Early start to Black Friday shopping frenzy

NEW YORK/BLOOMINGTON, Minnesota (Reuters) - The U.S. shopping frenzy known as "Black Friday" kicked off at a more civilized hour, with some shoppers welcoming decisions by retailers such as Target Corp and Toys R Us Inc moving their openings earlier into Thursday night.


While the shift was denounced by some store employees and traditionalists as pulling people away from families on Thanksgiving (held on the fourth Thursday of November), many shoppers welcomed the chance to shop before midnight or in the early hours of the morning.


"I think it's better earlier. People are crazier later at midnight," Renee Ruhl, 52, a hotel worker, said at a Target in Orlando, Florida, where she was already heading to her car with an air hockey game loaded in her shopping cart at 9:30 p.m., or 2-1/2 hours before the chain opened last year.


The stakes are high for U.S. retailers - who can earn more than a third of their annual sales in the holiday season of which Black Friday marks the unofficial start - as they fight for a share of consumer spending that many economists don't expect to grow as much as last year.


The National Retail Federation forecast a 4.1 percent increase in retail sales during the November-December holiday period this year, down from a 5.6 percent increase seen in 2011.


In a separate survey, the NRF said 147 million people would shop on Friday through Sunday, down from 152 million the same weekend last year. It did not say how many planned to shop on Thursday.


Wal-Mart Stores Inc's U.S. discount stores, which have been open on Thanksgiving Day since 1988, offered some "Black Friday" deals at 8 p.m. local time on Thursday and special deals on certain electronics, like Apple Inc iPads, at 10 p.m.


The earlier hours lured people who had not previously considered braving the crowds on Black Friday, Jason Buechel, a senior executive in the retail practice of consultancy Accenture, said of his observations from malls.


SUPER BOWL OF SHOPPING


And they also made things more orderly.


"There's no stress, no bustling, no people busting down doors," Richard Stargill, a 43-year-old construction worker from New York, said, referring to incidents such as the 2008 death of a Walmart worker who was trampled by a mob of eager shoppers.


For Edward Segura, 50, who was at a Target in Tucson with his wife Belinda, 44, and their daughter, the earlier hours were a blessing.


"We'll shop tonight and tomorrow is freed up for enjoyment. I get to play golf and we're going to a football game later," said Segura. "My wife thinks of this as the Super Bowl of shopping, but I'd rather do something else."


Like many shoppers on Black Friday, Segura was looking at televisions. But electronics were not the only hot sellers.


At Macy's in Herald Square, the line at the Estee Lauder counter was four deep shortly after its midnight opening. The cosmetics department's "morning specials" included free high-definition headphones with any fragrance purchase of $75 or more and a set of six eye shadows for $10.


A Macy's employee, who declined to be named, said the crowds were huge and more than she was expecting.


And at the Target on Elston Avenue on Chicago's Northwest side, known as one of the highest-volume Target stores in the chain, the $25 Dirt Devil vacuum that normally goes for $39.99 was sold out, though there were still several large televisions. Items such as $2 towels were selling well, as were blankets, kids' slippers and pajamas.


As of 2 a.m. Central Time, Minnesota's Mall of America was poised to beat the record number of shoppers - 217,000 - it attracted the same day last year, according to the mall's public relations director Dan Jasper.


"SAVE THANKSGIVING"


Not everybody was happy with Black Friday starting earlier.


A petition asking Target to "save Thanksgiving" had 371,606 supporters as of Thursday afternoon.


Mike Labounty, 34, in Lyndonville, Vermont, was shopping on Thursday night for 32-inch Emerson televisions and other items on sale at the Walmart in Littleton, New Hampshire, with his partner, Darcy Mitchell.


"I think it should go back to Friday," he said. "It breaks up families. Just look at us — our kids are with their grandparents and they should be with us on Thanksgiving, but we're here getting them a TV."


Some workers were also using the day to send a message.


OUR Walmart - a coalition of current and former Wal-Mart staff seeking better wages, benefits and working conditions - has staged months of protests outside stores and has targeted "Black Friday" for action across the country.


Those actions come as consumers remain worried about high unemployment, possible tax increases and government spending cuts in 2013. Also, the lasting effects of Sandy, the storm that lashed the densely populated East Coast in late October, could cut into how much shoppers can spend.


According to a Reuters/Ipsos poll, two-thirds of shoppers said they were planning to spend the same amount as last year or were unsure about spending plans, while 21 percent intend to spend less and only 11 percent plan to spend more.


"I definitely have more money this year," said Amy Balser, 26, at the head of the line outside the Best Buy Co Inc store in the Mall of America. "I just did a lot more saving."


"I definitely don't think (the economy) has bounced back anywhere near as much as it needs to, but I see some improvement," she said.


Many shoppers used technology to help stretch their budgets, employing smartphones or other mobile gadgets to find deals.


At a Walmart in Bloomington, Minnesota, Derek M, 26, said he had used his smartphone to compare prices ever since the phone had that capability. He was at the store mainly for a deal on a Compaq AMD laptop for $179.


For more Reuters holiday coverage: [ID:nL1E8MEKLI]


(Additional reporting by Jessica Wohl in Chicago, Paul Ingram in Tucson, Arizona, Jason McLure in Littleton, New Hampshire, and Barbara Liston in Orlando, Florida; Writing by Brad Dorfman; Editing by Nick Macfie and David Holmes)


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Bank of Canada keeps “over time” condition on rate hike
















OTTAWA (Reuters) – Bank of Canada Deputy Governor Tim Lane repeated on Wednesday the central bank‘s message that interest rate increases will likely be needed, but only over time.


The “over time” phrase was introduced in the bank’s key guidance in its rate statement on October 23 as a way of signaling that while the next rate move is likely to be up, such a move was less imminent than it had been.













“Over time, some gradual withdrawal of monetary policy stimulus will likely be required, consistent with achieving the inflation-control target,” Lane said, according to a prepared presentation he was giving on Wednesday in Moncton, New Brunswick.


Another part of the presentation, which was posted on the central bank’s website, noted: “The Canadian economy continues to operate with a small amount of excess supply.”


The Bank of Canada is alone in the Group of Seven leading industrialized countries in signaling an intention to raise rates despite expectations of modest and unbalanced global growth.


Lane forecast “very robust growth” in emerging markets, stagnation in Europe and significant dampening of U.S. growth due to fiscal consolidation. He said Canada‘s real gross domestic product was still expected to grow at a moderate pace.


(Reporting by Randall Palmer; Editing by Jeffrey Hodgson; and Peter Galloway)


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Samsung wins U.S. court order to access Apple-HTC deal details
















SAN FRANCISCO (Reuters) – A U.S. judge has ordered Apple Inc to disclose to rival Samsung Electronics details of a legal settlement the iPhone maker reached with Taiwan’s HTC Corp, including terms of a 10-year patents licensing agreement.


The Korean electronics giant had earlier filed a motion to compel its U.S. rival — with whom it is waging a bitter legal battle over mobile patents across several countries — to reveal details of the settlement that was reached on November 10 with HTC but which have been kept under wraps.













In August, the iPhone maker won a $ 1.05 billion verdict against Samsung after a U.S. jury found that certain Samsung gadgets violated Apple’s software and design patents.


Now, legal experts say the question of which patents are covered by the Apple-HTC settlement, and licensing details, could be instrumental in Samsung’s efforts to thwart Apple’s subsequent quest for a permanent sales ban on its products.


The Asian company has argued it is “almost certain” that the HTC deal covers some of the same patents involved in its own litigation with Apple.


The court on Wednesday ordered Apple to produce a full copy of the settlement agreement “without delay”, subject to an Attorneys-Eyes-Only designation.


Representatives for the U.S. company could not immediately be reached for comment.


Samsung also requested the California court to add three newly released Apple products — the iPod Touch 5, the iPad 4 and the iPad mini — to the list of devices that it claims to have infringed on some of its patents, according to court documents.


The settlement of Apple and HTC ended their worldwide litigation and brought to a close one of the first major flare-ups in the global smartphone patent wars.


Apple first sued HTC in 2010, setting in motion a legal conflagration that has since circled the globe and engulfed the biggest names in mobile technology, from Samsung to Google Inc’s Motorola Mobility unit.


(Reporting By Edwin Chan; Additional reporting by Miyoung Kim in SEOUL; Editing by Muralikumar Anantharaman)


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Infections linked to tainted steroid injections nears 500 cases
















NASHVILLE, Tennessee (Reuters) – A deadly outbreak of infections linked to tainted steroid injections is approaching 500 cases nearly two months after it began, and health experts said on Wednesday it was unclear whether the epidemic had peaked amid new risks facing patients.


Many patients initially stricken with fungal meningitis are developing secondary infections, prompting a renewed effort to contact people who received the injections, said health officials in Tennessee and Michigan, the two hardest-hit states.













The outbreak, first detected in Nashville, Tennessee, in September, has stricken at least 490 people in 19 states, with 34 deaths, according to the U.S. Centers for Disease Control and Prevention in Atlanta.


“I wouldn’t want to characterize the epidemic as having reached a peak or (say) that we are over the worst part,” Dr. J. Todd Weber, the CDC‘s incident manager, said on Tuesday.


Weber said many patients face weeks to months of additional treatment, more people may get sick, and there is more to learn about the infections to ensure the best care for those stricken.


The CDC has estimated that 14,000 patients received potentially tainted steroids believed to have been prepared in unsanitary conditions by a Massachusetts-based compounding pharmacy and shipped to customers in 23 states from May to September.


The rate of infection, based on 500 cases out of 14,000 people exposed mainly through injections to relieve back and joint pain, has been about 3.5 percent so far, somewhat lower than the 5 percent rate Tennessee first forecast, Weber said.


Tennessee was the epicenter of the outbreak early on and through Wednesday had reported 84 infections, including 13 deaths. Michigan through Wednesday had reported 64 meningitis cases and 91 incidences of epidural abscesses among a total of 164 patients, a number of whom had both.


Most of the early cases were of meningitis, but reports more recently have been of abscesses at the injection sites, many times in patients already being treated for meningitis, officials in Michigan and Tennessee said on Wednesday.


INCUBATION TIME UNCERTAIN


That makes it hard to determine how long the outbreak of steroid-related infections might yet last, officials said.


“These are presenting well into the course and I don’t think with the epidural abscess that we’ve been able to establish a real concrete incubation time,” said Jim Collins, director of the Michigan health department’s communicable disease division.


Tennessee has seen 49 patients with localized infections, most of whom also had fungal meningitis, Dr. John Dreyzehner, the state’s health commissioner, said on Wednesday.


“While these infections are not as serious as meningitis, they need to be identified and treated to prevent them from becoming a more significant health problem,” Dreyzehner said.


Dr. Robert Latham, chief of medicine and director of the infectious diseases program at Nashville’s St. Thomas Hospital, echoed Weber’s words of caution about the outbreak.


“Because this is an ever-evolving situation, we still don’t know how long patients will need treatment and when we’ll really see the end,” said Latham, who said he has spent some time with all 45 patients the hospital has treated in the outbreak.


St. Thomas Hospital was hit with an early influx of patients and was the first facility where doctors began to realize something had gone horribly wrong with medications from the New England Compounding Center.


Healthcare officials first predicted the outbreak would run its course in roughly six weeks, based on the incubation period initially estimated for the meningitis infections.


That six-week period passed in early November, and the number of cases being reported to state health agencies and the CDC has slowed “but it has not stopped,” the CDC’s Weber said.


Some patients have seen quick onset or much longer incubation periods, so doctors and patients have been warned to keep a close watch for at least several months.


(Additional reporting by David Bailey in Minneapolis; Editing by Steve Gorman and Todd Eastham)


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Gazans clean up as truce with Israel holds

GAZA CITY, Gaza Strip (AP) — Gaza residents cleared rubble and claimed victory on Thursday, just hours after an Egyptian-brokered truce between Israel and Gaza's Hamas rulers ended the worst cross-border fighting in four years.

The cease-fire announcement had set off frenzied late night street celebrations in the coastal strip, and raised hopes of a new era in relations between Israel and Hamas. The two sides are now to negotiate a deal that would open the borders of the blockaded Palestinian territory.

"Today is different, the morning coffee tastes different and I feel we are off to a new start," said Ashraf Diaa, a 38-year-old engineer from Gaza City.

However, the vague language in the agreement and deep hostility between the combatants made it far from certain that the bloodshed would end.

Israel launched the offensive on Nov. 14 to halt renewed rocket fire from Gaza, unleashing some 1,500 airstrikes on Hamas-linked targets, while Hamas and other Gaza militant groups showered Israel with hundreds of rockets.

It was the worst fighting since an Israeli invasion of Gaza four years ago.

The eight days of relentless strikes killed 161 Palestinians, including 71 civilians, and five Israelis. Israel also destroyed key symbols of Hamas power, such as the prime minister's office, along with rocket launching sites and Gaza police stations.

Despite the high human cost, Hamas claimed victory Thursday.

"The masses that took to the streets last night to celebrate sent a message to all the world that Gaza can't be defeated," said a spokesman, Sami Abu Zuhri.

While it is far from certain that Hamas will be able to pry open Gaza's borders in upcoming talks, the latest round of fighting has brought the Islamists unprecedented political recognition in the region. During the past week, Gaza became a magnet for visiting foreign ministers from Turkey and several Arab states — a sharp contrast to Hamas' isolation in the past.

Israel and the United States, even while formally sticking to a policy of shunning Hamas, also acknowledged the militant group's central role by engaging in indirect negotiations with the Islamists. Israel and the West consider Hamas, which seized Gaza by force in 2007, to be a terrorist organization.

Israeli Defense Minister Ehud Barak, meanwhile, defended his decision not to launch a ground offensive, in contrast to Israel's invasion of Gaza in the winter of 2008-2009.

"You don't get into military adventures on a whim, and certainly not based on the mood of the public, which can turn the first time an armored personnel carrier rolls over or an explosive device is detonated against forces on the ground," he told Israel Army Radio.

"The world's mood also can turn," he said, referring to warnings by the U.S. and Israel's other Western allies of the high cost of a ground offensive.

However, with the cease-fire just a few hours old, Israel was not rushing to bring home all of the thousands of reservists it had ordered to the Gaza border in the event of a ground invasion, Barak said.

Barak was defense minister during Israel's previous major military campaign against Hamas, which drew widespread international criticism and claims of war crimes.

The mood in Israel was mixed, with some grateful that quiet had been restored without a ground operation that could have cost the lives of soldiers.

Others — particular those in southern Israel who have endured 13 years of rocket fire — thought the operation was abandoned too quickly and without guaranteeing their security.

___

Associated Press writer Amy Teibel in Jerusalem contributed reporting.

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Greek PM presses for deal on loan
















ATHENS, Greece (AP) — Greece has reacted with dismay to the European Union‘s failure to agree to release vital rescue loan funds for the debt-ridden country, with the prime minister warning it was not just Greece’s future that hangs in the balance.


The delay prolongs uncertainty over the future of Greece, which faces a messy default that would threaten the entire euro currency used by 17 EU nations.













Prime Minister Antonis Samaras stressed that Greece has done what its creditors from the EU and International Monetary Fund required. “Our partners, along with the IMF, also must do what they have committed to doing,” he said.


He said that “it is not just the future of our country, but the stability of the entire eurozone” that depend on the success of negotiations in coming days.


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Republic Wireless Now Offering $19/Month Unlimited Smartphone Service to All
















Prepaid wireless carrier Republic Wireless has been offering its $ 19 per month, unlimited everything, prepaid smartphone plan since about this time last year. At the time, though, there were a few catches; you had to buy a very low-end smartphone from them, you had to use its Hybrid Calling technology for most of your calls, and you could only get in if you were lucky enough to be accepted to an exclusive “beta wave.”


Since then, Republic Wireless has upgraded to the slightly more modern Motorola Defy XT as its flagship smartphone model, and has changed to allow unlimited calling, texting, and data over Sprint’s nationwide network, for the same $ 19/month price. Now the North Carolina-based startup is dropping its last restriction; the doors are open for anyone to preorder up to four Defy XT phones, “and they’ll begin shipping in mid-December.”













​The phone


The Motorola Defy XT is designed to be dustproof and waterproof, with rubber bumpers covering each port and an unlocking switch keeping the back cover sealed. Its specs are decidedly last year’s; powered by a 1 GHz, single-core processor, it often shows Kindle Fire-style lag when swiping between home screens on its 3.7 inch display. It runs 2010′s Android 2.3 Gingerbread, with no OS upgrades announced, and it doesn’t have much room to store games and apps, although it comes with a 2 GB microSD card.


​The service


Republic Wireless’ low monthly fee is partly made possible by its Hybrid Calling technology, which is basically an app that loads on startup and lets you make calls and send texts over Wi-Fi. Call quality is generally good, although it depends on how good your Wi-Fi connection is and how many people are streaming video over it while you’re trying to make your call. You can switch off Hybrid Calling by disabling Wi-Fi, if you want to make calls over Sprint’s network instead; this happens automatically if your Wi-Fi signal drops, which has the effect of hanging up your call.


​The support


“Here at Republic,” its Support page explains, “we believe in helping each other out as much as possible.” What this translates to is that there’s no number to call for questions or tech support. Instead, customers are directed to a community wiki and forums, for answers to their issues. If all else fails, you can contact Republic using an online form, and receive a response within 24 hours.


​The price


It costs close to $ 300 to begin using Republic Wireless’ service; $ 249 for the phone, a $ 10 startup fee, and $ 19 for your first monthly fee, before any applicable taxes. That $ 19 is charged once your phone ships, and if Republic’s difficulty keeping up with orders for its first beta waves is any indication, just because the phones “begin shipping in mid-December” doesn’t necessarily mean that that’s when you’ll get yours.


Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.
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“Rise of the Guardians” Review: Magic, but you’d better believe in Santa Claus
















LOS ANGELES (TheWrap.com) – There’s a really cool idea afoot in “Rise of the Guardians,” namely that Santa Claus, the Easter Bunny, the Tooth Fairy and the Sandman aren’t merely responsible for their little corner of children’s lives but are actually a super-team of “Avengers” proportions. Taking their cues from the unseen Man in the Moon, they protect children everywhere from evildoers.


There’s also a really tired concept dragging down the film, namely that new Guardians recruit Jack Frost isn’t sure that he wants to join up, and he doesn’t know who he really is – and he’s, basically, the umpteenth Joseph-Campbell-reluctant-hero who pops up in seemingly every kids’ movie and superhero epic. (Arguably, “Guardians” is both.)













And as much as I often found myself enchanted by this 3D animated film, based on the series of books by William Joyce, I couldn’t help noticing that this movie falls into a conundrum I like to call (with a tip of the hat to playwright Christopher Durang) “You didn’t clap loud enough – Tinkerbell’s dead.”


As an atheist (albeit one who loves Christmas movies), I get a little twitchy about films where children are made to feel guilty about not believing in things and people that don’t actually exist. So even though it’s nice to get a non-cynical story aimed at kids, in which open-heartedness and wonder are celebrated as virtues, this is another movie that paints itself into a theological corner by suggesting that those of us who question the existence of the Easter Bunny are at fault for all the world’s ills.


In this tale, the Guardians assemble for two reasons: to welcome Jack Frost (voiced by Chris Pine) into their ranks and to combat Pitch Black (Jude Law), a long-suppressed boogeyman who’s out to capture the Sandman (who never speaks, but is one of the movie’s funniest characters) and to replace his golden slumbers with hideous nightmares.


Santa (Alec Baldwin) – here made out to be the jolliest Russian stevedore on Earth – welcomes Jack to the fold and assures him that he can be a hero once he figures out what he’s made of. Less convinced is the Easter Bunny (Hugh Jackman), who has ongoing resentment against Jack for all those times that wintry weather has disrupted egg hunts.


And there’s the Tooth Fairy (Isla Fisher), who subcontracts most of her gig out to her army of pixies; one of the film’s interesting twists is to explain why children’s teeth are so valuable and what she does with them.


When the Guardians are zipping around the planet, invisibly enchanting children and ribbing each other, “Rise of the Guardians” has a real lift to it; first-time director Peter Ramsey knows how to pace the big set pieces, and he understands that anytime you can make characters fly around (or extreme-sled) in a 3D movie, audiences’ spirits will soar too.


All too often, however, the good stuff is interrupted by the extremely pat plot beats of Jack and his voyage of self-fulfillment, and those aren’t the only mistakes screenwriter David Lindsay-Abaire (“Rabbit Hole”) makes along the way.


There’s a major plot development that takes place off-camera, which gives a large chunk of the movie a “Wait, what just happened?” confusion that’s too much of a distraction.


The young’uns at the screening I attended were entranced for much of “Rise of the Guardians” (terrible title!), so parents can rest assured that its target audience will leave satisfied. But the best family films truly appeal to the whole family, and adults may find themselves asking, and fending off, too many questions to take the plunge into this fantasy universe.


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In HP-Autonomy debacle, many advisers but little good advice
















(Reuters) – When Hewlett Packard acquired Autonomy last year for $ 11.1 billion, some 15 different financial, legal and accounting firms were involved in the transaction — and none raised a flag about what HP said Tuesday was a major accounting fraud.


HP stunned Wall Street with the allegations about its British software unit and took an $ 8.8 billion writedown, the latest in a string of reversals for the storied company.













HP Chief Executive Meg Whitman, who was a director at the company at the time of the deal, said the board had relied on accounting firm Deloitte for vetting Autonomy‘s financials and that KPMG was subsequently hired to audit Deloitte.


HP had many other advisers as well: boutique investment bank Perella Weinberg Partners to serve as its lead adviser, along with Barclays. Banking advisers on both sides of the deal were paid $ 68.8 million, according to data from Thomson Reuters/Freeman Consulting.


Barclays pocketed the biggest banker fee of the transaction at $ 18.1 million and Perella was paid $ 12 million. The company’s legal advisers included Gibson, Dunn & Crutcher; Freshfields Bruckhaus Deringer; Drinker Biddle & Reath; and Skadden, Arps, Slate, Meagher & Flom, which advised the board.


On Autonomy‘s side of the table were Frank Quattrone‘s Qatalyst Partners, which specializes in tech deals and which picked up $ 11.6 million.


UBS, Goldman Sachs, Citigroup, JPMorgan Chase and Bank of America were also advising Autonomy and were paid $ 5.4 million each. Slaughter & May and Morgan Lewis served as the company’s legal advisers.


While regulators in the United States and the United Kingdom, as well as the Federal Bureau of Investigation, are likely to spend many months if not years investigating what happened, legal experts said on Tuesday that it wasn’t clear if any of the advisers would ultimately be held liable.


“The most logical deep pocket would be the acquired firm’s auditors, who should have allegedly caught these defalcations,” said James Cox, a professor at Duke University law school who specializes in corporate and securities law. Since both auditors missed the problems and it appeared to have taken HP a while to catch it after it took over Autonomy, the auditors may have a strong defense.


“You can have a perfectly sound audit and still have fraud exist,” he said. A Deloitte UK spokesman said the company could not comment and would cooperate with any investigations.


The law firms and the bankers will likely argue that they were not hired to review the bookkeeping and had relied on the opinion of the auditors, securities law experts said.


Multiple sources with knowledge of the HP-Autonomy transaction added that the big-name banks on Autonomy‘s side were brought in days before the final agreement was struck. These sources said the banks were brought on as favors for their long relationships with the companies, in a little-scrutinized Wall Street practice of crediting — and paying — investment banks that actually have little do with the deal.


LAWSUITS, REPUTATIONS AT STAKE


Plaintiffs lawyers said they were taking calls from investors about HP on Tuesday. Darren Robbins, a San Diego-based plaintiff lawyer who represents shareholders, said the tech icon appears to have spent billions on a shoddy company without undertaking the proper due diligence, and thus misrepresented its finances to investors.


“I think they have serious troubles,” he said.


But plaintiff lawyers may have difficulty bringing so-called derivative lawsuits against professional services firms, said Brian Quinn, an M&A professor at Boston College Law School. In those cases, plaintiff lawyers can sue third parties, such as auditors, on behalf of HP — but they must convince a judge that HP’s board is unfit to pursue those claims itself. In this situation, though, HP’s board disclosed the alleged fraud itself, Quinn said.


Even if the bankers and lawyers escape any legal problems, they could suffer a reputational hit. The scrutiny could be particularly unwelcome for Perella Weinberg: the firm advised Japanese camera maker Olympus’ acquisition of British Gyrus — a transaction that prompted investigations in the United States, United Kingdom and Japan into fees and payments made by Olympus.


Olympus had hired Perella to execute the transaction, which included a fee paid to “advisers” of $ 687 million – way beyond the usual scale for a transaction valued at only $ 2 billion. Perella was not implicated in the matter.


Meanwhile, the most controversial banker involved in the HP-Autonomy deal, Frank Quattrone of Qatalyst, represented Autonomy and played a key role in getting HP to pay a high price.


A star investment banker in the 1990s, Quattrone had worked at Morgan Stanley, Deutsche Bank and Credit Suisse, and helped arrange some of the biggest tech initial public offerings of the era, including Amazon.com Inc and Cisco Systems Inc.


But his time at the top of Silicon Valley was curtailed by charges that he blocked an investigation into IPO kickbacks. After two trials failed to resolve his case, he ultimately reached a deal with prosecutors.


His return to the Silicon Valley M&A scene has impressed many in the tech world.


“His reputation is at an all-time high right now,” said Dan Scheinman, the former head of mergers and acquisitions at Cisco who has worked with Quattrone on several deals.


Analysts almost uniformly deemed the $ 11.1 billion he got HP to pay for Autonomy as overly rich — a compliment to him at the time, but possibly a hollow success if HP’s allegations prove true.


(Reporting By Nadia Damouni and Nicola Leske in New York and Andrew Callus in London. Additional reporting by Dan Levine in San Francisco.; Editing by Peter Lauria, Jonathan Weber, Muralikumar Anantharaman, Janet McBride)


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Violence flares as Clinton seeks Gaza truce

GAZA/JERUSALEM (Reuters) - U.S. Secretary of State Hillary Clinton on Wednesday pursued a Gaza truce, with Israel and Hamas still at odds over key terms, as Israeli air strikes shook the enclave and a bomb exploded on a Tel Aviv bus.


After talks in Ramallah with Palestinian President Mahmoud Abbas, Clinton held a second meeting with Israeli Prime Minister Benjamin Netanyahu before heading to Egypt, the main broker in efforts to end eight days of fighting and avert a possible Israeli ground offensive.


In Tel Aviv, at least 10 people were wounded when a bus was blown up on a main street near the Defence Ministry and military headquarters. Israel's government called it a terrorist attack.


The explosion, which police said was caused by a bomb placed on the vehicle, touched off celebratory gunfire from militants in Gaza and threatened to complicate truce efforts.


Israel's best-selling Yedioth Ahronoth newspaper said an emerging outline of a ceasefire agreement called for Egypt to announce a 72-hour ceasefire followed by further talks on long-term understandings.


Under the proposed document, which the newspaper said neither party would be required to sign, Israel would hold its fire, end attacks against top militants and promise to examine ways to ease its blockade of the enclave.


Hamas, the report said, would pledge not to strike any Israeli target and ensure other Palestinian factions in the Gaza Strip also stop their attacks.


An Israeli political source said differences holding up a deal centered on a Hamas demand to lift the Gaza blockade completely and the kind of activity that would be allowed along the frontier, where Israeli troops often fire into the enclave to keep Palestinians away from an area near a border fence.


Hamas official Ezzat al-Rishq said the main stumbling block was "the temporary timeframe for a ceasefire that the Israelis want us to agree to".


"GOOD INTENTIONS"


The London-based Al Hayat newspaper, citing sources in Hamas and Islamic Jihad, said Israel wanted a 90-day period to determine "good intentions" before discussing Palestinian demands, a position the report said the groups have rejected.


Rishq said a short-term truce, whose proposed duration he did not disclose, "would only buy (Israel) time" until a general election in January and "we would have accomplished nothing in the way of a long-term truce".


Hamas sources said the group was also demanding control over Gaza's Rafah borders with Egypt, so that Palestinians could cross easily, and Israeli guarantees to stop assassinating Hamas leaders.


Israel, one of the Hamas sources said, wanted a commitment from the group to stop smuggling through tunnels that run into Gaza under the Egyptian border. The tunnel network is a conduit for weapons and commercial goods.


News of the Tel Aviv bus bombing, the first serious blast in Israel's commercial capital since 2006, emerged just after Clinton and Netanyahu ended their meeting. A spokesman for Netanyahu declined to give details on their discussions, which followed talks on Tuesday.


Clinton, who flew to the region from an Asian summit, said in her public remarks after Tuesday's meeting with Netanyahu that it was "essential to de-escalate the situation".


"The rocket attacks from terrorist organizations inside Gaza on Israeli cities and towns must end and a broader calm restored," she said.


Clinton earlier assured Netanyahu of "rock-solid" U.S. support for Israel's security, and praised Egyptian President Mohamed Mursi's "personal leadership and Egypt's efforts thus far" to end the Gaza conflict and promote regional stability.


"As a regional leader and neighbor, Egypt has the opportunity and responsibility to continue playing a crucial and constructive role in this process. I will carry this message to Cairo tomorrow (Wednesday)," she said.


"LONG-TERM" SOLUTION


Netanyahu told Clinton he wanted a "long-term" solution. Failing that, Netanyahu made clear, that he stood ready to step up the military campaign to silence Hamas' rockets.


"A band-aid solution will only cause another round of violence," said Ofir Gendelman, a Netanyahu spokesman.


While diplomatic efforts continued, Israel struck more than 100 targets in Gaza overnight, killing a Hamas gunman and destroying a cluster of Hamas government buildings.


Palestinians militants fired 31 rockets at Israel, causing no casualties, and Israel's Iron Dome interceptor system shot down 14 of them, police said.


Israel has carried out more than 1,500 strikes since the offensive began. Medical officials in Gaza said 139 Palestinians, most of them civilians, including 34 children, have been killed. Nearly 1,400 rockets have been fired into Israel, killing four civilians and a soldier, the Israeli military said.


In the West Bank city of Ramallah, Clinton held talks with Palestinian President Abbas, whose bid to upgrade the Palestinians' status at the United Nations, in the absence of peace negotiations with Israel, is opposed by Washington.


"Secretary Clinton informed the president that the U.S. administration is exerting every possible effort to reach an immediate ceasefire and the president expressed his full support for this endeavor," said Palestinian chief negotiator Saeb Erekat.


"Once the Israelis accept to stop their bombardments, their assassinations, there will be a comprehensive ceasefire sustained from all parties," Erekat said.


A Palestinian official with knowledge of Cairo's mediation told Reuters that Egyptian intelligence officials would hold further discussions on Wednesday with leaders of Hamas and the Islamic Jihad group.


"There may be a response from Israel that Egyptian mediators want to present to Hamas and Islamic Jihad leaders," the official said. "Let's be hopeful it would be something Palestinian factions can accept."


Like most Western powers, Washington shuns Hamas as an obstacle to peace and has blamed it for the Gaza conflagration. A U.N. Security Council statement condemning the conflict was blocked on Tuesday by the United States, which complained that it "failed to address the root cause," the Palestinian rockets.


Hamas for its part is exploring the opportunities that last year's Arab Spring has given it to enjoy favor from new Islamist governments, and from Sunni Gulf powers keen to woo it away from Shi'ite Iran.


It may count on some sympathy from Mursi, although Egypt's first freely elected leader, whose Muslim Brotherhood inspired Hamas' founders, has been careful to stick by the 1979 peace deal with Israel struck by Cairo's former military rulers.


Along the Gaza border, Israeli tanks, artillery and infantry remained poised for a possible ground offensive in the densely populated enclave of 1.7 million Palestinians.


But an invasion, likely to entail heavy casualties, would be a major political risk for Netanyahu, who is currently favored to win the upcoming Israeli election. More than 1,400 Palestinians were killed in Israel's three-week war in the Gaza Strip in 2008-9, prompting international criticism of Israel.


(Additional reporting by Ari Rabinovitch in Jerusalem and Cairo bureau; Writing by Jeffrey Heller; Editing by Giles Elgood)


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