Steve Ballmer to retire as Microsoft CEO

Software firm's shares jump almost nine percent after its chief executive announced his retirement in 12 months time.

Ballmer took over as CEO in 2000 from co-founder Bill Gates, a classmate from Harvard University [File: AFP]

Microsoft chief executive Steve Ballmer has announced he will retire within 12 months, opening a new chapter for a company struggling to keep pace with the fast-changing technology sector. Microsoft shares leapt as much as nine percent in pre-market trade and closed up 7.3 percent at $34.76, after the surprise announcement sparked a rally in the stock. "There is never a perfect time for this type of transition, but now is the right time," Ballmer said in a statement on Friday. There is never a perfect time for this type of transition, but now is the right time Steve Ballmer, Microsoft CEO "My original thoughts on timing would have had my retirement happen in the middle of our company's transformation to a devices and services company. We need a CEO who will be here longer term for this new direction." Ballmer took over as CEO in 2000 from co-founder Bill Gates, a classmate and friend from their days at Harvard University in the 1970s. When Ballmer took over, Microsoft was the undisputed technology sector leader, and the world's largest company in market value. But in recent years it has struggled as consumers began to move from desktop and laptop PCs to mobile devices. While its Windows software is used on the vast majority of personal computers, Microsoft has had little impact in the fast-growing segments of tablets and smartphones. Ballmer, 57, will continue in the interim as CEO "and will lead Microsoft through the next steps of its transformation to a devices and services company," a company statement said. The board of directors has appointed a special committee to direct the process chaired by independent director John Thompson and including Gates, Chuck Noski and Steve Luczo. Microsoft said it is working with Heidrick & Struggles International, an executive recruiting firm, and will consider both external and internal candidates.

S Africa national airline staff go on strike

Spokesman for transport labour union says industrial action called to press for double-digit wage increases.

The air technicians' action is just one of the latest in a wave work of stoppages in South Africa [EPA]

Hundreds of aircraft maintenance technicians with South Africa's national airline have put down their tools in the latest strike to hit the country, according to a union official. About 1,300 technicians who repair and service aircraft at the SAA and are also used by other domestic and international carriers, including British Airways and Qantas, were involved in Monday's strike. "Our members are striking for a double-digit salary increase of 12 percent," Vincent Masoga, spokesman for the South African Transport and Allied Union (SATAWU), told AFP news agency on Monday. "There are pickets going on near the airport right now." He said some members were picketing at OR Tambo International Airport, which would possibly affect operations of domestic and international flights that are contracted with SAA’s technical operations, the City Press newspaper reported. There was no immediate comment from South African Airways (SAA). Tlali Tlali, SAA spokesperson, said as far as he knew, numerous flights had taken off and landed at the airport, according to City Press. "It's a bit early to tell if operations could be severely affected, but we have contingency plans in place," Tlali said. He declined to comment on the wage negotiations, but maintained that it was a transparent process between the unions and the employer. No talks through media Tlali said SAA would make an offer that would be sustainable. "We are not in the habit of conducting our wage talks through the media," he said. "But the unions have been told to [take] the company’s current financial situation into account, as the international climate of airlines, at the moment, also affects us." The Airports Company of South Africa (ACSA), which handles some 650 departing flights, said it was taking measures to minimise any disruptions. ACSA is "monitoring the situation closely across its network of nine airports and ... will utilise its resources to provide support to the airlines in order to minimise any potential operational disruptions," it said in a statement. The action is just one of the latest in a wave work of stoppages in South Africa. About 30,000 car-industry workers have been on strike for a week, crippling domestic production. Construction industry employees are expected to halt work from this week. They are likely to be followed by workers in the gold mining and textile sectors. Such strikes are common at this time of the year in South Africa, when annual wage negotiations take place.

Stocks higher after Nasdaq's 3-hour halt

Click the chart for more stock market data.

NEW YORK (CNNMoney)

U.S. stocks closed higher Thursday even after a technical glitch at the Nasdaq OMX caused a trading halt in all Nasdaq-listed stocks and options for more than three hours.

The Nasdaq is home to more than 2,700 stocks, particularly technology giants such as Apple (AAPL, Fortune 500), Google (GOOG, Fortune 500) and Microsoft (MSFT, Fortune 500). Trading at the exchange was halted around 12:14 p.m. ET due to issues with "quote dissemination." Options trading was also halted, and the New York Stock Exchange and the BATS exchange had also halted all Nasdaq securities.

Nasdaq resumed trading first in shares of Atlantic America (AAME)at 3 p.m ET, following a 15-minute quote only period. All other securities began trading at 3:25 p.m. ET, also following a 15-minute quote only period. The quote only period, which is typically used during initial public offerings, allowed the Nasdaq to accept buy and sell orders, and investors were also able to cancel orders during the period.
When trading resumed, stocks picked up where they left off around the midday stoppage. The Dow Jones industrial average broke a six-day losing streak while the S&P 500 climbed nearly 1%. The Nasdaq advanced more than 1%.
But there was one notable exception. Shares of Nasdaq OMX (NDAQ)dropped 3.4%. Before the halt, the exchange's stock was up nearly 1%.
SEC spokesman John Nester said the agency is "monitoring the situation" and that it is "in close contact with the exchanges."
Related: Trading glitches a sad new market reality
The trading glitch could be another blow to investor confidence, which has been rattled over the years by the Flash Crash in 2010, Facebook's botched IPO, and more recently, a fat finger trade affecting China's stock market.
"We know machines run the show, but we're beginning to see glitches more and more frequently," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "That doesn't help overall confidence among investors."

 

High speed trading showdown

Broader market: Despite troubles at the Nasdaq, the broader stock market rallied as positive economic data from both China and Europe gave investors some optimism. European markets moved solidly higher, while Asian markets ended mixed.
A survey of European purchasing managers pointed to signs that the economy may be stabilizing there. Better-than-expected data from Chinese factories gave glimmers of hope for Asia and the broader global economy.
Click here for more on stocks, bonds, currencies and commodities
Emerging markets break losing streak too. Indian markets also jumped higher after four consecutive trading days of steep losses. The Mumbai Sensex popped up by nearly 2%. Markets have fallen by 11% over the past month due to concerns about a flagging economy, political gridlock and an outflow of foreign investment money.
Related: Fear & Greed Index is showing Fear
A retail rout: Looking at individual stocks on the move, several retailers plunged Thursday following weak quarterly numbers.
Abercrombie & Fitch (ANF) shares plummeted after the teen-oriented clothing retailer reported a slump in quarterly sales and profits and a terrible outlook.
Traders on StockTwits are worried. American Eagle Outfitters (AEO) also had a lousy earnings report this week. Aeropostale (ARO) shares tumbled in after-hours trading after the teen retailer also posted weak results.
CapitalObserver: Is there a demographic issue facing teen retailers? Hard to believe they are all just performing poorly $ANF $ARO $AEOsh
tickertutor: $ANF My guess is most "kids" in their demographic are looking to dress more adult with offerings from the likes of $KORS and others
Sears Holding (SHLD, Fortune 500)reported another quarterly loss as revenues continue to fall. Investors were not pleased.
StockTwits: #3: $SHLD is down 8%. Earnings missed the Street's estimates this morning. Two big misses since Eddie Lampert became CEO.
Ralphed: $SHLD "Kmart Sucks". Sears needs realize that loss and ditch them
GameStop (GME, Fortune 500) bucked the trend in retail. The video game seller's stock soared on better-than-expected earnings and strong guidance around the promise of new gaming consoles. Traders made light of how the stock, which has been a popular target of short sellers, continues to go higher despite many bears trying to talk it down.

 

GameStop soars on PS4, Xbox hopes

FinancialJuice: GameStop $GME says sees a 'significant positive' for console demand
broseidon: Anyone remember when Cramer said short $GME, quoting "its in a secular decline" BAHAHA... Cramermerica gets burned agian LOL
In the world of tech, Hewlett-Packard (HPQ, Fortune 500) shares dropped after the company announced its latest earnings on Wednesday, showing that PC sales are still in the dumps. HP is still the top stock in the Dow this year though, as investors have high hopes for the turnaround plan of CEO Meg Whitman.
After the closing bell, Gap (GPS, Fortune 500) reported better-than-expected revenue and lifted its outlook, sending shares higher in after-hours trading.
Pandora (P) also reported upbeat earnings, but the stock tumbled in after-hours trading after the online radio company issued weaker-than-expected guidance.

Banks face $2 billion U.K. credit card scandal bill

British and other banks will take part in the scheme to compensate customers in the latest of a series of scandals concerning misconduct in the financial services industry.

LONDON (CNNMoney)

Banks and credit card issuers will have to pay up to £1.3 billion ($2 billion) compensation to British customers who were sold identity theft and fraud protection policies they didn't need.

It's the latest in a series of fines, settlements and compensation payments in the industry as banks try to move on from a recent sorry history of manipulating interest rates, breaking money-laundering laws and selling individuals and businesses complex products that were inappropriate or not properly explained.

Regulators said they were setting up a program to allow seven million customers to claim compensation relating to 23 million insurance policies sold by Card Protection Plan (CPP), which was fined £10.5 million in November 2012.
"Customers were given misleading and unclear information about the policies so that they bought cover that either was not needed, or to cover risks that had been greatly exaggerated," the Financial Conduct Authority said in a statement.
Related: America's favorite credit cards
The policies cost between £30 and £80 per year and were widely mis-sold by CPP. Many customers were referred to CPP by the biggest names in U.K. financial services.
Thirteen banks and credit card issuers, including Barclays (BCBAY), HSBC (HBC), Morgan Stanley (MS, Fortune 500) and MBNA, will join CPP in the compensation program, which is open to anyone who bought one of the products since 2005.
Customers due compensation will be entitled to the amount they paid for the policy, less any payouts, plus 8% interest on the amount owed.
Other banks participating in the compensation program are Lloyds (LLDTF), Canada Square Operations Limited (formerly Egg Banking), Capital One (COF, Fortune 500), National Australia Group, Home Retail Group (HMRLF), Nationwide Building Society, Santander (SAN)and Tesco (TESO)Personal Finance.
Related: Ex-JPMorgan bankers charged over London Whale
The bill is small compared to the $20 billion the U.K. sector has already paid out to compensate buyers of payment protection insurance aggressively sold at inflated prices alongside mortgages and other loans for more than a decade.
But it comes as banks are still struggling to strengthen their balance sheets to make up for the cost of past misconduct and to meet new tougher rules on capital and liquidity introduced in the wake of the global financial crisis.
Barclays said last month it was looking to raise £7.8 billion by issuing new shares and debt to help plug a £12.8 billion cash gap identified by regulators. It is also shrinking its balance sheet.

Jackson Security Chief Reveals Drug Concerns

The former security boss says the star's children called emergency services when their dad collapsed at Disney World.

Michael Jackson's former security boss has told a jury that he was once concerned the singer would overdose on prescription drugs - but not around the time of his death.

Michael La Perruque said he spoke to two of Jackson's doctors about his concerns about the singer's medication use, but that he never spoke directly about it to the star because he did not want him to become defensive.
"It was my concern that he may overdose," he said.
Mr La Perruque said he occasionally went into Jackson's hotel room to make sure he was breathing and would often find doctors to treat the pop star when he travelled.
Mr La Perruque said Jackson called him in the middle of the night between 20 and 30 times in the early 2000s and was often mumbling and incoherent.
Half those times Mr La Perruque said he went to the singer's room to check on him, and they would start talking.
"I think he was just lonely," he said.
"He wanted somebody to talk to."
He said the singer's children called emergency services during a trip to Florida in 2001 or 2002 after their father collapsed in a hallway in a hotel suite at Disney World.
He said he found Jackson unconscious, revived him before paramedics arrived and never saw any signs of drugs or alcohol that the singer may have taken.

The court heard Jackson collapsed in front of his children

Paramedics checked out the singer and determined he did not need further medical attention, Mr La Perruque said.
He told jurors that his testimony on Thursday was only the second time he had told the story.
The first came in a deposition with lawyers for AEG Live LLC, which is being sued by Jackson's mother claiming the company negligently hired the doctor convicted of giving her son a fatal overdose of the anesthetic propofol.
Deborah Chang, an attorney for Jackson's mother, said there was no evidence that his collapse at Disney World was drug-related.
Mr La Perruque retired from his job as a deputy sheriff in 2001 to work as the head of Jackson's security detail and frequently travelled with him until 2004.
He then returned to oversee his security in late 2007.
Mr La Perruque said he did not see any signs that Jackson was impaired during the few months he worked for him again.
He testified he last saw Jackson two weeks before the singer's death and he looked fine, but he noticed that his former boss was skinnier than usual.
Mr La Perruque said Jackson kept members of his family away because he knew they were trying to stage an intervention.
He told jurors that Jackson's younger brother Randy arrived at Neverland Ranch one day in a helicopter to speak with his brother about his medication usage.
Mr La Perruque said he turned him away.
Jackson was rehearsing for a comeback tour when he died in 2009.

Falklands: Argentina Lodges New Claim At UN

President Cristina Kirchner renews her demand for sovereignty over the islands as her country chairs the Security Council.

Argentina has renewed its demand for sovereignty over the British-ruled Falkland Islands at the United Nations Security Council.

Speaking at the UN in New York, President Cristina Kirchner said: "This is not a fanciful stance. We simply want the United Nations resolution to be enforced and for our two countries to sit down and discuss this."
Argentina is currently chairing the Security Council, and Ms Kirchner admitted it was controversial to raise the Falklands during a debate ostensibly about the UN's ties with regional bodies.
Britain is a permanent member of the Security Council and its ambassador, Sir Mark Lyall Grant, was in the chamber to hear Ms Kirchner's speech.

Britain has ruled the islands since 1833

She recalled that the UN General Assembly passed a resolution in 1964 urging Britain and Argentina to hold negotiations over sovereignty of the islands, which Britain has ruled since 1833.
UN Secretary General Ban Ki-moon informed Ms Kirchner on Monday that Britain had again refused to discuss the sovereignty issue.
Argentina invaded the islands in April 1982, prompting Britain to send a task force of 100 ships to recapture them.
Ten weeks later the Argentine forces surrendered. By then 255 British servicemen, more than 600 Argentinians and three islanders had been killed.
In a referendum in March, 99.8% of islanders voted in favour of remaining a British Overseas Territory, but the poll was rejected by Argentina as a meaningless publicity stunt.

Baboons' Bizarre Behaviour Baffles Dutch Zoo

The primates puzzle keepers by spending days sat quietly in their enclosure, possibly after being spooked by a visitor's T-shirt.

A group of baboons have baffled staff at a Dutch zoo by turning their backs on visitors and huddling together in fear.

The colony at Dierenpark Emmen in the Netherlands have spent days sitting in trees and rocks after they were spooked for an unknown reason.
It is the first time zoologists have seen such behaviour, either in captivity or in the wild.
"The baboons were hysterical," said Wijbren Landman, a spokesman for the zoo. "They were not jumping around but were behaving strangely."

Zookeepers do not know what spooked the baboons. Pic: Emmen Dierenpark

The 112 baboons were all born in captivity and live on an island in the zoo, close to the German border.
A possible theory for their unusual behaviour is that a predator wandered into their enclosure, or that they spotted an image of one on a visitor's T-shirt.
Others say the primates may have felt an earthquake or other natural disaster.
"The craziest suggestion was that it was caused by a UFO," Mr Landman added.
"They've been observed to be disconcerted in the wild if they've had a run-in with a predator but not (to have shown) this type of behaviour."
The baboons have gradually become less restless and are back to eating apple wedges from their keeper's bucket.
They are venturing into other areas of their 2,000 square metre enclosure and are fighting and removing fleas from each other again.

Asda Parking Row: Man Killed Over Disabled Space

A 65-year-old man is arrested on suspicion of manslaughter after a dispute in a supermarket car park in Bedfordshire.

 

The dispute took place at the Asda car park in Biggleswade

• 
  
• 
  
• 
  
• Email

A man has been killed in a row over a disabled parking space in a supermarket car park, the police have said.

A 65-year-old man was arrested on suspicion of manslaughter following the fracas at Asda in Biggleswade, Bedfordshire.
He was released on police bail on Sunday night pending further enquiries until August 19, a police spokesman said.
The victim, from Sandy, was taken to Addenbrookes Hospital in Cambridge, where he died on Sunday afternoon, a spokesman for Bedfordshire Police said.
Relatives of the victim, who was aged 64, were at his bedside when he died.

Witnesses are urged to call Crimestoppers on 0800 555 111 Detective Chief Inspector Tim Redfearn, who is leading the investigation, said: "The men were waiting in the disabled parking area at the time and got into a disagreement about parking.
"We know they became involved in a disagreement which resulted in one man punching the other, knocking him to the ground.
"It would seem an argument over nothing has led to tragic and devastating consequences for both men and their families.
"I know the supermarket car park would have been very busy on a Saturday afternoon so if you were there at the relevant time please contact the police in confidence."
The suspect left the supermarket following the incident at around 3pm, but was arrested at his home address nearby a short time later.
Anyone with information is asked to contact Bedfordshire Police on 101 or the independent charity Crimestoppers, anonymously, on 0800 555 111.

Test-Tube Burger Served Up For First Time

The £250,000, lab-grown 'cultured beefburger' is sampled by food experts who say it is "close to meat" but lacks fat and flavour.

The world's first test-tube burger, costing a whopping £250,000 to produce, has been unveiled in London.
The 5oz patty - made from lab-grown "cultured beef" - was dished up by its creator, Professor Mark Post, before journalists in Hammersmith, in the west of the capital.
The scientist-turned-chef made the most expensive beefburger in history from 20,000 tiny strips of meat grown from cow stem cells over a three-month period.
The billionaire co-founder of Google, Sergey Brin, put £215,000 of his own money towards the research, saying he was doing it because it could be "transformative for the world".

The burger was cooked with oil and butter

Chef Richard McGeown fried the burger in sunflower oil and a knob of butter before it was sampled by Josh Schonwald, author of The Taste of Tomorrow, and food scientist Hanni Rutzler.
Ms Rutzler said it was "close to meat" but she was expecting the texture to be softer and it wasn't very juicy.
Mr Schonwald said the "absence is the fat ... it's a leanness to it but the bite feels like a conventional hamburger".
"This is kind of an unnatural experience in that I can't tell you over the past 20 years how many times I have had a burger without ketchup or onions or jalapenos or bacon."
Prof Post believes his artificial meat - known by the rather unappetising title "in-vitro meat" - could herald a food revolution and appear in supermarkets within the next 10 to 20 years.

Professor Post reckons commercial production could begin within 20 years

After trying his own creation for the first time, he said: "I think it's a very good start, it proved that we can do this, that we can make it and to provide a start to build upon - I am very pleased with it."
He said he was not worried about the verdict on the taste and added that in a couple of months they should be able to add fat into the product.
The burger could help save the planet by cutting the billions of tonnes of greenhouse gases currently released by livestock, and may also be deemed ethically acceptable by vegetarians because it would dramatically reduce the need to slaughter animals.
But its success or failure will ultimately depend on how much it resembles the taste, texture and price of real meat.

Synthetic beef (centre) with hamburger meat (left) and minced beef (right)

The demonstration was originally planned for October last year, with celebrity chef Heston Blumenthal cooking the burger for a mystery guest.
There was pressure from journalists in the audience who wanted to try the burger but they were told there was not enough to go around.
Up until now, the only outsider known to have eaten the synthetic meat was a Russian reporter who snatched a piece of cultured pork and stuffed it in his mouth during a visit to Prof Post's lab - before it had been passed as safe to eat.
He was reportedly unimpressed by the pork, describing it as "chewy and tasteless".
Prof Post's team at the University of Maastricht in the Netherlands conducted experiments which progressed from mouse meat to pork and finally beef - the most environmentally destructive meat.

Google's Sergey Brin bankrolled the "cultured beef" burger

"What we are going to attempt is important because I hope it will show cultured beef has the answers to major problems that the world faces," he said.
"Our burger is made from muscle cells taken from a cow. We haven't altered them in any way. For it to succeed it has to look, feel and hopefully taste like the real thing."
The ingredients don't sound like something a chef would boast about on a menu - half-millimetre thick strips of pinkish yellow lab-grown tissue, each the size of a rice grain.
But Prof Post is confident he can produce a burger that is almost indistinguishable from one made from prime beef.
He points out that livestock farming is becoming unsustainable, with demand for meat rocketing around the world.
The industry accounts for nearly 20% of all greenhouse gas emissions - even greater than transport - with 228 million tonnes of meat produced each year.
And the environmental problems are only likely to get worse, with the UN forecasting that world demand for meat will double by 2050, largely driven by an increased demand from a growing middle class in China and other developing nations.

The in-vitro burger is cultured from cattle stem cells

Added to this, around 70% of all farmland is devoted to meat production, and cattle consume around 10% of the world's freshwater supplies, making meat farming a very costly, planet-damaging business.
Experts say 1kg of meat requires up to 10kg of crops to produce, making it a highly inefficient method of turning plants into human food, whereas synthetic meat uses about 2kg of feed.
Research by Oxford University scientists in 2011 estimated that cultured meat needs 99% less land than livestock, between 82% and 96% less water, and produces between 78% and 95% less greenhouse gas.
The burger launched today has cost  £250,000 to produce, but the Dutch team are hoping to dramatically slash the cost by industrialising the laborious process.
The Food Standards Agency said that before going on sale, synthetic meat would need regulatory approval, with manufacturers needing to prove that all necessary safety tests had been carried out.