Wednesday, November 30, 2011

Exclusive: THL eyes buyout of Yahoo's U.S. business (Reuters)

NEW YORK (Reuters) ? Thomas H. Lee Partners is interested in buying the U.S. operations of Yahoo Inc, breaking away from other bidders that are for now eyeing either a minority stake or teaming up with the Internet giant's partners in Asia, sources familiar with the matter said.

THL is hoping to do a leveraged buyout of Yahoo's U.S. business - which could be worth $5 billion to $6 billion - and draw on its experience running other media assets such as Nielsen Co, Clear Channel and Univision to turn around the ailing company, the sources said.

In taking this approach, THL is charting a different path than other private equity firms such as Silver Lake, KKR and TPG, which are expected to put in bids for a stake of up to 20 percent in the company on Monday, sources said.

Microsoft Corp is helping to finance a possible Silver Lake investment in Yahoo, which has a market value of about $19 billion, the sources said.

Yahoo's board is expected to meet on Tuesday to assess the possibility of a minority investment, the sources said.

Another group of firms, including Blackstone Group, Bain Capital and Hellman & Friedman, is in talks to team up with China's Alibaba Group and Japan's Softbank Corp, the sources said.

Any deal for Yahoo is still some time away. But THL's interest adds yet another twist in the behind-the-scenes maneuvering as bidders jockey for the best position to eventually forge a deal for Yahoo, betting they can turn around the company's fortunes with better management.

The Internet pioneer has seen growth stagnate in recent years due to competition from the likes of Google Inc and Facebook, and is currently without a permanent CEO as it tries to regain relevance in the new dot-com era.

Yahoo's board fired CEO Carol Bartz in September and started the strategic review, which has been complicated by the different agendas of players with a say in the situation, including its Asian partners, co-founders Jerry Yang and David Filo, the board and shareholders.

Yahoo, THL, Microsoft, Blackstone, KKR and Silver Lake declined to comment. The other private equity firms were not immediately available for comment.

PIPE DEAL

Several other parties including THL are expected to sign confidentiality agreements later this week which would give them access to Yahoo's financial information, the sources said.

TPG, KKR, Silver Lake and Microsoft have already signed confidentiality agreements with Yahoo over the last few weeks allowing them to prepare offers for a minority investment in Yahoo.

Their investment could come in the form of a private investment in public equity (PIPE) transaction. PIPE investors typically get stock at a discount to the public market valuation, so price could prove to be a sticking point in a deal, especially when the board might have other options before it, the sources said.

The board "is going to make decisions on how to pursue a PIPE deal," one of the sources said, adding that the company and the suitors had different value expectations.

Keeping the initial investment below 20 percent would allow Yahoo to avoid putting the proposal up for a shareholder vote. "Yahoo has to decide whether they need to cram it down shareholders' throats," the source said.

Several private equity firms are taking the minority investment route with the idea that they could then team up with Yang and Filo, who together own another 9.5 percent of the Internet company, Reuters has previously reported.

That combined stake could further be raised by a large share buyback financed with debt, giving the owners a blocking position in the company and giving them a prime spot for a leveraged buyout sometime in the future.

However, Yahoo's board would have to pursue all possible options as part of the strategic review, the source said.

That means the company will need to see offers by firms in the others' camps as well.

(Reporting by Nadia Damouni; Additional reporting by Greg Roumeliotis; Editing by Paritosh Bansal, Gary Hill)

Source: http://us.rd.yahoo.com/dailynews/rss/internet/*http%3A//news.yahoo.com/s/nm/20111129/wr_nm/us_yahoo

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Tuesday, November 29, 2011

'Fahrenheit 451' finally released as an e-book

At age 91, Ray Bradbury is making peace with the future he helped predict.

The science fiction/fantasy author and longtime enemy of the e-book has finally allowed his dystopian classic "Fahrenheit 451" to be published in digital format. Simon & Schuster released the electronic edition Tuesday at a list price of $9.99.

First published in paperback by Ballantine in 1953 and as a hardcover by Simon & Schuster in the 1960s, "Fahrenheit 451" has sold more than 10 million copies and has been translated into 33 languages. It imagined a world in which the appetite for new and faster media leads to a decline in reading, and books are banned and burned. Bradbury himself has been an emphatic defender of traditional paper texts, saying that e-books "smell like burned fuel" and calling the Internet nothing but "a big distraction."

"It's meaningless; it's not real," he told The New York Times in 2009. "It's in the air somewhere."

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A phone call to Bradbury was not immediately returned. A pre-recorded voicemail message, a woman's voice, warned that the author doesn't usually check his messages.

Story: Penguin suspends library e-books, citing security

Bradbury's agent, Michael Congdon, said Tuesday that rights for Bradbury's book were expiring and that the growing digital market, estimated at 20 percent or higher of overall sales, made a deal for e-books inevitable. A wave of former e-holdouts have changed their minds recently, notably "Harry Potter" author J.K. Rowling.

"We explained the situation to him (Bradbury) that a new contract wouldn't be possible without e-book rights," said Congdon, who added that six publishers had been interested. "He understood and gave us the right to go ahead."

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In a statement released Tuesday, Simon & Schuster publisher Jonathan Karp said the new e-book was "a rare and wonderful opportunity to continue our relationship with this beloved and canonical author and to bring his works to new a generation of readers and in new formats."

Simon & Schuster also announced that a new paperback edition of "Fahrenheit 451" would go on sale in January. New paperbacks of two other Bradbury favorites, "The Martian Chronicles" and "Illustrated Man" will be available in March.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://today.msnbc.msn.com/id/45480372/ns/today-books/

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Studies show birth control pill lowers ovarian cancer, increases ...

Birth control pills may help decrease the risk of ovarian cancer in women but increase the risk for breast cancer.

A study in the British Journal of Cancer showed for every 100,000 women on the pill for 10 years, there are 50 extra cases of breast cancer and 12 fewer cases of ovarian cancer. The risk of ovarian cancer is therefore almost halved for users.

Lori Wangberg, a health educator and HIV counselor at Central Michigan University Health Services, said there has been research over the past several decades on oral contraceptive use and cancer risk.

?While research has found that oral contraceptive use might decrease the risk of ovarian cancer, research supports a strong link between oral contraceptive use and an increase in breast cancer risk,? she said. ?Certain types of cancer rely upon higher levels of hormones to activate tumor growth and development. ?

The question many women now face is whether to risk not developing ovarian cancer, but in turn possibly be diagnosed with breast cancer.

Wangberg said it depends on the woman?s family history.

?If there is a strong family history of breast cancer or strong family history of ovarian cancer, it is critical to have that discussion with their healthcare provider, and provide honest and accurate information at the appointment,? she said.

Women also need to be aware that oral contraceptives do not offer protection against sexually-transmitted infections, Wangberg said. The HPV virus, which is transmitted through skin-to-skin contact, is linked to cervical cancer.

She said condoms can be helpful in reducing the risk, but it is important to remember that HPV can still be transmitted through the areas of the skin the condom does not cover.

Troy junior Sienna Violett said she knows the risks of taking the pill, but still takes it religiously.

?I?m not worried about getting or not getting cancer from the pill because I think it?s all in your genetics,? she said. ?If I am going to get cancer it will just happen and I don?t think the pill will play that big of a role.?

Violett said she takes the pill every day at 8 p.m. and has an alarm set on her phone as a reminder.

?I?ve been taking the pill for two years, but I don?t take it to reduce my cancer risk,? she said. ?It is more for health reasons and I think it?s more effective by taking it at the same time every day.?

Wangberg said the risks of taking the pill include increased blood pressure, heart disease and an increased risk for blood clots.

The European Prospective Investigation of Cancer also showed evidence that having a baby reduces the risk of ovarian cancer.

Wangberg said based on some research studies, the less active the ovaries are (non-ovulation), in theory, the risk goes down.

The most common signs of ovarian cancer are bloating in the lower belly and pelvic area, pelvic pain or discomfort, nausea, indigestion and an increase in size of the abdominal area, Wangberg said.

While these symptoms are typical of ovarian cancer, she said it is important to remember these symptoms can be associated with other illnesses.

E-mail the author: Jessica Fecteau

Source: http://www.cm-life.com/2011/11/28/studies-show-the-pill-lowers-risk-of-ovarian-cancer-in-women/

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Monday, November 28, 2011

Iran's parliament orders ties with Britain reduced

TEHRAN, Iran (AP) ? Iran's parliament on Sunday approved a bill requiring both Iran and Britain to withdraw their respective ambassadors from each other's countries, following London's support of recently upgraded U.S. sanctions on Tehran.

Tehran's relations with Britain have become increasingly strained over the past few months, largely driven by increasing tensions over Tehran's disputed nuclear program. The West says Iran is developing weapons; Tehran denies the claims.

During an open session broadcast live by state radio, 171 out of 196 lawmakers present voted for the bill requiring Iran to reduce its relationship with Britain to the level of charge d'affaires within two weeks. Ismail Kowsari, a lawmaker and one of the sponsors of the bill, told the official IRNA news agency that the bill would lead to the removal of ambassadors.

Britain's Foreign Office on Sunday said the decision to order the country's ambassador, Dominick John Chilcott, to leave Tehran was regrettable.

"This unwarranted move will do nothing to help the regime address their growing isolation, or international concerns about their nuclear program and human rights record," the ministry said in a statement. "If the Iranian government acts on this, we will respond robustly in consultation with our international partners."

The bill needs ratification by a constitutional watchdog to be a law. It also requires reduction of the volume of trade to a "minimum" level. It allows Iran's foreign ministry to restore ambassador-level relations if the "hostile policy" of Britain changes.

Parliament's decision is seen as a reaction to London's support of a new U.S. package of sanctions in Iran. The measures were coordinated with Britain and Canada and build on previous sanctions to target Iran's oil and petrochemical industries and companies involved in nuclear procurement or enrichment activity.

The annual volume of trade between Iran and Britain is about $500 million.

Iranian oil exports are a large component of this trade. In the first six month of 2011, Iran sold some 11,000 barrels of crude to Britain per day, some 0.5 percent of Iran's daily production.

British Midland International airline carries some 80, 000 between Tehran and London per year in its daily flight. Some 100.000 Iranians live in Britain.

The tension between the two countries is not limited to the nuclear dispute.

Earlier in October, the mayor of Tehran ordered a lawsuit to be filed contesting the ownership of the land on which Britain's embassy has stood since the 19th century.

In September, Iran detained and summoned a group of people for their alleged links to BBC's Farsi-language service.

Since the turmoil which followed Iran's 2009 elections, Tehran has repeatedly accused Britain of fomenting unrest. London denies the charge.

___

Associated Press writer David Stringer contributed to this report from London.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2011-11-27-ML-Iran-Britain/id-ca64bc7f80fe46d4b05edcc37b76d939

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Race to the bottom (Balloon Juice)

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Sunday, November 27, 2011

Egypt military rulers reject calls to step down (AP)

CAIRO ? Egypt's military rulers rejected protester demands for them to step down immediately and said Thursday they would start the first round of parliamentary elections on time next week, despite serious unrest in Cairo and other cities.

The ruling military council insisted it is not the same as the old regime it replaced, but the generals appear to be on much the same path that doomed Hosni Mubarak nine months ago ? responding to the current crisis by delivering speeches seen as arrogant, mixing concessions with threats and using brutal force.

So far it's working no better than it did under the former leader.

Protesters in Cairo's Tahrir Square, seething over the military's perceived failings over the past nine months, say they will not leave the iconic plaza until the generals step down in favor of a civilian presidential council, a show of resolve similar to that which forced Mubarak to give up power in February after nearly three decades.

"What we want to hear is when they are leaving," said Tahrir protester Khaled Mahmoud on hearing of an apology offered by the military for the deaths of nearly 40 protesters since Saturday. "The ouster of the marshal is only a matter of time," he added, referring to Field Marshal Hussein Tantawi, who was Mubarak's defense minister for 20 years before he succeeded him in February.

"There will be no postponement in the election," said Maj. Gen. Mamdouh Shaheen, one of two members of the ruling military council who spoke at a televised news conference on Thursday. "The election will be held on time with all of its three stages on schedule."

The two generals said the throngs in Tahrir do not represent the whole of Egypt and warned of chaos if the council was to immediately step down, language similar to Mubarak's scare-mongering while trying to cling to power in the face of the 18-day uprising against his rule.

The two generals ? Shaheen and Maj. Gen. Mukhtar el-Malla ? also said that parliamentary elections would start on time Monday and that a new prime minister to replace Essam Sharaf would be picked before the vote.

News reports that were not yet officially confirmed said Kamal el-Ganzouri, who served as prime minister under Mubarak in the 1990s, has been approached by the military as a possible candidate for prime minister. State television showed footage of el-Ganzouri meeting with Tantawi. If confirmed, el-Ganzouri would replace Essam Sharaf, whose government resigned this week.

Tahrir Square, meanwhile, was quieter Thursday after five days of intense clashes. Police and protesters agreed to a truce negotiated by Muslim clerics at the scene. At the same time, soldiers built barricades from metal bars and barbed wire to separate the protesters and the police on streets-turned-battlefields leading from Tahrir to the nearby Interior Ministry.

Protesters formed a series of human chains on the those streets to prevent anyone from violating the truce or approaching flashpoint areas close to the police lines. The truce came into force around 6 a.m. and was holding by nightfall.

The two generals from the ruling council who spoke attempted a revision of recent history to fend off calls for the military to step down.

They said their legitimate claim to power came when troops were warmly welcomed by Egyptians at the time they took over the streets from the discredited police early in the anti-Mubarak uprising. The legitimacy of their rule was reinforced by the overwhelming endorsement Egyptians gave to constitutional amendments they proposed and put to a referendum in March, they said.

"Consequently, it will be a betrayal of the people's trust if the military council was to relinquish power now," Shaheen said. "History will not kindly remember that."

El-Mallah, addressing the same news conference, said the military respected the views of the Tahrir protesters, but they did not represent the whole of Egypt.

"We will not relinquish power because a slogan-chanting crowd said so. ... Being in power is not a blessing. It is a curse. It's a very heavy responsibility."

Activists blame the military council for the country's persistently tenuous security and its growing economic woes, along with a host of other failings.

They say the council has been secretive, issuing cryptic decrees, cracking down on critics and seeking to discredit groups behind the anti-Mubarak uprising and turn the public against them. It has put at least 12,000 civilians on trial before military tribunals and is accused of torturing detainees.

The military's standing as the nation's most upright institution was dealt a heavy blow by clashes during a Coptic Christian protest on Oct. 9 in which 27 people died, most of them Christians. Video showed soldiers running down demonstrators with armored vehicles. The military tried to deny its troops opened fire or intentionally ran over protesters, blaming the violence on Christians and "hidden hands."

A coalition of more than 20 youth groups and political parties, responding to the comments made by Shaheen and el-Mallah, accused the military of spreading "misinformation" and pledged to continue their sit-in until it transfers power to a "national salvation" government to oversee elections for a new parliament and president.

"We are determined to protect our (January) revolution," they said in a statement that also disputed the assertion by the two generals that the March referendum gave legitimacy to the military's rule.

The military has been Egypt's most powerful institution since army officers seized power in a 1952 coup that toppled the monarchy. All four presidents since then hailed from military background. Taking the reins from Mubarak on Feb. 11 gave the military the opportunity to directly rule Egypt for the first time since the early 1950s, something that critics often cite to explain their political inexperience.

With Mubarak under arrest and being tried on crimes punishable by death, Tantawi and his generals would be loath to step down under pressure and leave themselves vulnerable to legal proceedings by the next administration. Additionally, stepping down would inflict lasting damage to the military's standing, although that has already been hurt by the scathing criticism and ridicule they already have endured on the streets and in the independent press.

Perhaps as a precaution against such a prospect, the generals have been trying to win immunity for the armed forces against civilian oversight and to enshrine a role for themselves in the next constitution as guardians of the nation. The bid was seen as one of the final straws that sent people out onto the streets again, convinced the military was trying to grab and cling to power.

The military has countered the criticism with implicit threats, frequently using the patriotism card and insisting that they have no wish to stay in power beyond the election of a new president before the end of June 2012.

"O glorious people of Egypt, our only loyalty in the armed forces is to you and the soil of Egypt," Tantawi told the nation this week in a televised address. "Criticism directed at the Supreme Council of the Armed Forces (the formal name of the military's ruling council) aims at weakening our will and mandate and seeks to undermine the great trust between the people and their armed forces," said Tantawi, whose address bore a striking resemblance to speeches given by Mubarak during the January-February uprising.

The two generals also praised the police for what they said was their restraint and said they have every right to defend themselves, but acknowledged they made mistakes while handling the protesters. They said nothing about witness reports that members of he military police also battled protesters alongside the hated police in the latest clashes.

They appeared to try to drive a wedge between the protesters, addressing those camping out in Tahrir square as "honorable" while criticizing others who battled the police for five days on nearby side streets.

The military, said the two generals, would return to their barracks if only Egyptians voted in favor of that move in a referendum or when an elected civilian administration was in place. The idea of holding a referendum on the military immediately stepping down was first floated by Tantawi on Tuesday.

The military's defiance in the face of popular opposition to its rule comes as more and more protesters in Cairo and elsewhere in Egypt blame the army and the much hated police equally for the death of nearly 40 protesters since the clashes broke out on Saturday. At least 2,000 others have been wounded. The military is also accused of remaining loyal to Mubarak, having put him under arrest and on trial only when large protests pressured them to do so.

"The army is now operating like the police, a tool of suppression," said protester Mayada Khalaf. "With all these lies from the army, it is like they are sticking their tongues out at us."

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20111125/ap_on_re_mi_ea/ml_egypt

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