Kodak reaches deal to borrow $793 million

NEW YORK (AP) ? Struggling photo pioneer Eastman Kodak Co. said Monday that it has reached an agreement to borrow $793 million, an important step in letting it leave bankruptcy protection in the first half of next year.

The deal is contingent on Kodak being able to sell its patent portfolio for at least $500 million. The company has been trying to sell that asset for more than a year. In a statement, Kodak says it is "confident it will achieve" that requirement.

"The additional liquidity from this financing will enable Kodak to accelerate its momentum as we continue to successfully execute on our reorganization objectives and emerge in the first half of 2013," CEO Antonio M. Perez said in a statement.

Under the deal, Kodak would borrow the money from a private investment firm, Centerbridge Partners; GSO Capital Partners, which is a subsidiary of The Blackstone Group; and banks JPMorgan Chase & Co. and UBS AG. The loan would consist of $476 million in new loans and $317 million in roll-overs of old debt. There's a provision to convert $567 million into "exit financing," a prerequisite for emerging from Chapter 11 protection.

Kodak filed for bankruptcy protection in January after struggling to adapt to the world of digital photography.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/495d344a0d10421e9baa8ee77029cfbd/Article_2012-11-12-Kodak-Bankruptcy/id-eded23f138724decb3fe8ffb07b7198c

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Groupon Analyst Cuts Target To $2 - Business Insider

NASDAQ

Andrew Mason, Groupon CEO.

In the wake of yet another disappointing quarter, Groupon's stock has crashed to a new all-time low below $3 a share.

The stock is now down more than 85% from its $20 IPO price a year ago.

The latest stumble has caused some Wall Street analysts to finally cut their "Buy" ratings.

One skeptical Groupon analyst, meanwhile, has taken this opportunity to reiterate his CONVICTION SELL rating and slash his price target from $3 to $2.

Ken Sena of Evercore, who has been on the right side of Groupon since this summer, cites a litany of discouraging data.

Sena also points out that the bullish "value" story about Groupon down here--that the company has $1.2 billion in cash--is based on a false premise. The company does have that cash balance, but it also has ~$600 million in payables and accrued expenses. So the net cash balance is far lower than it might seem.

The good news is that, at least for now, Groupon is still profitable. So there should be a bottom here somewhere.

Here are Sena's bullets:

Flat q/q revenue growth was 5% below expectation at $569 mm. Daily Deals revenue of $424 (75% of business) was down -16% q/q, 17% below our $506 mm estimate. EBIT was $25 mm, $5 mm higher than our $20 million estimate (3.3% of rev), but 40% below the Street at $35 mm. However, EPS of $0.03 was in-line with EVR / Street estimates of $0.02 / $0.04 on lower than expected taxes.

COGS [Cost Of Goods Sold] soar on higher first-party Goods transactions. Direct revenue (where first party Goods sales are booked) increased 122% q/q to $145.0 million in 3Q12, vs. our $90 mm est., driving COGS as a percentage of revenue from 23.8% in 2Q12 to 32.0% vs. our 26.6% estimate.

International story worsens. International revenues were up 3.1% y/y (+13% y/y x-FX) to $277 mm, or down 10% q/q, which missed our $314 mm estimate by 12%. This miss was despite an $18.5 million one-time true-up of unredeemed voucher revenues related to a tax ruling in Germany. Moreover, while Groupon cited improving EMEA signs in September, the comment unfortunately suggests that their 3Q12 guidance was potentially knowingly aggressive when provided in August.

FCF down 46% q/q to $26.1 mm driven by 60% reduction in adjusted net income to $24.1 mm.

Reducing Estimates. We are reducing our 2013 EBITDA estimate for Groupon from $260 million to $176 million on the expectation for higher COGS from 1P Goods and slower growth from higher margin Daily Deals. Given the stronger growth from Goods, we now see Goods contributing $1.4 billion in revenue (~48% of billings) in 2013, vs. our previous estimate of $678 million. Meanwhile, we now expect $3.9 billion in Daily Deal Gross Billings versus $5.4 bn previously (-17% y/y vs. +3.7% y/y).

Reducing Target. Groupon currently trades at 52.3x our 2013 EBITDA estimate of $19 mm (inclusive of $157 mm in SBE), or 6x our $176 mm estimate x-SBE. Although the company has $1.2 billion in cash on its balance sheet, ~$600 mm is in accrued payables and expenses, suggesting less cash valuation support than it would seem. Our newly lowered target of $2.00 (from $3.00) implies that Groupon should trade at 6x our EBITDA estimate (inclusive of SBE), or 1x EBITDA x-SBE. Therefore, we see further risk and maintain our Conviction Underweight rating.

SEE ALSO: Groupon Has Fired ~650 People In The Past 6 Months

Source: http://www.businessinsider.com/groupon-analyst-cuts-target-to-2-2012-11

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Video: Fiscal Cliff Common Ground?

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Source: http://video.msnbc.msn.com/cnbc/49735567/

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Claire McCaskill: 'most endangered Democrat' wins Missouri Senate race

Rep. Todd Akin's comments on rape played big at the polls among both women and men voters, helping Senator McCaskill win by nearly 15 percentage points a race she had been expected to lose.

By Gail Russell Chaddock,?Staff writer / November 7, 2012

Flanked by family members, Sen. Claire McCaskill (D) of Missouri declares victory over challenger Rep. Todd Akin (R) in the Missouri Senate race Nov. 6 in St. Louis.

Jeff Roberson/AP

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Sen. Claire McCaskill topped everyone's list of most endangered Democrats, until her challenger's comments on "legitimate rape" suddenly made the gender gap a top issue in the campaign.

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Most voters in exit polls said that they gave the comments on rape and abortion by Rep. Todd Akin (R) of Missouri "some consideration" in the voting booth ? and that those who did overwhelmingly sided with Senator McCaskill. The comments angered both women and men, who were only slightly less likely than women to back the incumbent.

In the end, McCaskill won with a 15 percentage-point margin a race she had been expected to lose by at least that much.

As a freshman senator, her voting record was out of sync with a state trending increasingly Republican. McCaskill's early and public support of President Obama, who lost the state twice, her backing for the 2009 stimulus and 2010 health-care reform known as Obamacare, as well as ethical issues involving taxes and improper payments didn't help. By mid-summer, she was limping into a general election with a 40 percent job approval rating and trailing Representative Akin by double digits in the polls.

But Akin's toxic comments in an August television interview that pregnancy is rare in cases of "legitimate rape," because "the female body has ways to try to shut the whole thing down" went viral on the Internet and gave a new face to the campaign.

Akin apologized for his "six second mistake," but by then the damage had been done ? not just to GOP hopes for taking back the Senate but also to the overall Republican brand, especially among women. Top GOP leaders, including Mitt Romney, urged Akin to get out of the race. Sen. John McCain (R) of Arizona said publicly that he would not be welcome in the Senate.

Still, some social conservatives, such as former Gov. Mike Huckabee (R) of Arkansas, publicly backed Akin. The deadline to take his name off the ballot came and went, as Akin insisted that conservatives were rallying to his campaign and that he could still win the race.

Exit polls by the Associated Press show that McCaskill was helped by a strong turnout from women, especially among younger women, but she also drew support from nearly half of male voters. Akin drew support among women 65 and older. Exit polls also signal a racial gap: Akin drew support from white women, while black women backed McCaskill "in a landslide."?

"This election provided a clear choice between leaders like Claire McCaskill, who want to move forward by expanding women's healthcare access and economic opportunity, and candidates like Todd 'Legitimate Rape' Akin, who was committed to redefining rape, and denying women access to reproductive health care and equal pay," said Stephanie Schnock, president of EMILY's List, which raises money for Democratic women candidates to support abortion rights, in a statement after the vote.

"It looks like Claire McCaskill (D) pulled off one of the most dramatic escapes in recent political history, thanks to Rep. Todd Akin (R)," said political analyst Stuart Rothenberg. "His comments about rape, abortion and subsequent inability to stay out of the headlines ensured his defeat."

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/XyViMMLz4-o/Claire-McCaskill-most-endangered-Democrat-wins-Missouri-Senate-race

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5 Easy Home Improvement Projects to do With Your Kids

Five ways to spend time with your kids ? and get some home improvement projects out of the way too!

If you are like most parents, you are a very busy person. Taking the kids to school, cooking dinner, doing household chores ? your schedule is jam-packed with important activities that have to get done. With everything going on, it can be nearly impossible to find the time to do a little bit of home maintenance.

But what if you could include the kids in the projects? It would be a great way to spend time with them AND tackle some items around the house. The five home improvement projects below are specifically designed to be kid-friendly!

Painting

Painting is a great project for kids and can be on walls, furniture, or whatever project needs to be finished. ?Mistakes are easily fixed and the kids will like feeling like they are contributing to the overall decor of the house.

Gardening

Have you been thinking about putting in a garden in your backyard but just haven?t found the time? There is no time like the present and no helper like your kid. Gardening is the perfect activity for them ? it is fun, educational, and long-term. You can plant many of your family?s favorite vegetables: tomatoes, zucchini and cucumbers are all easy to grow. Your whole family will enjoy eating the literal fruits of your labor!

Build a Playhouse

If the idea of building a playhouse yourself sounds a little overwhelming, you will be happy to know that there are plenty of kits available to help you in the project. Of course this is not an activity suited for young children, but older ones taking the proper safety precautions will enjoy this project a lot. Learning to use a hammer is a basic skill and there is no better way to learn it than with your parents.

Decorate Your Mailbox

Go a little wild and let your kids have their fun with your faded mailbox. Take them shopping for fun art supplies and let them turn this improvement project into a crafty one. Just make sure there is a visible house number and that nobody paints it shut!

Install Outdoor Solar Lights

Putting solar lights in your yard is surprisingly simple. Solar walkway lights are sold online and at most home improvement stores. Your kids can place them along your walkway or around garden beds. They will enjoy seeing the lights turn on as the sun goes down. It?s good for the environment ? and for about $50 for a pack of eight, they?re good for your wallet too!

Note: With all of these projects it is important to remember that safety always comes first. Take all the necessary precautions and keep an eye on your child. Also, remember to prepare for messes ? use an old sheet or some newspapers to cover your floor and move as much furniture as you need for your work space. Involve your children from step one and keep them involved until the end, including clean up.

About Lisa Steele

Lisa Steele has been writing about home improvement and chair replacement parts for nearly a decade. When she isn?t writing, you can find her at home with her family or training for her upcoming marathon.

Source: http://www.socialmoms.com/food/5-easy-home-improvement-projects-to-do-with-your-kids/

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Newspaper discloses new Cameron text messages

LONDON (AP) ? A British lawmaker says he's asked the country's media ethics inquiry to consider newly disclosed text messages sent between Prime Minister David Cameron and Rebekah Brooks, the ex-chief executive of Rupert Murdoch's British newspaper division.

The Mail on Sunday newspaper on Sunday published two previously undisclosed messages exchanged between the pair, who are friends and neighbors.

Brooks is facing trial on conspiracy charges linked to Britain's phone hacking scandal, which saw Murdoch close down The News of The World tabloid.

In one newly disclosed message, Cameron thanked Brooks in 2009 for allowing him to borrow a horse, joking it was "fast, unpredictable and hard to control but fun."

Opposition lawmaker Chris Bryant has asked a judge-led inquiry scrutinizing ties between the press and the powerful to examine the messages.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-11-04-Britain-Phone%20Hacking/id-d8d76bbc04af4dbbac36b1b0d5671ca8

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Qatar University pharmacy student scoops international first prize ...

Doha, Qatar - Wednesday, October 31st 2012 [ME NewsWire]

A Qatar University pharmacy student beat of competition from her peers around the world to secure one of the top prizes at the International Pharmacy Student Federation (IPSF) World Congress.

Ghadeer Daghash, a final year undergraduate student at the university?s College of Pharmacy, won first place in the Congress?s senior level patient counseling skills competition. She was one of a 10-strong team representing the Gulf state?s renowned College of Pharmacy. They joined more than 500 pharmacy students from around the world at the 11-day educational, scientific and cultural symposium held in Hurghada, Egypt.

As part of her assessment, Ghadeer had to analyze a case study of a patient, given to her just one day before, and counsel on the use of a new prescription as well as any drug interaction or adverse events present in the case. She fought off tough competition in the preliminary rounds to make it to the final, where she pipped her two competitors to the post.

Ghadeer said:? ?Competing on an international level has strengthened my professional skills as a pharmacy student.? During our period of study at the College, we are given the opportunity to develop important skills which will in future enhance our care of patients and compliance with international pharmacy standards.? Winning in this category showed that I am equipped with the necessary skills and I have the College to thank for helping me to build and develop them to this level?.?? Commenting on the students? participation in the symposium, CPH Acting Dean Dr Sherief Khalifa said:? ?Participating in such forums gives our students an invaluable opportunity to break the boundaries of distance, language, and culture and to connect with peers from around the world. Their participation underlines QU?s commitment to advancing pharmacy education and practice as well as creating pharmacy leaders who will make a difference and lead the change.?

Providing Qatar?s only pharmacy education, QU?s College of Pharmacy is committed to ensuring its students receive a world-class education which will bring the state?s pharmacy provision in line with international best practice. In addition to its undergraduate course, it also offers a Masters programme and a DPharm qualification, which can be undertaken part-time for select resident Qatar pharmacy practitioners with an approved BSc (Pharm) degree from another university who wish to continue their post-baccalaureate training while practicing in Qatar.

Underlining its commitment to community service, the college also runs a comprehensive professional development programme for practising pharmacists in Qatar. The purpose of the programme is to ensure the continued improvement of pharmacy professionals, researchers, scientists and allied professionals in Qatar, in order to achieve optimal patient care.

ENDS

About Qatar University:

Qatar University is the first and only national university in Qatar.? Established in 1973, it serves over 12,000 students and offers more than 60 specializations. The organization is committed to providing high-quality education to Qatari and international students in areas of national priority.? Its academic programs are aligned with established international standards and best practices. This was achieved through accreditation of many of its colleges, programs and courses by leading international accrediting bodies such as ABET and AACSB.

www.qu.edu.qa

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Source: http://pressrelease.smartoman.com/?p=5456

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