Autonomy’s Lynch defends record as HP confirms Federal probe

LONDON (Reuters) – Mike Lynch, the founder of the software firm sold to Hewlett-Packard last year in a deal tainted by accusations of accounting fraud, said he would defend the company’s accounts to U.S. Federal investigators.

HP confirmed in a filing late on Thursday that the U.S. Department of Justice was investigating Autonomy‘s books.

The PC and printer maker bought the British company for $ 11 billion last year to lead its push into the more profitable software sector.

Autonomy did not deliver the growth expected, resulting in Lynch’s departure earlier this year.

But worse was to come last month when HP wrote off some $ 5 billion of the company’s value and accused its former management of accounting improprieties that inflated its value.

The Silicon Valley company said it had passed information from a whistleblower to the U.S. Department of Justice, the SEC and Britain’s Serious Fraud Office.

“On November 21, 2012, representatives of the U.S. Department of Justice advised HP that they had opened an investigation relating to Autonomy,” it said in the filing.

“HP is cooperating with the three investigating agencies.”

Lynch launched a robust defense of his track record almost immediately after HP made the accusations.

He said on Friday that he was still waiting for a detailed calculation of HP’s $ 5 billion writedown of Autonomy’s value and a published explanation of the allegations.

“Simply put these allegations are false, and in the absence of further detail we cannot understand what HP believes to be the basis for them,” he said in a statement.

“We continue to reject these allegations in the strongest possible terms. Autonomy’s financial accounts were properly maintained in accordance with applicable regulations, fully audited by Deloitte and available to HP during the due diligence process.”

Lynch said he had not been approached by any regulatory authority, but he would co-operate with any investigation and looked forward to the opportunity to explain his position.

HP has refused to concede to Lynch’s demands for more information about the allegations.

“While Dr. Lynch is eager for a debate, we believe the legal process is the correct method in which to bring out the facts and take action on behalf of our shareholders,” it said in response to an open letter from Lynch last month

“In that setting, we look forward to hearing Dr. Lynch and other former Autonomy employees answer questions under penalty of perjury.”

(Reporting by Paul Sandle; Editing by Helen Massy-Beresford)

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‘The Hobbit’ stays atop box office for third week

LOS ANGELES (AP) — “The Hobbit: An Unexpected Journey” continues to rule them all at the box office, staying on top for a third-straight week with nearly $ 33 million.

The Warner Bros. fantasy epic from director Peter Jackson, based on the J.R.R. Tolkien novel, has made $ 222.7 million domestically alone.

Two big holiday movies — and potential awards contenders — also had strong openings. Quentin Tarantino‘s spaghetti Western-blaxploitation mash-up “Django Unchained” came in second place for the weekend with $ 30.7 million. The Weinstein Co. revenge epic, starring Jamie Foxx and Christoph Waltz, has earned $ 64 million since its Christmas Day opening.

And in third place with $ 28 million was the sweeping, all-singing “Les Miserables.” The Universal Pictures musical starring Hugh Jackman and Anne Hathaway has made $ 67.5 million since debuting on Christmas.

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Democrats, Republicans apart on key “fiscal cliff” issues: Reid

WASHINGTON (Reuters) – Senate Majority Leader Harry Reid said on Sunday that Democrats and Republicans still had key differences in talks to avert a looming year-end “fiscal cliff,” and he had not been able to make a counteroffer to the latest Republican proposal.

“I’ve had a number of conversations with the president and at this stage we’re not able to make a counteroffer,” Reid said on the Senate floor.

He said that as the day wears on, Democrats may be able to make such an offer.

“I think that the Republican leader has shown absolutely good faith. It’s just that we’re apart on some pretty big issues,” Reid added. (Reporting By David Lawder; Editing by David Brunnstrom)

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From IPads to Crocs, New Patent Law Protects Design

One of Apple’s key weapons in its legal battle against competitors is a special type of patent that protects the visual appearance of a product. Critics have denounced these patents as a way to own “rounded rectangles”, but we may have to get used to seeing a lot more of them. Last week President Obama signed a law that will increase the term and scope of so-called design patents. The law could offer U.S. designers a new way to fight knockoffs—but some fear it will strain an already overburdened Patent Office and make America’s troubled patent system even more dysfunctional.

Design patents, which protect the ornamental features of an invention, are nothing new. To get a better idea of what they are, imagine a new type of fork that can pick up food better than ever before. The inventor could get a regular patent for the pickup function—but she could also get a design patent for distinct scrollwork built into the handle of the fork. A more familiar example is the design patents that cover the look and feel of Apple’s iPad.

Few people had heard of design patents until recently, when shoe company Crocs (CROX) used them to chase away rivals or Apple (AAPL) used its design patents to hammer Samsung (005930) for allegedly copying the iPhone and iPad. Design patents have also become more popular as the Supreme Court has taken an increasingly dim view of many conventional utility patents. (See the picture at right, posted by leading patent blog Patently-O, for examples of design patents in court right now.)

The just-signed Patent Law Treaties Implantation Act of 2012 will see more design patent requests flood in from more places. The main purpose of the law is to harmonize America’s design patent laws with the rest of the world—in particular, by letting “inventors” use a single application filed anywhere in the world to seek design rights in many countries at once. For instance, Ikea could submit drawings of a chair in Sweden and get a U.S. design patent based on the same application. The law, which will take effect in about a year, will also increase the design patent term from 14 years to 15 years and allow applicants to seek 100 different design inventions with a single application.

Richard Stockton, a patent lawyer at Banner & Witcoff in Chicago, says that traditionally, the first people to call him about design patents are manufacturers who outsource production to China but then discover the factory owner is replicating their product.

Now, though, he expects the new treaty rules will lead more foreign companies to apply for design patents in the U.S.

“Asia is very interested. A lot of people think there will be a snowball effect,” says Stockton. He adds that recent court fights between Apple and Samsung have awakened people to the fact that design patents are easier to get than utility patents.

“I’ve obtained them in 60 days with some elbow grease,” claimed Stockton, adding that a “good rule of thumb” price for a basic design patent application is $ 2,500 to $ 3,000 all-in, vs. several times that for a regular patent. (The 60-day figure might be an outlier—others say it usually takes more than a year.)

Stockton says design patents also pack more of a damages punch than regular patents because, if they are infringed, a court must award damages based on the value of the whole invention, not just a patented feature.

Sarah Burstein, a design patent expert at the University of Oklahoma, is skeptical that the new law is necessary and fears that lawyers will game design patents in the same way they have gamed other parts of the patent system. “The devil is in the details,” she said in a phone interview, and she predicted that more applications will arrive from Japan, Asia, and the rest of the world. U.S. designers, meanwhile, can likewise seek rights in more places.

Burstein is especially concerned about how the new law, as it stands, requires the U.S. Patent Office to reject design applications from foreign countries within a certain period of time. If it doesn’t, under the treaty, the applicant is entitled to design rights in America. And if a flood of new applications arrive, will the Patent Office be able to handle them? The office is already struggling to clear backlog and retain qualified examiners with starting salaries that begin around $ 42,000.

Burstein worries that the law’s current structure could lead companies to seek design rights first in countries with weaker standards and then use those overseas rights as a quick way to get design patent protection in the U.S.

And while the new protections could help U.S. designers in theory, Burstein believes any benefits will not be widespread.

“This won’t help poor design students,” she said.

A bigger question may be why Congress passed the law in the first place. America’s technology and retail sectors are already buckling under a wave of spurious patent lawsuits, many of which involve “patent trolls” using old patents to extort licensing fees. The new law could provide yet more ammunition for the trolls to shake down productive companies. And while most people would agree that inventors should have the right to stop ripoffs, America already has robust trademark and trade dress rules that let them do just that.

Ultimately, design patents may be yet one more area where America discovers that intellectual property rules are a lot like salt—a little bit can be great, but too much ruins everything.

Also from GigaOM:
Social 2013: The Enterprise Strikes Back (subscription required)

GigaOM’s Top 10 Cleantech Posts of 2012

Newspapers and Guns: If Data Are Available, Should They Always Be Published?

Is Congress Really Capable of Legislating the Future?

Christmas Content: E-books Boom, IOS Uplift

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Pakistan militants kill 41 in mass execution, attack on Shi’ites

PESHWAR, Pakistan (Reuters) – Pakistani militants, who have escalated attacks in recent weeks, killed at least 41 people in two separate incidents, officials said on Sunday, challenging assertions that military offensives have broken the back of hardline Islamist groups.

The United States has long pressured nuclear-armed ally Pakistan to crack down harder on both homegrown militants groups such as the Taliban and others which are based on its soil and attack Western forces in Afghanistan.

In the north, 21 men working for a government-backed paramilitary force were executed overnight after they were kidnapped last week, a provincial official said.

Twenty Shi’ite pilgrims died and 24 were wounded, meanwhile, when a car bomb targeted their bus convoy as it headed toward the Iranian border in the southwest, a doctor said.

New York-based Human Rights Watch has noted more than 320 Shias killed this year in Pakistan and said attacks were on the rise. It said the government’s failure to catch or prosecute attackers suggested it was “indifferent” to the killings.

Pakistan, seen as critical to U.S. efforts to stabilize the region before NATO forces withdraw from Afghanistan by the end of 2014, denies allegations that it supports militant groups like the Afghan Taliban and Haqqani network.

Afghan officials say Pakistan seems more genuine than ever about promoting peace in Afghanistan.

At home, it faces a variety of highly lethal militant groups that carry out suicide bombings, attack police and military facilities and launch sectarian attacks like the one on the bus in the southwest.

Witnesses said a blast targeted their three buses as they were overtaking a car about 60 km (35 miles) west of Quetta, capital of sparsely populated Baluchistan province.

“The bus next to us caught on fire immediately,” said pilgrim Hussein Ali, 60. “We tried to save our companions, but were driven back by the intensity of the heat.”

Twenty people had been killed and 24 wounded, said an official at Mastung district hospital.

CONCERN OVER EXTREMIST SUNNI GROUPS

International attention has focused on al Qaeda and the Pakistani Taliban.

But Pakistani intelligence officials say extremist Sunni groups, lead by Lashkar-e-Jhangvi (LeJ) are emerging as a major destabilizing force in a campaign designed to topple the government.

Their strategy now, the officials say, is to carry out attacks on Shi’ites to create the kind of sectarian tensions that pushed countries like Iraq to the brink of civil war.

As elections scheduled for next year approach, Pakistanis will be asking what sort of progress their leaders have made in the fight against militancy and a host of other issues, such as poverty, official corruption and chronic power cuts.

Pakistan’s Taliban have carried out a series of recent bold attacks, as military officials point to what they say is a power struggle in the group’s leadership revolving around whether it should ease attacks on the Pakistani state and join groups fighting U.S.-led forces in Afghanistan.

The Taliban denies a rift exists among its leaders.

In the attack in the northwest, officials said they had found the bodies of 21 men kidnapped from their checkpoints outside the provincial capital of Peshawar on Thursday. The men were executed one by one.

“They were tied up and blindfolded,” Naveed Anwar, a senior administration official, said by telephone.

“They were lined up and shot in the head,” said Habibullah Arif, another local official, also by telephone.

One man was shot and seriously wounded but survived, the officials said. He was in critical condition and being treated at a local hospital. Another had escaped before the shootings.

Taliban spokesman Ihsanullah Ihsan claimed responsibility for the attacks.

“We killed all the kidnapped men after a council of senior clerics gave a verdict for their execution. We didn’t make any demand for their release because we don’t spare any prisoners who are caught during fighting,” he said.

The powerful military has clawed back territory from the Taliban, but the kidnap and executions underline the insurgents’ ability to mount high-profile, deadly attacks in major cities.

This month, suicide bombers attacked Peshawar’s airport on December 15 and a bomb killed a senior Pashtun nationalist politician and eight other people at a rally on December 22.

(Additional reporting by Saud Mehsud in DERA ISMAIL KHAN and Gul Yousufzai in QUETTA; Writing by Katharine Houreld; Editing by Michael Georgy and Ron Popeski)

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NORAD Santa trackers draw record number of phone calls, social media followers

PETERSON AIR FORCE BASE, Colo. – NORAD says it drew a record number of phone calls and social media followers during its NORAD Tracks Santa operation on Christmas Eve.

The North American Aerospace Defence Command said Friday volunteers answered more than 114,000 calls, up 12,000 from 2011.

NORAD’s Santa Facebook page had more than 1.2 million followers, up from about 1 million last year. More than 129,000 people followed on Twitter, up from 101,000 last year.

NORAD got 11,000 emails, up from 7,700 in 2011.

More than 1,250 volunteers answered phone calls, including first lady Michelle Obama.

NORAD Tracks Santa began in 1955 when a newspaper listed the wrong number for children to call Santa. They wound up calling the Continental Air Defence Command, NORAD’s predecessor.

The operation is based at Peterson Air Force Base, Colo.

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Matt Damon tackles “fracking” issue in the “Promised Land”

LOS ANGELES (Reuters) – The hot-button topic of “fracking” has finally made its way to Hollywood in the new movie “Promised Land,” out in U.S. theaters on Friday, with actors Matt Damon and John Krasinski teaming up to further the debate on the energy drilling technique.

The film explores the social impact of hydraulic fracturing drilling technique, or “fracking,” which has sparked nation-wide environmental and political battles over its impact on drinking water, U.S. energy use, seismic activity and other areas.

“Promised Land” will see Damon, 42, reunite with director Gus Van Sant for the third time, following their success with 1997 film “Good Will Hunting and 2002′s “Gerry.”

In their latest film, Damon plays a corporate salesman who goes to a rural U.S. town to buy or lease land on behalf of a gas company looking to drill for oil. He soon faces opposition from a slick environmentalist, played by Krasinski.

In real life, Damon hasn’t shied away from getting involved in political and social issues, working with charities and organizations to eradicate AIDS in developing countries, bringing attention to atrocities in Sudan’s Darfur region, providing safe drinking water and stopping trees from being chopped and used for junk mail.

Yet “Promised Land,” which Damon also co-wrote and produced, doesn’t take a noticeable stance on “fracking.” The actor would not publicly state his own views, telling Reuters that he didn’t think his opinion had “any bearing” on the film.

“The point is that the movie should start a conversation. It’s certainly not a pro-fracking movie, but we didn’t want to tell people what to think,” Damon said.

The actor said he and Krasinski never set out to make a socially conscious film, and “fracking” was added in later, as a backdrop to the story.

“It wasn’t that we said we wanted to make a movie about ‘fracking’ as much as we wanted to make a movie about American identity, about real people. We wanted to make a movie about the country today, where we came from, where we are and where we are headed,” Damon said.

“‘Fracking’ was perfect because the stakes are so incredibly high and people are so divided. It asks all the questions about short-term thinking versus long-term thinking.”

Hydraulic fracturing entails pumping water laced with chemicals and sand at high pressure into shale rock formations to break them up and unleash hydrocarbons. Critics worry that “fracking” fluids or hydrocarbons can still leak into water tables from wells, or above ground.

FROM ‘ADJUSTMENT BUREAU’ TO ‘PROMISED LAND’

At first glance, the pairing of Damon with Krasinski may not come across as the perfect fit, as Damon has primarily been associated with longtime friend and collaborator Ben Affleck, both of whom won Oscars for writing “Good Will Hunting.”

Damon later become a colleague and friend to a number of key Hollywood players, including George Clooney and Brad Pitt, with whom he co-starred in the “Ocean’s Eleven” franchise.

Krasinski, 33, is best known for playing sardonic Jim Halpert on NBC’s long-running television series, “The Office,” and has had occasional supporting roles in films such as 2008′s “Leatherheads.”

Damon and Krasinski came together after meeting through Krasinski’s wife, Emily Blunt, who co-starred with Damon in the 2011 film “The Adjustment Bureau.” Damon said he and his wife started double-dating with Krasinski and Blunt, through which their collaboration on “Promised Land” came about.

The duo’s busy work schedules forced them to moonlight on weekends to make “Promised Land.”

“John showed up at my house every Saturday at breakfast and we would write all day until dinner,” Damon said. “Then we’d do it again on Sunday. I have four kids so he would come to me.”

But Damon’s determination to make the film his feature directorial debut fell through when his acting schedule changed, making it impossible to direct “Promised Land,” so he turned to Van Sant.

“My first inclination was to send the script to somebody I’d worked with before,” he said. “Gus seemed like the most obvious choice and I realized later that I’d never written anything that anyone else had directed, except Gus. I have a real comfort level with him.”

Damon said he has not given up on his dream of directing movies and has his eye on a project at movie studio Warner Bros., which has a deal with Damon and Affleck’s joint production company, Pearl Street Films.

With Affleck’s third directorial effort “Argo” becoming an awards contender, Damon joked that the film’s success can only be a good thing for his own budding directing career.

“I now happen to be partnered with the hottest director in Hollywood!” he said, laughing.

(Reporting By Zorianna Kit, Editing by Piya Sinha-Roy and Paul Simao)

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Brazil president, cancer survivor, pronounced healthy

BRASILIA (Reuters) – Brazilian President Dilma Rousseff, who survived lymphoma cancer in 2009, was pronounced healthy by doctors after a routine exam on Friday.

Rousseff’s health was “within normal levels,” according to a statement released by her office following the check-up at the Sirio-Libanes Hospital in Sao Paulo, one of South America‘s leading cancer treatment centers.

Rousseff underwent chemotherapy in 2009 and briefly wore a wig, but the cancer went into remission and she appeared to be in good health by the time she staged her winning campaign for the presidency in 2010.

Concerns over her health have faded since then, although a bout with pneumonia and a lengthy recovery in 2011 have kept the issue on some investors’ radar screens.

(Reporting by Ana Flor, Writing by Brian Winter; Editing by Doina Chiacu)

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Reasons to Be Scared of Microsoft Stock

The early days of January are typically a time of unbridled optimism. This will be the year we lose 10 pounds and learn to speak French; Japan will turn itself around; Microsoft (MSFT) stock will pull itself out of a decade of doldrums.

Most analysts are betting that the Redmond computer company’s time has come. The company’s fiscal-year revenue has nearly tripled to $ 74 billion in the last 10 years. At $ 27, the shares trade right at their 10-year average and yield more than it costs the company to issue debt. Redmond has Skunk-Worked an exciting new tablet and operating system it’s eager to showcase. It’s all backed by ridiculous amounts of free cash and a fortress-like balance sheet. The 12-month price target on the stock forecasts a 25 percent gain.

Still, the company has attracted at least one major detractor with a big megaphone: Barry Ritholtz, an asset manager who runs a quantitative research firm and founder of the well-trafficked blog The Big Picture. He considers the company a “classic value trap,” not unlike what its customers Dell (DELL) and Hewlett Packard (HPQ) were at the start of this annus horribilis. The problem, he says, is Microsoft Chief Executive Officer Steve Ballmer. “As long as he is running the show—he has missed every major trend in tech over the past decade—I have no confidence in the company.”

He has company. Activist investor David Einhorn has wanted Ballmer out for more than a year and was long the shares in hopes that such an ouster would boost Microsoft’s returns. The stock is up 3 percent this year, compared with the S&P 500’s 14 percent gain. The 13 years since Ballmer became CEO have included the Vista debacle, a thankfully thwarted bid to overpay for Yahoo! (YHOO), the ceding of search supremacy to Google (GOOG), and Apple’s (AAPL) envisioning and dominating much of the smartphone and tablet markets. Meanwhile, where’s that “Skype Phone” in every palm?

‘Value trap’ is a funny term, says Bill Koefoed, Microsoft’s general manager of investor relations. Microsoft, he says, is trading in line with the big-cap technology sector, which has recently been out of favor with investors.

“Enterprise tech hasn’t been as sexy to the press. But our relevance to the enterprise has grown in a huge way. Our database business is growing faster than Oracle’s (ORCL) and IBM’s (IBM).”

Koefoed says people focus on Windows, which provides a quarter of Microsoft’s overall revenue, but not on the comparable 25 percent contribution from the company’s servers and tools division, which he emphasizes that Ballmer has grown, from a $ 3 billion business, to a $ 19 billion enterprise over the past decade. ”Over time, the stock price works itself out. We’re doing a whole bunch of things to be shareholder-friendly. Over time, that will be reflected in our share price.”

Meanwhile, Koefoed says, it was under Ballmer that the company initiated and consistently increased its dividend—with Microsoft shareholders overwhelmingly backing the CEO last month.

Ritholtz is unpersuaded “Think of the difference between what is revealed by a single snapshot of Microsoft today vs. an extended video. Yes, you can see the current situation of lots of cash, a low price-earnings multiple, name recognition, enterprise usage. But what about the trajectory and changes to the underlying market for their goods and services?”

He says that other than Kinnect for Xbox 360, “it’s hard to see what Microsoft gets for its billions of [research and development] dollars.”

“The competitive landscape has been moving against Microsoft,” wrote N. Landell-Mills of Indigo Equity Research after Microsoft’s “uninspiring” latest quarterly report, which involved the company raising its dividend 15 percent. The analyst called the organization “un-innovative and complex” and “a digital dinosaur.”

The full rollout of Windows 8 could, of course, change that state of affairs. Not that early signs are promising.

With the PC replacement cycle stretched out and assailed by competition that Microsoft failed to oppose, Ritholtz has taken to comparing its fate to that of Maytag (WHR). “It was,” he says, “once hugely successful and innovative and created lots of products and markets. Now you replace your dishwasher every 10 years; that’s the only time you ever think of Maytag.”

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2 arrested after Guinea treasury chief killed

CONAKRY, Guinea (AP) — Officials in the West African nation of Guinea say they’ve arrested two suspects in the case of the killing of the country’s treasury chief, who was shot to death nearly two months ago.

Authorities paraded the pair in front of journalists Friday. Aissatou Boiro was killed as she was driving home. She had launched an investigation into the loss of 13 million francs ($ 1.8 million) which went missing from the state coffers.

The government says the suspects were found with Boiro‘s computer memory stick and mobile telephone.

The men denied any involvement in her slaying and said a friend had given them the items.

Boiro’s colleagues say she had zero tolerance for corruption and was intent on putting an end to the mismanagement of state funds.

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