Stories by Peter Sayer

HP to cut 14,500 jobs

Hewlett-Packard hopes to save US$1.9 billion a year through a massive reorganization in which it will cut 14,500 jobs, or around 10 percent of its workforce. It will also link sales and marketing efforts more closely to business units, eliminating the Customer Solutions Group which sold to enterprise customers, it said Tuesday.

Symantec buys Veritas for US$13.5B

Symantec will buy Veritas in an all-stock transaction, the companies announced Thursday (December 16). Based on Wednesday's closing stock prices, the deal values Veritas at around US$13.5 billion, they said.

Nortel Networks restatements due next week

Nortel Networks will provide preliminary, unaudited results for the first and second quarters of 2004 on Aug. 19, it said Tuesday in the latest of a series of biweekly progress reports requested by the Ontario Securities Commission. On that date it will also provide an update on the impact of the restatement of its results for earlier quarters.