Cisco sees slower growth in second quarter

(Reuters) – Cisco Systems Inc reported first quarter results that beat estimates but expects flat earnings and slower revenue growth for the current quarter.

“We are modeling Europe to get worse before it gets better,” Chief Executive John Chambers said on Tuesday, echoing his comments from the company’s fourth-quarter earnings call in August.

However, he added that “we see signs of improvement in the U.S. in enterprise, service provider and commercial.”

Still, Chamber said, it was too early to speak of a trend “though we are continuing to see what we like.”

Cisco said it expects earnings per share, excluding items, of 47 cents to 48 cents in its fiscal second quarter, which runs until the end of January. A year earlier it reported EPS of 47 cents.

It also said it sees revenue growth in a range of 3.5 percent to 5.5 percent, compared with 11.6 percent growth in the second quarter of 2012.

Chambers said he would give a long-term outlook at the company’s financial analyst day next month.

In its first quarter, which ran until the end of October, Cisco surprised analysts with a solid beat, due to cost cuts and the company’s broad product range.

First-quarter net income, excluding items, rose 10.6 percent to $ 2.6 billion, or 48 cents per share, compared with analysts’ average estimate of 46 cents a share as compiled by Thomson Reuters I/B/E/S.

Revenue rose 6 percent from the year-ago quarter to $ 11.9 billion, compared with a Street view of $ 11.77 billion.

Cisco’s shares rose 6.7 percent to $ 17.98 in after-hours trading.

Analysts applauded the company’s cost discipline and welcomed solid results in a tough environment.

“Given concern about enterprise spending, the company seems to be bucking the trends,” said Bill Kreher, senior technology analyst at Edward Jones.

“The bar was low but the company did exceed those expectations. The company appears to be using strong cost discipline in meeting their numbers.”

Mizuho Securities analyst Joanna Makris said “at first blush these are good numbers in a bad macro (environment).”

“It’s largely due to a product mix – a larger shift to routing – and cost cutting,” adding that “this is better than expected. We have been thinking they would squeak by on the top line.”

(Reporting by Nicola Leske; additional reporting by Liana Baker and Jennifer Saba; Editing by Phil Berlowitz)

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Canada seen needing to spell out rules for natural gas projects

CALGARY, Alberta (Reuters) – The fate of a handful of liquefied natural gas projects planned for Canada’s Pacific coast may depend on the Canadian government‘s willingness to spell out rules for foreign investment in the country’s energy sector, according to a study released on Thursday.

Apache Corp, Royal Dutch Shell Plc, Petronas, BG Group Plc and others are in the planning stages for LNG projects that would take gas from the rich shale fields of northeastern British Columbia and ship it to Asian buyers.

But the federal government’s decision last month to stall the C$ 5.2 billion ($ 5.2 billion) bid by Malaysia’s state-owned Petronas C$ 5.2 billion for Canada‘s Progress Energy Resources Corp could lessen the appetite of Asian buyers for Canadian LNG, energy consultants Wood Mackenzie said.

“Some potential off-takers of Canadian LNG like the idea … because it’s perceived as having low political risk, and another reason is because they see the potential for investment opportunities,” said Noel Tomnay, head of global gas at the consultancy.

“If there are going to be restrictions on how they access those opportunities, if acquisitions are closed to them, then clearly that would restrict the attractiveness of those opportunities. If would-be Asian investors thought that corporate acquisitions were an avenue that was not open to them then Canadian LNG would become less attractive.”

The Canadian government is looking to come up with rules governing corporate acquisitions by state-owned companies and has pushed off a decision on the Petronas bid as it considers whether to approve the $ 15.1 billion offer for Nexen Inc from China’s CNOOC Ltd.

Exporting LNG to Asia is seen as a way to boost returns for natural-gas producers tapping the Montney, Horn River and Liard Basin shale regions of northeastern British Columbia.

Though Wood Mackenzie estimates the fields contain as much as 280 trillion cubic feet of gas, they are far from Canada’s traditional U.S. export market, while growing supplies from American shale regions have cut into Canadian shipments.

Because the region lacks infrastructure, developing the resource will be expensive, requiring new pipelines and multibillion-dollar liquefaction.

Still Wood Mackenzie estimates that the cost of delivery into Asian markets for Canadian LNG would be in the range of $ 10 million to $ 12 per million British thermal units, similar to competing projects in the United States and East Africa.

($ 1 = $ 1.00 Canadian)

(Reporting by Scott Haggett; Editing by Leslie Adler)

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Political Polling After the End of the Phone

With over a third of U.S. households forgoing the land-line and people using their phones less and less for talking, the phone call is no longer the best way for pollsters to reach the people they need to speak with. With that changing trend, this election season polling places like Gallup worked cell-phone calls into its repertoire to get a better reflection of society, Gallup spokesperson Frank Newport told Wired‘s Mat Honan. And, logically, as more people replace landlines for cell phones, polling would increasingly throw cell-phones into the mix. But, it doesn’t look like that’s really the next frontier in polling. For one, it’s expensive. A 1996 Federal regulation requires that calls to cell phones be hand-dialed, rather than computer generated, which costs more money because employing people (rather than machines) takes dollars, notes Bits Blog’s Quentin Hardy. Plus, because of caller-ID, guilting cell phone users into taking a poll proves harder than haranguing an unsuspecting land-line answerer. (Of course, many land-line owners have caller-ID, too.) So, if the annoying, always disruptive at the worst time, pollster phone call is on the outs, then what does the future of political polling hold?

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Survey Monkey

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For real. The amateur-looking website conducted a series of polls throughout this election period, at times with better accuracy than the over-the-phone guys. In an explanatory post on the site, the company explains it had 96 percent accuracy with its methods. Over 60,000 people took one of the site’s surveys the day before election day alone, SurveyMonkey’s vice president, Philip Garland, told Hardy. 

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Though some have questioned the accuracy of the online poll because of its newness to the field. Nate Silver, whose words on all things polling we should now consider law, confirmed that many of the most accurate polling came from online surveys. “When people are asked questions by a person, they feel like they should make a choice,” Garland added. People are more candid on the Internet, which is not at all surprising. 

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Text Messages

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Though a new survey says that text messaging is on the decline, Gallup is already experimenting with it as a polling technique in Central and South America, notes Honan. Though it doesn’t sound that different than screening a phone call, text messages are a lot less invasive and they don’t require an answer right away. Also, increasingly, it is how people do much of their communicating. 

Emails, Unfortunately

Though that sounds logical since so many Americans are accessible by email, it turns out it is too hard to get a good sample using email, since many people have multiple email addresses, and it’s hard to account for that difference. Also, isn’t it just so easy to click delete without opening? However, that hasn’t stopped certain organizations from using it, as Bloomberg Businessweek‘s Peter Coy explains. Some firms use email lists that aren’t representative of the general population, he notes. 

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U2′s Bono to urge U.S. politicians not to cut aid programs

WASHINGTON (Reuters) – Irish rocker and anti-poverty campaigner Bono will appeal to Democrats and Republicans during a visit to Washington this week to spare U.S. development assistance programs from cuts as Congress tries to avert the looming “fiscal cliff” of tax hikes and spending reductions early next year.

The U2 lead singer’s visit comes as the Obama administration and congressional leaders try to forge a deal in coming weeks to avoid the economy hitting the “fiscal cliff” – tax increases and spending cuts worth $ 600 billion starting in January if Congress does not act.

Analysts say the absence of a deal could shock the United States, the world’s biggest economy, back into recession.

Kathy McKiernan, spokeswoman for the ONE Campaign, said Bono will hold talks with congressional lawmakers and senior Obama administration officials during the November 12-14 visit.

During meetings he will stress the effectiveness of U.S. foreign assistance programs and the need to preserve them to avoid putting at risk progress made in fighting HIV/AIDS, tuberculosis and malaria, she said.

Bono, a long-time advocate for the poor, will argue that U.S. government-funded schemes that support life-saving treatments for HIV/AIDS sufferers, nutrition programs for malnourished children, and emergency food aid make up just 1 percent of the U.S. government budget but are helping to save tens of millions of lives in impoverished nations.

The One Campaign would not elaborate which lawmakers and senior Obama administration officials Bono will meet.

On Monday, Bono will discuss the power of social movements with students at Georgetown University. He will also meet new World Bank President Jim Yong Kim for a web cast discussion on Wednesday on the challenges of eradicating poverty.

(Editing by W Simon)

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FDA finds contamination issues at Ameridose

WASHINGTON (AP) — Federal health inspectors found numerous potential sources of contamination, including leaky ceilings and insects, at a drug-making facility that has the same founders as the specialty pharmacy linked to a deadly meningitis outbreak.

The Food and Drug Administration on Monday released the results of a monthlong inspection of Ameridose, a Westborough, Mass.-based company that makes injectable drugs. The agency’s report, posted online, lists a host of problems at the plant, ranging from manufacturing to sterility to quality control.

Inspectors said they found insects within 10 feet of a supposedly sterile area where drugs were manufactured. In another case, inspectors reported a bird flying into a room where drugs are stored.

Elsewhere, the report cites leaks and cracks in the ceiling and walls of a clean room used to manufacture sterile drugs. The same room contained “thick residues that were orange, brown, and green” on equipment used for sterilization.

FDA inspectors also said the company did not investigate at least 53 incidents of bacterial contamination that arose during testing of stock drug solution.

“There is no documented evidence that your firm implemented permanent corrective actions to prevent these sterility events from recurring,” investigators wrote.

Ameridose agreed to shut down for inspection in October after tainted steroids from its sister company, the New England Compounding Center, were linked to a fungal meningitis outbreak that has spread to 19 states and caused 32 deaths. Ameridose operates two facilities in Westborough and provides medication in prefilled oral syringes to hospitals nationwide. Its drugs range from painkillers to blood thinners to pregnancy drugs.

Late last month, the company agreed to recall all of its products under pressure from FDA regulators. FDA officials previously said they have not connected any Ameridose drugs to infection or illness, but they have concerns about the products’ sterility.

Inspectors visiting the company’s plant also questioned whether some of Ameridose’s drugs work properly. Inspectors said that the company received 33 complaints from patients and doctors claiming “lack of effect” with various drugs.

Regulators report that Ameridose also failed to investigate potentially serious side effects reported with drugs. One complaint involving the company’s painkiller fentanyl states the “patient was over-sedated, unresponsive.” A complaint for oxytocin, which is used to induce labor in pregnant women, states that the “patient had shortness of breath, the throat was closing, and coughing.”

Ameridose said in a statement Monday that it will work to address the issues cited by FDA. But it stressed that “Ameridose’s history shows clearly that we have not had any instance of contaminated products over the course of the past six years, which covers the manufacture and shipment of 70 million units of product.”

Ameridose and NECC were founded by brothers-in-law Barry Cadden and Greg Conigliaro. Ameridose says it is a separate entity with distinct management. Since the outbreak, Cadden, the lead pharmacist at NECC, resigned his post as director at Ameridose. He is scheduled to testify before Congress at a hearing Wednesday examining the outbreak.

Last week Ameridose laid off nearly all of its 650 employees and 140 employees at its marketing and support arm, Medical Sales Management, due to the company’s extended shutdown.

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How Often Do People Have Sex at the Office?

As someone who reads people’s sex diaries professionally—for my books and website I collect thousands of them—I am here to report that former CIA Director David Petraeus is really just a talented guy who, considering his marital and work history, is a typical American male.

Petraeus has been married for 38 years. Very few human beings sleep with just one person in a 38-year period. Most people simply aren’t married that long. According to the Census, the majority of marriages end long before the 38th anniversary mark (the average divorce occurs eight years after the wedding), and of the marriages that stay intact for 38 years, approximately half involve at least one other sexual partner.

Various news outlets reported that Petraeus had sex under his desk at CIA headquarters. This makes his case a rare one. Although the workplace is the most common place to meet a new partner, few people actually have sex at the office—in the 3,500 diaries I’ve read, a grand total of 11 office affairs actually took place within the workplace walls. Workaholics logging long hours, particularly those working 12- to 18-hour days, account for seven of those 11. (Oh, and regarding the issue of on the desk vs. under the desk, I’ve discovered that people who prefer steadiness and balance—and the kinds of sexual positions given names such as “missionary,” for instance—opt for the floor. The desk is the domain of more acrobatic love-makers.)

Offices are no longer the great bastions of sex that they were in the Mad Men era, when doors were thick and carpeting thicker. The age of wide open “co-working environments,” glass walls, and security cameras has made the office a difficult place to find privacy. (Unless, of course, your office in a mid-20th-century government building is possibly camera-free and fully secure because you’re the head of U.S. intelligence—and perhaps your boss will never notice because he’s the president of the U.S. during an election year. Just saying.)

Regardless, privacy aside, there’s one thing I find to be an absolute certainty: If you communicated evidence of your lovemaking by e-mail or text message—like Petraeus apparently did—my research shows that you will likely be found out. All cheating affairs I encountered were discovered because of a digital paper trail. Remember, people: Don’t put it in writing.

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BBC must reform or die, says Trust chairman

LONDON (Reuters) – The BBC could be doomed unless it makes radical changes, the head of its governing trust said on Sunday, after its director general quit to take the blame for the airing of false child sex abuse allegations against a former politician.

Chris Patten, chairman of the BBC Trust, said confidence had to be restored if the publicly funded corporation was to withstand pressure from rivals, especially Rupert Murdoch‘s media empire, which would try to take advantage of the turmoil.

“If you’re saying, ‘Does the BBC need a thorough structural radical overhaul?’, then absolutely it does, and that is what we will have to do,” Patten, a one-time senior figure in Prime Minister David Cameron‘s Conservative Party and the last British governor of Hong Kong, told BBC television.

“The basis for the BBC’s position in this country is the trust that people have in it,” Patten said. “If the BBC loses that, it’s over.”

George Entwistle resigned as director general on Saturday, just two months into the job, to take responsibility for the child sex allegation on the flagship news programme Newsnight.

The witness in the report, who says he suffered sexual abuse at a care home in the late 1970s, said on Friday he had misidentified the politician, Alistair McAlpine. Newsnight admitted it had not shown the witness a picture of McAlpine, or approached McAlpine for comment before going to air.

Already under pressure after revelations that a long-time star presenter, the late Jimmy Savile, was a paedophile, Entwistle conceded on the BBC morning news that he had not known – or asked – who the alleged abuser was until the name appeared in social media.

The BBC, celebrating its 90th anniversary, is affectionately known in Britain as “Auntie”, and respected around much of the world.

But with 22,000 staff working at eight national TV channels, 50 radio stations and an extensive Internet operation, critics say it is hampered by a complex and overly bureaucratic and hierarchical management structure.

THOMPSON’S LEGACY

Journalists said this had become worse under Entwistle’s predecessor Mark Thompson, who took over in the wake of the last major crisis to hit the corporation and is set to become chief executive of the New York Times Co on Monday.

In that instance, both director general and chairman were forced out after the BBC was castigated by a public inquiry over a report alleging government impropriety in the fevered build up to war in Iraq, leading to major organisational changes.

One of the BBC’s most prominent figures, Newsnight presenter Jeremy Paxman, said since the Iraq report furore, management had become bloated while cash had been cut from programme budgets.

“He (Entwistle) has been brought low by cowards and incompetents,” Paxman said in a statement, echoing a widely-held view that Entwistle was a good man who had been let down by his senior staff.

Prime Minister Cameron appeared ready to give the BBC the benefit of the doubt, believing that “one of the great institutions of this country” could reform and deal with its failings, according to sources in his office.

Patten, who must find a new director general to sort out the mess, agreed that management structures had proved inadequate.

“Apparently decisions about the programme went up through every damned layer of BBC management, bureaucracy, legal checks – and still emerged,” he said.

“One of the jokes I made, and actually it wasn’t all that funny, when I came to the BBC … was that there were more senior leaders in the BBC then there were in the Chinese Communist Party.”

Patten ruled out resigning himself but other senior jobs are expected to be on the line, while BBC supporters fear investigative journalism will be scaled back. He said he expected to name Entwistle’s successor in weeks, not months.

Among the immediate challenges are threats of litigation.

McAlpine, a close ally of former prime minister Margaret Thatcher, has indicated he will sue for damages.

Claims for compensation are also likely from victims who say Savile, one of the most recognisable personalities on British television in the 1960s, 70s and 80s, sexually abused them as children, sometimes on BBC premises.

INQUIRIES

Two inquiries are already under way, looking at failures at Newsnight and allegations relating to Savile, both of which could make uncomfortable reading for senior figures.

Police have also launched a major inquiry into Savile’s crimes and victims’ allegations of a high-profile paedophile ring. Detectives said they had arrested their third suspect on Sunday, a man in his 70s from Cambridgeshire in central England.

Funded by an annual licence fee levied on all TV viewers, the BBC has long been resented by its commercial rivals, who argue it has an unfair advantage and distorts the market.

Murdoch’s Sun tabloid gleefully reported Entwistle’s departure with the headline “Bye Bye Chump” and Patten said News Corp and others would put the boot in, happy to deflect attention after a phone-hacking scandal put the newspaper industry under intense and painful scrutiny.

He said that “one or two newspapers, Mr. Murdoch’s papers” would love to see the BBC lose its national status, “but I think the great British public doesn’t want to see that happen”.

Murdoch himself was watching from afar.

“BBC getting into deeper mess. After Savile scandal, now prominent news program falsely names senior pol as paedophile,” he wrote on his Twitter website on Saturday.

It is not just the BBC and the likes of Entwistle and Patten who are in the spotlight.

Thompson, whom Entwistle succeeded in mid-September, has also faced questions from staff at the New York Times over whether he is still the right person to take one of the biggest jobs in American newspaper publishing.

Britain’s Murdoch-owned Sunday Times queried how Thompson could have been unaware of claims about Savile during his tenure at the BBC as he had told British lawmakers, saying his lawyers had written to the paper addressing the allegations in early September, while he was still director general.

(Editing by Kevin Liffey and Sophie Hares)

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James Bond soars to box office record with “Skyfall”

(Reuters) – James Bond can don the tuxedo and break out the Dom Perignon after the super spy returned to theaters in record fashion at the weekend, blowing away box office rivals with $ 87.8 million in ticket sales for the U.S. and Canadian debut of new movie “Skyfall” for the biggest opening in the franchise’s history.

The best North American opening for the 50-year-old Bond franchise adds to a strong tally of $ 428.6 million for “Skyfall” overseas. Globally, the movie starring Daniel Craig as 007 has now earned $ 518.6 million since first hitting international theaters on October 26, distributor Sony Pictures said.

“Skyfall” handily beat Walt Disney Co animated movie “Wreck-It Ralph,” the story of a video game character who destroys everything in his path. The family film that topped last week’s charts grabbed $ 33.1 million from Friday through Sunday and slipped to second place.

Denzel Washington drama “Flight,” about an airline captain who saves a plane from crashing, pulled in $ 15.1 million to finish third.

Bond’s allure proved unbeatable in “Skyfall,” the third movie starring Craig and the first in four years. The last Bond film, “Quantum of Solace” in 2008, opened with a then-record $ 68 million at North American (U.S. and Canadian) theaters.

“We’ve always been very bullish about the film, but I don’t think anyone expected the kind of stunning numbers that we’ve seen,” said Rory Bruer, president of worldwide distribution for Sony Corp‘s Sony Pictures studio.

“How many pictures in just over two weeks have earned more than half a billion already?” he told Reuters.

“We’ve seen huge openings in every country that it’s opened in. It’s going to be one for the history books,” Bruer added.

In the new movie, Judi Dench returns as Bond’s supervisor, “M.” Bond travels between Istanbul, Shanghai and London as his loyalty to M is tested, while MI6 comes under attack from an unknown threat. Javier Bardem plays the villain Bond must stop.

Bond’s return has been hailed by the critics as a triumph for the 23-film franchise after a tepid response to “Quantum of Solace.” Ninety-two percent of “Skyfall” reviews on the Rotten Tomatoes website were positive, and audiences polled by CinemaScore awarded the film an “A” grade. The film has already exceeded the “Quantum” lifetime box office total.

The $ 200 million movie was produced by MGM, Sony and Eon Productions. Its release comes 50 years after the franchise premiered with “Dr. No” in 1962, and the producers highlighted the anniversary in the film’s marketing. The 22 previous Bond films have grossed $ 5 billion at box offices over five decades.

“Skyfall” was the only major new nationwide release this weekend. Steven Spielberg’s historical drama “Lincoln” opened in 11 theaters with sales of $ 900,000, or $ 81,818 per theater on average. The movie which stars Daniel Day-Lewis as the 16th president expands to 1,500 locations next Friday.

Rounding out the top five, Ben Affleck drama “Argo,” about the rescue of U.S. diplomats from Iran in 1979, finished in fourth place with $ 6.7 million. In fifth place, Liam Neeson hostage thriller “Taken 2″ grabbed $ 4.0 million.

Sony Corp’s movie studio released “Skyfall.” “Flight” was distributed by Paramount Pictures, a unit of Viacom Inc. “Lincoln” was produced by Dreamworks and released by Disney. Time Warner Inc’s Warner Bros. studio released “Argo.” “Taken 2″ was distributed by 20th Century Fox, a unit of News Corp.

(Editing by Doina Chiacu)

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Acetaminophen in infancy again tied to asthma: study

(Reuters) – Babies given acetaminophen for fevers and aches may have a heightened risk of asthma symptoms in their preschool years, according to a Danish study.

The findings, published in the Journal of Allergy and Clinical Immunology, focused on 411 Danish children and add to a mixed bag of research about whether there’s a link between acetaminophen – better known by the brand name Tylenol – and children’s asthma risk.

Researchers found that the more acetaminophen children were given as infants, the more likely they were to develop asthma-like symptoms in early childhood.

That statistical link alone does not prove that acetaminophen causes airway trouble, according to senior researcher Hans Bisgaard, a professor of pediatrics at the University of Copenhagen.

“We think it is too early to conclude a causal relationship,” he told Reuters Health in an email – though he added that the findings should encourage further research into a “plausible biological mechanism” by which acetaminophen could promote asthma.

The study included 336 children who were followed from birth to age seven, All had mothers with asthma, which put them at increased risk for the lung disease themselves.

Overall, 19 percent of the children had asthma-like symptoms by the age of three, meaning recurrent bouts of wheezing, breathlessness or coughing.

Bisgaard’s team found the risk generally went up the more often a child was given acetaminophen in the first year of life. For each doubling in the number of days a baby received the drug, there was a 28 percent increase in the risk of asthma symptoms.

The link disappeared, though, by the time the children were seven years old. At that point 14 percent of the children had asthma, and the risk was no greater for those given acetaminophen as babies.

Weeding out the specific effects of acetaminophen on asthma risk is tricky. The biggest reason is that children with asthma tend to get more severe respiratory infections.

Compared to other children, their colds may more often turn into bronchitis or pneumonia, so it would make sense that they’d be given the fever-reducing acetaminophen more often than other children would.

Bisgaard said that his team did have information on other factors, including the children’s rates of pneumonia and bronchitis, body weight and parents’ smoking – and they did not seem to account for the acetaminophen-asthma connection.

One recent study found that children given other common pain medications, including ibuprofen and naproxen, also had an increased asthma risk. The researchers said that suggested children with asthma symptoms were simply more likely to need the medications.

Bisgaard said that few babies in his study were given other painkillers, so it wasn’t possible to see whether those medications were linked to asthma symptoms. The study also included only children at higher-than-normal risk of asthma.

Bisgaard advised parents to only use acetaminophen when needed, like when a child has a fever.

“We would like to stress that the use of this drug indeed is beneficial in the appropriate circumstances,” he said.

SOURCE: http://bit.ly/ZeQrfo

(Reporting from New York by Amy Norton at Reuters Health; editing by Elaine Lies)

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Greek lawmakers back fresh cuts

11 November 2012 Last updated at 18:06 ET

Greek lawmakers have approved a 2013 budget involving fresh spending cuts, despite mass public street protests.

The budget was backed in by 167 votes to 128. The bill was a pre-condition for Athens to be granted a 31.5bn euro (£25bn; $ 40bn) EU/IMF loan necessary to stave off bankruptcy.

Another austerity package of tax rises and pension cuts was passed last week.

Ahead of the vote, more than 10,000 protesters rallied outside the parliament in the capital, Athens.

Prime Minister Antonis Samaras earlier warned that without the new loan, Greece would start running out of money on Friday.

Eurozone finance ministers are due to meet just hours after the vote in Athens, and Mr Samaras is now expected to travel to Brussels for a series of meetings.

The problem that he faces is that it could take some weeks before the EU backs the new instalment, BBC Athens correspondent Mark Lowen reports. The measure will have to be approved first by some parliaments, including Germany’s.

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