Japanese electronics maker Toshiba Corp. said Tuesday it is developing technology for a 3-D television that won't require special glasses.
Company spokeswoman Yuko Sugahara confirmed such technology was in the works. But she declined to comment on a report in the Yomiuri newspaper that the Tokyo-based company plans to start selling the new TVs by the end of the year.
Mainstream 3-D TVs now on sale, such as those from rivals Panasonic Corp. and Sony Corp., require glasses. But there are already screens that don't require glasses, mainly intended for store displays. They require the viewer to stand in specific spots for the 3-D effect to emerge, and the image quality is much lower than that of screens using glasses.
Yomiuri said Mitsubishi's technology involves transmitting different images at various angles to create an illusion of dimension and depth, a principle used by current glasses-free monitors.
Electronics companies have been investing heavily in 3-D technology for televisions, betting that people will want a 3-D experience at home following the success of blockbuster movies such as "Avatar," which was screened in 3-D.
Some gadgets such as handheld game machines from Nintendo Co. can deliver 3-D images without special glasses.
"Many people don't like to wear glasses to watch TV for a long time, especially people who must wear 3-D glasses over regular glasses," Sugahara said.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Tuesday, August 24, 2010
Drinking Water Before Meals Helps Weight Loss
Drinking two glasses of water before each meal may help you lose weight, according to a new study presented Monday at the annual meeting of the American Chemical Society in Boston.
Obese dieters who drank two 8-ounce glasses of water before breakfast, lunch and dinner lost five pounds more than dieters who didn't increase their water intake. Those who drank more water also kept more of the weight off after a year, said Brenda Davy, an associate professor at Virginia Tech in Blacksburg.
The study included only middle-aged and older adults between the ages of 55 and 75 who were on diet - 1,200 calories per day for women and 1,500 calories per day for men. Half of the people were told to drink 16 ounces of water before every meal. After three months, the dieters who drank water had lost an average of about 15.5 pounds, while those who didn't lost just 11 pounds.
It's a popular anecdote that drinking more water will help you lose weight. Davy's study is the first randomized controlled trial to test the theory.
But Davy isn't sure why drinking water before meals helps with weight loss. But according to the Health.com report, a reason might be that it helps fill your stomach, making you less hungry
The study included only middle-aged and older adults between the ages of 55 and 75 who were on diet - 1,200 calories per day for women and 1,500 calories per day for men. Half of the people were told to drink 16 ounces of water before every meal. After three months, the dieters who drank water had lost an average of about 15.5 pounds, while those who didn't lost just 11 pounds.
It's a popular anecdote that drinking more water will help you lose weight. Davy's study is the first randomized controlled trial to test the theory.
But Davy isn't sure why drinking water before meals helps with weight loss. But according to the Health.com report, a reason might be that it helps fill your stomach, making you less hungry
Dell debuts first U.S. smartphone at $100
The long-anticipated move by the computer manufacturer puts Dell in competition with Apple Inc, the market leader in smartphones, and with a clutch of other phones that use Google Inc's Android operating system.
Round Rock, Texas-based Dell said its new smartphone will sell for $99.99 with a 2-year contract from AT&T, or $299.99 without the contract.
Dell said the Aero will be one of the lightest Android smartphones in the United States, and will support Adobe Systems Inc's Flash software. That sets Dell apart from Apple, which has declined to use Flash on its mobile devices.
The personal computer maker entered the smartphone market in late 2009 with the release of its Mini 3 in China. The company also released a 5-inch tablet called the Streak this month, which also runs on Android and uses the AT&T network for phone calls. That will compete with Apple's iPad.
The worldwide smartphone market is expected to grow 36 percent to 247 million units in 2010 from 182 million in 2009 according to IT research outfit iSuppli.
Dell said the Aero will be one of the lightest Android smartphones in the United States, and will support Adobe Systems Inc's Flash software. That sets Dell apart from Apple, which has declined to use Flash on its mobile devices.
The personal computer maker entered the smartphone market in late 2009 with the release of its Mini 3 in China. The company also released a 5-inch tablet called the Streak this month, which also runs on Android and uses the AT&T network for phone calls. That will compete with Apple's iPad.
The worldwide smartphone market is expected to grow 36 percent to 247 million units in 2010 from 182 million in 2009 according to IT research outfit iSuppli.
Man, shot in head, notices five years later
"He told us he remembered having a sore head, but that he wasn't really one for going to the doctor," the spokesman said.
The wound later healed around the bullet and it was not until the man decided to have the lump examined due to recurring pains that the discovery was made.
Police said they were not treating the incident as suspicious as the bullet might have got lodged in the man's head when a reveler fired a gun in celebration.
"It may have been a shot fired up in the air which entered his head on the way down," the spokesman said.
The resident of Herne, who has lived in Germany for several years, was expected to be released from hospital later this week after the bullet was removed on Friday, police said.
New York governor seeks peace on mosque issue
The debate over putting the center so close to what is now called Ground Zero has turned national ahead of November elections as Republicans seek to wrest control of Congress from Democrats.
Republican politicians largely oppose the project, a sentiment shared by at least 60 percent of Americans, according to polls.
Some commentators have raised concern the opposition could be providing a propaganda victory to extremists in the Muslim world who preach that the United State hates Islam.
Democratic Governor David Paterson criticized mosque opponents for tolerating what he called ignorance and stereotypes by more strident foes who liken all of Islam to the al Qaeda suicide hijackers who destroyed the World Trade Center.
"People can't hear each other anymore," Paterson told a news conference. "I find it heart-wrenching. I hate to see New Yorkers squaring off against each other."
Mayor Michael Bloomberg has defended the project on grounds of religious freedom. He was hosting his annual iftar -- the evening meal when Muslims break their Ramadan fast -- with two of the project's leaders on the guest list.
Over the weekend, supporters and opponents of the project rallied near Ground Zero but were kept apart by police.
More than 40 religious and civic groups -- including one group of families whose relatives died on September 11 -- announced the formation of a coalition on Tuesday to push back against opposition to the mosque.
The coalition called New York Neighbors for American Values planned to introduce its campaign formally on Wednesday.
"We stand together today to reject the crude stereotypes meant to frighten and divide us," the coalition said.
Paterson, who will leave office at the end of the year, has offered himself as a peacemaker seeking to find an alternate site. He met on Tuesday with religious leaders, including New York Roman Catholic Archbishop Timothy Dolan, to find a solution to the controversy.
Developers of the mosque have said they want to remain at the proposed location, partly because they believe moving the project would be a concession to what they consider religious intolerance.
China crash kills 42 as plane overshoots runway
A passenger plane overshot a runway while landing at a new airport in northeast China late on Tuesday, bursting into flames and killing 42 people of 96 on board, the nation's worst air disaster since 2004.
The accident will be a jolt for China's fast-growing aviation sector, which has had no major accident in recent years, thanks to stricter safety rules, better training and relatively young fleets of mainly Western-made aircraft.
The Henan Airlines plane crashed at 9.36 pm (1336 GMT) in Yichun, a remote city of one million in Heilongjiang province surrounded by forests, after flying from provincial capital Harbin, the Civil Aviation Administration of China said.
The airline has grounded all flights for the next three days, an official told Reuters by telephone, declining further comment.
Yichun has a small domestic airport that only opened last year, one of an increasing number of airports built in distant parts of China to help boost economic development.
While the cause of the crash is still being investigated, Caijing magazine cited local rules as saying that Yichun airport is "in principle" not supposed to operate at night.
State media initially said 43 people had died but later revised down the death toll by one. Seven of the 54 survivors were severely injured, Yichun mayor Wang Aiwen was quoted as saying.
Their injuries included burns, cuts and broken limbs.
"When I looked out the window, I couldn't see anything. There were no lights at all," Xinhua quoted survivor Xue Xilai as saying. "Soon after that, the plane bounced heavily on the ground and then broke in two."
There were 91 passengers, including five children, as well five crew members on board the ERJ-190, built by Brazil's Embraer (EMBR3.SA) (ERJ.N), Xinhua said. The passengers appeared to be mainland Chinese, except for one person from Taiwan.
"When the back part of the plane landed, I felt a strong jolt, and then the plane seemed to begin to come apart," another survivor told state television from his hospital bed.
"I began to run, but there was no way out ahead or behind. Then we saw a crack and ran through it to escape," he added.
Xinhua said one of those seriously injured was vice-minister of human resources Sun Baoshu, who was heading to Yichun for a meeting.
The accident will be a jolt for China's fast-growing aviation sector, which has had no major accident in recent years, thanks to stricter safety rules, better training and relatively young fleets of mainly Western-made aircraft.
The Henan Airlines plane crashed at 9.36 pm (1336 GMT) in Yichun, a remote city of one million in Heilongjiang province surrounded by forests, after flying from provincial capital Harbin, the Civil Aviation Administration of China said.
The airline has grounded all flights for the next three days, an official told Reuters by telephone, declining further comment.
Yichun has a small domestic airport that only opened last year, one of an increasing number of airports built in distant parts of China to help boost economic development.
While the cause of the crash is still being investigated, Caijing magazine cited local rules as saying that Yichun airport is "in principle" not supposed to operate at night.
State media initially said 43 people had died but later revised down the death toll by one. Seven of the 54 survivors were severely injured, Yichun mayor Wang Aiwen was quoted as saying.
Their injuries included burns, cuts and broken limbs.
"When I looked out the window, I couldn't see anything. There were no lights at all," Xinhua quoted survivor Xue Xilai as saying. "Soon after that, the plane bounced heavily on the ground and then broke in two."
There were 91 passengers, including five children, as well five crew members on board the ERJ-190, built by Brazil's Embraer (EMBR3.SA) (ERJ.N), Xinhua said. The passengers appeared to be mainland Chinese, except for one person from Taiwan.
"When the back part of the plane landed, I felt a strong jolt, and then the plane seemed to begin to come apart," another survivor told state television from his hospital bed.
"I began to run, but there was no way out ahead or behind. Then we saw a crack and ran through it to escape," he added.
Xinhua said one of those seriously injured was vice-minister of human resources Sun Baoshu, who was heading to Yichun for a meeting.
HP enters talks with 3PAR in bidding war with Dell
PAR has determined that HP's proposal was "reasonably likely" to lead to a superior offer over Dell's $1.15 billion bid and has informed Dell of its intention to enter talks with HP, the company said in a filing with the U.S. Securities and Exchange Commission.
If 3PAR's board endorses the bid by HP, it will give Dell 3 business days to sweeten its offer, 3PAR said in the filing, adding that it has not yet made such a determination.
The filing comes a day after HP offered to buy the high-end data storage company for $24 per share, topping Dell's bid by a third in a surprise move that could spark a rare bidding war in the technology sector.
3PAR said its board met on Monday to discuss HP's offer and decided to open its books to the company.
"3PAR intends to engage in discussions with HP promptly regarding its unsolicited acquisition proposal, and share nonpublic information with HP regarding 3PAR, in order to more fully evaluate HP's proposal with a view to establishing whether it is a 'superior proposal'," the company said in the filing.
Investors have been expecting Dell to come back with a more attractive offer, but the looming bidding war raised fears that it might overpay, as the world's two largest PC makers vie for a pivotal asset to broaden their scope.
A Reuters survey of 9 fund managers and analysts on Tuesday found most expect another bid or two, and a final price of around $29 per share -- nearly three times where they were before Dell's first public offer for $18 billion a share.
Earlier on Tuesday, Bloomberg reported Dell may convey a higher offer price within days to counter HP's offer, citing a person familiar with the matter, sending its shares down 3 percent. Dell was not available for comment.
3PAR shares rose 3.6 percent to $27.04, above the $24 a share HP has offered -- which was about 33 percent higher than Dell's $18 a share bid.
ENCROACHMENT
Tech giants such as HP and IBM Corp are expanding rapidly into new areas, hoping to offer more comprehensive products, but encroaching increasingly into each other's traditional markets.
3PAR is one of a few candidates that could help Dell expand from computers to corporate solutions in both software and hardware, but bids for the company already look expensive, said Jeffrey Fidacaro, an analyst at Susquehanna Financial Group, a market maker in shares of Dell.
"These are pretty high valuations to be paying for this asset, so now it comes down to who strategically needs this the most," Fidacaro added.
Dell's shares fell 3 percent, or 36 cents, to close at $11.59 on the Nasdaq stock exchange.
HP shares ended 1.7 percent lower at $38.39 on the New York Stock Exchange.
Bidding wars are rare in the tightly knit technology sector, where deals are often made behind closed doors, with a few exceptions such as the 2009 battle between Oracle Corp and IBM for Sun Microsystems. Oracle eventually bought the computer maker for $7 billion.
For 3PAR, a deal with a large company such as Dell or HP would give it a broader sales reach, helping it compete against rival EMC and smaller players such as Isilon Systems Inc and Compellent Technologies Inc.
IBM, HP and Oracle have been boosting investment in cloud computing and virtualization technology, which allows users to access data and software over the Internet and corporate networks.
If 3PAR's board endorses the bid by HP, it will give Dell 3 business days to sweeten its offer, 3PAR said in the filing, adding that it has not yet made such a determination.
3PAR said its board met on Monday to discuss HP's offer and decided to open its books to the company.
"3PAR intends to engage in discussions with HP promptly regarding its unsolicited acquisition proposal, and share nonpublic information with HP regarding 3PAR, in order to more fully evaluate HP's proposal with a view to establishing whether it is a 'superior proposal'," the company said in the filing.
Investors have been expecting Dell to come back with a more attractive offer, but the looming bidding war raised fears that it might overpay, as the world's two largest PC makers vie for a pivotal asset to broaden their scope.
A Reuters survey of 9 fund managers and analysts on Tuesday found most expect another bid or two, and a final price of around $29 per share -- nearly three times where they were before Dell's first public offer for $18 billion a share.
Earlier on Tuesday, Bloomberg reported Dell may convey a higher offer price within days to counter HP's offer, citing a person familiar with the matter, sending its shares down 3 percent. Dell was not available for comment.
3PAR shares rose 3.6 percent to $27.04, above the $24 a share HP has offered -- which was about 33 percent higher than Dell's $18 a share bid.
ENCROACHMENT
Tech giants such as HP and IBM Corp are expanding rapidly into new areas, hoping to offer more comprehensive products, but encroaching increasingly into each other's traditional markets.
3PAR is one of a few candidates that could help Dell expand from computers to corporate solutions in both software and hardware, but bids for the company already look expensive, said Jeffrey Fidacaro, an analyst at Susquehanna Financial Group, a market maker in shares of Dell.
"These are pretty high valuations to be paying for this asset, so now it comes down to who strategically needs this the most," Fidacaro added.
Dell's shares fell 3 percent, or 36 cents, to close at $11.59 on the Nasdaq stock exchange.
HP shares ended 1.7 percent lower at $38.39 on the New York Stock Exchange.
Bidding wars are rare in the tightly knit technology sector, where deals are often made behind closed doors, with a few exceptions such as the 2009 battle between Oracle Corp and IBM for Sun Microsystems. Oracle eventually bought the computer maker for $7 billion.
For 3PAR, a deal with a large company such as Dell or HP would give it a broader sales reach, helping it compete against rival EMC and smaller players such as Isilon Systems Inc and Compellent Technologies Inc.
IBM, HP and Oracle have been boosting investment in cloud computing and virtualization technology, which allows users to access data and software over the Internet and corporate networks.
Low Prices and Rates Can't Slow Fall in Home Sales
Home prices in many parts of the country scream bargain, and mortgage rates haven't been this low for decades. So why are houses across the nation sitting on the market for so long?
Sales of previously occupied homes in the United States fell 27 percent in July, the weakest showing in 15 years, the National Association of Realtors said Tuesday. It was the largest monthly drop in the four decades that records have been kept.
Potential buyers are hesitating because they think home prices still have further to fall. Potential sellers — those with the stomach to put their homes on the market at all, anyway — are reluctant to lower their prices.
"It really is a self-fulfilling prophecy," said Aaron Zapata, a real estate agent in Brea, Calif. "If all buyers perceive that home prices are coming down, then they will stop making offers — and home prices will come down."
While the standoff plays out, home sales are plummeting.
Sharp declines were recorded in each of the four regions the group tracks. Yet the pain is being felt unevenly from state to state and city to city. Some markets are rebounding even as others languish.
Sellers in sluggish markets like Las Vegas and Chicago can expect to wait an average of more than five months to sell their homes, according to real estate brokerage ZipRealty Inc. It's even worse in Palm Beach, Fla., where it takes nearly six months, longest in the nation.
In healthier markets such as San Francisco and Denver, the average wait is only about two months. Sellers in Washington appear to have the nation's best major market; they are waiting only about a month and a half.
Beyond geography, the sales numbers vary depending on the price of the home.
The biggest drops in sales are among homes in the low and middle price ranges. For example, 47 percent fewer homes in the Midwest priced between $100,000 and $250,000 sold in July, compared with July last year. By contrast, sales of million-dollar-plus homes in that region actually rose slightly year over year.
Saturday, August 7, 2010
Saudi says agreement close on BlackBerry services
The Saudi telecommunications regulatory agency announced earlier this week that BlackBerry's messenger service would be halted on Friday over concerns that its data could not be monitored. Last minute talks, however, staved off the ban.
If an agreement is reached it could have wide-ranging implications for several other countries, including India and the United Arab Emirates, that have issues with the company over how it stores its data.
"Negotiations are ongoing. We agreed to continue the service," said Ahmed Ali, a director with the Saudi telecoms regulatory authority. "The Canadian firm is on its way to agreeing to Saudi requests."
The Saudi-owned, Dubai-based news channel Al-Arabiya also reported Saturday that the crisis had been averted and a deal had been reached to give authorities access to BlackBerry data.
The report said the agreement involved installing servers inside the country that could be monitored and tests were under way. The information could not be independently verified.
The kingdom is one of a number of countries expressing concern that the device is a security threat because encrypted information sent on the phones is routed through overseas computers — making it impossible for local governments to monitor.
The United Arab Emirates has announced it will ban BlackBerry e-mail, messaging and Web browsing starting in October, and Indonesia and India are also demanding greater control over the data.
Analysts say RIM's expansion into fast-growing emerging markets is threatening to set off a wave of regulatory challenges, as its commitment to keep corporate e-mails secure rubs up against the desires of local law enforcement.
RIM says it does offer help to governments, but says its technology does not allow it, or any third party, to read encrypted e-mails sent by corporate BlackBerry users. The consumer version has a lower level of security.
In Saudi Arabia — which local media say has some 750,000 BlackBerry users — the ban has raised accusations the government is trying to further curb freedom of expression.
Saudi Arabia's telecommunications regulator, known as the Communications and Information Technology Commission, announced the imminent ban on Tuesday, saying the BlackBerry service "in its present state does not meet regulatory requirements," according to the state news agency SPA.
Saudi security officials fear the service could be used by militant groups. The kingdom has been waging a crackdown for years against al-Qaida-linked extremists.
Saudi Arabia also enforces heavy policing of the Internet, blocking sites both for political content and for obscenities.
Expectations of the ban have pushed some to sell their devices. At Riyadh's main mobile phone market, dozens of young men on the street were trying to sell the devices, some in their original packaging, and some running at more than half the normal price.
BlackBerry phones are known to be popular both among businesspeople and youth in the kingdom who see the phones' relatively secure communication features as a way to avoid attention from the authorities.
More rain lashes Pakistan, deepening flood crisis
Pakistani officials estimate as many as 13 million people throughout the South Asian nation have been affected by the rising waters. About 1,500 people have died, most of them in the northwest, the hardest-hit region. Mass evacuations are under way in the southern province of Sindh after the Indus River rose there.
The intense flooding that began about two weeks ago has washed away roads, bridges and many communications lines, hampering rescue efforts. Incessant monsoon rains have grounded many helicopters trying to rescue people and ferry aid, including six choppers manned by U.S. troops on loan from Afghanistan.
The national government's response has appeared chaotic at times, and confidence in its ability to cope has been shaken by the decision of President Asif Ali Zardari to visit France and England amid the crisis.
Floodwaters receded somewhat Friday in the northwest, but downpours in the evening and early Saturday again swelled rivers and streams. Pakistani meteorologist Farooq Dar said heavy rains in Afghanistan were expected to make things even worse over the next 36 hours as the bloated Kabul River surged into Pakistan's northwest.
That will likely mean more woes for Punjab and Sindh provinces as well, as new river torrents flow east and south.
Authorities have given varying tolls for the number of people among Pakistan's 175 million impacted by the floods.
The United Nations said 4 million people had been affected, including 1.5 million severely, meaning their homes had been damaged or destroyed. But Pakistani officials have put the figure much higher.
In the northwest and Punjab, floods have displaced 12 million people, said Amal Masud, an official with the National Disaster Management Authority. In Sindh province, about 1 million people have been evacuated or are currently being helped out of their homes, said Jam Saifullah, the provincial irrigation minister.
An Associated Press reporter saw many people walking on foot and using trucks to migrate to safer places in Sindh. Some, however, refused to leave their lands, crops and homes.
"Let the flood come. We will live and die here," said Dur Mohammed, 75, who lives in a mud brick home in Dadli village.
Mohammed was one of 250 people in Dadli resisting evacuation, even though floodwaters have already began touching the embankments of the Indus River less than one mile (two kilometers) away. Many feared that if they left and the floods never came, their household items would be stolen.
The United Nations said the disaster was "on a par" with the 2005 Kashmir earthquake — which killed about 73,000 people — in terms of the numbers of people needing assistance and damage to infrastructure.
Some 30,000 Pakistani soldiers are rebuilding bridges, delivering food and setting up relief camps in the northwest, which is the main battleground in the fight against al-Qaida and the Taliban. Foreign countries and the United Nations have donated millions of dollars.
The U.S. has tapped soldiers from its war effort in Afghanistan to operate four Chinook and two Black Hawk helicopters to evacuate people from the northwest's Swat Valley and carry aid there. Around 85 U.S. soldiers are involved, though the rain has limited their flights.
Also helping in the relief effort are Islamist charities, including the Falah-e-Insaniat Foundation, which Western officials believe is linked to Lashkar-e-Taiba. Lashkar is the militant group blamed for the 2008 attacks in Mumbai, the financial capital of India, Pakistan's regional archrival.
The Falah-e-Insaniat Foundation says it is running 12 medical facilities, providing cooked food for 100,000 people every day, and plans to open shelters soon.
"The magnitude of this tragedy is so severe, and the area affected is so vast, that the government alone cannot meet the needs of such a large number of affectees," said Atique Chauhan, a spokesman for the foundation. "The U.S. efforts for rescue and relief are good, and we will appreciate help from all of humanity, whether it is the U.S. or even India."
Prime Minister Yousuf Raza Gilani appealed for national unity during the crisis.
"I request that all the political parties be united and work together to help the flood victims," he told reporters on Saturday, adding that the government is doing everything it can to move people to safer ground.
"The next two days are very critical in this regard," Gilani said. "Our top priority is to rescue people, to save their lives. But we will also provide them all facilities, and we will work for their rehabilitation."
Disgraced HP CEO to get nearly $28 million
Lauded for making Hewlett-Packard Co. the world's biggest technology company, CEO Mark Hurd was in negotiations for a new contract worth about $100 million, according to a person familiar with the negotiations.
Instead, he's getting about a third of that to just go away.
In a stunning announcement Friday, HP said it ousted Hurd after an investigation of a sexual harassment complaint found that he had falsified expense reports and other documents to conceal a relationship with a contractor. Hurd also allegedly helped the woman get paid for work she didn't do.
In recent weeks, Hurd was in negotiations for a new three-year contract worth about $100 million when a woman who worked for HP as a host at high-profile events accused him of sexual harassment, a person with intimate knowledge of the case told The Associated Press. The person requested anonymity because this person wasn't authorized to speak publicly about the details of the case.
News of Hurd's abrupt departure sent HP's stock tumbling nearly 10 percent. Shares of the world's biggest maker of personal computers and printers have doubled in value during his five-year stewardship, and HP became the world's No. 1 technology company by revenue in that time.
Hurd's "systematic pattern" of submitting falsified financial reports to hide the relationship convinced the board that "it would be impossible for him to be an effective leader moving forward and that he had to step down," HP general counsel Michael Holston said on a conference call Friday with analysts.
"The facts that drove the decision for the company had to with integrity, had to do with credibility, had to do with honesty," Holston said, declining to elaborate.
Holston said the inaccurate financial reports related only to Hurd's personal expenses.
Hurd, 53, acknowledged there were "instances in which I did not live up to the standards and principles of trust, respect and integrity that I have espoused at HP."
High-profile Los Angeles attorney Gloria Allred said she is representing the woman and "there was no affair and no intimate sexual relationship" between her client and Hurd. Allred, reached by The Associated Press late Friday, declined to comment further.
The person close to the case told the AP that the woman worked as a host for more than a dozen events for CEOs that Hurd attended between 2007 and 2009. The person said the disputed expenses range from $1,000 to $20,000 each for travel, lodging and meals.
The person said many of the expenses were for meals after the events and that Hurd insists they were legitimate business expenses. The total amount of the expenses in dispute could not be learned.
Hurd has offered to repay expenses that were incorrectly filed, this person said.
The married father of two will get a $12.2 million severance payment and nearly 350,000 shares of HP stock worth about $16 million at Friday's closing price. The company also extended the deadline for exercising options to buy up to 775,000 HP shares.
The company's chief financial officer, Cathie Lesjak, 51, was named interim CEO. She has been with the company 24 years but has taken herself out of the running to fill the position permanently. HP has set up a search committee to look for a permanent replacement.
HP's shares, which closed Friday on the New York Stock Exchange at $46.30, tumbled 9.7 percent after hours to $41.85 as investors reacted to the news released after the close of markets.
Beloved by investors for his relentless cost-cutting — and scorned by thousands of laid-off employees for the same — Hurd was seen as rescuing the company from the mess left behind by his predecessor, Carly Fiorina.
Hurd has transformed the 71-year-old company from a computer and printer maker hooked on profits from printer cartridges into a company that looks a lot like its archrival IBM Corp., a major player in technology services and other fast-growing areas.
Though their underlying stories are very different, Hurd's departure is like Fiorina's in one key way: Both were forced out with the company about to reap the benefits of sweeping changes they made at the Silicon Valley institution.
Fiorina left in 2005 in the wake of her decision to acquire Compaq Computer and an ensuing upheaval over her personality and her business strategies, but the divisive deal proved instrumental in HP's ascendance under Hurd.
By comparison, Hurd is departing after cutting tens of thousands of jobs and launching an expensive expansion, including the $13.9 billion acquisition of technology-services provider Electronic Data Systems, the $2.7 billion takeover of computer-networking equipment maker 3Com Corp. and the $1.4 billion deal for mobile phone maker Palm Inc.
To reassure investors, HP, based in Palo Alto, previewed its third-quarter results late Friday in advance of a detailed report Aug. 19.
The company said it expects to report earnings of 75 cents per share, compared with 67 cents a year earlier. Excluding one-time items, the company says results will be $1.08 per share, a penny ahead of analysts' current expectations. Revenue is expected to rise 11 percent from last year to $30.7 billion, slightly higher than analysts' expectations.
In a stunning announcement Friday, HP said it ousted Hurd after an investigation of a sexual harassment complaint found that he had falsified expense reports and other documents to conceal a relationship with a contractor. Hurd also allegedly helped the woman get paid for work she didn't do.
In recent weeks, Hurd was in negotiations for a new three-year contract worth about $100 million when a woman who worked for HP as a host at high-profile events accused him of sexual harassment, a person with intimate knowledge of the case told The Associated Press. The person requested anonymity because this person wasn't authorized to speak publicly about the details of the case.
News of Hurd's abrupt departure sent HP's stock tumbling nearly 10 percent. Shares of the world's biggest maker of personal computers and printers have doubled in value during his five-year stewardship, and HP became the world's No. 1 technology company by revenue in that time.
Hurd's "systematic pattern" of submitting falsified financial reports to hide the relationship convinced the board that "it would be impossible for him to be an effective leader moving forward and that he had to step down," HP general counsel Michael Holston said on a conference call Friday with analysts.
"The facts that drove the decision for the company had to with integrity, had to do with credibility, had to do with honesty," Holston said, declining to elaborate.
Holston said the inaccurate financial reports related only to Hurd's personal expenses.
Hurd, 53, acknowledged there were "instances in which I did not live up to the standards and principles of trust, respect and integrity that I have espoused at HP."
High-profile Los Angeles attorney Gloria Allred said she is representing the woman and "there was no affair and no intimate sexual relationship" between her client and Hurd. Allred, reached by The Associated Press late Friday, declined to comment further.
The person close to the case told the AP that the woman worked as a host for more than a dozen events for CEOs that Hurd attended between 2007 and 2009. The person said the disputed expenses range from $1,000 to $20,000 each for travel, lodging and meals.
The person said many of the expenses were for meals after the events and that Hurd insists they were legitimate business expenses. The total amount of the expenses in dispute could not be learned.
Hurd has offered to repay expenses that were incorrectly filed, this person said.
The married father of two will get a $12.2 million severance payment and nearly 350,000 shares of HP stock worth about $16 million at Friday's closing price. The company also extended the deadline for exercising options to buy up to 775,000 HP shares.
The company's chief financial officer, Cathie Lesjak, 51, was named interim CEO. She has been with the company 24 years but has taken herself out of the running to fill the position permanently. HP has set up a search committee to look for a permanent replacement.
HP's shares, which closed Friday on the New York Stock Exchange at $46.30, tumbled 9.7 percent after hours to $41.85 as investors reacted to the news released after the close of markets.
Beloved by investors for his relentless cost-cutting — and scorned by thousands of laid-off employees for the same — Hurd was seen as rescuing the company from the mess left behind by his predecessor, Carly Fiorina.
Hurd has transformed the 71-year-old company from a computer and printer maker hooked on profits from printer cartridges into a company that looks a lot like its archrival IBM Corp., a major player in technology services and other fast-growing areas.
Though their underlying stories are very different, Hurd's departure is like Fiorina's in one key way: Both were forced out with the company about to reap the benefits of sweeping changes they made at the Silicon Valley institution.
Fiorina left in 2005 in the wake of her decision to acquire Compaq Computer and an ensuing upheaval over her personality and her business strategies, but the divisive deal proved instrumental in HP's ascendance under Hurd.
By comparison, Hurd is departing after cutting tens of thousands of jobs and launching an expensive expansion, including the $13.9 billion acquisition of technology-services provider Electronic Data Systems, the $2.7 billion takeover of computer-networking equipment maker 3Com Corp. and the $1.4 billion deal for mobile phone maker Palm Inc.
To reassure investors, HP, based in Palo Alto, previewed its third-quarter results late Friday in advance of a detailed report Aug. 19.
The company said it expects to report earnings of 75 cents per share, compared with 67 cents a year earlier. Excluding one-time items, the company says results will be $1.08 per share, a penny ahead of analysts' current expectations. Revenue is expected to rise 11 percent from last year to $30.7 billion, slightly higher than analysts' expectations.
6 Americans on medical team killed in Afghanistan
KABUL, Afghanistan – Six Americans and two other foreigners on a medical mission were shot and killed by the Taliban who ambushed their vehicles in a remote part of northern Afghanistan, a charity said Saturday.
Taliban spokesman Zabiullah Mujahid told The Associated Press in Pakistan that they killed the foreigners because they were "spying for the Americans" and "preaching Christianity."
Dirk Frans, director of the International Assistance Mission, said the eight-member medical team, which also included one German, one Briton and two Afghan interpreters, was driving to Kabul from an eye clinic in northeastern Nuristan province when they were killed in Badakhshan province to the north.
The group had decided to head through Badakhshan to return to the capital because they thought that would be the safest route, Frans said.
"This tragedy negatively impacts our ability to continue serving the Afghan people as IAM has been doing since 1966," according to a statement released by the nonprofit Christian organization. "We hope it will not stop our work that benefits over a quarter of a million Afghans each year."
Among the dead was team leader Tom Little, an optometrist from Delmar, New York who has been working in Afghanistan for more than 30 years, Frans said.
Little was expelled by the Taliban government in August 2001 after the arrest of eight Christian aid workers — two Americans and six Germans — for allegedly trying to convert Afghans to Christianity. He returned to Afghanistan after the Taliban government was toppled in November 2001 by U.S.-backed forces.
Provincial police chief Gen. Agha Noor Kemtuz said the victims, who had been shot, were found Friday next to three bullet-riddled four-wheel drive vehicles in Kuran Wa Munjan district. He said villagers had warned the team that the area was dangerous, but the foreigners said they were doctors and weren't afraid. He said local police said about 10 gunmen robbed them and killed them one by one.
He said the two Afghan interpreters were from Bamiyan and Panjshir provinces. A third Afghan man, who had been traveling with the group, survived.
Taliban spokesman Zabiullah Mujahid told The Associated Press in Pakistan that they killed the foreigners because they were "spying for the Americans" and "preaching Christianity."
Dirk Frans, director of the International Assistance Mission, said the eight-member medical team, which also included one German, one Briton and two Afghan interpreters, was driving to Kabul from an eye clinic in northeastern Nuristan province when they were killed in Badakhshan province to the north.
The group had decided to head through Badakhshan to return to the capital because they thought that would be the safest route, Frans said.
"This tragedy negatively impacts our ability to continue serving the Afghan people as IAM has been doing since 1966," according to a statement released by the nonprofit Christian organization. "We hope it will not stop our work that benefits over a quarter of a million Afghans each year."
Among the dead was team leader Tom Little, an optometrist from Delmar, New York who has been working in Afghanistan for more than 30 years, Frans said.
Little was expelled by the Taliban government in August 2001 after the arrest of eight Christian aid workers — two Americans and six Germans — for allegedly trying to convert Afghans to Christianity. He returned to Afghanistan after the Taliban government was toppled in November 2001 by U.S.-backed forces.
Provincial police chief Gen. Agha Noor Kemtuz said the victims, who had been shot, were found Friday next to three bullet-riddled four-wheel drive vehicles in Kuran Wa Munjan district. He said villagers had warned the team that the area was dangerous, but the foreigners said they were doctors and weren't afraid. He said local police said about 10 gunmen robbed them and killed them one by one.
Subscribe to:
Posts (Atom)