Wednesday, October 3, 2012

Direct Line's IPO order book covered -sources

LONDON (Reuters) - Royal Bank of Scotland has found buyers for the full 33 percent stake of insurer Direct Line it is selling to stock market investors, just three days into a nine-day marketing drive, sources close to the transaction said.

RBS is selling Direct Line, Britain's biggest motor insurer, to win European Union regulatory approval for a government bailout it received during the 2008 financial crisis that left it 82 percent state-owned.

"The book is now fully covered within the range, and to get that done three days in is pretty encouraging," one of the sources said, referring to the price range of 160-195 pence set last week.

Direct Line would be worth 2.66 billion pounds at the mid-point of the price range, at the lower end of the 2.5 billion pound to 3.5 billion pound range of market forecasts.

The price range reflects volatile financial markets that have derailed some planned European flotations this year.

The initial public offering, London's biggest in a year, has faced further pressure because of investor worries about weak growth prospects in the British motor insurance industry, which is also facing an anti-trust probe.

"The headwinds from the current softening pricing environment, macro challenges to the home and commercial market, and margin pressure from regulatory changes ... will be too much," Espirito Santo analyst Joy Ferneyhough wrote in a note on Wednesday, valuing the company at 2.4 billion pounds.

Another source said banks handling the sale had so far focused on attracting British investors, and would now turn to marketing the shares in North America and continental Europe.

RBS said last month it would sell a maximum of 33 percent in Direct Line in the first of several share offerings aimed at disposing of the business entirely by the end of 2014.

If priced at 195 pence, the insurer could raise as much as 975 million pounds, making the sale London's biggest initial public offering in over a year. Order books, which opened on September 28, are due to close on October 10.

British spread betting firm ETX Capital was on Wednesday quoting a spread of 179 pence to 189 pence on Direct Line shares, up from 177 pence to 187 pence on Tuesday, reflecting investor expectations of a higher offer price.

The spread gives investors the opportunity to bet the stock will rise above 189 pence or fall below 179 pence when it starts trading.

Edinburgh-based RBS has been under political pressure to secure a good price for Direct Line to help reduce the British taxpayer's current loss of 22 billion pounds on the 45 billion pounds the government pumped into the bank to secure its future.

The shares are being offered to retail investors as well as institutions. On Monday, stockbrokers involved in the listing reported good interest from private investors.

Goldman Sachs and Morgan Stanley are running the offering, and are joint bookrunners with UBS .

RBS and Direct Line declined to comment.

(Additional reporting by Steve Slater; Editing by Catherine Evans)

Source: http://news.yahoo.com/direct-lines-ipo-order-book-covered-sources-134717476--sector.html

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Boy Scouts to report pedophiles missed previously

FILE - This April 8, 2010 file photo shows Kelly Clark, attorney for the Portland man who filed a sex abuse lawsuit against the Boy Scouts of America, using a chart during his closing statements in the Multnomah County Courthouse in Portland, Ore. The Boy Scouts of America plan to begin doing what critics argue they should have done decades ago _ bring suspected abusers named in the organization?s so-called perversion files to the attention of police departments and sheriff?s offices across the country. (AP Photo/The Oregonian, Brent Wojahn, Pool, File)

FILE - This April 8, 2010 file photo shows Kelly Clark, attorney for the Portland man who filed a sex abuse lawsuit against the Boy Scouts of America, using a chart during his closing statements in the Multnomah County Courthouse in Portland, Ore. The Boy Scouts of America plan to begin doing what critics argue they should have done decades ago _ bring suspected abusers named in the organization?s so-called perversion files to the attention of police departments and sheriff?s offices across the country. (AP Photo/The Oregonian, Brent Wojahn, Pool, File)

(AP) ? The Boy Scouts of America plan to begin doing what critics argue they should have done decades ago ? bring suspected abusers named in the organization's so-called perversion files to the attention of police departments and sheriff's offices across the country.

The Scouts have, until now, argued they did all they could to prevent sex abuse within their ranks by spending a century tracking pedophiles and using those records to keep known sex offenders out of their organization. But a court-ordered release of the perversion files from 1965 to 1985, expected sometime in October, has prompted Scouts spokesman Deron Smith to say the organization will go back into the files and report any offenders who may have fallen through the cracks.

Smith said Mike Johnson, the group's youth protection director and a former police detective, will lead the review.

That could prompt a new round of criminal prosecutions for offenders who have so far escaped justice, said Clatsop County, Ore., District Attorney Josh Marquis. But investigations may require more than what most Scout files provide, including victims willing to cooperate.

"Let's even assume the suspect confessed," he said. "An uncorroborated confession is not sufficient for a conviction."

Many states have no statutes of limitations for children victimized when they were younger than 16, so even decades-old crimes could be fair game.

The Scouts began keeping the files shortly after their creation in 1910, when pedophilia was largely a crime dealt with privately ?not publicly. The organization argues that the files helped them track offenders and protect children. But some of the files released in 1991, detailing cases from 1971 to 1991, showed repeated instances of Scouts leaders failing to disclose sex abuse to authorities, even when they had a confession.

A lawsuit culminated in April 2010 with the jury ruling the BSA had failed to protect the plaintiff from a pedophile assistant Scoutmaster in the 1980s, even though that man had previously admitted molesting Scouts. The jury awarded $20 million to the plaintiff.

Files kept before 1971 remained secret, until a judge ruled ? and the Oregon Supreme Court agreed ? that they should be released. Attorneys are now redacting the addresses and other identifying material from the files, which stretch from 1965 to 1985.

The release means that alleged abusers, and the names of Scout leaders who failed to report them, will be made public soon in tens of thousands of pages of confidential documents __ one of the largest troves of the files the BSA has ever been forced to produce. A psychiatrist who reviewed the files, Dr. Jennifer Warren, found that police were involved in about two-thirds of the cases from 1965-1985.

Kelly Clark, a Portland attorney who won a landmark 2010 lawsuit against the Boy Scouts, says the documents show that even though the Scouts have been collecting the files nearly since the Boy Scouts' founding in 1910, the organization failed to use them to protect boys from pedophiles.

"What's significant is that the Boy Scouts could have these files for so long and not learn from them," Clark said.

Last week, the Scouts made public an internal report they compiled on the files by Warren, the psychiatrist who served as an expert witness for the Scouts in the 2010 Portland lawsuit. As part of the report, they emphasized the files' success in preventing pedophiles from entering Scouting ranks, but acknowledged the organization's failure to stop some abusers.

"In some instances we failed to defend Scouts from those who would do them harm," the Scouts said in a statement accompanying the report. "There have been instances where people misused their positions in Scouting to abuse children, and in certain cases, our response to these incidents and our efforts to protect youth were plainly insufficient, inappropriate, or wrong."

Warren's report found that, of 930 files created between January 1965 and June 1984, there were 1,622 victims. Of the total victims, at least 1,302 were involved in Scouting.

"My review of these files indicates that the reported rate of sexual abuse in Scouting has been very low," Warren wrote in the report.

Warren compared the rate of victimization in the Scouts ? about 1.4 to 2.1 youth per 100,000 ? to the nationally-reported incidence of child abuse by the U.S. Department of Health and Human Services, which found that in 1980, 70 per 100,000 children experience sexual exploitation each year.

Warren's analysis didn't account for the fact that files were destroyed for offenders who died or turned 75 years old, something she said didn't affect her overall conclusions.

Critics contend the organization's legal battles reflect a long-standing effort to protect the Boy Scouts' reputation, and to try to limit any lawsuits.

"It's a culture of denial and concealment," said Timothy Kosnoff, a Seattle attorney who in 2006 obtained documents on 5,200 alleged pedophiles who went into the files from 1949-2005.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-10-01-Boy%20Scout%20Files/id-98445e3a2d964e15938d362c7f1a70e7

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MoviePass Launches Subscription Service - Business Insider

Kevin Smith, Business Insider

MoviePass, an app that lets you pay a monthly fee to watch a movie a day in theaters, is launching publicly starting today.

Think of it as Netflix for movies still playing in theaters.

The service costs about $30 per month, depending on your location, and lets you reserve tickets from your smartphone and load them on a pre-paid card. You then swipe your card at the theater's kiosk to receive your ticket. The card has built-in geo-location so it can confirm you're actually at the theater.

The app is only on iPhone right now, but an Android version will launch next month.

We spoke with MoviePass' CEO and co-founder, Stacy Spikes, and he explained how the service works and lessons learned from the closed beta testing.

He said MoviePass' goal is to remove the friction of movie-going, just like Netflix, Hulu, iTunes, and other streaming services make it easy to watch stuff at home.

Users sign up for MoviePass at www.moviepass.com. The service is invitation-only right now, but once you've been given access, you'll receive a special geo-located reloadable debit card. The debit card will work at all theaters that accept credit cards. It's the same process you use when you purchase movie tickets online and use your credit card to redeem them.

But there's a catch: the MoviePass card will only work when its near your cell phone and the theater. That helps prevent people from abusing the service.

On the business side of things, Spikes said it took a lot of work to convince movie studios and theaters they'd make money. Theaters are still paid full price for the ticket, even if the user sees a movie every day. MoviePass has cash from its investors like AOL Ventures, plus it makes money from other services it sells. And by making it easy for people to go to the movies, there's more opportunity for theaters to make money from concessions.

Source: http://www.businessinsider.com/moviepass-launches-subscription-service-2012-10

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Czech president shot by air-gun-wielding assailant (VIDEO)

Czech President Vaclav Klaus as he is shot by an airsoft pistol (YouTube)In an eerie scene captured on video, Czech President Vaclav Klaus is approached by an armed assailant and shot in the arm. However, the attacker, who was dressed in camouflage, was carrying an "airsoft" gun that fires only harmless, plastic shells.

Airsoft guns are replicas of actual firearms, bearing a striking similarity to the real thing. They have become a popular alternative to paintball for recreational purposes. You can even buy airsoft guns modeled after firearms used in science-fiction films such as "Aliens."

"You really did not manage this well," Klaus, 71, reportedly told his bodyguards, in what may be the understatement of the year, as reported by local television station Nova.

In the video, the attacker simply walks up to Klaus and shoots him in the arm without anyone apparently taking notice. Klaus gives him a confused, stern look before turning back to the crowd he was greeting. He was reportedly taken to the hospital after the incident but suffered only minor bruises after the incident.

Even if his intentions were not lethal, the attacker apparently had a political message, saying the Czech government was "blind and deaf to the laments of the people," before being taken away by police.

However, the most interesting aspect of the aftermath may be that the attacker, who described himself as a 26-year-old communist sympathizer, was able to give an interview to the station before police apprehended him.

You can watch full video of the incident, including the attacker's interview, below:

Source: http://news.yahoo.com/blogs/sideshow/czech-president-shot-air-gun-wielding-assailant-video-213204096.html

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Bacon shortage 'baloney,' but prices to rise

FILE - This June, 28, 2012, file photo shows hogs at a farm in Buckhart, Ill. U.S. agricultural economists say that a global shortage of bacon because of this year's drought will not pan out. Their consensus is that consumers will still find their ever-ubiquitous bacon at the supermarket, but they should just expect to pay more for it. (AP Photo/M. Spencer Green, File)

FILE - This June, 28, 2012, file photo shows hogs at a farm in Buckhart, Ill. U.S. agricultural economists say that a global shortage of bacon because of this year's drought will not pan out. Their consensus is that consumers will still find their ever-ubiquitous bacon at the supermarket, but they should just expect to pay more for it. (AP Photo/M. Spencer Green, File)

(AP) ? Bacon lovers can relax. They'll find all they want on supermarket shelves in the coming months, though their pocketbooks may take a hit.

The economics of the current drought are likely to nose up prices for bacon and other pork products next year, by as much as 10 percent. But U.S. agricultural economists are dismissing reports of a global bacon shortage that lent sizzle to headlines and Twitter feeds last week. Simply put, the talk of scarcity is hogwash.

"Use of the word 'shortage' caused visions of (1970s-style) gasoline lines in a lot of people's heads, and that's not the case," said Steve Meyer, president of Iowa-based Paragon Economics and a consultant to the National Pork Producers Council and National Pork Board.

"If the definition of shortage is that you can't find it on the shelves, then no, the concern is not valid. If the concern is higher cost for it, then yes."

Fears about a scarcity of bacon swept across social and mainstream media last week after a trade group in Europe said a bacon shortage was "unavoidable," citing a sharp decline in the continent's pig herd and drought-inflated feed costs. The report caused much consternation over a product that used to be merely a breakfast staple, but nowadays flavors everything from brownies to vodka.

The alarm was quickly dismissed by the American Farm Bureau Federation as "baloney."

"Pork supplies will decrease slightly as we go into 2013," Farm Bureau economist John Anderson said. "But the idea that there'll be widespread shortages, that we'll run out of pork, that's really overblown."

The stubborn drought in the U.S., the world's biggest supplier of feed grains, undeniably will affect pig production. The Corn Belt's lack of moisture twice has prompted the U.S. Agriculture Department to slash its forecast for this year's corn output. The government now expects U.S. production of the grain to amount to 10.8 billion bushels, the least since 2006.

Those lowered expectations sent prices of corn ? also used in ethanol, further squeezing supply ? to record highs through much of the summer. Feed generally makes up about 60 percent of the expense of raising a pig. Rather than absorb the higher costs, swine and beef producers often have culled their animals by sending them to slaughter.

As of Sept. 1, the nation's inventory of hogs numbered 67.5 million head, up slightly from a year earlier, the USDA reported Friday. But the USDA suggested that pork supplies will tighten next year as the nation's breeding stock and intended farrowings ? birthings of litters of pigs ? likely will drop due to high feed costs.

"I think we're going to (still) see pretty substantial liquidations" of livestock, Meyer said, guessing that 3 percent of the nation's breeding pigs could be sent to slaughter by next March. "And by my estimation, that's a big move."

The USDA said the breeding inventory of sows and boars stands at 5.79 million head, down slightly from last year and off 1 percent from the previous quarter.

Such liquidations could mean a temporary glut of pork on the U.S. market, depressing pork prices before the oversupply eases and the volume of pork drops again next year, causing hog prices to rebound, said Ron Plain, an agricultural economics professor at the University of Missouri in Columbia. Consequently, he estimates, the higher costs will be passed along to consumers, who could end up paying 10 percent more for their bacon.

As of Friday, the USDA said, a pound of sliced bacon cost an average of $4.05 at the nation's supermarkets, down 22 cents from a week earlier.

Pig producer Phil Borgic is banking on high prices. With 3,400 sows near Nokomis in central Illinois, Borgic figures he's had to spend $2 million more this year for the 600,000 bushels of corn he feeds his pigs. Rather than sell off animals on the spot market, the 56-year-old farmer is hedging his bets by contracting them out for slaughter over a staggered period in coming months ? what he sees only as a break-even proposition.

"The previous couple of years have been good to us," he said. "Then the drought changed the ballgame on a worldwide level."

He waves off the concerns about consumers facing shortages.

"The U.S. has plenty of pork, and we won't run out here," he said. "We'll have some price inflation, but we have plenty of supply."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-10-01-Drought-Bacon%20Supply/id-8010962623f5457a9b9d819384cf0b69

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Should I Buy Kindle Paperwhite - Business Insider

Kindle Paperweight

See Also

Samsung's Tablet Ads Are CRUSHING iPad Spots barnes and noble nook hd plus Larry Ellison Amazon has a new version of its e-reader out called the Kindle Paperwhite.

Its big feature is a screen that lights up in the dark, but is still readable in direct sunlight. It costs $119 with no wireless connection or $180 with it.

Reviews of the Kindle Paperwhite are overwhelmingly positive.

The Verge's Josh Topolsky sums it up: "Between the new display, the improved software and performance, great battery life, and Amazon's massive book selection, there's not much here to complain about."

"Reading on this display was completely comfortable in any environment I put it in."

He says it is "probably the best I've used."

If you want a few more thousand words on the Kindle Paperwhite, go read Topolsky's review.

CORRECTION: Earlier, this article called the Paperwhite the Paperweight. Boy was that dumb. Someone needs more coffee ?

Source: http://www.businessinsider.com/should-i-buy-kindle-paperweight-2012-10

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Tuesday, October 2, 2012

Android Jelly Bean update now rolling out to ASUS Transformer Pad Infinity TF700

Android Jelly Bean update now rolling out to ASUS Transformer Pad Infinity TF700

ASUS had said it would be coming soon, and it appears owners of that long-named Transformer Pad Infinity TF700 are now on the receiving end of the promised Jelly Bean goodness. According to a kind tipster and other folks from the Xda-Developers forums, an Android 4.1.1 update can currently be found in the usual spot within settings, though there are others reporting to have checked and not being greeted with the same luck -- this, however, is likely due to the rollout being a gradual one. Either way, those who wish to snag the Jelly Bean treats can try and do so now via the familiar "check for update" in your myriad ASUS tablet. And, of course, do let us know how it's working out for you in the comments below.

[Thanks, Anthony]

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Android Jelly Bean update now rolling out to ASUS Transformer Pad Infinity TF700 originally appeared on Engadget on Mon, 01 Oct 2012 15:02:00 EDT. Please see our terms for use of feeds.

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Source: http://www.engadget.com/2012/10/01/android-jelly-bean-update-asus-transformer-pad-infinity-tf700/

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