HSBC China flash PMI at 13-month high as growth quickens

BEIJING (Reuters) – China‘s vast manufacturing sector saw expansion accelerate in November for the first time in 13 months, preliminary results from a factory survey showed, a sign that the pace of economic growth has revived after seven consecutive quarters of slowdown.

The China HSBC Flash Manufacturing Purchasing Managers Index (PMI) rose to a 13-month high of 50.4 in November, the latest indicator of recovery in the real economy after data showing solid credit growth, firmer exports and rising industrial output in the previous month.

A sub-index measuring output rose to 51.3, also the highest since October 2011.

“This reflects that conditions for smaller firms, especially exporters, are looking up,” said Li Wei, a Shanghai-based economist for Standard Chartered. “The consensus in the market is already for a small, gradual improvement.”

An uptick in key economic activity indicators in October, following encouraging signs in September, cemented the view of many analysts and investors that a rebound in the world’s second largest economy gathered momentum as it entered the fourth quarter, thanks to a raft of pro-growth policies rolled out by the government over recent months.

China is currently shuffling its senior officials after the seven top leaders of the ruling Communist Party were selected at a congress last week. The new appointments should end months of uncertainty in the highest ranks, although economic policy is not expected to change abruptly in the near-term.

Even before the congress, the central bank had moved to ease liquidity by pumping short-term cash into money markets rather than resorting to the interest rate cuts or reduction in banks’ required reserve ratios that many investors had expected.

STEADY THROUGH YEAR-END

This month’s PMI reading above 50 is likely to be seen as a turning point by the market, particularly if it is born out by the final reading due on December 1 and by official indicators.

Asian shares <.MIAPJ0000PUS> extended gains slightly after the data to stand up nearly 1 percent on the day and the Australian dollar, sensitive to demand from the biggest customer for Australia’s resources, rose as far as $ 1.04.

“This confirms that the economic recovery continues to gain momentum towards the year-end,” Qu Hongbin, chief China economist at index sponsor HSBC, said in a statement accompanying the data.

“However, it is still the early stage of recovery and global economic growth remains fragile. This calls for a continuation of policy easing to strengthen the recovery.”

With a one-month exception in October 2011, the HSBC PMI — which largely reflects the private manufacturing sector — has remained stubbornly below the 50-point level separating accelerating from slowing growth since June 2011.

Unlike the patchy results seen in previous months, in November almost all the sub-indices in the HSBC survey concurred in showing an improving economy.

The one exception was a fall in the sub-index measuring output prices, demonstrating that manufacturers are still struggling with overcapacity and relatively weak domestic demand.

That could also reflect the weight in the survey of exporting firms, which have less ability to raise sales prices, said Standard Chartered’s Li.

Indeed, China’s exporters are increasingly squeezed by rising domestic costs and competition from new international suppliers, Zhou Haijiang, head of Chinese textile exporter Hodo Group, told reporters this month.

“Not only Western countries manufacture industrial goods, but also a lot of developing countries including former socialist countries who now have market economies are all exporting, thus creating a global surplus that cannot be changed,” Zhou said.

“Because of this it is hard to raise sales prices, everyone is selling and it is hard for manufactured goods prices to rise. In some cases prices have even fallen.”

Analysts expect no further cuts to interest rates this year or next after back-to-back cuts in June and July, and only one more 50 basis point cut to banks’ required reserve ratios (RRR) in 2012 after three since late 2011 that have freed an estimated 1.2 trillion yuan for new lending.

Chinese banks are on course to make new loans worth more than 8.5 trillion yuan ($ 1.4 trillion) in 2012, expansionary versus the 7.5 trillion of new loans extended in 2011 and above the 8 trillion yuan that sources told Reuters back in February was the target for 2012.

Total social financing aggregate, a broad measure of liquidity in the economy, weakened to 1.29 trillion yuan in October, down from 1.65 trillion yuan in September, but still remained on track to hit a record 14 trillion yuan this year.

China also opened many previously-closed sectors to private investment with a view to funding new infrastructure projects and supporting economic growth without piling on more debt that local governments can ill-afford.

Although analysts expect fourth quarter GDP growth to outpace the 7.4 percent seen in the third quarter, full-year expansion for 2012 is expected to be the slowest in 13 years.

(Editing by Alex Richardson)

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PlayStation Mobile Now Lets PS Vita Owners Create Their Own Games

Think you (or someone you know) has what it takes to write games for the PlayStation Vita? Sony just opened up its PlayStation Mobile game store to anyone who wants in. All you need is a half-decent Windows PC and a Vita, and the cash for a $ 99 developer fee — the same yearly price Apple charges.

​How PlayStation Mobile fits in

PlayStation Mobile isn’t the same thing as the PlayStation Store, where you can buy most PlayStation games and downloadable content. It’s more like a separate department that’s only on the PlayStation Vita and on PlayStation Certified Android devices like Sony’s smartphones and tablets.

In a nutshell, it’s Sony’s version of Xbox Live Indie Arcade, except that it’s for portable PlayStation consoles instead of home Xbox ones. It’s where small, indie studios can get their work published and featured, and where PlayStation Vita owners can look for unique, inexpensive game titles.

​How developers can get started

Game developers can start with PlayStation Mobile by registering on its developer site. After that, they download the PlayStation Mobile SDK (software development kit), and get to work on their games. Third-party software like the free Blender 3D modeling program can be used to create in-game art assets, while the SDK itself is powered by the open source Mono version of C#, the same programming language used by Xbox Live Indie Arcade’s XNA toolkit.

​How PlayStation Mobile compares to other game and app markets

For starters, the $ 99 annual fee and the cost of a PlayStation Vita or PlayStation Certified device put it right up there with Apple’s App Store in terms of up-front expense, except that you don’t have to buy a Mac to write things for it. This is a lot more than the $ 25 one-time fee to get in to the Google Play store, which you can use pretty much any computer and Android device to write for. On the other hand, anyone who’s considering writing PlayStation Vita games probably already owns a Vita to begin with.

Developers aren’t allowed to write non-game apps for PlayStation Mobile, unlike with most markets. Pretty much the only apps seen on the Vita so far are official licensed ones like YouTube and Flickr, while PlayStation Certified devices running the Android OS get their apps from the Google Play store anyhow.

Perhaps the strangest restriction? Developers don’t get to set their own games’ price. They instead specify a “wholesale price,” as though they were selling their games to Sony, and it decides how much to sell them for. In essence, the company chooses its own profit margin on a per-game basis, unlike most app markets’ 70/30 split. It also seems to be able to decide when and whether games go on sale.

​Success stories?

Rami Ismail told “The Story of Super Crate Box” on the PlayStation Blog, explaining how he and a fan managed to bring an iOS game that he’d already made to the PlayStation Vita on very short notice. He said the game “feels right at home” on the portable console, while Joystiq’s JC Fletcher calls the Vita port “the definitive version.” As for whether it’s selling well or not, though, we may have to wait to find out.

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.

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“Irrational” factors may drive end of life access to radiation

NEW YORK (Reuters Health) – Access to radiation treatments to ease cancer symptoms in the last days of life may be driven by costs and other non-medical considerations, a new U.S. study concludes.

Researchers looking at Medicare claims over nearly a decade found that only a small proportion of cancer patients received radiation in their final 30 days of life, but of those who did get the treatment – typically used to ease pain and other symptoms in the terminal stages of the disease – one in five got more than the recommended number of doses.

“The use of radiation itself was low, what was high was the percentage of patients who were getting 10 days or more,” said Dr. Ashleigh Guadagnolo of the MD Anderson Cancer Center at the University of Texas, who led the study.

Guadagnolo declined to comment on whether the number of treatments was appropriate, but one cancer expert said that the study showed wasteful, irrational thinking behind some radiation therapy.

Dr. Otis Brawley, chief medical officer of the American Cancer Society, said that while radiation therapy for palliative care is reasonable, 10 or more treatments for patients during the last month of life is a “waste of resources.”

The conundrum, Brawley told Reuters Health, was that patients who received radiation got too much, but that too many patients who could have benefited from radiation got no therapy.

“This study shows there’s a lot of irrationality in how we treat patients,” said Brawley, who was not involved in the new work.

Doctors use radiation not only to blast away cancer cells and tumors when attempting to cure cancer, but also as an alternative to steroids and pain medications to relieve bleeding and painful symptoms when cancer spreads to the bones, brain and spine.

Many previous studies have focused on the use of chemotherapy at the end of a cancer patient’s life, but the new report, published Monday in the Journal of Clinical Oncology, is the first to examine how doctors use radiation with terminal patients, according to Guadagnolo’s team.

The researchers were interested specifically in what factors might determine when radiation treatment is given to terminal cancer patients, and especially whether Medicare payment policies have any influence on the treatment’s use.

So the researchers evaluated more than 202,000 Medicare claims for patients over age 65 who died from the five most common cancers in the U.S., including lung, breast, prostate, colorectal and pancreatic cancers between 2000 and 2007.

They assumed that most radiation treatments during a patient’s final 30 days were palliative, that is, meant to treat symptoms rather than to cure the cancer.

Overall, about 15,000 patients (a little more than seven percent) received radiation therapy in the last month of life. And of those, almost 18 percent spent more than 10 of their final 30 days getting radiation treatments.

Factors that were linked to receiving 10 or more treatments included being white, not receiving hospice care and being treated in a freestanding cancer treatment facility rather than a university-associated hospital.

The costs for patients who got radiation treatment amounted to an additional $ 3,453 per patient, on average. However, among those who were getting hospice care and radiation, the combined costs were $ 2,675 less than the costs for patients who got neither radiation nor hospice care.

Medicare caps payments for patients who elect hospice care at a daily rate that’s below what a radiation treatment would cost, the report points out. And a general decline in the use of radiation from 2000 to 2007 tracks with an increase in hospice use.

Besides cost, previous research has also found a variety of barriers to access in the use of radiation therapy at the end of life, including race, sex, household income, nursing home residence and travel time to a hospital, the authors note.

“The take home message for me from this study was that it’s not likely the case that we’re going to save money by forgoing radiation and in fact, radiation is probably a little bit underutilitzed,” Dr. Stephen Lutz, a radiation specialist at the Blanchard Valley Regional Cancer Center in Ohio, told Reuters Health. Lutz was not involved in the study.

Dr. Michael Steinberg, a radiation oncologist at the David Geffen School of Medicine at UCLA, said the costs need to be put into context. Many patients in his practice don’t want to be on narcotics or steroids that can cause many unpleasant side effects such as mental fogginess.

“(Narcotics and steroids) are not necessarily solutions, this is more like warehousing very old patients and something to be avoided, if you can control the pain with a short course of radiation, there is a value proposition,” said Steinberg, who was not involved in the new study.

On the other hand, radiation therapy to lessen cancer symptoms has limits since its pain-reducing effects can take days as opposed to hours for narcotics, noted Dr. Stephen Gripp, a radiation oncologist at the University Hospital Düsseldorf at Heinrich-Heine-University.

Plus, there’s the inconvenience factor.

“Radiotherapy (transport, positioning on the table, waiting) is annoying or even painful for terminally ill patients,” Gripp told Reuters Health in an email.

In past research, radiation oncologists have examined how many treatments are appropriate for end-of-life care and found in some cases, such as bone metastasis, a single treatment is just as effective in reducing pain as multiple treatments.

However, doctors tend to be reluctant to use fewer treatments for patients who are near death, Lutz said, because they are unsure how long the patient will survive and benefit from the treatments.

In 2011, the American Society for Radiation Oncology, a trade group, published guidelines to help doctors reduce the number of treatments for patients with bone metastasis.

The study was unable to “tell why patients got radiation; nor do we have any data in this study on what benefit they received or whether it improved their quality of life,” Guadagnolo told Reuters Health.

The study had other shortcomings, Steinberg noted.

“When you look at cost – why do these patients cost more to get the radiation – it’s not just because of the radiation, they’re typically getting a lot of other things as well,” Steinberg said.

Experts said that the long-term risks for radiation therapy in terminal patients were negligible, and most patients wouldn’t survive to see any longer-term side effects.

“This is more about a broken payment system than anything about radiation overdose,” Steinberg concluded.

SOURCE: http://bit.ly/UR8kwk Journal of Clinical Oncology, online November 19, 2012.

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Twinkies liquidation is approved

21 November 2012 Last updated at 16:27 ET

A US bankruptcy judge has given the go-ahead for the liquidation of Hostess Brands, owner of some of the country’s best known food brands, including cream-filled sponge snack Twinkies.

The hearing was delayed from Monday to allow for last-ditch talks with unions, but those failed.

As a first step in the liquidation of the company, Hostess is expected to lay off about 15,000 of its employees.

But Hostess’ advisers are confident that parts of the business can be sold.

In a statement, the company blamed the need for liquidation on a strike by the Bakery, Confectionery, Tobacco and Grain Millers (BCTGM) union, which started on 9 November.

Hostess Brands had sought protection from its creditors through Chapter 11 bankruptcy in January, but said it could not afford to continue operating through a strike.

The BCTGM blamed the company’s problems on years of mismanagement and being saddled with debt by private equity owners.

But Hostess said: “The wind-down was necessitated by an inflated cost structure that put the company at a profound competitive disadvantage”, adding that the main problem was its collective bargaining agreements with its staff.

‘Iconic brands’

One of the firm’s lawyers said there had been a “flood of enquiries” about buying some of the brands.

Advisers to Hostess Brands said they had been showing a potential buyer for the Drake’s cakes brand around the factory in New Jersey on Tuesday.

“These are iconic brands that people love,” said Joshua Scherer from Perella Weinberg Partners.

Hostess expects to keep on about 3,200 staff to help shut down its properties, but only about 200 of them are likely to still be employed at the firm by the end of March.

Hostess said the liquidation would mean the closure of 33 bakeries, 565 distribution centres, approximately 5,500 delivery routes and 570 bakery outlet stores.

BBC News – Business

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Ivory Coast: New prime minister named

ABIDJAN, Ivory Coast (AP) — President Alassane Ouattara has tapped Foreign Minister Daniel Kablan Duncan to serve as prime minister in a new government one week after the surprise dissolution of cabinet.

The appointment of Duncan, a member of the PDCI party of former President Henri Konan Bedie, was announced at a press conference Wednesday by Amadou Gon Coulibaly, general secretary of the presidency.

Ouattara dissolved the cabinet last week over a feud between his political party and the PDCI over proposed changes to the country’s marriage law.

The PDCI supported Ouattara in the November 2010 runoff election in exchange for the prime minister’s post, helping him defeat incumbent President Laurent Gbagbo. Gbagbo’s refusal to cede office led to five months of violence that claimed at least 3,000 lives before Ouattara’s forces won.

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Tablets, discounters top U.S. holiday shopping lists: Reuters/Ipsos

(Reuters) – Move over computers, your sleek siblings are the prized gift of the holidays.

One-third of U.S. consumers are thinking about buying an electronic tablet this holiday season, according to a new Ipsos poll conducted for Thomson Reuters. And 22 percent of those who want one of the hot devices said they plan to cut back on other holiday purchases in order to afford them.

But the new, smaller tablet from industry leader Apple Inc – the iPad mini – is not taking the world by storm. Only 8 percent named the iPad mini as their first choice, the same percentage that said they would like to buy a Microsoft Corp Surface tablet.

“There has been a lot of controversy about the fact that the iPad mini is $ 329, that the price might not be right,” said Jharonne Martis, director of consumer research for Thomson Reuters.

Still, Apple’s full-size iPad remains the leader, with 25 percent picking it as the tablet of choice while 15 percent want to buy Amazon.com Inc’s Kindle Fire, and another 15 percent want a Samsung Galaxy device.

Apple sold about 11 million iPads during the 2011 holiday quarter, and this year analysts expect it to sell about 16 million iPads and 8 million iPad mini tablets, Martis said.

Retailers have prepared for a big tablet season. Walmart, for example, doubled its orders for iPads and other tablets and will offer an iPad 2 with a $ 75 gift card for $ 399 as one of its specials on Thanksgiving night.

Laptops are still on the wish lists for 32 percent of respondents, while 18 percent would like to buy desktop computers and only 13 percent are looking for ultrabooks.

SPENDING LESS OR STILL UNSURE

Meanwhile, retailers may want shoppers to believe the holiday shopping season begins sometime in September. But the poll shows that most consumers still are waiting until around Thanksgiving to start their holiday shopping.

Walmart, Toys R Us and others started promoting their layaway plans in September as a way to reserve hot items.

While 11 percent said they were using layaway more this year than last year, 71 percent said they were not.

Seventy-two percent have done no shopping yet or less than a quarter of it, the poll found.

“The fact that 72 percent haven’t really started yet reinforces why Black Friday is coined the official beginning of the holiday season because that’s truly when shoppers start to open their wallets,” Martis said.

Most of that shopping will still take place in stores, despite the rise of online shopping and fears of shoppers using physical stores as showrooms for products they will buy online using their mobile devices.

“It is still growing, but it is still a very small portion of retail sales,” Martis said of mobile shopping.

Going to a mix of different types of stores is the plan for 42 percent of the respondents planning to go to stores, while 31 percent plan to do most of their holiday shopping at a discount chain such as Walmart, Target or Kmart, which will all be open for at least some of Thanksgiving Day to court shoppers.

The U.S. economy and possible tax hikes continue to be a concern for some, with 28 percent saying that they are spending less this year because of the fiscal cliff, though 58 percent said the fiscal cliff was not affecting their holiday spending plans.

Two-thirds of shoppers said they were planning to spend the same amount as last year or were unsure about their spending plans, while 21 percent plan to spend less and 11 percent plan to spend more. Also, 60 percent said are choosing to shop closer to home to save on gas.

Contrary to the cry of some traditional retailers, “show rooming” is not the norm for most people.

When asked how, if at all, they use a mobile device while in stores, 63 percent said they do not even pull out their smartphones while shopping. Fifteen percent compare prices online and 14 percent said they research products.

Amazon is the top online retailer shoppers plan to visit more than they did last year, with 42 percent picking it, 38 percent choosing Walmart, 23 percent selecting Target and 14 percent picking EBay.

Physical stores remain the top destination, with 26 percent planning to shop primarily at stores and only 14 percent planning to shop primarily online.

The poll is the first in a series that Ipsos will conduct during the holiday season.

The findings are from an Ipsos poll conducted for Thomson Reuters from November 15-19, 2012, with 1,169 American adults interviewed online. Results are within the poll’s credibility intervals, a tool used to account for statistical variation in Internet-based polling. The credibility interval was plus or minus 3.3 percentage points.

(Additional reporting by Brad Dorfman; Editing by Edward Tobin and Leslie Gevirtz)

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OB/GYNs back over-the-counter birth control pills

WASHINGTON (AP) — No prescription or doctor’s exam needed: The nation’s largest group of obstetricians and gynecologists says birth control pills should be sold over the counter, like condoms.

Tuesday’s surprise opinion from these gatekeepers of contraception could boost longtime efforts by women’s advocates to make the pill more accessible.

But no one expects the pill to be sold without a prescription any time soon: A company would have to seek government permission first, and it’s not clear if any are considering it. Plus there are big questions about what such a move would mean for many women’s wallets if it were no longer covered by insurance.

Still, momentum may be building.

Already, anyone 17 or older doesn’t need to see a doctor before buying the morning-after pill — a higher-dose version of regular birth control that can prevent pregnancy if taken shortly after unprotected sex. Earlier this year, the Food and Drug Administration held a meeting to gather ideas about how to sell regular oral contraceptives without a prescription, too.

Now the influential American College of Obstetricians and Gynecologists is declaring it’s safe to sell the pill that way.

Wait, why would doctors who make money from women’s yearly visits for a birth-control prescription advocate giving that up?

Half of the nation’s pregnancies every year are unintended, a rate that hasn’t changed in 20 years — and easier access to birth control pills could help, said Dr. Kavita Nanda, an OB/GYN who co-authored the opinion for the doctors group.

“It’s unfortunate that in this country where we have all these contraceptive methods available, unintended pregnancy is still a major public health problem,” said Nanda, a scientist with the North Carolina nonprofit FHI 360, formerly known as Family Health International.

Many women have trouble affording a doctor’s visit, or getting an appointment in time when their pills are running low — which can lead to skipped doses, Nanda added.

If the pill didn’t require a prescription, women could “pick it up in the middle of the night if they run out,” she said. “It removes those types of barriers.”

Tuesday, the FDA said it was willing to meet with any company interested in making the pill nonprescription, to discuss what if any studies would be needed.

Then there’s the price question. The Obama administration’s new health care law requires FDA-approved contraceptives to be available without copays for women enrolled in most workplace health plans.

If the pill were sold without a prescription, it wouldn’t be covered under that provision, just as condoms aren’t, said Health and Human Services spokesman Tait Sye.

ACOG’s opinion, published in the journal Obstetrics & Gynecology, says any move toward making the pill nonprescription should address that cost issue. Not all women are eligible for the free birth control provision, it noted, citing a recent survey that found young women and the uninsured pay an average of $ 16 per month’s supply.

The doctors group made clear that:

—Birth control pills are very safe. Blood clots, the main serious side effect, happen very rarely, and are a bigger threat during pregnancy and right after giving birth.

—Women can easily tell if they have risk factors, such as smoking or having a previous clot, and should avoid the pill.

—Other over-the-counter drugs are sold despite rare but serious side effects, such as stomach bleeding from aspirin and liver damage from acetaminophen.

—And there’s no need for a Pap smear or pelvic exam before using birth control pills. But women should be told to continue getting check-ups as needed, or if they’d like to discuss other forms of birth control such as implantable contraceptives that do require a physician’s involvement.

The group didn’t address teen use of contraception. Despite protests from reproductive health specialists, current U.S. policy requires girls younger than 17 to produce a prescription for the morning-after pill, meaning pharmacists must check customers’ ages. Presumably regular birth control pills would be treated the same way.

Prescription-only oral contraceptives have long been the rule in the U.S., Canada, Western Europe, Australia and a few other places, but many countries don’t require a prescription.

Switching isn’t a new idea. In Washington state a few years ago, a pilot project concluded that pharmacists successfully supplied women with a variety of hormonal contraceptives, including birth control pills, without a doctor’s involvement. The question was how to pay for it.

Some pharmacies in parts of London have a similar project under way, and a recent report from that country’s health officials concluded the program is working well enough that it should be expanded.

And in El Paso, Texas, researchers studied 500 women who regularly crossed the border into Mexico to buy birth control pills, where some U.S. brands sell over the counter for a few dollars a pack. Over nine months, the women who bought in Mexico stuck with their contraception better than another 500 women who received the pill from public clinics in El Paso, possibly because the clinic users had to wait for appointments, said Dr. Dan Grossman of the University of California, San Francisco, and the nonprofit research group Ibis Reproductive Health.

“Being able to easily get the pill when you need it makes a difference,” he said.

___

Online:

OB/GYN group: http://www.acog.org

Medications/Drugs News Headlines – Yahoo! News

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Autonomy ‘misled HP on finances’

20 November 2012 Last updated at 14:58 ET

HP chief executive Meg Whitman: “We uncovered a whole host of very concerning accounting improprieties”

Computer maker Hewlett Packard has asked US and UK authorities to investigate alleged misrepresentations of Autonomy’s finances before HP took over the UK software group last year.

HP said Autonomy appeared to have “inflated” the value of the company prior to the takeover as part of a “wilful effort to mislead”.

This led to a $ 5bn (£3.1bn) charge in its latest quarterly accounts.

The former management team of Autonomy “flatly rejected” the allegations.

Three former senior members of staff, including former chief executive Mike Lynch, said they were “shocked” to see the statement.

“HP’s due diligence review was intensive,” Autonomy’s former chief executive, chief financial officer and chief operating officer said, referring to the process of investigating a firm prior to purchase.

“It took 10 years to build Autonomy’s industry-leading technology and it is sad to see how it has been mismanaged since its acquisition by HP,” the statement from the former management team said.

During a conference call following the announcement, HP chief executive Meg Whitman said: “We did a whole host of due diligence but when you’re lied to, it’s hard to find.

“[Autonomy] was smaller and less profitable that we had thought,” she said, adding that HP’s investigations suggested that the UK firm had misstated its revenues and growth rate.

Taking into account recent falls in HP’s share value and lower-than-anticipated returns from the merger, the total one-off charge recorded in HP’s accounts for the three months to the end of October was $ 8.8bn, pushing the company to a $ 6.85bn net loss.

‘Questionable accounting’

Continue reading the main story

HP’s allegations… are shocking if true – not least because for years Autonomy was regarded as that rarest and most precious of British companies, a global hi-tech success”

End Quote

HP said during the conference call that “a very senior person” from Autonomy had come forward “with specific details [of accounting misrepresentations]“. That person was still at the company, it said.

Ms Whitman said HP had discovered a number of irregularities, including hardware sales that had been reported as software revenues, which inflated both overall revenues and profit margins.

She said margins of between 40% and 45% had been reported, whereas HP now believed them to be between 20% and 28%.

As well as referring the matter to the regulatory authorities, the company would be “aggressively pursuing individuals responsible for this wrongdoing”, she added.

This would involve trying to recover money for HP shareholders.

HP shares fell 13% in early trading in New York following the announcement.

Deloitte, the accountancy firm which audited Autonomy’s accounts, said it could not comment on the allegations due to client confidentiality, but would cooperate with any investigations.

Criticism

HP completed the takeover of Autonomy for $ 12bn in October last year.

Autonomy was founded by Mike Lynch in 1996 and grew to become one of the largest software companies in the UK.

Mr Lynch is a non-executive director of the BBC, which said in a statement: “We expect to discuss these reports with Dr Lynch imminently.”

Autonomy gained a listing on the US Nasdaq exchange in May 2000, at the height of the technology boom, and was listed in London six months later.

The firm has often been cited as an example of how academic research can be turned into a profitable business, although it has attracted criticism from the City, particularly when, in October 2010, it warned there had been unexpected volatility in its customers’ “purchasing behaviour” and lowered its full-year forecasts.

HP’s decision to buy the company was part of the US firm’s long-term plan to move away from making computers into the more profitable software business.

BBC News – Business

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AP Exclusive: Syrian rebels seize base, arms trove

BASE OF THE 46TH REGIMENT, Syria (AP) — After a nearly two-month siege, Syrian rebels overwhelmed a large military base in the north of the country and made off with tanks, armored vehicles and truckloads of munitions that rebel leaders say will give them a boost in the fight against President Bashar Assad‘s army.

The rebel capture of the base of the Syrian army’s 46th Regiment is a sharp blow to the government’s efforts to roll back rebels gains and shows a rising level of organization among opposition forces.

More important than the base’s fall, however, are the weapons the rebels found inside.

At a rebel base where the much of the haul was taken after the weekend victory, rebel fighters unloaded half a dozen large trucks piled high with green boxes full of mortars, artillery shells, rockets and rifles taken from the base. Parked nearby were five tanks, two armored vehicles, two rocket launchers and two heavy-caliber artillery cannons.

Around 20 Syrian soldiers captured in the battle were put to work carrying munitions boxes, barefoot and stripped to the waist. Rebels refused to let reporters talk to them or see where they were being held.

“There has never been a battle before with this much booty,” said Gen. Ahmad al-Faj of the rebels Joint Command, a grouping of rebel brigades that was involved in the siege. Speaking on Monday at the rebel base, set up in a former customs office at Syria’s Bab al-Hawa border crossing with Turkey, he said the haul would be distributed among the brigades.

For months, Syria’s rebels have gradually been destroying government checkpoints and taking over towns in the northern provinces of Idlib and Aleppo along the Turkish border.

Rebel fighters say that weapons seized in such battles have been essential to their transformation from ragtag brigades into forces capable of challenging Assad’s professional army. Cross-border arms smuggling from Turkey and Iraq has also played a role, although the most common complaint among rebel fighters is that they lack ammunition and heavy weapons, munitions and anti-aircraft weapons to fight Assad’s air force.

It is unclear how many government bases the rebels have overrun during the 20-month conflict, mostly because they rarely try to hold captured facilities. Staying in the captured bases would make them sitting ducks for regime airstrikes.

“Their strategy is to hit and run,” said Elias Hanna, a retired Lebanese army general and Beirut-based strategic analyst. “They’re trying to hurt the regime where it hurts by bisecting and compartmentalizing Syria in order to dilute the regime’s power.”

The 46th Regiment was a major pillar of the government’s force near the northern city of Aleppo, Syria’s economic hub, and its fall cuts a major supply line to the regime’s army, Hanna said. Government forces have been battling rebels for months over control of Aleppo.

“It’s a tactical turning point that may lead to a strategic shift,” he said.

At the 46th Regiment’s base, about 25 kilometers (15 miles) west of Aleppo, the main three-story command building showed signs of the battle — its walls punctured apparently from rebel rocket attacks. The smaller barracks buildings scattered around the compound, about 2.6 square kilometers (1 square mile) in size, had been looted, with mattresses overturned. A number of buildings had been torched.

Reporters from The Associated Press who visited the base late Monday saw no trace of the government troops who had been defending it — other than the dead bodies of seven soldiers.

Two of them, in camouflage uniforms, lay outside the command building. One of them was missing his head, apparently blown off in an explosion.

The rest were in a nearby clinic. Four dead soldiers were on stretchers set on the floor, one with a large gash in his arm, another with what appeared to be a large shrapnel hole in the back of his head. The last lay on a gurney in another room, his arms and legs bandaged, a bullet hole in his cheek and a splatter of blood on the wall and ceiling behind him as if he had been shot where he lay.

It could not be determined how or when the soldiers had been killed.

The final assault that took the base came after more than 50 days of siege that left the soldiers inside demoralized, according to fighters who took part.

Working together and communicating by radio, a number of different rebels groups divided up the area surrounding the base and each cut the regime’s supply lines, said Abdullah Qadi, a rebel field commander. Over the course of the siege, dozens of soldiers defected, some telling the rebels that those inside were short of food, Qadi said.

The rebels decided to attack Saturday afternoon when they felt the soldiers inside were weak and the rebels had enough ammunition to finish the battle, Qadi said. The battle was over by nightfall on Sunday. Seven rebel fighters were killed in the battle, said al-Faj of the rebels’ Joint Command. Other rebel leaders gave similar numbers.

It remains unclear how many soldiers remained in the base when the rebels launched their attack and what happened to them.

Al-Faj said all soldiers inside were either killed or captured. He said he didn’t know how many were killed, but that the rebels had taken about 50 prisoners, all of whom would be tried in a rebel court. Aside from the 20 prisoners seen at the rebel’s Bab al-Hawa base, the AP was unable to see any other captured soldiers.

The Syrian government does not respond to requests for comment on military affairs and said nothing about the base’s capture. It says the rebels are terrorists backed by foreign powers that seek to destroy the country.

Disorganization has plagued the Syrian opposition since the start of the anti-Assad uprising in March 2011, with exile groups pleading for international help even when they have no control over those fighting inside of Syria.

A newly formed Syrian opposition coalition received a boost Tuesday, when Britain officially recognized it as the sole representative of the Syrian people.

The National Coalition of the Syrian Revolutionary and Opposition Forces was formed in the Gulf nation of Qatar on Oct. 11 under pressure from the United States for a stronger, more united opposition body to serve as a counterweight to more extremist forces.

British Foreign Secretary William Hague said Tuesday the body’s members gave assurances to be a “moderate political force committed to democracy” and that the West must “support them and deny space to extremist groups.”

The United States and the European Union have both spoken well of the body but stopped short of offering it full recognition.

Key to the body’s success will be its ability to build ties with the disparate rebel groups fighting inside Syria. Many rebel leaders say they don’t recognize the new body, and a group of extremist Islamist factions on Monday rejected it, announcing that they had formed an “Islamic state” in Aleppo.

Anti-regime activists say nearly 40,000 people have been killed since Syria’s crisis started 20 months ago.

___

Associated Press write Elizabeth Kennedy contributed reporting from Beirut, Lebanon.

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Woman hits ‘like’ on Facebook, gets arrested in India

The police in Mumbai arrested Monday a 21-year-old college student Shaheen Dhada for a Facebook status update and her friend Renu Srinivasan for clicking “Like” on the update. The case is the latest in a string of recent crackdowns on Internet speech in India.

The update had criticized a general strike called by a political party, the right-wing Shiv Sena, to mourn the death Saturday of its elderly founder and patriarch, Bal Thackeray. The controversial leader has been hailed by Hindu nationalists but also criticized by liberals for leaving behind a legacy of political violence in India’s financial capital. The party has been accused of anti-Muslim violence in Mumbai in 1992, and Mr. Thackeray frequently made statements against Muslims.

In her Facebook post, Ms. Dhada wrote, “Respect is earned, not given and definitely not forced. Today Mumbai shuts down due to fear and not due to respect.” She also said that politicians like Thackeray are “born and die daily” and the city need not shut down for it, and that people should remember the martyrs of the Indian independence movement.

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Dhada and Ms. Srinivasan were arrested under section 505(2) of the Indian Penal Code that seeks to punish statements that amount to “creating or promoting enmity, hatred or ill-will between classes.” Additionally the two students have also been charged with Section 66A of the Information Technology Act that criminalizes online speech that is “grossly offensive or of menacing character.” Another law they have been charged with is Indian Penal Code 295A, which makes insulting or outraging religious feelings an offense. The punishment for each count is three years imprisonment each.

The arrests come in the wake of many such in India this year, a result of controversial new information technology laws. The other cases have included arrest of a resident of Chandigarh who complained on the Facebook page of Chandigarh police that they were not doing enough to find her stolen car; a cartoonist who posted work online protesting corruption scandals by the central government; and a professor in Kolkata who merely forwarded an email with a cartoon that was critical of West Bengal chief minister Mamata Banerjee.

While the women in the Thackeray case have been granted bail, the arrest has led to outrage on social media, with even right-wingers condemning the arrest as an assault on free speech.

Pranesh Prakash of the Center for Internet and Society in Bangalore says that the entire Information Technology Act needs a review by the government, civil society, and other stake-holders. “The current law does not have sufficient safeguards for privacy and freedom of speech and the law is being used as a tool of harassment,” Mr. Prakash says.

In a letter to the Maharashtra state government, Press Council of India chief Markandey Katju urged chief minister Prithviraj Chavan to take action against police officials who misused the laws to arrest the girls. Mr. Katju, a retired Supreme Court judge, wrote in his letter, “We are living in a democracy, not a fascist dictatorship. In fact this arrest itself appears to be a criminal act since… it is a crime to wrongfully arrest or wrongfully confine someone who has committed no crime.”

On top of the legal action against the women, street thugs exacted further punishment. A mob of Shiv Sena activists vandalized the clinic of Ms. Dhada’s uncle, Dr. Abdullah Ghaffar Dhada. Speaking on the phone from Mumbai, Dr. Dhadha says he incurred losses of two million Indian Rupees (nearly $ 36,500).

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