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Source: http://video.today.msnbc.msn.com/today/50703780/
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Wednesday, February 6, 2013
Dell to go private in $24.4B deal led by founder
SAN FRANCISCO (AP) ? Slumping personal computer maker Dell is bowing out of the stock market in a $24.4 billion buyout that represents the largest deal of its kind since the Great Recession dried up the financing for such risky maneuvers.
The complex agreement announced Tuesday will allow Dell Inc.'s management, including eponymous founder Michael Dell, to attempt a company turnaround away from the glare and financial pressures of Wall Street.
Dell stockholders will be paid $13.65 per share to leave the company on its own. That's 25 percent more than the stock's price of $10.88 before word of the buyout talks trickled out three weeks ago. But it's a steep markdown from the shares' price of $24 six years ago when Michael Dell returned for a second go-round as CEO.
Dell shares rose 15 cents to close at $13.42, indicating that investors don't believe a better offer is likely.
The chances of a successful counter offer look slim, given the forces lined up behind the current deal.
Michael Dell, the company's largest shareholder, is throwing in his 14 percent stake and an undisclosed sliver of his $16 billion fortune to help finance the sale to a group led by the investment firm Silver Lake.
"We recognize that (transformation) will still take more time, investment and patience, and I believe our efforts will be better supported by partnering with Silver Lake in our shared vision," Michael Dell said in a statement.
Software maker Microsoft, which counts Dell among its biggest customers, is backing the deal by lending $2 billion to the buyers. The remaining money to pay for the acquisition is being borrowed through loans arranged by several banks, saddling Dell with an estimated $15 billion in debt that could raise doubts about its financial stability among its risk-averse corporate customers.
The sale is structured as a leveraged buyout, which requires the acquired company to repay the debt taken on to finance the deal.
Dell's sale is the second-highest-priced leveraged buyout of a technology company, trailing the $27 billion paid for First Data Corp. in 2007.
The deal is the largest leveraged buyout of any type since November 2007 when Alltel Corp. sold for $25 billion to TPG Capital and a Goldman Sachs subsidiary. Within a few months, the U.S. economy had collapsed into the worst recession since World War II.
Dell's decision to go private is a reflection of the tough times facing the personal computer industry as more technology spending flows toward smartphones and tablet computers. PC sales fell 3.5 percent last year, according to the research group Gartner Inc., the first annual decline in more than a decade. What's more, tablet computers are expected to outsell laptops this year.
The shift has weakened long-time stalwarts such as Dell, fellow PC maker Hewlett-Packard Co., chip maker Intel Corp. and Microsoft Corp.
Michael Dell, 47, is betting that his company will be able to evolve into a more diversified seller of technology services, business software and high-end computers without having to pander to the stock market's fixation on whether earnings are growing from one quarter to the next. Dell expects to complete the sale by the end of July.
Once the deal closes, Dell's stock will stop trading on the Nasdaq Stock Market 25 years after the Round Rock, Texas, company raised $30 million in an initial public offering.
The proposed deal could face resistance from longtime stockholders who believe Dell is still worth at least $15 per share. Anticipating such criticism, Dell's board is allowing 45 days for potential suitors to submit higher bids.
Dell's board "is saying that no better option exists," said Bill Nygren, manager of the Oakmark Fund and affiliates, which own about 25 million shares of Dell stock. "Should we hear evidence to the contrary, we'll raise a ruckus."
If approved, the deal will likely give Michael Dell his last chance to restore the luster to a company that established him as one of the world's most respected entrepreneurs. Dell started selling PCs out of his dorm room while he was still a freshman at the University of Texas. His legacy has been tarnished in the past decade as HP and other rivals outmaneuvered his company. In recent years, Dell has struggled to cope with the upheaval unleashed by the popularity of smartphones and tablet computers.
The buyout marks a new era for a company created in 1984 by a college kid with a $1,000 investment. The company, initially called "PCs Limited," would go on to revolutionize the PC industry by taking orders for custom-made machines at a reasonable price ? first on the phone, then on the Internet.
Initially valued at $85 million in its 1988 initial public offering, Dell went on a growth tear that turned the company into a stock market star. At the height of the dot-com boom in 2000, Dell was the world's largest PC maker, with a market value of more than $100 billion.
But Dell began to falter as other PC makers were able to lower their costs. At the same time, HP and other rivals forged relationships with stores that gave them the advantage of being able to showcase their machines. By 2006, HP had supplanted Dell as the world's largest PC maker.
With its revenue slipping, Dell's market value had fallen to $19 billion before the recent leaks about the buyout negotiations.
Unlike its rival, HP apparently doesn't have any interest in going private, although its own stock price has plunged during the past two years. In a statement Tuesday, HP said it intends to court Dell customers who are worried about the company's ability to innovate, expand its product line and pay its bills now that it will have to earmark some of cash flow to reduce the debt taken on to go private.
"Dell has a very tough road ahead," HP said, adding that "leveraged buyouts tend to leave existing customers and innovation at the curb."
Underscoring the concerns about Dell's additional debt, Standard & Poor's said it is considering downgrading the company's "A-" credit rating to "BB" or "B."
Going private also poses other risks. For instance, it will leave Dell without publicly traded shares to entice and reward talented workers or to help buy other companies. As part of its shift toward business software and technology services, Dell already has spent $9 billion on acquisitions in the past three years.
Microsoft also is going out on a limb with Dell.
By becoming a major Dell backer, Microsoft could gain more influence in the design of the devices running on a radically redesigned version of Windows that was released in late October. The closer ties with Dell, though, could poison Microsoft's relationship with HP, the largest PC maker, and other manufacturers that buy Windows and other software. Microsoft's recent release of its own tablet computer, called Surface, already has alienated some of the company's partners.
In a Tuesday research note, Mizuho Securities analyst Abhey Lamba predicted Microsoft's closer ties will push more PC makers to produce machines that run on Google's Chrome operating system and other software besides Windows.
Microsoft's stock added 6 cents to close at $27.50.
___
AP Business Writer Michelle Chapman and AP Technology Writer Peter Svensson in New York contributed to this story.
Source: http://news.yahoo.com/dell-private-24-4b-deal-led-founder-201220471--finance.html
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Tuesday, February 5, 2013
Inspection record of bus firm in CA crash detailed
Investigators examine body bags of victims near the scene where at least eight people were killed and 38 people were injured after a tour bus carrying a group from Tijuana, Mexico crashed with two other vehicles near Yucaipa, Calif., Sunday, Feb. 3, 2013. (AP Photo/Nick Ut)
Investigators examine body bags of victims near the scene where at least eight people were killed and 38 people were injured after a tour bus carrying a group from Tijuana, Mexico crashed with two other vehicles near Yucaipa, Calif., Sunday, Feb. 3, 2013. (AP Photo/Nick Ut)
Victims of a fatal bus crash reach out to comfort each other in the wake of the crash where at least eight people were killed and nearly two dozen injured when a bus carrying a group from Tijuana, Mexico crashed with two other vehicles on its way back from Big Bear Lake on Highway 38 north of Yucaipa, Calif., Sunday, Feb. 3, 2013. Both sides of the highway remained closed two and a half hours after the crash and it was unclear when it would reopen. (AP Photo/The Sun, Rick Sforza) MANDATORY CREDIT
EDS NOTE: GRAPHIC CONTENT - The arm of a victim hangs out the side of a bus, early Monday, Feb. 4, 2013, where at least eight people were killed and 38 people were injured Sunday after the tour bus carrying Mexican tourists careened out of control while traveling down a mountain road, striking a car, flipping and plowing into a pickup truck, near Yucaipa, Calif. (AP Photo/Ringo H.W. Chiu)
Investigators work at the scene, early Monday, Feb. 4, 2013, of the accident where at least eight people were killed and 38 people were injured Sunday after a tour bus carrying Mexican tourists careened out of control while traveling down a mountain road, striking a car, flipping and plowing into a pickup truck, near Yucaipa, Calif. (AP Photo/Ringo H.W. Chiu)
An investigator photographs the scene of the accident where at least eight people were killed and 38 people were injured after a tour bus carrying a group from Tijuana, Mexico crashed with two other vehicles near Yucaipa, Calif., Sunday, Feb. 3, 2013. (AP Photo/Ringo H.W. Chiu)
YUCAIPA, Calif. (AP) ? The company linked to a tour bus involved in a deadly crash in Southern California failed more than a third of federal vehicle safety inspections in the last two years.
U.S. government records show that buses operated by the firm Scapadas Magicas of National City, Calif., flunked 36 percent of random inspections on their vehicles? in some cases for brake and tire problems.
That's higher than the national average for similar companies ? a 21 percent failure rate.
The California company had an overall "satisfactory" rating from the Federal Motor Carrier Safety Administration ? but records show three-quarters of similar companies had better safety records.
Lettering on the 1996 bus indicates it was operated by Scapadas Magicas.
At least eight people were killed in Sunday night's crash.
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The V8 engine Mercedes-Benz SUVs participates at GulfRun Car ...
Held at the 360 Mall Kuwait, the GulfRun Car show unites automotive enthusiasts with displays of some of the most impressive vehicles on the roads today, attracting crowds of participants and visitors alike. The GulfRun Car show is an annual event that precedes the GulfRun track event in Bahrain a fortnight later.
As sponsors of the event, A.R. Albisher and Z. Alkazemi Co. - the exclusive distributor for Mercedes-Benz in Kuwait - chose its two mighty luxury German machines to display, allowing visitors to explore the segment leading vehicles first hand with the help of Mercedes-Benz Kuwait representatives. Those needing more than just a tour of the car were able to book test drives in the peerless SUVs to experience the power, performance, capabilities and fascinating technologies first hand.
Speaking at the impressive Mercedes-Benz GulfRun display stand, Michael Ruehle, General Manager, Abdul Rahman Albisher & Zaid Alkazemi Co., said: "Kuwait is a market that loves and appreciates cars. As the exclusive distributor for Mercedes-Benz, we are proud to present the very best and latest precision machines sporting the three pointed star. We know that Kuwaitis love big powerful V8 engines and the horsepower and torque that go with them. That is why we chose two of the most powerful Mercedes SUVs for GulfRun this year, and it is no surprise that they have been a smash hit with the fans. Those that weren't able to make it here are welcome to visit us in our showrooms any time for a personal consultation."
The award winning GL 500 large size SUV occupies the top position amongst luxury off-road vehicles and is built around the modern Arab family with its seven seats, best in class engine, powerful performance, space, refinement and cutting edge technologies.
The new powerful GL 500 4MATIC V8 Biturbo engine produces 435 hp, roughly 12 percent more power than its predecessor 388 hp. At the same time, torque has been increased from 530 to 700 newton metres - a 32-percent increase. As the high maximum torque is already available at only 1,800 revs, the new V8 produces superior power even at low engine speeds and provides a smoothness of performance that is exemplary for an eight-cylinder engine. The driver will thus notice no turbo lag, instead perceiving the new V8 as pleasant and powerful.
With excellent driving dynamics and high levels of ride comfort - both on the road and on difficult terrain - the GL 500 pampers its occupants with the first-class comfort of a luxury saloon. Up to seven passengers enjoy an excellent amount of space and standard ON&OFFROAD package for the new GL 500 has six driving programs for optimising driving dynamics and handling safety, as the optimum drive system control is provided for an extremely wide range of on-road and off-road operating conditions.
With the ability to travel almost 900 kms on just a single tank of fuel, numerous measures significantly increase energy efficiency.
The new 7-seater GL 500 occupies the top position amongst the luxury SUVs. With its comprehensive assistance systems it has a pioneering role where safety and comfort are concerned, and is on a par with an S-Class - even when off the beaten track.
The tail end with two-piece LED tail lights featuring fibre optics, a large roof spoiler and the bumper with integrated exhaust system, delivering a sporty and aggressive appearance for the luxurious full-size SUV.
For GL 500 customers who place particular importance on a sporty, dynamic appearance, an extensive AMG Exterior Sports package is now available for the first time as standard in Kuwait. In addition to the hallmark-AMG front and rear apron, it also offers special wheel-arch flarings, which span over the 21-inch AMG 5 twin-spoke light-alloy wheels. Illuminated aluminium-look running boards also form part of the scope of supply, as do perforated brake discs and brake calliper covers with Mercedes-Benz lettering and V8 Biturbo badging on the side flanks and rear.
High tech for the AMG off-road classic: the new G 63 AMG impressed with state-of-the-art drive technology and expressive design. All this is largely attributable to the AMG 5.5-litre V8 biturbo engine delivering 544 hp and the AMG SPEEDSHIFT PLUS 7G-TRONIC automatic transmission system. Even more exclusive is the new G 65 AMG: its 6.0-litre biturbo engine delivers 612 hp and reaches a maximum torque of 1000 newton metres - a record in the off-road segment.
Every new AMG high-performance vehicle offers an outstanding mix of "more power from less fuel" - and the G 63 AMG is no exception. The "strong man" in the AMG model range has been further enhanced with the state-of-the-art powertrain of the new ML 63 AMG.
The design has been comprehensively reworked, so that, for the first time in the 33-year history of the G-Class, AMG customers can enjoy a raft of future-oriented systems: spray-controlled petrol direct injection, the ECO start/stop function and generator management.
The AMG 5.5-litre V8 biturbo engine accelerates from zero to 100 km/h in just 5.4 seconds, with a new top speed of 210 km/h (electronically limited).
Source: http://www.ameinfo.com/v8-engine-mercedes-benz-suvs-participates-gulfrun-328371
Financial Assistance Group / Debt Restructuring of America ...
Consumer Statement:
Debt restructuring of American promised to negotiate with our creditors and agree on a bottom line amount and saves us money, time and our credit. We had a signed contract, made a monthly payments as promised and they did NOTHING. When we asked to cancel the contract and for a refund they said ok, but guess what? NO REFUND! Now they refuse to accept our phones calls or mail.
Consumer Action Taken:
We have tried phone calls, leaving voice messages, never returned. All certified mail is return unclaimed. BBB could locate company.
HELP!!! We have lost over $15,000.00!!!!!
Date This Problem Happened: August 25, 2009
State You Live in: Texas
Race/Ethnicity: White
Age Range: 36-50
Total Amount of Fee Paid: $15,536
Company Name: Financial Assistance Group / Debt Restructuring of America
Company Address:
P O Box 11835
Louisville, Kentucky 40251
Company Telephone Number: 502-384-4301
Website of Company: yourdebtfree.net
If you feel you?ve been financially hurt by a debt relief company and deserve a refund, read these step-by-step instructions on how to proceed to attempt to get your money back.
If you do get your money back, come back and leave a comment about it. I?d love to praise companies that step-up and do the right thing for people.
Scam reports are submitted by consumers like you. If you would like to file a scam report, please click here.
If you are the company named in this report and you want to respond, please read How to Handle a Consumer Complaint Like a Pro And Come Out Smelling Like a Rose
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DNA reveals mating patterns of critically endangered sea turtle
Monday, February 4, 2013
New University of East Anglia research into the mating habits of a critically endangered sea turtle will help conservationists understand more about its mating patterns.
Research published today in Molecular Ecology shows that female hawksbill turtles mate at the beginning of the season and store sperm for up to 75 days to use when laying multiple nests on the beach.
It also reveals that these turtles are mainly monogamous and don't tend to re-mate during the season.
Because the turtles live underwater, and often far out to sea, little has been understood about their breeding habits until now. The breakthrough was made by studying DNA samples taken from turtles on Cousine Island in the Seychelles.
The hawksbill turtle (Eretmochelys imbricata) was listed as critically endangered in 1996 by the International Union for Conservation of Nature (IUCN), largely due to a dramatic reduction in their numbers driven by the international trade in tortoiseshell as a decorative material ? an activity which was banned in the same year.
The Seychelles are home to the largest remaining population of hawksbill turtles in the western Indian Ocean. Cousine Island is an important nesting ground for the hawksbill and has a long running turtle monitoring program. It is hoped that the research will help focus conservation efforts in future.
Lead researcher Dr David Richardson, from UEA's school of Biological Sciences, said: "We now know much more about the mating system of this critically endangered species. By looking at DNA samples from female turtles and their offspring, we can identify and count the number of breeding males involved. This would otherwise be impossible from observation alone because they live and mate in the water, often far out to sea.
"We now know that female turtles mate at the beginning of the season - probably before migrating to the nesting beaches. They then store sperm from that mating to use over the next couple of months when laying multiple nests.
"Our research also shows that, unlike in many other species, the females normally mate with just one male, they rarely re-mate within a season and they do not seem to be selecting specific 'better quality' males to mate with.
"Understanding more about when and where they are mating is important because it will help conservationists target areas to focus their efforts on.
"It also lets us calculate how many different males contribute to the next generation of turtles, as well as giving an idea of how many adult males are out there, which we never see because they live out in the ocean.
"Perhaps most importantly, it gives us a measure of how genetically viable the population is - despite all the hunting of this beautiful and enigmatic species over the last 100 years.
"The good news is that each female is pairing up with a different male ? which suggests that there are plenty of males out there. This may be why we still see high levels of genetic variation in the population, which is crucial for its long term survival .This endangered species does seem to be doing well in the Seychelles at least."
Lead author Karl Phillips, a PhD student in UEA's school of Biological Sciences, added: "This is an excellent example of how studying DNA can reveal previously unknown aspects of species' life histories."
###
University of East Anglia: http://comm.uea.ac.uk/press
Thanks to University of East Anglia for this article.
This press release was posted to serve as a topic for discussion. Please comment below. We try our best to only post press releases that are associated with peer reviewed scientific literature. Critical discussions of the research are appreciated. If you need help finding a link to the original article, please contact us on twitter or via e-mail.
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Source: http://www.labspaces.net/126603/DNA_reveals_mating_patterns_of_critically_endangered_sea_turtle
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Obama: more tax revenue needed to address deficit - CBS
WASHINGTON (Reuters) - President Barack Obama said on Sunday more tax revenue would be needed to reduce the U.S. deficit and signaled he would push hard to get rid of loopholes such as the "carried interest" tax break enjoyed by private equity and hedge fund managers.
Obama, who won re-election in November largely on his promise to raise rates for the wealthiest Americans, pushed through a legislative package at the beginning of the year that raised rates for individuals making more than $400,000 a year and households making more than $450,000 a year.
In an interview with CBS, Obama said the United States could reduce the deficit and invest in education without raising rates again if it enacted "smart spending cuts" that trimmed government waste, reformed expensive healthcare programs, and closed lucrative loopholes.
"I don't think the issue right now is raising rates," Obama said in the interview, broadcast live before the Super Bowl football game.
"There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit. And we can do it in a gradual way so that it doesn't have a huge impact," he said.
Obama indicated he would seek to end deductions that are not available to all Americans, singling out "carried interest," which refers to the tax rate paid by many private equity managers, venture capital and real estate partnerships.
Obama and many Democrats have repeatedly criticized the tax break as unfair and called for carried interest to be taxed as ordinary income. The tax break was the key reason for the low tax rate paid by Obama's 2012 Republican presidential challenger, former Massachusetts governor and private equity executive Mitt Romney.
"We just want to make sure that the whole system is fair, that it's transparent, and that we're reducing our deficit in a way that doesn't hamper growth," Obama said.
CARRIED INTEREST, STRONG GROWTH
Individuals who benefit from carried interest took a hit in the year-end budget deal that averted the "fiscal cliff" set of spending cuts and tax increases.
For incomes above $400,000 per individual, or $450,000 per family, capital gains and dividend taxes were increased to 20 percent from 15 percent.
"Given the 58 percent increase in taxes paid on capital gains as part of the recent deal to avert the fiscal cliff, it is our hope that any tax reform effort in 2013 will be about crafting policies that incentivize economic growth," said Steve Judge, president and chief executive of Private Equity Growth Capital Council, responding to Obama's comments.
The budget law permanently extended ordinary tax cuts for incomes below $400,000 per individual, or $450,000 per family. Income above that level is now taxed at 39.6 percent, up from 35 percent.
Asked about the unexpected contraction of the U.S. economy in the fourth quarter, Obama said a dramatic cut in defense spending because of fears about the "fiscal cliff" had overshadowed strong manufacturing and a rebounding housing market.
He blamed dysfunction in Washington for the hit.
"Washington cannot continually operate under a cloud of crisis. That freezes up consumers. It gets businesses worried," Obama said.
"There is a way for us to solve these budget problems in a responsible way through a balanced approach that the vast majority of people agree with. If we do that, there's no reason why we can't have really strong growth in 2013."
(additional reporting by Patrick Temple-West, Alina Selyukh and Greg Roumeliotis)
Source: http://news.yahoo.com/obama-more-tax-revenue-needed-address-deficit-cbs-004407066--sector.html
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