VMware projects revenue hike, EMC unveils Pivotal plan

By Sinead Carew

(Reuters) - Software company VMware Inc promised to boost its annual revenue growth as high as 20 percent in coming years, sending its shares up 7 percent on Wednesday morning.

The company, in which data storage leader EMC Corp owns an 80 percent stake, was presenting at an investor meeting on Wednesday, where the two companies also outlined their plans to set up Pivotal, a venture that will be majority-owned by EMC.

VMware said the creation of Pivotal, a combination of both companies' data analytics and cloud application assets, would increase VMware's operating margins this year.

It said that revenue growth would rise to a range of 15 percent to 20 percent in 2014 to 2016. This compares with its expectation for a growth rate of 11.2 percent to 13.8 percent for this year.

FBR Capital Markets analyst Daniel Ives said it "appears the company is on the cusp of seeing a reacceleration of growth" and that 2014-2016 growth targets were "front and center" for investors, pushing the shares up.

VMware shares had fallen more than 21 percent on January 29 after investors were disappointed by the outlook for 2013. It also announced that day that it planned to cut 7 percent of its workforce.

WORKING 'LIKE A FATHER AND SON'

At the same event on Wednesday, EMC Chief Executive Joe Tucci gave some details about the Pivotal venture.

EMC will initially own 69 percent and VMware will won the remaining 31 percent, but the eventual plan is to take Pivotal public and create its own equity so that it could attract some strategic investors.

Tucci also said that EMC will contribute money to the venture, which EMC and software maker VMware first announced in December, when they gave no financial details.

Tucci suggested that the structure would be similar to that of VMware, a spinoff from EMC that is publicly traded but still largely owned by EMC.

FBR's Ives said this was the right structure for Pivotal, which is the "right strategy at the right time" for the pair.

"It's like a father and son (EMC and VMware) working together on an initiative," Ives said. "The companies have worked very closely together, which is a positive in terms of execution risk going forward."

Pivotal will be made up of EMC's data analytics division, Greenplum, and its Pivotal Labs group, along with VMware's vFabric, SpringSource and Gemstone units. Included in the new venture are VMware's data analytics company, Cetas, and CloudFoundry, a cloud computing platform.

Analysts had expected that the realignment could eventually result in a spin-out of the new group from EMC, the world's leading maker of corporate data storage equipment.

VMware shares rose 7.4 percent or $5.57 to $80.86 on the New York Stock Exchange after the news. However, the stock was still well below its $98.32 close on January 28. EMC shares climbed 2.2 percent, or 53 cents, to $25.

(Additional reporting by Nicola Leske in New York,; Editing by Gerald E. McCormick, Nick Zieminski, Matthew Lewis and Jan Paschal)

Source: http://news.yahoo.com/emc-aims-pivotal-initiative-public-company-133943178--sector.html

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China pushes for Arctic foothold, from a thousand miles away

As global warming pushes back the Arctic Sea ice, uncovering new natural-resource deposits, China is looking to establish its presence in the north.

By Mike Eckel,?Contributor / March 7, 2013

The crew of the US Coast Guard Cutter Healy, in the midst of their ICESCAPE mission, retrieves supplies for some mid-mission fixes dropped by parachute from a C-130 in the Arctic Ocean in this July 2011 photo.

Courtesy of Kathryn Hansen/NASA/Reuters

Enlarge

Way up above 66th parallel north, the jousting and jostling for the mother lode of oil, gas, mineral, fish, and other resources being exposed by the rapidly receding Arctic sea ice is well under way.

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Russia is building a new class of nuclear icebreakers. Norway is charting fish-migration patterns for potential new fisheries. Canada is setting up a new Arctic training base and constructing a fleet of new patrol ships. US oil giants are angling to drill exploratory oil and gas wells. And China is sending its flagship icebreaker along the Northern Route.

Wait. China?

Not surprisingly, the eight nations that ring the planet?s northern cap ? the United States, Canada, Russia, Finland, Sweden, Norway, Iceland, and Denmark ? are the ones who have largely driven the discussion about access in the Arctic. With the exception of periodic saber-rattling or polar tub-thumping (Exhibit A: Russia?s 2007 ocean-floor flag-planting stunt), the discussions have been amicable. That?s due in large part to the 17-year-old intergovernmental agency known as the Arctic Council, which has helped soften the edges of growing competition.

?The lure of riches in the Arctic draws ever more companies and nations,? said William Moomaw, a professor of international environmental law at the Fletcher School of Law and Diplomacy in Medford, Mass. ?And so far it?s been relatively amicable jousting and jostling there.?

The quickening decline of Arctic Sea ice has its own alarming implications for the globe. As Prof. Moomaw put it at the Tufts University Energy Conference Sunday: ?the trend line looks like a failing stock market or the collapse of a fishery ? it just keeps going down and down, and then keeps going down further.?

That aside, with the wealth of resources being unlocked by global warming, it?s not surprising that other, non-Arctic nations are increasing looking to get in on the action. The US Geological Survey estimates more than a fifth of the world?s undiscovered, recoverable oil and gas lie under the harsh, frigid, and remote conditions above the 66th parallel.

Enter China, whose northern most point in Manchuria, along the Amur River, is at least 1,000 miles south of the Arctic Circle.

Beijing last year sent the icebreaker Snow Dragon (MV Xue Long) from Shanghai to Iceland along the Northern Route, which parallels the Russian Arctic coastline and has the potential to be a shorter, cheaper route to get goods from East Asia to Europe. They?ve applied for observer status at the Arctic Council. And, according to Malte Humpert, executive director of The Arctic Institute, China has also built a swanky new, $250 million embassy in Reykjavik, Iceland, of all places.

So what's behind this push?

It?s easy to see that China would clearly like access to oil, gas, and other resources. But a more persuasive argument is that Beijing clearly wants alternate shipping routes to the Strait of Malacca. That?s the crowded 1-1/2 mile bottleneck between Indonesia and Malaysia that 60,000 ships pass through every year, according to Mr. Humpert: Sixty percent are China-bound, and 80 percent are carrying the fuels that are propelling its economic dynamo. China?s leadership is concerned enough this is a strategic vulnerability that they call the situation the ?Malacca Dilemma.?

But those aren?t wholly convincing in Humpert?s estimation. The most plausible argument is that, as with many of its policies these days, the Chinese are in it for the long haul: a long-term strategy as a global emerging power.

China ?is extending its reach in Africa, southwest Pacific; the Arctic is just the latest region with geopolitical significance. They can make minimal investments today and can secure strong influence in 20, 30 years,? he told a energy conference panel discussion dubbed ?Arctic Anxiety.?

?China wants to have a seat at the table. They want to be part of the Arctic Council. They?re an emerging power,? he said. ?They know that Arctic may be one of the hot spots of the 21st century.?

Source: http://rss.csmonitor.com/~r/csmonitor/globalnews/~3/Hi58C2HgiQM/China-pushes-for-Arctic-foothold-from-a-thousand-miles-away

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Jay Leno has been doing interviews for a long time, but the late night talk show host could barely look Halle Berry in the eye when she wore a sexy, low-cut dress on his show last night. Leno seemed mesmerized by Halle’s cleavage as he tried to do a proper interview with the actress. Halle ...

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Australia central bank says no information lost in cyber attacks

SYDNEY (Reuters) - Australia's central bank confirmed on Monday it had been targeted by cyber attacks and that no data had been lost or systems compromised, but would not comment on a media report that a malware virus used in one attack was Chinese in origin.

The Reserve Bank of Australia (RBA) was responding to a report in the Australian Financial Review newspaper that claimed the central bank had been repeatedly and successfully hacked and information stolen.

"As reported in today's media, the Bank has on occasion been the target of cyber attacks," the RBA said in a statement.

"The Bank has comprehensive security arrangements in place which have isolated these attacks and ensured that viruses have not been spread across the Bank's network or systems," the central bank said.

"At no point have these attacks caused the Bank's data or information to be lost or its systems to be corrupted."

Hacking attacks on governments and corporations have become routine, with suspicion falling on China as the source of much of the activity. Beijing has repeatedly denied accusations it is behind the attacks, saying it too is a victim of hacking, particularly from the United States.

The RBA said it routinely consulted with the Defence Signals Directorate, Australia's intelligence agency, to ensure the security of its systems.

Reports released under the Freedom of Information Act showed Australia's central bank was the subject of a malicious email attack on November 16 and 17, 2011, using a virus that was undetectable by the bank's anti-virus software.

An email titled "Strategic Planning FY2012" was sent to several RBA staff up to department heads and was opened by six of them, potentially compromising their workstations. The email purported to come from a senior staff member at the bank and came from a "possibly legitimate" external account.

The emails contained a compressed zip file with an executable malware application, although the Bank would not identify the virus used.

All of the six workstations affected did not have local administrator rights, which prevented the virus from spreading. The servers were considered comprised and removed from the network on November 17.

"The email had managed to bypass the existing security controls in place for malicious emails by being well written, targeted to specific bank staff and utilized an embedded hyperlink to the virus payload which differs from the usual attack whereby the virus is attached directly to the email," according the RBA's report of the incident.

"Bank assets could have been potentially compromised, leading to service disruption, information loss and reputation," the report noted.

The RBA took the issue up with the providers of its anti-virus software to update its defenses, including scanning for hyperlinks in emails and automatically blocking them.

As well as the attempted hacking, the RBA documents also listed a range of potentially embarrassing incidents from lost laptops and Blackberrys, to sensitive documents emailed by mistake.

In one incident, a folder containing confidential information was left on the rear of an office car by a distracted staff member. On driving off, the staff were advised by a passing motorist that papers had scattered across the road.

Most of the papers were recovered after an hour of searching, although some were thought lost in a stormwater drain, "resulting in moderate reputational risk to the Bank", the reports showed.

(Reporting by Wayne Cole; Editing by Paul Tait and Michael Perry)

Source: http://news.yahoo.com/australia-central-bank-targeted-hackers-004330544.html

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