Goldman Sachs sets value for minority holders of Amil stock

RIO DE JANEIRO (Reuters) – United Health Group Inc should pay minority shareholders in Brazilian health-insurance group Amil Participacoes SA between 25.84 reais and 27.07 reais ($ 12.42 and $ 13.01) a share for their stock as part of a takeover announced in October, Amil said in a statement on Friday.

The price was determined by the Brazilian unit of Goldman Sachs Group Inc which was hired to set a value for Amil shares, the statement said. U.S.-based United Health agreed to pay $ 4.9 billion for Amil in its largest-ever foreign acquisition that was unveiled on October 8.

When the minority stakes are purchased, Amil will be de-listed from the Sao Paulo BM&FBovespa exchange.

The upper range of the Goldman Sach‘s estimate is 12 percent below the 30.74 reais that United Health paid for its controlling stake.

Under the takeover agreement, United Health will buy out nearly all minority shareholders and raise its stake to 90 percent of Sao Paulo-based Amil, which in addition to insurance operates hospitals.

The remaining 10 percent will be held by Amil founder and Chief Executive Edson Bueno and his partner Dulce Pugliese. Bueno has also agreed to buy $ 470 million of United Health shares. Bueno will continue to manage the company.

($ 1 = 2.08 Brazilian reais.)

(Reporting by Jeb Blount and Juliana Schincariol; Editing by Tim Dobbyn)

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Serious About Free Markets? Prove It

On Friday the Republican Study Committee, a policy shop for congressional Republicans, published a memo on how to fix copyright law. By Saturday afternoon the group’s executive director had pulled the memo, which had evidently failed to approach the subject with “all facts and viewpoints in hand.” This is Washington’s way of saying that an interest group hit the roof, and indeed, Ars Technica reports that lobbyists from the “content industry”—Hollywood and recording companies—pressured the group to renounce the memo.

Copyright being in fact broken, you can still read copies of the memo online. It lays out what copyright reform advocates have been saying for years. Copyright protections now extend 70 years past the life of the author; for a corporation, 95 years after publication. This, along with punitive laws on copyright violation, hinders creativity and innovation. These facts aren’t new. What’s new is the tone. Derek Khanna, the memo’s author, writes like an unashamed free marketeer, and in doing so manages to latch on to a larger point: Laws that help businesses often harm markets. From the memo:

Today’s legal regime of copyright law is seen by many as a form of corporate welfare that hurts innovation and hurts the consumer. It is a system that picks winners and losers, and the losers are new industries that could generate new wealth and added value. We frankly may have no idea how it actually hurts innovation, because we don’t know what isn’t able to be produced as a result of our current system. (Emphasis in the original.)

Radical stuff. There’s no one in Washington to lobby for industries that don’t exist yet, and ever so briefly, Khanna and the Republican Study Committee stepped into that breach. Then they stepped back, to gather more facts and viewpoints. Here’s one: Pro-business and pro-market are not the same thing. The most pleasant place for a business is not elbows-out in the middle of a free market, but sitting alone, atop a fat monopoly. Ask your local cable provider. The larger a business gets, the more it has to protect from the companies and industries that might follow it with something better or cheaper. And the best way to protect what you have is to have it written into law.

Real markets, with real competition, are most helpful to newcomers. Small businesses and new industries create new value. Once created, they, too, move to Washington to protect it. Witness the growth of Google (GOOG) and Facebook’s (FB) lobbying operations in the Capitol. Khanna describes extended copyright protection as rent-seeking—in his words, “non-productive behavior that sucks economic productivity and potential from the overall economy.” What’s true of Hollywood and the recording industry could be said of any established industry.

Luigi Zingales, a professor at the University of Chicago Booth School of Business and a regular contributor to Bloomberg View, points out that larger companies can lobby for special exemptions in the tax code. This creates complexity in the tax code, which punishes smaller businesses that can’t pay for tax lawyers and don’t have anyone’s buttonhole on Capitol Hill. Zingales prefers simple regulations and simple taxes, which are harder for lobbyists to game and easier for democracies to understand. He sees this as a bipartisan problem. The left is inclined toward more regulation, and the right is pro-business, rather than pro-markets.

The direction Khanna was headed—a defense of open, competitive markets at the expense of existing businesses—is still wide open space, claimed by no party. This summer, conservatives such as Timothy Carney at the Examiner and Yuval Levin at National Review urged Mitt Romney to back markets, not businesses. But he chose not to, even though he, in his day, disrupted existing markets of his own. Some enterprising Republican can still do it. Derek Khanna in 2016! He’s young. Maybe VP.

Businessweek.com — Top News

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Amazon Kindle Fire HD 8.9 is Good, But No iPad Killer [REVIEW]

Unboxing the Kindle Fire HD 8.9

Click here to view this gallery.

[More from Mashable: Apple Now Owns the iMessage Name]

Amazon expands its tablet sights with the bigger, more powerful Kindle Fire HD 8.9. Can it compete against Apple‘s iPad?

If there’s one company that deserves credit for reigniting the iPad competitor market, it’s Amazon. Despite some bugs and an overall blah design, its 7-inch Kindle Fire was the first Android tablet that made sense to consumers who gobbled it up to help the Fire grab 50% of the Android tablet market in just 6 months.

[More from Mashable: 9 Black Friday Deals For iPhone Owners]

That tablet essentially opened the flood gates for a new set of ever-more-powerful 7-inchers from, notably, Barnes & Noble and Google. All three companies have already updated their 7-inch offerings to more powerful components and higher-resolutions screens. They’re all still running Android, though Amazon and Barnes & Noble choose to hide the Google OS behind smarter and much more consumer-friendly interfaces.

All this led Apple to finally enter the mid-sized tablet space with the iPad Mini. It’s easily the best-looking tablet of the bunch, but also $ 120 more expensive than its nearest competitor.

The more interesting development, though, is Amazon‘s (and Barnes & Noble‘s) decision to go toe-to-toe with Apple’s full-size iPad and launch the Amazon Kindle Fire HD 8.9 (in 4G LTE and WiFi-only). The move is akin to a middle weight boxer putting on the pounds to take on the Heavyweight world champion. Amazon’s Kindle Fire HD is slightly smaller (the iPad is 9.7-inches), lighter (567g vs. 625g), cheaper ($ 369 for 32 GB model vs. $ 599 for the iPad 4th Gen — Amazon subsidizes with sleep-state ads, that I do not mind) and overall somewhat less powerful. In order to win the battle, the 8.9-inch Kindle Fire HD better be pretty nimble on its feet, while able to throw that all important knockout punch.

Short version of this story: the Kindle Fire HD 8.9 does some serious damage, but the iPad 4th Gen gets the decision and retains the tablet leader title.

The Kindle Fire HD 8.9 is by no means a failure. In many ways, it’s as good as the smaller Kindle Fire HD, but throughout my tests I noticed odd bugs and glitches (which should all be fixable by software) and a somewhat disturbing lack of power that’s especially obvious when you put the Fire HD 8.9 next to the iPad 4th Gen

What It Is

If you’ve never seen an iPad and someone handed you the Kindle Fire HD .9, you’d likely say its jet-black, soft-to-the-touch plastic body felt good in your hands and was more than effective at all the core tasks (reading, game playing, e-mail, web browsing).

Design-wise, the 8.9 device looks exactly like the 7-inch model, complete with the too-hard to find volume and power buttons. There are no other physical buttons on this device, but Amazon chooses to hide the few it has by making them the exact same color as the chassis and flush with the body. Every time I use the tablet I do the “where’s the damn button” dance, rotating the Kindle Fire HD round and round until I feel the buttons (since I can barely see them).

I have applauded Barnes & Noble for putting the physical “N” home button right on the face of their Nook HD. Bravo for having the guts to do this. Amazon apparently looks at Apple’s iPad home button and thinks to have anything similar would be seen as “copying” the Cupertino hardware giant, when instead they should realize that it works, consumers like it and tablets without it are at a distinct disadvantage.

Amazon’s interface has you make do with a virtual, slide-out home button that is always available. Problem is, I found times when it wasn’t available. When I played Spider-Man and Asphalt 7, the tiny little left-had bar would disappear and I couldn’t exit the game unless I hit the sleep/power button.

The rest of the Kindle Fire HD 8.9′s body is solid and unremarkable (if you read my Kindle fire HD 7 review, then you know exactly what to expect.). Like the iPad 4th Gen, the Kindle Fire HD 8.9 has a front-facing 720p-capable camera. It’s useful for capturing video, snapping 1 Megapixel images and, probably most important, Skype video chats. Skype has built a fairly sharp-looing Kindle Fire app, though the design doesn’t fully fit the larger 8.9-inch screen. Skype just updated its Android app for better tablet viewing and hopefully, we’ll see this update hit the Kindle Fire HD 8.9 as well.

The iPad also has an HD rear-facing camera. The Kindle fire HD 8.9 does not (Barnes & Noble leave out cameras altogether)

Not Packing a Punch

As a large-screen high-resolution tablet (though iPad’s 2048×1536 retina display beats it), the Kindle Fire HD 8.9 offers plenty of attractive screen real estate for web browsing, book and magazine reading and games. But the results can be mixed. Silk, Amazon‘s custom web browser, was occasionally less than responsive and games, though, they ran well, never looked half as good as they do on the considerably more expensive iPad 4.

Granted, you can’t always find the same high-quality immersive action games on both Android and iOS, but Asphalt 7 Heat is a notable exception and it throws the performance differences between the two tablets into stark contrast. Game play is equally responsive on both platforms: the Kindle Fire HD 8.9’s accelerometer reads my moves just as well as the iPad.

The graphics on the Kindle Fire HD, however, are reduced to blobs and blocks (palm trees without distinct leaves, buildings without discernible windows) . The iPad’s quad-core graphics simply overmatch the Kindle Fire. I have never, for example, seen an iPad draw the game as I was playing, as I did when I tried out The Amazing Spider-Man.

Additionally, I experienced more than my share of crashes with games and even magazine apps like Vanity Fair.

The Good

Not everyone, however, will compare the Kindle Fire HD 8.9 to the iPad. Some will see the $ 299 entry-level price point (for the 16 GB model) and appreciate the power, flexibility and utility of this device. Like all Fire’s before it, the Kindle Fire HD 8.9 makes it easy to consume mass quantities of content. Nearly every menu option: Games, Apps, Books, Music, Videos, Newsstand, puts you just one click away from shopping for fresh content. If you have an Amazon account (and who doesn’t) your desired book, music or movie is just a click away. Plus, you can still easily store any of it locally, and worry about running out of storage space, or in the cloud, and never worry about space or accessibility—you can get to that purchased Kindle content from any Kindle app or registered Amazon device.

Watching movies on the tablet is a pleasure. I streamed a couple through Amazon Prime; they looked good on the 1920 x 1200 screen and the Dolby Stereo speakers produced sharp, loud, almost room-filling sound—an impressive feat not even the iPad can match.

The Kindle Fire HD 8.9 also includes a mini-HDMI-out port, which prompted me to connect the tablet to my 47-inch LED HDTV so we could watch Disney’s Brave. Yes, I had to get up and tap on the Kindle screen each time I wanted to pause and restart the move, but otherwise, I was pretty impressed with how the Kindle handled the task.

Obviously I yearn for an Apple Airplay-like feature on Android tablets (rumor has it one is coming), but this is the next, best thing.

There isn’t a lot to say about the Kindle Fire HD 8.9-inch interface that I did not say in the Kindle Fire HD 7 review. I will note, however, that the increased real estate makes the trademark task carousel seem almost too big. Icons for everything from your recently played Spider-Man game to magazine apps, books and Web sites all sit side-by-side-by side. Some, like book covers, look gorgeous.

Others like a broken web-page link look stupid. Worse yet, none of them have labels, which can occasionally make it hard to identify which app or task you’re looking at. I’m just not sure this interface metaphor is sustainable.

Personally I prefer either the clean consistent look of iOS, or the uber-user friendly, family-oriented Nook HD profile-based one. Amazon may want to take a hard look at those and start over.

Staying Connected

The Kindle Fire HD 8.9 is also Amazon’s first cellular-based tablet. That fact puts it even more squarely in competition with the iPad (which obviously has always had 3G models and now offers blazing fast 4G LTE ones as well on all major carriers).

Amazon’s mobile broadband plans are a little more conservative, with just the AT&T 4G LTE option (the 32 GB 4G model that I tested lists for $ 499, which is still $ 224 less than a comparable iPad 4th Gen).

In my experience, the connectivity is superfast and fairly ubiquitous. Amazon‘s $ 49 (a year) flat fee plan is attractive, but with a cap of 250MB per month of data, it’s unlikely it will satisfy the most data-hungry users. If you do need more data, users can also get 3GB and 5GB data plans directly from AT&T on the device.

At press time, Amazon had not enabled streaming video over LTE. Having it sounds nice, but even with the most generous data plans, streaming video would eat it up faster than you can say, “I’m streaming Back to the Future in HD over 4G LTE on my Kindle fire HD!”

The reality for most users is that WiFi is plentiful and you’ll be hard pressed to find a spot where you can’t connect for free or a small one-off fee. It’s the reason Barnes & Noble’s line of HD Nooks do not include a cellular option.

Review continues after FreeTime Gallery

FreeTime

Kindle HD FreeTime Start

Click here to view this gallery.

Perhaps the best new addition to the Kindle Fire family is not a piece of hardware or new component, but the new FreeTime app. Amazon put a lot of loving care into this parental control interface, but almost mucks the whole thing up by hiding the tool under an app that you have to scroll down to (or search) to find. By contrast profiles and age and content controls are baked into the Barnes & Noble Nook HD in a way that makes them impossible to ignore.

Even so, once you do access FreeTime, I think you’ll be pleased with the level of control it gives you. I added test profiles for my two children and then hand-picked every app and piece of content they could access. I was also able to block broadband mobile and even set time limits for access to content and overall screen viewing time (on a per profile basis). The set-up is a bit wonky and it bizarrely switches between landscape and profile screens, but I still applaud the effort. It would make sense for Amazon to move FreeTime into a device set-up screen. If the user has no additional family members or kids using the device, they can easily skip it.

To Buy or Not to Buy

Amazon’s expansive content and shopping ecosystem has always been a strong draw and it’s just as good in this large screen tablet as it was in the very first Kindle Fire. Still, you have to compare it with the equally strong iOS ecosystem, which is no slouch in the content shopping department. Apple doesn’t connect you as seamlessly to physical products, but there’s nothing difficult about shopping on Amazon.com via your iPad. It’s also notable that tablet competitor Barnes & Noble has added movie and TV viewing, rental and purchase.

Ultimately, all of these tablets are offering more and more of the same content options, apps, and features. The decision will likely come down to price, app selection, interface and overall ease of use. The Amazon Kindle fire HD 8.9 scores well on all of these, but does not always lead.

For the price, it’s a great value, but I want Amazon to focus on hardware and interface design for the next big update. Then, they may get my full endorsement.

This story originally published on Mashable here.

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Ex-’Price is Right’ model gets $8.5M in damages

LOS ANGELES (AP) — The producers of “The Price is Right” owe a former model on the show more than $ 7.7 million in punitive damages for discriminating against her after a pregnancy, a jury determined Wednesday.

The judgment came one day after the panel determined the game show’s producers discriminated against Brandi Cochran. They awarded her nearly $ 777,000 in actual damages.

Cochran, 41, said she was rejected when she tried to return to work in early 2010 after taking maternity leave. The jury agreed and determined that FremantleMedia North America and The Price is Right Productions owed her more than $ 8.5 million in all.

“I’m humbled. I’m shocked,” Cochran said after the jury announced its verdict. “I’m happy that justice was served today not only for women in the entertainment industry, but women in the workplace.”

FremantleMedia said it was standing by its previous statement, which said it expected to be “fully vindicated” after an appeal.

“We believe the verdict in this case was the result of a flawed process in which the court, among other things, refused to allow the jury to hear and consider that 40 percent of our models have been pregnant,” and further “important” evidence, FremantleMedia said.

In their defense, producers said they were satisfied with the five models working on the show at the time Cochran sought to return.

Several other former models have sued the series and its longtime host, Bob Barker, who retired in 2007.

Most of the cases involving “Barker’s Beauties” — the nickname given the gown-wearing women who presented prizes to contestants — ended with out-of-court settlements.

Comedian-actor Drew Carey followed Barker as the show’s host.

___

Anthony McCartney can be reached at http://twitter.com/mccartneyAP .

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Do drunks have to go to the ER?

NEW YORK (Reuters Health) – With the help of a checklist, ambulance workers may be able to safely reroute drunk patients to detoxification centers instead of emergency rooms, according to a new study.

Researchers in Colorado found no serious medical problems were reported after 138 people were sent to a detox center to sleep it off, instead of to an ER.

In 2004, according to the researchers, it’s estimated that 0.6 percent of all U.S. ER visits were made by people without any problems other than being drunk. Those visits ended up costing about $ 900 million.

“Part of the issue has been – as it is in many busy ER departments – there’s a lot of chronic alcoholics that are brought in by ambulance, police or just come in. Often they are brought in because they have not committed a crime or there is limited space in our detoxification center. So the majority were brought to the ER department,” said Dr. David Ross, the study’s lead author from Penrose-St. Francis Health Services in Colorado Springs.

Ross said the ambulance company where he serves as medical director created the checklist with the help of the local detox center, which provided limited medical care by a nurse, and the local hospitals to reduce the number of drunks without medical needs being sent to the local ERs.

They created a checklist with 29 yes-or-no questions, such as whether the patient is cooperating with the ambulance worker’s examination and if the patient is willing to go to the detox center.

The patient was sent to the ER if the ambulance worker checked “no” on any question.

The researchers then went back to look at the patients they transported between December 2003 and December 2005 to see whether or not any of them ended up having serious medical problems at the detox center.

During that two year period, the ambulance workers transported 718 drunks. The detox center received 138 and the local ERs got 580.

Overall, 11 of the patients who were taken to detox were turned away because there was no room, their blood alcohol level exceeded the limit, their family came to pick them up or they were combative.

Another four patients at the detox center were taken to the ER because of minor complications, including chest and knee pain. However, there were no serious complications reported.

“We really believe that we did not miss anybody with a serious illness and injury that didn’t go to the ER as they should have,” said Ross.

But the researchers write in the Annals of Emergency Medicine that their study did have some limitations.

Specifically, the researchers did not plan in advance to do a study when they were creating the checklist, which means their findings are limited to whatever information was collected at the detox center and ERs.

Also, the number of people who were sent to the detox center in their study is relatively small, so it’s hard to tell how many serious complications they’d see among a larger group of people.

“We tried to estimate how likely we would have been to encounter a serious event… We estimated at most we’d encounter three serious adverse events (in 748 patients),” Ross told Reuters Health.

SOURCE: http://bit.ly/QgPCT5 Annals of Emergency Medicine, online November 9, 2012.

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More government action on mergers

21 November 2012 Last updated at 19:01 ET

The government plans to become more active in mergers and acquisitions involving UK companies.

The decision is part of the government response to the Kay Review into how to discourage short-termism in markets.

The government has decided it should “engage with companies and their investors… to promote investment which benefits the UK economy”.

Professor John Kay called for it to discourage acquisitions that would threaten a firm’s operations in the UK.

The government’s response comes in the week that the acquisition of Autonomy, which was once Britain’s biggest software company, by Hewlett Packard of the US has ended in acrimony and allegations of financial misbehaviour.

‘No blanket regulation’

The Kay Review was commissioned by Business Secretary Vince Cable and published in July.

The Department for Business, Innovation and Skills endorsed Prof Kay’s 10 principles for stock markets, which were designed to encourage more focus on the long-term returns from businesses rather than short-term profits.

Prof Kay also called for the way that directors are paid to be changed to encourage more long-term thinking.

He suggested that bonuses should only be paid in shares that could not be sold until after an executive left the company.

The government responded that it “does not believe there is a case for blanket regulation”, but hopes that its reforms, designed to empower shareholders and create more transparency in remuneration, will help bring about such good practice.

Similarly, Prof Kay proposed that bankers and investment managers should receive bonuses either in the form of shares in the firms for which they work, or an interest in the investment funds they manage.

Again, such shares could not be sold until they left the company.

The government plans to promote this as best practice rather than imposing it through regulation.

The application of Good Practice Statements for company directors, bankers and investors are to be encouraged by the government.

BBC News – Business

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Some gifts fall into the love-it-later category

NEW YORK (AP) — Have you ever said “thank you” through clenched teeth? The gift in that nicely wrapped box was so not what you wanted: comfy clothes instead of designer duds, or a kitchen gadget instead of a shiny piece of jewelry.

Sometimes, though, the best gifts are the ones you use, and, frankly, most of us probably wear hoodies more than haute couture.

With a closet full of beautiful boots and gravity-defying heels, flat-foot, furry Uggs weren’t at the top of celebrity stylist-designer Rachel Zoe‘s shopping list. They were OK for other people — she might even have suggested them — but she didn’t see them fitting into her closet until someone gave her a pair.

“Once you put them on, you can’t go back,” Zoe says. “In my house, it’s now the family at-home shoe. I wear them all the time. My son has 10 pairs and my husband has 10 pairs.”

Bradford Shellhammer, founder of Fab.com, which sells unusual items like canvas carryalls screen-printed with images of designer handbags, says gifts fit into three categories: the things everyone knows you want, the bad surprises and the amazing things that make you wonder, “How did I live without it?”

A. Mitra Morgan, founder and chief curator of decorative home-goods website Joss & Main, can’t imagine her busy life without the wallet-phone case wristlet her mother gave her last year.

Morgan has almost unlimited access to the pretty things on so many gift lists. Her mother, however, thought her daily necessities were too scattered. She didn’t know it at the time, Morgan admits, but mom was right.

Morgan received another love-it-later gift, this one from her husband. He gave her flat-bottomed pizza scissors.

“Coming from my husband, this was at the level of receiving a vacuum. I thought, ‘Really, this is what we’ve come to?’” Morgan says. “But it’s awesome!”

Christine Frietchen, a shopping expert who is advising TJ Maxx and Marshall’s this year on their gift-giving programs, says a gift is something you wouldn’t get for yourself. And the best way to know you’ve given a successful gift, she says, is if the receiver becomes an evangelist for it.

Adam Glassman, creative director at O, The Oprah magazine, was never at risk of buying the Patagonia fleece sweatpants his brother got for him a few years ago. “Never in my life did I think I’d need sweatpants, but I live in them,” he gushes. “When I come home from work, they are my go-to item. I wear them more than any other clothes in my closet.”

The only gift he might treasure more is the Eddie Bauer silk long johns his other brother gave him, something else he didn’t think he needed or wanted.

“Where was the Tom Ford, the Gucci?” Glassman says with a laugh.

But after a few winters of layering the long johns under his more fashionable pieces, he’s now buying them as gifts for other people.

Shellhammer says friends and family can’t ask for the items offered on Fab.com because the website sells things people don’t know exist. Items such as a shower curtain with a map of Paris (what enthusiastic traveler wouldn’t want one?) or a pug T-shirt for your favorite dog lover. (Shellhammer predicts the Mountain Pug Tee will be a top seller this season. The entire shirt becomes the face of a pug, wrinkles, jowls and all.)

And Shellhammer says it’s OK to be playful and show a little sense of humor when giving a gift. You’d be surprised how many positive comments the website has received about a hedgehog dish brush, he says. “It just gives you that crack of a smile.”

Brian Berger says the Yumaki toothbrush his business partner gave him is a present he’ll always remember — and appreciate. And, it’s something he uses every day.

His partner was trying to make a point as he and Berger recently launched a men’s undergarment and socks business called Mack Weldon that also is courting customers with the idea of “elevated basics,” Berger explains.

Some other gift ideas from the experts:

—Kitchen knives.

—Comfortable earbuds.

—Colorful tights and leggings.

—Berry bowls.

—Miniature flashlights that fit in pockets and purses.

—Pretty soaps.

—Personalized tote bags.

A lot of people do skimp on themselves, especially in a season where they are spending so much money, so an upgrade of something mundane to luxurious — or at least more fun — can be a very thoughtful gift, says gift advisor Frietchen.

“Have you ever had a really nice hairdryer, a REALLY good dryer? You think a hairdryer is a hairdryer until you have a good one in your hand. It can change your life,” Frietchen says.

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McCartney, Houston, Dylan lead Grammy Hall of Fame inductees

LOS ANGELES (Reuters) – Music by Paul McCartney, Bob Dylan, Elton John and late singers Whitney Houston and James Brown will be inducted into the 2013 Grammy Hall of Fame, The Recording Academy said on Wednesday.

Paul McCartney & Wings‘ 1973 album “Band on the Run,” long credited with reigniting McCartney’s career following the Beatles’ split in 1970, was one of the 27 new inductees into the Grammy Hall of Fame, on display at the Grammy Museum in downtown Los Angeles.

Houston‘s self-titled 1985 debut album was also named an inductee, following the singer’s sudden death aged 48 in February this year. Australian hard-rock band AC/DC’s top-selling 1980 “Back in Black” album was also named a new entry.

The Recording Academy, which also runs the Grammy awards, picks songs and albums from all genres that are at least 25 years old, with either “qualitative or historical significance” to be considered annually for the Grammy Hall of Fame by a committee.

“Memorable for being both culturally and historically significant, we are proud to add (the 2013 inductees) to our growing catalog of outstanding recordings that have become part of our musical, social and cultural history,” The Recording Academy President and CEO Neil Portnow said in a statement.

As well as albums, the Grammy Hall of Fame also includes songs of historic and cultural significance and the inductees for 2013 see a range of classic American songs.

Iconic Dylan song “The Times They Are A-Changing” from 1964, R&B singer Ray Charles’ 1961 tune “Hit the Road Jack,” Rat Pack star Frank Sinatra’s 1980 “Theme from ‘New York, New York’”, and ‘Godfather of soul’ James Brown‘s 1965 classic “I Got You (I Feel Good)” were all honored.

Other 2013 inductees include Elton John‘s 1970 self-titled second album and American debut, Billy Joel’s 1973 hit “The Piano Man” and Willie Mae “Big Mama” Thornton’s 1953 R&B classic “Hound Dog,” later covered by Elvis Presley.

(Reporting By Eric Kelsey; Editing by Piya Sinha-Roy and Andrew Hay)

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Medication cuts crime rate among ADHD sufferers

LONDON (Reuters) – Criminal behavior in adults with attention deficit hyperactivity disorder (ADHD) drops sharply when they take stimulant drugs like Ritalin to help them to control impulses, scientists said on Wednesday.

A study of more than 25,000 people with ADHD found the number of crimes committed was about a third or more lower in those taking medication, suggesting that encouraging ADHD patients to stay on the pills could cut the risk of crime.

Past international studies show up to two-thirds of young offenders and half the adult prison population screen positively for childhood ADHD, and many may still have symptoms as adults.

British and Swedish researchers who conducted the new study found that patients who went through periods on and off ADHD drugs had a significantly reduced risk of engaging in criminal activity when they were medicated.

“The bottom line is that medication led to a 32 percent reduction in crime rates in men and a 41 percent reduction in crime rates in women,” said Seena Fazel, a forensic psychiatrist at Britain’s Oxford University who presented the findings at a briefing in London

Paul Lichtenstein of Sweden’s Karolinska Institute, who worked with Fazel and colleagues, said the results suggested that encouraging more ADHD sufferers to take medication could help to reduce crime and re-offending rates.

“It’s said that roughly 30 to 40 percent of long-serving criminals have ADHD. If their chances of recidivism can be reduced by 30 percent, it would clearly affect total crime numbers in many societies, he said in a statement.

Some 5 percent of school-age children and around half as many adults worldwide have ADHD, a disorder characterized by distractedness and impulsive and sometimes violent behavior.

In the United States, it is one of the most common childhood disorders with an average of 9 percent of children between the ages of five and 17 are diagnosed with it each year.

Previous studies have shown that people with ADHD have on average less education and lower incomes, higher rates of unemployment, divorce and substance abuse, and are more likely to enter a life of crime. But until now health experts were not clear how medication might be affecting the crime risk.

“We’ve shown that ADHD medication very probably reduces the risk of crime,” said Henrik Larsson of the Karolinska Institute. “However … most medical treatments can have adverse side effects, so risks must be weighed up against benefits.”

Ritalin, known generically as methylphenidate, is sold by the Swiss drugmaker Novartis and is widely used in developed countries to help people with ADHD to concentrate better and control impulsiveness. Other ADHD drugs include Johnson & Johnson’s Concerta, Shire’s Adderall and Vyvanse and Eli Lilly’s Strattera.

Philip Asherson, an ADHD expert from Britain’s Institute of Psychiatry who was not involved in this research but was speaking at the London briefing, said the findings could point to a cost-effective way to help patients stay out of trouble.

In Britain for example, a month’s supply of ADHD medication costs around 300 pounds per patient, he said – a fraction of the cost to society of keeping someone in prison.

Asherson stressed however that decisions about medication should be a personal choice.

The study was published in the New England Journal of Medicine on Wednesday.

(Reporting by Kate Kelland; editing by Stephen Nisbet)

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HP’s Financial Mess Is Making Everyone Sorry

You know who’s probably having the best day ever? Try Mark Hurd, the guy who had to resign as chief executive of Hewlett-Packard (HPQ) in August 2010 under a cloud of HR shadiness.

Due in large part to the incompetence of the management that replaced him, and the board that oversaw it all, shares of the venerable Silicon Valley pioneer have since fallen 75 percent, visiting lows unseen since the mid-1990s. Just days after the firing, in letter sent to the New York Times, Hurd’s friend and soon-to-be-new boss, Oracle (ORCL) CEO Larry Mr. Ellison, declared: “The H.P. board just made the worst personnel decision since the idiots on the Apple (AAPL) board fired Steve Jobs many years ago.” Three weeks after his departure from HP, Hurd gave notice of his plans to cash out of more than $ 30 million in company stock.

Today, Hurd and Ellison, both at Oracle (now worth more than six HPs) must be belting out thunderous buhaahahhas. On Tuesday, Hewlett-Packard announced an $ 8.8 billion charge, citing “a willful effort to mislead investors and potential buyers” at Autonomy, the U.K. software company Hurd’s short-lived replacement, Leo Apotheker, agreed to purchase for $ 10.3 billion.

“HP is extremely disappointed to find that some former members of Autonomy’s management team used accounting improprieties, misrepresentations, and disclosure failures to inflate the underlying financial metrics of the company, prior to Autonomy’s acquisition by HP,” Hewlett-Packard said in a statement.

Autonomy aside, HP forecast fiscal first-quarter earnings that missed analysts’ estimates amid a continued decline of its personal computer franchise. As for the fourth quarter: HP registered a net loss of $ 6.85 billion, compared with net income of $ 239 million a year earlier. It’s just the latest in a tragicomic series of largely self-inflicted wounds that have felled the tech giant. So what now? For starters, some freshly served mea culpas.

CEO Meg Whitman took to CNBC to publicly regret voting for the Autonomy deal when she was just a board member.

One investor who should be taking a major bow on HP is short-seller Jim Chanos, who this summer warned HP was the “ultimate value trap.” Looking ahead, it all raises the question: How much more time will shareholders give Meg Whitman and her board to turn around a supertanker that increasingly looks like it’s taking on water?

According to Jefferies (JEF) analyst Peter Misek, despite HP’s seemingly sufficient cash flow, its dividend “could be in serious danger” next year. While the company’s diminished market capitalization of $ 23 billion makes it look ripe for activist agitation or even euthanasia-by-takeover—Oracle, anyone?—directors have already moved to silence an internal agitator in their ranks.

ISI Group analyst Brian Marshall apologized to clients for recommending the stock: “We can no longer recommend investors buy shares of HP at current levels as negative information continues to pour out, the end is not in sight, and we no longer understand what we are ‘playing for.’ … HP has become the ‘quintessential value trap’ as material negative news overrides any small positive developments and forward estimates continue to decline at a rapid rate. We apologize to investors for our extremely poor performance on this attempted ‘value’ play.”

For added measure, Marshall quipped that HP has “more shoes than Imelda Marcos.”

Businessweek.com — Top News

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