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Business, Financial & Legal Posts - Page 59

Samsung weighs in on Best Buy stake purchase, says it won't happen

Last week we reported a rumor about Samsung purchasing a stake in US retail giant Best Buy, but it turns out this is not true. We've heard back from a Samsung spokesperson, who has said:

 

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Reports that Samsung is considering to acquire a stake in Best Buy are not true. There have been no talks whatsoever regarding stock acquisition of either company.

 

So there you have it folks, it looks like Samsung won't be swiping its black AMEX to buy some Best Buy stock after all.

Gartner says IT industry will represent 5% of global GDP next year

Gartner released data today that suggest that 2014 will be the big year of growth for the IT industry. The analytical company is suggesting that by the end of 2014, the IT industry will be worth $4 trillion, or 5% the of global GDP. This would represent a substantial increase over current metrics which say the current market share for the IT industry is just $3.5 trillion.

 

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The report says that consumer spending is the fastest growing segment of the IT industry, but Enterprise spending still makes up the substantial portion of the market. Gartner suggesst that by 2017 mobile device sales will represent over 80-percent of device spending, of which more than half will be tablets. This means that in the next four years, mobile devices will become the fastest growing segment in the IT industry.

Apple to go all-in on the Indian market with iOS devices

Apple is in some need of many more millions of customers, and what better market to pouch them from than an emerging market like India. According to The Economic Times, Apple execs in India recently hosted execs from some of the top retailers in the country.

 

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During this meeting, the Apple execs spoke of plans to open up store-in-store locations and 100 standalone stores in smaller Indian markets:

 

The new marketing vision for India was unveiled on Monday evening at a meeting with 20 CEOs and senior executives of the country's top multi-brand telecom and electronic retail chains. Apple India's senior executives spelt out plans to enter the top 50 tier II and III markets in India by selling its phones, tablets and portable music players at their outlets in an exclusive corner or a shop-in-shop, said three people who attended the meeting. They requested anonymity since Apple officials had asked them to keep details of the meeting confidential.

 

Apple wants to set up 100 exclusive standalone stores under the franchisee model in smaller markets. It's scouting for franchise partners and has made proposals to some of the multi-brand retail chains, the executives said. Apple has not set any deadline for setting up these stores in smaller towns in India, but is looking to roll them out this fiscal year.

Continue reading 'Apple to go all-in on the Indian market with iOS devices' (full post)

BlackBerry failsafe: selling itself to Intel, Google, Samsung or LG

As it stands, Fairfax Financial have a deal with BlackBerry, but this could all go south at any minute, just like BlackBerry did. Just in case, we have Reuters reporting that BlackBerry is having early, just-in-case sales discussions with some industry giants.

 

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These giants include Samsung, Google, Intel, LG and more. We don't know if these companies are actually serious, and would acquire BlackBerry if the deal with Fairfax Financial went sideways, but they could be interested in BlackBerry's servers, as the company isn't ready to hand over its smartphone business, yet.

 

The companies could also wait for BlackBerry to really limp, and be forced onto life support - which wouldn't be too far away - and then snatch and grab them cheap.

Netflix has benefited from the US gov't shutdown

The US government shutdown last week, with over 800,000 'non-essential' staff no longer paid, or in employment until this is resolved. But, it looks like Netflix is directly benefiting from this, or maybe it was just the Breaking Bad finale.

 

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Netflix's stock price started to rise as the US government shutdown, but it could be due to other factors, too. We saw a distribution deal between Netflix and a Swedish cable company, which could've helped. Netflix's overall traffic numbers did increase after the US government shutdown, as there are nearly a million workers who are now home, probably watching Breaking Bad and Mad Men.

BlackBerry to blow most of its $2.6 billion cash pile very quickly

BlackBerry won't be part of the consumer handset market soon, but the Canadian phone maker does have a decent cash pile at the moment: around $2.6 billion. Not huge, but it's still in the billions.

 

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AllThingsD is reporting from a research note from Bernstein Research analyst Pierre Ferragu, who says that BlackBerry is on track to blowing through $2 billion of its cash pile, over the next six quarters. This is just 18 months away. He says that this is because "the company is losing users at a very high pace, has a stretched working capital and massive off-balance-sheet commitments that will turn into cash burn in the next four quarters."

 

Ferragu also believes that this cash burning could also put problems on its deal with Fairfax Financial, who plans to buy the company at $9 per share with many potential investors starting to worry if BB begins whipping out its wad of cash left, right and center. BlackBerry is on track to spend over $500 million of its $2.6 billion cash pile in the next three months alone, so I think we'll see this money disappear quicker than 18 months.

RumorTT: Samsung to purchase stake in Best Buy

Samsung is looking to post yet another record quarter, with the South Korean giant reportedly in the motions to purchase a stake in Best Buy. Best Buy is one of the largest retailers in the US, so it would be a big scoop for Samsung to own a stake of it.

 

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Samsung's Vice Chairman, Lee Jae-yong spoke with The Korea Times, saying that he "recently met with senior executives at Best Buy and discussed pending business issues." The Galaxy device maker has already worked with the US retail giant on the "Samsung Experience Shops" that have been opening up within Best Buy stores across the United States.

 

This move will only increase its exposure within the US, acting like quasi-Apple Stores, which will help Samsung sell even more smartphones in the US market than they do now.

Samsung estimated to rake in record $9.4 billion profit this quarter

Samsung has teased the world with its earnings estimates for Q3 2013, where it looks like the South Korean giant will break records, again. Samsung is looking to report $53.9 billion in total revenue, with an operating profit of around $9.4 billion.

 

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This is extremely good for the company, as it represents an increase from its $8.5 billion from its last quarter, and $51 billion in sales. When compared to its results from this time last year, it's a much bigger increase from the $48.5 billion in sales and $7.5 billion in profits. This represents an increase of 13% year-over-year.

Apple to power up Siri with its acquisition of Cue

It looks like Apple is wanting to strengthen its voice assistant, Siri, with its acquisition of Cue. Cue is a personal assistant application that has been an iOS exclusive.

 

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AppleInsider reports that Cue's functionality is similar to the sort of predictive information delivery that is very similar to Google Now, which is incredible. Apple has always put continuous work into Siri, but it looks like this acquisition of Cue could help them better compete with Google and its incredible Now service.

Twitter is looking to raise $1 billion with its IPO

Twitter is closer to its IPO, pushing out its IPO filing with the United States Securities and Exchange Commission. The social network filed an S-1 behind closed doors earlier in the year, as they were able to do so because Twitter's annual revenue was less than $1 billion last year.

 

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Now that Twitter's S-1 in public, we can find out what its financials are ahead of its IPO. The social network is looking to raise $1 billion, which will be underwritten by Goldman Sachs, Morgan Stanley and a bunch of other banks. Twitter will share its trade under the ticker TWTR.

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