TechSpot

Thursday, October 1, 2015

Autonomy's Mike Lynch counter sues HP over $11 billion deal

British entrepreneur Mike Lynch on Thursday said he would file a claim against Hewlett-Packard for $150 million in damages over allegations the U.S company made about his role in the acquisition of his software company Autonomy in 2011.Autonomy was a $11 billion bet on move into software for HP, but this strategy began to unravel only days after the deal was announced, documents have shown. Just over a year later, HP wrote off three-quarters of the deal's value, accusing Lynch and his colleagues of financial mismanagement.The two sides have been locked in an acrimonious battle ever since. (Reporting by Paul Sandle. Editing by Jane Merriman)

HP board approves split, expects completion on Nov. 1

Hewlett-Packard Co said its board on Wednesday approved the previously announced split of the company into two separate entities - Hewlett Packard Enterprise Co and HP Inc.The company said the separation is expected to be completed on Nov. 1, a day after which Hewlett Packard Enterprise will start trading on the New York Stock Exchange under the ticker symbol "HPE".Hewlett-Packard Co will be renamed HP Inc and continue to trade on the NYSE under the ticker symbol "HPQ". Hewlett-Packard said the separation will occur by means of a pro rata distribution in which each HP shareholder will get one share of Hewlett Packard Enterprise for each HP share held as of Oct. 21. HP said it expects Hewlett Packard Enterprise to start trading on a "when issued" basis on or about Oct. 19 under the ticker symbol "HPE WI". (Reporting by Lehar Maan in Bengaluru; Editing by Saumyadeb Chakrabarty and Savio D'Souza)

Online retailer dreams of printing off bespoke shoes at home

The co-founder of Australian online retailer Shoes of Prey, which allows customers to design their own footwear, hopes to one day allow customers to print out pairs at home as technology improves and consumer demand grows for personalized products.Founded in 2009, Shoes of Prey allows women to create unique designs on its website, choosing from 300,000 trillion possible permutations of materials, colors, styles and sizes. It promises to deliver in four weeks but often manages two. Jodie Fox, who set up Shoes of Prey in 2009 with former Google Inc employees Michael Fox and Mike Knapp, expects consumer demand for faster delivery to keep rising."Ideally we would get to a point ... where we are able to (deliver) overnight a pair of shoes to you that you designed the day before," Fox said in a telephone interview from Sydney.That will only be possible once advances in 3-D printing technology allow the company, which currently ships worldwide from a factory in China, to set up small manufacturing hubs around the globe.Longer-term, Fox can imagine being able to check the weather, choose an outfit and design a pair of matching shoes that can print out in her wardrobe while she takes a shower."To truly marry real customization and immediacy is a way bigger challenge," she said. "My dream of the future is manufacturing in the home." CUSTOM MADE Sportswear firms such as Nike and Adidas already allow fans to personalize sneakers ordered online and Adidas hopes to be able to produce a custom-made running shoe from scratch in store by next year. A survey by consultants Deloitte shows 37 percent of consumers are interested in buying personalized footwear, rising to 48 percent for those aged between 16 and 24.Fox said Shoes of Prey's sales had risen 120 percent in the last year, helped by the six design studios the brand has opened in the United States in upscale Nordstrom department stores.Fox, 33, said customers still prefer to buy shoes in store despite the advent of e-commerce. "We want to touch it, we want to see it, we want to understand it in its physical form before we buy it. That hasn't changed," she said.The top five materials her customers choose are all black, Fox said, and the most popular style is a three-inch stiletto, often with a personal twist like a colorful lining. Fox, who prefers either totally flat shoes or a heel at least four inches high, said her typical customer is a 25- to 35-year-old professional woman with above-average income, not surprising given a price tag of about $220 per pair. "Honestly, Shoes of Prey is not about shoes. It is about this whole idea of getting you what you want, when you want it, and that will extend into many products," Fox said.She said her Italian grandmother had laughed when she described her business, noting cobblers used to make made-to-measure shoes when she grew up in Sicily."We're reimagining something that was a product of days past with the capabilities we have today," Fox said. "That is why technology is so exciting." (Editing by David Holmes)

Toshiba may lay off appliances, TV and PC workers: CEO

Toshiba Corp (6502.T) may lay off staff in its underperforming home appliances, TV and PC businesses and seek partnerships for its nuclear operations to overhaul the company after a $1.3 billion accounting scandal, its chief executive said on Thursday."The latest accounting problems might have been driven by the fact that some of our businesses have lost earnings power. We must urgently take action in these businesses," Chief Executive Masashi Muromachi told a roundtable of reporters. As part of its overhaul, Toshiba has launched a new management team, which won approval from shareholders on Wednesday. (Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman)

Wednesday, September 30, 2015

LG Electronics says handset sales to improve starting in fourth quarter

South Korean consumer electronics maker LG Electronics Inc expects sales at its mobile division to improve starting from the fourth quarter as the firm launches new devices, a senior executive said on Thursday.Speaking at a launch event for the new V10 smartphone, LG mobile division chief Cho Juno told reporters the firm will use the high-end device as well as new mid-to-low tier products to boost market share. He declined to give any specific targets.LG will start selling the V10 smartphone in South Korea on Oct 8. The device, which features two front cameras and a small secondary screen that works independently from the main 5.7-inch display, is priced at 799,700 Korean won ($679.6) locally - 11 percent lower than domestic rival Samsung Electronics Co Ltd's cheapest Galaxy Note 5 phablet model that was launched in August. The firm also said it is preparing its own mobile payments service but declined to elaborate further. ($1 = 1,176.8000 won) (Reporting by Se Young Lee; Editing by Miral Fahmy)

SoftBank leads $1 billion investment in U.S. fintech startup SoFi

SoftBank Group Corp (9984.T) said it had led a $1 billion investment in U.S. financial technology startup SoFi, calling it the largest single financing round in the fintech space to date.The deal is the latest in the sector, where relatively young companies offer financial services through software. In July, Spain's Banco Santander SA (SAN.MC) agreed to provide up to around $16 million for any opportunities it identifies with British mobile banking software partner Monitise Plc (MONI.L).Other investors in SoFi, which refinances student loans and mortgages, included private equity firm Third Point.SoftBank and SoFi said a joint statement that the Series E funding round will accelerate SoFi's growth as a financial services partner for consumers disenchanted with traditional banking. SoFi aspires to be "the most trusted financial services partner in the U.S.", SoFi CEO and co-founder Mike Cagney said in the statement.SoftBank is a longtime investor in tech startups, with Alibaba Group Holding Ltd (BABA.N) and Yahoo Japan Corp (4689.T) among in its portfolio. More recently, it led a $500 million investment in Indian online marketplace Snapdeal in August, and put $250 million into Singapore-based ride hailing app GrabTaxi at the tail end of last year. Separately, SoftBank said it had raised its stake in U.S. mobile phone carrier Sprint Corp (S.N) to 83.19 percent from 81.99 percent, less than two months after its last incremental purchase.The purchases are being closely watched by investors as a holding of 85 percent could see Sprint delisted under New York Stock Exchange rules. SoftBank has said it doesn't expect to reach 85 percent. Shares of SoftBank ended morning trade up 2.7 percent, compared with a 1.7 percent rise in the benchmark index .N225. (Reporting by Christopher Cushing; Editing by Edwina Gibbs)

Toronto eyes ride-sharing rules in 2016; Uber asked to halt until then

Toronto's city council voted on Wednesday to create a legal framework covering ride-sharing companies such as Uber Technologies Inc [UBER.UL], asking city staff to suggest rules by next spring that would create a "level playing field" with taxis. The fate of the Silicon Valley company's app in Canada's largest city has eclipsed a broader taxicab review that has fuel led years of vigorous debate. While the council vote asks staff to prepare to accommodate Uber and its ilk, it also passed a motion asking Uber to stop operations in the city until the rules are in place. Uber's general manager for Canada, Ian Black, said the company intends to ignore that request, media reported on Twitter after the meeting concluded. Asked whether Uber would halt operations as requested, Uber said only in a statement that Toronto's city council and mayor "have shown true leadership by voting for the creation of ridesharing regulations today." The company has paired Toronto riders with drivers since 2012, but legal questions increased in late 2014, when the company began operating its UberX service, which uses unlicensed drivers in private vehicles. In July, a provincial court ruled Uber was not covered by existing laws for taxi brokers. The council also voted to reduce the initial fee taxi patrons pay when they get in a cab to C$3.25 from C$4.25, effective Nov 1. (Reporting by Alastair Sharp; Editing by Ken Wills)