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Business, Financial & Legal Posts - Page 4

Pebble slays 25% of its workforce, as money is 'pretty tight'

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Mar 24, 2016 10:16 am

Pebble isn't having a good time right now, with the indie smartwatch maker having issues - so much so that Pebble CEO Eric Migicovsky told Tech Insider it is cutting 25% of its workforce - or 40 people, this week.

 

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The company has said that money is "pretty tight" right now, with the tap slowly being tightened by Silicon Valley venture capitalists. The company has raised $26 million over the last eight months, but the cash isn't flowing quick enough. Migiovsky reiterated that Pebble is here for the long-term, and they have an idea of where wearable technology is headed in the coming 5-10 years.

 

By early 2015, Pebble had sold over 1 million smartwatches, the month before the company launched its new Time watches - and just before the big Watch unveiling by Apple. Pebble has to convince both consumers and potential investors that it can not only survive in a now much more crowded smartwatch market, but beat the likes of Apple at its own game.

Red Hat now first multi-billion dollar open-source company

By: Sean Ridgeley | More News: Business, Financial & Legal | Posted: Mar 23, 2016 7:25 pm

There's a lot more money to be made from Linux and open-source software than you probably realized: Red Hat just became the first open-source company to make $2 billion. This isn't the first time it's set a record, either: four years ago it became the first Linux company to make $1 billion. All this without relying on venture capitalists, no less.

 

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Red Hat president and CEO Jim Whitehurst says "enterprises increasingly adopting hybrid cloud infrastructures and open source technologies" are largely responsible for the big numbers. In hard terms, Red Hat Enterprise Linux and cloud operating system RHEL are doing better than ever subscription-wise.

 

The company expects to make between $2.38 and $2.42 billion in the 2016 fiscal year; if this keeps up, they'll set another record in short order.

Intel founder Andrew Grove dies at 79

By: Sean Ridgeley | More News: Business, Financial & Legal | Posted: Mar 22, 2016 7:06 pm

One of the three founders of Intel, Andrew Grove, has died at 79. Grove served as company president in 1979 and became CEO in 1987; he served as Chairman of the Board from 1997 through 2005. He is remembered as a hugely influential figure in the world of technology, an excellent manager, and as an author, public advocate for Parkinson's disease research, and philanthropist (he once donated $26 million to establish the Grove School of Engineering in New York, to name one venture).

 

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"We are deeply saddened by the passing of former Intel Chairman and CEO Andy Grove," said Intel CEO Brian Krzanich. "Andy made the impossible happen, time and again, and inspired generations of technologists, entrepreneurs, and business leaders."

Continue reading 'Intel founder Andrew Grove dies at 79' (full post)

Tencent made $16 billion in 2015, with $3 billion from mobile alone

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Mar 22, 2016 8:23 am

Tencent is really pulling down some coin, with the Chinese giant making nearly $16 billion last year - with over $3 billion of that coming in from smartphone game revenue.

 

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The $3 billion from smartphone game revenue is something to note, as it's an increase of over 50% from 2014. Throughout calendar 2015, Tencent posted $3.3 billion in revenue, an increase of 53% over the same period of 2014. PC client game revenue saw "low double-digit" revenue growth year-on-year, but the company didn't elaborate on those numbers.

 

Over the course of 2015, Tencent earned $15.8 billion, an increase of 30% over the previous year. Net profit reached $4.5 billion, up 22%, too. For 2016, the company will develop "new and emerging smartphone game genres, via leveraging our PC game experiences, smartphone game player communities, and relationships with leading game developers".

Bank of Korea wants cashless society by 2020

By: Sean Ridgeley | More News: Business, Financial & Legal | Posted: Mar 14, 2016 10:57 pm

The Bank of Korea wants to follow in Iceland's footsteps and achieve a cashless society by 2020, replacing paper entirely with credit cards and other means of payment like Samsung Pay.

 

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It's well on its way as more Koreans than ever are choosing non-cash options for purchases than ever: 40 percent say they use credit cards more than anything else, up from last year's 30 percent; Koreans carry an average 74,000 ₩ this year versus last year's 77,000, and the central bank is issuing 12.3 percent fewer 10,000 ₩ banknotes, 5.9 percent fewer 5,000 ₩ notes, and 3.7 percent fewer 1,000 ₩ notes this year.

 

Lee Hyo-chan, the head of the research center at the Credit Finance Institute believes ditching paper will cut costs by somewhere between 0.1 and 1.1 percent of GDP (1.305 trillion USD in 2013). Lee notes the value of transparency, too: having a greater understanding of the underground economy gives the government and banks much better economic data to work with. Additionally, he touts decreased cash-related crime and the adoption of monetary policies like a minus interest rate to stimulate the economy, forcing citizens to spend more if they want to avoid interest.

Continue reading 'Bank of Korea wants cashless society by 2020' (full post)

Microsoft no longer accepting Bitcoin as a viable payment method

By: Jeff Williams | More News: Business, Financial & Legal | Posted: Mar 14, 2016 1:28 pm

Microsoft was one of the first major companies to accept a digital cryptocurrency as a valid payment method for their wares on the Windows app store. Though it wasn't a mainstream currency, they saw the growth potential, and wanted to give customers a wealth of choices. But they've recently decided to remove Bitcoin from their list of payment methods that are accepted.

 

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If you happen to have a balance of Bitcoin in your wallet already, you can use those at the Microsoft Store or App store, though you can't refill the internal wallet with more Bitcoin nor can you get a refund if you wanted to get those out. That seems to indicate that the infrastructure used to process Bitcoin no longer happen to be in place. You were able to use them for any Microsoft branded store.

 

This is another bold move considering they were advocates of choice in 2014, and this escape from the market is quite the shock. Though there are probably practical reasons as to why they did so. Microsoft hasn't announced why they made the decision though we've reached out for comment.

Kim Kardashian's mobile game makes $80 million, still can't help Kanye

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Mar 10, 2016 5:45 am

I don't know why I'm writing about Kim Kardashian of all things, but her latest mobile game 'Kim Kardashian: Hollywood' has made so much money, I had to write about it.

 

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Glu Mobile's Kim Kardashian: Hollywood made an insane $80 million, a figure that Mrs Kardashian West took to Twitter to brag about. In a tweet, Kardashian said: "sorry I'm late to the party guys I was busy cashing my 80 million video game check & transferring 53 million into our joint account". We can only guess that Kim Kardashian: Hollywood made that money throughout 2015, as the mobile game earned $13.4 million in Q4, or 24% of Glu Mobile's total revenue for the quarter.

 

Throughout the entire of 2015, Kim Kardashian: Hollywood made $71.8 million, or 30% of Glu Mobile's total revenue. The game is of huge importance to the company, but the earning power of the game has declined since its launch in 2014, where it made $43.4 million in revenue in Q3 alone. In the same quarter of 2015, this revenue dropped to $18.8 million. Not too bad for a game... about Kim Kardashian.

 

Now remember Kanye is struggling with money, begging Facebook founder Mark Zuckerberg for a loan. I'm sure this $80 million injection into their joint account will help, won't it Yeezy?

Intel buys instant replay technology company for $170 million

By: Sean Ridgeley | More News: Business, Financial & Legal | Posted: Mar 9, 2016 10:05 pm

There's been a lot of talk in sports media in recent times about giving the viewer control over what they're watching, such as changing angles at will. It was finally put to work at the NBA All-Star Weekend, where Israeli startup Replay Technologies allowed fans to view replays and highlight reels from virtually every angle with its "freeD" tech.

 

 

FreeD works by rendering a 3D simulation of the court based on captures from 28 ultra HD cameras positioned around the arena, which is then uploaded to Intel servers for fans to play with.

 

Intel has been working with Replay Technologies since 2013 on this project (referred to as "immersive sports"), which has culminated in the former acquiring the latter for $130 million today. Intel says the acquisition means Replay will be better able to speed up freeD processing and add more customization for users.

Continue reading 'Intel buys instant replay technology company for $170 million' (full post)

Vaya under Australian investigation amidst dodgy mobile plan fees

By: Chris Smith | More News: Business, Financial & Legal | Posted: Mar 8, 2016 3:33 pm

Including an interesting $9.90 (AU) monthly 'Plan Freeze Fee' that Vaya enforced on consumers in addition to regular access fees even when their contract was over, this mobile company has been under Australian Competition and Consumer Commission (ACCC) investigation due to some creative charges.

 

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Another one slammed on end users was sent via email in February 2015 and depicted that users will need to pay a "once-off, refundable $20 (AU) Security Deposit" for the use of a Vaya mobile, with this company telling users to refer to its Terms and Conditions for more information. While the ACCC believed that the freeze fee and security deposit emails were misleading and failed to inform users of rights of termination, Vaya has responded with its side of the story.

 

Vaya's response to the investigation was to refund all customers incorrectly recruited into the freeze fee campaign, further outlining contract termination rights in what Gizmodo claims as an attempt to be more transparent with its users and the ACCC.

The inventor of email, Ray Tomlinson, has passed away

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Mar 7, 2016 3:25 am

We all use email like it's oxygen, but do you know who invented electronic mail? That would be Ray Tomlinson, who has sadly passed away from a suspected heart attack, at age 74.

 

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Tomlinson established the first networked email system on ARPANET in 1971 using the user@host format, something we still use today. 6 years later in 1977, his approach became a standard, and it eventually dominated. Tomlinson was also credited with using the @ symbol for email, but it also became synonymous with everything related to the Internet.

 

Social networks jumped on board, with Twitter using @ in a big way - can you begin to imagine Twitter without the @ - yeah, it just wouldn't be the same.

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