Sunday, December 18, 2011

BlackBerry delay darkens RIM's future (Reuters)

TORONTO (Reuters) ? A months-long delay in Research in Motion's new BlackBerrys and a dreary quarterly report sent RIM shares tumbling again on Friday and pushed some analysts to sound the death knell for the mobile device that once defined the industry.

RIM's announcement late Thursday that it expected to launch smartphones powered by its new QNX operating system months after initially expected revived calls for the ouster of RIM's co-CEOs Mike Lazaridis and Jim Balsillie.

The delay, combined with a dismal performance outlook issued along with the quarterly results, sparked renewed chatter about the break-up of the Canadian tech giant, which has floundered as nimbler competitors claw away at its market share.

"RIM confirmed the BlackBerry 10 smartphones will be delayed until the latter part of calendar 2012. This could be game over for the BlackBerry franchise," analysts at Canadian brokerage National Bank Financial wrote in a note to clients. BlackBerry 10 is the name the company has given to the QNX phones, which RIM had initially expected to deliver in the first quarter.

On Friday, the delay spurred several brokerage firms to cut their price targets and ratings on RIM shares and sent the Waterloo, Ontario-based company's shares tumbling more than 12 percent on Friday.

"We see a high risk that this is too late to turn around RIM's position and believe the risk of further delays is meaningful," Nomura analyst Stuart Jeffrey said in a research note. "Even in the best case, however, it seems unlikely RIM will have large volumes of its BB10 devices on sale within 15 months."

RIM has been counting on the new QNX operating system to make up ground lost to Apple Inc's iPhone and iPad and the slew of devices that use Google Inc's Android software. The delay portends another long year of transition for RIM, allowing rivals to make further in-roads into RIM's market share.

RIM on Thursday also provided a gloomy outlook for earning as sales of an interim line of legacy BlackBerry 7 smartphones lag during the crucial holiday season. Even if shipments hit the high-end of RIM's expectations during Christmas, the company will still post the first annual decline in its history.

The constant stream of bad news from RIM over the last year has driven its shares to their lowest since early 2004, and it has led to analyst and investor demands for Balsillie and Lazaridis to step down.

"RIM reminds me of a beloved grandparent. You love them, but they are very outdated and sooner or later they will be gone," said independent analyst Jeff Kagan in an email.

"Either the existing CEOs must update their thinking or bring in a new CEO to lead the company out of the darkness and back into the sunshine before it is too late."

PRICE TARGET CUTS

Canaccord Genuity cut its price target on RIM's U.S.-listed shares to $15 from $18, citing the delay in the launch of BlackBerry 10 and the company's plans to spend more on sales and marketing to help sustain interim sales.

Barclays shared similar concerns about the company's projected investments in marketing and loyalty programs to regain "mind" share.

"Benefits of the investments are not guaranteed but are likely to keep RIM's operating margins at sustainably lower levels through 2012 and 2013," Barclays said.

Barclay's cut it price target on RIM's U.S.-listed shares to $14 from $16; Citigroup reduced it price target to $12 from $15, and National Bank Financial dropped its price target to $8 from $10.

Research in Motion shares, which have lost almost half their value in the last three months, fell 11.2 percent to $13.44 Friday afternoon on the Nasdaq. The Toronto-listed shares fell 12.1 percent to C$13.89.

(Reporting By Euan Rocha in Toronto and Ashutosh Pandey in Bangalore; Editing by Frank McGurty)

Source: http://us.rd.yahoo.com/dailynews/rss/personaltech/*http%3A//news.yahoo.com/s/nm/20111217/wr_nm/us_rim

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Venezuela honors Simon Bolivar with new coffin

Venezuela's President Hugo Chavez salutes upon his arrival to the national pantheon to attend a ceremony marking the 181th anniversary of the death of Venezuela's independence hero Simon Bolivar in Caracas,Venezuela, Saturday, Dec. 17, 2011. (AP Photo/Fernando Llano)

Venezuela's President Hugo Chavez salutes upon his arrival to the national pantheon to attend a ceremony marking the 181th anniversary of the death of Venezuela's independence hero Simon Bolivar in Caracas,Venezuela, Saturday, Dec. 17, 2011. (AP Photo/Fernando Llano)

Venezuela's President Hugo Chavez salutes upon his arrival to the national pantheon to attend a ceremony marking the 181th anniversary of the death of Venezuela's independence hero Simon Bolivar in Caracas,Venezuela, Saturday, Dec. 17, 2011. (AP Photo/Fernando Llano)

Venezuela's President Hugo Chavez gestures during a ceremony marking the 181th anniversary of the death of Venezuela's independence hero Simon Bolivar in Caracas,Venezuela, Saturday, Dec. 17, 2011. (AP Photo/Fernando Llano)

In this photo released by Miraflores Press Office, Venezuela's President Hugo Chavez, right, gestures next to the new coffin containing the remains of Venezuela's Independence hero Simon Bolivar, during a ceremony marking his 181st death anniversary at the National Pantheon in Caracas, Venezuela, Saturday, Dec. 17, 2011. (AP Photo/Miraflores Press Office)

(AP) ? Venezuelan President Hugo Chavez paid tribute to 19th century independence leader Simon Bolivar on Saturday by unveiling a new coffin containing Bolivar's remains and adorned with gold, pearls and diamonds.

Soldiers lifted a flag from the mahogany coffin during a ceremony marking the anniversary of Bolivar's death in 1830. Bolivar is both a national hero in Venezuela and the namesake of Chavez's Bolivarian Revolution political movement.

"You live on in us," Chavez said in a speech, standing next to the coffin. "As the years pass, you will be more alive, father Bolivar."

Officials have said Chavez's government is spending 119 million bolivars ($27.7 million) to build a new mausoleum to house Bolivar's remains. The mausoleum is to have a soaring roof, and a metal framework has been partly erected behind the National Pantheon, where Bolivar's remains have long been entombed.

Chavez oversaw the exhumation of Bolivar's remains last year, seeking to confirm his idol's identity and investigate a theory that Bolivar could have been killed. Researchers confirmed Bolivar's identity through DNA tests but were unable to pin down the cause of his death.

The new coffin bears golden stars and the national seal, as well as Bolivar's initials and golden laurels. An announcer said the decorations on the coffin include diamonds and pearls from Venezuela.

Chavez has made Bolivar a central symbol throughout his nearly 13-year-old presidency. He often speaks below a portrait of Bolivar. In 1999, Chavez promoted the approval of a new constitution that changed the country's name to the Bolivarian Republic of Venezuela.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2011-12-17-LT-Venezuela-Chavez/id-9a9bf0c3d4dc4d69b48ed4d1ef627a83

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Saturday, December 17, 2011

Jailed Hezbollah commander turned over to Iraqis (AP)

WASHINGTON ? The last American prisoner in Iraq, a Hezbollah commander linked to the kidnapping deaths of four U.S. soldiers, was turned over to the Iraqi government Friday, the White House said.

U.S. officials have long feared that such a transfer would lead to Ali Mussa Daqduq's release from prison. But his case became enmeshed in both international diplomacy and the Washington political debate over how best to prosecute suspected terrorists.

Under President George W. Bush, prosecutors had planned to someday charge Daqduq in a U.S. criminal court. But those plans were scrapped after Obama took office and lawmakers began restricting the president's ability to bring terrorist suspects into the United States for trial.

Many Republicans had wanted Daqduq prosecuted before a military tribunal at the Guantanamo Bay base in Cuba. The Obama administration had hoped a compromise would be to prosecute Daqduq in a first-of-its-kind military commission on U.S. soil.

But the Iraqi government would not let the United States take Daqduq out of the country for trial, White House spokesman Tommy Vietor said.

"We have sought and received assurances that he will be tried for his crimes," Vietor said Friday.

It was not immediately clear what charges he could face. The U.S. has said he was part of a brazen raid in which four American soldiers were abducted and killed in the Iraqi holy city of Karbala in 2007.

Iraq has had a shoddy record on detainee security. Last year, just a week after the U.S. turned more than 1,000 detainees at its Camp Cropper prison over to Iraqi control, four al-Qaida-linked detainees escaped. An investigation showed that the detainees had inside help.

That had lawmakers worried that Daqduq would return to Hezbollah soon after his transfer. Shortly before the White House announcement, Sen. Mark Kirk, R-Ill., was gathering signatures on a letter to Obama.

"Daqduq's Iranian paymasters would like nothing more than to see him transferred to Iraqi custody where they could effectively pressure for his escape or release," Kirk wrote. "We truly hope you will not let that happen."

With the war over and Iraq a sovereign country, the United States is now bound by its diplomatic agreements with Baghdad. Shuttling Daqduq out of the country without the approval of the Iraqi government would have risked damaging U.S.-Iraqi relations.

Vietor said a trial at Guantanamo Bay was never an option, either for the Iraqis or for the administration.

"The policy of this administration, because we believe it's in our national security interest, is to close the detention facility at Guantanamo Bay, not add to the population," he said.

Two Iraqi officials, speaking under condition of anonymity because they were not authorized to discuss the case, said Daqduq was in the custody of Iraqi judiciary authorities in Baghdad. Daqduq will stand before an Iraq investigative judge, one official said. Investigative judges decide whether there is enough evidence for a trial and recommend specific charges, somewhat like a grand jury does in the U.S. system.

___

Associated Press writers Donna Cassata in Washington and Qassim Abdul Zahra in Baghdad contributed to this report.

Source: http://us.rd.yahoo.com/dailynews/rss/mideast/*http%3A//news.yahoo.com/s/ap/20111216/ap_on_go_ot/us_hezbollah_prisoner

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'Cold shutdown': Japan reactor declared stable

David Guttenfelder / Pool via EPA, file

A building of the crippled Fukushima Dai-ichi nuclear power station as seen through a bus window in Okuma, Japan, on Nov. 12.

By msnbc.com news services

Updated at 6:23 a.m. ET

TOKYO -- The tsunami-devastated Fukushima Dai-ichi nuclear power plant has reached a "cold shutdown" and is no longer leaking substantial amounts of radiation, Japan's prime minister?said Friday.

Prime Minister Yoshihiko Noda's announcement marks a milestone nine months after the March 11 tsunami sent three reactors at the plant into meltdowns in the worst nuclear crisis since Chernobyl.?It is a?crucial step toward lifting evacuation orders and closing the plant.


"Even if unforeseeable incidents happen, the situation is such that radiation levels on the boundary of the plant can now be maintained at a low level," Noda said. "Now that we have achieved stability in the reactors, a major concern for the nation has been resolved."

However,?experts noted that the plant remains vulnerable. Its surroundings are contaminated by radiation and closing the plant safely will take 30 or more years.

'Our battle is not over'
NBC News reported that there are still sporadic reports of leaks of contaminated water from the site.?

"There are many issues that remain," Noda added. "Our battle is not over."

Noda's?announcement means officials?can now start discussing whether to allow some evacuees to return to less-contaminated areas ? although a 12-mile zone around the plant is expected to remain off limits for years to come. The crisis displaced some 100,000 people.

A cold shutdown normally means a nuclear reactor's coolant system is at atmospheric pressure and its reactor core is at a temperature below 212 degrees Fahrenheit (100 degrees Celsius), making it impossible for a chain reaction to take place.

According to?plant operator?TEPCO, temperature gauges inside the Fukushima reactors show the pressure vessel is at around 158 degrees??F (70 C). The government also says the amount of radiation now being released around the plant is at or below 1 millisievert per year ? equivalent to the annual legal exposure limit for ordinary citizens before the crisis began.

Akira Yamaguchi, a nuclear physicist at Osaka University, said that the government's definition of cold shutdown is disputable.

"But what's most important right now is that there aren't any massive radiation leaks any more," he said.

Winter woes?
Putting longer-term issues aside, he warned that much of the backup equipment installed at the plant since the crisis began is makeshift and may break down. He said winter cold could test their strength.

Tamotsu Baba, the mayor of?evacuated Naimie town,?told a?press conference Friday that it was "hard to accept" Noda's declaration.

"We still feel a major distrust towards the government," he added.

Located 150 miles northeast of Tokyo, the plant was wrecked by a huge earthquake and a?tsunami that exceeded 45 feet in some areas, which knocked out its cooling systems, triggering meltdowns and radiation leaks.

NBC News reported that?the extraction of more than 3,000 fuel rods from the site, most likely?involving robotic cranes, is due to begin next year. High-powered water sprays will be used to decontaminate?roads and other infrastructure in nearby towns from early next month.

More from msnbc.com and NBC News:

NBC News' Arata Yamamoto, Reuters and The Associated Press contributed to this report

Source: http://worldnews.msnbc.msn.com/_news/2011/12/16/9485735-cold-shutdown-japan-reactor-now-stable-pm-says

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Friday, December 16, 2011

US formally ends Iraq war with little fanfare

The US Forces Iraq colors are lowered before being encased in a ceremony in Baghdad, Iraq, Thursday, Dec., 15, 2011. The ceremonies mark the official end of the US military mission in Iraq. (AP Photo/Pablo Martinez Monsivais, Pool)

The US Forces Iraq colors are lowered before being encased in a ceremony in Baghdad, Iraq, Thursday, Dec., 15, 2011. The ceremonies mark the official end of the US military mission in Iraq. (AP Photo/Pablo Martinez Monsivais, Pool)

US Sec. of Defense Leon Panetta, right, walks across tarmac with Army Gen. Lloyd Austin, left, Commander of US Forces Iraq, during his arrival at Baghdad, Iraq, Thursday, Dec., 15, 2011. Panetta is participating in the ceremonies marking the end of the US military mission in Iraq. (AP Photo/Pablo Martinez Monsivais, Pool)

US Sec. of Defense Leon Panetta, second from the left, and Ambassador to Iraq James Jeffrey, far left, during the encasing of the US Forces Iraq colors, in Baghdad, Iraq, Thursday, Dec., 15, 2011. The ceremonies mark the official end of the US military mission in Iraq. (AP Photo/Pablo Martinez Monsivais, Pool)

BAGHDAD (AP) ? Nearly nine years after American troops stormed across the Iraq border in a blaze of shock and awe, U.S. officials quietly ended the bloody and bitterly divisive conflict here Thursday, but the debate over whether it was worth the cost in money and lives is yet unanswered.

While many of the speeches painted a picture of victory ? for both the troops and the Iraqi people now set on a path for democracy ? the gnawing questions remain: Will Iraqis be able to forge their new government amid the still stubborn sectarian clashes. And will Iraq be able to defend itself and remain independent in a region fraught with turmoil and still steeped in insurgent threats.

Stark reminders of the fragile and often violent nature of the situation in Iraq engulfed the 45-minute ceremony. It was tucked into fortified corner of the airport, ringed with concrete blast walls. And on the chairs ? nearly empty of Iraqis ? were tags that listed not only the name of the VIP assigned to the seat, but the bunker they should move to in case of an attack.

The speeches touched on the success of the mission as well as its losses: Nearly 4,500 Americans and 100,000 Iraqis killed. Another 32,000 American and tens of thousands Iraqis wounded. And $800 billion from the U.S. Treasury.

On the other side of the ledger, an Iraq free from the tyranny of Saddam Hussein, inching forward toward democracy and vowing to be a good neighbor in the region.

"To be sure the cost was high ? in blood and treasure of the United States and also the Iraqi people," Defense Secretary Leon Panetta told the roughly 200 troops and others in attendance. "Those lives have not been lost in vain -- they gave birth to an independent, free and sovereign Iraq."

Gen. Lloyd Austin, the top U.S. commander in Iraq, said the Iraqi people now have an unprecedented opportunity to live in a relatively peaceful environment, but he also acknowledged it will be a challenging time. And he urged Iraqi leaders to make good choices based on what is best for their people.

"Violence and prosperity cannot co-exist," said Austin, who eight years, eight months and 26 days ago gave the order for U.S. troops to storm across the border into Iraq. And on Thursday he gave the order to retire the flag of U.S. Forces-Iraq.

The flag was then rolled up, covered by a camouflage colored sheath and will be brought back to the U.S.

Speaking to the troops in the audience, Panetta lauded their service and their bravery, adding, "You will leave with great pride ? lasting pride ? secure in knowing that your sacrifice has helped the Iraqi people to begin a new chapter in history."

Many Iraqis, however, are uncertain of how that chapter will unfold. Their relief at the end of Saddam, who was hanged on the last day of 2006, was tempered by a long and vicious war that was launched to find non-existent weapons of mass destruction and nearly plunged the nation into full-scale sectarian civil war.

"With this withdrawal, the Americans are leaving behind a destroyed country," said Mariam Khazim, a Shiite whose father was killed when a mortar shell struck his home in Sadr City. "The Americans did not leave modern schools or big factories behind them. Instead, they left thousands of widows and orphans. The Americans did not leave a free people and country behind them, in fact they left a ruined country and a divided nation."

Some Iraqis celebrated the exit of what they called American occupiers, neither invited nor welcome in a proud country.

"The American ceremony represents the failure of the U.S. occupation of Iraq due to the great resistance of the Iraqi people," said lawmaker Amir al-Kinani, a member of the political coalition loyal to anti-American cleric Muqtada al-Sadr.

Others said that while grateful for U.S. help ousting Saddam, the war went on too long. A majority of Americans would agree, according to opinion polls.

The low-key nature of the ceremony stood in sharp contrast to the high octane start of the war, which began before dawn on March 20, 2003, with an airstrike in southern Baghdad where Saddam was believed to be hiding. U.S. and allied ground forces then stormed across the featureless Kuwaiti desert, accompanied by reporters, photographers and television crews embedded with the troops.

The final few thousand U.S. troops will leave Iraq in orderly caravans and tightly scheduled flights.

Austin led the massive logistical challenge of shuttering hundreds of bases and combat outposts, and methodically moving more than 50,000 U.S. troops and their equipment out of Iraq over the last year ? while still conducting training, security assistance and counterterrorism battles.

The war "tested our military's strength and our ability to adapt and evolve," he said, noting the development of the new counterinsurgency doctrine.

As of Thursday, there were two U.S. bases and less than 4,000 U.S. troops in Iraq ? a dramatic drop from the roughly 500 military installations and as many as 170,000 troops during the surge ordered by President George W. Bush in 2007, when violence and raging sectarianism gripped the country. All U.S. troops are slated to be out of Iraq by the end of the year, but officials are likely to meet that goal a bit before then.

The total U.S. departure is a bit earlier than initially planned, and military leaders worry that it is a bit premature for the still maturing Iraqi security forces, who face continuing struggles to develop the logistics, air operations, surveillance and intelligence-sharing capabilities they will need in what has long been a difficult region.

Despite President Barack Obama's earlier contention that all American troops would be home for Christmas, at least 4,000 forces will remain in Kuwait for some months. The troops will be able to help finalize the move out of Iraq, but could also be used as a quick reaction force if needed.

Obama stopped short of calling the U.S. effort in Iraq a victory in an interview taped Thursday with ABC News' Barbara Walters.

"I would describe our troops as having succeeded in the mission of giving to the Iraqis their country in a way that gives them a chance for a successful future," Obama said.

Despite the war's toll and unpopularity, Panetta insisted that it "has not been in vain."

Iraqi citizens offered a more pessimistic assessment. "The Americans are leaving behind them a destroyed country," said Mariam Khazim of Sadr City. "The Americans did not leave modern schools or big factories behind them. Instead, they left thousands of widows and orphans."

The Iraq Body Count website says more than 100,000 Iraqis have been killed since the U.S. invasion. The vast majority were civilians.

Panetta echoed Obama's promise that the U.S. plans to keep a robust diplomatic presence in Iraq, foster a deep and lasting relationship with the nation and maintain a strong military force in the region.

U.S. officials were unable to reach an agreement with the Iraqis on legal issues and troop immunity that would have allowed a small training and counterterrorism force to remain. U.S. defense officials said they expect there will be no movement on that issue until sometime next year.

Obama met in Washington with Iraqi Prime Minister Nouri al-Maliki earlier this week, vowing to remain committed to Iraq as the two countries struggle to define their new relationship. Ending the war was an early goal of the Obama administration, and Thursday's ceremony will allow the president to fulfill a crucial campaign promise during a politically opportune time. The 2012 presidential race is roiling and Republicans are in a ferocious battle to determine who will face off against Obama in the election.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2011-12-15-Iraq/id-530e6dafbb2f47c78e67b91bb2cfd3be

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Olympus reveals $1 billion balance sheet hit (Reuters)

TOKYO (Reuters) ? Japan's disgraced Olympus Corp ironed out its crooked accounts on Wednesday after a 13-year fraud, with a $1.1 billion dent in its balance sheet triggering speculation it will need to merge, sell assets or raise capital to repair its finances.

The 92-year-old maker of cameras and medical equipment filed five years' worth of corrected statements, plus overdue first-half results, just hours before a Tokyo Stock Exchange deadline that could have seen it automatically delisted.

The most recent restatement, for end-June 2011, showed an 84 billion yen ($1.08 billion) reduction in net assets. Olympus added that as of end-September, its net assets were just 46 billion yen, down from a restated 225 billion yen in March 2007.

It also revealed a net loss of 32.33 billion yen for the six months to end-September, further fuelling talk the once-proud firm would need to move quickly to shore up its balance sheet or risk becoming prey to a takeover.

"Most probably Olympus has to increase capital. It's best for the company to merge with others rather than rebuild by itself," said Ryosuke Okazaki, chief investment officer at ITC Investment Partners.

Ousted CEO Michael Woodford, who blew the whistle on the loss cover-up and is campaigning to get his old job back, said that if reinstated, he would move fast to recapitalize Olympus.

But he said he favored private equity or a rights issue over a strategic alliance. Rights issues -- where existing shareholders are issued warrants to buy new stock -- are rare in Japan.

"You have to look at improving the capital structure of the company. Because of the litigation risk, you couldn't do that publicly, so you have (as) options a strategic alliance, private equity or a rights issue," Woodford told Reuters.

He said a strategic alliance would lose Olympus its independence, "which I think the employees most of all would not like."

Olympus President Shuichi Takayama has said he may sell assets or accept a capital tie-up to bolster the capital base.

Olympus has been dogged by rumors of bid interest from rivals, such as fellow endoscope makers Fujifilm and Hoya, or from private equity since it sacked its British chief executive and the scandal broke in October.

The stock, which has since lost about half its value to about $4.7 billion, closed down 4 percent on Wednesday.

RELIEVED, BUT NOT OUT OF THE WOODS

"The company might consider recapitalization because 46 billion yen is a very small amount of equity," said Nanako Imazu, an analyst at CLSA in Tokyo. "Any significant change in earnings to the downside or any significant change in the yen versus the dollar or the euro is a big risk."

Olympus' debt is about 14 times its equity, an extremely high ratio that compares to less than 1 for camera and office equipment maker Canon Inc.

Some investors were at least relieved that Olympus had met the deadline to fix its accounts, without sliding into technical insolvency at any stage in its restated accounts. Olympus also assured investors it was able to secure continued funding.

"This is extremely positive for Olympus as it can avoid getting delisted after meeting the deadline to submit its earnings," said ITC Investment Partners' Okazaki.

Other investors, though, remained wary, noting that the exchange could still delist Olympus if it deemed the past misrepresentations of its financial health were large enough.

"Although liabilities had not exceeded assets, it does not change the fact that they were window-dressing and, since the amount involved is so big and the period of time this was going on was so long, it's difficult to say what the Tokyo Stock Exchange will do," said Fujio Ando, senior managing director at Chibagin Asset Management.

"I would not say that fear of delisting has disappeared."

The Tokyo exchange said after the announcements that it was keeping Olympus on its watchlist for possible delisting.

Some of the restated accounts also came with qualified opinions from auditors, with KPMG AZSA LLC noting it had been unable to confirm all the money flows involved in the fraud.

"We were unable to get sufficient and appropriate proof for auditing on specific assets and amounts," the auditor wrote.

'REALISTIC CHANCE'

Olympus triggered the crisis on October 14 when it sacked Woodford, who immediately went public with his doubts about murky past M&A deals. Woodford is now appealing to shareholders to support his comeback as part of a complete board renewal.

The board has committed to resigning over the scandal, but wants to choose its own successors before quitting, setting up the prospect of a proxy war between its own candidates and those being assembled by Woodford as part of his campaign.

"The shareholding balance is such that there is a realistic chance we could win a proxy fight," Woodford said earlier. But he added that such a battle would cause a split between foreign and Japanese shareholders and he hoped it could be avoided.

"I think it would be harmful because it would show potentially Japan institutional investors are a club," Woodford said about a possible proxy battle.

Three big foreign shareholders -- Southeastern Asset Management, Harris Associates and Baillie Gifford & Co -- have said they back Woodford's bid to be reinstated.

"It continues to be clear that management and the board must change as soon as possible," said Josh Shores, a London-based principal at U.S. fund manager Southeastern Asset Management, Olympus's largest foreign investor.

"Olympus needs a credible board with independent directors providing oversight of the clean-up and company revamp," he told Reuters. "The involvement of Mr. Woodford will be a strong sign that the fix will be done in a thorough and transparent manner positioning Olympus for a strong future."

But Japanese institutional investors appear worried about whether he can win over the company's employees as well as his plans to turn the firm around.

Woodford said he was willing to meet Takayama at any time, but added incumbent directors were too discredited to be in a position to choose their successors.

"The only purge Olympus needs is in the boardroom," Woodford said on a live Internet broadcast late on Wednesday as part of his effort to woo employees, investors and the public.

"The culture is a good one. We make wonderful products. We have strong people and the problem is isolated at the board. So change the board and the company can get behind the new management and start moving forward."

He told Reuters he would probably be the sole foreigner on his list of board candidates. If he lost a proxy fight for control of the company, he would likely abandon his efforts to change the company, he said.

A rare foreign CEO in Japan when he led Olympus, Woodford has sought to soothe concerns about his plans for the firm.

"I want no part in selling Olympus or breaking it up," he said, adding he would not close the struggling camera business.

"People say the 'gaijin' president would shut it," Woodford said, using the Japanese word for foreigner. "I wouldn't."

(Additional reporting by James Topham, Mari Saito, Chikafumi Hodo, Nathan Layne, Yoko Kubota and Isabel Reynolds in TOKYO and Sinead Cruise in LONDON; Writing by Mark Bendeich and Linda Sieg; Editing by Ian Geoghegan)

Source: http://us.rd.yahoo.com/dailynews/rss/japan/*http%3A//news.yahoo.com/s/nm/20111214/tc_nm/us_olympus

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Wednesday, December 7, 2011

Actor Hugh Grant to give evidence on privacy (AP)

LONDON ? Actor Hugh Grant and former Formula One chief Max Mosley will give evidence to British lawmakers about privacy laws and injunctions.

The lawmakers are gathering evidence about the efficacy of privacy laws and the use of legal gag orders that have been accused of stifling the media.

Media outlets have expressed alarm at the increasing use of injunctions or so-called "super-injunctions," court orders which not only ban reporting of details of a specific case, but often forbid any public mention that an injunction exists.

Mosley and Grant have both had details of their private lives published in several newspapers and both gave evidence last month at Leveson inquiry on media practices.

Source: http://us.rd.yahoo.com/dailynews/rss/movies/*http%3A//news.yahoo.com/s/ap/20111205/ap_en_mo/eu_britain_privacy

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