Texas Instruments to cut 1,700 jobs worldwide to reduce costs

NEW YORK — Texas Instruments is eliminating 1,700 jobs or almost 5 percent of its global workforce to cut costs in its wireless business as it moves away from making smartphone application chips, sending its shares up almost one percent in late trade.

The Dallas, Texas based chipmaker had said in September that it would halt costly investments in its OMAP mobile application chip business, which supports features like video, for tablet computers and smartphones.

TI has been under pressure in wireless, where it has lost ground to rival Qualcomm Inc and the world’s biggest smartphone makers Apple Inc and Samsung Electronics Co Ltd who have been developing their own chips instead of buying them from a supplier like TI.

Instead of pursuing the phone market TI is trying to sell OMAP in a broader market that requires less investments and includes industrial clients like carmakers.

TI said on it expects to take charges of about $325 million related to the job cuts and other cost reduction measures, most of which will be accounted for in the current quarter. Its previously announced financial targets for the fourth quarter do not include these costs, TI said.

The company, which has 35,000 employees around the world, expects annualized savings of about $450 million by the end of 2013 from the action.

source: interaksyon.com

12 Tornadoes Hit North Texas

DALLAS (AP) — Tornadoes raked the Dallas area Tuesday, crumbling a wing of a nursing home, peeling roofs from dozens of homes and spiraling truck trailers into the air like footballs. More than a dozen injuries were reported.

Overturned cars left streets unnavigable and flattened trucks clogged highway shoulders. Preliminary estimates were that six to 12 twisters had touched down in North Texas, senior National Weather Service meteorologist Eric Martello said. But firm numbers would only come after survey teams checked damage Wednesday, he said.

In suburban Dallas, Lancaster police officer Paul Beck said 10 people were injured, two of them severely. Three people were injured in Arlington, including two residents of a nursing home who were taken to a hospital with minor injuries after swirling winds clipped the building, city assistant fire chief Jim Self said.

``Of course the windows were flying out, and my sister is paralyzed, so I had to get someone to help me get her in a wheelchair to get her out of the room,'' said Joy Johnston, who was visiting her 79-year-old sister at the Green Oaks Nursing and Rehabilitation Center. ``It was terribly loud.''

Dallas-Fort Worth International Airport canceled hundreds of flights and diverted others heading its way. Among the most stunning videos was an industrial section of Dallas, where rows of empty tractor-trailers crumpled like soda cans littered a parking lot.

The confirmed tornadoes touched down near Royce City and Silver Springs, said National Weather Service meteorologist Matt Bishop. April is the peak of the tornado season that runs from March until June. Bishop said Tuesday's storms suggest that ``we're on pace to be above normal.''

Johnston said her sister was taken to the hospital because of her delicate health. Another resident at the nursing home, Louella Curtis, 92, said workers roused her out of bed and put her in the hall. ``The hallways were all jammed,'' Johnston said. ``Everyone was trying to help each other to make a path for others. I'd say everybody was out of their rooms within 20 minutes.''

source: mb.com.ph