MILPITAS, Calif. (AP) -- Memory chip maker SanDisk Corp. said Thursday it has reached a deal to restructure a joint venture with Toshiba Corp., shifting more than 20 percent of the operation's capacity to Toshiba. SanDisk said the restructuring will include the transfer of equipment lease obligations to Toshiba and a cash payment from Toshiba to SanDisk for equipment owned by their joint venture.
SanDisk said the total value of the transfer is about 80 billion yen ($890 million). Two thirds of that amount will come in the form of reduced lease obligations for SanDisk, while the rest will be paid in cash, the company said. The company said SanDisk and Toshiba will remain equal partners in the remaining joint venture, which produces flash memory cards.
"This agreement will reduce our capital spending, strengthen our financial position and increase our business flexibility," SanDisk Chief Executive Eli Harari said in a statement. Memory chip makers have been among the worst hit by falling prices in the semiconductor industry because of overcapacity and falling demand.
Saturday, January 31, 2009
A Look at Flash - Qimonda: Four Weeks To Doomsday
Qimonda (QMNDQ.PK) has four weeks to find an investor to save the business before it will have to close production and dismiss 12,000 workers, the Financial Times reports, citing “people close to the company.” Qimonda filed for insolvency a week ago.
The story says that potential buyers could get a bargain in Qimonda’s state-of-the-art technology, but that the need for further investment could drive up the total commitment required to buy and run the company to $650 million to $1.3 billion.
The FT says that Qimonda is hoping to lure rivals in the DRAM business, such as Sasmung, Hynix, Elpida or Micron (MU). The report also said a key factor could be support from the governments of Portugal and the German state of Saxony, which the company has production operations. Both governments had previously offered loans to Qimonda in an effort to keep the company afloat, although the deal collapsed. In trading on the pink sheet, Qimonda shares are unchanged at 12 cents.
The story says that potential buyers could get a bargain in Qimonda’s state-of-the-art technology, but that the need for further investment could drive up the total commitment required to buy and run the company to $650 million to $1.3 billion.
The FT says that Qimonda is hoping to lure rivals in the DRAM business, such as Sasmung, Hynix, Elpida or Micron (MU). The report also said a key factor could be support from the governments of Portugal and the German state of Saxony, which the company has production operations. Both governments had previously offered loans to Qimonda in an effort to keep the company afloat, although the deal collapsed. In trading on the pink sheet, Qimonda shares are unchanged at 12 cents.
Caterpillar to cut another 2,110 production jobs
PITTSBURGH (AP) -- Heavy equipment maker Caterpillar Inc. announced 2,110 new job cuts as it scales back production amid a world economic slowdown. The world's largest maker of mining and construction machinery said the layoffs at three Illinois plants -- in Aurora, Decatur and East Peoria -- and other cost-cutting measures were needed to maintain competitiveness. Like other big manufacturers, Caterpillar has seen demand for its large equipment fall as customers cut back spending.
Friday's new layoffs came on top of 20,000 job cuts announced earlier this week, when the Peoria, Illinois-based company reported a 32 percent drop in fourth-quarter profit. Results fell as slumping commodity prices, tight credit markets and a decline in construction hurt orders for Caterpillar's backhoes, tractors and other machines.
Friday's new layoffs came on top of 20,000 job cuts announced earlier this week, when the Peoria, Illinois-based company reported a 32 percent drop in fourth-quarter profit. Results fell as slumping commodity prices, tight credit markets and a decline in construction hurt orders for Caterpillar's backhoes, tractors and other machines.
Thursday, January 29, 2009
Kodak posts 4Q loss, plans up to 4,500 job cuts, Black & Decker 4Q profit tumbles, cuts 1,200 jobs...
ROCHESTER, N.Y. (AP) -- Eastman Kodak Co. said Thursday it is cutting 3,500 to 4,500 jobs, or 14 percent to 18 percent of its work force, as it posted a $137 million fourth-quarter loss on plunging sales of both digital and film-based photography products. Converting the bulk of its 129-year-old business from high-margin film to more competitive electronic technology cost Kodak $3.4 billion from 2004 through 2007. It chopped its global work force from 64,000 to 24,400 at the end of 2008, with about two-thirds of its 12,800 U.S. employees based in Rochester. The latest cuts that Kodak aims to complete in 2009 could trim its ranks to 19,900, a level not reached since the 1930s Depression era. Its payroll peaked at 145,300 in 1988.
LONDON (AP) -- Pharmaceuticals company AstraZeneca PLC on Thursday reported a small drop in fourth-quarter net income and said it would cut a further 6,000 jobs globally by 2013 as it looks to shore up its earnings.
TOWSON, Md. (AP) -- Black & Decker Corp. said Thursday that its fourth-quarter profit tumbled 77 percent on a large restructuring charge and declining demand as the prior year benefited from a hefty tax settlement. The power tools manufacturer also announced job cuts totaling approximately 1,200 positions and cautioned that its first-quarter results would be hurt by declining sales and a stronger U.S. dollar.
LONDON (AP) -- Pharmaceuticals company AstraZeneca PLC on Thursday reported a small drop in fourth-quarter net income and said it would cut a further 6,000 jobs globally by 2013 as it looks to shore up its earnings.
TOWSON, Md. (AP) -- Black & Decker Corp. said Thursday that its fourth-quarter profit tumbled 77 percent on a large restructuring charge and declining demand as the prior year benefited from a hefty tax settlement. The power tools manufacturer also announced job cuts totaling approximately 1,200 positions and cautioned that its first-quarter results would be hurt by declining sales and a stronger U.S. dollar.
Panasonic to cut 560 jobs, close Asian plants, Toshiba to close chip plants in Japan, STMicroelectronics posts loss, cutting 4,500 jobs...
TOKYO (AP) -- Panasonic Corp. said Wednesday it will cut 560 jobs in Asia due to the closure of two plants in the region, while declining to confirm a report saying the Japanese electronics giant will likely suffer its first net loss in six years. The world's largest maker of plasma television will shut down a factory in Malaysia and another plant in the Philippines to "cope with a rapid change in the global electronics market," said spokesman Akira Kadota.
TOKYO (AP) -- Japan's No. 1 chipmaker, Toshiba Corp., will shut down several semiconductor plants at home to cope with a plunge in global demand for electronics goods, a report said Wednesday. Toshiba will also likely incur an operating loss of 200 billion yen ($2.2 billion) in the fiscal year ending March 2009, said the Asahi, a major Japanese daily, citing no sources.
NEW YORK (AP) -- Swiss chip maker STMicroelectronics NV said Tuesday it is cutting about 4,500 jobs worldwide after it posted a fourth-quarter net loss Tuesday, reversing a year-ago profit as revenue slipped amid the global economic turmoil. The job cuts represent about 9 percent of the Geneva-based company's work force.
TOKYO (AP) -- Japan's No. 1 chipmaker, Toshiba Corp., will shut down several semiconductor plants at home to cope with a plunge in global demand for electronics goods, a report said Wednesday. Toshiba will also likely incur an operating loss of 200 billion yen ($2.2 billion) in the fiscal year ending March 2009, said the Asahi, a major Japanese daily, citing no sources.
NEW YORK (AP) -- Swiss chip maker STMicroelectronics NV said Tuesday it is cutting about 4,500 jobs worldwide after it posted a fourth-quarter net loss Tuesday, reversing a year-ago profit as revenue slipped amid the global economic turmoil. The job cuts represent about 9 percent of the Geneva-based company's work force.
Tuesday, January 27, 2009
GM to lay off 2,000 workers, cut production, Quiksilver cuts 200 positions, Texas Instruments to shed 3,400 jobs, Pfizer to buy Wyeth for $68B...
DETROIT (AP) -- General Motors Corp. said Monday it will cut 2,000 jobs at two plants and halt production for several weeks at nine other U.S. factories as the company takes steps to stop making cars that people aren't buying.
HUNTINGTON BEACH, Calif. (AP) -- Quiksilver Inc. said Monday that it is eliminating 200 positions as part of a restructuring plan to cope with weak consumer demand. The sport and lifestyle apparel company said it plans to save more than $40 million annually with the cost-cutting measures in its Americas region -- a more than 10 percent reduction in its expenses.
DALLAS (AP) -- Texas Instruments Inc., which makes chips for cell phones and other gadgets, said Monday that it will cut 3,400 jobs because demand has slackened amid a slowing economy. The chip maker will shed 12 percent of its work force by the end of September -- 1,800 jobs through layoffs and another 1,600 jobs through voluntary retirements and departures. It expects annual savings of $700 million when combined with another round of cuts announced in October to eliminate 650 jobs.
TRENTON, New Jersey (AP) -- Pfizer Inc., the world's largest drugmaker, said Monday it is buying rival Wyeth for $68 billion in a deal that will quickly boost Pfizer's revenue and diversification and -- if it works as advertised -- help the company become more nimble. By buying Wyeth, Pfizer will mutate from a maker of blockbuster pills to a one-stop shop for vaccines, biotech drugs, traditional pills and nonprescription products for both people and animals.
HUNTINGTON BEACH, Calif. (AP) -- Quiksilver Inc. said Monday that it is eliminating 200 positions as part of a restructuring plan to cope with weak consumer demand. The sport and lifestyle apparel company said it plans to save more than $40 million annually with the cost-cutting measures in its Americas region -- a more than 10 percent reduction in its expenses.
DALLAS (AP) -- Texas Instruments Inc., which makes chips for cell phones and other gadgets, said Monday that it will cut 3,400 jobs because demand has slackened amid a slowing economy. The chip maker will shed 12 percent of its work force by the end of September -- 1,800 jobs through layoffs and another 1,600 jobs through voluntary retirements and departures. It expects annual savings of $700 million when combined with another round of cuts announced in October to eliminate 650 jobs.
TRENTON, New Jersey (AP) -- Pfizer Inc., the world's largest drugmaker, said Monday it is buying rival Wyeth for $68 billion in a deal that will quickly boost Pfizer's revenue and diversification and -- if it works as advertised -- help the company become more nimble. By buying Wyeth, Pfizer will mutate from a maker of blockbuster pills to a one-stop shop for vaccines, biotech drugs, traditional pills and nonprescription products for both people and animals.
Thursday, January 22, 2009
Intel to cut up to 6,000 jobs in factory shakeup, Microsoft to slash 5,000 jobs, Huntsman cuts 1,175 jobs, closes plant,
SAN FRANCISCO (AP) -- Intel Corp. plans to cut up to 6,000 manufacturing jobs as the company struggles with souring personal computer demand that has left its factories operating at less than their full capacity.
Capacity is critical in the semiconductor business, because chip makers that don't keep their factories running at full throttle are spending lots of money on facilities that aren't paying for themselves. Underutilized factories are cutting into Intel's margins, and were one reason the Santa Clara, Calif.-based company reported a 90 percent drop in fourth-quarter profit last week.
Intel said Wednesday that it plans to close three so-called "assembly test" facilities in Malaysia and the Philippines and will halt production at plants in Hillsboro, Ore., and Santa Clara, Calif., where older-style wafers were being produced. Intel said between 5,000 and 6,000 jobs would be affected, but added that some employees would be offered positions elsewhere in the company. Intel wouldn't disclose how much money it expects to save because of the move. The changes are expected to be finished by end of this year. Intel shares rose 18 cents to $13.44 in extended trading Wednesday after the cuts were announced. During the regular trading session, the stock rose 40 cents, or 3.1 percent, to $13.26.
REDMOND, Wash. (AP) -- Microsoft Corp. said Thursday it is cutting 5,000 jobs over the next 18 months, a sign of how badly even the biggest and richest companies are being stung by the recession. The layoffs appear to be a first for Microsoft, which was founded in 1975, aside from relatively limited staff cuts the software company made after acquiring companies.
NEW YORK (AP) -- Chemical maker Huntsman says it will slash 1,175 jobs by the end of 2009, representing more than 9 percent of its work force, in effort to reduce costs as demand slows amid the global economic downturn
TOKYO (AP) -- Sony Chief Executive Howard Stringer acknowledged Thursday he had not gone far enough with cost cuts and efforts to combine entertainment with electronics as his company projected its first annual loss in 14 years. Sony Corp. said it will offer early retirement to employees at its prized TV division, seeking to trim personnel costs there by 30 percent. It is also slashing jobs at its movies, music and game businesses. Sony did not give a head count target for the reductions. It said it is cutting 1,000 temporary workers when it closes one of two TV plants in Japan.
Capacity is critical in the semiconductor business, because chip makers that don't keep their factories running at full throttle are spending lots of money on facilities that aren't paying for themselves. Underutilized factories are cutting into Intel's margins, and were one reason the Santa Clara, Calif.-based company reported a 90 percent drop in fourth-quarter profit last week.
Intel said Wednesday that it plans to close three so-called "assembly test" facilities in Malaysia and the Philippines and will halt production at plants in Hillsboro, Ore., and Santa Clara, Calif., where older-style wafers were being produced. Intel said between 5,000 and 6,000 jobs would be affected, but added that some employees would be offered positions elsewhere in the company. Intel wouldn't disclose how much money it expects to save because of the move. The changes are expected to be finished by end of this year. Intel shares rose 18 cents to $13.44 in extended trading Wednesday after the cuts were announced. During the regular trading session, the stock rose 40 cents, or 3.1 percent, to $13.26.
REDMOND, Wash. (AP) -- Microsoft Corp. said Thursday it is cutting 5,000 jobs over the next 18 months, a sign of how badly even the biggest and richest companies are being stung by the recession. The layoffs appear to be a first for Microsoft, which was founded in 1975, aside from relatively limited staff cuts the software company made after acquiring companies.
NEW YORK (AP) -- Chemical maker Huntsman says it will slash 1,175 jobs by the end of 2009, representing more than 9 percent of its work force, in effort to reduce costs as demand slows amid the global economic downturn
TOKYO (AP) -- Sony Chief Executive Howard Stringer acknowledged Thursday he had not gone far enough with cost cuts and efforts to combine entertainment with electronics as his company projected its first annual loss in 14 years. Sony Corp. said it will offer early retirement to employees at its prized TV division, seeking to trim personnel costs there by 30 percent. It is also slashing jobs at its movies, music and game businesses. Sony did not give a head count target for the reductions. It said it is cutting 1,000 temporary workers when it closes one of two TV plants in Japan.
Tuesday, January 20, 2009
Buffett says US in 'economic Pearl Harbor'
OMAHA, Neb. (AP) -- Billionaire investor Warren Buffett says the U.S. is engaged in an "economic Pearl Harbor." In an interview that aired Sunday on "Dateline NBC," the chairman and CEO of Berkshire Hathaway Inc. said the nation's economic situation is not as bad at World War II or the Great Depression, but it's still pretty severe.
Buffett said Americans are in a cycle of fear, "which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We'll break out of it. It takes time."
Buffett's interview centered on President-elect Barack Obama and the tough task he faces in fixing the U.S. economy.
"You couldn't have anybody better in charge," the Omaha resident said of Obama, who'll be sworn into office on Tuesday. As one of Obama's economic advisers, Buffett said the president-elect listens to what his advisers say, but ultimately comes up with better ideas. He predicted that Obama will be able to convey the severity of the economic situation to the American people and explain their part in alleviating it.
As to how long the crisis would continue, Buffett said he didn't know. "It's never paid to bet against America," he said. "We come through things, but its not always a smooth ride." Omaha-based Berkshire owns a diverse mix of more than 60 companies, including insurance, furniture, carpet, jewelry, restaurants and utility businesses. And it has major investments in such companies as Wells Fargo & Co. and Coca-Cola Co.
Buffett said Americans are in a cycle of fear, "which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We'll break out of it. It takes time."
Buffett's interview centered on President-elect Barack Obama and the tough task he faces in fixing the U.S. economy.
"You couldn't have anybody better in charge," the Omaha resident said of Obama, who'll be sworn into office on Tuesday. As one of Obama's economic advisers, Buffett said the president-elect listens to what his advisers say, but ultimately comes up with better ideas. He predicted that Obama will be able to convey the severity of the economic situation to the American people and explain their part in alleviating it.
As to how long the crisis would continue, Buffett said he didn't know. "It's never paid to bet against America," he said. "We come through things, but its not always a smooth ride." Omaha-based Berkshire owns a diverse mix of more than 60 companies, including insurance, furniture, carpet, jewelry, restaurants and utility businesses. And it has major investments in such companies as Wells Fargo & Co. and Coca-Cola Co.
Qualcomm buys some Advanced Micro Devices assets, Source: German retailer Metro to cut 15,000 jobs, Mitsubishi to halt main Japan plant for 3 weeks...
SAN DIEGO (AP) -- Qualcomm Inc. said Tuesday it purchased some handheld graphics and multimedia technology assets from Advanced Micro Devices Inc. for $65 million in cash.
Qualcomm expects the transaction will reduce its fiscal 2009 pro forma earnings by about 2 cents per share but add to earnings by the second half of 2010.
DUESSELDORF, Germany (AP) -- Retailer Metro AG will cut around 15,000 jobs from its global work force amid the deepening economic downturn, company sources said Tuesday.
The reductions are part of a cost savings plan called "Shape 2012" also announced Tuesday morning, according to Metro sources that declined to give their name because they were not authorized to speak to the press.
Metro -- among the world's top five retailers by sales with some 300,000 employees at 2,200 stores in 32 countries -- may be better poised to weather an economic downturn than some competitors because of its varied retail and wholesale businesses which range from department stores to hypermarkets to electronics stores, analysts said. In 2008 the company reported revenues of euro68 billion.
TOKYO (AP) -- Mitsubishi Motors Corp. said Tuesday it will halt production at its biggest plant in Japan for three weeks in February to cope with mounting inventories of unsold vehicles amid a deepening global downturn. Japan's fourth-largest automaker said the move will affect its Mizushima plant in western Japan, which has annual production capacity of 600,000 units.
Qualcomm expects the transaction will reduce its fiscal 2009 pro forma earnings by about 2 cents per share but add to earnings by the second half of 2010.
DUESSELDORF, Germany (AP) -- Retailer Metro AG will cut around 15,000 jobs from its global work force amid the deepening economic downturn, company sources said Tuesday.
The reductions are part of a cost savings plan called "Shape 2012" also announced Tuesday morning, according to Metro sources that declined to give their name because they were not authorized to speak to the press.
Metro -- among the world's top five retailers by sales with some 300,000 employees at 2,200 stores in 32 countries -- may be better poised to weather an economic downturn than some competitors because of its varied retail and wholesale businesses which range from department stores to hypermarkets to electronics stores, analysts said. In 2008 the company reported revenues of euro68 billion.
TOKYO (AP) -- Mitsubishi Motors Corp. said Tuesday it will halt production at its biggest plant in Japan for three weeks in February to cope with mounting inventories of unsold vehicles amid a deepening global downturn. Japan's fourth-largest automaker said the move will affect its Mizushima plant in western Japan, which has annual production capacity of 600,000 units.
Saturday, January 17, 2009
Layouf continues... AMD, GE, Hertz, WellPoint
SAN FRANCISCO (AP) -- Advanced Micro Devices Inc. plans to cut 1,100 jobs, 9 percent of its global staff, and slash the remaining employees' pay as the chip maker hopes its third round of layoffs in a year can help it get through a brutal market for computer sales.
FAIRFIELD, Conn. (AP) -- General Electric Co. says its troubled finance business has informed employees of layoffs. GE Spokesman Russell Wilkerson would not say how many employees of GE Capital will lose their jobs. GE Capital employs 75,000 workers.
PARK RIDGE, N.J. (AP) -- Rental car company Hertz Global Holdings Inc. said Friday it will eliminate more than 4,000 jobs worldwide as it further cuts costs amid slowing demand.
INDIANAPOLIS (AP) -- WellPoint Inc. said Friday it will cut about 1,500 jobs, becoming the latest health insurer to take what analysts see as a tough-but-necessary step to cope with the recession.
FAIRFIELD, Conn. (AP) -- General Electric Co. says its troubled finance business has informed employees of layoffs. GE Spokesman Russell Wilkerson would not say how many employees of GE Capital will lose their jobs. GE Capital employs 75,000 workers.
PARK RIDGE, N.J. (AP) -- Rental car company Hertz Global Holdings Inc. said Friday it will eliminate more than 4,000 jobs worldwide as it further cuts costs amid slowing demand.
INDIANAPOLIS (AP) -- WellPoint Inc. said Friday it will cut about 1,500 jobs, becoming the latest health insurer to take what analysts see as a tough-but-necessary step to cope with the recession.
Friday, January 16, 2009
Google to cut 100 jobs, close engineering offices, PolyOne plans to cut 370 jobs, reduce work hours, Autodesk to cut 750 jobs, sees 4Q loss, and more.
NEW YORK (AP) -- Google Inc. is closing three engineering offices and cutting 100 recruiters from its work force as the recession dampens hiring at the Internet search company. The layoffs announced Wednesday represent only a small portion of Google's global work force -- less than 1 percent of the 20,100 total. But the move is a rare blemish on the company's worker-friendly reputation.
CLEVELAND (AP) -- PolyOne Corp., which makes specialized plastics and resins for buildings and vehicles, said Thursday it is cutting 370 jobs -- or 8 percent of its work force -- and taking other steps to cope with "recent unprecedented declines in demand." PolyOne plans to reduce work schedules for another 100 to 300 employees, close its Niagara, Ontario, facility and idle some other capacity. PolyOne's other planned actions include freezing executive salaries through 2009.
SAN RAFAEL, Calif. (AP) -- Autodesk Inc., the software company that has lost its leader to Yahoo, is cutting 750 jobs, or about 10 percent of its work force to cut expenses and expects to report a loss rather than a profit for the fourth quarter. Autodesk, which makes architectural and engineering software, said it will also consolidate some facilities in addition to making the job cuts, and expects a savings of $130 million annually.
TEMPE, Ariz. (AP) -- Solar power technology company First Solar Inc. on Thursday said it struck a supply deal with Masdar Abu Dhabi Future Energy Co. to be part of the largest grid-connected photovoltaic system in the Middle East. Masdar selected First Solar to supply 5 megawatts of its thin film solar modules to the plant, which is being designed and constructed by Enviromena Power Systems, an Abu Dhabi-based solar power system integrator. Financial terms weren't disclosed. Shares of First Solar rose $9.20, or 6.9 percent, to close at $142.58 on Thursday. The 52-week share price range is between $85.28 and $317.
CLEVELAND (AP) -- PolyOne Corp., which makes specialized plastics and resins for buildings and vehicles, said Thursday it is cutting 370 jobs -- or 8 percent of its work force -- and taking other steps to cope with "recent unprecedented declines in demand." PolyOne plans to reduce work schedules for another 100 to 300 employees, close its Niagara, Ontario, facility and idle some other capacity. PolyOne's other planned actions include freezing executive salaries through 2009.
SAN RAFAEL, Calif. (AP) -- Autodesk Inc., the software company that has lost its leader to Yahoo, is cutting 750 jobs, or about 10 percent of its work force to cut expenses and expects to report a loss rather than a profit for the fourth quarter. Autodesk, which makes architectural and engineering software, said it will also consolidate some facilities in addition to making the job cuts, and expects a savings of $130 million annually.
TEMPE, Ariz. (AP) -- Solar power technology company First Solar Inc. on Thursday said it struck a supply deal with Masdar Abu Dhabi Future Energy Co. to be part of the largest grid-connected photovoltaic system in the Middle East. Masdar selected First Solar to supply 5 megawatts of its thin film solar modules to the plant, which is being designed and constructed by Enviromena Power Systems, an Abu Dhabi-based solar power system integrator. Financial terms weren't disclosed. Shares of First Solar rose $9.20, or 6.9 percent, to close at $142.58 on Thursday. The 52-week share price range is between $85.28 and $317.
Thursday, January 15, 2009
Motorola to cut 4,000 more jobs in 2009, Barnes & Noble cuts nearly 100 corporate jobs, Goody's files for Ch. 11 bankruptcy, and more...
NEW YORK (AP) -- Mobile handset maker Motorola Inc. said Wednesday it will cut 4,000 more jobs in 2009, in addition to 3,000 it announced last year. The company said the move will save about $700 million a year starting in 2009. Most of the new layoffs will hit the mobile devices business, while about 1,000 jobs are tied to corporate functions and other business units. In December, it announced it was freezing its pension plans and reducing executive pay. Motorola shares fell 21 cents, or 4.9 percent, to close at $4.11 Wednesday, and dropped another 5 cents to $4.06 in after-hours trading following the announcement.
NEW YORK (AP) -- Barnes & Noble Inc. said Wednesday that it has eliminated nearly 100 positions in its corporate headquarters as the bookseller attempts to reduce overhead costs due to the sharp downturn in retail sales. Barnes & Noble said most of the job cuts were due to the company's reduction in store openings and consolidation of functions within its retail and online operations.
TORONTO (AP) -- Nortel Networks Corp. spent years ringing up multiple rounds of layoffs as it tried to fix big problems in its business. But it couldn't ward off the recession. The telecommunications equipment maker filed for bankruptcy protection in Canada and the U.S. on Wednesday, becoming the first major technology company to take that step in this global downturn. The filing came a day before Nortel was due to make a debt payment of $107 million.
CHICAGO (AP) -- Discount clothing chain Goody's Family Clothing filed for Chapter 11 bankruptcy protection on Tuesday, the retailer's second such petition in less than a year as it struggles with mounting debt and a staggering drop-off in sales.
NEW YORK (AP) -- Barnes & Noble Inc. said Wednesday that it has eliminated nearly 100 positions in its corporate headquarters as the bookseller attempts to reduce overhead costs due to the sharp downturn in retail sales. Barnes & Noble said most of the job cuts were due to the company's reduction in store openings and consolidation of functions within its retail and online operations.
TORONTO (AP) -- Nortel Networks Corp. spent years ringing up multiple rounds of layoffs as it tried to fix big problems in its business. But it couldn't ward off the recession. The telecommunications equipment maker filed for bankruptcy protection in Canada and the U.S. on Wednesday, becoming the first major technology company to take that step in this global downturn. The filing came a day before Nortel was due to make a debt payment of $107 million.
CHICAGO (AP) -- Discount clothing chain Goody's Family Clothing filed for Chapter 11 bankruptcy protection on Tuesday, the retailer's second such petition in less than a year as it struggles with mounting debt and a staggering drop-off in sales.
Saturday, January 10, 2009
Spotlight of the Month - Semiconductor - Memory Chips - SanDisk
SanDisk Unleashes Worlds Fastest MLC Solid-State Drive (SSD) Family - SanDisk unveils its third-generation family of solid-state drives (SSDs). Using multi-level cell (MLC) NAND flash memory technology, SanDisk’s G3 Series establishes new benchmarks in performance and price-performance leadership in the SSD industry.
SanDisk and Sony to Expand Memory Stick PRO and Memory Stick Micro Formats - The two companies jointly announced the joint development of two expanded formats that will shape the flash memory landscape for years to come. “Memory Stick format for Extended High Capacity (Tentative name)” expands the “Memory Stick PRO” format series to achieve a maximum storage capacity of 2-terabytes (TB)1, while the “Memory Stick HG Micro” format enables a maximum data-transfer speed of 60 megabytes per second (MB/s)2, making it one of the fastest-smallest memory card formats to date. Format licensing corresponding to the “Memory Stick format for Extended High Capacity” and the “Memory Stick HG Micro” is scheduled to start in 2009.
SanDisk Extends Gaming Experience With 2GB Rock Band 2 SD Card - SanDisk announced a 2-gigabyte (GB)2 Rock Band 2 SD™ gaming card, significantly increasing the storage capacity available to gamers using the Nintendo® Wii™ console. This memory boost enables users to conveniently store additional content without worrying about running out of space.
SanDisk Mobile Ultra microSDHC and Memory Stick Micro (M2) Premium Mobile Memory Cards Increase Capacity to 16 Gigabytes - global leader in flash memory products, today announced that it will be shipping its 16 gigabyte (GB)1 SanDisk Mobile Ultra microSDHC and Memory Stick Micro (M2) mobile memory cards – the world’s largest removable storage capacity for mobile phones – in January. This increased capacity, coupled with the high performance of the SanDisk Mobile Ultra line, allows consumers to further take advantage of the many storage-intensive features offered by today’s portable handsets such as music playback, photo and video camera functions, gaming and GPS applications.
SanDisk Launches Worlds First Button Backup USB Flash Drive - SanDisk introduced an innovative new family of SanDisk® USB flash drives, including the world’s first backup USB flash drive with simple backup software activation at the touch of a button. The SanDisk Ultra® Backup USB portable flash drive is the first offering of the company’s new SanDisk Ultra USB product line. With capacities up to 64 gigabytes1 (GB), the SanDisk Ultra Backup USB flash drive is designed to protect computer users’ photos, music, videos, personal and business documents, and other types of digital files, with the simple touch of a button. No software installation is needed. The drive protects onboard digital content with a dual layer of security, including password-protected access control and ultra-secure AES hardware-based encryption.
What’s Up With SanDisk? Stock Soars 14% on No News - What’s going on with SanDisk (SNDK)? Shares of the flash memory chip maker were up $1.39, or 14.4%, at $10.98, and earlier traded as high as $11.31, on no obvious news. One scrap floating around is a note today from American Technology Research that says that “fabless” chip makers such as SanDisk will gain share of the semiconductor market over time, although their share of chips will decline this year to 26% of all semi shipments from a recent high of 28% to 29%.
SanDisk and Sony to Expand Memory Stick PRO and Memory Stick Micro Formats - The two companies jointly announced the joint development of two expanded formats that will shape the flash memory landscape for years to come. “Memory Stick format for Extended High Capacity (Tentative name)” expands the “Memory Stick PRO” format series to achieve a maximum storage capacity of 2-terabytes (TB)1, while the “Memory Stick HG Micro” format enables a maximum data-transfer speed of 60 megabytes per second (MB/s)2, making it one of the fastest-smallest memory card formats to date. Format licensing corresponding to the “Memory Stick format for Extended High Capacity” and the “Memory Stick HG Micro” is scheduled to start in 2009.
SanDisk Extends Gaming Experience With 2GB Rock Band 2 SD Card - SanDisk announced a 2-gigabyte (GB)2 Rock Band 2 SD™ gaming card, significantly increasing the storage capacity available to gamers using the Nintendo® Wii™ console. This memory boost enables users to conveniently store additional content without worrying about running out of space.
SanDisk Mobile Ultra microSDHC and Memory Stick Micro (M2) Premium Mobile Memory Cards Increase Capacity to 16 Gigabytes - global leader in flash memory products, today announced that it will be shipping its 16 gigabyte (GB)1 SanDisk Mobile Ultra microSDHC and Memory Stick Micro (M2) mobile memory cards – the world’s largest removable storage capacity for mobile phones – in January. This increased capacity, coupled with the high performance of the SanDisk Mobile Ultra line, allows consumers to further take advantage of the many storage-intensive features offered by today’s portable handsets such as music playback, photo and video camera functions, gaming and GPS applications.
SanDisk Launches Worlds First Button Backup USB Flash Drive - SanDisk introduced an innovative new family of SanDisk® USB flash drives, including the world’s first backup USB flash drive with simple backup software activation at the touch of a button. The SanDisk Ultra® Backup USB portable flash drive is the first offering of the company’s new SanDisk Ultra USB product line. With capacities up to 64 gigabytes1 (GB), the SanDisk Ultra Backup USB flash drive is designed to protect computer users’ photos, music, videos, personal and business documents, and other types of digital files, with the simple touch of a button. No software installation is needed. The drive protects onboard digital content with a dual layer of security, including password-protected access control and ultra-secure AES hardware-based encryption.
What’s Up With SanDisk? Stock Soars 14% on No News - What’s going on with SanDisk (SNDK)? Shares of the flash memory chip maker were up $1.39, or 14.4%, at $10.98, and earlier traded as high as $11.31, on no obvious news. One scrap floating around is a note today from American Technology Research that says that “fabless” chip makers such as SanDisk will gain share of the semiconductor market over time, although their share of chips will decline this year to 26% of all semi shipments from a recent high of 28% to 29%.
Kodak and Lexar Media Team Up To Introduce New Secure Digital High Capacity Video Memory Card
FREMONT, Calif. & GLASGOW, Scotland--(BUSINESS WIRE)--Lexar Media, a leading global provider of memory products for digital media, in conjunction with Kodak, today introduced the new KODAK SDHC Video Memory Card. This advanced compact memory card provides users of flash-based digital camcorders and point-and-shoot cameras, as well as all SDHC-compatible devices, including Kodak’s Zi6 HD Pocket Video Camera, with a high-performance, high-capacity solution for High Definition video capture. The new card combines the quality and guaranteed compatibility that Kodak users have come to trust with the innovative and reliable technology of Lexar Media.
Available in 4GB, 8GB, and 16GB capacities with the ability to record up to 90 minutes, 3 hours, and 6 hours of HD video content, respectively, the KODAK SDHC Video Memory Card provides a high-capacity solution for capturing HD-quality video using SDHC-compatible digital cameras and other devices, which have been increasing in popularity for use with video-sharing sites. Thanks to these large-capacity storage options, consumers no longer have to lug around a pocketful of cards in order to avoid sacrificing either the amount of video footage they wish to capture or its image quality. The SDHC Video Memory Card from Kodak offers the freedom and flexibility to capture and store more high-quality video content on a single card.
Available in 4GB, 8GB, and 16GB capacities with the ability to record up to 90 minutes, 3 hours, and 6 hours of HD video content, respectively, the KODAK SDHC Video Memory Card provides a high-capacity solution for capturing HD-quality video using SDHC-compatible digital cameras and other devices, which have been increasing in popularity for use with video-sharing sites. Thanks to these large-capacity storage options, consumers no longer have to lug around a pocketful of cards in order to avoid sacrificing either the amount of video footage they wish to capture or its image quality. The SDHC Video Memory Card from Kodak offers the freedom and flexibility to capture and store more high-quality video content on a single card.
World Biz Highlights - WW02.6'09
WASHINGTON (AP) -- Job losses hit 2.6 million; unemployment surges to 7.2 percent, heads for 10 percent or higher - A staggering 2.6 million jobs disappeared in 2008, the most since World War II, and the pain is only getting worse with 11 million Americans out of work and searching. Unemployment hit a 16-year high of 7.2 percent in December and could be headed for 10 percent or even higher by year's end.
NEW YORK (AP) -- Former Treasury secretary, current Citigroup director, Rubin resigns as a senior adviser in Citigroup, won't seek re-election to board - Citigroup board member Robert Rubin, who has drawn heavy criticism for his role at the embattled bank, has resigned as a senior adviser. As Citigroup's stock plunged over the past year, the veteran of Wall Street and Washington came under fire from critics who believed he should have had a more active role in preventing the bank's recent problems. Citi's predicament drove it in November to seek federal assistance.
PITTSBURGH (AP) -- Boeing to cut 4,500 jobs, or 3 pct of work force, as demand for passenger jets falls - Boeing Co., the world's second-largest airplane maker, plans to cut about 3 percent of its work force as a weakening global economy lowers demand for jetliners.
ST. PETERSBURG, Fla. (AP) -- Electronic parts manufacturer Jabil Circuit Inc. said Friday it expects to record a noncash goodwill impairment charge on its consumer division of $318 million for its quarter ended in November.
ON Semiconductor Corp. is scaling back costs in 2009 and issuing a lower forecast for the year as the company looks at laying off 10 percent of its work force, closing plants temporarily and giving employees unpaid time off. That effects 500 employees in Gresham.
NEW YORK (AP) -- Former Treasury secretary, current Citigroup director, Rubin resigns as a senior adviser in Citigroup, won't seek re-election to board - Citigroup board member Robert Rubin, who has drawn heavy criticism for his role at the embattled bank, has resigned as a senior adviser. As Citigroup's stock plunged over the past year, the veteran of Wall Street and Washington came under fire from critics who believed he should have had a more active role in preventing the bank's recent problems. Citi's predicament drove it in November to seek federal assistance.
PITTSBURGH (AP) -- Boeing to cut 4,500 jobs, or 3 pct of work force, as demand for passenger jets falls - Boeing Co., the world's second-largest airplane maker, plans to cut about 3 percent of its work force as a weakening global economy lowers demand for jetliners.
ST. PETERSBURG, Fla. (AP) -- Electronic parts manufacturer Jabil Circuit Inc. said Friday it expects to record a noncash goodwill impairment charge on its consumer division of $318 million for its quarter ended in November.
ON Semiconductor Corp. is scaling back costs in 2009 and issuing a lower forecast for the year as the company looks at laying off 10 percent of its work force, closing plants temporarily and giving employees unpaid time off. That effects 500 employees in Gresham.
Obama: New layoffs show need for urgent action
WASHINGTON (AP) -- President-elect Barack Obama called latest report of U.S. job losses Friday "a stark reminder of how urgently action is needed" to revive the nation's staggering economy.
He spoke after the Labor Department reported that the U.S. unemployment rate surged to 7.2 percent in December, the highest level in 16 years. Obama noted that jobs were lost in all 12 months of 2008, and he called it "the single worst year of job losses since World War II."
"Today's jobs report only underscores the need to move with a sense of urgency and common purpose," said Obama. He urged Congress to give its quick attention to his still-evolving economic stimulus plan, designed to create or save 3 million jobs at a cost of about $800 billion.
In a message directed at Congress, Obama said, "For the sake of our economy and our people, this is the time to act without delay."
He spoke after the Labor Department reported that the U.S. unemployment rate surged to 7.2 percent in December, the highest level in 16 years. Obama noted that jobs were lost in all 12 months of 2008, and he called it "the single worst year of job losses since World War II."
"Today's jobs report only underscores the need to move with a sense of urgency and common purpose," said Obama. He urged Congress to give its quick attention to his still-evolving economic stimulus plan, designed to create or save 3 million jobs at a cost of about $800 billion.
In a message directed at Congress, Obama said, "For the sake of our economy and our people, this is the time to act without delay."
World Wrestling Entertainment to cut more than 60 jobs under broader cost-reduction plan
STAMFORD, Conn. (AP) -- The company behind such television shows as "Friday Night SmackDown" said the cuts will occur across all areas of the more roughly 600-employee company, yielding expected annual savings of $8 million in compensation and benefit costs.
The cuts are part of a broader campaign to reduce costs by $20 million this year through stronger cost controls and other steps. World Wrestling Entertainment expects to record a $3 million restructuring charge against its first-quarter earnings as a result of the move.
"With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner," Chief Executive Linda McMahon said.
Shares of World Wrestling Entertainment fell 46 cents, or about 4 percent, to $10.60 in morning trading
The cuts are part of a broader campaign to reduce costs by $20 million this year through stronger cost controls and other steps. World Wrestling Entertainment expects to record a $3 million restructuring charge against its first-quarter earnings as a result of the move.
"With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner," Chief Executive Linda McMahon said.
Shares of World Wrestling Entertainment fell 46 cents, or about 4 percent, to $10.60 in morning trading
Thursday, January 8, 2009
World Biz Highlights - WW02.4'09
HOPKINTON, Mass. (AP) -- EMC Corp., the world's largest maker of external disk storage devices, said late Wednesday it will lay off 2,400 people to bring down costs despite projecting fourth-quarter results will meet expectations.
PHOENIX (AP) -- ON Semiconductor Corp. said Wednesday it is racheting up cost-cutting measures, including laying off about 1,500 employees and accelerating a series of scheduled factory closures this year. It also lowered its revenue outlook for the fourth quarter.
PHOENIX (AP) -- ON Semiconductor Corp. said Wednesday it is racheting up cost-cutting measures, including laying off about 1,500 employees and accelerating a series of scheduled factory closures this year. It also lowered its revenue outlook for the fourth quarter.
Wednesday, January 7, 2009
World Biz Highlights WW02.2'09
Apple cuts copy protection and prices on iTunes - Apple Inc. is cutting the price of some songs in its market-leading iTunes online store to as little as USD$69 cents and plans to make every track available without copy protection.
LyondellBasell units file for bankruptcy - The U.S. arm of chemical giant LyondellBasell Industries has filed for bankruptcy as the recession continues to weaken demand for its products, which are used in everything from cars to detergents.
Alcoa to cut 13 pct of global work force - Alcoa Inc., the world's third-largest aluminum maker, said Tuesday it will cut 13,500 jobs, or 13 percent of its work force, and slash spending and output to cope with the global economic slowdown.
PLEASANTON, Calif. (AP) -- Polycom Inc., the maker to communications and videoconference equipment said it expects to report its fourth-quarter earnings per share grew at least 16 percent when it issues its results later this month and said it will also lay off about 6 percent of its work force.
NEW YORK (AP) -- Shares of Imation Corp. plunged Tuesday after the maker of digital storage devices said it won't meet its previous guidance for fourth-quarter profit or sales because of ongoing economic turmoil.
NEW YORK (AP) -- The solar sector slid on Tuesday as solar power companies continued to face weak customer demand and dried up credit markets.
LyondellBasell units file for bankruptcy - The U.S. arm of chemical giant LyondellBasell Industries has filed for bankruptcy as the recession continues to weaken demand for its products, which are used in everything from cars to detergents.
Alcoa to cut 13 pct of global work force - Alcoa Inc., the world's third-largest aluminum maker, said Tuesday it will cut 13,500 jobs, or 13 percent of its work force, and slash spending and output to cope with the global economic slowdown.
PLEASANTON, Calif. (AP) -- Polycom Inc., the maker to communications and videoconference equipment said it expects to report its fourth-quarter earnings per share grew at least 16 percent when it issues its results later this month and said it will also lay off about 6 percent of its work force.
NEW YORK (AP) -- Shares of Imation Corp. plunged Tuesday after the maker of digital storage devices said it won't meet its previous guidance for fourth-quarter profit or sales because of ongoing economic turmoil.
NEW YORK (AP) -- The solar sector slid on Tuesday as solar power companies continued to face weak customer demand and dried up credit markets.
Monday, January 5, 2009
Asian stocks rise on US rally, stimulus hopes
HONG KONG (AP) -- Asian stock markets rose strongly Monday, with benchmarks in Tokyo and Shanghai gaining more than 2 percent, as Wall Street's rally and stimulus plans in the U.S. and elsewhere buoyed investor hopes for 2009.
Investors seemed to find encouragement after President-elect Barack Obama urged congressional leaders Saturday to move quickly on recovery measures that aides say could cost as much as $775 billion.
Investors seemed to find encouragement after President-elect Barack Obama urged congressional leaders Saturday to move quickly on recovery measures that aides say could cost as much as $775 billion.
Friday, January 2, 2009
Penang Welcomes Investment From St Jude Medical
PENANG, Jan 2 (Bernama) -- St Jude Medical, a medical device company plans to invest US$30 million (RM108 million) in Penang.
Chief Minister Lim Guan Eng said the investment will cover a 300,000 square-foot facility in Penang Island in the first phase of the company's expansion.The new facility in Penang will house both an administrative office and a manufacturing plant.Lim said work on the new facility was expected to start this year while operations was expected to take off in 2011.
St Jude Medical develops medical technology and services that focus on putting more control into the hands of those who treat cardiac, neurological and chronic pain patients worldwide. The company is dedicated to advancing the practice of medicine by reducing risk wherever possible and contributing to successful outcome for every patient.
Chief Minister Lim Guan Eng said the investment will cover a 300,000 square-foot facility in Penang Island in the first phase of the company's expansion.The new facility in Penang will house both an administrative office and a manufacturing plant.Lim said work on the new facility was expected to start this year while operations was expected to take off in 2011.
St Jude Medical develops medical technology and services that focus on putting more control into the hands of those who treat cardiac, neurological and chronic pain patients worldwide. The company is dedicated to advancing the practice of medicine by reducing risk wherever possible and contributing to successful outcome for every patient.
2 big banking sector acquisitions completed
ATLANTA (AP) -- Bank of America Corp. said Thursday it has completed its $19.4 billion all-stock purchase of Merrill Lynch & Co., while Wells Fargo & Co. said it has completed its $12.7 billion all-stock purchase of Wachovia Corp.
Oil falls to below $42 a barrel
LONDON (AP) -- Oil prices fell below $42 a barrel Friday after Russia and Ukraine said a dispute over natural gas payments wouldn't affect shipments to Western Europe.
Light, sweet crude for February delivery fell $2.85 to $41.75 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. Trading was closed Thursday for New Year's Day.
Light, sweet crude for February delivery fell $2.85 to $41.75 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. Trading was closed Thursday for New Year's Day.
World stock markets kick off 2009 brightly
LONDON (AP) -- World stock markets kicked off the new trading year brightly Friday as European and Asian indexes rose, though trading volumes remained light with many traders not back at their desks until next week.
Despite a fairly bright ending to the year on many stock markets around the world, many investors remain pessimistic about the world economy as a whole. After one of the worst years ever for global equities, many expect volatility to remain the name of the game for some time to come, especially as the first part of the new year will likely be dominated by mounting economic gloom and massive job losses.
Despite a fairly bright ending to the year on many stock markets around the world, many investors remain pessimistic about the world economy as a whole. After one of the worst years ever for global equities, many expect volatility to remain the name of the game for some time to come, especially as the first part of the new year will likely be dominated by mounting economic gloom and massive job losses.
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