Tuesday, July 30, 2013

Houston PE firm raises $65 million for energy deals

EIV Capital Management Co. LLC has so far raised $65 million for its second energy investment fund, regulatory filings show Tuesday.

EIV Capital Management Company LLC has so far raised $65 million for its second energy investment fund, regulatory filings show.

Officials for the firm did not immediately respond for comment.

The 4-year-old Houston private equity firm aims to provide capital to companies in the energy industry, covering a broad range of sectors, including upstream, midstream and downstream.

The firm says $5 million to $20 million deals are its sweet spot, and it focuses on energy infrastructure and production, processing, transportation, storage and other energy businesses, according to its website.

The fund, EIV Capital Fund II LP, is expected to remain open to investments for more than one year, as the first date of sale was July 15, according to a filing with the U.S. Securities and Exchange Commission.

So far, it?s collected money from 24 investors.

The biggest private equity deal this month came when Fieldwood Energy, a Houston company backed by private equity giant Riverstone Holdings LLC, took Gulf Coast assets off Apache Corp.?s (NYSE: APA) hands for $3.75 billion in cash.

Got Energy? Sign up for our Energy Inc. newsletter here. Stay up to date on Texas energy news with the Energy Inc. news ticker, bringing you by-the-minute coverage from the Texas Business Journals.

Collin Eaton covers banking, finance and securities for the Houston Business Journal. For his breaking stories and industry insights, follow him on Twitter.

Source: http://feeds.bizjournals.com/~r/bizj_houston/~3/sdSgFxJU9ZQ/houston-pe-firm-raises-65-million-for.html

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Friday, July 26, 2013

Analyst Fran Fraschilla thinks ESPN forgot to add Baylor to list of best front courts in college basketball

ESPN?s Seth Greenberg recently looked at every school in the nation and ranked the top-10 front courts in college basketball. Whenever someone writes up a post like this, there will be disagreements from fans. It?s not too often that one of your colleagues will call you out, especially on Twitter, that you messed up.

Greenberg didn?t include Baylor?s front court of Isaiah Austin, Cory Jefferson and Ricardo Gathers on his list, and analyst Fran Fraschilla felt the need to let Greenberg know that he messed up.

Someone?s watching out for you, Baylor.

The top-10 teams that were named were Florida, Syracuse, Kentucky, Michigan State, Michigan, Virginia, Stanford, Marquette, Arizona and Louisville. Colorado and New Mexico received honorable mentions.

This entry was posted in BaylorHoops and tagged Baylor Bears by Josh Friemel / Special Contributor. Bookmark the permalink.

Source: http://collegesportsblog.dallasnews.com/2013/07/analyst-fran-fraschilla-thinks-espn-forgot-to-add-baylor-to-list-of-best-front-courts-in-college-basketball.html/

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'This Town' and Washington's Bipartisan Culture of Dysfunction

While many D.C. insiders pursue politics as a career, Mark Leibovich refers to it as "a game played by the nation's most ambitious and insecure class." In his book "This Town: Two Parties and a Funeral ? Plus Plenty of Valet Parking ? in America's Gilded Capital," Leibovich offers an expos? of what he calls the hopelessly interconnected, self-serving entity that Washington has become. The chief national correspondent for the New York Times Magazine examines the city that everyone loves to hate. He recently spoke with U.S. News about the self-perpetuating nature of Washington, how it has changed, and how Americans perceive its dysfunctional "Suck-up City" culture. Excerpts:

When and why did you decide to expose Washington?

I guess I could sort of argue that that's what journalists are supposed to do. I've been working here for a while, and I think every good journalist tries to reveal a little something about the person or institution or culture they're writing about. There wasn't an "aha" moment, but I do think that Washington had reached a tipping point of self-celebration that I wanted to explore in some greater depth.

What should Americans know about the capital city and the way it operates?

One thing that I tried to flesh out was that there are a lot of misconceptions. For as disappointed as so many Americans are in their government and in their nation's capital, there are a lot of myths. One is that Washington is very divided, but in fact, Washington is hopelessly interconnected. Everyone ? Democrats, Republicans ? are thriving in Washington, largely around a lot of the dysfunction that has been bad for the country.

[Check out U.S. News Weekly, an insider's guide to politics and policy.]

Why do you begin the book with Tim Russert's funeral?

I was just struck by this massive spectacle for this beloved newsman. He had this huge memorial at the Kennedy Center after he died tragically in June of 2008, and just watching the spectacle of people trying to work the scene and all the networking that was going on and all the angling. It really was this moment in which you saw just mourning as networking opportunity, and I was struck by that.

Does President Obama fit into the "Suck-up City" culture?

Not necessarily. I think a lot of people have criticized him for not playing the game enough and not socializing enough with people from Congress and not stroking the egos of people he might need on the other side in the way maybe Ronald Reagan or Bill Clinton did. But the presidency is kind of its own ecosystem. It is such a superhuman job, and such a scrutinized job and such a bubble job that I don't really even know. In a sense, they're physically in Washington, but they're in such a different universe that it's hard to even judge.

How have the "usual suspects" contributed to the growing partisan polarization in Washington and throughout the U.S.?

I think one thing you learn from living in Washington is disagreement is very, very good for business. And lobbyists aren't going to get paid very much if issues are resolved and everyone is satisfied. The perpetuation of conflict is very good for the people who are billing hours consulting in any number of ways. A big industry depends on a perpetuation of conflict, and frankly, cable news depends on conflict and black-and-white assessments of reality when, in fact, Washington is a big gray area in many ways.

[See a collection of political cartoons on Congress.]

When did Washington change, and when did politics become an industry here?

Politics has been an industry in D.C. for many, many years. One of the things that has changed now is that with the boom in consulting and the boom in political advice and the celebritization of politics over the last few decades, it's become one big business, but also a much bigger, more Hollywood version of itself.

Can Washington ever go back to how it used to be?

Probably not. Also, I'm not overly nostalgic. I'm not one of those people who thought, "Well, it was so much better in Nixon's time or Roosevelt's time." I think change is always on a continuum. I don't think anyone is suggesting that we get rid of the Internet and move the capital to Cleveland or something. I think one of the things you do as a journalist is try to hold the mirror to a culture and hope that people can see it in a way that's constructive to them, and if it brings about change, great.

Source: http://www.usnews.com/opinion/articles/2013/7/25/this-town-and-washingtons-bipartisan-culture-of-dysfunction?s_cid=rss:this-town-and-washingtons-bipartisan-culture-of-dysfunction

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Thursday, July 25, 2013

"Sports Illustrated" Writer Asks Twitter Followers for Photos Of the Best Moments In Their Lives

One of the beautiful things about modern technology is its ability to allow us to capture and share wonderful moments. Sports Illustrated writer Richard Deitsch found a picture of brothers celebrating Yale University's hockey championship win on Twitter. Then, he sent out a tweet to his 87,000 followers asking, "How many of you have a photograph of the single best moment of your life?"

To Deitsch's surprise, hundreds of people tweeted emotional photos. Strangers sent pictures of marriage proposals, newborn babies, patients defeating cancer, and people coming back from time at war. "Never in my wildest dreams could I have expected hundreds of people sending me these incredibly intimate moments," Deitsch said.

Although the Internet has message boards of hateful comments and awful images, Deitsch's project shows that social media can be kind. "There's humanity out there and there is friendship out there and there's a sense of people wanting to pass on something good," Deitsch said.

[via CBSNews]

Tags: twitter, best-moments

Source: http://www.complex.com/art-design/2013/07/twitter-photos-best-moments-in-their-lives

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Wednesday, July 24, 2013

The Statement Anthony Weiner Should Release (Atlantic Politics Channel)

Share With Friends: Share on FacebookTweet ThisPost to Google-BuzzSend on GmailPost to Linked-InSubscribe to This Feed | Rss To Twitter | Politics - Top Stories Stories, RSS Feeds and Widgets via Feedzilla.

Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/321536461?client_source=feed&format=rss

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Florida Artist Boycott Picking Up Steam

stevie wonder*George Zimmerman is not the only criminal in Florida.

The state?s government is having their feet held to the fire for the way they?ve chosen to translate the Stand Your Ground law into the acquittal of Zimmerman and false imprisonment of Marissa Alexander.

The EURweb reported that Mary Mary have joined with Stevie Wonder to boycott Florida until they abolish the law.

And the call to action has been heard and more of music?s heavyweights are answering the call and cancelling their concerts and standing with the socially conscious, legendary balladeer, according to veteran White House correspondent April D. Ryan of the White House Report.


Source: http://www.eurweb.com/2013/07/florida-artist-boycott-picking-up-steam/

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Tuesday, July 23, 2013

Biden will focus on trade, security in India trip

NEW DELHI (AP) ? U.S. Vice President Joe Biden arrives in India on Monday on a visit aimed at boosting trade and strengthening strategic relations as Washington pursues its new Asia-Pacific policy.

Biden's four-day visit will include meetings with top Indian leaders, including Prime Minister Manmohan Singh, before he heads to Mumbai to meet Indian business leaders.

Biden and Indian leaders were expected to discuss hurdles to trade and restrictions on American companies doing business in the Indian marketplace.

Biden's visit is viewed as a major step in promoting President Barack Obama's Asia-Pacific rebalance policy aimed at forging strong partnerships in the region seen as an effort to counterbalance China's power.

Biden begins his trip Monday evening with a visit to a museum dedicated to M. K. Gandhi, India's independence leader and nonviolence crusader.

This is Biden's first trip to India as vice president. He visited New Delhi in 2008 as a senator.

During formal talks Tuesday, the countries will focus on ways to expand bilateral trade that currently stands at $100 billion.

In a speech in Washington on Thursday, Biden noted that trade between the countries had increased five-fold over the past 13 years, but there were no reasons that was not five times as much.

American businesses have been pressuring the Obama administration to take up with India the need for stronger intellectual property protection.

In the past decade, bilateral trade has been growing steadily, but US business groups have complained about the slow pace of economic reform in India and have urged New Delhi open up its markets further.

New Delhi is expected to air its concerns about proposals in the US Congress to curb visas for high-tech Indian workers.

India and the United States will also discuss regional security, including efforts to end the conflict in Afghanistan.

The U.S. increasingly views India as a partner in developing Afghanistan, where New Delhi has provided $2 billion in assistance. Washington also wants India to play a more active role in training Afghan security forces as the U.S. and its NATO allies withdraw combat forces by 2014.

On Thursday, Biden heads for Singapore, a pillar in the policy to bind together the Asia-Pacific nations through a string of alliances.

Source: http://news.yahoo.com/biden-focus-trade-security-india-trip-075536705.html

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Tina Turner celebrates wedding in Switzerland


5 hours ago

Erwin Bach and Tina Turner in 2007.

Miro Kuzmanovic / Reuters file

Erwin Bach and Tina Turner in 2007.

The announcement last week that Tina Turner had wed her longtime partner Erwin Bach in Switzerland took the world a bit by surprise. But Turner wasn't done making headlines, saving the celebration of that wedding for this past Sunday ? and based on multiple reports it was a lavish, star-studded affair.

The gathering, at Turner's Swiss villa Algonquin estate on Lake Zurich, attracted 120 guests, including stars like Oprah Winfrey, Sade and David Bowie.

Guests wore white or formal suits to the Buddhist-inspired event, which one report said involved guests pouring water over the couple's hands. Later in that same report, the villa was said to have been decorated with 70,000 red and yellow roses from Holland.

Tina Turner's Swiss Algonquin villa entrance, shielded for her wedding celebration.

Sigi Tischler / EPA

Tina Turner's Swiss Algonquin villa entrance, shielded for her wedding celebration.

Zurich police spokeswoman Esther Surber told the press that boats on the lake were prevented from getting too close to the estate to prevent accidents on the water. Wedding organizers also reportedly set up a red canvas screen at the foot of the garden to prevent paparazzi intrusion.

The 73-year-old singer, who has since retired from the music business and has lived in Switzerland for over 20 years, wed the 57-year-old German record company executive earlier in July, and they have been a couple for 27 years.

Turner became a Swiss citizen early in 2013.

Source: http://www.today.com/entertainment/tina-turner-celebrates-wedding-home-switzerland-6C10699401

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Most Aussie wedding proposal ever

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Source: http://media.smh.com.au/national/selections/most-aussie-wedding-proposal-ever-4590721.html

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  • Bahrain News Agency - Sunday 21st July, 2013

    Manama, July 21 (BNA)-- A delegation from the Interior Ministry's Ombudsman Office Secretariat General, led by Secretary General Nawaf Mohammed Al-Ma'awda, paid visits today the embassies of India, the Philippines and Bangladesh and met the ambassadors of those countries as part of continuous interaction with the representatives of the expatriate communities in Bahrain to inform them ...

  • China Hitback to Hold Japan 3-3 in East Asian Cup

    New York Times - Sunday 21st July, 2013

    (Reuters) - Holders China scored twice in the final 10 minutes to hold Japan to a 3-3 draw in an entertaining East Asian Cup match in Seoul on Sunday. Goals from Wang Yongpo, his second of the game, and substitute Sun Ke earned China a point in their first game of the four-nation tournament. China, who have failed to qualify for the 2014 World Cup finals, took an early lead over the ...

  • Struggling TV manufacturer Loewe aiming to shift production to Asia

    Global Times - Sunday 21st July, 2013

    Ailing German television maker Loewe aims to outsource nearly all its manufacturing to Asia after filing for protection from its creditors, its chairman was quoted as saying on Sunday.Loewe CEO Matthias Harsch told news weekly Der Spiegel that Loewe was seeking a partner "that will deliver the major hardware components - processors, circuit boards and screens."He said the company, now ...

  • 3 Iranian mountaineers missing in Pakistan

    New Zealand Herald - Sunday 21st July, 2013

    ISLAMABAD (AP) The head of a mountaineering club says rescuers have called off their search for three Iranian mountain climbers who went missing in northern Pakistan. Manzoor Hussain, president of Pakistan's Alpine Club, said Sunday his outfit was coordinating the expedition, and that the three Iranians successfully ascended the 8,051-meter (26,414-foot) summit of Broad Peak. He says the men ...

  • Soccer Diplomacy NKorea Beats SKorea in Womens East Asian Cup

    ABC News - Sunday 21st July, 2013

    South Korea's Ji So-yun, right, fights for the ball against North Korea's Kim Un Hyang during their Women's East Asian Cup soccer match at Seoul World Cup stadium in Seoul, South Korea, Sunday, July 21, 2013. North Korea won ...

  • Japans ruling bloc wins upper house elections

    Tampa Bay Online - Sunday 21st July, 2013

    TOKYO (AP) -- Japanese Prime Minister Shinzo Abe's ruling coalition won a comfortable majority in the upper house of parliament in elections Sunday, giving it control of both chambers and a mandate to press ahead with difficult economic ...

  • Fiba Asia turns down Lebanon replacement

    Inquirer Sports - Sunday 21st July, 2013

    WITH Lebanon gone, Qatar, Japan and Hong Kong are already assured of seats in the second phase of the group stages of the 27th Fiba Asia Championship set Aug. 1 to 11 at MOA Arena. This developed after Fiba Asia opted not to invite either Iraq or the United Arab Emirates to fill up the Group B void left by Lebanon, which was slapped a four-year suspension by the international basketball ...

  • Iran opposes Israel-Palestinian peace talks

    The Daily Star - Sunday 21st July, 2013

    Abbas Araqchi said, quoted by Iranian media."Past experience shows that the occupying Zionist regime is basically not ready to pay the price for peace since war mongering and occupation lie at its very core," he ...

  • Nepal parties allege foreign meddling want polls deferred

    Times Of India - Sunday 21st July, 2013

    CPN-Maoist today alleged that some foreign missions were interfering in the country's internal affairs and appealed to the world community not to support the ...

  • Pakistani officials says his country willing to help get Afghan peace talks started

    Fox News - Sunday 21st July, 2013

    A senior Pakistani official says his country is willing to help get peace talks started with the Taliban if asked. Sartaj Aziz, a special adviser on national security and foreign affairs, says Islamabad has been trying to help jumpstart the peace process because a stable Afghanistan is in Pakistan's interest. But Aziz told a news conference Sunday that any peace talks must be Afghan-owned ...

  • Bangladesh to seek extradition of 1971 war crimes accused

    Times of India - Sunday 21st July, 2013

    Bangladesh war crimes tribunals have already handed down death penalty to four top Jamaat leaders and life imprisonment to two others triggering violence across the country that claimed over 150 lives since the first sentence was awarded in January this ...

  • Pakistan says it wants stable Afghanistan

    New Zealand Herald - Sunday 21st July, 2013

    KABUL, Afghanistan (AP) A senior Pakistani official says his country is willing to help get peace talks started with the Taliban if asked. Sartaj Aziz, a special adviser on national security and foreign affairs, says Islamabad has been trying to help jumpstart the peace process because a stable Afghanistan is in Pakistan's interest. But Aziz told a news conference Sunday that any peace talks ...

  • Suspect in UK mosque attacks arrested on suspicion of murdering elderly Asian man

    Canada.com - Sunday 21st July, 2013

    LONDON - Police say a man suspected in bomb attacks near three British mosques has been arrested on suspicion of murdering an elderly Asian man. West Midlands Police said Sunday the 25-year-old suspect was arrested because of a suspected "further act of terrorism." The stabbing death of Mohammed Saleem happened as he was walking home from a mosque on April 29. The suspect is one of ...

  • Japan PM Abes coalition wins upper house poll NHK

    Channel News Asia - Sunday 21st July, 2013

    The coalition of Japan's Prime Minister Shinzo Abe won a resounding victory in upper house elections Sunday, broadcasters' exit polls ...

  • US drops unarmed bombs on Great Barrier Reef

    ABC 3340 - Sunday 21st July, 2013

    One week after a Florida jury found George Zimmerman not guilty in the death of unarmed teen Trayvon Martin, rallies are scheduled in 100 cities to press for civil rights charges against the former neighborhood ...

  • French police youths clash after veil banAbout 250 people hurling projectiles clashed with police firing tear gas west of Paris in apparent protest over enforcement of Frances ban on Islamic face veils.

    Times of India - Sunday 21st July, 2013

    Paris , in apparent protest over enforcement of France's ban on Islamic face veils. Five people were injured and six detained in the violence, authorities said Saturday. The interior minister urged calm and dialogue, insisting on both the need for public order and respect for France's Muslims. The incident in the town of Trappes on Friday night reflected sporadic tensions between ...

  • 15 Egyptian soldiers killed in road accident

    New Zealand Herald - Sunday 21st July, 2013

    CAIRO (AP) An Egyptian security official says an army bus has crashed into a truck on the country's Mediterranean coast highway, killing 15 soldiers. The official said another 40 were injured in the Sunday morning accident. The official spoke on condition of anonymity because he was not authorized to speak to the press. Road accidents are common in Egypt due to badly maintained roads and poor ...

  • Philippe becomes king of Belgium

    San Diego Union-Tribune - Sunday 21st July, 2013

    Belgium's Prince Philippe, right, and his wife Princess Mathilde, left, wave to the crowd as they leave a church service at the St. Gudule cathedral in Brussels on Sunday, July 21, 2013. Belgium's King Albert II was set Sunday to relinquish the throne in a concession to his age and health, paving the way for his eldest son to become the country's seventh monarch. (AP ...

  • Three dead including two Britons in Russia helicopter crash Reports

    Times of India - Sunday 21st July, 2013

    MOSCOW: At least three people, including two British citizens, were killed in Russia's Far North on Sunday when a helicopter crashed into them while they were standing on the ground, officials said. A distress signal had already been received from ...

  • Freed Navalny prepares for Moscow mayor polls

    Times of India - Sunday 21st July, 2013

    "Our campaign headquarters is growing, we have more volunteers and I urge everyone to come and help us take part in real politics, a real battle for the people's votes in the elections," Navalny told independent Dozhd ...

  • Egypt begins work on charter as Islamists press demos

    Times of India - Sunday 21st July, 2013

    Mohamed Morsi , while his supporters called for intensified rallies in Cairo demanding his reinstatement. Egypt's caretaker cabinet has sought to forge ahead with an army "roadmap" for a political transition amid heightened tensions as Morsi's Islamist supporters press on with the protests that have sparked bloody violence. Foreign minister Nabil Fahmy launched a public ...

  • Syrias Assad is stronger now says David Cameron

    The Guardian - Sunday 21st July, 2013

    Bashar al-Assad , has strengthened his position in recent months as he warned that the country faced a "depressing trajectory".In an interview on the Andrew Marr Show on BBC1, the UK prime minister also gave his clearest indication to date that Britain will not be supplying arms to the Syrian rebels despite pressing for the lifting of the EU arms embargo.Cameron insisted he was still ...

  • Source: http://www.bruneinews.net/index.php/sid/215970670/scat/bf053b50c46383e0

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    Fighting For Henry Ford's Legacy (VIDEO)

    July 21, 2013 Updated Jul 21, 2013 at 9:09 PM EDT

    HIGHLAND PARK, Mich. (www.incnow.tv) ? October marks the 100th Anniversary of the moving assembly line, which changed the way production takes place around the world, including GM's Fort Wayne Assembly Plant.

    For the invention's 100th Anniversary, there's an effort to create new life in the building where Henry Ford came up with his revolutionary idea.

    "It's the global significance of being the birthplace of the industrial mass production. It changed the world." That's why Debra Schutt is helping lead the effort to save it.

    "It" is this abandoned four story building on Woodward Avenue in the Detroit suburb of Highland Park. Henry Ford housed his offices here. What makes the building significant is this is where Ford came up with his moving assembly line when Ford built the Model-T.

    "This is what we're about. This is what innovation, creativity, we're still there. We want to make sure we tell the world,? said Schutt.

    The building is already a national landmark, but Schutt, and the rest of the Woodward Avenue Action Association see a new use it for it. The building has been closed since the 1960's, but, it could re-open for business as a welcome center. It would resemble what you find when you visit a state park.

    "This place will direct you to other places in the region to experience the automobile heritage story,? she said.

    However, Schutt and others are dealing a major obstacle before they can start converting the old administration building, and the next door garage.

    "Do you have $125,000?" asked Schutt?that's how much the Association needs to come up with in 60 days to receive matching state grants in order to buy the property. It will take another $7.5 million to renovate it. Some believe the $125,000 is a small price to pay to help preserve a piece of history that revolutionized the world.

    What are your thoughts CLICK HERE to leave us a "Your2Cents? comment.

    ? Copyright 2013 A Granite Broadcasting Station. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

    Source: http://www.indianasnewscenter.com/news/local/Fighting-To-Save-216376091.html

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    Japan?s Prime Minister Abe arriving in PH on Friday

    By Tarra Quismundo
    Philippine Daily Inquirer

    Japanese Prime Minister Shinzo Abe is visiting the Philippines this weekend, arriving in the country just after his party won control of the Japanese Parliament on Sunday, July 21, 2013. AP PHOTO

    MANILA, Philippines?Japanese Prime Minister Shinzo Abe is visiting the Philippines this weekend, arriving in the country just after his party won control of the Japanese Parliament on Sunday.

    The Department of Foreign Affairs (DFA) said Monday Abe would be in Manila on July 26 and 27, confirming earlier Japanese press reports the official was considering visits to Southeast Asia this month.

    During the two-day visit, Abe is expected to meet with President Aquino ?to discuss bilateral cooperation and regional issues, and further advance the strategic partnership between the Philippines and Japan,? the DFA said.

    Twofold purpose

    ?The visit of Japanese Prime Minister Shinzo Abe will no doubt achieve a twofold purpose: It will strengthen the personal relationship between the Prime Minister and President Aquino, and it will serve to further enhance the invaluable strategic partnership between the Philippines and Japan,? Foreign Secretary Albert del Rosario told the Inquirer in a text.

    Abe returns to the Philippines seven years since his last visit in December 2006, during his first term as Prime Minister. Abe?s Liberal Democratic Party scored an overwhelming victory in last Sunday?s Japanese elections.

    He visits just as the Philippines and Japan face a common challenge in the disputed West Philippine Sea (South China Sea) and the East China Sea, respectively, where both nations are contending with territorial claims made by regional heavyweight China.

    Source: http://globalnation.inquirer.net/81159/japans-prime-minister-abe-arriving-in-ph-on-friday

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    Monday, July 22, 2013

    Seychelles president Michael meets with president of the United Nations General Assembly

    Seychelles President James Michel met with the President of the United Nations General Assembly, Mr. Vuk Jeremic at State House this afternoon. Mr. Jeremic is in Seychelles to address the AIMS Regional Preparatory Meeting for the Third International Conference on Small Island Developing States (SIDS).

    President Michel congratulated Mr. Jeremic on his dynamic presidency of the UNGA during the last year, where the interests of the developing world were often brought to the forefront of its discussions.

    "Thank you for championing the cause of Small Islands Developing States and for the support you have given us in the AIMS Regional Preparatory Meeting. This will make a difference in the agenda which is set for the Samoa conference, and further promote our common aims for sustainable development, "said the President.

    Mr. Jeremic said that the conference is timely and will provide an opportunity for SIDS to make their voices heard and ensure they have a constructive and active role in the development agenda in the UNGA.

    " We will be discussing the post-2015 development agenda currently being developed in the United Nations, and in particular the priorities of the small island states.... We discussed how these priorities can be integrated in the broader goals of the international community," said Mr. Jeremic.

    The President of the UNGA commended Seychelles for the progress it has made in its economic and social development, and added that Seychelles is making a strong impact with its work within the United Nations system.

    "Seychelles is a small country but a very visible country in the international community...I think the Seychelles balanced very well the interests of various countries, like in the fight against piracy.... in development issues, renewable energy and the blue economy.... You do have a good image in the United Nations," said Mr. Jeremic.

    Mr. Jeremic added that in the UN General Assembly each country has one vote, and by grouping together to form a common position on issues that are their priority, small island states, which are large in numbers, therefore have a serious negotiating power in the United Nations. Furthermore, Mr. Jeremic expressed his confidence that the Seychelles bid for a non-permanent seat on the UN Security Council 2017-2018 term would be successful in the vote in 2016.

    ? Vuk Jeremi? was elected President of the sixty-seventh session of the United Nations General Assembly on 8 June 2012. At the time of his election, he was serving as Minister of Foreign Affairs of the Republic of Serbia, an office he held starting on 15 May 2007. He ends his term in the UNGA in mid - September 2013.
    ? Present at the meeting were; Minister for Environment and Energy, Professor Rolph Payet, the Secretary of State in the Ministry of Foreign Affairs, Ambassador Barry Faure, the President's Diplomatic Adviser, Ambassador Callixte d'Offay, as well as the UNGA President's Chef de Cabinet, Mr. Zdravko Pono?.

    Source: http://www.eturbonews.com/36332/seychelles-president-michael-meets-president-united-nations-gene

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    EA Sports Works Out Contract with Collegiate Licensing Company

    EA may not be able to create NCAA licensed college football games, but they will be able to create college football titles regardless. The publisher announcement a new three-year contract with the College Licensing Company, which oversees official licensing for several major colleges in the US.

    ?CLC, as trademark licensing agent for schools, signed an agreement extending EA?s rights to produce and sell a College Video Game for a three-year term,? CLC spokesperson Andrew Giangola told GamesBeat.

    The deal starts on July 1, 2014, but it does not grant exclusive rights to EA Sports. This is most likely in response to EA's recent $27 million settlement in an antitrust lawsuit claiming that the company unfairly benefited from preventing competitors from creating NCAA games, since the NCAA had an exclusive rights deal with EA.

    Source: http://www.actiontrip.com//news/ea-sports-works-out-contract-with-collegiate-licensing-company/071913_5

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    Sunday, July 21, 2013

    Summer rains provide some drought relief for New Mexico

    ALBUQUERQUE - The bad news: New Mexico is still on top when it comes to having the worst and most widespread drought conditions in the nation. The good news: Recent rains have offered some relief for the parched state. A map released Thursday by federal forecasters shows less than two-fifths of New Mexico is now suffering from exceptional drought. It has been more than two months since the state has dropped below that 40 percent mark.

    Forecasters with the National Weather Service in Albuquerque say June finally produced above-normal precipitation over a large portion of the state. Still, many communities saw only a fraction of their normal snow and rain for the first six months of the year.

    Forecasters say the 36-month period ending in June was both the driest and warmest on record.

    Source: http://www.currentargus.com/ci_23695246/summer-rains-provide-some-drought-relief-new-mexico?source=rss_viewed

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    Africa?s Next Top Model ? Ghana Auditions

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    Source: http://africamagic.dstv.com/2013/07/20/africas-next-top-model-mozambique-auditions/

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    Stocks open lower after hitting record highs


    3 hours ago

    Stocks finished largely unchanged in lackluster trading Friday, with the S&P 500 squeezing out a small gain to finish at another record high, but a batch of disappointing tech earnings weighed down the market.

    (Read more: Ultrawealthyinvestors turn bullish on stocks)

    Despite the limp session, the Dow and S&P still logged their fourth-straight week higher.

    The Dow Jones Industrial Average closed 4 points lower, dragged by Microsoft and Hewlett-Packard.

    The S&P 500 eked out a gain to close at a record high, while the tech-heavy Nasdaq ended in the red. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, fell below 13.

    Among key S&P sectors, techs led the laggards, while health care gained.

    Google and Microsoft tumbled after both tech giants disappointed the market after the closing bell Thursday with quarterly earnings and revenue that fell well below Wall Street expectations. At least eight brokerages slashed their price targets on Google, while seven cut their price targets on Microsoft.

    (Read More:Microsoft, Google disappoint; shares pay the price)

    Also among techs Advanced Micro Devices tumbled more than 10 percent after the chipmaker said its gross margins would fall, even as the company forecast better-than-expected revenue growth in the third quarter. Analysts were mixed on the stock: at least five brokerages raised their price targets on the company, while Credit Suisse and Morgan Stanley lowered their ratings.

    (Read More: Market at new high despite some earnings misses)

    Offsetting the losses in the tech sector, General Electric jumped to lead the Dow gainers after the conglomerate posted earnings that edged past expectations by a penny a share.

    So far, one-fifth of S&P 500 companies have reported quarterly results, with 65 percent of companies posting earnings above estimates, while 51 percent missing expectations, according to the latest data from Thomson Reuters. If all remaining companies report earnings in line with forecasts, earnings will be up 2.9 percent from last year's second quarter.

    Barry Knapp, head of equity portfolio strategy at Barclays noted that domestically orientated U.S. stocks have outperformed this quarter.

    "This quarter, domestic revenues are starting to go up, which makes perfect sense given those stocks have been telling you that for six months. Companies with foreign-derived revenues remain under pressure," he said.

    (Read More:Will earnings punch a hole in the US stock rally?)

    The Dow and the S&P set fresh highs on Thursday, after Federal Reserve Chairman Ben Bernanke reiterated his commitment to easy monetary policy, in his second day of testimony before lawmakers.

    "What we do know with more certainty is that in September the Fed is going to slow its asset purchases," said Knapp.

    Beyond the U.S., markets will also watch a meeting of G-20 finance ministers in Moscow on Friday and Saturday to see if global policy makers can do anything further to calm recent volatility and boost global growth.

    Treasury Secretary Jack Lew will be in attendance. Ahead of the meeting, Lew said the U.S.was once more a "source of strength" in the global economy.

    "The U.S. is again a source of strength in the world economy, only five years after it was the center of a global crisis. This has not happened by accident," said Lew in an opinion piece published by the Financial Times. "In many parts of the world, such as Europe, growth is too weak to drive job creation, and it is critical to take steps to bolster private hiring."

    Meanwhile, the Nikkei fell from a two-month peak on Friday, as investors unwound long positions in the futures and cash market ahead of upper house elections over the weekend. Other Asian stocks also reversed gains, with the Shanghai Composite easing over 1.5 percent and Australia's S&P ASX 200 index retreating further from the 5,000 mark.

    ? 2013 CNBC LLC. All Rights Reserved

    Source: http://feeds.nbcnews.com/c/35002/f/663286/s/2ee4abb4/l/0L0Snbcnews0N0Cbusiness0Cstocks0Eopen0Elower0Eafter0Ehitting0Erecord0Ehighs0E6C10A680A0A10A/story01.htm

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    Kristen Stewart Wears Short Shorts, Flashes Major Leg On Movie Set (PHOTO)

    Kristen Stewart may not be quick to flash a smile, but she seems just fine with flashing a whole lotta leg.

    KStew was spotted on set of her new movie "Camp X-Ray" in Los Angeles, Calif., earlier today. She enjoyed the 75 degrees weather in her usual tomboy garb: short crimson shorts, a T-shirt that allowed for a sliver of her midriff to peek through, Converse sneakers and a backwards cap.

    In the movie, Stewart plays a young woman who enlists in the military and winds up stationed at Guantanamo Bay. Once there, she starts to form a bond with one of the captives.

    In real life, the 23-year-old spent some time in Paris, France recently as part of Paris Fashion Week. There she was rumored to be hitting it up with "Boardwalk Empire" actor Michael Pitt, but the rumors have since been refuted.



    Also on HuffPost:

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    Source: http://www.huffingtonpost.com/2013/07/20/kristen-stewart-short-shorts-photo_n_3629087.html

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    Trayvon, brother. 16th St. Washington DC

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    Source: http://www.facebook.com/photo.php?fbid=10151589311707637&set=a.268378942636.142151.8440937636&type=1

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    Saturday, July 20, 2013

    Mexico police rescue 81 migrants held in Reynosa

    [unable to retrieve full-text content]

    Source: www.valleycentral.com --- Thursday, July 18, 2013
    Mexican federal and state police have rescued 81 migrants who had apparently been kidnapped and held in a house in Reynosa. ...

    Source: http://www.valleycentral.com/news/story.aspx?id=923065

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    Napolitano Making Debut Before University Board

    The World News (WN) Network, has created this privacy statement in order to demonstrate our firm commitment to user privacy. The following discloses our information gathering and dissemination practices for wn.com, as well as e-mail newsletters.

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    Except as otherwise disclosed in this Privacy Policy, we will use the information you provide us only for the purpose of responding to your inquiry or in connection with the service for which you provided such information. We may forward your contact information and inquiry to our affiliates and other divisions of our company that we feel can best address your inquiry or provide you with the requested service. We may also use the information you provide in aggregate form for internal business purposes, such as generating statistics and developing marketing plans. We may share or transfer such non-personally identifiable information with or to our affiliates, licensees, agents and partners.

    We may retain other companies and individuals to perform functions on our behalf. Such third parties may be provided with access to personally identifiable information needed to perform their functions, but may not use such information for any other purpose.

    In addition, we may disclose any information, including personally identifiable information, we deem necessary, in our sole discretion, to comply with any applicable law, regulation, legal proceeding or governmental request.

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    If you no longer wish to receive our newsletter and promotional communications, you may opt-out of receiving them by following the instructions included in each newsletter or communication or by e-mailing us at michaelw(at)wn.com

    The security of your personal information is important to us. We follow generally accepted industry standards to protect the personal information submitted to us, both during registration and once we receive it. No method of transmission over the Internet, or method of electronic storage, is 100 percent secure, however. Therefore, though we strive to use commercially acceptable means to protect your personal information, we cannot guarantee its absolute security.

    If we decide to change our e-mail practices, we will post those changes to this privacy statement, the homepage, and other places we think appropriate so that you are aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it.

    If we make material changes to our e-mail practices, we will notify you here, by e-mail, and by means of a notice on our home page.

    3. Third Party Advertisers

    The advertising banners and other forms of advertising appearing on this Web site are sometimes delivered to you, on our behalf, by a third party. In the course of serving advertisements to this site, the third party may place or recognize a unique cookie on your browser. For more information on cookies, you can visit www.cookiecentral.com.

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    Source: http://article.wn.com/view/2013/07/18/Napolitano_Making_Debut_Before_University_Board_9/

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    Friday, July 19, 2013

    NFL player helps Van Andel Institute fight cancer July 17-18

    Work out alongside NFL player Jared Veldheer as part of the Van Andel Institute?s Barre Fight Against Cancer.

    The two-day workout begins at 6:30 p.m. July 17 at Powerstrength Training Systems, located at 1680 4 Mile Rd. NE ?and ends at Pure Barre, located at 2107 E. Beltine Ave. NE.? For $20, participants ?get NFL training with Veldheer? and a ?Pure Barre class, as well as a Purple Community t-shirt.? Proceeds will go towards cancer research at VAI.

    Space is limited.? To reserve a spot, visit https://community.vai.org/veldheerbarre.

    Source: http://grnorth.wzzm13.com/news/community-spirit/153693-nfl-player-helps-van-andel-institute-fight-cancer-july-17-18

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    BitTorrent Sync launches P2P file storage in beta, adds Android app


    App uses BitTorrent protocol, encryption to synchronize files

    BitTorrent has launched its free file synchronization software as a beta, and has introduced a mobile app version of its client. BitTorrent Sync allows for files stored on various devices to be synchronized across all the systems, effectively providing a similar service to Dropbox and SugarSync, though without storing files on a server online.

    The app for Windows, Mac, and Linux-based desktops is joined by an Android version for smartphones, with the BitTorrent blog stating that an iOS app is on the way. Files stored in specific nominated folders will automatically be transferred to similar folders in other devices in the group, with updated files being passed to other systems as they connect on the network or Internet.

    Data transferring between devices is encrypted and uses the BitTorrent protocol for inter-device communication, rather than using a central server that stores the files for later distribution once other computers or phones connect to the account. The amount of storage available to the group is dictated by the local storage of each device, which, when combined by the encryption and the BitTorrent process, could make it attractive to those worried about their data being collected by government bodies such as the NSA.

    The latest update of the software also adds a ?basic versioning capability,? namely a folder containing previous versions of synchronized files, as well as one-way synchronization and ?One-time Secrets.?

    By Electronista Staff

    Source: http://electronista.feedsportal.com/c/34342/f/626172/s/2ecd3695/l/0L0Selectronista0N0Carticles0C130C0A70C170Capp0Buses0Bbittorrent0Bprotocol0Bencryption0Bto0Bsynchronize0Bfiles0C/story01.htm

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    Charity swimmer dies during England-to-France bid

    Courtesy Rainbows Children's Hospice

    Susan Taylor, 34, died while trying to swim from England to France to raise money for charity.

    By Henry Austin, NBC News contributor

    LONDON -- An accountant has died while trying to swim across the English Channel to raise money for two charities.

    Susan Taylor, 34, was unable to complete the 21-mile journey between Britain and France, her sister posted on?Facebook.

    "Whilst attempting to swim the English Channel yesterday my sister, Susan collapsed suddenly in the water,? Taylor's sister wrote.?

    Taylor was removed from the water and was treated on a support boat before being airlifted to a hospital in Boulonge, France, but "tragically passed away," her sister added.

    Taylor's father, Arthur Wright, said he was ?devastated? by her death. ?

    ?I've lost the best person in the world. She was just wonderful," the 68-year-old said.

    Wright added that her brother David was the paramedic on the support boat and had battled to save his sister?s life.?

    ?He tried to help. He pulled her onto the boat," he said.?Wright said that her husband, who had been Taylor's swimming coach since she was eight, was also on board and had been acting as support swimmer. ?

    Taylor had described the swim across one of the busiest shipping lanes in the world as a "challenge tougher than Everest" on her fundraising page. ?

    But she added that she determined to complete the swim, to raise money for Diabetes UK and the Rainbow Children?s Hospice near her home in Barwell, England.

    ?We are extremely sad to hear of the tragic death,?Diabetes UK?chief executive Barbara Young said in a statement. ?We have spoken to Susan?s family and offer our support and our heartfelt condolences.?

    Geoff Ellis, the chief executive at the hospice, describe Taylor as a "wonderful women who would do anything for anybody."

    By early Monday, Taylor had raised a total of about $4230 for the charities. That figure had grown to almost $18,000 by 9:30 a.m. ET.





    Source: http://feeds.nbcnews.com/c/35002/f/663309/s/2eaec482/l/0Lworldnews0Bnbcnews0N0C0Inews0C20A130C0A70C150C194844360Echarity0Eswimmer0Edies0Eduring0Eengland0Eto0Efrance0Ebid0Dlite/story01.htm

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    Your Mom Wants To Be Friends On Facebook: Social Networking Keeps Families Connected

    Most teenagers would cringe at the thought of their parents being on social networks. But a new study?finds that teens who are connected through platforms such as Facebook, Instagram, or Twitter, tend to have better relationships with their parents, even as the window to their lives has essentially been opened.

    Follow us

    Researchers at Brigham Young University in Provo, Utah, surveyed 491 teens and their parents about their use of social networking, feelings about connection, and behavioral outcomes, NPR reported. They also looked into delinquency, depression, eating disorders, aggression in relationships, and positive behaviors towards others, which were measured by asking the teens if they agreed with phrases, such as "I really enjoy doing small favors for my family."

    They found that teens who stayed connected felt more connected to their parents in real life. Half of the teens said they used social networking to keep in touch with their parents, with 16 percent saying that they interacted with their parents every day.

    "You can do a lot on social networking sites," lead author of the study Dr. Sarah Coyne said. "Your kid might post a picture, and you might show support by liking it or making a nice comment, or a status update that does the same kind of thing. It gives more opportunities to give positive feedback or show affection."

    Those teens who interacted every day were also the ones who felt the most connected to their parents. All of the teens who stayed connected were also less likely to feel depressed, delinquent, and aggressive; and more likely to be kind and thoughtful toward others.

    Coyne notes that this positive interaction could all just be a result of parent-teen relationships that are already positive, and that social networks just provide another vehicle with which to show that affection.

    "Parents who are more connected to their teens in general want to keep that connection elsewhere. I think it's a bit of both ? it's bi-directional," she said. "As we have experiences in new media, it strengthens bonds that are already there. It's kind of a rich-get-richer type of thing and cementing what's already there."

    Meanwhile, the researchers were surprised that overall social networking use, regardless of how connected teens were to their parents, showed a higher likeliness of the teen being aggressive in relationships, delinquency, and depression.

    "That was a little surprising to me. We tend to think of social networking as relatively harmless, and for the most part it really is," Coyne said. "But kids who are using it a ton ? we had some kids in the study who were using it more than eight hours a day ? some of them show problems in terms of aggression."

    She also cautioned that a parent who is connected to their teen through social media doesn't automatically mean that they will be closer to their child.

    "You don't want these results to get overblown to say, 'If you friend your kid on Facebook, you're suddenly going to have a great relationship.' It's just one tool in an arsenal that parents have to connect with their teens. This is what teens are doing ? they are on social media already so it's a nice tool to use," she said.


    Source: Coyne S, Padilla-Walker L, Day R, et al. A Friend Request from Dear Old Dad: Associations Between Parent-Child Social Networking and Adolescent Outcomes. Cyberpsychology, Behavior, and Social Networking. 2013.

    Source: http://www.medicaldaily.com/articles/17478/20130716/facebook-social-media-social-networking-twitter-parents-teenagers.htm

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    Thursday, July 18, 2013

    Audiodraft, The Crowdsourcing Platform For Sound And Music, Raises $400K From 500 Startups, Promus

    Screen Shot 2013-07-17 at 10.35.22 AMAudiodraft, a platform where brands or anybody else can commissions custom music or sounds, just closed $400,000 in a funding round led by 500 Startups and Promus Ventures. The best analogy for what the startup does is 99Designs for sound. Founded three years ago, the company has grown a community of about 20,000 sound designers and music composers who are available to create music or sounds for different advertising agencies and clients on commission. There’s also a library on-hand tracks so that customers can drop by and buy licenses for music for anywhere from $400 to $2,000. Then there’s also a way to host contests. (Here’s an example one from “Four Hour Work Week” author Tim Ferriss, who was looking for music to pair with a teaser video for the “Four Hour Chef.”) Audiodraft charges 10 percent of the prize money and a $99 listing fee. With the round, the company is also bringing on a few advisors including Trulia co-founder Sami Inkinen and TaskRabbit vice president of engineering Yee Lee. They’ll use the funding to make a few additional hires in San Francisco and Helsinki and build out a new Agency Studios service. That product is really built for brand and advertising agencies globally that want to have more control over managing current productions and who they work with on the platform. That product will eventually cost $99 per month. The company has grown to about 1,000 registered customers and the average amount they end up charging clientele is about $1,200 with $1,000 going toward the sound designer and the rest going to Audiodraft. CEO Teemu Yli-Hollo, who is also a Finnish rapper, says that there are artists on the platform who are making enough money to pay for their living costs. The company’s now looking for a product manager, business manager and community manager in San Francisco and a product engineer in Helsinki.

    Source: http://feedproxy.google.com/~r/Techcrunch/~3/ydLBY2Lo9kw/

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    Kazarian Emerges After 20 Years With Bid for 10% of Greek Debt

    Kostas Tsironis/Bloomberg

    Kazarian declined an interview request through a spokesman. In its initial statement, Japonica said it had a ?long-term perspective on Greece? and that the firm wanted to align its investment interests with those of the country.

    Millionaire investor Paul Kazarian is ready to be noticed again.

    Days after his Japonica Partners & Co. announced on June 3 an offer to buy as much as 2.9 billion euros ($3.8 billion) of Greek government debt, about 10 percent of all outstanding bonds, Kazarian sat on a bike in the gym at the Grande Bretagne in Athens, a hotel favored by hedge-fund managers and overseas investors scouring Europe?s worst-performing economy for distressed assets.

    Kazarian, 57, wore a t-shirt plastered with the Japonica logo and slogans including ?delta force? and ?catalyst to create extraordinary value,? according to people who saw him. He put an inch-wide spiral bound presentation covered with the same logo on the bike next to his, placed beside the gym entrance in full view of anyone walking in.

    ?Without saying anything about the substance of buying Greek bonds, such as whether it?s a good investment, you have to admit it made everyone look up and take notice,? said Michael Lederman, a former Japonica partner who?s now a managing partner of investment bank Spectrum Capital Group LLC in Bristol, Rhode Island. ?That kind of move is classic Kazarian.?

    The Athens visit, Japonica?s initial June press release and another on July 1 in which the firm said it wanted to buy Greek debt with a face value of as much as 4 billion euros are part of Kazarian?s return to the public eye after two decades outside the spotlight. The former Goldman Sachs Group Inc. banker last garnered this much attention in the late 1980s and early 1990s for deals including an attempted buyout of Borden Inc., a failed $1.6 billion takeover of railroad company CNW Corp. (CNWC) and a three-year stint running Sunbeam-Oster Co., an appliance maker he rescued from bankruptcy.

    Has Money?

    What hedge-fund managers, investment bankers and analysts can?t figure out is whether Providence, Rhode Island-based Japonica has the money to buy the Greek bonds and if its offer is serious. The firm is offering less than the price the bonds trade at, has rebuffed some bondholders? attempts to negotiate debt sales and didn?t respond to at least one firm?s efforts to find out more about the offer, said fund managers and bankers interviewed by Bloomberg News.

    ?It?s structured in a way that doesn?t have a lot of success of working in any serious size because it?s below market,? said Hans Humes, whose New York-based hedge-fund firm, Greylock Capital Management LLC, owns Greek government bonds. ?This isn?t put together in a way to get a deal done.?

    Japonica?s Strategy

    Kazarian declined an interview request through a spokesman. In its initial statement, Japonica said it had a ?long-term perspective on Greece? and that the firm wanted to align its investment interests with those of the country.

    ?Paul has been working for almost the past two years throughout Europe,? Finance Director Christopher Magarian, who is running Japonica?s Greek bond offer, said in an interview. ?We?re hold-to-maturity with no leverage investors.?

    Japonica, named after the street Kazarian grew up on in an Armenian community in Pawtucket, Rhode Island, initially said it would pay a minimum of 45 percent of the bond?s principal amount in a tender offer that expired July 1. The day of the deadline, Japonica announced it would cut the minimum price to 40 percent of face value, while extending the tender a month. If Japonica bought all the bonds it says it wants at the minimum price, the firm would spend about 1.6 billion euros.

    Lederman, 60, who was general counsel of Sunbeam when Kazarian ran it from 1990 to 1993, said the Greek bond offer came as a shock, because his former partner has ?been so quiet and not really risking anything for so long.? Lederman and Kazarian?s business relationship ended in the 1990s amid a legal dispute between the two men over the control of Japonica.

    Investor Doubts

    Humes?s Greylock (0447838D) is among funds that took notice of the offer and have been left scratching their heads. After Japonica?s first announcement, Greylock contacted the firm to determine if the proposal was legitimate, Humes said.

    A Japonica official said the firm couldn?t negotiate with Greylock or send it documents with details because Greylock is U.S. based, a violation of the tender offer, Humes said. Greylock responded that geography shouldn?t matter because, like many hedge funds, the firm is domiciled in the British Virgin Islands. When Japonica still wouldn?t discuss it, a Greylock employee based in Singapore also contacted the firm to try get around the jurisdictional hurdle, a request that drew no response, Humes said.

    ?Front Running?

    Japonica is in contact with more than 80 percent of the ?large? holders of Greek government bonds eligible to participate in the tender, Magarian, 38, said. The firm has avoided the ?rent-seeking? and ?front-running? brokers who are seeking fees and have an interest in driving up bond prices, he added. Japonica has been careful not to reveal information that could undermine its proposal, Magarian said.

    ?Regarding discussing non-public information, we will not be baited,? he said. He declined to discuss whether any bondholders have tendered their securities.

    Japonica?s bid hasn?t moved the price of Greek bonds, suggesting investors don?t consider the bid credible, Humes said. Dimitris Drakopoulos, an economist at Nomura International Plc in London, said the offer hasn?t had ?any market impact.?

    In the three weeks after Japonica announced the offer, Greece?s 10-year bonds expiring in 2023 fell 15 percent to close at a low of 51.3 cents on the euro on June 24, hurt by concerns that the coalition government might fall apart and uncertainty over whether the indebted nation would secure its latest round of rescue funds. Greece?s 30-year bonds declined even more during the period, plunging 21 percent to close at 36.6 cents on the euro, far below Japonica?s stated minimum offer, data compiled by Bloomberg show.

    Fair Price

    Japonica reacted to the sell-off by cutting its minimum offer by 11 percent. That moved Japonica below the strip, the average price investors are willing to pay for outstanding Greek government debt. The strip is currently priced at 44 percent of the bonds? principal amount, according to Athens-based Piraeus Bank SA.

    ?The 40 price is fair,? Magarian said. ?Some analysts now say the fair price for large institutional blocks could be as low as 25 in the near future.?

    Buying Greek bonds on a bet that European officials would continue to flinch by rescuing the nation from financial collapse proved a winning trade last year for hedge funds including Greylock, Daniel Loeb?s Third Point LLC and David Tepper?s Appaloosa Management LP, according to investors.

    Mario Draghi

    Greek 10-year bonds sold for as little as 13 percent of their face value in May 2012, two months after a restructuring cut by half the 206 billion euros of debt the nation owed to private investors. By the end of last year, the bonds traded at 48 percent of their principal amount, a surge triggered by Greece meeting its bond payments, a pledge by European Central Bank President Mario Draghi to protect the euro currency bloc and the December buyback.

    Kazarian?s Japonica is now trying to get in on the trade as Morgan Stanley (MS) says the biggest gains have already happened.

    The ?fair value? for the strip is about 48 percent of face value and dips to 46 percent if bondholders are subject to a second restructuring, analysts Paolo Batori and Robert Tancsa wrote in a July 9 report. It could fall to 25 percent if official-sector holders, such as the International Monetary Fund, as well as private investors, are forced to take further losses on Greek bonds, the analysts said. The bank no longer advises clients to buy the debt on concern the governing coalition may break up and rising bond yields in Portugal may spread to other bond markets in Europe.

    Greek Bailout

    Greece, now in its sixth year of recession, got its latest reprieve from bankruptcy July 8 when European governments agreed to release 3 billion euros of aid, as long as the country delivers on economic reforms and spending cuts.

    Japonica has been tracking Greece for about 15 months and has 100 people, including outside consultants, working on the tender offer, Magarian said. The firm began contacting banks at least a year ago to ask questions about the Greek bond market, said a trader at one lender who asked not to be identified because the conversation was private.

    Kazarian?s son, Charles, spent his break from college last summer as an intern at Japonica, where his tasks included evaluating financial data on European Union members, monitoring news on the region?s debt crisis and preparing a report that assesses changes initiated by the Greek government from 1995 to 2000, according to a LinkedIn profile matching his name.

    The size of the offer prompted Lederman to suggest that Kazarian has backing from other investors.

    No Registration

    Japonica never discusses its investors or where financing comes from, Magarian said. Japonica isn?t registered as an investment adviser with the Securities and Exchange Commission, a requirement for most U.S. hedge funds and private-equity firms under the 2010 Dodd-Frank financial regulation law. The firm isn?t required to register, because it doesn?t charge fees or provide investment advice, Magarian said.

    In the past, Kazarian?s backers included some of the biggest names on Wall Street. Hedge-fund legend Michael Steinhardt and mutual-fund titan Michael Price provided financing for Japonica?s 1989 purchase of Sunbeam.

    When Kazarian was competing with buyout firm KKR & Co. (KKR) for Borden, the producer of dairy products and brands such as Cracker Jacks and Elmer?s glue, he met with billionaire investor George Soros, according to two people with knowledge of the discussions, who asked not to be identified because the negotiations weren?t public. While Soros considered providing Kazarian with financing, they said, the two never struck a deal and KKR bought Borden in 1995 for $2 billion.

    Soros declined to comment through a spokesman.

    Reputation Damaged

    Kazarian?s stint at Sunbeam was one of his greatest business successes. It also damaged his reputation.

    As chief executive officer, he turned the company around to a $123 million profit in 1992 from a $95 million loss in 1990. Kazarian was then ousted by the board in January 1993, with the Wall Street Journal reporting that his termination was triggered by complaints from employees about abusive behavior. The alleged infractions, made anonymously, included public hazings and physical intimidation. The National Enquirer followed with an article that labeled Kazarian ?The Worst Boss in America.?

    Kazarian countered that the allegations were part of a smear campaign used to remove him and deprive the executive of investment profits, according to a lawsuit he filed against companies controlled by Steinhardt and Price. The fund managers? firms also sued Kazarian, saying his conduct triggered the ouster, according to a 1993 Bloomberg News article. Legal disputes between Kazarian and the money managers were later resolved, with Kazarian walking away with about $160 million for his Sunbeam stake, the Boston Globe reported at the time.

    ?Positive Memories?

    ?I only have positive memories of Paul Kazarian, who, I believe, is an unusually capable individual,? Steinhardt said. Price didn?t return phone calls or e-mails seeking comment.

    In recent years, Kazarian?s profile has been quieter. The deals touted on Japonica?s website include Sunbeam, CNW and Borden, all of which happened almost two decades ago. Kazarian also heads a charitable foundation that had assets valued at $160 million as of Nov. 30, 2011, according to a filing with the U.S. Internal Revenue Service. The organization focuses on economic-development and education initiatives, particularly in support of Armenian culture, the filing said.

    Japonica has made investments that didn?t require public disclosure during the past 15 years and expects to do the same once it completes the auction for Greek government bonds, Magarian said. Kazarian spends about 90 percent of his time on Japonica and the rest on philanthropy, he said.

    While Kazarian?s low profile has raised questions about what he?s up to in Greece, Japonica has overcome doubts before. When he and Lederman first targeted Sunbeam?s predecessor, Allegheny International Inc., in 1989 the pair weren?t taken seriously, because they were young and no one believed they could raise enough money to buy the company.

    ?Having done things with him that seemed impossible at the time, it?s hard to count him out,? Lederman said.

    To contact the reporter on this story: Jesse Westbrook in London at jwestbrook1@bloomberg.net

    To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

    Source: http://www.findata.co.nz/News/22489142/Kazarian_Emerges_After_20_Years_With_Bid_for_10_of_Greek_Debt.htm

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