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Dell Dismisses India’s Claim It Discussed Shifting Procurement From China

by on March 25, 2010

By Mehul Srivastava and Mary Childs March 25 (Bloomberg) — Dell Inc. denied an Indian government release that Chief Executive Officer Michael Dell discussed shifting procurement from China to a “safer environment” with Indian Prime Minister Manmohan Singh . “There was no discussion concerning any change in how or from where Dell will source component parts for the computers it manufactures in Asia,” Minari Shah , a Dell spokeswoman, said in a e-mailed statement today. Dell sources “equipment and parts worth $25 billion from China,” Singh told members of India’s Planning Commission on March 23, according to an e-mailed text of his speech released by India’s Press Information Bureau that evening. “They would like to shift to safer environment with climate conducive to enterprise with security of legal system,” Singh told the plan panel. “So I think this is an area where there are immense opportunities,” he said in the speech. The Web site for the Press Information Bureau, where releases of Singh’s official speeches are posted, no longer has a copy of the remarks. The text was removed after officials from the Round Rock, Texas-based company contacted the Indian press office, Dell’s Shah said. Harish Khare , a media adviser to Singh, declined to comment. Holding the Hammer Dell should avoid damaging relations with the Chinese government because it’s such a large market, said Tom Wirth , senior investment officer at Chemung Canal Trust Co., which manages $1.6 billion in Elmira, New York, and doesn’t own any shares of Dell. “For Dell as a company, certainly that hurts,” he said. “The fact is China holds the hammer to us — we are indebted to China and not the other way around at this point.” China accounted for more than 60 percent of all personal computers shipped in the Asia-Pacific region last quarter, according to Gartner Inc. Shipments in that area climbed 44 percent, the fastest rate among the regions surveyed, according to the Stamford, Connecticut-based researcher. Michael Dell met Singh the day after Google Inc. started routing China-based users to an unfiltered search service on its Hong Kong site, following through on a Jan. 12 statement to end self-censorship of its Google.cn portal. Dell declined to comment March 23 when asked about Google’s decision. Dell rose 3 cents to $15.02 at 10:11 a.m. New York time in Nasdaq Stock Market trading. The shares had climbed 4.4 percent this year before today. To contact the reporterS on this story: Mehul Srivastava at msrivastava6@bloomberg.net ; Mary Childs in New York at mchilds5@bloomberg.net

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Dell Dismisses India’s Claim It Discussed Shifting Procurement From China

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Smartphones Eclipse PCs by 2012 as IPhone, Android Take Off: Chart of Day

March 10, 2010

By Ian King March 10 (Bloomberg) — Demand for Apple Inc. ’s iPhone and Google Inc.’s Nexus One will help propel smartphone sales past those of personal computers in two years, Gartner Inc. forecasts. The CHART OF THE DAY shows that smartphone sales will more than triple to 491.9 million units by 2012 from 139.3 million in 2008, according to the Stamford, Connecticut-based research firm. The PC market will expand to 443.1 million units from 290.8 million in the same period, Gartner predicted on March 4. “Smartphones are headed towards that billion-unit category that handsets are in today,” said Jim McGregor , an analyst at research firm In-Stat in Scottsdale, Arizona. “The smartphone is the billion-unit pot of gold that everyone wants.” The rise of the smartphone has prompted the computer industry to respond with their own products in an attempt to retain control over consumer access the Internet. Intel Corp., the largest maker of computer chips, has revived an earlier failed attempt to get its processors into phones. So far, only LG Electronics Inc. has said it will make a phone using an Intel chip. Microsoft Corp., the biggest maker of computer software, unveiled a new version of its Windows mobile phone operating system earlier this month, aiming to hold off gains made by Apple and Google. Apple fired up interest in phones that double as handheld computers with the first iPhone, introduced in 2007. Google, owner of the world’s most visited search engine, has since responded with the Nexus One handset and Android operating system, which is being used by phone makers such as Motorola Inc. To contact the reporters on this story: Ian King in San Francisco at ianking@bloomberg.net

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RBS Mortgage-Bond Co-Head Scott Eichel to Oversee U.S. Flow-Credit Trading

February 22, 2010

By Jody Shenn Feb. 22 (Bloomberg) — RBS Securities Inc. broadened the responsibilities of Scott Eichel , the global co-head of its mortgage- and asset-backed securities business, to include oversight of its U.S. flow credit trading. The change will allow the Stamford, Connecticut-based unit of Royal Bank of Scotland Group Plc to “take advantage of further opportunities to cross-sell and deliver a top-tier service to our clients,” according to an internal memo today. Michael Geller , an RBS spokesman, confirmed the memo. Eichel, a former co-head of mortgage- and asset-backed trading at Bear Stearns Cos., joined RBS in 2008 with a group of traders after JPMorgan Chase & Co.’s purchase of Bear Stearns following the investment bank’s near-collapse. A flow trader is a market maker. RBS’s credit trading includes corporate debt and related derivatives. Eichel didn’t return a phone message seeking comment. Royal Bank of Scotland is based in Edinburgh. To contact the reporter on this story: Jody Shenn in New York at jshenn@bloomberg.net

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