Exchange rate fly in Cisco's ointment
A $10 million below-budget performance on anticipated exchange rate variations against the US dollar has marred an otherwise excellent six-month performance for Cisco Systems' local operation. Gary Jackson, Cisco's managing director, Australia and New Zealand, said the exchange rate performance was "a worry" and, should the Australian dollar drop to US57 cents, could start to impact on the local lower-end switching market.
Asian crisis dampens global chip market, Dataquest saysFinancial troubles in Asia are slowing the growth of the worldwide semiconductor market, which is expected to grow 7 per cent to $US160 billion by the end of 1998, market researcher Dataquest has announced. Dataquest previously forecast that the market would grow to $175 billion, or by 17 per cent during the year, but the firm re-evaluated its figures because of the Asian crisis. A formal forecast for the semiconductor market will be completed in April.
Company seeks local talent
CIOs look out. A British IT recruitment company, Best People has opened an office in Sydney and is searching for 80 of our "best people". The company is allegedly scanning the globe for legacy experts to fill 250 finance and utilities industry positions in Britain, with a particular focus on Australia and South Africa.
Compaq venture to provide financing in Asia/PacificCompaq Computer has formed a financial company to provide equipment leasing and financing for business customers in the Asia/Pacific region and selected Sydney as its headquarters. The leasing and financing company Compaq Capital A/P LLC will begin providing financial products and services to Compaq business customers by the end of the month in Australia, New Zealand, Hong Kong and Singapore, according to a statement from Compaq.