HP to acquire Samsung’s Printing Business for over a Billion Dollars

Hewlett-Packard will take over Samsung’s printer business, valued at $1.05 billion. This acquisition will help computer giant firm HP to bring more than 6,500 patents of printing and 6,000 employees from all around the world which includes 1,300 researchers and engineers.

Last year HP got separated into two business where HP Inc controlled the printers and computers business and Hewlett-Packard Enterprise took charge of the software business and focused on data storage.

“When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries,” said Dion Weisler, HP Inc’s chief executive.

After closing this transaction within 12 months, HP informed that Samsung will be investing USD 100-300 million through equity in open market purchases.

Due to outdated copiers and machines that require inefficient service and maintenance agreements, HP said that customers were frequently distressed and so, this deal would enable them to invest in advanced technology.

The deal will also help HP to serve their customers better in the global laser printing market, where it has mutual beneficial partnership with its printing engine suppliers, Canon, in its current product line.


News Source: BBC – http://www.bbc.com/news/business-37337989

Firstpost – http://www.firstpost.com/business/hp-to-acquire-samsungs-printer-business-for-1-05-bn-3001420.html

Centre to evaluate proposal for thirteen state oil companies merger

The NDA government is set to start the talks for merging 13 state oil firms and creating a big corporation whose revenue will be higher than the biggest company in energy sector i.e. Chevron.

The Oil Ministry informed the Economic Times that this conglomerate will have a bigger market value than Rosneft, Russia’s oil giant company and India’s Reliance Industries Ltd. It will also be India’s best Oil firm in terms of turnover, net profit, capital expenditure and market capitalisation.

The merger idea was proposed by the Cabinet Secretariat and now the oil ministry is evaluating its prospects. But this idea has been worked upon and also discarded many times due to managerial or legal issues. In 2005, a panel named Synergy in Energy headed by V. Krishanamurthy was created and it had suggested against such high value merger for the reason of avoiding cartelism. The present merger might work out if the government use a provision in the Competition Act that exempts such firms from Competition law in the name of ‘public interest’ and ‘national security’, as analysed by Business Standard.

The leading oil company in this merger is Oil and Natural Gas Corporation (ONGC). Other oil producers included in the merger are Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum, Gas Authority of India Ltd (GAIL), Mangalore Refinery and Petrochemicals (MRPL), Chennai Petroleum, Numaligarh Refinery and Oil India.

Rowling announces play. pleases Potterheads

JK Rowling, author of the Harry Potter series PC: http://www.filmibeat.com/
JK Rowling, author of the Harry Potter series
PC: http://www.filmibeat.com/

J.K Rowling on Friday announced Harry Potter’s stage play Harry Potter and the Cursed Child. It will be staged at the London Palace’s Theatre in the summer of 2016. The play is a collaborative work with Jack Thorne, a stage and screen writer lauded for his vampire story Let the Right One In and Director of multiple award winning musical Once and war play Black Watch, John Tiffany. Music by British songwriter Imogen Heap will also feature in the production.

Rowling tweeted, “I’ve had countless offers to extend Harry’s story over the years, but Jack, John (and producer) Sonia Friedman are a dream team!” According to BBC, Rowling chose Friday to announce the good news as ‘it is a very special day!’ It was the day when her debut book Harry Potter and the Philosopher’s stone was first published in the U.K 18 years ago.

Rowling has provided all age groups, through her novels, an alternate universe to be enamoured by. She gives Potter fans more to grasp on with Pottermore and spin off works like Fantastic Beasts and Where to Find Them. However, she clarifies, “To answer one inevitable question – why isn’t Cursed Child a new novel? I am confident that when audiences see the play they will agree that it was the only proper medium for the story.”

The play was first announced in December, 2013. She informs her fans that the play is “not a prequel” on Twitter and that it explored the ‘untold part of Harry’s story’. Author of series which sold 450 million copies tweeted, “I don’t want to say too much more, because I don’t want to spoil what I know will be a real treat for fans”.