On Friday, Taiwan’s National Development Council announced plans to invest US$83 million in four different venture capital firms, in hopes of spurring growth for the island’s startups. The NDC will invest US$15 million in 500 Startups. It will also give US$12 million or match 30 percent of LP contributions to AppWorks‘ upcoming fund, and US$20 million or match 30 percent of Translink Capital III’s upcoming fund. In addition, the NDC will invest US$30 million in a joint venture fund run by the Battelle Memorial Institute’s360ip and Taiwan’s Industrial Technology Investment Corporation.
The termination of another 36-year-old male employee from TCS has been stayed for two weeks by the Madras High Court on Wednesday. TCS had ended the services of this employee in December 2014. The court has also directed State Labour Conciliation Officer to commence proceedings to ascertain whether the fired TCS employee is a “workman” under the Industrial Disputes Act. The conciliation officer has also been directed to determine if IT establishments can be perceived as an industry under the ID Act.
CHENNAI: Tata consultancy Services on Tuesday revoked the termination of an employee who had first moved the court last week against TCS’ decision to terminate her services. The counsel for TCS submitted in court that the decision to revoke the termination is “in line with the practice of exempting employees who are pregnant from being relieved from the company.” TCS called this revocation as an exceptional case.
Asian stocks and foreign exchange markets are expected to achieve a growth of 10 percent this year and surpass 2014 levels, according to analysis by Amundi Asset Management (東方匯理資產管理) Director Leon Goldfield. Goldfield believes that among industries riding growth, South Korean, Chinese and Taiwanese electronics firms will outperform all other sectors.
SAN JOSE, CALIF. — Super Micro Computer, Inc. (NASDAQ:SMCI), a leader in application optimized, high performance server solutions, today announced second quarter of fiscal 2015 financial results for the quarter ended December 31, 2014. Net sales for the second quarter ended December 31, 2014 totaled $503.0 million, up 13.5% from $443.3 million in the first quarter of fiscal year 2015. One customer accounted for more than 10% of net sales during the quarter ended December 31, 2014.
MUCH of the analysis of China’s 2014 GDP data, which the government published today, has focused on the economy’s slowdown. That is, on one level, understandable. Growth of 7.4% was China’s weakest in 24 years (see chart below). It was also the first time this century that China has missed its official growth target, falling just short of the official goal of 7.5%. But on another level, the focus on the slowdown seems almost myopic.
NEW DELHI: Public cloud services market in India is expected to grow about 33 per cent to touch $ 838 million by the end of this year, driven by strong growth in cloud infrastructure and security solutions, research firm Gartner said today. The public cloud services market stood at about $ 632 million in 2014. High rates of spending on cloud services in India is expected to continue through 2018 and the market is poised to reach $ 1.9 billion by the same time, Gartner said in a statement.
Money_CashIndian online retailer ShopClues has raised US$100 million in a Series D funding round led by Tiger Global and two of its existing investors, Helion Venture Partners and Nexus Venture Partners. This is yet another big bet made by Tiger Global on the Indian ecommerce sector. The New York-based investment firm has so far put money into Flipkart, real estate portal CommonFloor, and messaging app Hike – among others.
BEIJING: China’s Xiaomi Inc has agreed to buy about 3 percent of software firm Kingsoft Corp Ltd from Tencent Holdings Ltd for HK$527 million ($67.99 million), according to a Kingsoft filing on Monday. The deal with Xiaomi, the world’s third-biggest smartphone maker, is expected to close on January 30, the filing to the Hong Kong exchange said. Chinese social networking and video game giant Tencent will still hold 9.6 percent of Kingsoft.
Employers are taking a cautious approach to hiring in the first half of 2015 with a net 37% of employers expecting to increase headcount in the first half of 2015, according to the latest Hudson Report: Employment Trends. “A slowdown in growth due to lack of demand from the Eurozone and China has affected certain industries while others will fare strongly on the back of US growth,” says Emmanuel White, General Manager, Hudson Singapore.
NEW DELHI: Once an IT bellwether, Infosys expects to regain its premier status and beat industry growth rates in the next 18 to 30 months. The over $ 8 billion company’s market performance has been improving with every quarter and its latest quarterly results are reflective of that, says its CEO Vishal Sikka.
China DailyAsia News Network–Mobile technologies account for about 4 percent of China’s gross domestic product, an industry report said on Friday. The nation is now home to more inventors in mobile technologies than any other countries except the United States and South Korea, according to the Boston Consulting Group, a research firm. The country is also seeing the rise of a vibrant application developer community, with approximately 1 million people working in the high-growth field — more than twice as many as in the United States.
China will be creating a government venture capital fund worth 40 billion yuan (US$6.5 billion) to support start-ups in emerging industries. “The establishment of the state venture capital investment guidance fund is a significant step for the combination of technology and the market, innovations and manufacturing,” reported Reuters citing China’s State Council’s (the cabinet) statement on 14 January 2015.
This time last year, popular messaging app WeChat launched an online personal investment fund for its users in China. It allows people to get better interest rates for their savings than from banks. Now WeChat’s maker, Tencent, has revealed that the wealth fund has 10 million users who’ve banked a total of RMB 100 billion, which is US$16.2 billion. That amounts to an average of US$1,610 for each user.
The online gaming revenue in the Asia Pacific excluding Japan (APEJ) is expected reach $30.39 billion in 2018 at a CAGR of 18.53%, according to IDC. This growth comes despite a slowdown in Southeast Asian markets in 2013 as service providers prepared to include mobile games into their business strategies and game portfolios. Online gaming revenue in APEJ was $12.96 billion in 2013 with growth of 14.27% over $11.34 billion in 2012. IDC said that the number of online gaming users will rise to 335.88 million in 2018, from 240.74 million in 2013.
NEW DELHI: Wipro today reported a consolidated net profit of Rs 2,198 crore, up 5.4% QoQ for the third quarter ended December 31, 2014, which was slightly above ET Now estimates of Rs 2,132 crore. India’s third largest software exporter posted a net profit of Rs 2085 crore in the previous quarter, Wipro said in a filing to the BSE today. Wipro closed 0.79% lower at Rs 555.25. It hit a low of Rs 552 and a high of Rs 563.20 in trade today.
NEW DELHI: Tata Consultancy Services (TCS), the country’s largest IT services exporter on Thursday reported net profit of Rs 5,444 crore for the third quarter (Q3) of the current financial year. The net profit saw an increase of 5.1% year-on-year, and 2.9% quarter-on-quarter. Sales for Q3 were reported at Rs 24,500 crore versus an ET NOW Poll of Rs 24,534.1 crore. The Q3 margin stood at 27%. TCS said revenue for the third-quarter was flat sequentially in dollar terms, after the company dialled back growth expectations in the previous quarter.
Sino-US startup App Annie, an app analytics service for developers, revealed today that it has secured US$55 million in series D funding. The investment eclipses the previous US$17 million round in May 2014, which was accompanied by news that it had acquired competitor Distimo for an undisclosed sum. App Annie’s newest input comes from Institutional Venture Partners (IVP), with participation from existing investors Sequoia Capital, Greycroft Partners, and IDG Capital Partners.
After 10 years of outsourcing its IT infrastructure, Maybank, a Qualifying Full Bank (QFB) in Singapore, needed to bring back the IT infrastructure and operations in-house to better support the business’ goals and objectives. At the same time, the existing data center was facing capacity limitation and it was timely to look for a new data center solution that could not only meet the business’ needs but also the regulatory expectations on improved service-level agreement.
BEIJING: Huawei Technologies Co Ltd likely booked a 17% increase in operating profit last year, as worldwide adoption of fourth-generation (4G) mobile technology boosted earnings at China’s leading telecommunications equipment maker. Profit likely reached 33.9bil yuan (RM19.41bil) to 34.3bil yuan (RM19.64bil) in 2014, on a roughly 20% increase in revenue at 287bil yuan (RM164.33bil) to 289bil yuan (RM165.48bil), the company said in unaudited results.