Hewlett Packard is claiming it was duped into overpaying when it acquired Britain's largest software company a little more than a year ago. HP released its latest quarterly earning report on Tuesday and announced that it was writing off most of the $11 billion investment. The firm HP bought, Autonomy, denies there were any improprieties.
There were 410,000 first-time claims for unemployment insurance last week, down 41,000 from the level of the week before — when the number of applications soared because of the lingering effects of Superstorm Sandy.
In Washington, lawmakers are trying to work out a deal to keep the economy from going over the fiscal cliff. Many economists predict those automatic tax hikes combined with deep spending cuts set to go into effect on New Year's Day would throw the economy back into recession.
A group of top CEOs has been urging lawmakers to reach a deal to keep that from happening. Mark Bertolini is one of them. He's CEO of the health insurer Aetna and he said tax increases are as important as spending cuts. We called him to talk more.
Here is a story that's has people in South Carolina on edge. Foreign hackers recently broke into the state's Department of Revenue and stole the records of 3.8 million individual taxpayers and nearly three-quarters of a million businesses. The breach affects everyone who filed an electronic tax return in South Carolina going back to 1998. NPR's Kathy Lohr has the story.
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Federal prosecutors in Manhattan have brought charges in what they are calling the biggest insider trading case ever. A former hedge fund employee made about a quarter billion dollars for the fund after allegedly getting a sneak preview of clinical trial data for a new drug.
NPR's Ailsa Chang reports prosecutors believe this may lead them to even bigger cases.
As the holiday season takes hold in New York City, shoppers are heading to FAO Schwartz near Central Park for toys, and to Macy's on 34th Street for clothes or cookware. They shouldn't have a problem, Midtown Manhattan was largely unaffected by Hurricane Sandy. One major tourist attraction in lower Manhattan wasn't so lucky.
Dan Tucker, of member station WNYC, has this report from the historic South Street Seaport.
Between the lines and the crowds and the dashes to gates, airports are busy places. Atlanta's airport is one of the busiest in the world, especially during Thanksgiving, which is the busiest holiday for travel. Charles Edwards of member station WABE braved the city's airport to bring us this story.
CHARLES EDWARDS, BYLINE: So far this week, security lines inside Hartsfield-Jackson Atlanta International Airport have been long. But, they're moving.
NPR's business news starts with a costly misstep by HP.
The California-based technology giant is writing down an $8.8 billion loss. CEO Meg Whitman says much of that comes from new revelations about Autonomy, a software company HP bought last year. She says the company lied about the state of its finances. HP plans to sue, and has asked authorities in both the U.S. and the U.K. to investigate. Transcript provided by NPR, Copyright National Public Radio.