Tuesday, April 30, 2013

SoftBank allows Sprint to conduct talks with Dish

OVERLAND PARK, Kan. (AP) ? Sprint Nextel says SoftBank is allowing it to seek more information from Dish Network related to its rival bid for the third-largest U.S. cellphone company.

Overland Park, Kan.-based Sprint has agreed to sell 70 percent of itself to Japan's Softbank Corp. for $20.1 billion. But it recently got a competing $25.5 billion offer from Dish Network Corp. for the whole company.

Under the agreement with SoftBank, Sprint can enter into a non-disclosure agreement and talks with Dish so it can clarify and obtain additional information from Dish related to its bid for the company.

Sprint isn't allowed to provide non-public information to Dish and can't enter into negotiations with the company.

SoftBank says it remains confident in its offer and expects the deal to close in July.

Source: http://news.yahoo.com/softbank-allows-sprint-conduct-talks-dish-124339338.html

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Global shares gain, dollar dips on central bank expectations

By Richard Hubbard

LONDON (Reuters) - World shares gained and the dollar fell on Monday as investors counted on easy money from the U.S. and euro zone central banks to offset the risk of future disappointment over global economic recovery.

Wall Street looked headed for a firmer start as well, buoyed also by the formation of a new government in Italy which ended two months of political uncertainty, with traders looking ahead to a heavy week of corporate earnings and economic data. <.n/>

"It's that old word 'uncertainty' again. At least a plank of that uncertainty has been removed by the Italian political news," said Richard Hunter, head of Equities at stockbrokers Hargreaves Lansdown.

MSCI's world equity index <.miwd00000pus> was up 0.2 percent at 365.32 points, having gained 2.3 percent last week, although its moves were affected by market holidays in Japan and China.

The market's main focus remains firmly on the prospects of an extension of the current loose monetary policies from the Federal Reserve and the European Central Bank this week.

Most analysts expect the recent string of underwhelming U.S. economic data to strengthen the hand of policymakers at the Federal Reserve looking to keep the money taps open, and temper any talk of cutting back the current bond buying program.

The euro was gaining ground on Monday after some investors began to reconsider the prospect of the European Central Bank cutting interest rates on Thursday.

"Last week it was all go, go go - everyone was factoring in a rate cut," said Sarah Hewin, senior economist at Standard Chartered Bank. "There's a bit of a reconsideration now, and a look at the reasons why the ECB may decide just to make no move."

A Reuters poll of 76 economists last Thursday showed only a narrow majority of 43 expected a 25 basis point cut at the ECB policy meeting, which would take its refinancing rate to a record low of 0.5 percent.

By midday the euro was up 0.4 percent against a generally weaker dollar to $1.3090, marking a small recovery after its 1.3 percent drop against the dollar last week when weak German data increased expectations of an ECB rate cut this week.

The dollar was down against most other major currencies, dropping 0.3 percent to 97.75 yen after disappointing first quarter U.S. data on Friday was seen as increasing the likelihood the Fed would keep injecting cash into the economy.

The policy-setting Federal Open Market Committee will announce whether the bank will maintain its current bond buying at $85 billion a month on Wednesday at 2:15 p.m. ET.

ITALIAN RELIEF

Investors have welcomed the formation of a broad coalition government in Italy under new Prime Minister Enrico Letta, two months after inconclusive general elections, though remain cautious over how long it will survive.

The broad FTSE Eurofirst 300 index <.fteu3> of top European shares was up 0.15, led higher by Milan's FTSE MIB <.ftmib> which had gained about 1.5 percent.

The resolution of Italy's political stalemate helped bring its five- and 10-year borrowing costs down to their lowest level since October 2010 at a bond sale on Monday, while yields on 10-year year debt in the secondary market fell 13 basis points to 3.93 percent.

"Italian sovereign debt is benefiting from the twin effects of central bank liquidity support and political stability of sorts," Nicholas Spiro, managing director of London-based consultancy Spiro Sovereign Strategy, said.

GROWTH CLOUDS

The uncertain outlook for economic growth, especially in the world's two big oil consumers, the United States and China, kept crude prices under pressure, although gold rose 1 percent as its recovery from recent lows continued.

China is due to release surveys on activity in its giant factory sector later this week.

Brent crude slipped 7 cents to $103.09 a barrel, after making its biggest weekly gain since November last week despite data showing the U.S. economy grew less than expected in the first quarter. U.S. oil was up 35 cents at $92.73 a barrel.

"The disappointing GDP data for the United States has raised concerns about the level of oil demand and led to some profit-taking after recent big gains," said Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt.

Gold futures, which often provide trading cues to cash gold, hit $1,476 an ounce, a gain of 1.5 percent by midday. Spot gold rose $12 to $1,475.50 an ounce.

The precious metal has enjoyed steady demand from buyers seeking the physical asset since it plunged to a two-year low of $1,321 on April 16, led by investors switching out of exchange-traded funds that hold gold and issue securities against it.

(editing by David Stamp and Philippa Fletcher)

Source: http://news.yahoo.com/asian-shares-edge-markets-cautious-ahead-events-packed-010340344.html

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Friday, April 26, 2013

Controllers to return; flight delays sway Congress

WASHINGTON (AP) ? Furloughed air traffic controllers will soon be heading back to work, ending a week of coast-to-coast flight delays that left thousands of travelers frustrated and furious.

Unable to ignore the travelers' anger, Congress overwhelmingly approved legislation Friday to allow the Federal Aviation Administration to withdraw the furloughs. The vote underscored a shift by Democrats who had insisted on erasing all of this year's $85 billion in across-the-board budget cuts, not just the most publicly painful ones, for fear of losing leverage to restore money for Head Start and other programs with less lobbying clout and popular support.

With President Barack Obama's promised signature, the measure will erase one of the most stinging and publicly visible consequences of the budget-wide cuts known as the sequester.

Friday's House approval was 361-41 and followed the previous evening's passage by the Senate, which didn't even bother with a roll call. Lawmakers then streamed toward the exits ? and airports ? for a weeklong spring recess.

White House spokesman Jay Carney said Obama would sign the bill, but Carney complained that the measure left the rest of the sequester intact.

"This is a Band-Aid solution. It does not solve the bigger problem," he said. Using the same Band-Aid comparison, Rep. Rick Larsen, D-Wash., said that "the sequester needs triple bypass surgery."

The FAA and Transportation Department did not respond to repeated questions about when the controllers' furloughs would end. Sen. Susan Collins, R-Maine, who helped craft the measure, was told by Transportation Secretary Ray LaHood Friday that the agency is "doing everything they can to get things back on track as quickly as possible," said Collins spokesman Kevin Kelley.

In the week since the furloughs began, news accounts have prominently featured nightmarish tales of delayed flights and stranded air passengers. Republicans have used the situation to accuse the Obama administration of purposely forcing the controllers to take unpaid days off to dial up public pressure on Congress to roll back the sequester.

"The president has an obligation to implement these cuts in a way that respects the American people, rather than using them for political leverage," House Speaker John Boehner, R-Ohio, said in a written statement.

"Unfortunately for this administration, the term 'sequester' has become synonymous with fear," Rep. Richard Hudson, R-N.C., said during the debate.

Halting the furloughs was the latest example of lawmakers easing parts of the sequester that became too painful.

They previously used a separate, wide-ranging spending bill to provide more money for meat and poultry inspectors. Attorney General Eric Holder cited extra funds in that same bill as the reason the Justice Department would be able to avoid furloughs. Transportation Security Administration employees also have gotten relief.

The Obama administration and congressional Democrats ? backed by many fiscal experts ? say the sequester law gives agencies little maneuverability, requiring them to spread cuts evenly among most budget accounts. The Federal Aviation Administration was achieving about a third of its required $637 million in cuts by furloughing nearly all its workers ? including the 15,000 air traffic controllers ? one day every two weeks.

Obama and his Democratic allies want to roll back the entire sequester, with the White House proposing a substitute mix of spending cuts and tax increases that Republicans have rejected. The GOP has proposed replacing the across-the-board spending cuts with others, many of them aimed at programs Democrats defend.

That has left many Democrats reluctant to ease across-the-board cuts for individual programs that cause a public outcry because they worry that would relieve pressure on Republicans to undo the entire sequester.

"While there is a little bit of leverage and pressure, let's broaden it to the sequester as a whole," Rep. Tim Walz, D-Minn., told reporters before voting against the bill.

Said House Minority Leader Nancy Pelosi, D-Calif.: "How can we sit there and say, 'Four million Meals on Wheels for seniors gone? But that's not important. Over 70,000 children off Head Start. But that's not important.' What is important is for Republicans to hold a hard line" on budget cuts.

Even so, the complaints about flying delays became too intense, and in the end only 29 Democrats and 12 Republicans voted against the measure Friday in the House. The FAA said there had been at least 863 flights delayed on Wednesday attributed to the furloughs, with hundreds of others daily since the furloughs began last Sunday.

The bill would let the FAA use up to $253 million from an airport improvement program and other accounts to halt the furloughs through the Sept. 30 end of the government's fiscal year. The money can be used for other FAA operations, too, including keeping open small airport towers around the country that the agency said it would shut to satisfy the spending cuts.

But Democrats were bitter Friday that cuts in many federal programs remain. Besides the Head Start pre-school program, they complained about ongoing cuts for health research, feeding programs for poor women, children and the elderly and jobless benefits for the long-term unemployed and about furloughs of civilian Pentagon workers.

"Let's get a big deal. Let's deal with all the adverse consequences of the sequester," said No. 2 House Democrat Steny Hoyer, whose Maryland district has many civil servants and who voted no.

Congressional approval was hailed by groups representing the airline industry and the union representing controllers.

"The winners here are the customers who will be spared from lengthy and needless delays," said Nicholas E. Calio, president of Airlines for America, representing major carriers.

The National Air Traffic Controllers Association said the week of problems showed that a "fully staffed air traffic control workforce is necessary for our national airspace system to operate at full capacity."

___

Associated Press writers Andrew Taylor, Joan Lowy and Nedra Pickler contributed to this report.

Source: http://news.yahoo.com/controllers-return-flight-delays-sway-congress-210602052.html

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E.J. Manuel To Bills: First Quarterback In 2013 NFL Draft Taken With 16th Pick

ORCHARD PARK, N.Y. (AP) ? After trading down, the Buffalo Bills still landed the player they desired, selecting Florida State quarterback E.J. Manuel with the 16th pick in the NFL draft.

Manuel became the first quarterback selected on Thursday, and filled a big need for a Bills team that's rebuilding under new coach Doug Marrone. Manuel was the most accurate passer at Florida State, where he completed nearly 67 percent of his passes.

Listed at 6-foot-4 and 237 pounds, Manuel has a strong arm, is mobile and went 25-6 in four years with the Seminoles.

He went 263 for 387 for 3,397 yards with 23 touchdowns and 10 interceptions in 14 starts as a senior last season. Overall, he threw 47 touchdowns versus 28 interceptions in 41 career games.

Before making their first selection as slotted at eighth overall, the Bills swung a trade with St. Louis. Aside from swapping first-round picks, Buffalo also acquired the Rams' second- and seventh-round selections (46th and 222nd overall). The teams also exchanged third-round picks.

NFL.com described Manuel as displaying good touch on throws and having a quick release. The one weakness is that he has a tendency to force throws into coverage and cause turnovers.

General manager Buddy Nix had been dropping hints over the past six months regarding his desire to draft a quarterback. And his tune did not change in the hours leading up to the draft.

He told Buffalo's WGR-Radio earlier on Thursday that it was the Bills' "intent sometime during this draft is to get that guy," referring to a franchise-caliber quarterback.

Manuel was one of five quarterback prospects who conducted a private workout for Bills officials, and also visited the Bills facility over the past month.

He is expected to be given an opportunity to immediately compete for the starting job. After cutting starter Ryan Fitzpatrick last month, the Bills did sign six-year veteran Kevin Kolb to a two-year contract earlier this month.

Manuel becomes only the third quarterback Buffalo has selected in the first round, and first since the Bills took J.P. Losman with the 22nd pick in 2004. The other quarterback selected in the first round by the Bills was Hall of Famer Jim Kelly, taken 14th in 1983.

Quarterback is a position that has been unsettled in Buffalo ever since Kelly retired following the 1996 season. No player has lasted more than three seasons as starter since.

The Bills are once again rebuilding from scratch. They haven't had a winning season since a 9-7 finish in 2004. And Buffalo hasn't made the playoffs in 13 seasons, the NFL's longest active drought. Over that stretch, the Bills are now on their sixth head coach and fifth general manager.

The trade with the Rams gives the Bills two second-round picks, including their own at 41.

The trade did not come as a surprise because Nix had expressed a desire to add selections after the Bills entered the draft with only six picks. That was not deemed to be enough to rebuild a team coming off a 6-10 seasons and with needs at numerous positions.

This marked the first time since 2001 in which the Bills have traded down in the first round. That's when Buffalo swapped first-round picks with Tampa Bay, dropping from 14th to 21st, and added a second-rounder.

The Bills have not shown any signs of improvement despite selecting no higher than 12th in each of the previous seven drafts.

Buffalo regressed on offense last season, finishing 19th in the NFL in yards gained. The offense scored two or fewer touchdowns eight times.

And their high-priced defense was even worse, despite the free-agent addition of defensive end Mario Williams, who signed a six-year, $100 million contract. Buffalo allowed 150-plus yards rushing seven times. The 435 points allowed were the second-most in team history, while the 5,806 yards allowed were the fourth-most given up by Buffalo.

Barring more trades, the Bills have seven picks left.

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Source: http://www.huffingtonpost.com/2013/04/25/ej-manuel-bills-first-quarterback-nfl-draft_n_3159399.html

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A way of life - Tampa Bay Newspapers

ST. PETE BEACH ? Shane Webb has always spent a lot of time on or near the water.

Whether it was teaching himself how to surf as a kid while on family vacations in Daytona Beach, riding a wave in Hawaii or paddleboarding down the Tennessee River in his hometown of Chattanooga, the desire to be involved in some type of water sport has been a part of his life.

So when the opportunity came a few years ago to open a paddleboard rental business with a partner in Tennessee, Webb decided it was time to end a 12-year career as a police officer and take the plunge, so to speak.

?You either get on or get off,? he said.

Webb decided to get on. Since then, he has expanded his business to include a shop and rentals on the beach behind the Post Card Inn.

His shop, Saltwater Kite and Paddle, at 6340 Gulf Blvd., specializes in the sale of paddleboards and kiteboards, but the bulk of time is spent next to the surf watching over his paddleboard rentals.

Webb, 39, and his fianc?e Grace Marcel, are entrepreneurs in one of the fastest growing recreation water sports in America.

Both offer kiteboarding lessons and rentals, but prefer to steer most people toward the safer sport of paddleboarding.

?It?s way easier and a much more forgiving sport,? said Webb, whose nickname is Waterboy. ?If you have the least bit of coordination you can do it.?

He said the sport dates back to the 1920s in Hawaii when former U.S. Olympic swimmer Duke Kahanamoku taught surfing lessons. Many of Kahanamoku?s students wanted keepsake photographs and because of the distance offshore, beach photographers couldn?t get good shots. Opportunistic photographers would paddle out on surfboards and carefully shoot their subjects without losing control of their cameras.

More recently, American surfer Laird Hamilton has taken up the sport, spurring a new generation of interest in the sport.

?Not everybody can surf,? said Webb. ?This is the closest a lot of people will come to surfing.?

Because of that, he said the sport has grown ?like wildfire? the last three or four years.

?Most surf shops have gone to them (paddleboards) because they?re so easy to use,? Webb said.

On a good day, Webb said he rents boards to about 25 people. Rates are $35 for an hour, $25 for a half-hour and $55 for three hours.

?We give a short tutorial,? he said. ?We tell them do this and don?t do that to make sure everybody is on the same page as far as safety.?

This compares with three to four hours of instruction before turning someone loose with the more expensive kiteboarding equipment.

For the most part, the tranquil water of the Gulf of

Mexico is perfect for paddleboarding.

?Typically, we have flat enough days and flatter makes it easier to learn,? Webb said. ?We don?t even open if it?s too rough.?

He?s rented boards to all ages, ranging from 6 to 73.

?If you?re in shape and have the slightest amount of coordination, you can do it,? he said.

Webb rents varying sizes of paddleboards but said his ?magic number? is 10-feet, 6 inches to 11 feet in length and 30 to 32 inches wide.

Good boards range in price from $1,000 to $2,000 and good paddles run about $250.

Webb also organizes a pair of paddleboarding events each year. The Tampa Bay Winter SUP Series is held from December to February and the Pacifico Paddle Challenge races are held in early November.

This year the third edition of the Paddle Challenge will be a two-day event on Nov. 9-10. It will include zigzag races, relays, kids competition, an 8-mile distance race and a 4-mile open race.

New this year will be the addition of kayaks, outrigger canoes and prone paddleboards.

Plans also call for a luau, complete with Polynesian dancers from Walt Disney World, live music and plenty of good food. The luau will be included in the entry fee for the race competitors but the general public can also take part too. Cost will be $10 for adults, $5 for children, Webb said.

?We want to get the community involved and to come out and watch the competition,? Webb said. ?We want to push the kids participation to get the community involved more and to understand the sport.?

For more information on the Paddle Challenge or paddleboarding in general, stop by Webb?s shop or give him a call at 423-463-1847.

Source: http://www.tbnweekly.com/pubs/beach_beacon/content_articles/042413_bhb-03.txt

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Kenseth calls harsh penalties 'grossly unfair'

Driver Matt Kenseth, left, walks from the garage following practice for Sunday's NASCAR Sprint Cup series STP 400 auto race at Kansas Speedway in Kansas City, Kan., Saturday, April 20, 2013. (AP Photo/Orlin Wagner)

Driver Matt Kenseth, left, walks from the garage following practice for Sunday's NASCAR Sprint Cup series STP 400 auto race at Kansas Speedway in Kansas City, Kan., Saturday, April 20, 2013. (AP Photo/Orlin Wagner)

Driver Matt Kenseth (20) leads into a turn during a NASCAR Sprint Cup race at Kansas Speedway in Kansas City, Kan., Sunday, April 21, 2013. (AP Photo/Colin E. Braley)

(AP) ? Matt Kenseth says NASCAR's penalties against his team are "grossly unfair" and "borderline shameful."

Kenseth's team was hit with some of the harshest penalties NASCAR has handed out Wednesday after his race-winning engine at Kansas failed the post-race inspection. He says one of eight connecting rods on the engine was too light ? by 2.7 grams.

Kenseth was docked 50 driver points in the standings ? two more than he earned for the victory. But he says he's angrier about the penalties given to Gibbs and crew chief Jason Ratcliff. Both were suspended six weeks.

Gibbs also had his owner points frozen, and Ratcliff was fined $200,000.

The points penalty dropped Kenseth from eighth to 14th in the standings.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2013-04-25-CAR-NASCAR-Richmond/id-123232e7518549b3952fd7c914fadac2

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