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Schneider Electric to sell Russian ops to local management

Apr 28, 2022

Copy Schneider Electric has signed a letter of intent to offload its Russian division to local management, writing off up to €300 million ($315 million) in net book value as a result. Jean Pascal Tricoire, CEO at the France-based UPS manufacturer, said it suspended all new investments in Russia after the invasion of Ukraine on February 24 and had concluded the best option was to sell country operations. He said Schneider Electric decided "from the beginning that the best owners of our business would be the local leadership team." "At this stage, we signed the LOI defining the specs on the main conditions of that transfer, we still have to go to a closing and that will go through the regulatory approvals in Russia." Schneider Electric has 3,500 employees in Russia and its puppet state Belarus, and the countries accounted for 2 percent of the €28.9 billion in sales turned over in 2021. Three factories and two distribution centres are run in Russia as well, Tricoire confirmed. "There is close to no export or supply chain sourcing from Russia, and certainly no critical components coming from from Russia," the CEO said. CFO Hilary Maxson, also on the same conference call to discuss Schneider's calendar Q1 financial results , said the target is to get the sale done by June but said that with local approval required by authorities predictions are difficult. "This is a 100 percent sale of our Russian entities. As would be typical through any disposal process, we would expect to have a number of transition services agreements, in this case, also covering some of the legally binding projects that aren't subject to sanctions that we have there today." Within 12 to 18 months Schneider said it would expect to "have no longer any contractual relationships" with entities in Russia. The financial impact in terms of earnings before income tax, depreciation and amortization and is modeled to be €300 million ($315 million) in net book value and €120 million ($126 million) non-cash reversal of currency translation reserve. Multitude tech brands in the West have take action in Russia following sanctions imposed on the country by the US, EU and UK. Many have at least halted sales, and some have suspended operations. Ericsson , which had an R&D centre in Russia, has pulled out "indefinitely." Inside Russia, tech companies are dealing with the aftershocks caused by these economic penalties: Yandex, which last week shredded financial guidance for 2022 , this week confirmed net losses of 8.1 billion roubles ($111 million) for Q1. In the whole of 2021 it made 8 billion roubles ($109 million). Yandex said everything in its business was "stable" until soldiers marched into Ukraine. "In the last five weeks of the first quarter, our operations in certain businesses were adversely affected by the impact of geopolitical developments, which is reflected in our results for the first quarter." ® Share BT and Toshiba have announced the trial of a commercial quantum secured metro network in London, set to run for three years to evaluate the use of the technology. The system, which is operational now, uses quantum key distribution (QKD) over standard fibre optic links to securely encrypt data. The London quantum secured metro network has netted accounting firm EY (formerly Ernst & Young) as its first customer. The company will use the network to connect two of its sites in the capital, one at Canary Wharf in London's Docklands, and the other near London Bridge. However, BT said there will be other users over the three-year period of the trial. Amazon Web Services has made its Snowball Edge devices remotely manageable and finally enabled multi-year deployments of the on-prem data-crunching machines. The devices pack a 3.2Ghz CPU, 80GB of RAM, and up to 80TB of storage, plus another lazy terabyte dedicated to running EC2 instances on the device. AWS suggests the devices are ideal for doing pre-processing of data out on the edge, rather than moving everything stored on the devices all the way to an Amazonian bit barn. Hitherto, Snowball Edge devices could only be managed from the LAN to which they were connected. Replacements were also required every 360 days, because device certificates could not be updated remotely. India's government has announced it will permit upgrades of mobile networks from 2G to 4G in regions claimed to be hotbeds of a Maoist insurgency. The nation's Ministry of Home Affairs prefers the term "left-wing extremists" but says the dominant ideology among such groups is a form of Maoism that "glorifies violence as the primary means to overwhelm the existing socio-economic and political structures." The Ministry therefore operates a division dedicated to preventing such extremists from building capacity. The government combats the extremists with security operations and efforts to advance development of the 70 areas identified as hotbeds of Maoist insurgency. It's felt that insurgents want locals to feel under-appreciated by Delhi, and impoverished compared to those in other regions, as doing so will create sympathy for their cause. If you want to place a bet on the winner of 2022's weirdest corporate rebranding, here's one likely to make the shortlist: an announcement titled "Accenture Announces Accenture Song" . No, dear reader, that missive does not mean that Accenture has penned a corporate anthem. Which is a shame because The Register quite fancies the notion that the consulting firm's ~700,000 employees might be asked to start their working days with a rousing rendition of a company song, hands on hearts, before turning their minds to value-adding strategic consultancy. Rather, the title serves to announce that Accenture Interactive – the limb of the organisation dedicated to technology implementation – has renamed itself Accenture Song. Security flaws in Log4j, Microsoft Exchange, and Atlassian's workspace collaboration software were among the bugs most frequently exploited by "malicious cyber actors" in 2021 , according to a joint advisory by the Five Eyes nations' cybersecurity and law enforcement agencies. It's worth noting that 11 of the 15 flaws on the list were disclosed in 2021, as previous years' lists often found miscreants exploiting the older vulns for which patches had been available for years. Of course, the US Cybersecurity and Infrastructure Security Agency (CISA) and friends note that malicious cyber actors have not stopped trying to exploit older flaws – but reckon those efforts are happening to a "lesser extent" than in the past. Flaws in networkd-dispatcher, a service used in some parts of the Linux world, can be exploited by a rogue logged-in user or application to escalate their privileges to root level, allowing the box to be commandeered, Microsoft researchers said Wednnesday. It's nice of Redmond to point out these flaws and have them fixed in any affected distributions; the US tech giant is a big user of Linux and relies on the open-source OS throughout its empire. It's just a little perplexing the biz went to all the effort of a big write-up and giving the flaws a catchy name, Nimbuspwn, when countless privilege-elevation holes are fixed in the Windows operating system each month, and we can't recall Microsoft lately making this much of a song and dance over them. "The growing number of vulnerabilities on Linux environments emphasize the need for strong monitoring of the platform's operating system and its components," wrote Jonathan Bar Or of the Microsoft 365 Defender Research Team, which, again, is perhaps a bit rich for the Windows goliath to bring up. Uncle Sam will dole out up to $10 million for vital information on each of six Russian GRU officers linked to the Kremlin-backed Sandworm gang, who, according to the Feds, have plotted to carry out destructive cyber-attacks against American critical infrastructure. It's hoped the money, offered via the US Department of State's Rewards for Justice program, will lead to the snaring of the following men said to be Russian intelligence officers: Yuriy Sergeyevich Andrienko (Юрий Сергеевич Андриенко), Sergey Vladimirovich Detistov (Сергей Владимирович Детистов), Pavel Valeryevich Frolov (Павел Валерьевич Фролов), Anatoliy Sergeyevich Kovalev (Анатолий Сергеевич Ковалев), Artem Valeryevich Ochichenko (Артем Валерьевич Очиченко), and Petr Nikolayevich Pliskin (Петр Николаевич Плискин). According to the US government, these are all members of the GRU's Unit 74455, also known as Sandworm, and they "deployed destructive malware and took other disruptive actions for the strategic benefit of Russia through unauthorized access to victim computers," according to the State Department.

Jean Pascal Tricoire Investments

1 Investments

Jean Pascal Tricoire has made 1 investments. Their latest investment was in Handpick as part of their Series A on January 1, 2015.

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Jean Pascal Tricoire Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

1/29/2015

Series A

Handpick

$3M

Yes

1

Date

1/29/2015

Round

Series A

Company

Handpick

Amount

$3M

New?

Yes

Co-Investors

Sources

1

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