Category: Business

HP Caps Gulf of Mexico Oil Well

BP Plc’s ruptured Gulf of Mexico oil well is secure with no threat of spewing crude again, the top U.S. official overseeing the spill response said on Saturday.   “We basically have secured this well,We have essentially eliminated the threat of discharge from the well at this point.” retired Coast Guard Admiral Thad Allen said.
A cap atop failed blowout preventer equipment on the Macondo well had sealed in all oil flow since 15th July.  On Friday, BP replaced the failed equipment with a new giant stack of valves and pipes. Once the new blowout preventer is tested, BP can resume drilling a relief well that will bore into the Macondo  well and  pump in mud and cement to plug it for good.

Former HP Chief Offered Job by Oracle

Oracle Corp has offered a job to Mark Hurd, the former chief executive of Hewlett-Packard Co who resigned amid a scandal involving inaccurate expense receipts related to a female contractor, according to a source familiar with the situation and also  said that  a final decision has not yet been made. Oracle was not immediately available for a comment.
Hurd resigned on August 6, after a probe into sexual harassment allegations. HP said he filed inaccurate expense reports related to Jodie Fisher, a marketing contractor who worked for Hurd’s office from 2007 through 2009.

US Economy Mending: Obama

President Barack Obama, said his policies “have stopped the bleeding” and put the middle class on the road to recovery, while previewing the US economy on Saturday.
Faced with the task of bringing down the 9.6 per cent unemployment rate in the US, Obama is slated to spend the next week talking up proposals on improving the economy.
He hopes to gain some traction with impatient voters as they ponder whether to toss out his Democrats in the November 2 congressional elections.
In his weekly radio and Web address, Obama pointed to measures funded by the Democrats’ $814 billion economic stimulus as responsible for halting the economic slide he faced when taking office in January 2009.

Garment Cos Hunting in European Markets

Indian garment companies that used to shy away from European markets because of high valuation and now invading those markets as the values have dropped substantially. This can be seen in the fact that Naru Exports India could get the Italian Ciao Ciao World chain for a fifth of the price that was quoted earlier.

“This is the right time to buy if you want to take the big leap forward,” says Devendra Bajaj owner of Naru Exports India and now  the new owner of Ciao Ciao World, which has 100 stores and owns three brands.

HP Settles Claim

 Hewlett Packard Co (HP) has agreed to settle claim that it defrauded the federal government by paying $ 55 million, disclosed the US Justice Department.
The matter pertains to the allegations that HP knowingly paid kickbacks or “influence fees” in order to recommend its products to federal agencies.
The settlement will also resolve claims that HP’s contract with General Service Administration in 2002 was defectively priced due to furnishing incomplete information.

Indian kids guinea pigs for US drugs?

A report reveals that more than a third of the published trials for drugs meant for children from United States were performed in developing countries like Uganda and India where these drugs might never be marketed.
“The trend that we describe brings up some scientific and ethical problems,” said Dr Sara Pasquali, a pediatrician at Duke University Medical Center in Durham, North Carolina, whose findings appear in the journal Pediatrics.

HP tops Dell bid for 3PAR

Hewlett-Packard Co offered to pay $1.6 billion for 3PAR Inc, topping rival Dell Inc’s bid by a third in a surprise move that could spark a bidding war for the data storage company.
Shares in 3PAR soared 45 percent to above HP’s $24-a-share offer, showing investors were anticipating a higher bid.
Analysts said 3PAR’s expertise in a niche area of high-end storage makes it a particularly attractive target for companies like HP and Dell. Its scarcity value means bidders might be willing to pay more than 3PAR appears to be worth on paper.

Philippine stocks fall on death of tourists

Philippine stocks fell, sending the benchmark index to its biggest loss in almost two weeks, after a bus siege in Manila ended with the deaths of at least eight tourists from Hong Kong.
The Philippine Stock Exchange Index slid 1 percent to 3,576.51 at 10:26 a.m, the most since Aug. 12. Declines were led by SM Investments Corp., owner of the nation’s largest shopping mall operator, and Alliance Global Group Inc., which has a casino-hotel resort complex.