IBM, LG winding down joint venture
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Sources say the two companies will likely dissolve their 8-year-old subsidiary sometime this year.
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J.P. Morgan Chase & Co. JPM.N, said  on Wednesday it was scrapping a $5 billion outsourcing deal  with IBM Corp.IBM.N, amid an overall plan to manage more of  its own technology services.
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The communications equipment maker scales back the size of its purchase of Advanced Fibre Communications.
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IBM is expected to announce Tuesday after the close of the market an historic pact to sell its $11.5 billion PC business to China PC giant Lenovo, sources said.
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JP Morgan Chase &amp; Co. said 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.
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JP Morgan Chase is cancelling a $5bn IT outsourcing deal with IBM and bringing the service back in-house. IBM will hand over the running of the investment bank&#39;s data centres, help desks, distributed computing, data and voice networks from January 2005.
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IBM has sold its computer making business to Lenovo Group, the Chinese technology company, in a $1.75 billion (Â£900 million) deal, signalling an exit from the PC market it helped create in the 1980s.
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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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Company will exit the flat panel TV market.
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The death of the video recorder came a step closer today when the country&#39;s largest electrical chain said it is stopping selling them.
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An era will come to an end when IBM sells off its computer manufacturing business, according to The New York Times. A Chinese company seems the likely buyer and the deal should fetch upward of $2 billion.
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An early end to International Business Machines Corp.&#39;s contract with JP Morgan Chase &amp; Co. reveals how mega information-technology outsourcing deals are falling out of favor, with both IT services companies and their customers.
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Cable and Wireless, the UK based telecommunications group, is in talks with Softbank and MKS Partners, a private equity group, about selling its Japanese operations, in a move that would represent a retreat from the market.
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BusinessWeek Online - The announcement sent ripples of anxiety through the tech world. On Sept. 15, J.P. Morgan Chase &amp; Co.  said that it was terminating a seven-year, &#36;5 billion technology-outsourcing deal with IBM. For many, it's an article of faith that corporations will gradually hand off ever more of their technology operations to big service providers such as IBM, Accenture , and Electronic Data Systems . Yet here was the nation's second-largest bank taking its tech back because it was strategically too important to be left to an outsider. ...
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IBM is exiting the PC business, but it -- along with some PC competitors -- should benefit.
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Enterprise software vendors are having their last hurrah at customer expense.  But not for long.
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After nearly three months of talks, the companies announced Wednesday that they were calling off talks about a three-way partnership