Monday, November 30, 2009

“Lenovo to buy back mobile phone business - Silicon India” plus 4 more

“Lenovo to buy back mobile phone business - Silicon India” plus 4 more


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Lenovo to buy back mobile phone business - Silicon India

Posted: 29 Nov 2009 10:26 PM PST

Beijing: Personal computer maker Lenovo Group will be joining the race to develop products that link phones and PCs by buying back a mobile phone business that it sold last year. Lenovo, sold its mobile unit to focus on computers but said that the technologies are now converging, creating a significant growth opportunity.

The company, based in Beijing and in Morrisville, N.C., said that it paid $200 million in cash and stock to acquire its former mobile phone assets from a group of Hong Kong and other investors. The directors now consider that it is appropriate to move aggressively to capture the opportunity in the mobile internet business, the company announced in a statement released through the Hong Kong stock exchange.

Like other computer makers, Lenovo was battered by the global economic crisis and a slump in sales. But the firm reported this month its profit for the quarter ending Sept. 30 more than doubled from a year earlier to $53 million.

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Ryan Scully, Discover - RTO Online

Posted: 30 Nov 2009 05:35 AM PST

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Fading confidence among small business owners could be tied to their low expectations for the upcoming holiday season, as 46 percent are forecasting decreased sales and 39 percent are expecting to hold the line.
Ryan Scully, Discover

Economic confidence among America's small business owners plummeted in November, as more owners cited serious concerns about cash flow and saw economic conditions for their own businesses getting worse. The Discover Small Business Watch index fell 12 points in November to 76.5 from 88.5 in October.

"Fading confidence among small business owners could be tied to their low expectations for the upcoming holiday season, as 46 percent are forecasting decreased sales and 39 percent are expecting to hold the line," said Ryan Scully, director of Discover's business credit card. "However, we saw drops in optimism across the board, so it's hardly just one factor causing the concern."

The mood of small business owners generally has soured in November for three straight years, as economic confidence dropped from October to November in 2007 and 2008. The November 2008 index of 67.5 is the low point for the Watch since it started in August 2006.

November Highlights:

-52 percent of owners say they have experienced cash flow issues in the past 90 days, up from 44 percent in October. Forty-one percent of owners say they have not experienced cash flow issues, which is the lowest response in this category since the Watch began. The remaining 6 percent said they weren't sure.

-53 percent of small business owners see conditions getting worse in the next six months, up from 43 percent in October; while 19 percent report that conditions are improving, a sharp decline from 29 percent in October; 23 percent see conditions as the same, and 5 percent weren't sure.

-62 percent of small business owners rate the economy as poor, an increase from 55 percent in October; 30 percent rate it as fair, and 8 percent say it is good or excellent.

-53 percent of small business owners think the overall economy is getting worse, up from 44 percent in October but still significantly lower than the 69 percent of owners who felt that way in February 2009, the last time the Watch index was this low. For November; 28 percent say the economy is getting better, down from 35 percent in October; 16 percent see it staying the same, and 3 percent are not sure.

Only 11 percent of Small Businesses Expecting Increased Sales This Year

Small business owners have a glum outlook on the holiday season: Only 11 percent expect to see more business this year over last, while 46 percent of them are expecting less business than last year, an increase over the 40 percent who said the same in November 2008; 39 percent anticipate 2009 sales will be about the same as last year, and 4 percent weren't sure.

For many small business owners, the holiday season is not necessarily their busiest time. A majority of owners, 56 percent, say that the holiday season falls somewhere in between being their busiest and the slowest time of year, 29 percent say this is their slowest time, and 13 percent say it is the busiest.

Discount Department Stores Still Most Popular for Holiday Shopping

This month the Watch also polled 3,000 consumers on issues important to small businesses. When asked to choose from a list of places where they expect to do most of their holiday shopping, they chose the following:

-Discount department stores, 30 percent
-Department stores, 18 percent
-Warehouse and club stores, 7 percent
-Small retail and specialty stores, 7 percent
-Electronics retailers, 5 percent
-Some other type of store, 9 percent
-Not sure, 23 percent

These shopping-preference percentages were little changed from what they were in 2008.

When it comes to the Internet, 57 percent of consumers said that they will do at least some of their shopping online this year.

Squeeze on Credit

Twenty-four percent of small business owners say that they extend credit to customers, and 73 percent of those that extend credit say that they have customers who have delayed or asked to delay a payment in the last three months. This is largely unchanged from December 2008 when 25 percent said they were extending credit, and 72 percent said that they had customers who delayed or asked to delay a payment.

 

Holiday Shoppers Keen on Deals, Online Spending Up - ABC News

Posted: 28 Nov 2009 02:49 PM PST

CHICAGO (Reuters) - In a worrisome sign for retailers, data released on Saturday showed that sales rose a scant 0.5 percent on the traditional kickoff to the holiday shopping season despite early signs of a strong showing.

A focus on bargains pulled shoppers into stores and onto websites over the Thanksgiving holiday weekend, but many said they would stick to their budgets and avoid purchases if they could not find a good deal.

Those trends appeared to play out in the results issued by ShopperTrak, which measures customer traffic in stores.

The firm said retail sales rose to $10.66 billion on Black Friday, which often is the single busiest shopping day of the holiday season and can set the tone for the weeks leading up to Christmas on December 25.

In 2008, Black Friday sales measured by ShopperTrak rose 3 percent compared to the prior year's Black Friday. Last year's entire holiday season marked the worst performance in nearly 40 years. The firm stuck by its forecast for total holiday sales to rise 1.6 percent this year compared to 2008.

"I figured Black Friday would be up 1 (percent or) maybe 2 percent, just because of the deal-consciousness of folks," said Patricia Edwards, founder and chief investment officer of Storehouse Partners, an investment advisory firm based in Bellevue, Washington. She noted that early November deals from stores and online promotions also may have diverted traffic.

"It's possible it took some of the glory out of the Friday number," she said.

Shoppers spent 35 percent more on Black Friday web purchases than a year earlier, with the average order value reaching $170.19, according to online retail analytics company Coremetrics. Those shoppers bought an average of 5.4 items per order, up from 4.6 items last year, Coremetrics said.

TOUGH HOLIDAY SEASON

Industry executives and analysts have predicted a tough holiday season that may show only a slight improvement over 2008 due to a weak economy and high unemployment.

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House subcommittee hears from state business groups - Oakland Press

Posted: 30 Nov 2009 06:32 AM PST

SOUTHFIELD (AP) — A subcommittee of the House Financial Services Committee will hear from small business leaders and advocates in Michigan about lack of access to financing.

The House Financial Services Subcommittee on Oversight and Investigations holds a field hearing at 11 a.m. Monday at Lawrence Technological University in Southfield.

Democratic Rep. Gary Peters of Oakland County's Bloomfield Township, a committee member, requested the hearing and will be attending.

Peters says in a release small banks are struggling to raise capital, and small businesses are having trouble securing loans at reasonable terms.

The hearing, called "Improving Responsible Lending to Small Businesses," is open to the public.

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EU business calls on WTO to speed up Doha talks - Engineering News

Posted: 29 Nov 2009 11:09 PM PST

European businesses, growing frustrated at slow progress in the World Trade Organisation's Doha round, called on Sunday for the WTO to speed up negotiations next week.

The WTO is holding a ministerial conference from Monday to Wednesday, but negotiations on Doha, launched eight years ago to open markets and help developing countries grow through trade, are off the agenda.

Instead ministers will review the WTO's work and its contribution to economic recovery and tackling problems such as climate change. Doha is likely to be discussed on the sidelines.

Economists argue about precise benefits of a Doha deal but political leaders and the WTO believe it would boost business confidence by removing uncertainty from the world economy.

"At some point of time all WTO members will have to make up their minds on the conclusion of the round," said Carsten Dannoehl, senior adviser for international relations at BusinessEurope, the EU business lobby.

"What could be a better moment than a WTO Ministerial Meeting that gathers the whole membership?" he told Reuters.

BusinessEurope is expected to issue a call during the conference for the WTO's 153 members to focus on concluding a Doha deal, which would cut industrial and agricultural tariffs, slash farm subsidies and open up trade in services.

WTO Director-General Pascal Lamy says a Doha agreement is 80 percent complete. But mindful of previous WTO conferences that broke up in acrimony, he wants to avoid submitting an incomplete proposal to ministers.

"Of course there will be a discussion, but what there will not be is a ministerial decision on options, texts, which are on the table... It simply is not ripe for this kind of thing," he told reporters on Thursday.

Political leaders have called on WTO members to reach a Doha agreement in 2010, but Lamy has said negotiations will have to speed up to meet that new deadline. Members will take stock and decide whether 2010 is realistic early next year.

Poverty action group Oxfam said completing the Doha round would not solve all development challenges but would at least remove some of the worst trade distortions.

"The very fact that the Doha round is not even on the agenda of this week's Ministerial shows that the round is moribund. Yet a strong and fair multilateral trading system is more needed than ever at a time when poor countries are being triply punished by the food, climate and economic crises," said Celine Charveriat of Oxfam International in a statement.

Around 3 000 demonstrators protested in Geneva on Saturday at WTO policies that they say promote poverty, but the march was called off after some 200 protesters rampaged through the city centre smashing windows and setting fire to cars.

 

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