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Business, Financial & Legal Posts - Page 61

BlackBerry layoff costs skyrocket, will cost over $400 million

BlackBerry continue to hurt, even after it announces it is retreating out of the consumer handset market. It is being reported that the 4,500 layoffs the Canadian phone maker is doing, will cost them $400 million.

 

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This is four times the initial estimates, something we're finding out thanks to the regulatory filing that BlackBerry filed last week. The company also says that it "plans to unload factories, manufacturing gear and property." This all sounds like BlackBerry landed on Mayfair loaded with a hotel, and is now mortgaging everything it's got to not just sink.

 

BlackBerry reported last week its second quarter earnings, which saw a 49% year-over-year drop in revenues.

Google acquires startup company Flutter, who work on gesture tech

Before today, you probably haven't heard of Flutter, who are a startup company working on gesture recognition technology. Well, neither did I, but the startup has been acquired by Google.

 

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Flutter's gesture recognition technology focused on getting it working with a standard camera interface, such as webcams. Currently, Flutter only ships a Windows and Mac app, with this software continuing to work even though it has been acquired by Google. Google must see a future in the company, hence the acquisition that might help it with its future in gesture technology.

Bitcoin prices head south after news of Silk Road seizure spreads

Anyone who has been following the Bitcoin saga, will likely have ran across reports that the virtual currency is fueling the online drug trade. For anyone who doubted this, today's seizure of Silk Road proves just how closely connected the two really were. Reports suggest as much as $1 billion of Bitcoin transactions occurred as a direct result of Silk Road.

 

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Today as news began to spread about Silk Road being shut down by the FBI, the price of Bitcoins dropped from $130 down to just over $85. Analyst are speculating that the selloff was the direct result of Silk Roads seizure, and indicated that many users felt uncertain about the future of the virtual currency. There could potentially be millions of Bitcoins that are frozen in limbo as a result of the seizure, and they will most likely never be claimed by their owners. At the time of this writing, the Bitcoin price had rebounded to about $120.

Amazon's Jeff Bezos is now the official owner of The Washington Post

While I first broke the news that Amazon CEO, Jeff Bezos, had purchased The Washington Post, the sale was not finalized until this week. Yesterday the announcement came that the $250 million acquisition had been finalized, and that Bezos was now the sole owner of the near 80-year old company.

 

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While $250 million sounds like a lot of money to spend on a business which many consider a dying medium, Bezos has plenty of cash to spare. He founded Amazon.com back in 1994 and has since became one of the wealthiest men in the world. Bezos says that he plans to turn the post around and once again lead it to profit. Bezos commented that he will remain at the helm of Amazon, and that he will visit the Post from time to time, but will remain devoted to Amazon for the foreseeable future.

Tom Clancy has passed away at 66 years old

You've probably heard of Tom Clancy, as he's a best-selling author, but most gamers would know him thanks to his work on game franchises like Ghost Recon and Splinter Cell. Clancy died last night in hospital.

 

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The New York Times has confirmed the news unfortunately, directly from Clancy's publisher. Clancy back in 1996 helped create a game development studio called Red Storm Entertainment, where a bunch of games were made. The developer was scooped up by Ubisoft, who took the best franchises and continued making them under Clancy's name, such as Splinter Cell.

Some Microsoft shareholders think that Bill Gates needs to step down

A new report from Reuters says that three of Microsoft's biggest shareholders think that the company's founder, Bill Gates, should step down from his seat on the board. The shareholders suggest that Gates may prevent current CEO, Steve Ballmer's, replacement from bringing forth new innovation to the company.

 

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The report from Reuters reads:

 

The three investors are concerned that Gates' presence on the board effectively blocks the adoption of new strategies and would limit the power of a new chief executive to make substantial changes. In particular, they point to Gates' role on the special committee searching for Ballmer's successor.

 

They are also worried that Gates - who spends most of his time on his philanthropic foundation - wields power out of proportion to his declining shareholding.

 

While it is a bit of a stretch, many think that Ballmer was chosen as CEO because he was good friends with Gates, and that Gates could keep control of the company through Ballmer. Personally, I think that Gates has a right to sit on the board, and it is his duty to continue to advise the direction of the company he founded so many years ago.

Continue reading 'Some Microsoft shareholders think that Bill Gates needs to step down' (full post)

Samsung has sold over 40 million units in its Galaxy Note lineup

The Galaxy Note range of phablets from Samsung has been uber successful, after most in the industry didn't think a smartphone that big could really make it. Samsung broke tradition, and it worked, handsomely for them.

 

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It looks like Samsung is seeing great success from the Galaxy Note range of smartphones, with the South Korean giant confirming it has sold over 40 million Galaxy Note handsets across the world. This includes over 10 million Galaxy Note units, and over 30 million Note II devices. This doesn't include the Galaxy Note-branded tablets, and is exclusive to the Galaxy Note smartphones.

Toshiba's TV division in trouble: 50% reduction in staff soon

It looks like another Japanese giant is experiencing trouble, with Toshiba looking to reduce its TV staff by up to 50%. The company will also stop production at two of its three overseas factories before the end of this fiscal year.

 

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Toshiba has said it will also increase outsourced production to 70%, up from 40%, and reduce the amount of its global staff in the TV division by 3,000 with two-thirds of these positions held overseas. Toshiba hasn't penciled in which two factories would be closed, but we should find that out soon enough.

 

Toshiba has been experiencing losses in its TV division for over two years now, which is blamed on a slowdown in Europe and a drop in domestic demand for its TVs. I'm sure the huge competition from Samsung doesn't help, either.

Twitch lands $20 million in series C funding thanks to Thrive Capital

Twitch.tv, everyone's favorite social video game footage sharing site, has just announced that its series C round of funding has been a massive success. The company managed to raise $20 million thanks to efforts led by Thrive Capital, Take-Two Interactive, and WestSummit Capital.

 

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At the moment, Twitch sees more than 45 million monthly visitors, and with the upcoming release of next-gen consoles, we expect to see that number rise significantly. While no mention has been made with how the company will use the funds, we would imagine that some of it will go towards beefing up its servers, as well as improving on its services offered to gamers who live stream their gameplay to the site.

Google to acquire a bunch of ex-BlackBerry engineers

BlackBerry is quite quickly circling the sink, ready to be sucked into it, but before then it looks like Google is acquiring a bunch of ex-BlackBerry engineers.

 

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Reuters reports that Google's Motorola Mobility division is setting up a new hub in Waterloo, Ontario - BlackBerry's hometown. The company is looking to take in people who have backgrounds in engineering and computer science. Even with BlackBerry starting to fade, Waterloo is a massive hub of talent thanks to the University of Waterloo's top-notch computer science program.

 

The Engineering Director at Motorola Canada, Derek Phillips, has told Reuters that Motorola is looking to "get just as many people who are interested to come out and hire as many people as we can."

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