Top Business News Stories in 2016

Hyatt on the Bund and Surrounding Buildings

PwC loses top spot to Deloitte as world’s largest firm

PwC Global has posted record revenues of $35.9bn for the 2016 financial year, an increase of 7% compared to 2015

The firm reported growth across all of its core practices and regions. It has, however, fallen slightly behind its Big Four rival Deloitte, which last month announced its own record revenues of $36.8bn.

http://economia.icaew.com/news/october-2016/pwc-loses-top-spot-to-deloitte-as-worlds-largest-firm

Oracle Loses Rounds In Legal Fights With HP And Google

On June 30 a California jury ordered the company to pay Hewlett Packard Enterprise a whopping $3 billion in damages in a long-running dispute between the two vendors over Oracle’s software support for HPE’s Itanium servers.

Lexmark To Be Acquired By Chinese Printer Manufacturer For $3.6 Billion

Lexmark International, the printer manufacturer and supplier of print and document management applications, agreed in April to be acquired by a group of investors led by Apex Technology, a China-based inkjet and laser printer hardware maker.

Accenture accelerates acquisitions

In January Accenture acquired CRMWaypoint, a supplier of cloud advisory and technology services in the Netherlands, and a month later bought London-based Formicary, a provider of systems integration and technology consulting services for trading platforms.

The acquisitions continued in April when Accenture purchased a majority stake in Japan-based digital agency IMJ Corp., and then in May bought OPS Rules, a Waltham, Mass.-based analytics and data science consulting company. And in June Accenture boosted the capabilities of its new cybersecurity unit by acquiring Israel-based Maglan, and entered into an agreement to acquire dgroup, a German-based digital transformation consulting services company.

Microsoft Narrows Smartphone Focus, Slashes 1,850 Jobs In Mobile Business

In May the company announced an additional $950 million write-down and cut 1,850 jobs, more than two-thirds at Microsoft Oy (formerly Nokia) in Finland, and said it would “streamline” its smartphone hardware business to focus on businesses and niche areas.

Xerox To Split Into Two Companies

In January Xerox announced a plan to split into two companies. One, retaining the Xerox name, will focus on printers and document management hardware and generated $11 billion in revenue in 2015. The other, which will become a $7 billion company named Conduent, will provide business process outsourcing and managed services.

Chinese Logistics Giant Buying Ingram Micro For $6 Billion

In a move that could reshape the IT distribution landscape, Chinese logistics firm Tianjin Tianhai Investment Company announced February 17 a deal to acquire Ingram Micro, the IT industry’s top distributor, for $6 billion.

Dell Moves Closer To EMC Acquisition

Through the first half of 2016 Dell continued taking the steps necessary to complete its blockbuster acquisition of storage system manufacturer EMC, a deal valued at some $60 billion that’s expected to close by October.

While reports of potential problems occasionally surfaced, such as with lining up the necessary financing for the deal, none ever proved to be a threat to completing what will be the biggest merger in the history of the IT industry.

Microsoft Strikes Deal To Acquire LinkedIn For $26.2 Billion

On June 13 Microsoft stunned the IT industry when it announced a deal to acquire business social network site LinkedIn for $196 million per share or $26.2 billion.

http://www.crn.com/slide-shows/channel-programs/300081635/the-15-biggest-news-stories-of-2016-so-far.htm/pgno/0/15

World’s largest mining firm records worst loss in its history

BHP Billiton, the world’s largest mining firm by market value, reported a record $6.4 billion annual loss on Tuesday, hammered by a bad bet on shale, a dam disaster in Brazil and a commodities slump.

http://www.cnbc.com/2016/08/16/bhp-billiton-reports-annual-loss-of-6385-billion-versus-profit-of-191-billion-a-year-ago.html

Canadian competitor to Netflix shutting down after less than 2 years

It began as the video-streaming stepchild of Shaw Communications and Rogers when it launched just under two years ago, but Shomi, a Canadian-made streaming video service, announced that it will be shutting down on Nov. 30.

https://www.thestar.com/business/2016/09/26/shomi-is-shutting-down.html

Uber losses expected to hit $3 billion in 2016

Uber’s losses are growing from $2.2 billion last year to an expected $3 billion this year, according to multiple reports this week from The Information and others.

https://techcrunch.com/2016/12/21/uber-losses-expected-to-hit-3-billion-in-2016-despite-revenue-growth/

Rogers Communications Inc.: $525 Million Write-off Gives Canadian Tech a Bad Name

Rogers’s decision to stop investing in its in-house IPTV development will cost shareholders $525 million in the form of a fourth-quarter pre-tax non-cash impairment. While the write-off might not affect the company’s cash flow, it most certainly reflects badly on Rogers’s technological capabilities and, by extension, the entire Canadian tech industry.

http://www.fool.ca/2016/12/19/rogers-communications-inc-525-million-write-off-gives-canadian-tech-a-bad-name/

Volkswagen Canada reaches deal to compensate customers affected by emissions scandal

Volkswagen Canada has reached a proposed deal to compensate about 105,000 Canadian vehicle owners affected by a diesel engine emissions scandal that rocked the company. Affected owners will get between $5,100 and $8,000, depending on make and model of their vehicle

http://www.cbc.ca/news/business/volkswagen-emissions-scandal-deal-canada-1.3903045

Volkswagen reaches U.S. deal on final cars in emissions scandal

Volkswagen reached a $1 billion US deal Tuesday that will give at least some owners of the remaining 80,000 diesel vehicles caught in the company’s emissions cheating scandal the option of a buyback and provide all of them with compensation on top of any repurchase or repairs.

http://www.cbc.ca/news/business/volkswagen-3-litre-diesel-settlement-us-1.3905667

 

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