NEW YORK (Reuters) ? Hedge fund heavyweight John Paulson said poor performance by his funds keeps him up at night, so the billionaire stock picker must be going sleepless a lot these days.
This year is quickly shaping up to be the worst of Paulson's decades-long career, with most of his portfolios in the red and the Advantage Plus fund off 47 percent through September.
Paulson, who shot to fame and fortune with a bet in 2007 that the housing market would crash, has been engaging in as much damage control as possible before a critical October 31 redemption deadline. Last week he held a call with investors, and on Thursday he spoke at a conference sponsored by the industry trade group Managed Funds Association.
As Paulson and two other prominent fund managers, Eric Mindich and Paul Singer, addressed an audience at the Pierre Hotel in midtown Manhattan, a handful of anti-Wall Street protesters gathered outside on Fifth Avenue chanting slogans aimed at the executives.
The panel discussion -- titled Challenges, Opportunities and What Keeps You Up at Night -- was off limits to the media and attendees were asked not to speak to reporters. But several chatted all the same, saying that when Paulson was asked the critical question, he replied that losing money and poor performance robs him of sleep.
"He was being very honest and earnest, not at all flip about this matter," said one attendee, who did not want to be identified.
Many of Paulson's funds have lost big this year as the money manager bet that the U.S. economy would revive sooner rather than later.
Outside the hotel, the protesters handed out fliers with Paulson's and Singer's pictures and chanted "Hey, Paulson, you can't hide, we can see your greedy side. Paul Singer, you can't hide, we can see your greedy side."
Paulson earned $5 billion last year, an industry record, on a successful bet on gold. He earned about $3 billion in 2007.
Since the protests against Wall Street started, Paulson's eye-popping paydays have made him a target.
But on Thursday, he slipped out of the Pierre Hotel nearly unnoticed, dashing out a side door into a waiting black vehicle that whisked him away.
Voters in southwest Alaska have narrowly passed an initiative aimed at stopping an open pit copper and gold mine. The proposed Pebble Mine is near one of the largest sockeye salmon spawning areas. But whether digging continues will likely be decided in the Alaska State Supreme Court.
(Reuters) ? Citigroup Inc reported higher third-quarter earnings on Monday, helped by rising income from Asia and an accounting gain banks can take in turbulent markets.
Even stripping out the accounting gain, the results were better than some analysts had expected, and Citi shares rose as much as 3.8 percent in early trading. At mid-morning they were up 1.4 percent to $28.79.
Like its rivals, Citigroup was hit by the European debt crisis and the sluggish U.S. economy. Investment banking fees dropped, and its loan book fell 2 percent. Operating expenses rose, in part because of investments the bank is making to boost its business.
Citigroup's extensive overseas operations helped the bank during the quarter, particularly in Asia, where income from continuing operations at its consumer banking business rose 14 percent.
"The bets they're making in the international markets are paying off," said Michael Holland, founder of Holland & Co LLC in New York.
Citigroup, the third-largest U.S. bank by assets, reported net income of $3.77 billion, or $1.23 per share, up from $2.17 billion, or 72 cents per share, in the same quarter last year.
The third-quarter results included a pre-tax gain of $1.9 billion, or 39 cents per share after taxes, due to the bank's widening credit spreads during the quarter. When a bank's debt weakens relative to U.S. Treasuries, it can record an accounting gain because it could profit from buying back debt.
Excluding that gain, Citi earned $2.6 billion, or 84 cents per share.
Revenue at the bank's continuing securities and banking business fell 12 percent excluding the debt value adjustment, to $4.84 billion, hurt by declining underwriting and merger advisory fees.
JPMorgan Chase & Co also reported declines in investment banking fees when it reported third-quarter results last week. JPMorgan also reported an accounting gain identical to Citi's.
Overall operating expenses for Citigroup rose 8 percent from a year earlier. Operating expenses were $12.46 billion and have been hovering around that level since the fourth quarter of 2010. From the beginning of 2009 through the third quarter of 2010, quarterly operating expenses were typically closer to $11.9 billion.
It was not immediately clear if the quarterly earnings were comparable to analysts' average forecast of 81 cents per share, according to Thomson Reuters I/B/E/S. But several analysts said earnings of 84 cents per share excluding the accounting gain beat the Street.
Citi, which received three U.S. government rescues at the height of the financial crisis, is seeing its problem loan portfolio shrink.
Nonaccrual loans fell to $7.95 billion from $12.46 billion a year earlier.
The bank's share price has fallen about 40 percent this year, in line with declines for other large banks.
(Reporting by Joe Rauch in Charlotte, N.C.; editing by John Wallace)
NJIT math professor announces picks for Cy Young and Most Valuable Player: Says Rangers will winPublic release date: 19-Oct-2011 [ | E-mail | Share ]
Contact: Sheryl Weinstein 973-596-3436 New Jersey Institute of Technology
With Major League Baseball's World Series set to begin today, NJIT math professor Bruce Bukiet has once again analyzed the players most deserving of winning baseball's most important awards for the 2011 season. He also provides the probability of Texas Rangers and St. Louis Cardinals winning the World Series.
"Now that the Texas Rangers and St. Louis Cardinals have won their League Championships, the Texas Rangers have a 63 percent chance of winning the World Series although the National League Champion St. Louis Cardinals have the home field advantage."
At the season's start, Bukiet used his mathematical model to project the number of team wins (see: http://m.njit.edu/~bukiet/baseball/2011_season_predictions.htm). Last April, Bukiet's model selected five of the eight post-season winners. His analysis gave him the top slot at BaseballPhD. In addition, three of the four teams that advanced to the League Championship series numbered among Bukiet's five named winners. Both World Series contenders were also among the teams that, Bukiet said, should make it to the post-season. Follow Bukiet at http://m.njit.edu/~bukiet/baseball/playoffs11.htm Kevin Fritz, a college student based in New Jersey, provided research assistance for this work.
What is the likelihood of each team taking the series in a given number of games? Going into the series, the most likely outcome (23.2 percent) is for the Texas Rangers to win in five games. The Cardinals' best chance is 16 percent to win in seven games.
As to the winners of the Cy Young and Most Valuable Player awards, Bukiet's model analyzes the number of extra wins based on each player's performance in 2011 that would have been added to a team of otherwise average players (taking into account position played). "This year the results were unusual because the most deserving hitter and the most deserving pitcher in each league played for the same team," said Bukiet.
In the American League, the Cy Young Award should go to Detroit Tiger Justin Verlander, whose performance would have added 5.7 wins to an average team and the Most Valuable Player Award should go to his teammate (and runner-up for the MVP award in 2010) Miguel Cabrera, whose performance was worth a whopping 7.2 extra wins. Runners-up: Los Angeles Angel Jered Weaver, 4.2 extra wins; Toronto Blue Jay Jose Bautista, 7.0 extra wins).
In the National League, the Cy Young Award should go to Los Angeles Dodger Clayton Kershaw, whose performance would have added 4.6 wins to an average team and the Most Valuable Player Award should go to his teammate Matt Kemp, whose performance was worth 5.9 extra wins. (The runners up should be Philadelphia Phillies pitcher Roy Halladay with 4.0 extra wins and Milwaukee Brewer Ryan Braun with 5.6 extra wins, respectively). The methodology and results for post-season awards over the past 20 years using the model were published in the International Journal of Performance Analysis in Sports.
This is Bukiet's 11th year predicting the probability of each team winning each game played during the baseball season (posted on www.egrandslam.com) and predicting how teams should perform during the season. The results have compared favorably with experts.
###
Bukiet's model originally appeared in Operations Research; improvements have followed in the International Journal of Performance Analysis in Sports. Bukiet's model computes the probability of a team with given hitters, bench, starting pitcher, lineup, relievers and home field advantage winning a game against another team. For more details, contact Bukiet, 973-596-8392 or bukiet@m.njit.edu
NJIT, New Jersey's science and technology university, enrolls more than 9,558 students pursuing bachelor's, master's and doctoral degrees in 120 programs. The university consists of six colleges: Newark College of Engineering, College of Architecture and Design, College of Science and Liberal Arts, School of Management, College of Computing Sciences and Albert Dorman Honors College. U.S. News & World Report's 2010 Annual Guide to America's Best Colleges ranked NJIT in the top tier of national research universities. NJIT is internationally recognized for being at the edge in knowledge in architecture, applied mathematics, wireless communications and networking, solar physics, advanced engineered particulate materials, nanotechnology, neural engineering and e-learning. Many courses and certificate programs, as well as graduate degrees, are available online through the Office of Continuing Professional Education.
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NJIT math professor announces picks for Cy Young and Most Valuable Player: Says Rangers will winPublic release date: 19-Oct-2011 [ | E-mail | Share ]
Contact: Sheryl Weinstein 973-596-3436 New Jersey Institute of Technology
With Major League Baseball's World Series set to begin today, NJIT math professor Bruce Bukiet has once again analyzed the players most deserving of winning baseball's most important awards for the 2011 season. He also provides the probability of Texas Rangers and St. Louis Cardinals winning the World Series.
"Now that the Texas Rangers and St. Louis Cardinals have won their League Championships, the Texas Rangers have a 63 percent chance of winning the World Series although the National League Champion St. Louis Cardinals have the home field advantage."
At the season's start, Bukiet used his mathematical model to project the number of team wins (see: http://m.njit.edu/~bukiet/baseball/2011_season_predictions.htm). Last April, Bukiet's model selected five of the eight post-season winners. His analysis gave him the top slot at BaseballPhD. In addition, three of the four teams that advanced to the League Championship series numbered among Bukiet's five named winners. Both World Series contenders were also among the teams that, Bukiet said, should make it to the post-season. Follow Bukiet at http://m.njit.edu/~bukiet/baseball/playoffs11.htm Kevin Fritz, a college student based in New Jersey, provided research assistance for this work.
What is the likelihood of each team taking the series in a given number of games? Going into the series, the most likely outcome (23.2 percent) is for the Texas Rangers to win in five games. The Cardinals' best chance is 16 percent to win in seven games.
As to the winners of the Cy Young and Most Valuable Player awards, Bukiet's model analyzes the number of extra wins based on each player's performance in 2011 that would have been added to a team of otherwise average players (taking into account position played). "This year the results were unusual because the most deserving hitter and the most deserving pitcher in each league played for the same team," said Bukiet.
In the American League, the Cy Young Award should go to Detroit Tiger Justin Verlander, whose performance would have added 5.7 wins to an average team and the Most Valuable Player Award should go to his teammate (and runner-up for the MVP award in 2010) Miguel Cabrera, whose performance was worth a whopping 7.2 extra wins. Runners-up: Los Angeles Angel Jered Weaver, 4.2 extra wins; Toronto Blue Jay Jose Bautista, 7.0 extra wins).
In the National League, the Cy Young Award should go to Los Angeles Dodger Clayton Kershaw, whose performance would have added 4.6 wins to an average team and the Most Valuable Player Award should go to his teammate Matt Kemp, whose performance was worth 5.9 extra wins. (The runners up should be Philadelphia Phillies pitcher Roy Halladay with 4.0 extra wins and Milwaukee Brewer Ryan Braun with 5.6 extra wins, respectively). The methodology and results for post-season awards over the past 20 years using the model were published in the International Journal of Performance Analysis in Sports.
This is Bukiet's 11th year predicting the probability of each team winning each game played during the baseball season (posted on www.egrandslam.com) and predicting how teams should perform during the season. The results have compared favorably with experts.
###
Bukiet's model originally appeared in Operations Research; improvements have followed in the International Journal of Performance Analysis in Sports. Bukiet's model computes the probability of a team with given hitters, bench, starting pitcher, lineup, relievers and home field advantage winning a game against another team. For more details, contact Bukiet, 973-596-8392 or bukiet@m.njit.edu
NJIT, New Jersey's science and technology university, enrolls more than 9,558 students pursuing bachelor's, master's and doctoral degrees in 120 programs. The university consists of six colleges: Newark College of Engineering, College of Architecture and Design, College of Science and Liberal Arts, School of Management, College of Computing Sciences and Albert Dorman Honors College. U.S. News & World Report's 2010 Annual Guide to America's Best Colleges ranked NJIT in the top tier of national research universities. NJIT is internationally recognized for being at the edge in knowledge in architecture, applied mathematics, wireless communications and networking, solar physics, advanced engineered particulate materials, nanotechnology, neural engineering and e-learning. Many courses and certificate programs, as well as graduate degrees, are available online through the Office of Continuing Professional Education.
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Futurist Dr. Michio Kaku to deliver keynote address at TCT 2011 in San Francisco, Calif.Public release date: 17-Oct-2011 [ | E-mail | Share ]
Contact: Judy Romero jromero@crf.org Cardiovascular Research Foundation
Keynote address Wednesday, Nov. 9 at 10 a.m.
NEW YORK, NY OCTOBER 17, 2011 Dr. Michio Kaku, renowned futurist, theoretical physicist, best-selling author and popularizer of science will be the keynote speaker at TCT, on Wednesday November 9 at 10:00 a.m. His presentation is titled "The Future of Humankind."
TCT 2011 Transcatheter Cardiovascular Therapeutics is the premier scientific and medical symposium for interventional cardiology, sponsored by the Cardiovascular Research Foundation. More than 10,000 of the world's most cutting edge researchers, physicians, and academicians will attend the conference November 7-11 at The Moscone Center in San Francisco, California.
Dr. Michio Kaku is one of the world's leading authorities on the future of the futureexploring the science of tomorrow: from computing power to artificial intelligence, from the evolution of communications to the reshaping of our genetic inheritance. He is currently the Henry Semat Professor of Theoretical Physics at the Graduate Center of the City University of New York and appears regularly on top-rated news and entertainment programs as a commentator on scientific topics and issues. His latest book, The New York Times bestseller, Physics of the Future, explores the next 100 years of scientific revolution.
Dr. Kaku will present on November 9 at 10:00 a.m. in the main arena at The Moscone Center.
###
To obtain press credentials to attend Dr. Kaku's presentation, visit http://www.tctconference.com/press/press-registration-form.html
About CRF and TCT
The Cardiovascular Research Foundation (CRF) is an independent, academically focused nonprofit organization dedicated to improving the survival and quality of life for people with cardiovascular disease through research and education. Since its inception in 1991, CRF has played a major role in realizing dramatic improvements in the lives of countless numbers of patients by establishing the safe use of new technologies, drugs and therapies in the subspecialty of interventional cardiology and endovascular medicine.
Transcatheter Cardiovascular Therapeutics (TCT) is the annual scientific symposium of the Cardiovascular Research Foundation. TCT gathers leading medical researchers and clinicians from around the world to present and discuss the latest developments in the field.
For more information, visit www.crf.org.
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Futurist Dr. Michio Kaku to deliver keynote address at TCT 2011 in San Francisco, Calif.Public release date: 17-Oct-2011 [ | E-mail | Share ]
Contact: Judy Romero jromero@crf.org Cardiovascular Research Foundation
Keynote address Wednesday, Nov. 9 at 10 a.m.
NEW YORK, NY OCTOBER 17, 2011 Dr. Michio Kaku, renowned futurist, theoretical physicist, best-selling author and popularizer of science will be the keynote speaker at TCT, on Wednesday November 9 at 10:00 a.m. His presentation is titled "The Future of Humankind."
TCT 2011 Transcatheter Cardiovascular Therapeutics is the premier scientific and medical symposium for interventional cardiology, sponsored by the Cardiovascular Research Foundation. More than 10,000 of the world's most cutting edge researchers, physicians, and academicians will attend the conference November 7-11 at The Moscone Center in San Francisco, California.
Dr. Michio Kaku is one of the world's leading authorities on the future of the futureexploring the science of tomorrow: from computing power to artificial intelligence, from the evolution of communications to the reshaping of our genetic inheritance. He is currently the Henry Semat Professor of Theoretical Physics at the Graduate Center of the City University of New York and appears regularly on top-rated news and entertainment programs as a commentator on scientific topics and issues. His latest book, The New York Times bestseller, Physics of the Future, explores the next 100 years of scientific revolution.
Dr. Kaku will present on November 9 at 10:00 a.m. in the main arena at The Moscone Center.
###
To obtain press credentials to attend Dr. Kaku's presentation, visit http://www.tctconference.com/press/press-registration-form.html
About CRF and TCT
The Cardiovascular Research Foundation (CRF) is an independent, academically focused nonprofit organization dedicated to improving the survival and quality of life for people with cardiovascular disease through research and education. Since its inception in 1991, CRF has played a major role in realizing dramatic improvements in the lives of countless numbers of patients by establishing the safe use of new technologies, drugs and therapies in the subspecialty of interventional cardiology and endovascular medicine.
Transcatheter Cardiovascular Therapeutics (TCT) is the annual scientific symposium of the Cardiovascular Research Foundation. TCT gathers leading medical researchers and clinicians from around the world to present and discuss the latest developments in the field.
For more information, visit www.crf.org.
[ | E-mail | Share ]
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Contact: Beth Kuhles kuhles@sbcglobal.net 936-294-4425 Sam Houston State University
Sam Houston State receives funding from NIJ/FSF
HUNTSVILLE, TX -- In October 2011 the National Institute of Justice (NIJ) and the Forensic Science Foundation (FSF) funded a capstone project proposal in the Master of Forensic Science Program at Sam Houston State University to investigate the designer drugs known as "Bath Salts" (beta-keto-amphetamines or BKAs).
Designer drugs have posed a challenge for law enforcement and forensic scientists for decades, but more recently the proliferation of analogs has overwhelmed the scientific community, in large part due to the internet. The majority of BKA designer drugs are derived from cathinone, the active ingredient of Khat (Catha edulis), a plant native to Africa and the Middle East. Synthesis of these drugs is readily accomplished by clandestine chemists, making it an appealing drug for the designer drugs market.
The study will specifically address a number of central nervous system stimulants that are capable of producing powerful and unpredictable adrenergic and hallucinogenic effects. Many of these drugs were considered "legal highs" until the Drug Enforcement Administration placed several of them in Schedule I of the Federal Controlled Substance Act in an emergency scheduling action earlier this year. These drugs were available locally in gas stations, head shops and online until September 1 of this year, when The State of Texas enacted legislation to ban these substances. At least 24 other states have outlawed them, or have legislation pending due to intense media interest and publicity.
In the SHSU study, at least six of the most popular "bath salt" drugs will be investigated in biological samples. These include mephedrone, methylone, ethylone, butylone, MDPV and naphyrone. Mephedrone is one of the most common BKAs. It has a reputation of having similar but superior effects to MDMA (3,4 -methylenedioxymethamphetamine or Ecstasy). Street names for mephedrone include MCAT, meow meow, MMC hammer, 4 MMC, bubbles, meph, rush, drone and plant feeder. Mephedrone and the related BKAs are still relatively new, so few clinical, pharmacological or toxicological studies have been reported.
These drugs are easily identified in seized drug materials. The SHSU Regional Crime Laboratory (RCL), operated by the Criminal Justice Center, routinely receives items of evidence containing these drugs. Detection in toxicological (biological) evidence is far more challenging. Toxicologists are struggling to develop methodology to detect these drugs (and their metabolites) in biological specimens. Even less is understood with respect to the interpretation of results, and this has real consequences in terms of criminal casework and death investigation.
In order for these drugs to be studied and understood, analytical methodology will be developed for routine use. In the study, solid phase extraction (SPE) will be used to isolate the beta-keto amphetamines from biological matrices. Chromatographic and spectroscopic methods will be developed for instrumental analysis of the biological extracts. Chemical derivatization will be used to develop extracts that are amenable to common instrumental techniques that are used in a crime laboratory, such as gas chromatography/mass spectrometry (GC/MS).
The study, which will be conducted by MSFS student Kayla Ellefsen and Dr. Sarah Kerrigan at RCL, is an example of the MSFS student capstone experience, whereby students must successfully complete an intensive one-year research project with a faculty member. During the final phase of the study, the optimized procedure will be validated for use in actual casework at the lab.
###
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Contact: Beth Kuhles kuhles@sbcglobal.net 936-294-4425 Sam Houston State University
Sam Houston State receives funding from NIJ/FSF
HUNTSVILLE, TX -- In October 2011 the National Institute of Justice (NIJ) and the Forensic Science Foundation (FSF) funded a capstone project proposal in the Master of Forensic Science Program at Sam Houston State University to investigate the designer drugs known as "Bath Salts" (beta-keto-amphetamines or BKAs).
Designer drugs have posed a challenge for law enforcement and forensic scientists for decades, but more recently the proliferation of analogs has overwhelmed the scientific community, in large part due to the internet. The majority of BKA designer drugs are derived from cathinone, the active ingredient of Khat (Catha edulis), a plant native to Africa and the Middle East. Synthesis of these drugs is readily accomplished by clandestine chemists, making it an appealing drug for the designer drugs market.
The study will specifically address a number of central nervous system stimulants that are capable of producing powerful and unpredictable adrenergic and hallucinogenic effects. Many of these drugs were considered "legal highs" until the Drug Enforcement Administration placed several of them in Schedule I of the Federal Controlled Substance Act in an emergency scheduling action earlier this year. These drugs were available locally in gas stations, head shops and online until September 1 of this year, when The State of Texas enacted legislation to ban these substances. At least 24 other states have outlawed them, or have legislation pending due to intense media interest and publicity.
In the SHSU study, at least six of the most popular "bath salt" drugs will be investigated in biological samples. These include mephedrone, methylone, ethylone, butylone, MDPV and naphyrone. Mephedrone is one of the most common BKAs. It has a reputation of having similar but superior effects to MDMA (3,4 -methylenedioxymethamphetamine or Ecstasy). Street names for mephedrone include MCAT, meow meow, MMC hammer, 4 MMC, bubbles, meph, rush, drone and plant feeder. Mephedrone and the related BKAs are still relatively new, so few clinical, pharmacological or toxicological studies have been reported.
These drugs are easily identified in seized drug materials. The SHSU Regional Crime Laboratory (RCL), operated by the Criminal Justice Center, routinely receives items of evidence containing these drugs. Detection in toxicological (biological) evidence is far more challenging. Toxicologists are struggling to develop methodology to detect these drugs (and their metabolites) in biological specimens. Even less is understood with respect to the interpretation of results, and this has real consequences in terms of criminal casework and death investigation.
In order for these drugs to be studied and understood, analytical methodology will be developed for routine use. In the study, solid phase extraction (SPE) will be used to isolate the beta-keto amphetamines from biological matrices. Chromatographic and spectroscopic methods will be developed for instrumental analysis of the biological extracts. Chemical derivatization will be used to develop extracts that are amenable to common instrumental techniques that are used in a crime laboratory, such as gas chromatography/mass spectrometry (GC/MS).
The study, which will be conducted by MSFS student Kayla Ellefsen and Dr. Sarah Kerrigan at RCL, is an example of the MSFS student capstone experience, whereby students must successfully complete an intensive one-year research project with a faculty member. During the final phase of the study, the optimized procedure will be validated for use in actual casework at the lab.
###
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
NEW YORK ? The organization in charge of the Internet's address system is taking over a database widely used by computers and websites to keep track of time zones around the world.
The transition to the Internet Corporation for Assigned Names and Numbers, or ICANN, comes a week after the database was abruptly removed from a U.S. government server because of a federal lawsuit claiming copyright infringement.
Without this database and others like it, computers would display Greenwich Mean Time, or the time in London when it isn't on summer time. People would have to manually calculate local time when they schedule meetings or book flights.
The Time Zone Database allows people to set clocks simply by choosing a city. Select New York, for example, and the computer will know that it is normally five hours behind London, but four hours during a brief period when the U.S. is still on summer time and Britain is not.
The database is updated more than a dozen times a year and is used by a range of computer operating systems including Apple Inc.'s Mac OS X, Oracle Corp., Unix and Linux, but not Microsoft Corp.'s Windows.
It's also used by several websites that tell people what the current time is around the world, or what time it will be in Sydney or Moscow next Tuesday at 8 p.m. in Los Angeles. Some non-Internet functions, such as calendar software, also incorporate the database.
Although those functions continued to work after the database disappeared from the government's server, computer systems couldn't get updates to reflect changes in time zones and in the duration of summer time.
Kim Davies, a technical manager at ICANN, said that because much of the Internet depends on the database, its management by ICANN is consistent with the organization's mission to maintain a stable Internet.
One of ICANN's main functions is to coordinate Internet domain names ? the suffixes such as ".com" and ".org" in Internet addresses. Those are key for allowing computers to find websites and route email.
ICANN has been in discussions for months about taking over the database with the impending retirement of its longtime coordinator. Arthur David Olson, an employee of the National Institutes of Health who volunteered as coordinator as a side project, began looking for a new home for the database in 2009.
ICANN accelerated those discussions and took over management Friday after the database was removed from NIH's server on Oct. 6, following a lawsuit over historical data used.
Astrology software company Astrolabe Inc. argues that Olson and another volunteer at University of California, Los Angeles should have paid royalties for including data from its software. The defendants have insisted that the data are in the public domain and not subject to copyright. Their employers were not named as defendants.
The federal lawsuit, filed Sept. 30 in Boston, does not affect current time zone information, which comes from tips sent by volunteers through an email list.
However, ICANN is keeping the historical information in the database.
"We are aware of the lawsuit," Davies said. "We believe it's important to continue the operation of the database. We'll deal with any legal matters as they arise."
___
Time zone database: http://www.iana.org/time-zones
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Public release date: 19-Oct-2011
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