Steve Jobs resigns from Apple, Cook becomes CEO

San Francisco: Silicon Valley legend Steve Jobs relinquished the reins at Apple Inc to right-hand man Tim Cook on Wednesday, after 14 years in command at a company he brought back from the brink and turned into the world's largest technology corporation.

Jobs, who fought and survived a rare form of pancreatic cancer and revolutionized the technology arena with the iPhone in 2007, is deemed the heart and soul of a company that started in a garage and is today neck-and-neck with Exxon Mobil in the race to become the largest US corporation.

Analysts do not expect Jobs' resignation -- which was more a question of when than if -- to derail Apple's fabled product-launch roadmap, including possibly a new iPhone in September a third iteration of the iPad tablet in 2012.

But the company's shares still dived as much as 7 percent in after-hours trade after the industry icon, who has been on medical leave for an undisclosed condition since Jan. 17, announced he will be replaced by COO and heir apparent Cook.

"I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's CEO, I would be the first to let you know. Unfortunately, that day has come," he said in a brief letter announcing his resignation.

The 55-year-old CEO had briefly emerged from his medical leave in March to unveil the latest version of the iPad and later to attend a dinner hosted by President Barack Obama for technology leaders in Silicon Valley.

Jobs' often-gaunt appearance has sparked questions about his health and his ability to continue at Apple.

"I will say to investors: don't panic and remain calm, it's the right thing to do. Steve will be chairman and Cook is CEO," said BGC Financial analyst Colin Gillis.

Again, Deep Bench

Jobs' resignation marks the end of an era at Apple.

A college dropout, a Buddhist and a son of adoptive parents, he started Apple Computer with friend Steve Wozniak in the Jobs family garage in Silicon Valley in the late 1970s.

The company soon introduced the Apple 1 computer. But it was the Apple II that became a huge success and gave Apple its position as a critical player in the then-nascent PC industry, culminating in a 1980 IPO that made Jobs a multimillionaire.

Despite the subsequent success of the Mac, Jobs' relationship with internal management soured, and in 1985 the board removed most of his powers and he left the company, selling all but one share of his Apple holdings.

Apple's fortunes waned after that. However, its purchase of NeXT -- the computer company Jobs founded after leaving Apple -- in 1997 brought him back into the fold. Later that year, he became interim CEO and in 2000, the company dropped "interim" from his title.

On Wednesday, Apple shares slid to USD 357.40 in extended trading after a brief halt. They had gained 0.7 percent to close at USD 376.18 on the Nasdaq.

Analysts again expressed confidence in the Apple bench, headed by longtime company No. 2 and supply-chain maven Cook.

"Investors are very comfortable with Tim Cook even though Jobs has been a driver of innovation and clearly an Apple success. Tim has shown Apple can still outperform extremely well when he's been acting as CEO," said Cross Research analyst Shannon Cross.

"I don't know if it's a health issue. I don't know if it is a shock. Most likely it was going to happen at some point. Why today versus another day? I don't know."

Bureau Report

Switzerland to tax black money in UK citizens' secret accounts

London: The Swiss government has agreed to tax black money held by UK citizens in Swiss bank accounts for the first time, while still hiding their identity.

According to a BBC report, the deal could see between 3 billion pounds and 6 billion pounds a year being handed to HMRC (Her Majesty's Revenue and Customs) by the Swiss authorities.

The agreement is a part of the HMRC's latest efforts to track down and tax money hidden in offshore bank accounts.

It follows a similar deal agreed earlier this month between Germany and the Swiss authorities.

UK officials said the agreement was a landmark one.

"The world has changed for tax evaders," said Dave Hartnett of HMRC.

"A few years ago, nobody would have anticipated that we would conclude an agreement with Switzerland to tackle tax evasion. We will secure significant sums of tax that some had thought we would never see," he added.

Meanwhile, David Gauke, the Exchequer Secretary to the Treasury, said, "The historic agreement will enable us to collect billions of pounds from those who have for too long evaded their responsibility to pay UK tax by abusing Swiss banking secrecy."

For decades, Swiss banking laws have provided complete secrecy to foreigners operating bank accounts there.

The account holders have been able to use the accounts to hide money from the own tax authorities, without even having to pay any Swiss tax.

From 2013, the Swiss will tax the bank accounts of UK citizens and transfer the money directly to the Treasury, but without revealing the identity of the account holders.

The UK citizens' accounts in Swiss banks will be taxed at between 19 percent and 34 percent on the principal sum hidden, depending on how long the account has been running.

The Swiss have agreed to make an initial downpayment of 500 million Swiss francs toward the tax liabilities of UK citizens with Swiss bank accounts.

From 2013, the account holders will also face an annual levy of between 27 percent and 48 percent on the income from their accounts, depending on whether it has arisen as capital gains, dividends or interest.

The UK authorities will also have the right to request the banking details of 500 UK individuals a year for further investigation.

Chas Roy-Chowdhury of the Association of Chartered Certified Accountants (ACCA) said the deal was "very innovative".

"This is a wake-up call to tax dodgers and will flush some of them out of the woodwork," he said.

UK citizens will only be able to avoid the new tax measures in Switzerland if they come forward and make a full disclosure of their finances there to HMRC.

Ronnie Ludwig, of accountants Saffery Champness, said the UK's agreement was a huge step forward in the search for untaxed income offshore.

But he said people hiding their money in Switzerland would still be getting away with substantial tax evasion.

"The Swiss agreement is a pragmatic move by the UK Treasury that will certainly help bring an immediate boost to tax revenues, but it is a quick fix measure," he said.

"It means some tax revenues from secret accounts will flow into Treasury coffers, but the fact remains that only a small proportion of the total tax that would have been due on the money stashed away in secret accounts in Switzerland over the years can be recovered under these latest proposals," Ludwig added.

Since 2007, HMRC has been targeting people in the UK who have failed to pay tax on money kept in offshore bank accounts.

In 2009, the UK authorities struck a deal with the government of Liechtenstein, a notorious tax haven.

If UK citizens hiding cash there confess, they will face penalties amounting to just 10 percent of the tax they have evaded.

They will still have to pay their back-taxes and interest, going back up to 10 years.

As many as 5,000 British investors are thought to have stashed an estimated 3 billion pounds in secret accounts in Liechtenstein.

Those who do not take advantage of the disclosure "opportunity", which runs to the end of March, 2015, will face fines amounting to 200 percent of their unpaid tax, as well as back-taxes and interest.

Chris Oates of Ernst and Young said: "As a side effect of today's announcement, we could also see an increase in people moving their assets to Liechtenstein rather than paying up to the Swiss authorities."

"The Liechtenstein Disclosure Agreement only requires a back payment of taxes from 1999/2000 onward, rather than the total value of assets held in Switzerland.

"This could prove a more cost-effective way to resolve past tax liabilities for UK individuals than the new Swiss arrangement," he added.

PTI

Washington Monument Cracked, Closed Indefinitely

Yesterday's relatively exciting magnitude 5.8 East coast quake didn't tilt the D.C.'s Washington Monument, but it cracked it enough to concern the National Park Service. So a centerpiece of the National Mall will now be closed indefinitely for public safety reasons, the Associated Press reported. The damage was found by structural engineers "where the 555-foot landmark narrows considerably."

The Lincoln and Jefferson memorials are also closed for further inspection, Politico relayed. The newly unveiled Martin Luther King Jr. sculpture will remain open. And the rest of the nation's capital dwellers will talk about where they were during quake for the forseeable future--or at least until Congress is back in session.

Apple suppliers building cheaper, 8GB iPhone 4 - sources

TAIPEI/HONG KONG (Reuters) - Asian suppliers to Apple Inc have begun manufacturing a lower priced version of its hot-selling iPhone 4 with a smaller 8 gigabyte flash drive, according to two people with knowledge of the matter.

The flash drive for the 8GB iPhone 4 is being manufactured by a Korean company, one of the people said on Tuesday, declining to name the company. Apple currently sources its flash drives from Japan 's Toshiba and South Korea 's Samsung Electronics.

The sources declined to be identified because the information has not been made public.

Apple, which demands high levels of secrecy and security from suppliers and employees, declined to comment.

The existing iPhone 4 was first launched in June 2010 with 16 GB and 32 GB versions, with a white version added to the lineup in April. The 8 GB version expected to launch within weeks, one of the sources said.

In addition to launch of the smaller iPhone 4, Apple is targetting an end September launch for the next-generation iPhone 5, one source said, confirming earlier reports on Apple follower blogsites and industry websites.

The new iPhone , which some call the iPhone 4S because of its largely identical appearance to the existing iPhone 4, will have a bigger touch screen, better antenna and an 8-megapixel camera, one of the people said.

The iPhone 5's two manufacturers have been told to prepare production capacity for up to 45 million units altogether, the source said. The phone will be made by Hon Hai and Pegatron, the person added.

8 Wonder ways for a flat tummy

Blame it on SRK's six-pack-magic, Aamir's eight-pack-charisma or Priyanka's hot bikini bod, but flaunting the flattest tummy and a set of well toned abs is the latest dream for many youngsters.

But, they usually tend to forget that it takes more than just basic crunches and crash dieting to carve a drool worthy, flat stomach. Explains fitness trainer, Deanne Pandey, "Ab exercises + cardio exercises + right diet - this is the most effective formula to achieve well-toned abdominal muscles. Missing upon any one of these will take away the real impact of an abs-workout."

"An ideal diet and workout for every individual depends upon his/her weight loss requirement, body type and body shape," suggests Pandey. For instance, a pear shaped person may indulge in a less strenuous workout and minimal diet modifications to get the desired tummy in comparison to an apple shaped body, who is usually heavy in the tummy area.

Here are a set of workout and physical activities, which when combined with an ideal eating plan and cardio workouts can assure you of the killer abs that you always dreamt of...

1. Naukasana- A common yoga posture that works wonders on your abs.

Method: Lie flat on the ground, with your back on the floor. Raise your upper body and legs to an angle of 30 degrees and hold the posture for 30-40 seconds, then relax. Repeat this asana for 10 times to begin with, graduating to 30 times. Breathe normally all through the work out.

"Holding onto the posture tightens and contracts your upper and lower abs while repeating the movement tones them up," tells yoga expert Usha Chegappa of Bharat Thankur's Artistic Yoga.

2. Ushtrasana : It is the counter pose to naukasana .

Method: Stand on your knees, with heels facing upwards. Arch your back, placing your hands on your knees one by one. Hold your head behind pushing your belly outwards. Hold this posture for 30 seconds and repeat 30 times.

"During naukasana , the ab muscles contract building up tension in the area, while ushtrasana releases the tension by giving your tummy a good stretch. It is important to practice ushtrasana after naukasana to save one's back from injury," explains Usha.

3. Basic crunch : The good old crunch still remains the best exercise to bag the perfect abs.

Method: Lie on the floor with your legs off the floor in a right angle. Keep your shoulders just above the floor. Breathe in and bring your knees in towards your chest, while lifting your upper body to an angle of 30 degrees and breathe out while you relax. Repeat this exercise 15-20 times to begin with.

"Don't arch your back. The crunches will help you contract your abdomninal muscles giving them an effective workout," suggests Deanne.

4. Bridging: Stretch till you feel the burn!

Method: Lie flat on the floor with your hands resting by your sides, feet flat on the floor, shoulder width apart and knees bent. Now, contract your abdominals, lower back and gluts and slowly lift your midsection to form a bridge from your knees, through your hips to your shoulders. Hold this position for a few seconds, and then slowly lower. Fitness expert Kiran Swahney suggests, "Avoid this exercise in case you are suffering from lower back problems."

'Potter' finale conjures up $1 billion worldwide

LOS ANGELES (AP) — Harry Potter has joined the billion-dollar club.

Distributor Warner Bros. said Sunday that "Harry Potter and the Deathly Hallows: Part 2" crossed the $1 billion mark at the worldwide box office. It's soon expected to pass "Pirates of the Caribbean: On Stranger Tides," which is this year's top grossing movie at $1.03 billion.

The last of the eight films about the young wizard is the first in the franchise to reach the billion dollar mark. The previous best global haul was $974.8 million for the original film, 2001's "Harry Potter and the Sorcerer's Stone."

With $21.9 million domestically this weekend, "Deathly Hallows: Part 2" climbed to a domestic total of $318.5 million. That tops the franchise's previous best of $317.6 million for "Sorcerer's Stone."

But factoring in today's higher admission prices, "Deathly Hallows: Part 2" has not caught up to "Sorcerer's Stone" in terms of actual tickets sold.

The 2009 film "Avatar" holds the record for the biggest worldwide box office haul, grossing $2.8 billion. It's followed by another James Cameron film, "Titanic," which brought in $1.8 billion.

Obama administration approves no-cost birth control, including ‘morning after’ pill

Pro-lifers are horrified at the announcement Monday that the Obama administration has approved a recommendation from the Institute of Medicine (IOM) to guarantee full health insurance coverage for birth control, including the so-called “morning-after” pill, under the Affordable Care Act.

The new guidelines, which the Department of Health and Human Services (HHS) labeled “historic,” will require new health insurance plans to include women’s preventive services including FDA approved contraceptives, breast feeding support, and well-women visits — all without charging a co-payment, co-insurance or a deductible — beginning August 1, 2012.

“The Affordable Care Act helps stop health problems before they start,” said HHS Secretary Kathleen Sebelius in a statement. “These historic guidelines are based on science and existing literature and will help ensure women get the preventive health benefits they need.”

The Obama administration also released an amendment to the guidelines allowing religious organizations to opt out of providing the contraception services.

Still, pro-life advocacy groups virulently opposed the IOM recommendation. LifeNews is reporting that these organizations may push Congress to pass legislation to reduce harm which they believe will accompany the new guidelines.

“The real issue is not about ‘birth control’ as such but rather about specific contraceptives that can function as abortifacients, in particular, emergency contraceptives,” Jeanne Monahan, director of the Family Research Council’s Center for Human Dignity explained to LifeNews. “This isn’t a matter of opinion or political ideology.”

“The FDA approved label for Plan B suggests it can prevent implantation of an embryo. Moreover, the most recently approved EC, ‘ella,’ is chemically similar to RU-486 and it may destroy an embryo after it is already implanted,” she added.

Groups such as Planned Parenthood and NARAL were major advocates for the new directive.

“As someone who has worked on women’s rights for nearly 30 years, I can say that today’s news marks one of the biggest advances for women’s health in a generation,” Nancy Keenan, president of NARAL Pro-Choice America said in a statement when IOM released their recommendation.

“Currently, nearly one in three women finds it difficult to pay for birth control, and that’s why the United States has a far higher unintended-pregnancy rate than other industrialized countries. Making family-planning services available at no cost will help millions of women prevent unintended pregnancy and thereby reduce the need for abortion.”

Know your couple type to transform your relationship!

London, August 1 (ANI): Do you and your partner often find yourself in the middle of blazing rows? Turns out, you are the 'Cat and Dog' couple type.

Psychologists say identifying the type of couple type we are - or would like to be - holds the key to a happy relationship and being able to understand our own needs and those of our partner, reports the Daily Mail.

Experts have identified six different 'couple types' that we all fall into.

One is the 'Cat and Dog' type. As the name suggests, this couple fight constantly, in private and in public.

This kind of couple may be attracted to one another because they enjoy the cycle of fight and make up (often accompanied by passionate sex).

The second type is called the pursuer/distancer couple, in which one partner is in pursuit of the other, trying to secure their attention and affection.

"One pretends they don't want to know and the other enjoys the thrill of the chase," says relationship psychologist Susan Quilliam.

"Often, couples take it in turns to play the pursuer or distancer. Whenever one senses the other is losing interest, they will switch.

The third type of couple is the 'Parent and child', wherein one feels responsible for nurturing the other, who they regard as less capable.

"The parent partner is attracted because they feel that in caring for this person, they have found a purpose in life," says Quilliam.

"The child partner may lack self-esteem or be a supreme coper who wants a break," she added. (ANI)