IBM can’t spin its way out of trouble
Arvind Krishna, seen here at The Wall Street Journal: The Future Of Everything Festival in 2019, formally became chief executive officer of IBM in April.Premium
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Dan Gallagher
, The Wall Street Journal
Disappointing results bring stock back to where it was before the company announced a spin-off meant to boost growth prospects
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IBM is learning fast that even ambitious weight-loss plans don’t always solve everything.
The company more formally known as International Business Machines posted disappointing fourth-quarter results late Thursday. Revenue slipped across the company’s business lines, though the most painful miss came in Big Blue’s cloud and cognitive software segment, which saw revenue fall 4.5% year over year to $6.8 billion. That was well below the $7.3 billion Wall Street had been expecting for a key business unit that had been showing steady growth of late. The Dow component’s share price sunk 10%
Automakers around the world are shutting assembly lines due to problems in the delivery of semiconductors, which in some cases have been exacerbated by the former Trump administration s actions against key Chinese chip factories
Amazon needs electric vehicles, too
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FILE PHOTO: A parking sign for electric vehicles is pictured in Gruenheide, Germany, November 13, 2019. REUTERS/Hannibal Hanschke/File Photo
(REUTERS)
Stephen Wilmot
, The Wall Street Journal
In the frothy EV sector, companies focused on parcel-delivery vans have a stronger business case than most
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When you think of electric vehicles, you might think first of a Tesla. But a more financially rewarding use of the technology that is upending the automotive industry could be the vans that deliver your online shopping.
Until recently, such unassuming vehicles occupied an easily ignored niche within the multitrillion-dollar automotive industry. That is changing fast. This week, privately held Rivian Automotive raised $2.65 billion at a $27.6 billion valuation to fund its rollout of EVs, including a delivery vehicle for e-commerce giant Amazon.com, which holds a stake in the startup. Last week, General Motors s
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Privatization of BPCL may not be over by FY21-end
File photo of a BPCL refinery in Mumbai. The sale of the government’s 52.98% stake in the company is expected to fetch around ₹45,000 crore.
(Reuters)
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The government’s plan to privatize Bharat Petroleum Corp. Ltd (BPCL) is unlikely to be completed by the end of the fiscal year because of the time required to get regulatory clearances for the transaction.
“It has to go to the Competition Commission of India, which will take some time. Since it is a listed company, the winner has to make an open offer, which will also take time. Regulatory requirements may delay the process even after receiving the financial bids. Everything is a well laid-out process, so nothing can be rushed through, a finance ministry official said on condition of anonymity.