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Business

Business briefs

LONG ISLAND

New Asia partner for CA

CA Technologies has a new partner in its marketing and sales of cloud computing services throughout Asia. The partner, based in Singapore, is Dimension Data Asia Pacific. It has 60 offices in 13 countries including Australia, China, India, Japan, Taiwan and Korea. CA, based in Islandia, and Dimension Data "are collaborating to drive enterprise cloud adoption throughout Asia Pacific," the companies said in a joint news release. "Cloud ecosystems must be fueled by speed, innovation and scale to thrive," Dexter Wee, a Dimension Data manager, said in the company announcement. "Working with CA Technologies gives us the competitive advantage." Cloud computing refers to on-demand subscription plans allowing companies to use variable amounts of data storage, software and other resources over the Internet, as needed. By reducing the need for hardware and software installed on a company's own premises, cloud computing is seen as a way to reduce overall computing and energy costs.

Surveying nonprofit groups

A Bohemia accounting firm is conducting a survey of Long Island not-for-profit organizations, with a questionnaire that was available online Wednesday at bit.ly/llDmik. This is the eighth year the CPA firm, Cerini & Associates, has conducted the survey. "The nonprofit sector of today is very different from how it looked just five short years ago," and the nonprofits of the future will be very different from where they are today, the accounting firm said in a news release. "The name of the game is collaboration. To be effective, organizations will need to come together to make a difference. In these challenging times, nonprofit organizations need to continue to collaborate and share information so that organizations can make better and more informed decisions." Last year 152 organizations took the survey. This year's survey is due back by Sept. 26. It can be filled out online, or Cerini & Associates will send it by fax or email upon request.

NATION

Stocks slip on Fed's view Stocks faded to a weak close Wednesday after Federal Reserve Chairman Ben Bernanke said the drags on the U.S. economy may be worse than previously thought. Major indexes had been mixed for much of the day but turned lower in midafternoon trading as Bernanke spoke at a news conference. The Federal Reserve left interest rates unchanged at the end of its two-day meeting. There is some hope the Fed will conduct another round of asset buying, but most economists see it as unlikely at this time. The Dow Jones industrial average closed down 80.34 points, or 0.66 percent, at 12,109.67. The Standard & Poor's 500 index fell 8.38 points, or 0.65 percent, to close at 1,287.14. The Nasdaq fell 18.07 points, or 0.67 percent, to 2,669.19. Three stocks fell for every two that rose on the New York Stock Exchange. -- AP

New SEC hedge fund oversight

Hedge funds will face closer scrutiny under rules approved Wednesday that seek to protect investors from excessive risks and prevent another financial crisis. The rules were mandated under the financial overhaul law passed last year. They require hedge funds and private equity funds to open their books to periodic inspections by the Securities and Exchange Commission. They also force the funds to disclose information about their operations, finances and investors. Hedge funds are lightly regulated investment pools that collect money from pension funds, endowments and wealthy individuals. They use complex trades to seek big returns. Private equity funds focus on buying and reselling companies. The SEC adopted the rules at its meeting on Wednesday. The funds will be required to register by March 30, 2012. Groups representing hedge funds and private equity funds have expressed support for the registration requirement. -- AP

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