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Reuters: Technology News: Google mystery barge to be "artistic" high tech exhibition venue

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Google mystery barge to be "artistic" high tech exhibition venue Nov 9th 2013, 00:04 By Alexei Oreskovic SAN FRANCISCO Fri Nov 8, 2013 7:04pm EST A barge built with four levels of shipping containers is seen at Pier 1 at Treasure Island in San Francisco, California in this file photo taken October 28, 2013. Credit: Reuters/Stephen Lam/Files SAN FRANCISCO (Reuters) - Able-bodied seamen, decorative sails meant to evoke fish fins and dozens of security cameras will eventually make up the on-board complement of a mysterious four-story barge being built by Internet company Google Inc. The barge is actually a "technology exhibition space," that Google will move between several piers in the San Francisco Bay area and other West coast locations over the next two years, according to a 36-page information packet submitted in August to the Port of San Francisco. "We believe this curious and visually stunning structure will be a welcome addition to the waterfront; an experience unlike any other that celebrates community, local organizations and the history of San Francisco," reads the document, which lists the project as being spearheaded by By and Large LLC. The floating structure built of stacked shipping containers, and a twin vessel in Portland, Maine, have stirred intense speculation about their purpose ever since reports of their existence surfaced last month. Reports have theorized that the barges could be anything from floating water-cooled data centers to retail stores to luxury party venues. Google has gone to great lengths to keep the details of the barges secret, requiring at least one U.S. Coast Guard employee to sign a non-disclosure agreement. On Wednesday, Google finally acknowledged that it was involved in the barges, saying it was, "exploring using the barge as an interactive space where people can learn about new technology," but noting that plans could change. Among the issues still to be ironed out are whether the structure will require permits from the San Francisco Bay Conservation and Development Commission. The hulking steel structure, still under construction and currently moored on a pier in San Francisco's Treasure Island, is somewhat unsightly at the moment. But Google envisions it as an "unprecedented artistic structure" that will have a dash of "nautical whimsy," according to the information packet, which Reuters obtained through a request under the city's sunshine act. The shipping containers will house a 13,276 square foot studio space, along with a rooftop deck and catwalks. The vessel, which will be open from 10am to 10pm, will hold technology demonstrations on the second and third floors. "The structure will stand out but at the same time will complement its surroundings with decorative sails that provide shade and shelter to the guests," the document states. "The sails are reminiscent of fish fins which will remind visitors that they are on a seaworthy vessel." The barge will navigate the bay with the aid of tugboats, with plans to moor at San Francisco's Fort Mason, Pier 48 and Angle Island. A power generator and a 5,000 gallon diesel fuel tank will be stored on the pier. A crew of 50 will tend to the vessel and studio, including a full-time Barge Master, "two able-bodied seamen and one ordinary seaman," as well as 37 "technology demonstration associates" and seven security guards. More than 50 security cameras throughout the vessel will also provide "on-site monitoring." (Reporting by Alexei Oreskovic. Editing by Andre Grenon) Link this Share this Digg this Email Print Reprints

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Reuters: Technology News: Exclusive: BlackBerry board rejected proposals to break up company - sources

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Exclusive: BlackBerry board rejected proposals to break up company - sources Nov 8th 2013, 19:42 By Greg Roumeliotis and Euan Rocha NEW YORK/TORONTO Fri Nov 8, 2013 2:42pm EST A Blackberry logo is seen through a cracked box in this photo illustration taken in the central Bosnian town of Zenica, September 24, 2013. Credit: Reuters/Dado Ruvic NEW YORK/TORONTO (Reuters) - BlackBerry Ltd's board does not believe a break-up of the Canadian smartphone maker is currently in its best interests, even though Microsoft Corp, Apple Inc and Lenovo Group Ltd, among others, have expressed interest in acquiring parts of the company, according to people familiar with the discussions. The board rejected proposals from several technology companies for various BlackBerry assets on grounds that a break-up did not serve the interest of all stakeholders, which include employees, customers and suppliers in addition to shareholders, said the sources, who did not want to be identified as the discussions were confidential. Microsoft and Apple had both expressed interest in BlackBerry's intellectual property and patents, a source briefed on the matter told Reuters. In 2011, the three companies had teamed up with others to buy patents from bankrupt Canadian telecoms company Nortel. BlackBerry had also held discussions with Cisco Systems Inc, Google Inc and Chinese computer maker Lenovo, among others, about selling all, or parts of itself, Reuters previously reported. A BlackBerry spokeswoman declined to comment on the board's deliberations, and it is not known what specific proposals were rejected by directors during the company's three-month-long review of strategic options. Microsoft, Apple and the other tech companies have all declined to comment on the matter. BlackBerry stunned investors on Monday by abandoning plans to sell itself, naming a new interim chief executive, and announcing an $1 billion convertible notes issue to a group of investors including its largest shareholder Fairfax Financial Holdings, Canso Investment Counsel, Mackenzie Financial, Markel Corp, Qatar Holding and Brookfield Asset Management. BlackBerry shares fell 16 percent on the news as investors fretted the company may have missed an opportunity to deliver shareholder value. But the board felt the notes issue offered BlackBerry the most near-term certainty and the best chance for a turnaround, said the people familiar with the discussions. Most alternative proposals would have broken up the Waterloo, Ontario-based company, which was not in the best interests of all stakeholders, they added. One of the sources said the board also took into consideration the current cost of the break-up. Winding down some of BlackBerry's businesses would have created liabilities, including in its commitments with suppliers, and would have weighed on the monetization of the company's intellectual property, the source said. BlackBerry's assets range from devices and network assets to software and patents. Some of these assets are so intertwined they could lose value in a company break-up, another source added. The board was also concerned that any deal involving foreign companies would be closely scrutinized by the Canadian government in an extended review process, the sources said, prolonging uncertainty and making it harder for BlackBerry to stem customer losses. Last month, Canada blocked an Egyptian telecommunication entrepreneur's bid to acquire the Allstream fiber optic network owned by Manitoba Telecom Services, citing unspecified security concerns. The sources stressed the board's decision not to break up BlackBerry reflected the current situation and did not preclude a future split. But future proposals will likely be measured by a similar yardstick. A landmark Supreme Court of Canada ruling in the BCE case in 2008 said a Canadian company's board needs to consider the interests of all stakeholders, not just shareholders, when it decides on a deal. Stakeholders can include employees, customers, suppliers and the wider community. In 2007, telecoms company BCE Inc agreed to a leveraged buyout that offered its shareholders a substantial premium, but the deal hurt the company's bond prices, and its debt holders challenged the deal in court. While the deal eventually fell apart for other reasons, the Supreme Court ruled that a company's board has to take into consideration the interests of all stakeholders and not just its investors, when deciding on the merits of a deal. Towards the end of BlackBerry's review of strategic alternatives, a consortium comprised of BlackBerry founders Mike Lazaridis and Douglas Fregin, Cerberus Capital Management LP and mobile chip giant Qualcomm had expressed interest in the company. BlackBerry's board dismissed that proposal as too tentative since it lacked committed financing, sources familiar with the matter said, adding that this does not mean that the board is closed to entertaining proposals in the future. (Additional reporting by Alastair Sharp in Toronto and Nadia Damouni and Soyoung Kim in New York; Editing by Tiffany Wu and Tim Dobbyn) Link this Share this Digg this Email Print Reprints

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Reuters: Technology News: Twitter's goal in IPO: to avoid becoming Facebook

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Twitter's goal in IPO: to avoid becoming Facebook Nov 8th 2013, 19:10 By Olivia Oran Fri Nov 8, 2013 2:10pm EST The Twitter Inc. logo is displayed on screens prior to its IPO on the floor of the New York Stock Exchange in New York, November 7, 2013. Credit: Reuters/Lucas Jackson (Reuters) - As Twitter Inc's chief financial officer planned the company's initial public offering this year, he had one overriding goal: to avoid becoming the next Facebook Inc. Twitter CFO Mike Gupta grilled banks about how to sidestep the problems that beset Facebook's IPO from start to finish, asking detailed questions about everything from how to pick an exchange to how to communicate with analysts. "They were really information and data hogs," said one person who worked on the process. "They wanted a lot of different perspectives and to make sure that they did this right." In the end, Twitter made different choices from its rival social networking site. Facebook selected Morgan Stanley as its lead underwriter, while Twitter picked Goldman Sachs. Facebook listed on Nasdaq, where trading glitches marred the initial hours of trading, while Twitter listed on the New York Stock Exchange. Twitter made sure its shares were sold for a low enough price to attract strong interest and keep shares high in their early days of trading, after Facebook's shares dropped in the days after its IPO. Bankers said Gupta and Twitter's director of investor relations Nils Erdmann also looked closely at what worked - and what did not - for other Internet companies that went public, including Pandora Media Inc, Zynga Inc and LinkedIn Corp. A key player in the IPO was Goldman's lead Twitter banker, Anthony Noto. The New York-based Noto was a former top ranked equity research analyst who left Goldman in 2008 to serve as an executive for the National Football League. He rejoined the firm just two years later to serve as the co-head of global technology, media and telecom investment banking. Noto has built the team into the number one U.S. underwriter for tech IPOs so far this year, over Morgan Stanley and rival banker Michael Grimes who led the Facebook IPO, as well as other high profile deals including Google and LinkedIn. Goldman has taken over 16 technology companies public since January, including software darling Tableau Software Inc. For the same period last year Goldman was fifth, according to Thomson Reuters data. Those that have worked with Noto praise his low-key, no-nonsense style. "Every banker talks about wanting to build a relationship but after you do a deal with them, you are dropped like yesterday's newspaper," said Ed DiMaria, the chief financial officer of Bankrate Inc who first worked with Noto when he helped take his company public in June 2011. "With Anthony, it's not about getting paid or the next deal - it's about the relationship and how he can be helpful to the company." Twitter could not be reached for immediate comment. Goldman Sachs and Morgan Stanley declined to comment. TAKING RIVALS BY SURPRISE Goldman quietly began working with Twitter in May, helping the company to draft its S-1 registration statement and submit it confidentially to regulators. News in late August that the company's IPO was already underway caught most other investment banks by surprise. There was no formal pitch process to fill out the rest of the syndicate, bankers said, as other banks - Morgan Stanley, JPMorgan, Bank of America and Deutsche Bank - were approached by the company and told that they needed a credit commitment if they wanted to be part of the deal. The company delved into areas many companies rarely consider, including how its shares should be allocated among the underwriters, and whether overpricing or underpricing a deal would hurt its brand. Noto and his team were loath to take any risks that would jeopardize the deal such as putting too many shares in the hands of retail investors that would flip the stock on the first day of trading. In the end, Noto got his wish as half of the 70 million shares that Twitter sold during the IPO ended up in the hands of large long-term holders. Twitter decided to price its IPO at $26, a relatively conservative figure as underwriters were weighing pricing the deal at as high as $28, according to investors. But underwriters decided that it made sense to price the deal at a lower point and leave room for a larger first day pop rather than follow in Facebook's footsteps even if it meant leaving more than $1 billion on the table. Facebook, which priced its deal at $38, saw underwriters battle to keep its shares from dipping below the IPO price on the first day of trading. The shares continued to drop to fall as low as $17.55 in the months following the company's public debut. It took over a year for the stock to recover. (Reporting by Olivia Oran in New York; Additional reporting by Sarah McBride and Alexei Oreskovic in San Francisco; Editing by Tim Dobbyn) Link this Share this Digg this Email Print Reprints

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Reuters: Technology News: Exclusive: Hot tech start-up Box picks banks for '14 IPO - sources

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Exclusive: Hot tech start-up Box picks banks for '14 IPO - sources Nov 8th 2013, 19:12 By Nicola Leske and Olivia Oran NEW YORK Fri Nov 8, 2013 2:12pm EST NEW YORK (Reuters) - Data storage company Box, one of the most highly anticipated IPO candidates in Silicon Valley, has selected banks to lead a proposed initial public offering that could come in the first half of 2014, according to three people familiar with the matter. The fast-growing technology start-up has selected Morgan Stanley, Credit Suisse and JPMorgan Chase & Co to lead the offering that could raise around $500 million, the people said. Representatives for Box, Morgan Stanley and Credit Suisse did not immediately respond to requests for comment. JPMorgan declined to comment. Box is one of several high-profile start-ups gearing up for an IPO, on the heels of a successful debut by Twitter Inc on Thursday, which raised more than $1.8 billion for the microblogging company. (Reporting by Nicola Leske and Olivia Oran in New York, Editing by Soyoung Kim and Gerald E. McCormick)

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Reuters: Technology News: Cablevision sheds video, Internet subscribers

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Cablevision sheds video, Internet subscribers Nov 8th 2013, 18:05 By Liana B. Baker Fri Nov 8, 2013 1:05pm EST (Reuters) - Cablevision Systems Corp turned in an earnings report showing fewer video subscribers, decreased cash flow and a surprise drop in Internet subscribers - all of which pushed the cable operator's shares down as much as 6 percent on Friday. CEO James Dolan blamed the subscriber losses on the company's effort to crack down on customers who jump between cable companies, searching for the best promotion. The company has been avoiding extending offers to such fair-weather customers, which affected third-quarter results. "So the customer that has been bouncing from one company to another on promotional discounts back and forth has hit a dead-end with us," Dolan told analysts on a conference call. Cablevision said it lost 37,000 net video subscribers - which was worse than the loss of 17,200 customers Wall Street was expecting, according to StreetAccount. It also lost 13,000 high-speed data customers, when analysts were expecting it to gain 6,700. "While the financial results were fine, the subscriber losses were troubling," said ISI analyst Vijay Jayant. Cablevision also forecast that adjusted operating cash flow, its most closely watched metric, will be roughly flat to slightly up in the fourth quarter compared with a year ago, lower than expectations. Finance chief Gregg Seibert added that the adjusted operating cash flow figure would be down sequentially, which is "bad news" according to Brean Capital analyst Todd Mitchell. Cablevision's adjusted operating cash flow fell 4 percent to $441.1 million in the third quarter compared with a year ago. CONSOLIDATION RUMORS SWIRL Since cable pioneer John Malone jumped back in to the U.S. cable market with Liberty Media Corp's investment in Charter Communications Inc earlier this year, analysts have predicted a wave of cable consolidation. The cable service controlled by New York's Dolan family has been particularly hurt by competition from Verizon Communications Inc's FiOs service. Like other cable operators, Cablevision is also dealing with rising prices charged by media companies to carry their networks. Cablevision has long been viewed as a takeover target. The Dolan family attempted to take the company private in 2007 before a deal was blocked by shareholders. Reuters has previously reported that the Dolans appear to be in more of a selling mood this year. When asked by an analyst on Friday about a potential merger or acquisition, Dolan said, "Well, I don't think I can comment on that." Craig Moffett, a research analyst at MoffettNathanson, said that Cablevision's operating performance would turn off any potential buyers in the cable industry. "Investors focused on the potential synergies of a Cablevision acquisition are missing the bigger picture; to any strategic acquirer, the core business is the problem," Moffett said. Net income in the third quarter was $294 million, or $1.10 per share, compared with a loss of $3.8 million or 1 cent per share a year before. Adjusted for discontinued operations, EPS was 22 cents per share, which handily beat Wall Street's view of 11 cents per share. The company raised its broadband Internet prices this year which helped boost the revenue it collects per subscriber. Cablevision shares were down 1.3 percent at $15.43 on Friday afternoon on the New York Stock Exchange, off an earlier low at $14.65. (Reporting by Liana B. Baker in New York; editing by Gerald E. McCormick and Matthew Lewis) Link this Share this Digg this Email Print Reprints

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Reuters: Technology News: South Koreans cram for dream jobs at Samsung

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South Koreans cram for dream jobs at Samsung Nov 8th 2013, 04:19 By Ju-min Park BUSAN, South Korea Thu Nov 7, 2013 11:19pm EST A Samsung outdoor advertisement sits atop an office building in Seoul, April 5, 2013. Credit: Reuters/Lee Jae-won BUSAN, South Korea (Reuters) - In a cram school in the South Korean port city of Busan, 70 college students packed into a classroom, chanting "We can do it!" as they studied for an exam they hope will guarantee them a job for life with Samsung Group. The promise of Samsung, whose sprawling business empire spans consumer electronics to ships, offers not only a good salary and benefits but also holds the key to a good marriage in this Asian country where Confucian traditions run deep. The twice-a-year recruitment rounds by the "chaebol", conglomerates such as Samsung and Hyundai, have spawned a cottage industry worth millions of dollars as young Koreans do what they have done from the age of 5 - cram to get ahead. "I came here at 10 this morning and will be preparing for the interview until 8 p.m.," said 25-year-old Shin Seong-hwan, whose father is a Samsung employee near Busan. Shin has already passed the company's aptitude test and now faces gruelling interviews that end late in November. In its current recruitment round, Samsung will hire 5,500 young people from more than 100,000 applicants, adding to the pressure cooker environment. "Jobs at conglomerates can save face for you and your parents," said Hur Jai-joon, a senior researcher at the Korea Labor Institute, a government-funded research body. It is an impossible dream for most to achieve as the top 30 conglomerates employ just 6.8 percent of the total workforce, the Federation of Korean Industries says. Samsung has not always used such rigorous tests. Thirty years ago, according to former employees, a fortune teller who specialized in reading faces sat in on the interviews. Now, spots at the top conglomerate are so coveted that students spend heavily on cram schools, workbooks and online lectures. The phrase "Samsung Gosi" describes the arduous process, borrowing from the term "gosi" that refers to public service exams that South Koreans study for years to pass. "If you don't come here, you won't have the right information," said Im Chan-soo, head of LCS Communication, which runs private classes for Samsung job interviews in Busan. 'SOCIAL AND FINANCIAL COSTS' Aptitude test workbooks cost around $20 each and figure prominently in every bookstore in South Korea. Private tutoring costs can run into thousands of dollars. "I had doubts about going to cram school. It wasn't cheap but they are professional and I am learning a lot," said Han Nam-gyu, a 27-year-old engineering graduate who paid 280,000 won ($260) to LCS Communication. Critics of the system say it adds yet another layer of misery for graduates, who have crammed from pre-school all the way through high school to try to get into a top university. In South Korea, 65 percent of those in the 25 to 34 age group went to university, the highest rate among the Organization for Economic Cooperation and Development's 34 member states. That is a huge shift in a generation. Just 13 percent of people in the 55 to 64 age group went to university. Samsung appears to recognise that the super-competitive process may not be healthy for the country's young people, warning recently of rising "social and financial costs" of the recruitment system. Still, it did not identify a solution. For many students like Han the engineer, "Plan B" is to come back again next year for another shot at Samsung. "My mother cried after I passed the second stage. She was really happy," said Han, who applied to Samsung C&T Corp, the group firm that handles engineering, construction, trading and investment. "I want to get into Samsung so my mother will be able to boast about her son." ($1=1,060.75 Korean won) (Editing by David Chance and John O'Callaghan and Clarence Fernandez) Link this Share this Digg this Email Print Reprints

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