Tom Sweeney

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Archive for May, 2010

Nortel wraps up sale of CVAS business to GENBAND; almost 400 Ottawa jobs preserved

Posted by sweens on May 31, 2010

GENBAND has completed its acquisition of the Nortel’s carrier voice-over-Internet protocol and application solutions business, one of the last major pieces of the fallen telecom giant to be sold.

Plano, Texas-based GENBAND, which announced the US $182-million deal in February, said Friday that it’s now wrapped up planning for the integration process and has finalized its executive management team, reporting structure and product roadmaps.

As well, nearly 100 per cent of the 400 employment offers extended to Nortel’s former employees in the division have been accepted, the company said. There will be approximately 500 people in total working for GENBAND in Canada.

 “We are pleased to further our vision of fuelling next-generation network migration and IP multimedia services deploymehnt through our successful acquisition of Nortel CVAS technology and talent,” said GENBAND chief executive Charles Vogt in a statement. “By creating one of the most comprehensive, standards-based, interoperable switching portfolios in the world, we will facilitate the industry’s massive and ongoing efforts to modernize networks, maximize existing investments and converge fixed and mobile infrastructures across disparate networks.”

GENBAND has acquired Nortel’s softswitches, media gateways and application platforms and will combine the technology with its own media, session and security gateways, the company said.

The deal means GENBAND will now have strategic product and support facilities in Ottawa, North Carolina, Massachusetts, Maidenhead, Shanghai and Beijing, as well as strategic partners in India and Turkey.

GENBAND paid US$282 million, with balance sheet and other adjustments reducing the net purchase price to $182 million.

The company noted it bought the CVAS business with the help of existing shareholder One Equity Partners, a private equity firm.

“Today’s announcement represents another successful milestone while preserving Nortel’s carrier VoIP technology innovation and base of highly skilled employees,” said Nortel’s chief strategy officer George Riedel. “The sale of our CVAS business to GENBAND enables our global service provider customers to continue to benefit from Nortel’s industry-leading carrier VoIP and telephony expertise and long-standing track record in transitioning time-division multiplexing networks to VoIP.”

GENBAND was originally supposed to be the initial bidder in an auction of the CVAS business, but in February Nortel said it would instead sell the division directly to the U.S. company.

http://www.obj.ca/Technology/2010-05-28/article-1183291/Nortel-wraps-up-sale-of-CVAS-business-to-GENBAND%3B-almost-400-Ottawa-jobs-preserved/1

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Canadian economy grows 6.1% in first quarter

Posted by sweens on May 31, 2010

The Canadian economy was roaring in the first quarter, jumping ahead of even the rosy estimates of economists to post an oversized 6.1 per cent annualized advance during the first three months of 2010.

It was the largest quarterly expansion in more than a decade.

The number doubled what the U.S. economy managed to produce and bettered the consensus forecast for a 5.8 per cent increase.

As significant was that output in March, the last month of the quarter, advanced 0.6 per cent from February, giving the economy a strong hand-off to the second quarter.

With the Bank of Canada scheduled to make a decision on interest rates on Tuesday morning, the gross domestic product data is expected to add to the pressure on governor Mark Carney to move rates higher for the first time in about three years.

“It would take some fancy footwork for the Bank of Canada to pass on hiking rates tomorrow after the Canadian economy just doubled the U.S. quarter-one growth pace,” Scotiabank economists Derek Holt and Karen Cordes Woods wrote in a note.

“This is the strongest growth pace witnessed since 1999 and it is the latest evidence of how the Canadian economy and Canadian markets are outperforming much of the rest of the industrialized world.”

They noted that the level of the economic activity in Canada is now roughly back to where it stood prior to the recession taking hold in the fourth quarter of 2008.

One a quarter-over-quarter basis, GDP advanced 1.5 per cent following a 1.2 per cent increase in the fourth quarter.

Statistics Canada credited consumer spending, housing and manufacturing for the stellar results, but all industries were solidly in the plus column.

While markets expected a strong result, the oversized growth pushed the Canadian dollar up more than three-quarters of a cent to 95.89 cents US in light early trading. U.S. markets were closed for Memorial Day on Monday.

Economists caution that the torrid pace of growth cannot continue, and with European woes weighing down global prospects, the moderation in Canadian output may have already begun.

“We are of the view that much better-than-expected consumer spending and housing market performances so far this year came at the expense of future growth,” said TD Bank’s Diana Petramala.

“The recent spending spree has left consumers even more fatigued and highly indebted than ever. As interest rates begin to rise (as early as this week) and households have to devote a greater share of their income to servicing their debt, this may well constrain future consumer spending growth.”

http://www.obj.ca/Canada—World/2010-05-31/article-1196324/Canadian-economy-grows-6.1%25-in-first-quarter/1

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HST and You….

Posted by sweens on May 19, 2010

Starting July 1st, 2010, the federal GST in Ontario and British Columbia will be combined with the PST to be a value added harmonized tax (HST). Under the new HST, most goods and services will be subject to 13% tax in Ontario and 12% tax in British Columbia.

What does this mean?

Where the service is being provided in a non-harmonized province or a province which is already harmonized (i.e. NS, NB and NFLD), there will be no impact to your current process.

In order to ensure that the correct tax rate is used, please use the following as a guideline:

If the goods/services are supplied before July 1st and the service is being provided in ON or BC:

  • Please be sure to submit all hours and appropriate authorized paperwork (if applicable) worked up to June 30, by July 5
  • Please submit all expenses reports incurred for June or prior by July 5. Do not include any receipts post June 30th.

If the goods/services are supplied on or after July 1st and the service is being provided in ON or BC:

  • Your invoice date should be no earlier than July 1st
  • the “GST or HST Amount” on any invoice submitted should reflect 13% HST for ON or 12% HST for BC

What do I need to do?

Businesses that are registered for the GST would automatically be registered for the HST and, as a result, would continue to use their current GST/HST account number for HST. There would be no need to provide any new documentation for your current contract with Procom.

For full details and more information please click on the following:

http://www.cra-arc.gc.ca/gncy/hrmnztn/menu-eng.html

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