IBM cuts schools a break on $5M debt
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A San Francisco Bay-area school district that pressed IBM Corp. to rip up an old $5 million debt didn't get its wish, but the technology company has agreed to let the repayment be stretched out over eight years instead of four.
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By BRIAN BERGSTEIN BOSTON - IBM Corp. disclosed Tuesday that it is taking on $11.5 billion in new debt to finance the aggressive accelerations of its stock repurchase plan, which appears to be one of the largest such steps ever.
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Surging corporate profits -- and another big increase in corporate tax collections -- will shrink the federal budget deficit to its smallest number in five years, according to new White House estimates, which show the deficit falling to $205 billion in the fiscal year that ends in September.
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IBM  on Wednesday announced a five-year effort to make the IBM System z mainframe easier to use by 2011.
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Electronic Data Systems Corp. cut its cash flow projections for 2004 on Monday because it spent $522 million to pay off money borrowed by a trust to finance a huge technology contract with the Navy.
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Shares dropped to a five-year low after the student lenderâs chief executive, Albert L. Lord, said a dividend cut may be needed to bolster finances hurt by loan defaults and borrowing costs.
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Undoing a technology outsourcing deal set in late 2002, JP Morgan Chase on Wednesday said it would take back 4,000 of IBM&#39;s employees who have been providing the Wall Street firm with an array of technology support services.
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Lenovo Group has signed a five-year deal with IBMÂ to provide services and support to its customers. The deal, outlined in a filing with the Hong Kong stock exchange Tuesday, could be worth up to $245 million for IBM over the term of the contract.
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Microsoft plans to spend $235.5 million in schools worldwide, as part of a plan to triple the number of students and teachers trained in its software programs by 2013.
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Bank of America has an option to cut at least 4,500 jobs while reorganizing its structure. This is not the first time when the bank reduces jobs.
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India's Central Board of Direct Taxes (CBDT) and IBM (NYSE: IBM) today announced a US$45 million, 5-year services agreement to modernize CBDT's IT Infrastructure.
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(InfoWorld) - IBM sold off a chunk of its stake in Lenovo Group, leading the world's third-largest PC vendor to temporarily suspend trading of its shares in Hong Kong on Tuesday. Lenovo spokeswoman Angela Lee said IBM had informed the company it planned to sell a large block of shares but had not provided specific details of the transaction. IBM did not immediately respond to a request for comment. "The trading of Lenovo's shares has been suspended at our request, pending the release of an announcement ... relating to the placing of Lenovo's shares by IBM," Lee said. At 2:40pm local time Tuesday afternoon, trading of the company's shares remained suspended. IBM did not respond to a request for comment. Lenovo's shares were trading at HK$3.20 (US$0.41) per share when they were suspended, a drop of 7 percent from the previous day's close. That price matches the reported selling price IBM received for its shares, which were offered to investors at a discount, according to several press reports Tuesday. Citing information offered to investors, those reports said IBM sold 300 million shares in Lenovo Group in a sale worth HK$960 million (US$123 million). IBM, whichÂ sold its PC division to LenovoÂ in 2005, has gradually reduced its stake in Lenovo since that deal. A further sale of shares would be in keeping with the company's stated plan to sell down its stake in Lenovo. Prior to the reported sale, IBM held a 13.2 percent stake in Lenovo, making it the company's second-largest shareholder. The sale of shares -- estimated at 3.5 percent of Lenovo's total shares -- will reduce IBM's holdings to 9.7 percent of the company. While IBM reduces its stake in Lenovo, the two companies remain close partners. Lenovo Tuesday announced the signing of a five-year agreement forÂ IBM to provide technical support, installation, deployment and other PC-related services to its customers. The deal could be worth up to US$245 million to IBM, Lenovo said in a filing to the Hong Kong stock exchange. Â
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By Andrea Rivera, The Arizona Daily Star, Tucson  Jun. 21--By introducing middle school girls to Web page design, robotics and lip-gloss ingredients, IBM is hoping to spark their interest in math and science.
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Ford Motor Co. announced a new round of plant closings and staff cuts and suspended its dividend payment Friday as it aims to save $5 billion in costs.
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The Bank of England's Monetary Policy Committee cuts interest rates to 5.25% from 5.5%.
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It was billed as the next big idea in education, a way forward for struggling school systems everywhere. Plagued by falling enrollment and dismal test scores, the St. Louis school district hired a big-name New York bankruptcy firm to turn things around for a one-time fee of $5 million.
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WASHINGTON  - J.P. Morgan Chase & Co.  said on Wednesday it was canceling a $5 billion outsourcing deal with IBM Corp.,  and planned to rehire about 4,000 workers who had been transferred to IBM under the pact.