Congress, Obama face dynamite in “fiscal cliff”: CEOs

BOSTON (Reuters) – Corporate America is raising the volume of its plea that the U.S. government avert a year-end “fiscal cliff” that could send the nation back into recession, but chief executives aren’t pushing the panic button just yet.

With a heated election season in the rear-view mirror, executives are calling on the White House and congressional leaders to head off a self-imposed deadline that could bring $ 600 billion in spending cuts and higher taxes early in 2013 if they are unable to reach a deal on cutting the federal budget deficit.

The Business Roundtable on Tuesday kicked off a print, radio and online ad campaign on which it plans to spend hundreds of thousands of dollars featuring the chiefs of Honeywell International Inc , Xerox Corp and United Parcel Service Inc calling on lawmakers to resolve the issue.

In an opinion piece published on Tuesday evening on the Wall Street Journal’s website, Goldman Sachs Chief Executive Officer Lloyd Blankfein urged the business community and the Obama administration to compromise and reconcile so as not to derail the fragile recovery.

One of the more dramatic warnings of the consequences of allowing the U.S. economy to go over the fiscal cliff came from Honeywell CEO David Cote.

“If the last debt ceiling discussion was playing with fire, this time they’re playing with nitroglycerin,” Cote said in an interview. “If they go off the cliff, I think it would spark a recession that’s a lot bigger than economists think. Some think it would just be a small fire. I think it could turn into a conflagration.”

The nonpartisan Congressional Budget Office (CBO) estimates that the U.S. economy would contract 0.5 percent in 2013 if the government fails to stop the budget cuts and tax increases – far below the 2 percent growth economists currently forecast.

A failure in Washington to solve the crisis by the year’s end could prompt major companies to curtail investment plans, said Duncan Niederauer, CEO of NYSE Euronext , operator of the New York Stock Exchange.

“We simply won’t be investing in the United States. We will be investing elsewhere where we have more certainty of the outcome,” Niederauer said in an interview.

About a dozen top U.S. CEOs, including General Electric Co’s Jeff Immelt, Aetna Inc’s Mark Bertolini, American Express Co’s Ken Chenault and Dow Chemical Co’s Andrew Liveris are scheduled to meet with President Barack Obama on Wednesday to discuss the issue.

The four are members of “Fix the Debt,” an ad-hoc lobbying organization that this week launched an advertising campaign that advocates long-term debt reduction.

UNCERTAINTY FACTOR

Bank of America Corp CEO Brian Moynihan said on Tuesday that worries about the cliff have companies holding off on spending.

“That uncertainty continues to hold back the recovery,” Moynihan said, speaking at an investor conference in New York.

Sandy Cutler, CEO of manufacturer Eaton Corp , shared his concern.

“Until we solve the fiscal issues (in the United States and Europe), you’re not going to get back to normal GDP growth,” Cutler told investors on Tuesday.

CEOs are not alone in this worry. The CBO report warned that failure to reach a deal could push the U.S. unemployment rate up to 9.1 percent, the highest since July 1991. It is currently 7.9 percent.

Obama and the Republican leadership of the House of Representatives have signaled a more conciliatory tone since last week’s election, when Obama soundly defeated Republican challenger Mitt Romney, whose party retained a majority in the House.

Wilbur Ross, an investor known for taking stakes in distressed companies, is bracing for higher tax rates in 2013.

“We, like many people, have been trying to utilize gains this year. It does seem that the probability is that rates will go up,” Ross said in an interview with Reuters Insider. “We don’t have a “for sale” sign on anything. But we are mindful that there is a benefit to concluding things this year rather than next.

NO SIGNS OF PANIC

Concerns about the cliff have not prompted customers to cancel orders, though they have added to an overall level of uneasiness that has companies wary of making large capital purchases or hiring significant numbers of new workers.

“We haven’t seen the panicking, like, ‘I’m not going to order something because of the fiscal cliff,’” said Steve Shawley, chief financial officer of heating and cooling systems maker Ingersoll Rand Plc . “Customers are being very judicious with their orders.”

Likewise, JPMorgan Chase & Co CEO Jamie Dimon last month told investors he did not expect the negotiations to hurt lending in the fourth quarter.

“The fiscal cliff isn’t going to change us,” Dimon said, referring to JPMorgan’s commercial bank, which loans money to businesses. The bank’s investment banking side could be more vulnerable if the debate makes investors jittery, he allowed.

WEAPONS, MEDICINES IN THE CROSS-HAIRS

The defense and healthcare sectors are the most vulnerable to the fiscal cliff, as they face the threat of sequestration — automatic, across-the-board cuts to their funding.

Makers of weapons systems note that they have long been preparing for declining sales as the United States winds down two long wars in Iraq and Afghanistan. The industry has already shed tens of thousands of jobs and closed facilities.

Lockheed Martin Corp’s new president and chief operating officer, Marillyn Hewson, told analysts on Monday her company had been preparing for tighter defense budgets for years, even before the sequestration deal.

“We aren’t going to see a major change,” said Hewson. “We’ve been very proactive as a leadership team in taking actions in recent years to address our cost structure, to look at how we can make our product more affordable.”

Automatic cuts to the federal budget could reduce federal health spending by $ 21.5 billion in 2013, potentially affecting everything from Medicare to the Food and Drug Administration, according to an analysis by PwC’s Health Research Institute.

Vincent Forlenza, the CEO of Becton Dickinson & Co , said the labs he supplies have held off on buying new instruments because of the threat of spending cuts.

“If we don’t get to a deal we will have another year of paralysis and putting off research,” Forlenza said. “The impact of uncertainty on the (National Institutes of Health) budget is causing our research customers to put off research.”

(The story corrects spelling of company name in penultimate paragraph to “Becton Dickinson” instead of “Beckton Dickinson”)

(Additional reporting by John McCrank, Nick Zieminski, Caroline Humer, Jed Horowitz, Sharon Begley and Daniel Wilchins in New York, Rick Rothacker in Charlotte, North Carolina, Nichola Groom in Los Angeles, Andrea Shalal-Esa in Washington, Debra Sherman in Chicago and Anna Driver in Houston; Editing by Patricia Kranz and Steve Orlofsky and Carol Bishopric)

Seniors/Aging News Headlines – Yahoo! News

Read More..

Card firm fined for pushy sales

15 November 2012 Last updated at 04:03 ET

Card protection company CPP faces a bill of £33.4m after being censured by the City watchdog for mis-selling insurance products.

The bill includes a fine of £10.5m from the Financial Services Authority – the joint largest for a retail group – and £14.5m in compensation to customers.

The York-based group sold products that aimed to protect people against identity theft.

The FSA said sales agents were encouraged to be “overly persistent”.

“This exposed a very large number of customers to the unacceptable risk of buying products they did not want or need,” said Tracey McDermott, of the FSA.

BBC News – Business

Read More..

Beating tax cheats key to Italy’s recovery plan

ROME (AP) — Good plumbers may be worth their weight in gold, but when one was spotted zipping around in a bright red Ferrari, Italian tax police were fast on his trail.

Stamping out entrenched tax evasion is crucial to Premier Mario Monti‘s quest to keep Italy from succumbing to the European debt crisis, and it is critical to fellow eurozone members in more dire straits, such as Greece and Spain — which are also notorious for making cheating the taxman a way of life.

Indeed, Greece’s international rescue creditors have been pressing Greece for two years to reform its ailing tax system, citing poor collection as a key factor keeping the country mired in crisis. In Spain, where tax fraud is rampant, as much as €90 billion ($ 150 billion) is lost each year to tax fraud — the equivalent of the country’s national debt, according to Spain’s main tax inspectors union.

To succeed in Italy, authorities will have to catch the legions of self-employed and small business owners who brazenly lie about their earnings, like the plumber in the eastern town of Pescara, who socked away undeclared income in 30 bank accounts, or a successful pastry shop owner in Calabria, who on his tax return claimed he was earning next to crumbs.

And those are the less sophisticated schemers.

Tax police officials say that wealthy Italians, their companies and foreigners who make their money in Italy are increasingly trying to avoid taxes by using such strategies as falsely declaring that their base of operations or residence is abroad.

Another daunting challenge is the so-called “submerged” economy, a term embracing Italians who declare only a fraction or nothing at all of their earnings — and dentists, lawyers, doctors and other big-earning professionals are frequently among the worst offenders.

Tax evasion of all types in Italy totals about euros 240 billion ($ 300 billion), or 15 percent of the country’s gross domestic product of €1.6 trillion ($ 2 trillion), tax police estimate. Winning the war on tax cheats could therefore more than wipe out the country’s budget deficit, which is expected to increase to euros 42 billion ($ 53 billion), or 2.6 percent of GDP this year. That would start knocking away at the nation’s colossal public debt of €2 trillion ($ 2.5 trillion), or 125 percent of GDP.

But “big international frauds are up,” lamented Lt. Col. Gianluca Campana, in charge of the income tax unit revenue protection office at the Guardia di Finanza, Italy’s financial police corps which reports to the Economy Ministry.

The entrenched practice by many cafes, eateries, hair dressers and similar small business of neglecting to give customers mandatory cash register receipts commonly grabs the attention in crackdowns on tax evasion in Italy.

But, cautioned Campana, “one false (big business) invoice can equal no cash register receipts for coffees for two months.”

Over all of 2011, the total of non-declared income discovered by tax police amounted to some €50 billion ($ 65 billion), of which some 20 percent was due to international tax evasion, he said. By comparison, in the first nine months of this year, tax police discovered some €40 billion in undeclared income, with 30 percent of that blamed on international tax evasion, Campana said.

With the economic crisis shrinking bottom lines, and Italy increasingly on the hunt for big-time evasion, especially by big businesses, “there is a tendency to move capital abroad, using maneuvers apparently legal but which really are not,” Campana said. A classic technique consists of declaring one’s formal residence abroad in tax havens like Monte Carlo. Also common are companies that clearly have their business base in Italy but claim it is abroad in countries with far lower tax brackets.

Campana is armed with three degrees, including a masters in tax law from Milan’s Bocconi University, the prestigious economics institute formerly headed by Monti. He brings skills to this specialized police corps that are as finely tuned as sharp-shooting.

“We are going after the big cases (of evasion) in order to rake in more money,” Campana said.

The Ferrari-driving plumber hid some €2 million ($ 2.6 million) of his income over several years by giving his customers invoices — for jobs ranging from fixing leaks to installing new bathrooms — for the actual cost of his work, but kept a second, false registry of much lower figures for tax purposes, said Pescara tax police Col. Mauro Odorisio.

Armed with a 2008 law, authorities confiscated assets belonging to the plumber equivalent to the approximately €1 million ($ 1.3 million) they contend he owed in taxes, Odorisio said.

With Ferraris in red or yellow, and snazzy Porsches parked inside, Guardia di Finanza garages practically resemble luxury car dealerships.

The cars get sold to help recoup unpaid taxes and interest.

Overall, tax revenues in Italy were up by 4.1 percent, says the Economy Ministry, when comparing figures from the first eight months of 2012 with the same period in 2011, but much of that was due to new taxes, and not necessarily a revolution in citizens’ consciences about tax obligations.

Monti’s recipe relies heavily on taxes that are nearly impossible to avoid, such as sales tax. He also revived a property tax that his populist predecessor, Premier Silvio Berlusconi, had abolished in a promise to voters.

The ministry’s report last month noted that the property tax figured prominently in the “tendency toward growth” in tax revenues. But sales tax revenue dropped slightly despite higher sales tax rates, indicating that consumers were feeling the pinch of the stagnant economy.

The heavier fiscal burden seems to have driven some honest citizens to rebel against the engrained culture of tax evasion.

The number of phone calls from the public to the tax police’s hotline to report stores, restaurants and other businesses that didn’t give customers sales receipts has almost doubled in the first nine months of this year, compared with the same period in 2011.

It’s apparently dawning on Italians that shirking taxes in the end only costs them, in terms of ever-higher levies and cutbacks in public services.

Citizens now increasingly understand that “the lack of revenue over time caused by tax evaders forced the government to stiffen the tax burden on categories where you can’t evade taxes,” Campana said, referring to workers whose taxes are deducted from paychecks. Another area where evasion is close to impossible is real estate ownership.

Odorisio noted the crackdown included extending the statute of limitations on tax evasion from six to eight years and establishing prison as a penalty for big-time evasion.

Other weapons include a measure promoted by the Monti government that limits cash payments to no more than €1,000. Paying by credit card or personal check is a relatively new habit for Italians, who are used to carrying wads of cash in their pockets, even for big-ticket items like home renovations or vacations.

Past governments in Italy sometimes resorted to tax amnesties to try to boost revenues. But critics, contending some Italians counted on such a possibility, described that strategy as only perpetuating the tax cheat culture.

Spain hasn’t had much success with its own tax amnesty introduced by the conservative government in March. That measure, expiring soon, allows undeclared assets or those hidden in tax havens to be repatriated by paying a 10 percent tax without criminal penalty. The amnesty is estimated to recuperate far less than the expected €2.5 billion ($ 3.25 billion).

Greece saw demands for tax system reform from international rescue creditors added on to conditions for future rescue loan payments, as Greek authorities acknowledged that a high-profile campaign to crack down on major tax cheats has produced disappointing results.

The cash-strapped government over the last 10 months recovered just €19 million ($ 25 million) of the €13 billion ($ 17 billion) of arrears on the list. A prominent Greek magazine publisher recently tapped anger over rich tax evaders by publishing a list of people allegedly holding Swiss bank accounts. He was acquitted this month of breaching privacy laws.

Meanwhile, Italian tax police are chasing after cheats who have shown some of the most chutzpah about not paying their fair share of taxes, like the Padua woman who advertised on the Internet that she had a couple of “cash-only” bed and breakfast rooms to let.

Tax police discovered the lodgings are part of an apartment in public housing she was given after falsely declaring she was indigent on her annual tax forms.

____

AP reporters Derek Gatopoulos in Athens and Ciaran Giles in Madrid contributed to this report.

Europe News Headlines – Yahoo! News

Read More..

Liza Minnelli to guest star on TV musical drama “Smash”

LOS ANGELES (Reuters) – Liza Minnelli will guest star on an episode of TV musical drama “Smash,” NBC said on Tuesday.

The singer and actress will play herself and sing a number in one episode of the show when it returns in February 2013. The series, starring Debra Messing, Anjelica Huston and Katharine McPhee, dramatizes the backstage life of writers, producers and actors working to create a Broadway musical about Marilyn Monroe.

“Liza Minnelli is the essence of a multi-talented, singular show business sensation, particularly for her extraordinary contributions to Broadway,” Robert Greenblatt, the president of NBC Entertainment, said in a statement.

“So what could be more fitting than to have her legendary talent on a show that celebrates a world Liza has dazzled for decades?” he added

The daughter of director Vincente Minnelli and Hollywood legend Judy Garland, Minnelli, 66, is one of a handful of stars to have won an Oscar, Emmy, Grammy and Tony award.

She is best-known for her portrayal of Sally Bowles in the musical “Cabaret.” She is also expected to revive her role as Lucille on the upcoming fourth season of “Arrested Development,” which is slated to air on Netflix after being canceled by Fox in 2006.

NBC has moved the second season of “Smash” from Monday to Tuesday night, starting on February 5, 2013.

(Reporting by Eric Kelsey; editing by Jill Serjeant and Matthew Lewis)

Music News Headlines – Yahoo! News

Read More..

Bayer: 5 key drugs to have combined peak sales of 5.5 billion euro

LEVERKUSEN, Germany (Reuters) – Bayer said its five most promising new drugs have an annual peak sales potential of more than 5.5 billion euros ($ 7 billion).

The sales forecast comprises anti-clotting pill Xarelto, ophthalmic drug Eylea, also calle VEGF Trap-Eye, anti-cancer products Alpharadin and Stivarga, as well as lung treatment riociguat.

Last year, Bayer said four of the drugs, excluding riociguat, would have a peak sales potential of more than 5 billion euros.

(Reporting by Frank Siebelt; Writing by Ludwig Burger)

Health News Headlines – Yahoo! News

Read More..

Subj: Emailed Secrets Will Be Found Out

David Petraeus ran the largest, best-funded, most capable intelligence service in the history of the world, but even he failed to learn the lesson learned long ago by small-time mobsters and corner drug dealers: If you want something to remain a secret, stay off the phones and—more important—stay off e-mail.

You have to presume that anything sent electronically can be discovered, duplicated, decoded, and undeleted—because it can. Digital files can be infinitely reproduced, and they leave a trail of data wherever they go.

General Petraeus was not entirely unaware of this. He did make some attempts to conceal his communication with his paramour, Paula Broadwell. But it wasn’t like he used NSA-level encryption and bounced his e-mails off 17 satellites to make them hard to trace (I’m not sure that would even work, but it always seems to do the trick in the movies).

No, the director of the Central Intelligence Agency set up a Gmail account under a pseudonym, which both he and Broadwell had the password to. They would write messages to each other but, instead of sending them, they would leave their hot-and-heavy missives in the drafts folder. By not transmitting them, there was no way to trace them back to a specific PC.

Except, of course, when Broadwell sent messages to that account. Whoops. That established a connection the FBI could follow, and led to the “secret” e-mails the two were sharing.

Petraeus and Broadwell could have taken things a step further by using an e-mail service that encrypts messages. With an encrypted e-mail, only the sender and the recipient would be able to read the contents—anyone else would see gibberish. Sites like Hushmail automatically encrypt messages, and downloadable software patches like GPG and Enigmail can encrypt messages on Gmail and other webmail sites. Sites like 10minutemail create e-mail addresses that can only be used for 10 minutes before the address expires.

But even these measures have loopholes. Encrypted messages have encoded content, but not address and subject information. So even though the main text may be garbled, an investigator could, for example, see that 39 messages were sent to the same person in one day, including one at 1:37 a.m. with the subject line “You just left—still cleaning the maple syrup off my chest.” At that point, does it even matter what was written in the e-mail?

There is a distinction made regarding who is trying to retrieve old electronic messages. The government—local, state, or federal—is bound by the Stored Communication Act, part of the Electronic Communications Privacy Act of 1986 (that’s not a typo). That means electronic communications less than 180 days old require a search warrant to be viewed by law enforcement. Messages older than 180 days, however, are able to be viewed by the government with a subpoena. (Except at the U.S. Court of Appeals for the Sixth Circuit, which includes parts of Michigan, Ohio, Kentucky, and Tennessee. The court ruled that the SCA is in violation of the Fourth Amendment and therefore even messages that are more than 180 days old require a search warrant.)

As for private investigations, like divorce attorneys’, the bar is much, much higher. “Private parties have a much harder time accessing e-mail than the government,” says Hanni Fakhoury, a staff attorney at the Electronic Frontier Foundation, a legal nonprofit. Private investigators may be able to access the header information on an e-mail (addressee and subject fields), but the content of the e-mails will remain off limits.

Even deleted messages are not always truly deleted. For starters, anything “deleted” off a local hard drive may still be recoverable by savvy law-enforcement technicians (most data are not really deleted on a hard drive, just overwritten). On many webmail services, you have the option to archive or delete messages, but even deleting them doesn’t banish them to oblivion. Here’s what Google’s (GOOG) Gmail help page says about deleted messages:

“Please be aware, residual copies of deleted messages and accounts may take up to 60 days to be deleted from our active servers and may remain in our backup systems for an additional period of time.”

The same can be true of instant messages and texts. In the case of the former, most IM programs let you choose whether you want to archive your conversations or not—retired (and not retired, in what appears to be the case of General John Allen) four-star generals may want to uncheck that box.

Businessweek.com — Top News

Read More..

General investigated for emails to Petraeus friend

PERTH, Australia (AP) — In a new twist to the Gen. David Petraeus sex scandal, the Pentagon said Tuesday that the top American commander in Afghanistan, Gen. John Allen, is under investigation for alleged “inappropriate communications” with a woman who is said to have received threatening emails from Paula Broadwell, the woman with whom Petraeus had an extramarital affair.

Defense Secretary Leon Panetta said in a written statement issued to reporters aboard his aircraft, en route from Honolulu to Perth, Australia, that the FBI referred the matter to the Pentagon on Sunday.

Panetta said that he ordered a Pentagon investigation of Allen on Monday.

A senior defense official traveling with Panetta said Allen’s communications were with Jill Kelley, who has been described as an unpaid social liaison at MacDill Air Force Base, Fla., which is headquarters to the U.S. Central Command. She is not a U.S. government employee.

Kelley is said to have received threatening emails from Broadwell, who is Petraeus’ biographer and who had an extramarital affair with Petraeus that reportedly began after he became CIA director in September 2011.

Petraeus resigned as CIA director on Friday.

Allen, a four-star Marine general, succeeded Petraeus as the top American commander in Afghanistan in July 2011.

The senior official, who discussed the matter only on condition of anonymity because it is under investigation, said Panetta believed it was prudent to launch a Pentagon investigation, although the official would not explain the nature of Allen’s problematic communications.

The official said 20,000 to 30,000 pages of emails and other documents from Allen’s communications with Kelley between 2010 and 2012 are under review. He would not say whether they involved sexual matters or whether they are thought to include unauthorized disclosures of classified information. He said he did not know whether Petraeus is mentioned in the emails.

“Gen. Allen disputes that he has engaged in any wrongdoing in this matter,” the official said. He said Allen currently is in Washington.

Panetta said that while the matter is being investigated by the Defense Department Inspector General, Allen will remain in his post as commander of the International Security Assistance Force, based in Kabul. He praised Allen as having been instrumental in making progress in the war.

The FBI’s decision to refer the Allen matter to the Pentagon rather than keep it itself, combined with Panetta’s decision to allow Allen to continue as Afghanistan commander without a suspension, suggested strongly that officials viewed whatever happened as a possible infraction of military rules rather than a violation of federal criminal law.

Allen was Deputy Commander of Central Command, based in Tampa, prior to taking over in Afghanistan. He also is a veteran of the Iraq war.

In the meantime, Panetta said, Allen’s nomination to be the next commander of U.S. European Command and the commander of NATO forces in Europe has been put on hold “until the relevant facts are determined.” He had been expected to take that new post in early 2013, if confirmed by the Senate, as had been widely expected.

Panetta said President Barack Obama was consulted and agreed that Allen’s nomination should be put on hold. Allen was to testify at his confirmation hearing before the Senate Armed Services Committee on Thursday. Panetta said he asked committee leaders to delay that hearing.

NATO officials had no comment about the delay in Allen’s appointment.

“We have seen Secretary Panetta‘s statement,” NATO spokeswoman Carmen Romero said in Brussels. “It is a U.S. investigation.”

Panetta also said he wants the Senate Armed Services Committee to act promptly on Obama’s nomination of Gen. Joseph Dunford to succeed Allen as commander in Afghanistan. That nomination was made several weeks ago. Dunford’s hearing is also scheduled for Thursday.

___

Associated Press writer Slobodan Lekic in Kabul, Afghanistan, contributed to this report.

Asia News Headlines – Yahoo! News

Read More..

Belize wants to quiz anti-computer virus guru McAfee in murder probe

BELIZE CITY (Reuters) – Police in Belize want to question U.S. anti-computer virus software pioneer John McAfee in connection with the murder of a neighbor he had been quarrelling with, but they say he remains a person of interest at this time and is not a suspect.

McAfee, who invented the anti-virus software that bears his name, has homes and businesses in Belize, and is believed to have settled in the country sometime around 2010.

“He is a person of interest at this time,” said Marco Vidal, head of Belize’s police Gang Suppression Unit. “It goes a bit beyond that, not just being a neighbor.”

Police officers were looking for the software engineer, said Miguel Segura, the assistant commissioner of police.

Asked if McAfee was a suspect, he said: “At this point, no. Our job … is to get all the evidence beyond reasonable doubt that Mr A is the one that killed Mr B.”

“He (McAfee) … can assist the investigation, so there is no arrest warrant for the fellow,” added Segura, who heads the Criminal Investigation Branch.

McAfee’s neighbor, Gregory Viant Faull, a 52-year-old American, was found on Sunday lying dead in a pool of blood after apparently being shot in the head.

McAfee has been embroiled in controversy in Belize before.

His premises were raided in May after he was accused of holding firearms, though most were found to be licensed. The final outcome of the case is pending.

McAfee also owns a security company in Belize as well as several properties and an ecological enterprise.

Reuters was unable to contact McAfee on Monday.

Segura said McAfee had been at odds with Faull for some time. He accused his neighbor of poisoning his dogs earlier this year and filed an official complaint.

“There was some conflict there between (them) … prior to the death of the gentleman,” Segura said. “But those dogs didn’t have a post mortem to see if the toxicology would confirm what type of poison, if any.”

McAfee previously accused the police Gang Suppression Unit of killing his dogs during the May raid.

McAfee was one of Silicon Valley’s first entrepreneurs to amass a fortune by building a business off the Internet.

The former Lockheed systems consultant started McAfee Associates in 1989, initially distributing its anti-virus software as “shareware” on Internet bulletin boards.

He took the company public in 1992 and left two years later following accusations that he had hyped the arrival of a virus known as Michelango, which turned out to be a dud, to scare computer users into buying his company’s products.

(Reporting by Simon Gardner and Gabriel Stargardter in Mexico City and Jim Finkle; Editing by Kieran Murray and Todd Eastham)

Internet News Headlines – Yahoo! News

Read More..

Australia’s INXS calls it quits as touring band after 35 years

SYDNEY (Reuters) – Australian rock group INXS has called it quits as a live touring band after 35 years, thanking fans and honoring late frontman Michael Hutchence in a statement on Tuesday.

INXS, which sold more than 30 million albums worldwide, including more than 10 million alone of their 1987 breakthrough “Kick”, issued the statement after comments by band member Jon Farriss during a weekend performance sparked a frenzy on Twitter.

“We understand that this must come as a blow to everybody, but all things must eventually come to an end,” INXS members Tim, Andrew and Jon Farriss, Kirk Pengilly and Garry Beers said. “We have been performing as a band for 35 years, it’s time to step away from the touring arena.”

“Our music will of course live on and we will always be a part of that,” they added.

INXS was one of the biggest touring bands of the 1980s and 1990s, playing to 80,000 at Wembley Stadium in London and 120,000 in Rio De Janeiro.

But the death of charismatic lead singer Hutchence in 1997 was a major blow.

A U.S. TV talent show for a new frontman was won by Canadian J.D. Fortune, while Terence Trent D’Arby and Jon Stevens also had a turn at the microphone. Irishman Ciaran Gribbin was the last to take the role.

Farriss, the band’s drummer, set the Internet abuzz on Sunday night after he told the audience during a support performance for U.S. band Matchbox Twenty in Perth that it was the last time INXS would perform together. Saxophone player Pengilly later told a radio station the band was not breaking up.

The group declined to comment further on Tuesday.

(Reporting By Grace Williams, editing by Elaine Lies)

Music News Headlines – Yahoo! News

Read More..

Arseus makes three acquisitions, sees more this year

BRUSSELS (Reuters) – Belgo-Dutch medical supplies firm Arseus has made three acquisitions in drug compounding and plans to announce more by the end of the year as it seeks to benefit from a growing trend of pharmacists mixing their own medicines.

The firm, which also sells dentist chairs and surgical equipment, said on Tuesday it has made acquisitions in Brazil, Colombia and Scandinavia worth around 16.5 million euros ($ 21 million) in total.

The firm is the only real global company that supplies ingredients for compounding, meaning it has become the consolidator in the sector.

“There are lots of opportunities and we are involved in numerous processes now, so we hope to announce a little bit more before the end of the year,” Chief Executive Ger van Jeveren told Reuters in a telephone interview.

He said the company has 75 million euros in cash that is still available for acquisitions.

Arseus said the three added companies would generate a combined annual revenue of 12 million euros, with a 25 percent core profit margin.

The acquisitions are to be consolidated from Nov 1. ($ 1 = 0.7867 euros)

(Reporting By Ben Deighton; editing by Philip Blenkinsop)

Health News Headlines – Yahoo! News

Read More..