News Corp board approves company split: source

(Reuters) - The board of News Corp approved in principle splitting the $60 billion media conglomerate into separate publishing and entertainment businesses, a person familiar with the situation said on Thursday.

News Corp's board, overseen by 81-year-old chairman Rupert Murdoch, met on Wednesday and an announcement was expected later on Thursday on the decision to create two publicly traded companies, the source said, confirming a report in the Wall Street Journal.

Ever unpredictable, Murdoch, after years of resisting calls by some large shareholders to spin out or sell off the company's slow-growth - and in some cases, loss-making - newspapers, decided to propose the move rather suddenly.

Details on the management structure are still to be resolved and formal approval by the board is still needed. The process is expected to take about a year, said the source, who did not want to be named as the decision had still to be made public.

Pressure on News Corp to get rid of the newspaper business was ramped up after a phone hacking scandal tainted its British titles and forced the company to drop its proposed acquisition of pay-TV group BSkyB.

"As recently as a month ago he (Murdoch) was still saying no way would he do this," said one News Corp insider with knowledge of the internal conversations.

The Wall Street Journal, owned by News Corp, earlier said one company will hold the entertainment businesses like 20th Century Fox, Fox broadcast network and Fox News Channel, while the other will hold the publishing assets, which include The Times, The Australian, and HarperCollins book publishing.

In a brief statement on Tuesday, News Corp said only that it was "considering" splitting the company. According to people familiar with the matter, News Corp has already enlisted investment banks JP Morgan, Goldman Sachs and Centerview to advise on a process.

Wednesday's board meeting lasted about an hour and a half and many details, such as who will run the publishing business, have yet to be resolved, the Wall Street Journal said.

News Corp spokesmen in New York and Sydney were not immediately available to comment on whether the split had been approved.

The board, long criticized for being dominated by the Murdochs or beholden to them, had been expected to approve the split. It was not immediately clear if it will be put to a shareholder vote. If it is, Murdoch controls just under 40 percent of the vote and would likely have no problem getting the extra 10 percent needed.

The process of separating the company's broadcast, cable and film assets from its publishing and education operations stands to be complicated by issues such as regulatory and tax implications and could take up to a year to complete.

The film and television businesses generated revenues of $23.5 billion in the year to June 2011, dwarfing the publishing unit's $8.8 billion. Publishing, including integrated marketing services, accounts for around 7 percent of News Corp's enterprise value, according to analysts at Barclays Capital. It estimates that publishing represents 24 percent of revenues and around 11 percent of operating income.

Analysts estimate an independent publishing division would generate about $1.3 billion in EBITDA at a multiple valuation of 6 times, or $3.25 per share. They expect a standalone entertainment unit to be valued at $52 billion, or $23 per share, based on an 8 times cash flow multiple.

JOCKEYING FOR TOP JOBS

The most speculation revolves around how Murdoch handles the reassigning of his top executives, including his three adult children associated with the company.

With a split between the struggling publishing business and its much larger, faster-growing entertainment business, the majority of the big names are anticipated to jockey for key roles on the entertainment side.

Chase Carey, News Corp's current No. 2, is widely seen as the likely CEO designate for the entertainment business. Liz Murdoch and James Murdoch are expected to report to him. That could raise questions about the current heads of the Fox TV business, Peter Rice and Kevin Reilly.

Less clear is who would run the publishing business. One obvious candidate is Joel Klein, the former New York City chancellor for education, who joined News Corp last year to run its new education business, which so far consists only of Wireless Generation, a digital company for schools. Murdoch's eldest son, Lachlan, a former New York Post publisher and currently a director, is another prospect.

Canaccord Genuity Inc analyst Thomas Eagan believes News Corp stock has room to rise even with an 11 percent gain since news of the split plans broke on Tuesday. "News Corp is still trading below its peers at 6.5 times EBITDA, even after you take out the publishing business and the expected litigation costs," he said.

News Corp's Australian-listed shares jumped more than 3.5 percent to a 4-year high of A$22.29 on Thursday.

(Reporting by Yinka Adegoke; Additional reporting by Sonali Paul; Editing by Peter Lauria, Prudence Crowther and Ian Geoghegan)

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Cash Advance Loans For Business | Personal Finance Blog

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Parkinson's Disease Gene Identified - Disabled World

? Disability Information ? Types of Disability ? Mobility Impairments ? ? Parkinson's Disease

Information provided by University of British Columbia - Published: 2012-06-27

Parkinson's disease gene identified with help of Mennonite family: UBC-VCH research.

An international team led by human genetic researchers at the University of British Columbia and Vancouver Coastal Health has identified the latest gene associated with typical late-onset Lewy body Parkinson's disease (PD), with the help of a Canadian Mennonite family of Dutch-German-Russian ancestry.

Twelve of the 57 members of the Saskatchewan family who participated in the study had previously been diagnosed with PD.

UBC Medical Genetics Prof. Matthew Farrer, who led the research, notes that unequivocal confirmation of the gene's linkage with PD required DNA samples from thousands of patients with PD and healthy individuals. He refers to the new discovery as the "missing link," as it helps to unify past genetic discoveries in PD.

"A breakthrough like this would not be possible without the involvement and support of the Saskatchewan Mennonite family who gave up considerable time, contributed clinical information, donated blood samples, participated in PET imaging studies and, on more than one occasion following the death of an individual, donated brain samples," says Farrer, Canada Excellence Research Chair in Neurogenetics and Translational Neuroscience and the Dr. Donald Rix BC Leadership Chair in Genetic Medicine.

Prof. Matthew Farrer has identified a new gene mutation linked to Parkinson's disease thanks to the help of a Saskatchewan Mennonite family. (Photo: Martin Dee)

"We are forever indebted to their generosity and contribution to better understanding - and ultimately finding a cure - for this debilitating disease."

The mutation, in a gene called DNAJC13, was discovered using massively parallel DNA sequencing. Conclusive evidence came from the identification of the gene mutation in several other families across many Canadian provinces, including British Columbia.

"This discovery is not only significant for researchers, but also for those families carrying this genetic mutation and afflicted with this disease in that it offers hope that something good might yet result from their suffering," says Bruce Guenther, President of the Mennonite Brethren Biblical Seminary Canada, a community leader and spokesperson for the family that participated in the study.

"The family involved is very grateful for the research team's respectful, collaborative and sensitive approach, and we hope that this enables the discovery of more effective treatments, and hopefully eventually a cure."

The discovery resulted from a longstanding collaboration with neurology colleagues, Ali and Alex Rajput at the University of Saskatchewan and Silke Cresswell and Jon Stoessl at UBC. The research team also includes scientists from McGill University, the Mayo Clinic in Florida, and St. Olav's Hospital in Norway.

Farrer shared the discovery last week with the medical community as part of his keynote speech in Dublin today at the 16th International Congress of Parkinson's Disease and Movement Disorders (Plenary Session V: Is it time to change how we define Parkinson's disease?) Details of the study was presented at the conference and is being submitted for publication.

"The identification of DNAJC13 will certainly be of interest to people around the world who trace their family history to the nineteenth-century Mennonite colonies in Russia, and who have family members suffering from Parkinson's disease," Guenther adds.

Parkinson's disease (PD) is the second most common chronic neurodegenerative disorder after Alzheimer's.

• According to the U.S. National Institutes of Health, Parkinson's disease affects more than one million people in North America and more than four million people worldwide. The late-onset form is the most common type of PD. The risk of developing late-onset PD increases with age but most patients begin showing symptoms in their late 60s and early 70s.
• Once considered a sporadic disease, latest studies have shown genetic components of PD that provide the foundation for neuroscience research and potential treatment targets.
• Approximately 15 per cent of people with PD have a family history of the disorder. There is a higher rate of PD in families where two or more members are affected, possibly due to a shared genetic susceptibility among blood relatives.

UBC Prof. Matthew Farrer is an internationally renowned expert in the genetic aspects of PD and related dementia. He and his team have helped identified many genes involved in PD by analyzing DNA from families throughout the world.

Farrer and his research team are based at the Department of Medical Genetics at UBC's Faculty of Medicine, and at the Brain Research Centre at UBC and Vancouver Coastal Health Research Institute. He has had an adjunct Faculty in Medicine (Neurology) at the University of Saskatchewan since 2003.

• Parkinson's Disease - (PD) belongs to a group of conditions called motor system disorders, which are the result of the loss of dopamine-producing brain cells. The four primary symptoms of PD are tremor, or trembling in hands, arms, legs, jaw, and face; rigidity, or stiffness of the limbs and trunk; bradykinesia, or slowness of movement; and postural instability, or impaired balance and coordination. At present, there is no cure for PD, but a variety of medications provide dramatic relief from the symptoms. PD is both chronic, meaning it persists over a long period of time, and progressive, meaning its symptoms grow worse over time. The progression of Parkinson's disease and the degree of impairment vary from individual to individual.

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Tiananmen anniversary keeps Chinese censors on edge (+video)

Beijing still shows extreme sensitivity to the 1989 crackdown in Tiananmen Square. China's version of Twitter is censoring everything from today's date to the word 'candle.'

By Peter Ford,?Staff writer / June 4, 2012

Visitors take photos near a Chinese national flag with Tiananmen Gate in the background as many gathered to mark the anniversary of the deadly 1989 crackdown on pro-democracy protestors which centered on Tiananmen Square, in Beijing, China, Monday, June 4.

Ng Han Guan/AP

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?For the 23rd year in a row, the Chinese authorities today continued their efforts to impose collective amnesia about the Tiananmen Square massacre on June 4, 1989, seeking to stamp out any public reference to the event.

Skip to next paragraph Peter Ford

Beijing Bureau Chief

Peter Ford is The Christian Science Monitor?s Beijing Bureau Chief. He covers news and features throughout China and also makes reporting trips to Japan and the Korean peninsula.

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For Beijing, the date, ?6.4? as it has become known in China, is one not to be commemorated, but rather obliterated from the calendar. The government has always refused to discuss what happened when soldiers were ordered to disperse pro-democracy demonstrators on Tiananmen Square. Officially, they killed only about 200 protesters; but activists? estimates range from several hundreds to several thousands.

The official blanket denial of the date has worked, to a large extent: Few ordinary Chinese citizens under the age of 30 are aware of the Tiananmen demonstrations or their tragic end. But censors remain determined to foil any attempt by people who do know what happened to say anything about it. Anything at all.

Censors at Sina Weibo, the popular Twitter-like social media platform, were working overtime to block searches for ? or references to ? ?6.4? or other obvious signifiers such as ?tank,? ?crush,? ?never forget,? and ?square.?

?535? was a forbidden term, too, because Internet users have taken to referring to May 35,^? instead of June 4. Classically minded censors wouldn?t let you post anything with VIIIIXVIIV in it either, in case readers familiar with Roman numerals could decipher 89.6.4. And by late afternoon, even the word ?today? had been banned.

Over the weekend, Sina Weibo disabled its candle icon, which users might find an appropriate symbol with which to commemorate the Tiananmen dead. An explanation from the website said the icon was ?currently being optimized? but nobody believed it. Before long there were 200,000 posts on Sina referring to ?Weibo? and ?candle? and the next thing anyone knew, the word ?candle? itself became a banned search term.

As if to highlight the absurdity of how hard Sina Weibo censors were working, an impeccable and seemingly?irrelevant source of information, the Shanghai Stock Exchange, suddenly turned subversive. By an extraordinary coincidence (or maybe not), the Shanghai Composite Index, which measures the market?s daily movement, fell on Monday by 64.89 points, in an uncensorable reminder of the date of the massacre.

Though the official campaign to airbrush the Tiananmen Square events out of Chinese history has been successful with most citizens, there are some, of course, who can never forget because their own children died.

One such father, Ya Weilin, apparently exhausted and driven to despair by his failure after nearly a quarter of a century to persuade the government to account for his son?s death, hanged himself 10 days ago. Tiananmen is still claiming victims; 23 years ago they were felled by bullets. Today they succumb to silence.

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Spotify music service plays at Yahoo!

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Troubled Europe summit: Merkel vs. everyone else

PARIS (AP) ? Germany's Chancellor Angela Merkel is the woman to watch ? or fear, or confront ? in Europe this week.

The leaders of Italy, France and Spain are pressing their northern neighbor at an European Union summit starting Thursday to agree to share debts before markets push the eurozone any closer to collapse. The EU's top officials and the International Monetary Fund have argued the same.

Markets and investors, who felt burned in the past by promises they saw as too weak to sontlve Europe's debt crisis, want a breakthrough this week to ensure the region's debt crisis doesn't engulf the world economy, but they aren't expecting one.

Any breakthrough would hinge on Merkel.

Merkel isn't likely to budge. She has argued repeatedly ? and again Wednesday ? that short-term solutions such as pooled debt or a more active European Central Bank are useless unless governments prove they can manage their budgets. She wants a grand, ambitious political union first.

And she brings the weight of the continent's biggest, strongest economy with her to the meetings in Brussels.

While they may not be able to change Merkel's mind, other leaders who avoided confronting her in the past may not hold back this time.

Italy's Prime Minister Mario Monti, at risk of losing his job because of voter frustration with austerity measures, is increasingly outspoken.

Speaking in Brussels on Wednesday night, he said Italians have made great sacrifices and gotten their country's deficit under control. But yields on Italian debt soared to one-year highs anyway.

If Italians become discouraged that their efforts aren't helping, it could unleash "political forces which say 'let European integration, let the euro, let this or that large country go to hell', which would be a disaster for the whole of the European Union," Monti said.

Monti said he's ready to work until Sunday night ? instead of the scheduled Friday end of the summit ? to ensure that leaders produce a growth package convincing enough to calm financial markets.

Spain's prime minister is sounding especially desperate.

"The most urgent issue is financing," Mariano Rajoy said Wednesday. "We can't continue for a long time to finance ourselves with these prices; there are many institutions and financial entities that don't have access to financial markets."

Simon Tilford of the Center for Economic Reform said, "We're seeing the French, Italians and Spanish showing a greater readiness to act as one."

In the past, they were reluctant to isolate Merkel, he said. "But that flexible approach ... has delivered very little. They have grown alarmed and frustrated," he said. "If anyone is to lead the charge, it may be Monti, he is the one who has the most credibility on the European stage" ? and the most to lose if pressure on Merkel fails.

While France has been the traditional partner ? and counterweight ? to Germany in European dealings in the past, French President Francois Hollande is the least experienced head of state at the summit. He has just seven weeks of governing under his belt, and built his career as a consensus-builder instead of a confrontational rabble-rouser. And his country's economy is weaker, with growth forecast at just 0.4 percent this year.

Hollande was grinning broadly Wednesday night at the one concession he has been able to wring from Merkel so far, an agreement to put growth on the European agenda alongside austerity measures.

Merkel, standing stiffly at Hollande's side ahead of bilateral talks in Paris, agreed to push for a ?,7/8130 billion stimulus package that Hollande has vaunted but that is largely just a re-packaging of existing EU funds. Shortly after his meeting with Merkel, Hollande talked to President Barack Obama about their common push for growth.

Even if leaders of all 26 other EU nations line up against Merkel, she cannot bend very far.

She needs Parliament to approve the eurozone's permanent rescue fund, the European Stability Mechanism, and a European budget-discipline pact, both expected to happen Friday. And many measures floated as possible solutions could require changes to Germany's constitution.

Amid calls for Greece or other Mediterranean states ? and even Germany ? to pull out of the euro, Merkel argued Wednesday for greater unity. "We need more Europe. Markets are waiting for that."

But she also insisted that jointly issued eurobonds ? which some experts say would help defuse the prospect of unaffordable bailouts for Spain or Italy by making their debt less expensive to pay off ? would be "economically wrong and counterproductive" before governments have shown they can comply with budget rules.

"Supervision and liability must go hand in hand."

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A Guide To Swimming Pool Filters | KUSIQUYLLUR Home ...

All swimming pools need a swimming pool filter. The primary reason for them is to keep your swimming pool clean from numerous types of debris that are the result of swimmers, toys, cleaning supplies, rain, and wind. The swimming pool filter promotes health and safety in the water and will keep the water clean. A pool filter has 3 primary parts that permit it to keep your water safe and clear for swimmers. The first is that a pump and a motor brings the water in and pushes it out during filtration. These filters are one of 3 types which are the sand filter, the cartridge filter, and the diatomaceous earth (DE) filter.

The DE filter is probably the best for filtering even the minutest particles in the water. This DE is a natural substance that is normally found in the soil. DE has the consistency of a white, fine powder. The DE filter is available in 2 different types, a vertical grin filter and a spin filter. The 2 terms refer to the way the filter is set up. The vertical filter works better than the spin filter which is obsolete today.

Some of the things that you should consider prior to buying a swimming pool filter are to find the volume of the whole swimming pool. In order to find the volume you have to consider the shape of your pool:

Rectangular pools: Multiply the average depth X width X length.
Circular Pools: Multiply the average depth X 3.14 X radius.

Then you have to figure out the capacity of your swimming pool. This will permit you to calculate how much water your swimming pool will hold. In order to determine find the capacity of your swimming pool, multiply the volume X 7.48.

Next, you need to decide what type of filter you want. You have to determine if your swimming pool will benefit from a sand, DE, or cartridge filter. In addition, you also need to determine if you want the filter to be pressure or vacuum. You need to make the filter somewhat bigger than your initial calculation so that it will permit better filtration.

There are numerous factors that need be taken into consideration when you are buying a swimming pool filter. The whole filtration system can cost you as much as $ 300.00. A replacement filter is somewhat less expensive, although that depends on the type of filter that your system uses and will cost you as much as $ 200.00.

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