EU approves NEC, Toshiba satellite joint venture
BRUSSELS: The European Commission said on Wednesday it had approved plans by
Japanese chip and electronic maker NEC Corp and Toshiba Corp to form a satellite
and satellite systems joint venture. "The investigation has shown the
absence of overlaps between the parties' activities outside the institutional
sector in Japan," the Commission said in a statement.
NEC and Toshiba said last December they would merge their satellite operations
in a bid to survive the intense global consolidation sweeping the industry. The
Commission said the joint venture would sell satellites and components primarily
in Japan with only minor activities in Europe.
"The companies will transfer the vast majority of their space related
business to the venture called NEC Toshiba Space Systems, which will be 60 per
cent owned by NEC and 40 per cent owned by Toshiba, but will be joint controlled
by both," the Commission said.-Reuters
NIIT launches customer education progam
BANGALORE: NIIT has launched a customer education program, which would help
students get a preview of the IT opportunities in the wake of the temporary
slowdown in IT. According to NIIT chairman Rajendra S. Pawar, "We will be
educating the students that the temporary slowdown gives them a unique
opportunity to position themselves in the market just as it revives," he
added.
The company also announced that it would expand its NIIT i-GNIIT program to 10
mini metros. The i-GNIIT program comes with a personal computer, a colour
printer, modem and an Internet connection for which Citibank, IFC and NIIT have
created a unique Rs 400 crore seven-year study loan.-CIOL Bureau
Wipro Infotech sets up office in Dubai
BANGALORE: Wipro Infotech on Wednesday announced that it has launched its
Middle East operations. According to a release, Wipro Infotech business
development manager Moiz Vaswadawala would head the new office, located in
Dubai.
According to business head, Asia Pacific and Middle East Tapan Bhat, "In
addition to working with global technology partners, we will see sign-up
complementary alliance partnerships for the Middle East market, which include
local system integrators and solution providers who have the reach in the
market. We expect to firm up our partnerships within the next 4-6
weeks."-CIOL Bureau
Goldman Sach cuts Yahoo Japan rating
TOKYO: Goldman Sachs Group Inc said it has downgraded its rating on Yahoo
Japan Corp to 'market performer' from 'market outperformer' on Tuesday, citing a
downturn in Japan's Internet advertising spending. Yahoo Japan, which is 50.8
per cent owned by Japanese Internet investor Softbank Corp and 33.8 per cent by
US Internet media giant Yahoo Inc , will see weaker earnings as advertising
spending slows, Goldman Sachs said.
The US investment bank said that Yahoo's peer Value Click Japan Inc's
downward revision of its own earnings outlook was indicative of an industry-wide
slowdown. Yahoo Japan saw its parent-only net profit hit a record 2.97 billion
yen for the year ended March, up 158 per cent on soaring advertising revenues.
But the Internet portal had warned that the lower-than-expected earnings in
the January-March period could put a dampener on profit growth.-Reuters
China's legend confirms AOL talks on joint venture
HONG KONG: China's largest personal computer maker Legend Holdings Ltd.
confirmed on Wednesday it was in talks with US media giant AOL Time Warner to
set up an Internet-related services joint venture targeting Chinese consumers.
The statement, made at the request of the Hong Kong stock exchange, is the first
formal announcement regarding a report on the AOL-Legend venture. It gave no
further details on the deal. On Tuesday, Legend Chief Executive Officer Yang
Yuanqing said on the sidelines of Computex 2001 in Taiwan that the PC maker had
been in discussions with AOL Time Warner for some time, and plans could be
announced in a few days.
Shares of Legend surged 5.56 per cent to close at HK$5.70 ($0.73), outpacing the
1.85 per cent gain in the Hang Seng Index .
The report said the two companies would each contribute $100 million to set up a
new company to develop interactive services targeted at Chinese consumers, with
Legend holding a 52 percent stake, reflecting China's tight restrictions on
foreign ownership in the telecommunications and Internet sectors.-Reuters