Help - Search - Members - Calendar
Full Version: Business News
Common Ground Common Sense > National & International News > Daily National and International News > National News Archive
Pages: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14
theglobalchinese
Huge Indian airlines merger off BBC News
Indian airline Jet Airways' deal to buy rival carrier Air Sahara has fallen through after a deadline to complete it passed at Wednesday midnight. The $500m (£284m) deal would have been the biggest in India's aviation, creating the country's largest airline. The BBC's Karishma Vaswani in Mumbai says the deal failed because Jet Airways felt the price was excessive and wanted a discount. Air Sahara will take back control of its airline, a company official said. Jet Airways, which was founded by London-based former travel agent Naresh Goyal, controls about 35% of the Indian domestic airline market. Air Sahara, owned by the reclusive businessman Subrata Roy, controls about 9% of India's market, analysts say. The takeover was subject to approvals from the government and would have allowed Jet Airways to use Air Sahara's fleet, air routes and traffic.
QUOTE("Kapil Kaul - aviation analyst")
The deal was proving to be an expensive proposition for Jet Airways
"From Thursday, we are going to run our airline as if there had not been any deal. It is our firm belief that we will be able to run the airline as we have been doing over the past 13 years," Air Sahara president Alok Sharma was quoted in The Hindu newspaper telling reporters.

'Expensive'
Jet Airways had also failed to secure government permission for its chairman Naresh Goyal to join the board of directors of the rival carrier. There has been no official comment as yet from Jet Airways on the developments. One aviation analyst said the deal would not have made financial sense for Jet Airways. "The deal was proving to be an expensive proposition for Jet Airways. Not only was it paying $500m to buy Sahara but it would have ended up paying more money to bring it to the same operational level as itself," Kapil Kaul, chief of the Delhi-based Centre for Aviation told the BBC. "It would make more sense for Jet to invest all those resources in consolidating its position in the domestic and international markets." Mr Kaul said Indian fliers will not be affected by the development. "They will continue to get air tickets at unbelievable prices from other airlines. With new airlines entering the market soon and increased competition, passengers will continue to enjoy the good times," he said. Jet has 43 aircraft and runs 320 scheduled flights daily to 48 destinations in India and abroad. It recently won government permission to fly to London, Singapore and Kuala Lumpur. Air Sahara has 27 aircraft and operates 134 flights daily in India. It recently begun flying to the US, London and Singapore.

Explosive growth
India recorded a 25% growth in air passenger traffic in the past year alone on the back of a booming economy and lower fares. Indian airlines emerged as big buyers at last year's Paris Air Show, placing orders worth roughly $12bn. State-owned Indian Airlines and Air India will be buying 111 new airplanes between the two of them, including 50 wide-bodied long-range planes, and 43 Airbus aircraft to replace an existing fleet. But India's aviation industry is hampered by overcrowded airports, stretched air traffic controls, antiquated ground handling equipment and a shortage of pilots and engineers. India began to open up its domestic airline market - previously dominated by state-run carrier Indian Airlines - in the 1990s.
Snuffysmith
Future of C-17 Line Still Up in the Air

Despite clearing a key congressional test, efforts to extend the
production of Boeing Co.'s C-17 military cargo jet and save the
biggest private employer in Long Beach still face a cloudy future.
By Martin Zimmerman.
http://email.latimes.com/cgi-bin1/DM/y/e4S...Io30G2B0Hd160EV

Stocks Surge, Boosting Hopes of Lasting Gains

Profits posted by FedEx and Morgan Stanley hint that earnings can
weather more rate hikes. By Walter Hamilton.
http://email.latimes.com/cgi-bin1/DM/y/e4S...Io30G2B0Hd170EW

Few Workers Admit to Office Supply Theft

Only 1 in 5 U.S. workers admits to stealing items, but a survey's
authors say the true rate is higher. By Molly Selvin.
http://email.latimes.com/cgi-bin1/DM/y/e4S...Io30G2B0Hd180EX
theglobalchinese
The 50 people who matter now Business 2.0 Magazine
A Business 2.0 exclusive list: Meet the executives, entrepreneurs, and cutting-edge innovators who are setting today's business agenda. Any list of the most important people in business has to start with Bill Gates, Warren Buffett, and a bunch of folks named Walton, right? They're the richest people on the planet, for Pete's sake. Just break out the rubber stamps and be done with it. Sorry, not this list. The names presented here weren't selected on the basis of fame, net worth, or the accomplishments of yesteryear.
QUOTE("The full list")
  • Rank  Name  Company
  • 1  You!  The consumer as creator
  • 2  Sergey Brin and Larry Page  Co-founders, Google
  • 3  Paul Jacobs  CEO, Qualcomm
  • 4  Rupert Murdoch  CEO, News Corp.
  • 5  Steve Jobs  CEO, Apple Computer
  • 6  Susan Desmond-Hellmann  President of product development, Genentech
  • 7  The Emerging Global Middle Class  China, India, Russia, Brazil, and elsewhere
  • 8  Fujio Cho  Chairman, Toyota
  • 9  The New Oil Despots  King Abdullah bin Abdul aziz al Saud (Saudi Arabia), Mahmoud Ahmadinejad (Iran), Hugo Chavez (Venezuela), and Vladimir Putin (Russia)
  • 10  Ray Ozzie  Chief technical officer, Microsoft
  • 11  Marc Benioff  CEO, Salesforce.com
  • 12  Robert Iger  CEO, Walt Disney Co.
  • 13  Stewart Butterfield and Caterina Fake  Co-founders, Flickr
  • 14  Brian McAndrews  CEO, aQuantive
  • 15  Jack Ma  CEO, Alibaba.com
  • 16  Barry Diller  CEO, InterActiveCorp
  • 17  Ed Zander  CEO, Motorola
  • 18  John Thompson  CEO, Symantec
  • 19  Mark Hurd  CEO, Hewlett-Packard
  • 20  Ben Bernanke  Chairman, Federal Reserve Board
  • 21  Bill Gates  Benefactor, Bill and Melinda Gates Foundation
  • 22  Reid Hoffman  Angel investor and CEO, LinkedIn
  • 23  The New New Media  Kevin Rose (Digg) and Jimmy Wales (Wikipedia)
  • 24  Patricia Woertz  CEO, Archer Daniels Midland
  • 25  Kevin Martin  Chairman, Federal Communications Commission
  • 26  Ed Whitacre  Chairman and CEO, AT&T
  • 27  Jeremy Allaire  CEO, Brightcove
  • 28  Chad Hurley and Steven Chen  Co-founders, YouTube
  • 29  Danny Rimer  General partner, Index Ventures
  • 30  Muhammad Yunus  Founder, Grameen Bank
  • 31  Greg Isaacs  Director of developer relations, eBay
  • 32  Alex Bogusky  Creative director, Crispin Porter & Bogusky
  • 33  Vinod Khosla  Founder, Khosla Ventures
  • 34  David Heinemeier Hansson  Partner, 37signals
  • 35  Tim O'Reilly  Founder and CEO, O'Reilly Media
  • 36  Janus Friis and Niklas Zennstrφm  Co-founders, Skype
  • 37  Patricia Russo  CEO, Lucent Technologies
  • 38  Oprah Winfrey  Entertainment mogul
  • 39  Electronic Frontier Foundation 
  • 40  Jeff Valdez  Founder, SiTV
  • 41  Stephen Maurer and Andrej Sali  Adjunct associate professor, University of California at Berkeley, and professor, University of California at San Francisco
  • 42  Jeff Bezos  CEO, Amazon.com
  • 43  The Pre-Internet Dinosaurs  Larry Ellison (Oracle), Paul Otellini (Intel), and Michael Dell (Dell)
  • 44  William McDonough  Architect, William McDonough & Partners
  • 45  Richard Branson  Chairman, Virgin Group
  • 46  Mike Morhaime  Co-founder and president, Blizzard Entertainment
  • 47  Nick Denton  Publisher, Gawker Media
  • 48  Naguib Sawiris  CEO, Orascom Telecom
    49  David Allen  Author, Getting Things Done
  • 50  Blake Krikorian  Co-founder and CEO, Sling Media

Instead, our goal was to identify people whose ideas, products, and business insights are changing the world we live in today - those who are reshaping our future by inventing important new technologies, exploiting emerging opportunities, or throwing their weight around in ways that are sure to make everyone else take notice. In assembling this list, we emphasized one key question: What have you done for us lately? We also considered its important corollary: What will you do for us tomorrow? To nominate and ratify the 50, we drew on the collective wisdom of our entire editorial staff: people with deep knowledge of the important players and latest trends in management, entrepreneurship, biotech, big iron, and just plain counterintuitive thinking. It was a contentious exercise marked by the frequent raising of voices and much stamping of feet. But when the dust settled, our highly subjective exercise revealed a remarkable who's who of contemporary business. Many of the names and rankings will be surprising. Some will no doubt be controversial. But in the end, we hope you'll agree that the people profiled here tell us a lot about the world we live in today, and the challenges and opportunities we'll all confront in the years ahead.
Snuffysmith
Univision Bid Plan Revamped by Televisa

After being abandoned by some partners, the Mexican media giant
may offer $11.2 billion. By Meg James.
http://email.latimes.com/cgi-bin1/DM/y/e4V...Io30G2B0HeFf0EJ

Loophole Wizard Is Key to Chandler-Tribune Rift

An executive known for brilliant tax avoidance crafted some deals
that are now sore points. By Michael A. Hiltzik.
http://email.latimes.com/cgi-bin1/DM/y/e4V...Io30G2B0HeFg0EK

There's Very High Interest In Art Loans

In its bid to settle its antiquities custody battles with Italy,
the J. Paul Getty Trust is running a few months behind New York's
Metropolitan Museum of Art, which made its Italian deal in
February. But in their strategies - handing back contested works
in exchange for the promise that like items can be borrowed later
- both institutions are putting new faith in a long-standing and
ever-evolving museum-world practice: the art of the loan. By
Christopher Reynolds and Suzanne Muchnic.
http://email.latimes.com/cgi-bin1/DM/y/e4V...Io30G2B0HeFl0EP
theglobalchinese
Google offloads Baidu investment BBC News
Google has sold its stake in rival Chinese internet search firm Baidu.com. The US company confirmed that it had disposed of its 2.6% holding in Baidu - acquired before the latter's 2005 stock market flotation - on Wednesday. Baidu is the leading web search firm in China, a market in which Google lags behind the domestic provider. Analysts always saw Google's purchase of Baidu shares as a strategic move and Google said it now wanted to focus on its own Chinese business.

China focus
China is the world's second largest internet market, with more than 100 million users. Google and other foreign firms see huge potential for growth in China but their willingness to censor access to politically sensitive material, to comply with government demands, has attracted fierce criticism.
QUOTE("Debbie Frost - Google")
It has always been our goal to grow our own successful business in China
According to US regulatory documents, Google made a substantial profit on its investment in Baidu. It sold its holding for more than $60m, having acquired the shares for just $5m last year. Baidu's shares were valued at $27 each when the firm floated last year and are currently trading at about $80 each. "It has always been our goal to grow our own successful business in China and we are very focused on that," Google spokeswoman Debbie Frost said, confirming the share sale.
theglobalchinese
US energy firms in $21bn merger BBC News
Three of the largest US oil and gas exploration firms are merging in deals worth a combined $21bn (£11.6bn). Anadarko Petroleum Corporation is to buy Oklahoma-based Kerr-McGee for $16.4bn, while separately acquiring Western Gas Resources for $4.7bn. Kerr-McGee holds extensive oil and gas deposits in Colorado, Utah and offshore in the Gulf of Mexico while Western Gas Resources owns gas fields in Wyoming. Energy firms are merging to absorb the huge costs of research and exploration. The two deals - which must be approved by each firm's shareholders - should be completed by the autumn. Anadarko said the deal would create a market leader in exploration in the deepwater Gulf of Mexico and the Rockies, two of the US fastest-growing oil and gas production regions. "Kerr-McGee's outstanding deepwater holdings and skill sets will elevate Anadarko into the top echelon of deepwater operators," said Anadarko's chief executive Jim Hackett.
Snuffysmith
Televisa Submits Revised Bid for TV Firm

The Mexican media giant offers $11.2 billion for Univision after a
partner, Venezuela's Cisneros Group, pulls out at the last minute.
By Meg James.
http://email.latimes.com/cgi-bin1/DM/y/e4W...Io30G2B0HeOX0Ee

SEC Rule on Hedge Funds Is Invalidated

NEW YORK-A federal appeals court struck down the Securities and
Exchange Commission's attempt to boost its oversight of hedge
funds, calling a new SEC rule arbitrary and sending it back to the
agency to be reworked. By Walter Hamilton.
http://email.latimes.com/cgi-bin1/DM/y/e4W...Io30G2B0HeOY0Ef

Kremlin Counting on a Gusher

MURMANSK, Russia - With the planned sale of stock in oil firm
Rosneft, Russia hopes to gain foreign-policy leverage. By Kim
Murphy.
http://email.latimes.com/cgi-bin1/DM/y/e4W...Io30G2B0HeOZ0Eg

Japanese Regulators Get Tough on Finance Firms

TOKYO-Watchdogs are probing a series of alleged abuses to protect
consumers and create an orderly market. By Bruce Wallace.
http://email.latimes.com/cgi-bin1/DM/y/e4W...Io30G2B0HeOa0En
Snuffysmith
The Family Feud Behind a Media Fight

The move to break up Times owner Tribune Co. has roots in discord
in the Chandler clan. By Mitchell Landsberg.
http://email.latimes.com/cgi-bin1/DM/y/e4X...Io30G2B0HePr0Ex

A Novel Therapy for China: HMOs

XIANGTAN, China-A California firm is rolling out managed care in
the wake of socialized medicine's collapse. The economics are
uncertain in a nation used to commune clinics and "barefoot"
doctors. By Don Lee and Daniel Yi.
http://email.latimes.com/cgi-bin1/DM/y/e4X...Io30G2B0HePs0Ey

Market Tends to Reward Stock Investor Perseverance

Welcome to today's one-step-forward, one-step-back stock market -
a market that bears striking similarities to that of the 1970s,
another time of rising inflation, climbing interest rates and a
stock market stuck in a seemingly endless box step. By Kathy M.
Kristof.
http://email.latimes.com/cgi-bin1/DM/y/e4X...Io30G2B0HePt0Ez

Goodbye, City Life

Craving green acres? Urbanites who make the switch may be in for a
rude awakening. By Barbara E. Hernandez.
http://email.latimes.com/cgi-bin1/DM/y/e4X...Io30G2B0HePy0E5

Panama, Primed

Ruben Blades and his countrymen are dancing to a home-grown rhythm
that is full of energy and promise. By Agustin Gurza.
http://email.latimes.com/cgi-bin1/DM/y/e4X...Io30G2B0HePz0E6


The GOP Knows You Don't Like Anchovies

Unpopular Republicans still own the art of politicking. By Peter
Wallsten and Tom Hamburger.
http://email.latimes.com/cgi-bin1/DM/y/e4Xe0IAIo302B0HeP40Ev
theglobalchinese
Arcelor bosses in crucial meeting BBC News
Arcelor bosses have begun a crucial meeting at which they will opt whether to back a takeover by Mittal Steel or a merger with Russia's Severstal. The decision could settle a fierce six month battle for control of the firm. Arcelor has fought a bitter takeover battle with Mittal, rejecting its 25.8bn euros ($32.3bn) bid and leaning towards a 13bn euros Severstal merger. However, some Arcelor shareholders back the Mittal deal and Arcelor has held talks with its rival in recent weeks.

Two options
At the end of their meeting in Luxemburg, Arcelor bosses are expected to recommend one of the two deals. Their decision will be crucial in influencing the company's shareholders, who will meet later this month to decide the firm's future. A Mittal takeover of Arcelor would create the world's largest steelmaker, with total sales of more than 55bn euros and more than 320,000 employees. Arcelor has rejected the bid, arguing that it undervalues its assets and that the two businesses are not compatible. It is thought that Mittal - headed by billionaire Lakshmi Mittal - is considering raising its bid to win over Arcelor investors. The Financial Times reports it could raise its offer by 2bn euros. A merger with Severstal - controlled by Russian oligarch Alexei Mordashov - would create a business with 40.6bn in sales, accounting for 6% of global steel production. Arcelor says a union with Severstal would create a more efficient and productive business than one created by a merger with Mittal.

Investor concerns
However, some Arcelor shareholders have expressed concerns that Mr Mordashov could end up controlling the company. The battle for control of Arcelor has been running for nearly six months. Mittal Steel's plans were initially criticised by governments in France, Belgium and Spain - where Arcelor has operations - due to fears of huge job losses resulting from the deal. However, political opposition to the deal has since waned. Mittal believes Europe's largest firms need to merge to make their operations more efficient and to compete with firms in the US and Asia.
theglobalchinese
Minister backs Bank of Japan boss BBC News
Japan's economics minister has rejected calls for the Bank of Japan's embattled governor Toshihiko Fukui to resign. Mr Fukui has been criticised for his investment links to a fund manager who is under arrest and charged with insider dealing. Economy and Banking Minister Kaoru Yosano said he understood why many people were angry with Mr Fukui. But he warned that the governor's resignation could harm the Japanese and global economies. Mr Fukui saw his investments in a fund run by Yoshiaki Murakami double in seven years to 22m yen ($190,000; £100,000).

Ethical questions
Mr Fukui made the investment before he became the Bank of Japan's governor in 2003. But questions have been raised about the ethics of holding onto the investment while he held such a prominent public position. "I understand the public's anger," Mr Yosano said. "But the impact on Japan's economy, the global economy and global financial markets should be considered." He added: "Given that there are some unstable elements in global markets, Japan should not be sending the wrong message." Mr Fukui has apologised and said he would give any profits he made from the fund to charity. But opposition politicians have said Mr Fukui was careless in his judgement and called for him to quit.

Insider trading
Mr Murakami has been indicted for alleged violations of Japan's securities laws. He has admitted he was guilty of insider trading when buying shares in Nippon Broadcasting System in 2005. He said he bought shares knowing that Livedoor would buy a stake in the firm. Mr Murakami is then understood to have sold shares to Livedoor, the once high-flying internet business which has become immersed in scandal, through his investment firm MAC Asset Management. If convicted, Mr Murakami - who said he acted unwittingly - could face up to three years in prison and a fine of 3 million yen ($25,900). Prime Minister Junichiro Koizumi has backed Mr Fukui, who wants to see out his term which ends in March 2008. The case comes as the bank appears close to ending its policy of zero interest rates that has lasted for five years. Indications that the bank could raise rates sooner rather than later have alarmed some analysts who fear it could dampen the nation's economic recovery.
theglobalchinese
Buffett to Give 85% of Wealth to Charities Run by Gates, Family Bloomberg
Warren Buffett, the world's second- richest person, will give away 85 percent of his $44 billion fortune starting in July, a Berkshire Hathaway Inc. spokesman said today, in the biggest individual pledge to charity ever. Most of the money will go to the foundation started by his close friend Bill Gates, the only person in the world with a bigger personal fortune than Buffett, the 75-year-old Berkshire Hathaway chairman and chief executive officer. "I know what I want to do and it makes sense to get going,'' Buffett told Fortune in a story published today online for the July 10 edition. Berkshire Chief Financial Officer Marc Hamburg confirmed the article. Buffett's commitment, based on the $3,071.09 closing price of Berkshire Hathaway Class B shares June 23, is valued at more than $37 billion, exceeding the more than $29 billion that Microsoft Corp. Chairman Gates earmarked for his foundation. "Bill Gates's gift was always the largest; Buffett's definitely tops that,'' said Stacy Palmer, editor of the Chronicle of Philanthropy in Washington. Buffett plans to execute letters tomorrow, pledging annual gifts of company shares to the Bill & Melinda Gates Foundation; three organizations headed by his children and the family foundation renamed in honor of his late wife, according to his company's Web site.

Change of Mind
Buffett was traveling and unavailable for comment, Hamburg said. Apart from referring to the Fortune article, he declined to elaborate on any issues related to the gift. "You'll have to ask Warren Buffett about that,'' he said in a telephone interview. Buffett has always maintained he wouldn't give away his money until after his death, reasoning that he was the best person to increase its value, Palmer said. "This is a change of mind. He always said he was the best at making money and he could grow it.'' More than 83 percent of the B shares will go to the $30 billion Gates Foundation, the world's largest philanthropic organization. "We are awed by our friend Warren Buffett's decision to use his fortune to address the world's most challenging inequities, and we are humbled that he has chosen to direct a large portion of it to the Bill & Melinda Gates Foundation,'' the foundation said in a statement on its Web site. "The impact of Warren's generosity will not be fully understood for decades.''

Conditions
Buffett, in a letter to Gates, said the first year's gift of 500,000 shares would increase the foundation's annual giving by about $1.5 billion. The effect will be to more than double the $1.4 billion in grants given in 2005. In all, 10 million shares are "earmarked'' for the Gates Foundation, which will receive 5 percent of the balance due annually, Buffett said. He placed three conditions on the gift: Bill or Melinda must be alive and active in the administration of the foundation; the organization must qualify as a charity; and the value of the gift must be spent in total, as well as at least 5 percent of the foundation's net assets. Buffett gave the foundation two years to abide by the third requirement. Gates, who competes in bridge tournaments with Buffett, will step down from his day-to-day role at Microsoft in July 2008 to commit more time to his foundation. "Gates believes the money should be used while people are alive because there are so many needs,'' Palmer said. "People have been watching to see what kind of influence Gates would have on Buffett. The timing of Gates's announcement might have something to do with plans he and Buffett made.''

Gates' Role
Although the number of shares donated will decrease over the years, the value should increase, Buffett told Gates. "This will make the foundation more ambitious,'' Palmer said. "With this much money that must be given away fast and wisely, it will need Gates's full-time attention.'' Buffett will give a total of 602,500 B shares to the five beneficiaries in July. Based on the June 23 closing price of $3,071.09, the first year's gifts would be valued at $1.8 billion. The other recipients are the Susan Thompson Buffett Foundation, named for his late wife who died in 2004 at the age of 72 after a stroke; and those run by his children, the Howard G. Buffett Foundation; the Susan A. Buffett Foundation; and the NoVo Foundation, run by his son Peter. Buffett, who owns almost 31 percent of the company, eventually will cut his holdings to 5 percent, which also will be given to a philanthropic endeavor.
theglobalchinese
Buffett donates $37bn to charity BBC News
Billionaire investor Warren Buffett has said he was waiting for decades to make a huge charitable donation. He said he was overjoyed as he spoke for the first time since revealing he would donate about $37bn (£20bn) to Bill Gates' charitable foundation. "This has been coming for 50 years," Mr Buffett said. "There's never really been any other plan in terms of where the money should go." The donation is thought to be the largest charitable gift ever in the US.

Giving people a chance
Mr Buffett will hand 10 million shares in his Berkshire Hathaway firm to the Bill and Melinda Gates Foundation.
QUOTE("Robert Askew @ UK")
As long as my family and I have sufficient I would give away all the excess
News of the donation comes shortly after Mr Gates announced he is to step away from his day-to-day role at software giant Microsoft. The man known as "the sage of Omaha" for his relentless success in investments said he always wanted to give the bulk of his fortune away. However, he said the appropriate vehicle for doing so do had only become apparent in the past year. "I am not an enthusiast of dynastic wealth, particularly when the alternative is six billion people having that much poorer hands in life than we have, having a chance to benefit from the money," he said.

  • Fund of $29.1bn
  • $10.5bn in grants since 1994
  • Aims: reducing poverty and improving health and access to education
  • Largest grant: $1bn to the United Negro College Fund
  • 70% of aid spent outside US
  • The billionaire philanthropist

Mr Gates said it was Mr Buffett's support for philanthropy which had persuaded him to set up the foundation in the first place. "It is a big challenge to make sure this money gets used in the right way," he said of the donation. "But it is one we are thrilled about." The foundation aims to fight disease and promote education around the world. By July 2008 Mr Gates, the world's richest businessman, will concentrate on the foundation, which is currently worth just under $30bn. BBC business editor Robert Peston said the size of the foundation's cash pile dwarfed that of other organisations, and compared it with the $12bn annual budget of the United Nations. He added that the foundation was "an extraordinary new force in the voluntary sector".

New will
Mr Buffett is worth an estimated $44bn, according to Forbes magazine. As well as donating to the Gates foundation, he also pledged shares for his three children and a substantial gift for a foundation named for his late wife, Susan Thompson Buffett. All the gifts will be awarded yearly, with 5% of each donation passed on each year, it was announced. He confirmed his decision in letters to the recipients, and said he would write a new will to ensure the money continues to be distributed after his death.

In making his award, Mr Buffett - who plays bridge with Mr Gates - said he chose to distribute his wealth to an existing foundation out of respect for its current work. One of the terms of the donation is that at least one of Bill or Melinda Gates continues to be involved with the foundation. The foundation has evolved into one of the leading philanthropical organisations in the world, listing as one of its primary goals "reducing the 'unconscionable disparity' that exists between the way that we live and the way that the people of the developing world live".

Simple life
Stacy Palmer, editor of the Chronicle of Philanthropy, said that Mr Buffett's donation was the largest made by one person in the US.
QUOTE("TOP FIVE BILLIONAIRES")
  • Bill Gates (US, Microsoft) -
    $50bn
  • Warren Buffett (US, investor) - $42bn
  • Carlos Slim (Mexico, industrialist) - $30bn
  • Ingvar Kamprad (Sweden, Ikea) - $28bn
  • Lakshmi Mittal (UK, steel) $23.5bn
  • Meeting Warren Buffett
She explained that Mr Buffett's largesse eclipses the charitable donations of such well-known givers as John D Rockefeller and Andrew Carnegie. Despite his huge wealth, Mr Buffett has modest tastes, is called a "cola and hamburger kind of guy", plays the ukulele, and still lives in the same house he bought in his home town of Omaha, Nebraska, in 1957. Mr Buffett has stated that the death of his wife Susan was one of the reasons behind his donation to the Gates Foundation, because he had thought she would outlive him and handle the dispersal of his wealth.
theglobalchinese
Bush blasts 'terror funds' report BBC News
The US president has accused US newspapers of hampering the "war on terror" by publishing details of a secret scheme to track money transfers. George W Bush defended the scheme and said the disclosure was "disgraceful". The New York Times revealed last week the US government had monitored global money transfers using a banking group. The paper said it acted in the public interest. It is now the focus of a fierce debate about press freedom, says the BBC's Justin Webb in Washington. Some right-wing politicians have even called for the New York Times' editors to be charged with treason - but our correspondent says this is unlikely to happen. The newspaper has a long record of opposition to President Bush and has won a Pulitzer Prize for revealing a secret US government scheme to monitor telephone calls as part of its "war on terror". Mr Bush's attack was echoed by his deputy, Dick Cheney, who said the New York Times had twice disclosed secret programmes in defiance of the advice of administration officials.

'Follow their money'
Last week the New York Times, followed by other news organisations, revealed that the CIA had been given access to payment records in the world's main financial clearing house.
QUOTE("Peter King - Republican representative")
The New York Times is putting its own arrogant, elitist, left-wing agenda before the interests of the American people
The paper said the government had used its powers of administrative subpoena following the 9/11 attacks to compel Swift (the Society for Worldwide Interbank Financial Telecommunication) to open its records, but added that the move had led to the arrest of al-Qaeda members. Mr Bush said the disclosure had made it "harder to win this war on terror". "We're at war with a bunch of people who want to hurt the United States of America. And for people to leak that programme and for a newspaper to publish it, does great harm to the United States of America," he said. Mr Bush said the monitoring scheme was lawful and Congress had been made aware of it. "If you want to figure out what the terrorists are doing, you try to follow their money," he said. The Republican chairman of the House of Representatives Committee on Homeland Security said earlier that the New York Times should be prosecuted for the publication. "The New York Times is putting its own arrogant, elitist, left-wing agenda before the interests of the American people," , Peter King told Fox News television. US Treasury Secretary John Snow and White House officials also criticised the revelations last week.

'No risk'
The New York Times' executive editor, Bill Keller, said the paper had listened "patiently and attentively" to the government's case against revealing the scheme.
QUOTE("Bill Keller - New York Times")
It's not our job to pass judgement on whether this programme is legal or effective
But he denied publication was a security risk, arguing that bankers would almost certainly continue to co-operate and that terrorist organisations already knew their financial operations were being monitored. "It's not our job to pass judgement on whether this programme is legal or effective, but the story cites strong arguments from proponents that this is the case," Mr Keller said.
Snuffysmith
Saban Nears Deal to Buy Univision

The board of Univision Communications Inc., the nation's largest
Spanish-language media company, voted late Monday to accept an
$11.3-billion offer for the company from a group of investors
including billionaire media mogul Haim Saban, according to three
sources close to the board. By Meg James.
http://email.latimes.com/cgi-bin1/DM/y/e4d...Io30G2B0HenA0EX

35,000 GM Employees Accept Buyout

In the largest employee buyout in U.S. corporate history, General
Motors Corp. said nearly a third of its 113,000 manufacturing
workers in the U.S. have agreed to quit or retire this year in
return for cash payments of as much as $140,000 each. By John
O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/e4d...Io30G2B0HenB0EY

Paramount Aims to Control Sister Film Units

Paramount Pictures plans a sweeping reorganization that will bring
in house its two sister movie operations, MTV Films and
Nickelodeon Movies, as part of an effort to end what has
frequently been viewed as a dysfunctional relationship. By Claudia
Eller.
http://email.latimes.com/cgi-bin1/DM/y/e4d...Io30G2B0HenC0EZ

Design museums build themselves up

Bigger, better digs are raising the profile for two L.A. spaces
with a focus on architecture - although each employs a certain
latitude in using the term "museum." They are A+D museum across
from the Los Angeles County Museum of Art and the just-opened
Museum of Design Art and Architecture Gallery on South Robertson
Boulevard. By Scott Timberg.
http://email.latimes.com/cgi-bin1/DM/y/e4d...Io30G2B0HenF0Ec

She's the woman who other women love to hate

Linda R. Hirshman's "Get to Work: A Manifesto for Women of the
World," published this month, showcases a concern for the fate of
moneyed, elite, educated women in the U.S. that is both
off-putting in its narrow scope and refreshing in its candor. By
Suzy Hansen.
http://email.latimes.com/cgi-bin1/DM/y/e4d...Io30G2B0HenG0Ed

A smaller world with Cup blogs

It's a small, and rapidly shrinking, world this summer, at least
if you're a soccer fan with Internet access. If catastrophes such
as the Sept. 11 attacks and the Indian Ocean tsunami showed the
Web's potential to link all humanity in times of tragedy, this
summer's showcase of the "beautiful game" highlights that same
ability in times of global carousing. By Reed Johnson.
http://email.latimes.com/cgi-bin1/DM/y/e4d...Io30G2B0HenI0Ef
Snuffysmith
Judge Faults U.S. in Tax Case

In a ruling that could force the government to change its tactics
in some corporate fraud cases, a federal judge said the Justice
Department violated the rights of 16 former KPMG executives by
coercing the accounting firm to cut off funds for their defense.
By Kathy M. Kristof and Walter Hamilton.
http://email.latimes.com/cgi-bin1/DM/y/e4g...Io30G2B0HeyD0E5

Tribune Buys Back 45 Million Shares in Tender Offer

Despite raucous boardroom dissent, Tribune Co. said that it had
completed its tender offer and expected to purchase 45 million of
its shares at $32.50 apiece, the top price set by the company. By
Thomas S. Mulligan.
http://email.latimes.com/cgi-bin1/DM/y/e4g...Io30G2B0HeyE0E6
theglobalchinese
Open your wallet to Google CNET News.com
Give Google credit for one thing: The search giant has a way of generating a lot of buzz. This week, possibly as soon as Wednesday, Google is expected by many to unveil a new Internet payment system. It may start out as an online wallet but could become a PayPal-like infrastructure for payments across the Web, handling everything from skis to music and videos, analysts said Tuesday. Interesting as that may sound, Google execs have actually said little about this service publicly. But--as has been the case with most other assumed product launches, from the successful Google Earth to the so-called Google Cube co-founder Larry Page was supposedly going to unveil at the Consumer Electronics Show in January but never did--that hasn't stopped Google watchers on Wall Street and in the blogosphere from going into high predictive mode. "There is quite a bit of excitement and buzz among merchants," about Google Gbuy, as reports have called it, said Safa Rashtchy, an analyst at Piper Jaffray. Rumors of a Google payment system have been circulating for months. Two weeks ago, Google Chief Executive Eric Schmidt confirmed that the company was testing a system that aimed to speed online purchases, but he said it would not compete directly with eBay's PayPal. The system is targeted at advertisers and not general consumers, Schmidt said during a meeting in New York hosted by Conde Nast's Portfolio business magazine, without elaborating. Google released a vague statement Tuesday saying: "Billing and payments have historically been a part of Google's advertising programs and online services. As we've previously announced, we offer users the ability to buy items on Google Base and at the Google Store as well as pay for services like Google AdWords, Google Video and Google Earth. We have nothing specific to announce at this time." Perhaps coincidentally, company executives also were scheduled to host a talk on "Micro-payments trends and news" at Google's Mountain View, Calif., office Thursday night. The talk was part of a scheduled meeting of BayPay, a networking group for people who work in the payment industry in the San Francisco Bay Area. Even if Google isn't publicly spelling out the details of its payment system, other people are doing it for the search king. As a wallet system, Gbuy would let shoppers carry their payment information around to multiple different merchants and save them the time of having to enter their credit card and billing data every time they shop, Rashtchy said. Users are expected to be offered rebates, and merchants can get discounts on ads. Gbuy has been billed by some reports as a "PayPal killer," but it's likely to be much more, Rashtchy and other analysts said. "I think that if this thing succeeds, it will eventually succeed where PayPal hasn't...as an efficient payment mechanism for a wide range of e-commerce transactions," Rashtchy said. It would also succeed where Yahoo and Microsoft have failed, he predicted. Rashtchy said he used to use Yahoo Wallet, which lets people store their credit card and billing information when shopping on the Yahoo network. However, it didn't gain traction with merchants, he said. Yahoo did not respond to a request for comment. Two years ago, Microsoft began paring back its Passport service, which provided authentication and centralized storage for credit card numbers, and single sign-in for Microsoft accounts. Last year, eBay announced it would no longer allow its customers to log in through Passport. Passport is evolving into Windows Live ID. Analysts said Google's system could solve the so-called micropayment problem, enabling people to pay for services and products in small increments and for single items. For example, a user could buy one news article at a subscription-only site, rather than having to shell out for a monthly membership. "It's not an efficient use of credit card charges for just $1 or $2," said John Barrett, director of research at Parks Associates. "While people are surfing around, and they see a Web page and a piece of content they want, they can be charged a small amount for it." Google could syndicate the payment system, much as it does with its AdSense program, which lets Web sites host advertisements and receive money when people click on the ads. Such a "payment solution would grease the wheels...and allow anybody to start selling on the Web through Google," Barrett said. A Google payment system could also pose a threat to credit card companies, Rashtchy said. "Eventually, people could fund their Google Wallet directly from their bank accounts, and merchants would be paid directly by Google, eliminating the 3 percent they have to pay to credit card companies," he said. Existing credit card processing is too expensive for a lot of smaller merchants, who typically pay about 3 percent commission to credit card companies, Rashtchy said. "Three percent is too high if the margins are 10 to 15 percent," he said. In a research report released June 9, RBC Capital Markets analyst Jordan Rohan said Google was set to launch Gbuy on June 28 and said it would be a direct competitor to PayPal's "off-eBay" initiative, which refers to Web sites not related to eBay. While Gbuy would be focused on consumer-to-merchant transactions, it could be expanded to consumer-to-consumer, Rohan said. The transaction charge would be expected to be about 2 percent, in line with PayPal's, he said. With Gbuy, Google would be able to capture all transaction data flowing through the system, enabling it to use that data for targeting in future searches and to identify which categories and keyword bids are offering the highest return on investment for advertisers, Rohan wrote. "Longer-term, it could be a game-changer," he said. A Google payment system could allow bloggers and other types of Web publishers to easily sell anything they wanted and even to have items aggregated by Google, Forrester analyst Charlene Li wrote in a blog last week. "It doesn't make sense for Google to only challenge eBay/PayPal in this area--even though it will bring in close to $1 billion in revenue for eBay this year," she wrote. "Instead, I think (and hope) that Google is thinking much, much bigger." PayPal spokeswoman Sara Bettencourt said, "We don't comment on other companies' products, especially this one, because it is not even in the marketplace." But the rumors have undoubtedly been on the minds of eBay executives, who announced a partnership with Yahoo in May under which Yahoo will feature PayPal on its Web sites and eBay will use Yahoo ads. Forget about PayPal, said Stephen Arnold, author of "The Google Legacy." Google's wallet product is one small piece of a much larger puzzle, he said. "The (payment) plumbing has been there since they took the first credit card payment for an ad about two-and-a-half or three years ago," Arnold said. "What the heck is Google doing with all this financial plumbing?"
By Elinor Mills, Staff Writer
theglobalchinese
PayPal Need Not Fear Google -- Yet Forbes
Unconfirmed reports that Google will soon launch a payment service to rival eBay's PayPal dealt a blow to the online auction company's shares on Tuesday. But eBay could conceivably weather the competition thanks to its significant brand-name advantage, according to a new report from Standard & Poor's Equity Research. On Tuesday, shares of eBay fell 5% on news that Google is readying a test version of its online payment service, dubbed GBuy, for as early as today, Wednesday. Reports stated that Google will likely offer a rebate to customers who make online purchases using GBuy. In a report published Wednesday morning, S&P Equity Research analyst Scott Kessler said he expects GBuy to leverage Google's Internet advertising relationships to garner merchant adoption. He also expects Google to offer discounts to AdWords participants. AdWords is a Google service that allows businesses to create their own online ads and keywords. The analyst emphasized that eBay's PayPal still commands a formidable position in the online purchasing market. "We think PayPal has significant competitive advantages in the payments area, with over 105 million registered users," the analyst said. He noted that PayPal has an exclusive partnership with Yahoo! and that eBay has a "substantial" technological lead over Google in this space. S&P Equity Research currently has a "strong buy" rating on eBay shares and a "hold" rating on Google.
By David Ng
theglobalchinese
Interpublic partners with Facebook.com CNET News.com
Marketing services firm Interpublic Group has announced a partnership with the social networking Web site Facebook to pursue youth-market advertising online.
IPG has committed $10 million in advertising to Facebook.com, Melanie Deitch, director of marketing for Facebook, told CNET News.com. IPG has also agreed to acquire less than one-half of 1 percent of Facebook. In exchange, IPG said, it will participate in market research, polls, surveys, promotions and "pilot programs involving sponsorships" on the social networking site. "Facebook's users represent a difficult-to-reach, but very key, audience for many of our clients. Young and tech-savvy consumers are increasingly shunning traditional media vehicles and defining themselves and their community online," Interpublic CEO Michael Roth said in a statement. "Facebook is among the top 10 most-trafficked sites in the United States." IPG will plug companies into Facebook's already-established levels of advertising, said Deitch. Facebook offers typical banner ads and local advertising, as well as what are known as Facebook Sponsors, who interact with Facebook members on a seemingly casual level through something called Sponsored Groups. For example, the Microsoft Student Group offers free software promos, news on college campus events, and videos from Microsoft employees. It also welcomes feedback. "But this isn't a one-way deal. If you've got comments or questions, POST THEM! We'll answer--promise! smile.gif ," says the Microsoft Student Group page on Facebook. It's a heterodox advertising method that may be new to many of IPG's clients. Many people still debate the prospects for longevity among social networking sites. Others are betting on them. In April, Facebook, a competitor of MySpace, received $25 million in second-round funding. "The piece that's really unique with IPG is that we both have strong strategic focus on consumer insight. The 19-to-24-year-old demo is really hard to reach, and the consumer insight is a focus on really trying to understand that demo much better," Deitch said. Facebook may already be reaching that evasive demographic. In June, a poll by student market researcher Student Monitor showed that 71 percent of college students considered Facebook.com an "in" thing on college campuses, compared with 58 percent for MySpace. Facebook tied for second place with beer, while iPods were first. But college students won't find any beer ads on Facebook. "No gambling, firearms, tobacco, alcohol, no pornography--we don't accept any advertisers in any of those. We are constantly asked by poker sites, just because it's so popular right now, but we just don't do it," Deitch said.
By Candace Lombardi, Staff Writer
Snuffysmith
When Fans Hissed, He Listened

The director's changes to the film 'Snakes on a Plane' included
scenes sought in online forums. The Web has made the public a
collaborator. By Dawn C. Chmielewski.
http://email.latimes.com/cgi-bin1/DM/y/e4l...Io30G2B0HfCZ0EA

Google Offers Web Payment System

SAN FRANCISCO-Google Inc. plans to introduce a long-anticipated
payment system for Internet purchases today as the search-engine
giant attempts to wriggle into all facets of life online. By Chris
Gaither.
http://email.latimes.com/cgi-bin1/DM/y/e4l...Io30G2B0HfCa0EH

Wider Scale of Data Rigging Seen at Edison

Regulators launch their own probe into falsified service
information by the utility's staff. By Elizabeth Douglass.
http://email.latimes.com/cgi-bin1/DM/y/e4l...Io30G2B0HfCb0EI

Betting Investigated on First-Round Match

WIMBLEDON, England-Online gambling site reports irregularities in
patterns of support for underdog Bloomfield, who beat 89th-ranked
Berlocq at Wimbledon. By Diane Pucin and Janet Stobart.
http://email.latimes.com/cgi-bin1/DM/y/e4l...Io30G2B0HfCc0EJ

Game of Pick-Up Quickly Becomes Let's Make a Deal

Right on schedule, the NBA draft started and teams started going
in all directions. By Mark Heisler - On The Nba.
http://email.latimes.com/cgi-bin1/DM/y/e4l...Io30G2B0HfCd0EK
theglobalchinese
Google to launch payment service BBC News
Search giant Google is set to launch an online payments system which is set to compete with auction giant eBay. Dubbed Google Checkout, the system is designed to boost Google's main source of revenue - selling advertising.

The core of Google's business is selling advertising

The service offers some free order processing to Google's millions of advertisers, but will initially be available only to stores in the US. EBay unit Paypal is the market leader in online payments. EBay stock slipped ahead of Checkout's launch. Checkout's long testing process - it has been in the works for a year or more - has meant that rumours have been rife about the service, which many had dubbed "Gbuy" .

Simple system
Google says it will enable shoppers to set up a single account with all their credit card and delivery details, allowing online merchants to sell through their Google advertising. For every dollar they spend on advertising, merchants will get $10 off the cost of processing orders they receive.
QUOTE("Greg Sterling @ analyst")
It's not going to kill Paypal
"It's a really smart move by Google, a wonderful way to close the loop with its advertisers," said Charlene Li of Forrester Research. But she pointed out that since Google would be hanging onto information about customers, large retailers might be reluctant to give up the chance of collecting valuable marketing information themselves. And others said that Paypal's position was strong enough to resist the Google onslaught. "It's not going to kill Paypal," said Greg Sterling of Sterling Market Intelligence, saying that there was room in a market long dominated by Paypal for several such services. Commentators pointed out that the two services would not strictly be in direct competition, as Checkout relied solely on credit card payments. The Google service will simply act as a transferring house, whereas Paypal has the facility for users to set up their own accounts to pay into - as well as offering credit card payments.

Competition heats up
Commentators have also warned that the move puts Google in direct competition with one of its biggest advertisers - eBay. EBay's shares have suffered as a result, dropping some 7% in the past week. In a pre-emptive strike against the plans, last month eBay signed a deal with Google rival Yahoo. Under the deal, Yahoo, the largest internet media firm, will be the exclusive provider of branded advertising on eBay's site while Yahoo will use PayPal to let its customers pay for Yahoo services. Of the names to sign up to Checkout so far, Starbucks and Buy.com have also retained Paypal as a method of payment as well.
Checkout alternative to PayPal San Francisco Chronicle
Google to launch online payment processing system People's Daily Online
Financial Times - New York Times - Los Angeles Times - This is Money - all 372 related »
Snuffysmith
Ralphs Expects Plea Deal on Hiring

The grocer plans to plead guilty to charges of illegally employing
locked-out workers in 2003-04, its parent says. By Martin
Zimmerman.
http://email.latimes.com/cgi-bin1/DM/y/e4n...Io30G2B0HfQQ0EY

Fed Boosts Rates, Odds of a Pause

A subtle shift in tone sparks hopes for an end to a two-year
campaign to tighten credit. By Lisa Girion.
http://email.latimes.com/cgi-bin1/DM/y/e4n...Io30G2B0HfQR0EZ

Tenet Settles With U.S. for $900 Million

The agreement resolves allegations that the hospital company
defrauded Medicare. But in a stagnant market, the road back to
profitability won't be smooth. By Daniel Yi.
http://email.latimes.com/cgi-bin1/DM/y/e4n...Io30G2B0HfQS0Ea

SPORTS
______
Ivan Basso Is Ready for Lead Role

The quiet Italian, second in last year's Tour de France, is the
favorite with Armstrong retired. By Diane Pucin.
http://email.latimes.com/cgi-bin1/DM/y/e4n...Io30G2B0HfQT0Eb

They've Rebuilt the Farm

Dodgers' minor league system has gone from one of baseball's worst
to among the best By Tim Brown.
http://email.latimes.com/cgi-bin1/DM/y/e4n...Io30G2B0HfQV0Ed

Farmar Looked Suited for NBA

The former UCLA guard caught the Lakers' eye at the pre-draft camp
with his solid play, but he also dressed and acted like a
professional. By Mike Bresnahan.
http://email.latimes.com/cgi-bin1/DM/y/e4n...Io30G2B0HfQW0Ee
Snuffysmith
Dan Lungren: A 100-mpg Car? Let's Start the Race

How about a $1-billion prize for the first American automaker to
take fuel efficiency to the next level?.
http://email.latimes.com/cgi-bin1/DM/y/e4n...Io30G2B0HfQd0Er
Snuffysmith
Chrysler Shifts Into Discount Mode

The automaker offers employee pricing and other incentives. Ford
and GM say they'll wait and see before deciding whether to follow
suit. By John O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfaK0EW

Kerkorian Seeks to Link GM, Rivals

Beverly Hills investor Kirk Kerkorian called for General Motors
Corp. to explore an alliance with France's Renault and its
Japanese affiliate Nissan Motor Corp., an arrangement that could
dramatically alter the global automotive landscape. By John
O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfaL0EX

After a Grueling Quarter, Investors Still Can't Relax

A volatile period ends on a high note. Rising rates and steep oil
complicate the outlook. By Tom Petruno.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfaM0EY

Laws to Give New Life to Used Cellphones

Wireless customers typically swap out new cellphones about every
18 months and, starting today, new state laws require retailers to
help keep all those used handsets and accessories out of
landfills. By James S. Granelli.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfaN0EZ

Placing Blame for Mexico's Ills

TLACHINOLA, Mexico-The economic policies of the U.S. are at the
heart of Sunday's presidential contest here. By Marla Dickerson.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfaO0Ea

Doping Scandal Rocks Tour

PARIS-Favorites Ivan Basso and Jan Ullrich are among nine cyclists
suspended from the French race after officials receive details of
a raid in Spain. By Diane Pucin.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfaP0Eb

Germany Puts Away Argentina

BERLIN-Miroslav Klose gets late goal to tie it, 1-1, in
regulation, and Jens Lehmann steps up to clinch penalty kicks,
4-2. By Grahame L. Jones.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfaQ0Ec

Mexico's Educated Elite Lose Clout

MEXICO CITY-The rise of U.S.-style punditry has lessened the
intelligentsia's influence as the nation prepares to vote. By Reed
Johnson.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfaU0Eg

Editorial: Show Africa the Money

After pledging to double aid by 2010, rich nations' promises are
looking hollow.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfaV0Eh


Meghan Daum: Sadists in Stilettoes

"The Devil Wears Prada" isn't social commentary, but its portrait
of the vile female boss rings true.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfaY0Ek
Snuffysmith
Cash Is Raising the Bar for Stocks

You now can earn an annualized yield of 5.23% on a six-month U.S.
Treasury bill, the most that particular security has paid in more
than five years. By Tom Petruno.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfbL0EF

A Chinese Lesson for Big Retailers

URUMQI, China-French retailer Carrefour has a jump on Wal-Mart in
the populous country, but the U.S. giant aims to catch up. Both
face big challenges, including tough local rivals. By Don Lee.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfbM0EG

At the Core of AMD, a Man Made for a Challenge

AUSTIN, Texas-Hector Ruiz's nimble firm has seized some of Intel's
market share and technical laurels as well. By Terril Yue Jones.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfbN0EH


Free Agents Break Fast

Sam Cassell is expected to stay with Clippers, who also get Tim
Thomas, but Vladimir Radmanovic will switch to Lakers with a
$31-million deal. By Mike Bresnahan and Jason Reid.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfbR0EL

Where Mini Golf Is a Ruling Passion

Myrtle Beach takes the game to a higher realm with its dozens of
elaborate, fantasy-oriented courses. By Janis Cooke Newman.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfbW0EQ

That Little Eyesore Could Just Be the Next Big Thing

Builders find a niche putting up affordable homes on sites too
small for larger projects. By Susan Carrier.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfbX0ER

Is This the Big Moment?

Earthquake insurance rates just dropped 22% statewide. For those
who don't have coverage - most of us - it might be time to
consider it. By Gayle Pollard-Terry.
http://email.latimes.com/cgi-bin1/DM/y/e4v...Io30G2B0HfbY0ES
Snuffysmith
Microsoft to End Support Of Old Windows Versions

By Brian Krebs

More than 70 million Windows users will no longer be eligible for software security updates under a Microsoft Corp. policy to take effect July 11, hastening the demise of several older versions of the computer operating system.

To view the entire article, go to http://www.washingtonpost.com/wp-dyn/conte...er=emailarticle
theglobalchinese
EADS and Airbus bosses both quit BBC News
The embattled co-chief executive of Airbus parent company EADS, Noel Forgeard, has resigned. The announcement comes after intense pressure on Mr Forgeard to quit in the wake of an insider trading scandal. Mr Forgeard, who denies wrongdoing, was accused of deliberately selling shares in EADS before the firm announced a delay to the Airbus A380 superjumbo. It was also announced that Airbus chief Gustav Humbert has resigned to take responsibility for the A380 delays. "The recently announced delay on the A380 production and delivery programme has been a major disappointment for our customers, our shareholders and our employees," said Mr Humbert. "As president and chief executive of Airbus, I must take responsibility for this setback and feel the right course of action is to offer my resignation to our shareholders." Mr Humbert, a German, is being succeeded by Christian Streiff, a former executive of French building materials group Saint-Gobain.

Angry shareholders
Mr Forgeard is being replaced by fellow Frenchman Louis Gallois, head of French state railway company SNCF.

Mr Humbert has resigned to take responsibility for the A380 delays

Co-chief executive of Airbus since last year, Mr Forgeard has continually denied any wrongdoing over his selling of EADS shares. He said he sold the shares in question in March of this year, and that he did not know of delays in the production of the A380 until April. When the delays were announced last month, Airbus's share price slumped 26%. Mr Forgeard's protestations of innocence were not enough to calm shareholder anger, and he has now paid the price. Yet he initially refused to stand down, telling a French parliamentary committee last week that such a move was "out of the question".

Possible compensation
Following the scandal, there were also calls for EADS to end its dual management structure.

The A380 project has not gone as smoothly as hoped

A Franco-German firm, it has two chief executives and two chairman, one from each country. It looks as if this structure will continue. The delays to the A380 have been caused by wiring problems. EADS now says that only nine of the planes, instead of the previously expected 20 to 25 will be delivered next year. As a result, Airbus is to hold talks on compensation with those airlines who have already ordered the plane.
Snuffysmith
Two Execs Quit Amid Airbus Woes

The top executive at the parent company of Airbus resigned in a
dramatic management shake-up amid weeks of turmoil over production
delays of European aircraft maker's new super-jumbo jetliner. By
Peter Pae.
http://email.latimes.com/cgi-bin1/DM/y/e4w...Io30G2B0HfcS0Ev

'Superman' Returns to Rescue the Franchise

"Superman Returns" brought a film franchise back to life for
Warner Bros. with an opening weekend gross of $52.2 million in the
U.S. and Canada, the studio estimated. By Josh Friedman.
http://email.latimes.com/cgi-bin1/DM/y/e4w...Io30G2B0HfcT0Ew

It's about feelings (and football)

NBC has called a Hail Mary pass with one of its new fall shows.
It's a weekly drama set against the backdrop of prep sports, a
relatively unglamorous world that hasn't yielded a TV hit in
nearly 30 years. And even though it's scheduled for Tuesdays, the
program will be called "Friday Night Lights." By Scott Collins.
http://email.latimes.com/cgi-bin1/DM/y/e4w...Io30G2B0HfcX0E1

Act? Wait? It can be your choice

Prostate cancer treatment can be dangerous. And, scientists now
say, it might not be necessary, even for younger men.
Theoretically, half of men diagnosed with the disease have caught
it early enough to at least try active surveillance. But only
about 12% of such men go that route. By Susan Brink.
http://email.latimes.com/cgi-bin1/DM/y/e4w...Io30G2B0Hfcc0ED
Snuffysmith
Fireworks Firms Aim for Boom in Business

Fireworks use is exploding, up 84% since 2000 to 281.5 million
pounds, according to the American Pyrotechnics Assn. The Bethesda,
Md., trade group attributes the boom partly to swelling patriotism
- on display at Fourth of July celebrations around the country
tonight. The professional extravaganzas such as those put on by
Pyro Spectaculars cost an average of $1,000 a minute. By Cynthia
H. Cho.
http://email.latimes.com/cgi-bin1/DM/y/e4x...Io30G2B0HfpJ0Ef

Car Sales in U.S. Drop 10.5% in June

U.S. auto sales dropped sharply in June as many motorists
apparently remained wary of continued high gasoline prices and
waited for a new round of steep discounting that many analysts
expect will be launched after today's holiday. By John O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/e4x...Io30G2B0HfpK0Eg

The Waters Are Crowded for Surfboard Makers

Seven months ago, the abrupt closure of Clark Foam in Laguna
Niguel caught the surf industry in its undertow. The
company made the polyurethane foam cores for two-thirds of the
surfboards made in the United States. But as the peak selling
season swells, there is no shortage of surfboards. By Leslie
Earnest.
http://email.latimes.com/cgi-bin1/DM/y/e4x...Io30G2B0HfpL0Eh


'New' media have an old look

When the National Academy of Television Arts & Sciences created a
new Emmy award for news and documentary programs produced for
websites, mobile phones and iPods, the group aimed to recognize
the best of new media. But when the award is presented, the winner
will likely be old media. Newspaper websites dominate the
nominations. By Matea Gold.
http://email.latimes.com/cgi-bin1/DM/y/e4x...Io30G2B0HfpP0El

Mark Kurlansky: WWFFD? Who cares?

Someone has to say it or we are never going to get out of this
rut: I am sick and tired of the founding fathers and all their
intents. The real American question of our times is how our
country in a little over 200 years sank from the great hope to the
most backward democracy in the West.
http://email.latimes.com/cgi-bin1/DM/y/e4x...Io30G2B0HfpU0Eq
Snuffysmith
Profit Boom Could Be a Bit Muffled

The nation's biggest companies will report a sharp slowdown in
earnings growth for the second quarter, according to Wall Street
estimates, perhaps ending a long string of double-digit gains. By
Tom Petruno.
http://email.latimes.com/cgi-bin1/DM/y/e4y...Io30G2B0Hftd0EC

Another Merck Drug Is Under Legal Attack

Trial lawyers may file hundreds of suits over an osteoporosis
remedy linked to jaw decay. By Molly Selvin.
http://email.latimes.com/cgi-bin1/DM/y/e4y...Io30G2B0Hfte0ED

Lawmaker Sees Both Sides of Broadcast Legislation

WASHINGTON-Rep. Greg Walden has a unique perspective in Congress
as owner of five small radio stations. By Jim Puzzanghera.
http://email.latimes.com/cgi-bin1/DM/y/e4y...Io30G2B0Hftg0EF

In Grand Scheme, U.S. Is Called Out in Tennis

The washout at Wimbledon is the latest example of how Americans
have fallen behind the competition. By Lisa Dillman.
http://email.latimes.com/cgi-bin1/DM/y/e4y...Io30G2B0Hfti0EH
theglobalchinese
Enron ex-chief Kenneth Lay dies BBC News
Kenneth Lay, the former Enron chief executive and chairman convicted on fraud and conspiracy charges, has died. Mr Lay suffered a heart attack at his holiday home near Aspen, Colorado. He was pronounced dead in hospital shortly after 0300 local time on Wednesday. He and former chief executive Jeffrey Skilling were found guilty in May in connection with Enron's collapse. Enron went bankrupt in 2001 with debts of $31.8bn (£18bn), leaving 4,000 people out of work.

Innocence maintained
After America's most high-profile corporate fraud trial, Mr Lay was found guilty on 25 May on all six fraud and conspiracy charges that he faced.
QUOTE("ENRON TIMELINE")
  • 1985: Enron formed
  • Oct 2001: Enron reports $638m third quarter loss and $1.2bn fall in shareholder equity
  • Oct 2001: Securities and Exchange Commission begins inquiry into firm
  • Nov 2001: Enron shares sink to 10-year lows as buyout deal falls through and further losses are revealed at the firm
  • Dec 2001: Enron files for Chapter 11 bankruptcy
  • 2002: Criminal investigation launched
  • 2004: Skilling and Lay charged. Former finance chief Andrew Fastow pleads guilty to criminal charges and agrees a 10-year jail term
  • Jan 2006: Enron trial begins
  • May 2006: Skilling and Lay found guilty of fraud and conspiracy, with sentencing to follow in October
  • June 2006: Lay files motion with US District Court in Houston seeking to have his conviction overturned
  • July 2006: Lay dies of heart attack at 64
  • Enron's rise and fall
He had posted a $5m bond to avoid custody until October when he would have been sentenced - to up to 45 years behind bars. Mr Lay had always proclaimed his innocence, saying the company was brought down by a lack of investor confidence triggered by revelations that Enron's chief financial officer Andrew Fastow had stolen millions from the company. He described Enron's collapse as "the most devastating and heartbreaking tragedy of my life". The 64-year-old had led Enron for 15 years from its birth in 1986 after the merger of two Houston-based gas pipeline firms. From this small beginning, Enron went on to become America's seventh biggest company and the world's largest energy trading firm. Mr Lay handed the chief executive's role over to Jeffrey Skilling in 2001. Mr Skilling was convicted on 19 counts of fraud and conspiracy and is expected to face a lengthy prison term.
theglobalchinese
Readers smell conspiracy in Lay’s sudden death MSNBC
Our readers reacted quickly to the death of former Enron Corp. executive Ken Lay, 64, who was convicted of conspiracy to commit securities and wire fraud in one of the biggest business scandals in US history. There was one overwhelming emotion dominating the message board: Anger. People were upset he got the "easy way" out and avoided a prison term. Most readers cried conspiracy and wanted DNA tests confirming the cause of death, while others wanted to leave the final judgment in God’s hand. Here is a sampling from our online message board. (Readers' usernames are used after their post.)
Conspiracy. This guy has all this money, gets caught, gets charged, then has a heart attack. “And just like that. *poof* He was gone.” If I was in his shoes I'd find a way to be "dead" too. — Kungjew
Ken Lay is not dead. He more than likely bought off the Coroner's office and Sheriff's Department in Colorado and is now living it up in South America. — CIA
It's not up to me to judge him, but I am sure there are plenty who will try. I only hope he had made peace in his own life for the pain he inflicted on others. — No Enron Shareholder
I feel sorry for the Lay family, having lost loved ones myself, but not for his circumstances. His maker will now judge him. The only justice here is that he will not get to enjoy the riches he plundered from the public and the little people — his employees. My only hope is that his family, likewise, does not benefit from those riches. — lennieb
The family should pay restitution to all who were harmed. I lost revenue with my pension fund because the State of Florida invested in Enron. Sell the yacht and anything else required to pay back what has been stolen. — traumacase
Massive coronary in his sleep, eh? Must have been some nightmare! Maybe I saw too many episodes of "The Twilight Zone" during SciFi Channel's marathon over the holiday, but I'd like to think that Rod Serling teamed up with the Angel of Death to escort ol' Kenny Boy directly to Satan himself. Kenny Boy? Meet your cell mate, Ted Bundy. — Rozita Tee
It is so odd that his death came right after his conviction, especially if he has never had trouble with his heart before this. The tremendous stress from all of this must have been a great strain on his heart. I don't wish anybody ill will, but if he did indeed intentionally do the things that he was convicted of, then sometimes you just reap what you sow. — ShiningStar
I'm confused ... Don't you need a heart to have a heart attack? — WBernie
In the matter of Ken Lay's unexpected and sudden death, my sincerest condolences to his wife, Linda, and his beloved family. The stress and condemnation of all events for Ken Lay in these past trying years finally took its toll. Dr. Lay's faith, though, vindicated him from future sentencing and further humiliation. As always, God has the last say in everything and the courts will have to accept God's final decision in the matter of Ken Lay. — Peggy Fadgen, Texas
May he rot in hell. — the working man
This poor man has been hunted by the little people for something that he had nothing to do with. It was just bad timing that the business Enron collapsed during the dotcom bust. Envious and jealous ex-employees had to take their anger out on somebody, so, they chose to kick a dog when he was down. Petty, petty people. I'm just glad to see poor Mr Lay not have to serve one day in jail, for a crime that Mr Skilling committed. As far as the little people getting their hateful justice, let them eat cake! — Trust_No1
I don't believe Ken Lay is dead. With all that stolen money, he just brought a new identity. Now, watch his wife disappear in a couple of weeks to join him. Have we all forgotten … money talks! — BDM
My thoughts and prayers are with his family, it's only American what he did — make a buck at the expense of others, that's what we all live for and would do if we had the opportunity. — Dave Bennett
One word: Karma. — Carol8446
Good riddance. His family (who are enjoying the fruits of his greed) are certainly not suffering as much as his victims that lost everything. I'm sure they'll buy themselves something nice and forget his name by tomorrow. His death was too painless, hopefully in hell it will be much worse (no chance of him going anywhere else). Let his family feel some pain for once. Good riddance. — JMS, Md.
As with any other estate the government should take all the assets associated with him, his family, and any business he might still have been involved in and distribute it on a percentage basis to those defrauded by him and his co-conspirators. I am sorry for his family but I think they have still been reaping the rewards of his ill-gotten gains; i.e: his wife's birthday yacht. Why should they get to enjoy a better life than those he stole from? — dnr06
I agree with those who say this smells fishy. Call in the FBI and other unbiased authorities. Sadly, this country has allowed greed to be the evil it is often referred to. Even now, there are those admiring and emulating Ken Lay. — Another skeptic
First impression ... how terribly convenient! Largest contributor to the Republican Party, enough money to easily disappear, thinks he has done no wrong. Sorry, knowing a pastor and going to church does not make one a Christian. — Yorkie Lover
I hope the death of Mr. Lay was natural and not suspicious. Initially, it sounds suspicious considering what's been going on, but on the other hand, all the stress that has been in his life lately could have caused undue stress on his heart. I will hold judgment until autopsy is completed. We should respect the family of Mr. Lay regardless of how we feel what he had a part in with Enron scandal. I will pray for his family during this difficult time. — SBXL06
Isn't it ironic that he died in his "vacation" home in Aspen while so many of his employees lost every penny they had. I've worked all of my life and will never have a vacation home or a yacht but Ken Lay did. I'm sorry for his family but I am having a difficult time finding any pity for him. — Tom, Mich.
We are all part of a grand design. Each of us is but a small part of the whole. Perhaps Mr. Lay's contract with the dance we all share was to expose how vulnerable we can be to the greed of those who run corporations. If so, he did a great job. Hopefully, we have learned a great deal that will benefit many people in the future. In the end, his deeds are manifested physically in his own body. Mr. Lay expressed wide-felt betrayal with the very part of his humanness where the pain for self and others lives in his heart. His heart attack is an implosion. We are all capable of horrible things. Humanity can be very unkind. May we all evolve and may humankind find a better way to co exist. God bless our planet, God bless us all. — From both sides
Coronary artery disease blamed in death of disgraced former Enron chairman Lay Vancouver Sun (subscription)
Enron Founder Kenneth Lay Dies at Age 64 Houston Chronicle
Melbourne Herald Sun - Globe and Mail - Times Online - San Francisco Chronicle - all 1,513 related »
theglobalchinese
Legal victory for tobacco firms BBC News
Florida's Supreme Court has upheld a lower court decision to throw out an award for damages of $145bn (£82bn) against major tobacco companies. The award had been the largest ever by an American jury, but the court said on Thursday it was "clearly excessive". Shares in the five cigarette firms involved rose after the ruling. A jury awarded the damages in 2000 when anti-smoking campaigners brought a class action lawsuit, arguing the firms failed to issue strong enough warnings. But the high court said in Thursday's ruling that making such an award would "result in an unlawful crippling of the defendant companies". The court also approved a lower court ruling that it had been a mistake to certify a class-action lawsuit representing an estimated 300,000 to 700,000 Florida residents suffering from smoking-related illnesses. The certification led to the huge jury award for punitive damages.

Original claimants
Large-scale actions are potentially more damaging than individual lawsuits. The Supreme Court reinstated awards to a number of smoking-related cancer sufferers who brought the original suit. The five firms in the case are Philip Morris, RJ Reynolds, Lorillard Tobacco of Loews Corp, Brown & Williamson, which is owned by British American Tobacco, and Liggett, which is part of Vector Group. They successfully appealed to reduce the damages in 2003.
Snuffysmith
Cingular Is Sued Over Merger

Former AT&T Wireless customers accused Cingular Wireless in a
lawsuit of misleading them about the benefits of combining the two
companies and overcharging them for upgrading service. By James S.
Granelli.
http://email.latimes.com/cgi-bin1/DM/y/e5A...Io30G2B0HgS20EI

Proposal for GM Baffles Analysts

As the board of General Motors Corp. meets today to consider
billionaire investor Kirk Kerkorian's proposal to ally the ailing
automaker with Renault and Nissan Motor Co., industry analysts and
academics remain more puzzled than sold. By John O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/e5A...Io30G2B0HgS30EJ

Six Flags CEO Faces Tough Climb to Put Theme Parks Back on Track

Complaints have fallen after a big makeover, but Six Flags Chief
Executive Mark Shapiro sees much more work ahead. By Kimi Yoshino.
http://email.latimes.com/cgi-bin1/DM/y/e5A...Io30G2B0HgS40EK
Snuffysmith
Job Growth Disappoints; Wages Rise

WASHINGTON-Although the nation's employers added fewer positions
than expected in June, they paid workers more, renewing fears of
rising inflation. By Molly Hennessy-Fiske.
http://email.latimes.com/cgi-bin1/DM/y/e5C...Io30G2B0Hgfb0ER

GM Board OKs Talks on 3-Way Alliance

The directors of General Motors Corp. authorized the giant
automaker to explore the feasibility of a global alliance with
Nissan Motor Co. of Japan and its French partner, Renault. By John
O'Dell.
http://email.latimes.com/cgi-bin1/DM/y/e5C...Io30G2B0Hgfc0ES

Cinema Chains Seek Investors to Finance Digital Projectors

Furthering a march toward digital cinema, three of the nation's
biggest movie theater chains aim to raise as much as $1 billion to
convert about one-third of all U.S. theater screens from film to
electronic projection. By Richard Verrier.
http://email.latimes.com/cgi-bin1/DM/y/e5C...Io30G2B0Hgfd0ET

Airline Makes Panama a Hub of Latin American Air Travel

PANAMA CITY-Catering to business travelers, Copa takes off with
flights to underserved destinations via its hub in Panama City. By
Chris Kraul.
http://email.latimes.com/cgi-bin1/DM/y/e5C...Io30G2B0Hgfe0EU

Movie Festival to Focus on Short, Very Small Films

The Third Screen Film Festival offers something you've never seen
before - and if your eyes aren't so good, you may never see it at
all. By James S. Granelli.
http://email.latimes.com/cgi-bin1/DM/y/e5C...Io30G2B0Hgff0EV
Snuffysmith
Oil's Promise Still a Dream

KOME, Chad - A pipeline has given Chad hundreds of millions of
dollars to fight poverty, but critics say corruption and waste
have kept the money from those most in need. By Edmund Sanders.
http://email.latimes.com/cgi-bin1/DM/y/e5C...Io30G2B0Hggp0EH

Tech Probes Cost Twice

Alleged abuse of options takes toll on confidence and financial
results - and on share prices. By Tom Petruno.
http://email.latimes.com/cgi-bin1/DM/y/e5C...Io30G2B0Hggq0EI
theglobalchinese
Pirates film on target for record BBC News
Pirates of the Caribbean: Dead Man's Chest took a record $55.5m on its opening day in cinemas, according to early estimates released by Disney. If confirmed, the figure would set a new record for the largest one-day take at the box office. The current record is held by Star Wars: Episode III - Revenge of the Sith, released in 2005. "We're obviously thrilled beyond belief," said Chuck Viane, head of distribution at Disney.

Final figures
"Anytime you break an industry record... the word ecstatic comes to mind." The film, starring Johnny Depp and Keira Knightley, is also on target to beat the three-day box-office record held by 2002's Spider-Man with $114.8m. Disney also said it had received reports of continuous sellouts and requests to add more screens at multiplexes. "This goes a long way of dispelling the notion that people don't want to go to movies anymore," said Paul Dergarabedian, president of box-officer tracker Exhibitor Relations. "People aren't waiting for the DVD on this one. They are going out to see it." Preliminary three-day box-office estimates were to be released Sunday, with final figures expected Monday. The first film, whose full title is Pirates of the Caribbean: The Curse of the Black Pearl, made $654m and earned Depp an Oscar nomination. A third film in the series is currently in production.
Snuffysmith
Airlines Plot Courses to Mexico

U.S. carriers are adding flights, hoping to cash in on an increase
in travel between the countries. By Martin Zimmerman.
http://email.latimes.com/cgi-bin1/DM/y/e5D...Io30G2B0HgiB0EW

Bringing Gen Y Aboard for the Long Haul

Integrating the roaming 'entitlement generation' into the
workplace is often a challenge. By Michelle Keller.
http://email.latimes.com/cgi-bin1/DM/y/e5D...Io30G2B0HgiC0EX

Furor Over Sony Patent

Technology that could prevent resale of games and other digital
goods raises speculation, fears. By Dawn C. Chmielewski.
http://email.latimes.com/cgi-bin1/DM/y/e5D...Io30G2B0HgiD0EY

All Roads Lead to Italy

BERLIN-Despite a match-fixing scandal back home, the Italians
finish the job and become champions again by beating France on
penalty kicks, 5-3. By Grahame L. Jones.
http://email.latimes.com/cgi-bin1/DM/y/e5D...Io30G2B0HgiE0EZ
Snuffysmith
Insurers Vow Battle Over Auto Rate Plan

Trade groups weigh challenges to a proposal that puts driving
records ahead of ZIP Codes. By Marc Lifsher.
http://email.latimes.com/cgi-bin1/DM/y/e5I...Io30G2B0Hg1s0EN

4 Hollywood Landmarks Proposed for Overhauls

Preservationists vow to keep watch as real estate developers rush
to renovate old buildings. By Roger Vincent.
http://email.latimes.com/cgi-bin1/DM/y/e5I...Io30G2B0Hg1t0EO

Stocks' Slide Shows Value of a Good Defense

After four periods of gain, the average U.S. fund's 3.4% fall may
be a hint to focus on risk. By Tom Petruno.
http://email.latimes.com/cgi-bin1/DM/y/e5I...Io30G2B0Hg1u0EP
Snuffysmith
Senate Votes to Ease Drug Imports

A proposal similar to a House-backed one would bar Customs from
seizing prescribed medicine shipped from Canada by individuals. By
Lisa Girion.
http://email.latimes.com/cgi-bin1/DM/y/e5K...Io30G2B0HhDn0Eg

Respected Old Navy Executive to Exit Gap

Gap Inc. said that the highly regarded president of its Old Navy
chain would leave in the fall, continuing the exodus of top
executives from the struggling apparel retailer. By Leslie
Earnest.
http://email.latimes.com/cgi-bin1/DM/y/e5K...Io30G2B0HhDo0Eh

Nielsen Will Post Data on Ad Viewing

Advertisers, television networks and ratings firm Nielsen Media
Research for years have known approximately how many TV viewers
bail during commercial breaks. Beginning this fall, they're going
to let the rest of us in on the industry's little secret. By Meg
James and Chris Gaither.
http://email.latimes.com/cgi-bin1/DM/y/e5K...Io30G2B0HhDp0Ei

Mother of Invention Inspires Studio for Kids

Children can embellish and explore at Tinker, and parents don't
have to deal with the mess. By Cynthia H. Cho.
http://email.latimes.com/cgi-bin1/DM/y/e5K...Io30G2B0HhDq0Ej

Japan Braces for End of Nearly Free Money

TOKYO-There are still a few people in Japan warning against an end
to the days of interest-free money. The country's finance
minister, for one. By Bruce Wallace.
http://email.latimes.com/cgi-bin1/DM/y/e5K...Io30G2B0HhDr0Ek
theglobalchinese
Microsoft hit with 280m euro fine BBC News
Microsoft has been fined 280.5m euros ($357m; £194m) by the European Commission for failing to comply with an anti-competition ruling. The software giant was hit by the fine following a long-running dispute between the US firm and EU regulators. The move follows a landmark EU ruling in 2004, which ordered Microsoft to provide rivals with information about its Windows operating system. EU regulators also warned Microsoft it could face new fines of 3m euros a day. The daily fines will come into force from 31 July if Microsoft fails to supply "complete and accurate" technical information to rival developers, the EU said. Microsoft has insisted it is meeting the Commission's demands, and says it expects to deliver the final bundle of information for use by rival software firms by 18 July.

'Illegal conduct'
EU Competition Commissioner Neelie Kroes said she had "no alternative but to levy penalty payments" against Microsoft, adding that "no company is above the law". "I regret that, more than two years after the decision... Microsoft has still not put an end to its illegal conduct," Ms Kroes said. Brussels had warned Microsoft in December that it would face fines of 2m euros a day if the firm failed to meet the Commission's demands. Under the 2004 ruling, Microsoft was told to provide rival firms with more information about its software, in order to enable them to write programs that could run more smoothly on Microsoft's widely-used Windows operating system. The judgment also called for Microsoft to debundle its Windows Media Player from its Windows operating system, and slapped the software firm with a record fine of 497m euros.
theglobalchinese
Dead banker 'hounded by FBI' ITV.com, UK
A dead banker who had been questioned by the FBI in connection the NatWest Three case was allegedly "hounded" by the organisation. Neil Coulbeck, disappeared from his home in Woodford Green, east London, last Thursday. It is thought he used to work for the Royal Bank of Scotland and is believed to have taken his own life. Shami Chakrabarti, director of civil rights group Liberty, claims that Mr Coulbeck had been "hounded by the FBI". Three employees of the RBS-owned NatWest bank - David Bermingham, Gary Mulgrew and Giles Darby - are due to be extradited to the US tomorrow to face charges related to the now defunct Enron. The three are accused of an £11 million fraud whereby they allegedly advised the NatWest to sell part of the Enron company for less than it was worth and then bought back into it, making a fat profit. They deny the charges. David Bermingham said the discovery of the body "put everything that's happened to us in perspective". He said: "One day when this is all over I'm going to be coming home to my wife and children and some poor guy is not and my heart goes out to his wife and family." The three have always insisted that if there was a case against them it should be tried in England because that is where they live and where the alleged offences took place. But they will be extradited under a treaty sealed by former Home Secretary David Blunkett in the wake of the September 11, 2001, attacks in the US. The treaty - originally presented as a tool in the fight against terrorism - allows British citizens to be extradited to the US without American courts having to provide a case for them to answer. But the Prime Minister has rejected calls to renegotiate the bankers' extradition because he claims previous laws would have prompted the same outcome.
Snuffysmith
EU Slaps Microsoft With $357-Million Antitrust Fine

European regulators say the software giant is dragging its feet in
complying with an order to share information about its Windows
operating system. The company plans to appeal the penalty. By
Charles Piller.
http://email.latimes.com/cgi-bin1/DM/y/e5P...Io30G2B0HhSJ0Em

Major Cuts Expected at Disney

It will slash hundreds of studio jobs and will release fewer films
to reduce costs, sources say. By Claudia Eller.
http://email.latimes.com/cgi-bin1/DM/y/e5P...Io30G2B0HhSK0En
theglobalchinese
NatWest 'fraud' trio arrive in US BBC News
Three former NatWest bankers have arrived in the United States to face fraud charges arising from the collapse of the energy giant Enron. Giles Darby, David Bermingham and Gary Mulgrew - all expected to attend a bail hearing on Friday - deny wrongdoing. They were handed over to US marshals at London's Gatwick Airport and arrived in Houston, Texas, around 2000BST. The extradition of the NatWest Three has sparked a political row in the UK over US powers to extradite. BBC correspondent Jon Brain, speaking by telephone from aboard the plane, said the men had been seated at the back of the aircraft - before other passengers had been allowed to board - and were surrounded by air marshals.

Emergency debate
Critics have attacked the extradition system between the UK and the US as one-sided because the Americans have yet to ratify a treaty between the two countries.
QUOTE("Mark Spragg - Solicitor")
They won't be able to work in the US so they won't be able to earn money to pay their lawyers so I fail to see how they can get a fair fight on that basis
Critics also say it is unfair the US authorities need only to outline the alleged offence, and provide "evidence or information that would justify the issue of a warrant for arrest in the UK" whereas British police must provide the American courts with evidence of "probable cause" if it wishes to extradite someone. An emergency debate was held in the Commons to discuss the issue on Wednesday. Prime Minister Tony Blair told the House of Commons that US prosecutors would not oppose bail if appropriate conditions were met. But the men's UK solicitor, Mark Spragg, said it looked unlikely the men would get "meaningful bail". "The US prosecutors are currently suggesting they may get bail but only to live in the immediate Houston area. "That won't be satisfactory at all because they're going have to put up all their money and property as collateral even to get that sort of bail. "They won't be able to work in the US so they won't be able to earn money to pay their lawyers so I fail to see how they can get a fair fight on that basis."
QUOTE("Grahame Mitchell - Sevenoaks")
It's about the rights of citizens of a sovereign country to be protected by their government
BBC correspondent Nicola Pearson said that, if the men were not granted bail, they could spend up to two years in jail before their case came to trial. If found guilty, they could spend up to 23 years in jail without the chance of parole, she added.

Former employer
Mr Darby, from Lower Wraxall in Somerset, Mr Bermingham, from Goring in Oxfordshire, and Mr Mulgrew, from Brighton in Sussex, are accused of making over £1m each out of a complex fraud in which their former employer NatWest was an alleged victim. The body of another banker, who had been questioned by the FBI as a potential witness in the Enron fraud case, was found in London on Wednesday. There is no indication that his death is linked to the case. Police said they were treating the death of Neil Coulbeck, who worked for the Royal Bank of Scotland (RBS) until 2004, as "unexplained".
The fraud case centres on a NatWest transaction under which it sold off part of its Enron unit. NatWest is a subsidiary of RBS. RBS said: "There is no evidence that Mr Coulbeck was involved in the approval of the transaction under investigation. "RBS has co-operated fully with all the appropriate authorities and made them fully aware of all the relevant facts in our possession." The FBI said it would not comment while the case was ongoing.
theglobalchinese
Michael Jackson sued by ex-wife BBC News
Michael Jackson's ex-wife has taken legal action against the pop star, claiming he failed to pay what he promised after their divorce. In papers filed at Los Angeles Superior Court on 3 July and seen by the AP news agency, Debbie Rowe seeks an immediate payment of $195,000. She also requests $50,000 in living expenses so she can pursue a child custody case against Jackson. Rowe is the mother of his two children, now aged eight and nine. In a 2001 agreement, she waived all access rights to the children, Prince Michael and Paris.
Debbie Rowe testified at Jackson's child abuse trial last year
But she went to court in 2004 to have that decision reversed and is now fighting for custody of the pair. Last year, Rowe, who divorced Jackson in 1999, testified at the singer's child abuse trial, praising him as a "great father". But in her new legal action, she claims he stopped making the promised payments in October 2003.

'Easily influenced'
Jackson, 47, is also being sued by a former business associate, Marc Schaffel, who claims he is owed $3.8m. The jury in that case in Santa Monica, California, heard closing arguments on Wednesday and is expected to retire on Thursday. Mr Schaffel's attorney Howard King called Jackson a "cagey, calculating witness" who feigned forgetfulness in videotaped depositions shown to the jury. The pop star's own legal representative has painted a different portrait of the troubled singer. "I don't see the evil, conniving puppet master he saw," Thomas Mundell said. "I saw the gentle, easily influenced artist who pays little attention to business matters."
theglobalchinese
Petrobras in talks with Gazprom BBC News
State-owned Brazilian oil company Petrobras is in talks with Russian's Gazprom over a string of joint ventures, the company's president said. Projects could include a gas pipeline from Venezuela to Brazil, Argentina and Chile, said Jose Sergio Gabrielli. If the move went ahead it would be the Russian gas firm's first steps into Latin America. Mr Gabrielli told Reuters that Gazprom's experience with long pipelines made it an ideal partner. In the interview he also said that Petrobras hoped to hike its production from 100,000 barrels per day to 800,000 by 2011. After meeting investors in London to talk about the company's plans he said Petrobras was in the "very early stages" of considering the Venezuelan pipeline. Other potential joint ventures included offshore exploration in Turkish waters and projects in Asia.
Snuffysmith
When 401(k) Contributions Take a Detour, Employees Pay the Toll

Investment losses from late deposits can add up, but the rules are
vague and enforcement is lax. Experts urge persistence. By Kathy
M. Kristof.
http://email.latimes.com/cgi-bin1/DM/y/e5U...Io30G2B0Hhp50ED

Guess Finds Answer

The apparel maker known for its sexy advertising turns around its
sagging fortunes by shifting its focus to retail from wholesale.
But keeping pace with fashion trends amid heated competition from
savvy rivals remains a challenge. By Leslie Earnest.
http://email.latimes.com/cgi-bin1/DM/y/e5U...Io30G2B0Hhp60EE

A Free Market Man for Mexico

MEXICO CITY-Conservative candidate Felipe Calderon may have bested
his leftist rival in the closest presidential race in Mexico's
history. But getting the economy moving will be no easy task for
the man who billed himself as the "jobs president." By Marla
Dickerson.
http://email.latimes.com/cgi-bin1/DM/y/e5U...Io30G2B0Hhp70EF


Fixed May Not Be the Best Bet When Your Rate Adjusts

If your adjustable-rate mortgage is about to adjust from its
initial rate and term and you definitely want to stay in your home
for an extended period of time, there are some avenues to explore
before leaping to the obvious option - a long-term, fixed-rate
loan. By Tom Kelly.
http://email.latimes.com/cgi-bin1/DM/y/e5U...Io30G2B0HhqE0EU

The Critics Hated 'Pirates of the Caribbean.' So What?

In movies, books, TV and theater, audiences know what they like,
no matter what mainstream critics say. By Kyl