Showing posts with label news recap. Show all posts
Showing posts with label news recap. Show all posts

Wednesday, July 28, 2010

New York : Restaurants Grading Begins

By the end of Wednesday, several restaurant windows in New York are quite likely to display a new attraction alongside the usual menus and reviews: a brilliantly colored placard bearing a letter grade.

But much less visible is the months-long effort by city health officials to prepare for this day — the debut of their controversial new system to rate the cleanliness of the city’s more than 24,000 restaurants with an A, B or C.
The Department of Health and Mental Hygiene has added 23 inspectors to its 157 to conduct annual visits that are expected to rise by more than one-third, to 85,000 from 60,000. The wireless hand-held computers that inspectors use to calculate scores have been upgraded with new hard drives, memory cards and software.
The department’s printing presses have produced 28,000 letter-grade placards and enough new procedural guides for every food establishment in the city. Workshops to help restaurant employees and operators understand the new system — conducted in English, Spanish, Korean, Mandarin and Cantonese — have attracted about 2,000 participants.
And starting Wednesday, a new Web site, nyc.gov/health/restaurants, will offer the public up-to-date specifics on each restaurant’s inspection, as well as maps and even street views of the establishments.
“This is the biggest change we’ve implemented in many years,” said Dr. Thomas Farley, commissioner of the health department, which has budgeted $3.2 million for the effort.
Public pressure exerted by the letter grades, Dr. Farley said, will “force restaurants to be diligent about good food-safety practices.”
The city is not the only body gearing up. Two weeks ago, the New York State Restaurant Association, which has fought the grading system since it was first proposed 19 months ago, sent a letter to some 3,500 eating establishments, rallying opposition and raising money for a possible legal challenge, said Robert Bookman, legislative counsel for the group’s New York City chapters.
“We don’t know that the government can compel you to post a sign that expresses an opinion about your business that you do not share,” Mr. Bookman said.
The new ratings will arrive piecemeal. During inspections on Wednesday, only the 8-by-10-inch placards designating an A grade are expected to be posted, since restaurants that receive a lower grade will automatically be inspected again at a later date. If the restaurants are still unhappy with their grade, they have the right to seek an administrative hearing.
Indeed, the first B’s and C’s may not be posted until late August, and rating placards will not reach all restaurants until fall 2011.
The new inspection rules require restaurateurs to post the placards prominently, displaying ratings that were previously available only at the health department or on its Web site. Failure to do so will be punishable by a $1,000 fine, with additional penalties for counterfeiting.
The placards have been knocked out at the rate of 6,000 an hour in the department’s print shop in the basement of 80 Centre Street. The blue A card will correspond to 0 to 13 points under the old system, which imposed numerical penalties for each violation. A green B will designate a less sanitary 13 to 27 points, and an orange C will represent 28 points or more. A black-and-white “grade pending” sign will be posted in restaurants that are appealing their scores.
It is perhaps a measure of the department’s optimism that Nicholas J. Monello, director of printing operations, said he had fulfilled orders for 9,375 A’s — more than the number of B’s and C’s combined. All have been numbered and embossed to prevent counterfeiting.
The department has replaced its paper documents with an electronic system to handle the increased demand that it expects for administrative tribunals, the courts that assess fines and adjudicate disputed inspections, said Daniel Kass, a deputy commissioner. For the first time, online settlements will be permitted, if restaurants acknowledge their violations in exchange for discounted fines.
More than 200 hand-held scoring devices have been rebuilt. Every unit “had to be encrypted, which took from two to three hours for each,” said Robert D. Edman, an assistant health commissioner.
“That’s so that if they are lost,” he continued, “no one can access their information.”
Inspectors have attended four-hour training sessions on letter-grade issues, and health officials have held dozens of educational meetings with restaurant workers.
One morning this month, in the basement auditorium of the Queens Public Library in Flushing, Elliott S. Marcus, an associate health commissioner, answered questions from 70 restaurant workers and owners.
“You have to post the cards on a front window, door or exterior wall within five feet of the main street entrance, from four to six feet in height,” Mr. Marcus said.
Many restaurateurs contend that the new system is confusing, and some have predicted a mass shuttering of businesses rated B and C. Through months of public debate, the department removed many inspection categories from the scoring process, so that restaurants would not receive low grades based on administrative violations like a failure to post informational signs. Some requirements, like those governing food temperature, have been relaxed.
Still, Mr. Bookman, counsel for the restaurant association, said, “We don’t think they went nearly far enough in making changes.”
At the Queens workshop, Anna Nikopoulos, owner of Pete’s Cafe in Bayside, complained that “they are trying to implement too much here in a recession.”
But Sarvjit Singh, owner of the Sohna Punjab restaurant in Bellerose, said he had no worries about maintaining a clean restaurant. “I tell my chef he should be cooking as if he were eating that food,” he said.

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Monday, October 19, 2009

Natural Gas Hits a Roadblock in New Energy Bill

HOUSTON: The natural gas industry has enjoyed something of a winning streak in recent years. It found gigantic new reserves, low prices are encouraging utilities to substitute gas for coal, and cities are switching to buses fueled by natural gas.

But its luck has run out in Washington, where the industry is having trouble making its case to Congress as it writes an energy bill to tackle global warming.

For all its pronouncements that gas could be used to replace aging, inefficient coal-fired power plants — and reduce greenhouse gas emissions in the process — lawmakers from coal-producing states appear committed to keeping coal as the nation’s primary producer of power.

Those influential lawmakers, from both parties, say that new technologies under development to capture and bury emissions of coal are a better bet than gas for long-term solutions to climate change.

The difference of opinion is about more than what is best for the environment, of course. Industry profits are riding on the outcome of the discussion — a rich mix of politics, environment, science and business.

A climate-change bill that passed the House in June, intended to cap greenhouse gas emissions, delivered benefits to renewable fuels like wind and solar and strengthened building codes to conserve energy.

But the cost of emitting carbon dioxide emissions under the terms of the bill remained at levels that would continue to provide a price advantage for coal in many regions of the country. The Senate is planning to begin writing its own bill later this month.

“The Senate is more open to natural gas as a transition fuel than the House was,” said Senator Charles E. Schumer, Democrat of New York, “but the senators from the coal states who are crucial votes are going to want first consideration for coal.”

The gas industry’s leaders say they will descend on Capitol Hill in coming weeks to press their case about the advantage of gas, including that it emits about half the greenhouse gases as coal.

The industry has formed a new lobbying group, and it is planning a national campaign that includes television advertising. Executives want fewer allowances for coal. They also want legislation that gives incentives for companies to convert truck fleets from diesel to natural gas.

“Never in my life have I been confronted with something so obviously easy and good to do and have such Congressional apathy,” said Aubrey McClendon, chief executive of Chesapeake Energy and a leading voice in the industry. He added that he was still hopeful the Senate can improve the House bill.

But the coal industry will also be active. Vic Svec, a senior vice president at Peabody Energy, a large coal company, said coal was still a better fuel because its price is more stable than gas.

“Coal with carbon capture and storage is the low cost, low carbon solution and has fantastic implications for the nation’s energy security,” he said.

But it is not only coal-industry lobbyists and their Congressional supporters who favor the concept of carbon sequestration. David Hawkins, a climate change expert at the Natural Resources Defense Council, said simply replacing coal with natural gas for power generation was “not a viable strategy” because that would merely delay climate change by a few decades.

“A coal plant with carbon capture and storage is a cleaner plant than an uncontrolled natural gas plant,” he said.

Natural gas gets some benefits from the House bill, which includes a cap-and-trade system that sets limits on emissions of greenhouse gases while requiring manufacturers and utilities to acquire pollution permits.

Utilities that burn natural gas would earn $30 billion over 10 years in pollution credits that could be sold on the carbon-trading market. But utilities that burn coal will receive tens of billions of dollars worth of free pollution credits, savings that will be passed on to consumers but may serve to delay the closing of some coal plants.

The House bill also offers $10 billion for research and development of techniques to capture and store carbon dioxide emissions, which would help keep some coal plants open that might otherwise close.

The Environmental Protection Agency projects that if the House bill became law, electricity generation from gas would increase by less than 1 percent from 2015 to 2025, while generation from coal would remain nearly unchanged.

There will be more use of renewables, but power generation as a whole is expected to decline because of conservation efforts, including tightening of building energy codes.

“By allowing free emission allowances to maintain coal production from existing coal plants, while providing mandates that there be more wind and solar, you squeeze gas out in the middle,” said William F. Whitsitt, an executive vice president at Devon Energy, a major natural gas producer.

Without any new legislation, and if current policies remain in place, gas would beat out coal by a far larger margin, according to E.P.A. projections.

There would be nearly 30 percent more power generated by gas by 2025 than in 2015, while coal fired generation would grow by a more modest 7 percent.

Many legislators believe that carbon capture and sequestration — a largely untested system that would bury carbon at power plants so it does not escape into the atmosphere — can be made to work.

Developing the technology was particularly important for any global solution to climate change, since China and India depend on coal for their energy and growing economies, said Paul W. Bledsoe, director of communications and strategy at the National Commission on Energy Policy, a bipartisan research organization.

Currently, coal provides almost half the electrical power in the United States while natural gas provides more than 20 percent.

Proponents of natural gas say they can deliver immediate reductions in greenhouse gases, an advantage that should not be discarded for an untested technology.

Senate officials and energy officials say it will be difficult to develop legislation that benefits both the gas and coal industries and reduces greenhouse gases.

Gas executives say their day in Washington will come, especially as more jobs are produced in gas fields that now stretch across 32 states.

“The politics of natural gas are going to change dramatically,” predicted Rodney Lowman, president of the American Natural Gas Alliance, the new gas lobby group. But, he added, “it won’t be overnight.”

Previous Post's: The Energy Firms Deeply Split on Bill to Battle Climate Change

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Sunday, October 18, 2009

IBM AND MICROSOFT - RECAP

The International Business Machines Corporation has agreed with the Microsoft Corporation, a key software supplier, to develop fundamental software for personal computers, the companies said today.

But Microsoft will be able to sell the jointly developed operating systems to other computer manufacturers, which should allay industry fears that I.B.M. would one day migrate to its own, proprietary operating system. That could have locked others in the industry out of the market and made it impossible for existing software to run on future I.B.M. computers.

The agreement states that I.B.M. and Microsoft will work together on personal computer operating systems, the software that directs the computer in performance of basic operations such as retrieving information from data storage disks. Microsoft already supplies the MS-DOS operating system used in I.B.M. computers and other computers compatible with the I.B.M. machines.

Competitors' Fears

As to the industry fears that I.B.M. will lock out its competitors, ''If anything will eliminate it, this will eliminate it,'' said William H. Gates, the chairman and chief executive of Microsoft. ''It's very clear that this is a reaffirmation of the importance of DOS.''

''I think it's good for us from an outside perception viewpoint,'' said Ben Rosen, the chairman of the Compaq Computer Corporation, the leading supplier of I.B.M.-compatible personal computers. He said the agreement would help assure customers of what Compaq has always believed -that I.B.M. will not desert the open MS-DOS operating system.

I.B.M., in a statement attributed to William C. Lowe, president of its Entry Systems division, also emphasized that aspect of the agreement. ''We are committed to the open architecture concept and we recognize the importance of an open architecture to our customers,'' the statement said.

The agreement calls for the two companies to cooperate on the development of operating systems and other systems software products. While future versions of MS-DOS are included, the companies did not specify what else might be included. But it is likely the agreement calls for them to work on computer programming language, networks for connecting computers together and ''windowing environments'' that allow several tasks to appear on the screen at the same time, each in its own little ''window.'' Payments by I.B.M. The agreement provides for steady payments by I.B.M. to Microsoft as well as royalties from products. The size of the contract is confidential but it certainly will be worth tens of millions of dollars to Microsoft. ''It's by far the biggest contract we've ever signed,'' Mr. Gates said. He said there was no discussion about I.B.M. buying a stake of Microsoft, which remains closely held.

Microsoft is already working on future versions of its operating systems, known as versions 4.0 and 5.0, that will take advantage of more powerful computers now being built.

The new versions are expected to allow several tasks to be performed at once on the computer, whereas the existing MS-DOS can only handle one application at a time. The new versions will also be able to handle more computer memory. The current versions can only handle up to 640,000 characters of memory, whereas it is not uncommon now for computers to have one million characters of storage or more. It is also expected that MS-DOS will be upgraded to allow computers using it to better communicate with other computers as well as with new types of accessory devices such as laser printers and optical disks.

One potential conflict caused by the agreement is between Microsoft's Windows and I.B.M.'s Topview products, both of which are window environments. The agreement between the two companies seems to suggest that in the future the products will converge into a common one. But an I.B.M. spokesman said today that will not happen and that the two products will continue to compete.

Big Lift for Microsoft

For Microsoft, the agreement elevates it from a mere supplier to I.B.M., with the risk that it could one day be cut off, into more of a partner.

Microsoft, based in Bellevue, Wash., was catapulted to the lead in the software business when I.B.M. chose its operating system five years ago. Since then it has grown to $140 million in revenues and diversified. MS-DOS sales now represent about 20 percent of its revenues. Its sales to I.B.M. account for less than 10 percent, Mr. Gates said.

The agreement will also make it easier for the two companies to cooperate on future developments. Before, as merely a supplier, Microsoft was not privy to all of I.B.M.'s plans. ''It didn't allow us to have full information about what they were thinking,'' Mr. Gates said.

For I.B.M., the agreement means that future operating system development ''will respond to I.B.M. goals rather than Microsoft goals,'' said Brian Jeffery, director of research for the International Technology Group, a Palo Alto, Calif., consulting concern.

One priority I.B.M. has, he said, is to build into personal computers the ability to communicate with larger I.B.M. computers. He said I.B.M. had also discussed plans with consultants for a future operating system that will run both MS-DOS and Unix, a more sophisticated operating system that allows several people to use a single computer at once. Mr. Jeffery also said the move indicated that I.B.M. had realized it needed outside help in operating system development.

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Saturday, October 17, 2009

Microsoft Acquires Yahoo!

This topic was done at 2008, news may be old but the topic in this issue was very interesting, a small recap to 2008's Microsoft proposal to Yahoo! Below is the Proposal!

News Recap
Transaction valued at approximately $44.6 billion in cash and stock; provides 62 percent premium to current trading price for Yahoo! shareholders; combined entity to create a more competitive company, providing superior value to shareholders, better choice and innovation for customers and partners.

REDMOND, Wash. — Feb. 1, 2008 — Microsoft Corp. (NASDAQ:MSFT) today announced that it has made a proposal to the Yahoo! Inc. (NASDAQ:YHOO) Board of Directors to acquire all the outstanding shares of Yahoo! common stock for per share consideration of $31 representing a total equity value of approximately $44.6 billion. Microsoft’s proposal would allow the Yahoo! shareholders to elect to receive cash or a fixed number of shares of Microsoft common stock, with the total consideration payable to Yahoo! shareholders consisting of one-half cash and one-half Microsoft common stock. The offer represents a 62 percent premium above the closing price of Yahoo! common stock on Jan. 31, 2008.

“We have great respect for Yahoo!, and together we can offer an increasingly exciting set of solutions for consumers, publishers and advertisers while becoming better positioned to compete in the online services market,” said Steve Ballmer, chief executive officer of Microsoft. “We believe our combination will deliver superior value to our respective shareholders and better choice and innovation to our customers and industry partners.”

“Our lives, our businesses, and even our society have been progressively transformed by the Web, and Yahoo! has played a pioneering role by building compelling, high-scale services and infrastructure,” said Ray Ozzie, chief software architect at Microsoft. “The combination of these two great teams would enable us to jointly deliver a broad range of new experiences to our customers that neither of us would have achieved on our own.”

The online advertising market is growing at a very fast pace, from over $40 billion in 2007 to nearly $80 billion by 2010. The resulting benefits of scale along with the associated capital costs for advertising platform providers make this a time of industry consolidation and convergence. Today this market is increasingly dominated by one player. Together, Microsoft and Yahoo! can offer a competitive choice while better fulfilling the needs of customers and partners.

“The combined assets and strong services focus of these two companies will enable us to achieve scale economics while reaching R&D critical mass to deliver innovation breakthroughs,” said Kevin Johnson, president of the Platforms & Services Division of Microsoft. “The industry will be well served by having more than one strong player, offering more value and real choice to advertisers, publishers and consumers.”

The combination will create a more efficient company with synergies in four areas: scale economics driven by audience critical mass and increased value for advertisers; combined engineering talent to accelerate innovation; operational efficiencies through elimination of redundant cost; and the ability to innovate in emerging user experiences such as video and mobile. Microsoft believes these four areas will generate at least $1 billion in annual synergy for the combined entity.

Microsoft has developed a plan and process that will include the employees of both companies to focus on the integration of the combined business. Microsoft intends to offer significant retention packages to Yahoo! engineers, key leaders and employees across all disciplines.

Microsoft believes this proposed combination would receive all necessary regulatory approvals and expects that the proposed transaction would be completed in the second half of calendar year 2008.

Microsoft is also committed to working closely with Yahoo! management and its Board of Directors as they, along with Yahoo! shareholders, evaluate this compelling proposal.
Below is the text of the letter that Microsoft sent to Yahoo!’s Board of Directors:

January 31, 2008

Board of Directors
Yahoo! Inc.
701 First Avenue
Sunnyvale, CA 94089
Attention: Roy Bostock, Chairman
Attention: Jerry Yang, Chief Executive Officer

Dear Members of the Board:
I am writing on behalf of the Board of Directors of Microsoft to make a proposal for a business combination of Microsoft and Yahoo!. Under our proposal, Microsoft would acquire all of the outstanding shares of Yahoo! common stock for per share consideration of $31 based on Microsoft’s closing share price on January 31, 2008, payable in the form of $31 in cash or 0.9509 of a share of Microsoft common stock. Microsoft would provide each Yahoo! shareholder with the ability to choose whether to receive the consideration in cash or Microsoft common stock, subject to pro-ration so that in the aggregate one-half of the Yahoo! common shares will be exchanged for shares of Microsoft common stock and one-half of the Yahoo! common shares will be converted into the right to receive cash. Our proposal is not subject to any financing condition.

Our proposal represents a 62% premium above the closing price of Yahoo! common stock of $19.18 on January 31, 2008. The implied premium for the operating assets of the company clearly is considerably greater when adjusted for the minority, non-controlled assets and cash. By whatever financial measure you use - EBITDA, free cash flow, operating cash flow, net income, or analyst target prices - this proposal represents a compelling value realization event for your shareholders.

We believe that Microsoft common stock represents a very attractive investment opportunity for Yahoo!’s shareholders. Microsoft has generated revenue growth of 15%, earnings growth of 26%, and a return on equity of 35% on average for the last three years. Microsoft’s share price has generated shareholder returns of 8% during the last one year period and 28% during the last three year period, significantly outperforming the S&P 500. It is our view that Microsoft has significant potential upside given the continued solid growth in our core businesses, the recent launch of Windows Vista, and other strategic initiatives.

Microsoft’s consistent belief has been that the combination of Microsoft and Yahoo! clearly represents the best way to deliver maximum value to our respective shareholders, as well as create a more efficient and competitive company that would provide greater value and service to our customers. In late 2006 and early 2007, we jointly explored a broad range of ways in which our two companies might work together. These discussions were based on a vision that the online businesses of Microsoft and Yahoo! should be aligned in some way to create a more effective competitor in the online marketplace. We discussed a number of alternatives ranging from commercial partnerships to a merger proposal, which you rejected. While a commercial partnership may have made sense at one time, Microsoft believes that the only alternative now is the combination of Microsoft and Yahoo! that we are proposing.

In February 2007, I received a letter from your Chairman indicating the view of the Yahoo! Board that “now is not the right time from the perspective of our shareholders to enter into discussions regarding an acquisition transaction.” According to that letter, the principal reason for this view was the Yahoo! Board’s confidence in the “potential upside” if management successfully executed on a reformulated strategy based on certain operational initiatives, such as Project Panama, and a significant organizational realignment. A year has gone by, and the competitive situation has not improved.

While online advertising growth continues, there are significant benefits of scale in advertising platform economics, in capital costs for search index build-out, and in research and development, making this a time of industry consolidation and convergence. Today, the market is increasingly dominated by one player who is consolidating its dominance through acquisition. Together, Microsoft and Yahoo! can offer a credible alternative for consumers, advertisers, and publishers.

Synergies of this combination fall into four areas:

Scale economics: This combination enables synergies related to scale economics of the advertising platform where today there is only one competitor at scale. This includes synergies across both search and non-search related advertising that will strengthen the value proposition to both advertisers and publishers. Additionally, the combination allows us to consolidate capital spending.

Expanded R&D capacity: The combined talent of our engineering resources can be focused on R&D priorities such as a single search index and single advertising platform. Together we can unleash new levels of innovation, delivering enhanced user experiences, breakthroughs in search, and new advertising platform capabilities. Many of these breakthroughs are a function of an engineering scale that today neither of our companies has on its own.

Operational efficiencies: Eliminating redundant infrastructure and duplicative operating costs will improve the financial performance of the combined entity.

Emerging user experiences: Our combined ability to focus engineering resources that drive innovation in emerging scenarios such as video, mobile services, online commerce, social media, and social platforms is greatly enhanced.

We would value the opportunity to further discuss with you how to optimize the integration of our respective businesses to create a leading global technology company with exceptional display and search advertising capabilities. You should also be aware that we intend to offer significant retention packages to your engineers, key leaders and employees across all disciplines.

We have dedicated considerable time and resources to an analysis of a potential transaction and are confident that the combination will receive all necessary regulatory approvals. We look forward to discussing this with you, and both our internal legal team and outside counsel are available to meet with your counsel at their earliest convenience.

Our proposal is subject to the negotiation of a definitive merger agreement and our having the opportunity to conduct certain limited and confirmatory due diligence. In addition, because a portion of the aggregate merger consideration would consist of Microsoft common stock, we would provide Yahoo! the opportunity to conduct appropriate limited due diligence with respect to Microsoft. We are prepared to deliver a draft merger agreement to you and begin discussions immediately.

In light of the significance of this proposal to your shareholders and ours, as well as the potential for selective disclosures, our intention is to publicly release the text of this letter tomorrow morning.

Due to the importance of these discussions and the value represented by our proposal, we expect the Yahoo! Board to engage in a full review of our proposal. My leadership team and I would be happy to make ourselves available to meet with you and your Board at your earliest convenience. Depending on the nature of your response, Microsoft reserves the right to pursue all necessary steps to ensure that Yahoo!’s shareholders are provided with the opportunity to realize the value inherent in our proposal.

We believe this proposal represents a unique opportunity to create significant value for Yahoo!’s shareholders and employees, and the combined company will be better positioned to provide an enhanced value proposition to users and advertisers. We hope that you and your Board share our enthusiasm, and we look forward to a prompt and favorable reply.
Sincerely yours,

/s/ Steven A. Ballmer
Steven A. Ballmer
Chief Executive Officer
Microsoft Corporation

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