HP increases job cuts to 55,000 in reorganisation bid
This is at least 5,000 more than its previous estimate, says the US tech giant.
NEW YORK: Hewlett-Packard (HP) said on Monday (Oct 6) that its corporate reorganisation would result in a total of 55,000 jobs slashed - at least 5,000 more than its previous estimate.
The US tech giant said it had increased its prior estimate of 45,000 to 50,000 job losses "independent of the separation transaction".
HP had on Monday confirmed that it would split into two separate, listed companies by splitting its computer and printer businesses from its corporate hardware and services operations.
- AFP/al
- wong chee tat :)
Tuesday, October 7, 2014
Hewlett-Packard confirms to split in two by end-FY2015
Hewlett-Packard confirms to split in two by end-FY2015
Hewlett-Packard has confirmed that it will split into two separate, listed companies by separating its computer and printer businesses from its corporate hardware and services operations by the end of fiscal year 2015.
NEW YORK: Hewlett-Packard said on Monday (Oct 6) it would split into two separate, listed companies by separating its computer and printer businesses from its corporate hardware and services operations. The move follows a trend of technology firms and other corporations, including eBay last week, splitting their businesses into separate companies, based on the belief that tightly focused firms perform better.
The split "will provide each new company with the independence, focus, financial resources, and flexibility they need to adapt quickly to market and customer dynamics, while generating long-term value for shareholders," said HP chief executive Meg Whitman in a statement.
"In short, by transitioning now from one HP to two new companies, created out of our successful turnaround efforts, we will be in an even better position to compete in the market, support our customers and partners, and deliver maximum value to our shareholders," she said. It will take place as a tax-free distribution of shares to HP's stockholders.
Whitman will serve as chairman of the PC and printer business, dubbed HP Inc, and chief-executive of the separate Hewlett-Packard Enterprise company, the statement said. Dion Weisler, an executive in the PC and printer operation, is to be chief executive of that streamlined business, the report said.
HP has been undergoing a massive reorganisation to cope with the move away from traditional personal computers to mobile devices. The California company, which has been in the throes of a major reorganization since 2012, said on Monday the plan would eliminate a total of 55,000 jobs "independent of the separation transaction." Until recently, HP had said the plan would cut up to 50,000 jobs.
The breakup plan, subject to final board approval, is expected to be completed by the end of the 2015 fiscal year. The decision follows US online retail giant eBay' plans unveiled last week to spin off PayPal in a move designed to help the unit compete better in the fast-moving online payments segment.
HP shares jumped four per cent to 36.61 in opening trades, as initial reaction to the announcement was generally positive.
Brian White, analyst at Cantor Fitzgerald, said there is a "long list of reasons" to separate the two units. "The enterprise IT market is becoming increasingly competitive and the PC market has been in a downturn since the iPad was unveiled in April 2010," White said in a note to clients.
"Given the challenges in managing a company the size of HP, the negative, long-term secular trends in the PC market that discourage investor attention, and the need for HP to focus more on the cloud, ... we believe a separation into two companies makes sense, as we have suggested for quite some time."
Sherri Scribner at Deutsche Bank agreed, saying there were "limited synergies" between the two segments and that each unit has "different growth and margin profiles". Ben Reitzes at Barclays said the spinoff "could expand HP's value" but that it was "not a signal that fundamentals are about to change drastically for PCs."
- AFP/al
- wong chee tat :)
Hewlett-Packard has confirmed that it will split into two separate, listed companies by separating its computer and printer businesses from its corporate hardware and services operations by the end of fiscal year 2015.
NEW YORK: Hewlett-Packard said on Monday (Oct 6) it would split into two separate, listed companies by separating its computer and printer businesses from its corporate hardware and services operations. The move follows a trend of technology firms and other corporations, including eBay last week, splitting their businesses into separate companies, based on the belief that tightly focused firms perform better.
The split "will provide each new company with the independence, focus, financial resources, and flexibility they need to adapt quickly to market and customer dynamics, while generating long-term value for shareholders," said HP chief executive Meg Whitman in a statement.
"In short, by transitioning now from one HP to two new companies, created out of our successful turnaround efforts, we will be in an even better position to compete in the market, support our customers and partners, and deliver maximum value to our shareholders," she said. It will take place as a tax-free distribution of shares to HP's stockholders.
Whitman will serve as chairman of the PC and printer business, dubbed HP Inc, and chief-executive of the separate Hewlett-Packard Enterprise company, the statement said. Dion Weisler, an executive in the PC and printer operation, is to be chief executive of that streamlined business, the report said.
HP has been undergoing a massive reorganisation to cope with the move away from traditional personal computers to mobile devices. The California company, which has been in the throes of a major reorganization since 2012, said on Monday the plan would eliminate a total of 55,000 jobs "independent of the separation transaction." Until recently, HP had said the plan would cut up to 50,000 jobs.
The breakup plan, subject to final board approval, is expected to be completed by the end of the 2015 fiscal year. The decision follows US online retail giant eBay' plans unveiled last week to spin off PayPal in a move designed to help the unit compete better in the fast-moving online payments segment.
HP shares jumped four per cent to 36.61 in opening trades, as initial reaction to the announcement was generally positive.
Brian White, analyst at Cantor Fitzgerald, said there is a "long list of reasons" to separate the two units. "The enterprise IT market is becoming increasingly competitive and the PC market has been in a downturn since the iPad was unveiled in April 2010," White said in a note to clients.
"Given the challenges in managing a company the size of HP, the negative, long-term secular trends in the PC market that discourage investor attention, and the need for HP to focus more on the cloud, ... we believe a separation into two companies makes sense, as we have suggested for quite some time."
Sherri Scribner at Deutsche Bank agreed, saying there were "limited synergies" between the two segments and that each unit has "different growth and margin profiles". Ben Reitzes at Barclays said the spinoff "could expand HP's value" but that it was "not a signal that fundamentals are about to change drastically for PCs."
- AFP/al
- wong chee tat :)
haze
Do you smell some burning stuff in the air? Do you feel you are thirsty and your mouth is dry? The Haze is back to vist Singapore! I better drink more water and eat lots of fruits too.
I hope it rains and cleans up the air.
- wong chee tat :)
I hope it rains and cleans up the air.
- wong chee tat :)
DBS completes deal for Societe Generale's Asian private banking wing
DBS completes deal for Societe Generale's Asian private banking wing
With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.
SINGAPORE: DBS Bank has completed the acquisition of the Asian private banking business of Societe Generale in Singapore and Hong Kong, as well as selected parts of its trust business.
"DBS Private Bank and Societe Generale Private Banking Asia (SGPB Asia) are highly complementary in terms of clients, geographical coverage as well as product and service offerings. The completion of the acquisition significantly increases the scale of DBS’ wealth management business and strengthens the bank’s position as a leading wealth manager in Asia," DBS said in a press release on Monday (Oct 6).
With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.
According to the statement, DBS Private Bank and Societe Generale Private Banking have also entered into collaboration agreements, which will enable Societe Generale clients to have access to DBS Private Bank's offerings in Asia. DBS clients may meanwhile benefit from Societe Generale Private Banking's offerings in Europe as well as have access to a range of markets solutions designed by Societe Generale Corporate & Investment Banking.
Said Mr Piyush Gupta, CEO of DBS: “Wealth management is one of DBS’ key strategic priorities, and the completion of this transaction enables us to build on what is already a very solid platform, to further strengthen our competitive position in Asia. We are delighted that the businesses are being integrated from today, and that everything is on track per our original plans.”
Added Ms Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS: “The growth of our wealth management business has been robust and sustainable, reflecting the confidence clients have in us. Today, we are already among the top ten private banks in Asia and the SGPB Asia acquisition further signifies our coming of age. With access to new clients and strong, experienced teams, this acquisition takes our business to the next level and will enable us to access products and capabilities beyond Asia.”
The majority of employees from SGPB Asia, including management and relationship managers, will be moving over to DBS. Mr Olivier Gougeon, formerly Regional Chief Executive Officer of SGPB Asia, will be joining DBS Private Bank as Head of Transformation, Integration & Ultra-High Net Worth Segment.
Said Mr Gougeon: “By having access to DBS’ universal banking platform including retail, corporate and investment banking, we are confident that clients will stand to benefit from an expanded suite of products and services. We also have a proven track record in structured products, derivatives and wealth planning, which will go a long way in serving the more sophisticated needs of all clients.”
- CNA/es
- wong chee tat :)
With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.
SINGAPORE: DBS Bank has completed the acquisition of the Asian private banking business of Societe Generale in Singapore and Hong Kong, as well as selected parts of its trust business.
"DBS Private Bank and Societe Generale Private Banking Asia (SGPB Asia) are highly complementary in terms of clients, geographical coverage as well as product and service offerings. The completion of the acquisition significantly increases the scale of DBS’ wealth management business and strengthens the bank’s position as a leading wealth manager in Asia," DBS said in a press release on Monday (Oct 6).
With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.
According to the statement, DBS Private Bank and Societe Generale Private Banking have also entered into collaboration agreements, which will enable Societe Generale clients to have access to DBS Private Bank's offerings in Asia. DBS clients may meanwhile benefit from Societe Generale Private Banking's offerings in Europe as well as have access to a range of markets solutions designed by Societe Generale Corporate & Investment Banking.
Said Mr Piyush Gupta, CEO of DBS: “Wealth management is one of DBS’ key strategic priorities, and the completion of this transaction enables us to build on what is already a very solid platform, to further strengthen our competitive position in Asia. We are delighted that the businesses are being integrated from today, and that everything is on track per our original plans.”
Added Ms Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS: “The growth of our wealth management business has been robust and sustainable, reflecting the confidence clients have in us. Today, we are already among the top ten private banks in Asia and the SGPB Asia acquisition further signifies our coming of age. With access to new clients and strong, experienced teams, this acquisition takes our business to the next level and will enable us to access products and capabilities beyond Asia.”
The majority of employees from SGPB Asia, including management and relationship managers, will be moving over to DBS. Mr Olivier Gougeon, formerly Regional Chief Executive Officer of SGPB Asia, will be joining DBS Private Bank as Head of Transformation, Integration & Ultra-High Net Worth Segment.
Said Mr Gougeon: “By having access to DBS’ universal banking platform including retail, corporate and investment banking, we are confident that clients will stand to benefit from an expanded suite of products and services. We also have a proven track record in structured products, derivatives and wealth planning, which will go a long way in serving the more sophisticated needs of all clients.”
- CNA/es
- wong chee tat :)
Japan puts new weather satellite into space
Japan puts new weather satellite into space
Japan hopes the new satellite can improve the forecasting of typhoons and help with early warnings of volcano eruptions.
TOKYO: Japan put a new weather satellite into space Tuesday (Oct 7) in the hope it can improve the forecasting of typhoons and detect volcanic gas plumes.
The successful launch comes the day after a typhoon strafed Japan and just over a week after a volcano killed more than 60 people when it erupted without warning.
The Japanese-made H-2A rocket carrying the Himawari-8 weather satellite blasted into a blue sky at the Tanegashima Space Centre in southern Kagoshima prefecture at 2:16pm (1.16pm Singapore time).
The 17 billion yen (US$155 million) satellite separated successfully from the rocket and entered its designated orbit, sparking applause at the space centre, a Japan Aerospace Exploration Agency (JAXA) spokeswoman told AFP.
Japan's Meteorological Agency will use the satellite, alongside the Himawari-9, which is to be launched in 2016, for forecasting and to replace its ageing Himawari-6 and -7. The new satellite "can obtain a satellite image of a typhoon once every 2.5 minutes, against the current pace of once every 30 minutes," an official of the weather agency told AFP.
"Together with improvement in computer-aided analysis, we hope our forecasts of a typhoon's future course will be more accurate," he said. "As satellite images will become multi-colour from the current black and white, it will be easier to observe volcanic gas" which will be helpful for early warnings of a volcanic eruption, he added.
- AFP/xq
- wong chee tat :)
Japan hopes the new satellite can improve the forecasting of typhoons and help with early warnings of volcano eruptions.
TOKYO: Japan put a new weather satellite into space Tuesday (Oct 7) in the hope it can improve the forecasting of typhoons and detect volcanic gas plumes.
The successful launch comes the day after a typhoon strafed Japan and just over a week after a volcano killed more than 60 people when it erupted without warning.
The Japanese-made H-2A rocket carrying the Himawari-8 weather satellite blasted into a blue sky at the Tanegashima Space Centre in southern Kagoshima prefecture at 2:16pm (1.16pm Singapore time).
The 17 billion yen (US$155 million) satellite separated successfully from the rocket and entered its designated orbit, sparking applause at the space centre, a Japan Aerospace Exploration Agency (JAXA) spokeswoman told AFP.
Japan's Meteorological Agency will use the satellite, alongside the Himawari-9, which is to be launched in 2016, for forecasting and to replace its ageing Himawari-6 and -7. The new satellite "can obtain a satellite image of a typhoon once every 2.5 minutes, against the current pace of once every 30 minutes," an official of the weather agency told AFP.
"Together with improvement in computer-aided analysis, we hope our forecasts of a typhoon's future course will be more accurate," he said. "As satellite images will become multi-colour from the current black and white, it will be easier to observe volcanic gas" which will be helpful for early warnings of a volcanic eruption, he added.
- AFP/xq
- wong chee tat :)
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