CA wins Australia court ruling
CA Technologies of Islandia says an Australian court decided in its favor in a civil suit that claimed a rival company violated CA's intellectual property rights in the design of a software program. "The Federal Court of Australia has found Independent Systems Integrators of Sydney, Australia, violated copyright laws and breached its duty of confidentiality in developing and selling a product using intellectual property from CA Technologies' CA Datacom relational database management system," CA said in a news release Wednesday. In particular, CA said, the court found that the other company used CA source code without permission. CA did not say whether it is seeking monetary damages. -- Joseph Mallia
Fed: Banks could handle shock
Federal Reserve Chairman Ben Bernanke told a congressional panel Wednesday that U.S. banks could withstand shocks from Europe, even if the debt crisis there significantly worsened. The U.S. banking system remains exposed to Europe, but stress tests conducted by the Fed found most banks could weather a severe recession triggered by the debt crisis, Bernanke told the House Oversight and Government Reform Committee. "I think we are in much better shape to meet those challenges than we were a few years ago," Bernanke told the committee.
HP aligns PC and printer units
Hewlett-Packard Co. is combining its printer and PC divisions as it tries to overcome dragging profits and growing competition. HP is hoping its restructuring will save money and boost innovation. Sales of printers and ink, once HP's lifeblood, are falling because people are sharing more documents and photos online. HP, the world's No. 1 maker of personal computers, is also coping with declining PC sales as consumers spend money on smartphones and tablet computers instead.
Name for Kraft snacks unit
Kraft Foods Inc. announced Wednesday that its new global snacks company will be named Mondelez International Inc. Mondelez, inspired by the suggestions of two Kraft employees, is intended to evoke the idea of a "delicious world," with "monde" derived from the Latin word for "world" and "delez" to hint at "delicious." It's pronounced mohn-da-LEEZ. Kraft is splitting in two; the North American grocery business will continue to carry the Kraft name, selling products such as Maxwell House coffee and Oscar Mayer meats. The larger global snacks business will take the new name. Shareholders must still approve it.
Hartford to ditch annuities
Hartford Financial Services Group Inc. is exiting the annuity business so it can focus on its property and casualty insurance, group benefits and mutual funds. The company said Wednesday that it is also looking to sell or pursue other options for its individual life, retirement plans and broker-dealer Woodbury Financial Services. Those lines "will be better positioned for success as part of other organizations," chief financial officer Christopher Swift said in a statement. Hartford's announcement comes just over a month after hedge fund manager John Paulson urged the company to spin off its property and casualty insurance business, saying that it could boost Hartford's value to shareholders by 40 percent.
NE spring skiing really hot
Skiers stripped down to shorts and bikini tops to keep cool Wednesday as they got in a few final sun-drenched, slushy runs, bidding what could be an early goodbye to a season that has disappointed all around. An unprecedented spell of record temperatures soaring into the 80s had New England skiers dodging dirt patches as melting snow spelled potentially millions in losses for those who make their living off winter tourism. It could reach the 80s again Thursday in parts of New England. -- AP