Saturday, December 31, 2011

Deal reached on Georgia Sports Hall of Fame lease

MACON, Ga. (AP) - The Development Authority of Bibb County has agreed to sign a resolution that should mean the museum will remain open in Macon for the next year.

The authority agreed on Tuesday to sign a resolution approving a lease of the hall from the state to the authority.

It also approved an agreement between the authority and NewTown Macon, which will take over management of the hall.

The Telegraph newspaper reports (http://bit.ly/sV6xFr ) attorney Chix Miller says the lease runs for one year with options for two more years. Miller says the Peyton Anderson Foundation has already paid for the first year.

Nearly two years ago, the state put out a request for proposals to take over the sports hall and the Georgia Music Hall of Fame, which was closed in June.

Information from: The Macon Telegraph, http://www.macontelegraph.com

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 This material may not be published, broadcast, rewritten or redistributed.

Source: http://www.wtvm.com/story/16407346/deal-reached-on-georgia-sports-hall-of-fame-lease

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Rick Santorum Gets A Big Polling Boost, Goes After Ron Paul (ABC News)

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Friday, December 30, 2011

A Wind of Change at Russian Oil Companies in 2011

The year, which began with the Jan. 14 announcement of a landmark deal between Rosneft and BP, promised to be eventful to the very end. And it met expectations, as we were witness to the creation and collapse of strategic alliances, approval of new strategies, relocations and major projects. Much of what happened this year will set the stage for the future development not only of individual companies, but the entire sector as a whole.

Every Cloud Has a Silver Lining

Immediately after the New Year celebrations, state oil major Rosneft and Britain's BP surprised the whole oil community with the announcement of a strategic alliance that not only called for cooperation on the development of offshore fields on Russia's Arctic shelf, but also a share swap. Rosneft was supposed to get 5 percent of BP in exchange for 9.5 percent of its own shares.

But the companies did not even manage to begin discussing the details of the deal before BP's Russian partner in oil company TNK-BP (RTS: TNBP), the AAR consortium, challenged the deal. As a result of court injunctions prohibiting BP from holding any negotiations on cooperation with Rosneft, the deal was paralyzed and a few months later the companies had to call it off.

Nature abhors a vacuum, so Rosneft fairly quickly found a new foreign partner in U.S. major ExxonMobil, with which it concluded a strategic agreement at the end of the summer. However, the parameters of the alliance changed, with the companies agreeing on the joint development of offshore fields in the Arctic with resources of 4.5 million tonnes of oil and 11 trillion cubic meters of gas, but refraining from a share swap. In addition, Rosneft gained potential access to ExxonMobil deepwater exploration projects in the Gulf of Mexico and the development of fields with difficult to recover reserves in Texas.

Four months have passed since the deal was signed, but the companies have not disclosed any new details. Rosneft expects to decide what ExxonMobil projects it might be interested in by the first quarter of 2012. If the partners are unable to decide by March, the process might be delayed due to a reshuffle after the Russian presidential elections.

A New Take on Life

Despite the continued ban on access to Russia's continental shelf, drilling delays in Iraq and so far unimpressive exploration results in West Africa, Lukoil (RTS: LKOH) is optimistic about the future and its new long-term strategy is set on increasing production. Oil and gas production is targeted to grow by an annual average of at least 3.5 percent over the next ten years.

The company plans to be producing 110 million tonnes of oil and over 40 bcm of gas per year in ten years. Most of this growth is expected to come from prospective projects in Iraq, Central Asia, the Caspian and the Yamalo-Nenets Autonomous District. The company will focus on new technologies that will enable it to increase the oil recovery rate from 32 percent to 40 percent, adding 9 billion barrels to its resource base. The company plans to invest more than $100 billion over ten years, including $24 billion in its downstream business.

The company also plans to increase dividends over this period and in future they could amount to about 30 percent of net profit to US GAAP.

Being a significant player not only on the Russian, but also the international oil and gas market, Lukoil has been unable to get a fair valuation of its shares, which it thinks are considerably undervalued. Perhaps the presentation and subsequent implementation of the new strategy will bring Lukoil closer to the prized market capitalization threshold of $100 billion.

Grass is Grenner ...?

The most significant event in the corporate life of Gazprom Neft (RTS: SIBN) in 2011 was the relocation of the company's head office from Moscow to St. Petersburg. It's not often that a major company moves from the capital to another city with one sweep. The move was the conclusion of the company's "relocation" - back in 2005, when Gazprom (RTS: GAZP) bought Sibneft and later renamed its Gazprom Neft, it was announced that the oil company would be reregistered from Omsk to St. Petersburg.

The move was accompanied by a management reshuffle and general intra-company stress. There was even talk that Gazprom Neft head Alexander Dyukov, though himself a native of St. Petersburg, was in no hurry to move there permanently. The intrigue around Dyukov intensified as his contract expired late in the year. However, Gazprom Neft's board will discuss the contract with the chief executive on December 29, and the only candidate is Dyukov.

Hard-Won Refining

The past year was a mixed bag for Tatneft (RTS: TATN). On one hand, the company had to suspend operations in Libya and Syria, but on the other it brought its first oil refinery on line commercially. However, the refinery project did not go quite as smoothly as the company had hoped.

Refining has long been a missing link in Tatneft's production chain. The company exports most of its oil and buys oil products to supply its filling stations.

The Taneco refinery project was launched at the end of 2007, and in October 2010 the company announced it had completed construction and installation work at the primarily refining facility and launched the plant. But as it turned out, only on a testing and commissioning basis. It took Tatneft another year in order to obtain all the necessary licenses and put the refinery into commercial operation.

The refinery was initially expected to have capacity of 7 million tonnes of crude per year, but later the company announced plans to build a second phase with the same capacity.

However, by the time the first phase of the refinery came on line commercially, the Russian government sprang an unpleasant surprise on Tatneft - the 60/66 tax regime, which dramatically reduces the profitability of exporting dark oil products, while Taneco at this point can only produce raw gasoline, fuel oil and heating oil.

The company's expectation that it would begin the second phase of the refinery this year in order to increase production of dark oil products and accelerate the recovery of investment was disappointed and it is now betting on deepening refining. The company expects to produce its first gasoline in 18 months.

Tatneft estimated it would lose 34 billion rubles in revenue as a result of the new tax regime and received corresponding compensation from the government. But Tatneft itself will not get the compensation - the concession will be transmitted to the TAIF-NK oil refinery, a member of the TAIF Group, by lowering the cost of the crude shipped to the refinery. Furthermore, the reduction of export duties on crude oil under the 60/66 regime benefits Tatneft, which exports most of its crude.

In 2011 Tatneft finally became a full-fledged vertically integrated company. But at what price? Since the launch of the Taneco project, Tatneft's long-term and short-term debt has grown nearly ten-fold. In the coming year the company will need to repay or refinance more than 80 billion rubles, plus invest about 20 billion rubles in Taneco.

How Tatneft will raise the cash - by selling production assets, a stake in Taneco or new borrowing - will become evident in 2012.

?

?

Copyright 2011 Interfax News Agency. All Rights Reserved.

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Oil hovers above $101 amid rising Iran tensions

SINGAPORE --?

Oil prices hovered above $101 a barrel amid investor concern that rising Middle East tensions could disrupt crude supplies.

Benchmark crude for February delivery fell 12 cents to $101.22 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.66 to settle at $101.34 in New York on Tuesday.

In London, Brent crude was up 4 cents at $109.31 a barrel on the ICE Futures exchange.

Iran's official news agency IRNA reported Tuesday that Vice President Mohamed Reza Rahimi said his country will close the Strait of Hormuz, cutting off oil exports, if Western nations impose sanctions on Iran's oil shipments.

The U.S., the U.K. and other nations are mulling more sanctions against Iran, the world's fourth-largest oil producer, over concern about its nuclear power program.

The Strait of Hormuz, the choke point of the Persian Gulf, is one of the world's busiest routes for crude shipments with about a sixth of the world's oil production passing through.

If tankers could not use the strait, they would have to take longer, more expensive routes to their destinations, which would likely boost prices.

"We doubt political posturing will turn into action, but oil remains above $100 regardless," energy consultant and trader The Schork Group said in a report.

Schork estimates crude would jump to above $140 if Iran closed the Strait of Hormuz.

Signs the U.S. economy is improving also helped bolster crude. The New York-based Conference Board said its Consumer Confidence Index jumped almost 10 points from November, to 64.5, the highest since April.

The National Retail Federation said it expects a 3.8 percent increase in Christmas holiday sales, up from its forecast of 2.8 percent in September.

In other Nymex trading, heating oil fell 0.4 cent to $2.91 per gallon and gasoline futures slid 0.6 cent at $2.68 per gallon. Natural gas was down 0.7 cent to $3.11 per 1,000 cubic feet.

Source: http://www.lakewyliepilot.com/2011/12/27/1373694/oil-hovers-below-100-amid-low.html

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Thursday, December 29, 2011

Malaysia proposal video wins hearts worldwide (AP)

KUALA LUMPUR, Malaysia ? After watching an emotional video of Malaysian Timothy Tiah propose to his girlfriend, "American Idol" host Ryan Seacrest hailed it as a heartwarming coda to 2011. Singer Christina Perri confessed that it made her cry.

Celebrity endorsements have helped the creatively crafted clip rack up nearly 4 million views online within a week, turning Tiah and his now-fiancee, Audrey Ooi, into unexpected role models for numerous young romantics worldwide.

It's a surreal twist for Tiah, a 27-year-old Internet entrepreneur who says he has long been allergic to the idea of getting hitched, partly because some of his older friends suffered failed marriages.

"But I realized there's no other girl who gets me like (Ooi) does. There's no other girl I've ever considered marrying," Tiah told The Associated Press on Wednesday.

The video, set to Perri's wistful U.S. hit ballad "A Thousand Years" and shot by a Malaysian wedding footage company, shows Tiah surprising Ooi while she was having dinner with friends at an Italian restaurant in Kuala Lumpur on Nov. 30.

At first, Tiah nervously walks to the restaurant's glass entrance and waves from outside to get Ooi's attention.

Ooi, 26, appears bewildered as a grinning Tiah holds up a series of posters imprinted with Internet memes ? catchphrases and artwork that became popular online ? that narrate how he wants to spend the rest of his life with Ooi despite being terrified of marriage.

"If you like it, y u no put a ring on it," one poster proclaims, before Tiah shows Ooi a picture of the animated character Puss in Boots with pleading eyes under the words "Will you marry me?"

The nearly five-minute clip ends with Tiah on bended knee, offering Ooi a ring and a bouquet while she tearfully accepts his proposal.

Tiah, who has been dating Ooi for three years after meeting her at his birthday party, initially planned to show the video mainly to family and friends, but the crew that filmed it convinced him to let them put it online in mid-December.

Bloggers began sharing the clip, which went viral after Seacrest mentioned it on Facebook and Twitter on Dec. 23.

Perri tweeted that she was "honored" that her song was used in the clip.

"Ahhh I just cried my eyes out (and) couldn't stop smiling all at the same time!" Perri wrote.

Others had similar reactions on video-sharing websites YouTube and Vimeo, where the clip has accumulated nearly 4 million combined views over the past week. "I wanna be proposed to like this!!" YouTube user XGothify wrote.

Strangers have approached Tiah in elevators and cafes, saying they recognize him from the video. But Tiah believes the attention will fade soon, insisting that the proposal was little more than a "goofy and geeky" gesture.

"We feel a bit shy about it, but it feels nice at the same time," he said.

Ooi said that midway through Tiah's proposal, she feared he was trying to break up with her.

The couple is now busy planning their nuptials.

"It'll be a fairly simple" traditional Chinese wedding ceremony and dinner next year, Tiah said. "I don't think people will be interested in seeing a video of it."

___

Online:

Tiah's proposal video: http://vimeo.com/33507366

Source: http://us.rd.yahoo.com/dailynews/rss/asia/*http%3A//news.yahoo.com/s/ap/20111229/ap_on_re_as/as_malaysia_proposal_video

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Wednesday, December 28, 2011

Sony and Samsung finalize split on joint LCD venture

We reported in November that Sony was looking to sell off its stake in a joint S-LCD venture they undertook with Samsung, and now it appears the two companies have finalized the terms of the deal. Sony announced that they will be paid $939 million in cash by Samsung, making S-LCD Corp will a wholly-owned subsidiary of Samsung.

While much of S-LCD?s manufacturing output went into flat panel TVs, some of it was also dedicated to making LCD screens for smartphones. The deal includes a strategic agreement governing Sony?s continued ability to purchase LCD panels from Samsung?s S-LCD subsidiary, with the intended goal of ?enhancing the competitiveness of both companies?.

Sony most likely gets first crack at a certain amount of the output of S-LCD, while Samsung gets greater flexibility in managing output and other manufacturing choices. Sony and Samsung reserved the right to continue to collaborate on the engineering behind LCD production, so Samsung will still have access to some of Sony?s research prowess.

What does this mean to consumers? With luck it means smartphone screen prices will come down in price, although AMOLED screens continue to assault LCD screen market share on high end devices. It may positively impact Sony?s TV division (which has lost money for years), but additionally may be part of the overhaul of Sony?s smartphone realignment. Many medium and long-term changes can be expected now that Ericsson sold its portion of the Sony-Ericsson phone manufacturer to Sony.

source: Sony via Engadget

Source: http://feedproxy.google.com/~r/phonearena/ySoL/~3/VDLS1BzeaEg/Sony-and-Samsung-finalize-split-on-joint-LCD-venture_id25099

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Indian tycoon has tons of cash, nowhere to invest

In this Monday, Dec. 19, 2011 photo, billionaire Indian tycoon Ajay Piramal speaks during an interview with the Associated Press at his office in Mumbai, India. In May last year, Piramal's healthcare business sold its generic drug operations to U.S. pharmaceutical giant Abbott Laboratories for $3.8 billion. Piramal was eager to set that cash pile to work and wanted to expand one of his chemical plants, but was told it would take five years. With the country mired in corruption, bureaucratic red tape and unclear and changing government policies, many of the men who made their billions here are saying maybe it's time to quit India. It's got to be easier to do business elsewhere. (AP Photo/Rafiq Maqbool)

In this Monday, Dec. 19, 2011 photo, billionaire Indian tycoon Ajay Piramal speaks during an interview with the Associated Press at his office in Mumbai, India. In May last year, Piramal's healthcare business sold its generic drug operations to U.S. pharmaceutical giant Abbott Laboratories for $3.8 billion. Piramal was eager to set that cash pile to work and wanted to expand one of his chemical plants, but was told it would take five years. With the country mired in corruption, bureaucratic red tape and unclear and changing government policies, many of the men who made their billions here are saying maybe it's time to quit India. It's got to be easier to do business elsewhere. (AP Photo/Rafiq Maqbool)

In this Monday, Dec. 19, 2011 photo, billionaire Indian tycoon Ajay Piramal speaks during an interview with the Associated Press at his office in Mumbai, India. In May last year, Piramal's healthcare business sold its generic drug operations to U.S. pharmaceutical giant Abbott Laboratories for $3.8 billion. Piramal was eager to set that cash pile to work and wanted to expand one of his chemical plants, but was told it would take five years. With the country mired in corruption, bureaucratic red tape and unclear and changing government policies, many of the men who made their billions here are saying maybe it's time to quit India. It's got to be easier to do business elsewhere. (AP Photo/Rafiq Maqbool)

MUMBAI, India (AP) ? Ajay Piramal is sitting on a mountain of cash. Yet the billionaire Indian tycoon, working in one of the world's fastest growing economies, is struggling to decide what to do with the money.

The problem isn't opportunity, he said. It's India.

"Every large investment, there was no transparency," Piramal said.

His dilemma is a worrying sign for India. With the country mired in corruption, bureaucratic red tape and unclear and changing government policies, many of the men who made their billions here are saying maybe it's time to quit India. It's got to be easier to do business elsewhere.

In May last year, Piramal's healthcare business sold its generic drug operations to U.S. pharmaceutical giant Abbott Laboratories for $3.8 billion. Piramal, a tall big man in a country that still measures prosperity by girth, was eager to set that cash pile to work. He wanted to expand one of his chemical plants, but was told it would take five years.

"The same plant could be set up in China in two years," he said. "I love India, but my customer is not going to wait."

India, still a beacon of relatively fast growth despite a troubled world economy, should be a magnet for capital. Instead, since the beginning of 2010, the amount that Indians have invested in businesses overseas has exceeded the amount foreigners are investing in India, according to central bank figures.

In part this reflects the confidence and aptitude of India's maturing companies and the current malaise in the global economy and financial markets. But it also reflects deep problems at home. India's big coporations may be cash rich but the failure to invest that money domestically is bad news for a developing country that needs capital to build the roads, power plants and food warehouses that could help lift hundreds of millions out of dire poverty.

The frustration of India's business elite with corruption, political paralysis, log-jammed approvals, regulatory flip-flops, lack of access to natural resources and land acquisition battles ? to pick a few of the top complaints ? has reached a pitch perhaps not heard since India began liberalizing its economy in the early 1990s.

"If you are an honest businessman in India, it's very difficult to start up anything," said Jamshyd Godrej, chairman of manufacturing giant Godrej & Boyce. "Companies are going to operate where they see the best opportunities and efficiency for their capital."

Increasingly, that's outside India.

In 2008, foreigners poured roughly twice as much direct investment into India ? $33 billion ? as Indians plowed into businesses overseas. By 2010, that had reversed: Indians invested $40 billion abroad ? twice as much as foreigners invested in India ? a trend that's continued this year.

There is another, unspoken element to all the complaints. To the extent that business in India ran on corruption, some of the old, dirty ways of doing things are being disrupted, freezing India's already glacial bureaucracy, business leaders say.

Scandals in the staging of the Commonwealth Games, the pilfering of homes meant for war widows and the irregular auction of cellphone spectrum that cost the country billions has sent parliamentarians and even a Cabinet minister to prison.

With Indians tiring of the incessant graft, tens of thousands of middle-class protesters poured into the streets and pushed an anti-corruption bill onto the floor of Parliament.

Steelmakers can't get enough iron ore because a massive mining scandal in the southern state of Karnataka prompted a court to order the closure of illicit mines that account for a fifth of iron ore production in the country.

The bureaucrats ? even the honest ones ? are reportedly so scared of being punished they are refusing to make the decisions needed to make the country run.

Piramal is not unpatriotic. Each room in his executive suite is named after an Indian epic hero: Arjuna, the most pure; Dhananjay, acquirer and master of wealth. There's a quote from the Upanishads scriptures on the wall.

His office sits in a one-million-square-foot office park in Mumbai his family built. The buildings around him ? white with blue glass that flashes back the unforgiving sun ? bear his own name in large black letters: Piramal Towers.

Piramal had the will and the means to build power plants and roads.

Instead, his Piramal Group's largest investment to date has been in one of the office park's tenants: the Indian subsidiary of the British telecom giant Vodafone Plc.

Last September, when he got the first payout, of $2.2 billion, from Abbott, the phone started ringing.

"Because people knew we had money, we had so many people approaching us for projects in the infrastructure sector," he said. "These people had no experience and no knowledge and no track record of having built a business in any area. And yet they were coming to us saying we have licenses and approvals. That just didn't sound right or smell right."

Each day, they paraded through his office: The investment banker who decided to build a 500-megawatt power plant, the coal trader assured of a government coal allocation, small-time miners with pretty presentations promising land, licenses and financing.

"They'd name politicians from the center and the state who had it all tied up for them," he said. "It didn't sound right. Obviously there were things going on in the system."

Road and port projects weren't much better, he said.

Piramal also looked at investing in engineering and infrastructure services companies, but couldn't make sense of their books.

"We couldn't find anything," he said. "People get greedy. In their desire to get good valuations they resort to, if I can say, creative accounting."

Today, India's infrastructure companies are known as great wealth destroyers.

"Infrastructure investment has become untouchable, a sure way of losing money," said Jagannadham Thunuguntla, head of research at SMC Global Securities. He calculates that four of India's top infrastructure companies ? GMR Infrastructure, GVK Power and Infrastructure, Lanco Infratech and Punj Lloyd ? have lost over 80 percent of their value since 2007. A fifth, Larson & Toubro is down 50 percent.

Piramal may have dodged a bullet, but shareholders in Piramal Healthcare aren't happy. Despite a $600 million special dividend and share buyback, the share price has sagged since the Abbott deal was announced on May 21 last year. They'd like to see the Abbott cash productively deployed. Instead, much of it is sitting in fixed deposit accounts.

Piramal said he really does want to run a pharmaceutical company and be the first Indian company to discover a world-class drug ? despite his dabbling in telecom, financial services and real estate financing. It's just that pharma can't absorb all his cash. He plans to sell the 5.5 percent stake he picked up in Vodafone Essar for $640 million in a few years, when Vodafone Essar issues shares in an initial public offering, he said.

He has also launched Piramal Capital, to make real estate and infrastructure loans, and spent about $50 million to acquire IndiaReit, a real estate investment company.

Meanwhile, his thoughts have turned to Boston, where he set up IndUS Growth Partners with a professor from Harvard Business School to look for buying opportunities in the U.S., in security, financial services and biotechnology. And he said he's still planning to spend over a billion dollars on biotechnology acquisitions in North America and Europe.

"India was going more towards capitalism than socialism," Piramal said. "I think we're going back. Capitalism went to too much excess. Corruption levels went to the extreme."

He said he'll announce his first overseas acquisition by March.

Associated Press

Source: http://hosted2.ap.org/apdefault/f70471f764144b2fab526d39972d37b3/Article_2011-12-27-AS-India-Billionaire-Blues/id-a5d513e7170d46f89dda4e68af089be7

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Tuesday, December 27, 2011

DroidDog: DroidDog | Motorola MotoACTV fitness watch rooted, now does more than ever before http://t.co/FWs2AZBj #Android

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Baseball Notes: Win for Fox on Dodgers TV rights

Fox Sports has won a significant victory in its effort to prevent the Los Angeles Dodgers from selling the media rights to future games.

A federal judge in Delaware on Friday granted Fox's request for an emergency stay of a bankruptcy court order allowing the sale process while he considers Fox's appeal of that ruling.

The judge also indicated that he likely will overturn the bankruptcy court's determination that certain protections given to Fox in its existing contract with the Dodgers were unenforceable in bankruptcy.

?

Reds-Cubs trade

The Cincinnati Reds have acquired lefthanded reliever Sean Marshall from the Chicago Cubs for young lefty starter Travis Wood and two other players. The 29-year-old Marshall was 6-6 with a 2.26 ERA last season. He had five saves. Wood, 24, finished 6-6 with a 4.84 ERA in 2011, with a stint in triple A after struggling early in the year.

Source: http://c.moreover.com/click/here.pl?r5660064156

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Thursday, December 22, 2011

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Wednesday, December 7, 2011

Video: Gingrich rises, Romney falls

Travel companions escort seniors on journey

??Some companies are beginning to offer travel companion services for seniors, modeled after programs airlines currently have in place for unaccompanied minors, to help grandma or grandpa safely get where they are going and back home again.

Source: http://www.msnbc.msn.com/id/3036697/vp/45560033#45560033

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