Daily Archives: March 13, 2015

Japanese warship broke up as it sank near Philippines, researchers say

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n”>(Reuters) – Some of the first video taken of the sunken Japanese battleship Musashi, newly discovered by Microsoft co-founder Paul Allen’s exploration team, reveals that the vessel broke apart before coming to rest on the sea floor near the Philippines in 1944, researchers said on Friday.

Footage of the wreck was shot this week by a remotely operated underwater vehicle exploring what remains of the World War Two battleship, one of the largest ever built, at the bottom of the Sibuyan Sea.

The research team, sailing aboard Allen’s yacht, the M/Y Octopus, used historical records, detailed undersea topographical data and advanced technology to find and photograph the Musashi on March 2, ending a decades-long mystery about the shipwreck’s exact location, according to his website.

The discovery attracted international attention because the Musashi and its sister ship, the Yamato, to this day rank as the heaviest and most heavily armed battleships ever built.

Historians had expressed interest in how much of the ship had remained intact.

The latest findings indicate that the Musashi rests in multiple pieces on the sea floor, and the size of the debris field shows it broke up during its descent, a spokeswoman for Vulcan, a company founded by Allen that is handling the expedition, said in an email.

The impact of torpedoes caused the breakup, according to the spokeswoman, Alexa Rudin.

U.S. forces sank the Musashi on Oct. 24, 1944, killing more than 1,000 Japanese, or about half the vessel’s crew. The sinking occurred at the outset of the Battle of Leyte Gulf, one of the largest naval engagements in history, pitting American and Australian forces against the Japanese.

The Musashi, named after a province in Japan, was commissioned in August 1942. It measured 863 feet (263 meters) in length and weighed nearly 73,000 tons when fully loaded with nine main guns, along with aircraft and other features.

The Yamato was sunk on April 7, 1945. Its wreckage has been photographed a number of times over the years.

Allen and his research team are mindful that the wreckage is a war grave and they have worked with the governments of Japan and the Philippines to ensure the site is treated with respect, Rudin said.

Allen, who had been searching for the Musashi for eight years, was not present on his yacht when the team aboard the vessel discovered the Musashi, according to the billionaire’ s website.

(Reporting by Alex Dobuzinskis in Los Angeles; Editing by Will Dunham)


Source: Newsjyoti Lifestyle

Boston Scientific gets U.S. OK for Watchman heart device

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n”>(Reuters) – Boston Scientific Corp said on Friday that the U.S. Food and Drug Administration approved its device to prevent stroke in patients with a dangerous irregular heart rhythm known as atrial fibrillation (AF).

The tiny umbrella-shaped product, called the Watchman Left Atrial Appendage Closure Device, is designed to spare heart patients a lifetime of taking anticoagulant drugs, such as warfarin, that carry a high risk of bleeding.

The device will be made available to U.S. centers involved in Boston Scientific’s clinical studies and additional specialized centers, the company said.

People with AF, the most common type of arrhythmia, are five times more likely to suffer a stroke than those without the condition. AF currently affects more than five million Americans.

The device is implanted using a thin catheter and secured on the left atrial appendage, a thumb-sized muscular pouch connected to the left atrium of the heart. It captures clots, preventing them from being dislodged and moving to the brain.

The product, which Boston Scientific acquired when it bought Atritech in 2011, has been commercially available in regions outside the United States since 2009.

(Reporting by Natalie Grover in Bengaluru; Editing by Lisa Shumaker and Andre Grenon)


Source: Newsjyoti Health

UPDATE 1-Siemens settles long-running dispute with Mexico's Pemex

(Adds details on dispute between Pemex and Siemens)

(Reuters) – Germany’s Siemens AG
said on Friday it settled a longstanding dispute with
Mexican state oil company Pemex over two public
contracts linked to a South Korean company.

Pemex has been at loggerheads with Siemens and South Korea’s
SK Engineering & Construction Co Ltd – a unit of SK
Holdings Co – over allegations of corruption and cost overruns
relating to contracts for an oil refinery project in Mexico.

The dispute involved Conproca, a Mexican joint-venture
between Siemens and SK created to bid for the Pemex oil refinery
contract. The dispute has now been resolved after months of
talks, Siemens said in a statement.

Under the deal, Siemens said funds the German company
received from Conproca would be placed into a trust to finance
energy projects in Mexico, and include measures aimed at
battling corruption and protecting the environment.

A Siemens spokesman said the accord was with Pemex alone and
involved still open Conproca cases. He gave no details on how
Conproca would be affected financially.

Mexico is seeking investment in its energy sector after
ending the oil and gas monopoly that Pemex enjoyed for 75 years.

Finance Minister Luis Videgaray made an appeal on Thursday
to the private sector to take a bigger role in upcoming energy
and infrastructure projects in Mexico.

(Reporting by Mexico Newsroom. Editing by Andre Grenon)


Source: Newsjyoti Company News

UPDATE 1-Hearst Castle in California hosts screening of 'Citizen Kane'

(Adds background about movie, Hearst)

By Jonathan Polakoff

(Reuters) – California’s Hearst
Castle, the monumental estate built in the early 20th century
for publishing tycoon William Randolph Hearst, was set on Friday
to host a screening of “Citizen Kane,” the Orson Welles film
classic that infuriated the man who inspired it.

Hearst, an old man by the time of the film’s 1941 release,
was livid over its portrait of a ruthless, wealthy publishing
baron, Charles Foster Kane, a fictional character played by
Welles and drawn closely to Hearst’s likeness. He died in 1951.

But his heirs have recently embraced the movie as a
dramatized, if embellished, account of a self-made tycoon and
politician whose newspaper empire reshaped U.S. journalism and
stirred public sentiments that helped ignite the
Spanish-American War in 1898.

“The family would prefer to have people know it’s just a
movie,” said Wendy Eidson, director of the San Luis Obispo
International Film Festival, which is organizing the screening
as part of its six-day festival. “It’s just fiction.”

Tickets for the exclusive 60-person event in San Simeon,
California, sold for $1,000. The evening was to begin with a
tour of the castle grounds – inspiration of the fictional Xanadu
estate in “Citizen Kane” – followed by an 8 p.m. viewing of the
film in Hearst’s own screening room, restored to its full
early-20th century opulence.

The event was being hosted by Ben Mankiewicz, grandson of
Herman Mankiewicz, who co-wrote the screenplay with Welles, the
film’s star and director.

The guest list included John Milius, writer of “Apocalypse
Now” and other movies. No Hearst family members planned to
attend, although they support the screening, Eidson said.

Eidson pitched the idea as a joke a few years ago to Stephen
Hearst, the publisher’s great-grandson, who was surprisingly
interested, Eidson said.

Produced when Welles was just 25, “Citizen Kane” frequently
tops all-time best movie lists and ranks No. 1 on the American
Film Institute’s roster of greatest American films.

Still, it did not win best picture at the 14th Academy
Awards in 1942. The award went instead to John Ford’s “How Green
Was My Valley,” and “Citizen Kane” won for original screenplay.

“The public can mistake fiction, whether in print or film,
as history itself,” said Jim Allen, director of marketing at
Hearst Castle.

Proceeds from the screening will be split between the
nonprofit Friends of Hearst Castle and the San Luis Obispo
International Film Festival.

(Reporting by Jonathan Polakoff; Editing by Daniel Wallis,
Steve Gorman and Sandra Maler)


Source: Newsjyoti

U.S. judge approves HP shareholder deal over Autonomy acquisition

SAN FRANCISCO Sat Mar 14, 2015 4:20am IST

A Hewlett-Packard logo is seen at the company's Executive Briefing Center in Palo Alto, California January 16, 2013. REUTERS/Stephen Lam

A Hewlett-Packard logo is seen at the company’s Executive Briefing Center in Palo Alto, California January 16, 2013.

Credit: Reuters/Stephen Lam

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SAN FRANCISCO (Reuters) – Hewlett-Packard Co (HPQ.N) won preliminary approval from a U.S. judge to settle shareholder litigation on Friday involving the information technology company’s botched acquisition of Autonomy Plc.

The ruling, from U.S. District Judge Charles Breyer in San Francisco, comes after HP failed to win approval of two previous proposed deals. Breyer had written that the last deal may not have been fair for shareholders because it could have forced them to give up claims beyond the Autonomy deal.

However, Breyer said the latest settlement appears to be limited solely to HP’s conduct involving Autonomy.

In a statement HP said it is pleased with the ruling.

HP announced a $8.8 billion writedown in November 2012, just over one year after buying Autonomy, and linked more than $5 billion to accounting fraud and inflated financials by Autonomy executives. The British company and its executives have denied any wrongdoing.

Under the terms of the settlement, shareholder attorneys agreed to drop all claims against HP’s current and former executives, including Chief Executive Meg Whitman, board members and advisers to the company.

HP, in turn, agreed to some governance reforms. The company has also said it would pursue claims against former Autonomy executives, including Chief Executive Michael Lynch.

The case is In re: Hewlett-Packard Co Shareholder Derivative Litigation, U.S. District Court, Northern District of California, No. 12-06003.

(Reporting by Dan Levine, editing by Jonathan Oatis and David Gregorio)

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Source: Newsjyoti India Technology

UPDATE 1-U.S. judge approves HP shareholder deal over Autonomy acquisition

(Adds background, details about ruling)

By Dan Levine

(Reuters) – Hewlett-Packard Co
won preliminary approval from a U.S. judge to settle
shareholder litigation on Friday involving the information
technology company’s botched acquisition of Autonomy Plc.

The ruling, from U.S. District Judge Charles Breyer in San
Francisco, comes after HP failed to win approval of two previous
proposed deals. Breyer had written that the last deal may not
have been fair for shareholders because it could have forced
them to give up claims beyond the Autonomy deal.

However, Breyer said the latest settlement appears to be
limited solely to HP’s conduct involving Autonomy.

In a statement HP said it is pleased with the ruling.

HP announced a $8.8 billion writedown in November 2012, just
over one year after buying Autonomy, and linked more than $5
billion to accounting fraud and inflated financials by Autonomy
executives. The British company and its executives have denied
any wrongdoing.

Under the terms of the settlement, shareholder attorneys
agreed to drop all claims against HP’s current and former
executives, including Chief Executive Meg Whitman, board members
and advisers to the company.

HP, in turn, agreed to some governance reforms. The company
has also said it would pursue claims against former Autonomy
executives, including Chief Executive Michael Lynch.

The case is In re: Hewlett-Packard Co Shareholder Derivative
Litigation, U.S. District Court, Northern District of
California, No. 12-06003.

(Reporting by Dan Levine, editing by Jonathan Oatis and David
Gregorio)


Source: Newsjyoti Company News

Republican 2016 hopefuls see Detroit as punching bag and test tube

(Reuters) – Many potential Republican presidential candidates have yet to lay out detailed plans on issues such as taxes and Iran, but several of them have put forth ideas to fix the struggling city of Detroit.

Republicans are highlighting Detroit, which emerged in December from a 17-month bankruptcy, as an example of the perils of big government and a possible testing ground for conservative ideas like tax reductions.

“If you want to do something for Detroit, why don’t we dramatically cut the taxes?” said Kentucky Senator Rand Paul, who called for a big federal tax cut for city residents.

Paul, who is considering a run for the White House in 2016, said tax breaks would lure new residents and bolster the city’s economy in comments at Bowie State University in Maryland on Friday.

No matter what they say, Republicans are not likely to pick up many votes in the heavily Democratic city. Perhaps that’s why they’ve been so willing to criticize it.

Jeb Bush, another possible 2016 contender, called Detroit’s woes “a warning to all of us” during a visit to the Rust Belt city last month.

In a speech to the Detroit Economic Club, Bush, a former Florida governor, promised to outline policies in the coming months that will increase opportunities for the poor, but didn’t provide many specifics.

Chris Christie, the New Jersey governor who is weighing a presidential run, has argued that his state cannot afford to keep traditional defined-benefit pensions for public workers. “It bankrupted Detroit, it bankrupted General Motors, and it will bankrupt us,” he said on February 25 in a town hall event in Moorestown, New Jersey.

Detroit, which filed for the biggest-ever U.S. municipal bankruptcy in July 2013, has long been synonymous with automobile manufacturing and industrial decay.

“It’s an easy place to point to say, ‘Here’s where the politics of the past have failed,’ and say what can be done,” said Saul Anuzis, a former chairman of the Michigan Republican Party and a native of Detroit.

Bush offered one idea in 2013 that angered some conservatives: using immigrants to repopulate the city.

At a gathering of conservative activists in February, Christie said that idea was “misdirecting the priorities.”

“What I would be concerned about are the people who are in Detroit right now,” he said at the Conservative Political Action Conference.

(Reporting by Andy Sullivan; editing by Andrew Hay)


Source: Newsjyoti Politics

China's BYD takes aim at Tesla in battery factory race

(Reuters) – Chinese automaker BYD
Co Ltd, backed by Warren Buffett’s
Berkshire Hathaway Inc, aims to triple its production
of batteries as it takes on Tesla Motors in the race to
supply electric vehicles and boost energy storage.

Shenzhen-based BYD plans to add 6 gigawatt hours of global
production for batteries in each of the next three years, and
hopes to keep adding at that pace afterwards if demand is solid,
Matthew Jurjevich, a spokesman for the company, said on Friday.

That means BYD could ramp up from 10 GWh capacity at the end
of this year to about 34 GWh of batteries by the beginning of
2020. This would put it about even with Tesla’s planned $5
billion Nevada gigafactory.

The companies are fast emerging as two of the key players in
the nascent electricity storage sector. Storage technology is
considered critical to integrating large amounts of renewable
energy because it can absorb excess power from wind farms or
solar panels and keep that for use when conditions don’t allow
for power generation.

“We have demonstrated that BYD is capable of adding 6 GWh
every year with strong market demand,” Jurjevich, who works for
BYD’s U.S. unit, said in an interview.

The sector has attracted Tesla, BYD and a range of startups
as well as stalwart battery manufacturers and is expected to
grow to $1.5 billion by 2019 from $128 million in 2014 in the
United States alone, according to GTM Research.

BYD, which declined to provide investment budgets, ended
last year with 4 GWh of capacity and will be at 10 GWh later
this year. The U.S. energy storage market is expected to triple
this year to 220 MW, according to GTM.

Most of BYD’s production is in China, but the company is
opening a major new factory in Brazil this year that will
contribute meaningfully to output next year, Jurjevich said.

BYD, which started out making mobile phone batteries, will
also scale up manufacturing in the United States as demand for
its batteries increases, he added.

According to data published last year by Lux Research, BYD
is the sixth-biggest manufacturer of batteries for hybrid and
plug-in vehicles. Panasonic Corporation, which makes
cells and batteries for Tesla, is the biggest.

Tesla, founded by entrepreneur Elon Musk, has said it will
launch its own production of battery cells in Nevada in 2016 and
reach 35 GWh of capacity by 2020. Tesla does not currently
produce battery cells, according to a company spokeswoman.

BYD opened two manufacturing plants in Southern California
in 2013 to produce both electric buses for public transportation
and batteries.

The company shocked many in 2003 when it launched its
automotive business and has since become one of China’s most
successful automakers. Outside of China, however, it has focused
on selling buses rather than cars.

BYD plans to deploy 70 megawatt hours of projects in that
market in the United States this year, and has another 130 MWh
of projects in its U.S. pipeline.

It has already deployed 40 MWh of projects in North America
with customers including Chevron Corp and Duke Energy
Corp.

(Reporting By Nichola Groom; Editing by Terry Wade and Alan
Crosby)


Source: Newsjyoti

UPDATE 1-Brazil's Vale transfers stake in Guinea to BSG Resources

(Adds background)

(Reuters) – Brazilian iron ore
miner Vale SA transferred its stake in a joint
venture in Guinea to BSG Resources on Friday, the company said
in a statement.

Vale said this did not mean it was renouncing its right to
recover from BSG Resources (BSGR) the investments it lost in the
venture in the Simandou deposit, one of the world’s largest
untapped iron ore resources.

Vale is seeking to recoup from its partner at least part of
the $1.1 billion it allegedly has lost after the Guinean
government stripped the joint venture of mining rights in the
country in April 2014.

A Guinean government panel charged with reviewing the West
African nation’s mining deals said in a report it had found BSGR
obtained the rights through “corruption” in 2008. Guinea said
Vale had nothing to do with the alleged corruption.

BSGR, the mining unit of Israeli billionaire Beny
Steinmetz’s business conglomerate, is seeking arbitration and
has threatened to sue companies that invest in its former
license area.

Guinea plans to hold a new auction to reissue mining rights
to the northern half of Simandou. The southern half has been
licensed to Anglo-Australian giant mining company Rio Tinto
.

Vale will be allowed to enter the tender process, although
investment appetite has dropped sharply in the mining sector in
the last few years.

Vale, like its rivals, has been hit hard by a 50 percent
slide this year in the price of iron ore, and is trying to slash
costs and shed up to $10 billion worth of assets to help it
weather the downturn.

(Reporting by Anthony Boadle; Editing by Bernard Orr)


Source: Newsjyoti Company News

BlackBerry wins dismissal of U.S. lawsuit over BlackBerry 10

Sat Mar 14, 2015 3:56am IST

A BlackBerry salesperson displays a BlackBerry Z10 during the launch of the BlackBerry 10 smartphone in Mumbai February 25, 2013. REUTERS/Vivek Prakash

A BlackBerry salesperson displays a BlackBerry Z10 during the launch of the BlackBerry 10 smartphone in Mumbai February 25, 2013.

Credit: Reuters/Vivek Prakash

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<span class="focusParagraph articleLocation”>(Reuters) – BlackBerry Ltd (BB.TO) (BBRY.O) on Friday won the dismissal of a U.S. lawsuit accusing it of fraudulently inflating its stock price by painting a misleadingly upbeat picture of the prospects for its BlackBerry 10 smartphone line.

U.S. District Judge Thomas Griesa in Manhattan said the plaintiffs failed to show that BlackBerry and top officials materially misled them in touting how well customers were accepting the devices, and failing to take writedowns fast enough when sales proved disappointing.

Once known as Research in Motion, BlackBerry launched BlackBerry 10 in January 2013 in a bid to recoup market share lost to Apple Inc’s (AAPL.O) iPhone, and Samsung Electronics Co Ltd (005930.KS) devices powered by Google Inc’s (GOOGL.O) Android.

BlackBerry 10 won positive reviews, but low sales led to a projected $930 million writedown for unsold inventory on Sept. 20, 2013, causing BlackBerry shares to lose about one-sixth of their value that day. The Waterloo, Ontario-based company ousted its chief executive officer, Thorsten Heins, less than two months later.

Shareholders led by Marvin Pearlstein accused BlackBerry in the lawsuit of overstating how well customers were “embracing” BlackBerry 10, and manipulating its books by recording revenue too fast and waiting too long to write off unsold inventory.

Griesa, though, said BlackBerry’s optimistic statements “fell far short” of being legally misleading, adding that “even a poor-selling device may still be embraced by customers and may still mark a transition for the company.”

He also said the plaintiffs did not show BlackBerry believed its accounting practices were wrong when it devised them, and that it is not enough to show they were wrong only in hindsight.

Lawyers for the plaintiffs and Blackberry did not immediately respond to requests for comment.

Heins’ successor John Chen has overseen a push at BlackBerry to cut costs, sell assets, and focus more on software and mobile device management.

The case is Pearlstein et al v. BlackBerry Ltd et al, U.S. District Court, Southern District of New York, No. 13-07060.

(Reporting by Jonathan Stempel in New York and Euan Rocha in Toronto; Editing by Lisa Shumaker)

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