questioned the filing of the N.Y. suit, saying that all the issues raised were being dealt with in a private lawsuit between AMD and Intel.
News
Intel continued to dominate the x86 processor market in the third quarter, according to the latest study from Mercury Research. While Intel held about 80 percent of the x86 chip market, AMD continued to hold about 18 percent, Mercury says. Mercury also reports that mobile processors shipments grew, while desktop and server chip shipments fell.
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Dell completes its $3.9 billion offer for Perot Systems, which will now be known as Dell Services. The move gives Dell a significantly larger services business with which to compete against IBM and Hewlett-Packard. Having Perot in the fold increases not only Dell's services capabilities but also its customer base.
News
With the deadline for its $3 billion bid for video conferencing rival Tandberg approaching and reports swirling that it will drop its offer, Cisco is looking to define the debate in terms of risk and rewards. Acquiring Tandberg can help Cisco build up its video collaboration capabilities, but there are also risks involved, including trying to buy and integrate its first European company, according to a blog by Cisco executive Ned Hooper.
New Slideshow
The $25 million insider trading scandal that touched such IT heavyweights as AMD, IBM and Intel has now led to charges against six people from Silicon Valley and Wall Street. The case continues to roil both coasts. Federal prosecutors say executives from IBM, Intel and McKinsey & Co. gave nonpublic information on such companies as AMD, Sun Microsystems, Google, PolyCom and Akamai to two directors at two hedge funds, Galleon Management and New Castle Funds, which used the information to make their trades. Most of the companies are cooperating with investigators, and some - including Intel, McKinsey and Akamai - reportedly are conducting their own internal probes. Intel also put Rajiv Goel, an executive with its treasury department, on administrative leave after the charges were brought against him and five others. Here, eWEEK offers a look at who is involved with the case.
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Global chip sales topped $61 billion in the third quarter of 2009, according to the latest statistics from SIA. While semiconductor sales improved quarter over quarter, the overall numbers are still down about 10 percent compared with 2008. PC, cell phone and smartphone sales are helping the chip industry recover. Intel and AMD are also reporting increasing demand for x86 processors.
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Lenovo introduces the all-in-one A70z, which runs Windows 7, offers a choice of high-performing Intel processors and will ship later in the month. The AIO market is expected to double between 2009 and 2010.
News
The insider trading scandal that investigators said generated $25 million in illegal profits has continued to roil at the high-tech firms involved. Robert Moffat, a high-ranking IBM executive who had been seen as a possible future CEO at the company, has left IBM, and former AMD CEO Hector Ruiz is stepping down as chairman of Globalfoundries. In addition, Intel has hired a law firm to conduct an internal investigation connected to the case, which has led to charges against Rajiv Goel, an executive with Intel’s treasury department.
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