Word: uniting
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Shortly before IBM announced the end of an era, its China employees gathered in the conference room of the firm's Beijing office. There, company officials told them that IBM, which practically invented personal computers, would sell its PC unit to a Chinese competitor, Lenovo (formerly Legend). The 60 or so attendees learned that, upon joining Lenovo, they would become the backbone of the world's third biggest computer maker. Hours later, a proud headline in the online edition of the People's Daily summarized the $1.25 billion deal: "China's IT Industry Has Stood Up." Yet the mood...
...Lenovo began modestly. Launched in 1984 out of a concrete bungalow, Lenovo quickly grew into China's biggest computer company, commanding just over a quarter of the domestic market today. In 2001, IBM offered to sell its PC unit to Lenovo, but the Chinese firm wasn't interested. It instead launched new lines of handheld devices and corporate services that it thought would drive profits for a decade. Last year, however, those enterprises had a loss of $29 million. The company then reversed tactics and went down-market with "village computers" selling for $350 a pop. But that didn...
...made easier by its sponsorship of the 2008 Beijing Olympics. As for IBM, the deal with Lenovo looks like a boon. The company, which retains a 19% stake in Lenovo, has long migrated toward consulting services and software, so it's happy to jettison its hardware shop. The PC unit experienced a loss of $258 million last year and has debts of $500 million?problems that now fall to Lenovo...
...University has expressed interest in taking over the 213-unit Charlesview Apartment complex, which overlooks Harvard’s athletic fields. The University has proposed building a brand-new housing complex elsewhere for the tenants in order to make way for its new Allston campus...
Those five skaters? The members of Harvard’s commanding top power-play unit...