Come together: Hewlett-Packard Co. will combine its printer and PC divisions to save money, part of the technology company’s effort to turn around its business. The move, announced today, comes at a time when sales of printers and ink, once HP’s lifeblood, are falling as people increasingly share documents and photos online. HP, the world’s No. 1 maker of personal computers, is also facing declining PC sales as people turn their attention to tablet computers and smartphones. The combined unit will be led by Todd Bradley, the executive vice president of the PC group since 2005. Vyomesh Joshi, the head of the printing group, is retiring after 31 years with HP.
Crude awakening: Federal prosecutors filed criminal charges against 17 oil company executives today for an oil leak in the Atlantic, legal action that has prompted debate about whether it could slow Brazil’s effort to develop its massive offshore finds. At least 110,000 gallons of oil seeped through cracks on the ocean floor near a Chevron Corp. appraisal well off the Rio de Janeiro coast in November. The well drilled by Transocean Ltd. has since been sealed, but a small amount of seepage reappeared in recent days, raising concern the damage is not yet over. The federal prosecutors’ office in Rio de Janeiro says in a statement that the two companies and 17 of its executives have been charged with “crimes against the environment.” It did not detail the exact charges, but says that if found guilty, the defendants could face as much as 31 years in prison. A judge will now decide if the executives will face trial, which would be a lengthy process, given the number of defendants, the complexity of the case, and the Brazilian legal system’s room for numerous appeals. A judge ruled late last week that none of the executives may leave Brazil while the case is ongoing.
Tebowmania on broadway: The New York Jets acquired Tim Tebow from the Denver Broncos today, bringing the polarizing quarterback to a team that just recently gave starter Mark Sanchez a three-year contract extension. Tebow, who became expendable when the Broncos signed Peyton Manning to a five-year deal Tuesday, is expected to complement Sanchez, who received a $40.5 million contract extension, with $20.5 million guaranteed, earlier this month. The Jets also had pursued Manning before bowing out on the sweepstakes when there was little interest by the four-time NFL MVP. Denver general manager Brian Xanders says the Broncos will receive fourth- and sixth-round draft picks, while New York gets a seventh-rounder in the deal.
