Computers and Technology

Chipmaker Intel said Friday it plans to reduce its global workforce by over 5,000 people over the next year

NEW YORK (CNNMoney)

Chipmaker Intel said Friday it plans to reduce its global workforce by over 5,000 people over the next year.

The company says the cuts are in response to "evolving market trends

Intel (INTC, Fortune 500) said it will trim about 5% of its 107,600 global workforce by the end of 2014 -- 5,380 jobs.

"This is not a layoff," said Intel Spokesman Chris Kraeuter. "It's not a giant, one time action. This is a target employment rate for the end of the year."

Kraeuter said the cuts will come as a result of people retiring, redeployments, or people leaving voluntarily.

"We're making decisions on how to design our resources to better meet the needs of our business," said Kraeuter.

Intel outlook is not too chipper

The news comes after the company announced lackluster earnings and guidance Thursday. Investors are anxious for the chipmaker to become less dependent on the slow growing personal computer market and more engaged in mobile technology.

For the year, Intel shares are up about 18%, while the broader electronic technology sector is up over 30%.

First Published: January 17, 2014: 6:00 PM ET

by : http://money.cnn.com/2014/01/17/technology/intel-jobs/index.html

Apple's Tim Cook to billionaire Carl Icahn: Step aside

In Friday's proxy statement, Apple ignored Icahn and spoke directly to its serious investors.

Cook and Icahn

FORTUNE -- We don't know what Apple's (AAPL) CEO said to Wall Street's favorite activist investor at their "meet and tweet" dinner last September -- the one where Carl Icahn says he "pushed hard for a 150 billion buyback."

But on Friday we got the company's official response -- one that was approved, if not drafted, by Tim Cook. It's buried on p. 62 of a 65-page preliminary proxy statement.

Not surprisingly, the board of directors recommends that shareholders vote AGAINST (emphasis Apple's) a proposal that would commit the company to repurchasing the amount of shares Icahn wanted -- cut after that dinner from $150 billion worth (representing all of Apple's accumulated cash) to a minimum of $50 billion in 2014.

Even at $50 billion, that's roughly twice what Apple was already on track to spend in one of the largest buybacks in corporate history.

But Apple's statement goes further, telling Icahn and the rest of Apple's investors in no uncertain terms -- using language that sounds a lot like the way Tim Cook talks -- that Apple is playing in the big leagues and that it knows what it's doing better than any tweet-writing corporate raider who's just trying to increase the value of shares he's owned for less than a year.

After a brief, pro forma paragraph about "seeking input from shareholders," Apple's Statement in Opposition to Proposal No. 10 gets serious:

The Company's success stems from the Company's unique ability to combine world-class skills in hardware, software and services to deliver innovative products that create new markets and delight hundreds of millions of customers. This success has created tremendous value for the Company's shareholders.

With breakthrough products and services such as the Mac, iPod, iPhone, iPad and App Store, the Company has created huge market opportunities, and the Board and management team believe the opportunities that lie ahead are just as exciting. Given such large and global markets, the Company competes with large companies around the world, many with their own significant technical capabilities and significant capital. This dynamic competitive landscape and the Company's rapid pace of innovation require unprecedented investment, flexibility and access to resources...

In the first six quarters of the capital return program, dividend payments and share repurchases totaled over $43 billion. Dividends and share repurchases must be funded by domestic cash, and the Company has returned to shareholders or invested all of the domestic cash generated by its business and raised through the issuance of debt since the beginning of the program.

In other words, forget about it Carl. We'll do what serves our long-term interests, not yours. Meanwhile, we've got bigger fish to fry.

See also

:by:http://tech.fortune.cnn.com/2013/12/28/apple-cook-icahn-proxy/?iid=obnetwork

How GM is making it near impossible to steal a Tahoe

January 2, 2014:

The automaker has introduced several new anti-theft features to its 2015 line of big SUVs, which have been top targets among thieves.

By Doron Levin

2015

FORTUNE -- A new 2013 Chevrolet Tahoe, with every possible option, retails for more than $61,000. Owners seem to love the vehicle, as do thieves, who have found it a juicy target.

Later in 2014, when the 2015 versions of the Tahoe, GMC Yukon, and Chevrolet Suburban appear, all three should be somewhat less tempting targets. GM has added several anti-theft features that come standard in these models, and it has introduced several new optional features as well.

Bill Biondo, who is in charge of security technology for GM (GM) models, said the company has "engineered a layered approach" to defeating thieves. According to the latest figures from the National Insurance Crime Bureau, the Tahoe was the second-most stolen SUV, after the Ford (F) Escape.

MORE: Microsoft's Chromebook headache

Starting with the new standard locking steering column, it will be much more difficult to tow or push the car away, an increasingly common theft method. A new type of key will deter lock picking, and stronger door lock cylinders and shields should defeat access with slim jims and similar tools.

Another upgrade: bolted-in third-row seats. Seats that slipped in and out were convenient for users -- and just as convenient for anyone wishing to smash the rear window and steal them.

The new vehicles will also include a nifty hidden compartment behind the infotainment screen. Small valuables, wallets, sunglasses, and so forth can be rendered hidden and inaccessible in that space.

According to the FBI, more than 721,000 vehicles were stolen in 2012, up 0.6% from a year earlier and the first annual increase since 2003. By far, most car thefts occur in the western U.S., primarily in California. Carjackings currently account for about 3% of all thefts.

In fancier versions of the new Tahoe, Yukon, and Suburban, a protection package includes glass breakage sensors, interior motion sensors, and a tilt sensor that sounds an alarm if the vehicle is lifted from the ground. The key control system can be reinforced further to make ignition impossible without an authorized key.

And if all of these features aren't sufficient to motivate bad guys (and they are usually guys) to look elsewhere, there's GM's OnStar satellite-based system. With OnStar's Stolen Vehicle Assistance feature, law enforcement can locate the stolen vehicle, slow it down, and remotely block its ignition.

MORE: Walt Mossberg on Apple: 'Attention fanboys and fangirls'

Security against theft does not rank high among the reasons a consumer buys a vehicle. But any kind of high-tech gadgetry will only add to a model's desirability. In this case, big GM SUVs have been a favorite chop-shop item for a while because they've been relatively vulnerable and because, stripped down to parts, they fetch big revenue.

Thieves are nothing if not ingenious. But with so many Explorers, Grand Cherokees, Durangos, and Range Rovers to choose from, GM's reinforced full-size SUVs may soon draw less attention.

What Costco can teach you about cash

Mastering the cash conversion cycle can speed your company's growth.

By Verne Harnish

131218213455-2013-ceo-stands-costco-620xa

FORTUNE -- Every business can learn an important lesson from Costco. The fast-growing warehouse retailer did $103 billion in sales in the fiscal year ending in September, with pre-tax earnings of $3 billion. Membership fees brought in $2.3 billion -- equal to about 75% of its profit.

That influx of cash helps the company pay for new stores, where it looks to get about a 15% cash-on-cash return on investment in building them. And renewals show no signs of slowing down. "Our membership renewal rates have gone up each year and now exceed 90%," notes CFO and executive vice president Richard Galanti. That's not surprising, given that Costco only charges customers a markup on its products of about 11%. Those in Costco's (COST) popular Executive Membership program, which charges a higher membership fee than its basic membership, get extra discounts and rewards -- a great loyalty builder that keeps those membership fees rolling in.

As I've written before, the first entrepreneurial law of gravity is that growth sucks cash. To fuel rapid growth, you've got to master the cash conversion cycle -- which, simply put, is the time it takes to get a dollar back that you've spent on the business. Finding a source of internally generated cash to get money into the business quickly, as Costco has done, can speed that cycle. It delays the point at which you have to go out and beg and borrow money to grow, a project that can slow you down greatly and doesn't always bear fruit.

MORE: Is it okay for a company to have co-CEOs?

Here are some other strategies to make the cash conversion cycle work in your favor.

1. Shorten the sales cycle. It can cost you a lot of money to go after customers. Most companies don't think about the fact that the faster you can land a sale, the quicker you can get a return on that investment (and the more likely you are to block competitors from getting there first). Get off email and pick up the phone or meet your customer face to face. Spending 20 minutes this way will bring you closer to a sale more quickly than going back and forth by email for three days.

2. Eliminate errors. Most entrepreneurs don't think about how even tiny mistakes -- anywhere from the delivery of the product to the invoice -- can slow payments dramatically. A customer who is upset about an error you made is going to be slower to pay.

Many entrepreneurial companies get sloppy about sending out invoices. They're so busy making and selling things that their paperwork starts to slip. Even something as simple as using the wrong format for an invoice can delay your payment for weeks or months at a big company.

If you can't stay on top of invoicing, hire someone to help you. This person should get to know the accounts payable people at any big companies you serve, and make sure your invoices are structured right, so they flow through clients' systems as quickly as possible. At one company I know, hiring a pro to handle accounts receivable helped cut 15 days out of its cash conversion cycle. Yes, you will have to pay an extra person to do this job -- but it's worth it. Shortchanging your accounts payable function is pennywise, but dollar foolish.

3. Rethink your business model. There may be ways you are doing business that are slowing the cash conversion cycle. For instance, many companies send out invoices every 30 days. Speeding that up to every 15 days will get cash into your company more quickly.

MORE: The real reason why Millennials love Snapchat

Not accepting credit cards can also slow the cash conversion cycle. One company I know, which makes printed circuit boards, found that it was easier and faster for clients at big corporations to buy its wares on their corporate cards -- which often had a $5,000 limit -- than to get a purchase order prepared. That sped up the cash conversion cycle dramatically.

At my own business, I ask a number of customers to pay in advance, which gives them special access to our offerings, as well as discounts. In return, this ensures that I always have a year's worth of payroll in the bank, in case of emergency.

Look for ways to speed delivery of your product or service, too. The sooner you get what you sell to customers, the quicker you can send out invoices and get paid.

Each business has unique opportunities to speed up cash flow. Uncovering the best ones will help you unlock the growth potential of your business.

Apple Stores are now able to replace cracked iPhone 5C screens while you wait.

NEW YORK (CNNMoney)

Apple Stores are now able to replace cracked iPhone 5C screens while you wait.

The $149 screen-repair service is being offered for the first time on Monday for Apple's new "budget" phone. Apple began offering screen repairs for the iPhone 5 in June. Apple's flagship iPhone 5S and the older-model iPhone 4S are still not eligible for in-store screen repairs.

Replacing screens on site marks a big policy change for the Apple Store. Before Monday, Apple would ship customers' phones to an off-site repair center to fix cracked screens, costing customers $229.

An Apple (AAPL, Fortune 500) Store employee confirmed to CNNMoney that it began offering iPhone 5C screen replacements on Monday. A spokesman for Apple declined to comment. The on-site screen fix story first surfaced as a rumor on 9to5mac last week

The iPhone 5C was released in September as Apple's lower-cost smartphone. The move to offer in-store repairs is seemingly a response to the rising popularity of third-party repair services, which are cheaper but void iPhone warranties.

by : http://money.cnn.com/2014/01/20/technology/apple-store-iphone-5c/index.html

NEW YORK (CNNMoney)

Apple Stores are now able to replace cracked iPhone 5C screens while you wait.

Replacing screens on site marks a big policy change for the Apple Store. Before Monday, Apple would ship customers' phones to an off-site repair center to fix cracked screens, costing customers $229.

An Apple (AAPL, Fortune 500) Store employee confirmed to CNNMoney that it began offering iPhone 5C screen replacements on Monday. A spokesman for Apple declined to comment. The on-site screen fix story first surfaced as a rumor on 9to5mac last week

The iPhone 5C was released in September as Apple's lower-cost smartphone. The move to offer in-store repairs is seemingly a response to the rising popularity of third-party repair services, which are cheaper but void iPhone warranties.

First Published: January 20, 2014: 1:22 PM ET