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Toshiba CEO in $1.2 Billion Scandal

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Toshiba

Toshiba Corp. said it will have to correct earnings by 152 billion yen ($1.2 billion) from more than six years in Japan’s biggest accounting scandal since $1.7 billion Olympus irregularities in 2011. Toshiba executives have been accused of setting unrealistic profit targets which led to flawed accounting, said a third-party investigation report released on Monday. According to the investigation the irregularities were skillfully hidden from outside observers.

Toshiba president and CEO, Hisao Tanaka and his predecessor, Norio Sasaki were said to have systematically delayed booking losses in order to conceal losses.

Naoki Fujiwara, a Tokyo-based fund manager at Shinkin Asset management Co. said the top management involved in this scandal should be dealt with and management structure renewed accordingly if they want things to return to normal and stakeholders to continue to trust them.

Sasaki with two other top executives just announced their resignation in an extraordinary board meeting going on in Japan.

IBM Second Quarter Earnings (2Q)

IBM second quarter (2Q) missed target, as sales of $20.8 billion missed forecasts of $20.9 billion. Earnings per share (EPS) came in at $3.84, topped $3.78 estimates. The company shares which have rallied 6 percent this month to $1732.22 were down 5 percent after the report was made public. The report marked a 13th consecutive quarter in which the company has failed to meet expected target.

IBM chief financial officer, Martin Schroeter said revenue would have been almost flat without currency impacts, this second quarter revenue would have been down 1 percent without the impact of currencies.

“Higher level of workforce rebalancing” resulting in more jobs cut globally and over $200 million charge taken, is also an increase compared with the rebalancing in the second quarter of last year, said Schroeter.

Apple Inc.

Apple shares rose 13 percent ahead of its 3 quarter earnings report, the company is expected to announce its earning later today.

Greece pays $.74 billion

Greek made good on its promise, pays $.74B to creditors, though over 35 analysts surveyed by Bloomberg said the crisis has not been averted but maybe back on the table next year. The financial markets to remain closed through Wednesday according to Haratsis, a stock broker in Greece. Greece creditors set August 6 deadline to round off bailout discussion.

Majority of the analysts surveyed said Greece should be safe for the rest of the year while half of them said 86 billion euro ($93 billion) might not be enough after all.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Global Gaming PC Sales Revenue to Hit $39.2bn in 2020, a 60% Jump in Five Years

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U$27 Trillion Locked In Bear Markets

Revenue of Global PC Games Jumps 60% in Five Years

The video games industry is one of a few sectors that have been booming in 2020, with millions of people spending more time indoors and online amid the COVID-19 pandemic. The increasing number of people choosing video games as their main at-home entertainment led to a significant jump in the sales of gaming equipment.

According to data presented by Safe BettingSites, global gaming PC sales revenue is expected to hit $39.2bn in 2020, a 60% jump in five years.

High-end Gaming PCs Account for Almost 50% of Global Sales

In 2015, the global gaming PC market hit $24.6bn in revenue, revealed the Jon Peddie Research data. High-end PC sales accounted for 45% of that value, followed by mid-range and entry-level gaming PCs with 30% and 25% market share, respectively.

During the next twelve months, the global gaming PC sales revenue jumped almost 23% to $30.2bn and continued growing ever since.

High-end gaming computers still represent the largest revenue stream of the global gaming PC market, expected to generate $18.5bn profit or 47% of total revenue in 2020.

Mid-range gaming PC sales is forecast to reach 34% market share this year, a 4% increase since 2015, and generate $13.4bn in revenue.

The revenue of the entry-level gaming computer segment is expected to jump 21.7% year-on-year to $7.3bn in 2020.

The Jon Peddie Research data also revealed that mid-range gaming PCs witnessed the most significant sales revenue growth, 76% between 2015 and 2020. High-end gaming computers follow, with a 72% revenue increase in that period.

Gaming PC Sales in EMEA Countries to Continue Booming in H2 2020

The growing number of people spending more time indoors and online amid the coronavirus lockdown caused a surge in sales of gaming PCs and laptops in Europe, the Middle East, and Africa, revealed the IDC Worldwide Quarterly Gaming Tracker data.

In the second quarter of 2020, the EMEA countries hit 2 million units sold, a 33% jump year-on-year. The increasing trend is set to continue in the third and fourth quarter of the year, resulting in 16.4% YoY growth and 8.2 million sold units for the full year 2020.

Gaming PCs are expected to account for over 36% of that figure, with nearly 3 million units sold by the end of the year. Statistics show that gaming laptops are set to rise to 5.23 million units sold in 2020, or 64% of the total unit shipment in the EMEA countries this year.

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Dell Partners Other Firms to Establish Tech Centre in Nigeria

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Dell, Other Tech Firms Partner to Establish Tech Centre in Nigeria

Dell Technologies said it has partnered other global tech giants to establish Tech Experience Centre that will bridge the gap to technologies for millions of people in Nigeria.

Dell Technologies Director, Central and West Africa, Nicholas Travers, in a statement, said the project expected to be launched on October 1, would help cut costs, reduce capital flight and boost technology adoption in the country.

Travers lauded TD Africa, Sub-Saharan Africa’s foremost tech, lifestyle and solutions distributor, for the landmark initiative.

We believe the Tech Experience Centre will help reduce the decision making cycle and save huge costs and time of traveling to locations outside our continent to visit and experience these technologies at work.

“This is a fantastic initiative by TD Africa, perhaps the first of its kind in the region and we are proud to be part of it,” he said.

According to him, the project will go a long way in helping Dell Technologies showcase its suite of cutting-edge technologies.

The launch of the Experience Centre will support the growth of technology in Nigeria and the West African region.

“Also, it provides a fantastic platform for Dell Technologies to showcase the very many technologies we offer,” Travers said.

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Newly Founded Cybersecurity Startups Raise Over $31m in 2020

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e-banking fraud

Cybersecurity Startups Raise Over $31m in 2020

According to data presented by the Atlas VPN team, there are 78 new cybersecurity companies founded in 2020 that cumulatively have raised over $31.6 million in funding year-to-date.

Only 15% of cybersecurity startups launched in 2020 secured funding. However, three companies alone collected nearly 96% ($30.3 million) of the total amount of investments.

The startup that scored the most significant investment is Beyond. It secured a total of $21 million in February of 2020, which accounts for more than 66% of total investments into newly launched cybersecurity startups this year.

A cybersecurity company with the second biggest investment is Sevco Security, which raised over $6.7 million in May of 2020.

Also, in the list of top three cybersecurity startups in terms of funding is Soc.OS. It received more than $2.5 million in investments in July this year.

Most of this year’s cybersecurity companies are from North America or particularly the US. They make up nearly 35% (27) of all the cybersecurity startups launched in 2020.

A number of new cybersecurity startups is shrinking each year

While the amount of cyber incidents is increasing and cyberattacks are becoming more sophisticated, the number of new cybersecurity startups is declining each year.

Historical data shows that in 2015 there were 490 cybersecurity companies launched. Together the startups raised over $3.1 billion in investments.

The year of 2016 saw a slightly smaller number of new cybersecurity companies. The launch of new startups in the cybersecurity field decreased by 0.8%, with 486 startups launched that year. The total amount of funding allocated to those startups, however, dropped in half, from $3.1 billion to $1.6 billion.

In 2017 the number of new cybersecurity startups plummeted again by 0.8%. There were 482 cybersecurity companies founded that year, which raised more than $1.3 billion in total — 17% less than in 2016.

The number of new cybersecurity startups dropped by more than a fifth in 2018 compared to the year before. A total of 382 cybersecurity companies were launched that year, which collected over $847 million in investments. The amount of funds invested in the cybersecurity startups also dropped by 35% compared to 2017.

Last year saw a 46% decrease in the launch of new cybersecurity startups. There were 207 these types of companies founded. Together they raised close to $229.5 million in investments — 73% less than the year before.

Finally, this year’s cybersecurity market has welcomed 78 newcomers — the number has shrunk by 62% compared to last year. However, 2020 is not over yet; hence we can expect the numbers of cybersecurity companies to increase slightly.

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