Thursday, 1 May 2014

Japan’s Suntory completes buyout of Jim Beam maker

Japan’s Suntory completes buyout of Jim Beam maker

Suntory announced Thursday it had completed the buyout of Beam Inc. by acquiring all outstanding shares for $13.8 billion (9.95 billion euros), while taking on $2 billion of the US-based firm's debt.
'The transaction announced earlier this year creates a company with a strong number-three position in the global premium spirits market,' Suntory said in a statement. Sales of both companies amounted to $4.6 billion in 2013.
The combined company will be called Beam Suntory Inc. and will have a workforce of about 3,400.
Lifted spirits?
The buyout marks the latest foreign acquisition by family-owned Suntory and reflects a larger trend seeing Japanese firms looking for other markets as Japan's shrinking population drinks less alcohol.
The Beam deal is the third-biggest overseas takeover by a Japanese company, after mobile carrier Softbank's acquisition of US-based Sprint Nextel and Japan Tobacco's purchase of the UK's Gallaher.
Analysts have warned, though, the latest merger will burden the Japanese drinks giant with heavy debt, with Suntory partly financing the deal through bank loans to the tune of $8 billion.

German court kicks off insolvency proceedings for wind park group Prokon

German court kicks off insolvency proceedings for wind park group Prokon
The district court at Itzehoe in northern Germany said Thursday insolvency proceedings had begun with regard to the Prokon's renewable energy division. Other segments of the firm's business were not facing bankruptcy.
The court said the company's regenerative energy business faced claims of 391 million euros ($542 million), compared with liquid funds of just 19 million euros.
Insolvency administrator Dietmar Penzlin had indicated investors still had a chance of seeing at least some of their money back.
Rude awakening
Prokon had lured investors with aggressive ad campaigns on prime-time television, in buses and commuter trains. Prokon hoped government support of the renewable energy sector combined with low interest rates elsewhere in the market would drive in investors.
The company operating 50 wind parks in Germany and neighboring Poland had raised 1.4 billion euros by touting profit participation rights and promises of returns of at least 6 percent annually.
Following questions in the media about the generous yields on capital and whether those were backed by actual earnings, investors began to pull out. That drove the company over the edge.
The insolvency dealt a blow to thousands of people who had hoped to profit from Germany's shift from nuclear to renewable power, such as wind and solar

Turkish prime minister fires back at criticism from German president

Turkish prime minister fires back at criticism from German president
Turkish Prime Minister Recep Tayyip Erdogan has fired a verbal salvo at German President Joachim Gauck.
The former East German Lutheran pastor is on a four-day visit to Turkey. He warned against the consequences of curbing freedom of expression including the two-week block on Twitter in a speech at a university. He was critical of Erdogan’s leadership style.
'I told him we can never tolerate interference in our domestic affairs.He should act the way that statesmen do. But I think he still sees himself as a pastor. Because he used to be a pastor he still has the same mentality of one. These are ugly matters,' Erdogan said at the weekly session of the Turkish parliament.
The two had engaged in what was described as 'mild verbal jousting' at a joint press conference before Gauk’s university speech.
The war of words comes as security forces in Turkey geared up for possible clashes with demonstrators during May Day marches planned for Thursday.

Twitter new design features

Twitter new design features
By: Salma Tantawi
Social media users might not like it when one or more social networks suddenly decide to overhaul their user interface. True, we probably spend more time with these networks than we do with our real friends and we’d like for things to stay the same for once. Yet we all know we’d forget about the old design minutes after discovering the new features we have now.
Twitter is rolling out a new profile page that does look a lot like Facebook; a big, wide cover photo, a bigger profile picture and a one column updates displaying photos and videos you share with your followers. However, this new design offers some advantages to its users.
Best tweets: Now your tweets that have been received well by your followers, whether it is by retweets or favorites, will appear bigger and more noticeable on your timeline.
Pinned Tweets: You can now pin your best tweet to stay on top of your timeline and be the first thing that greets users into your profile.
Filtering tweets: much like verified profiles, you now have the choice to view all of your tweets including replies, or just view your original tweets and filter out the @replies.
Have you already switched to the new Twitter desi

Facebook introduces ‘anonymous login”

Facebook introduces ‘anonymous login”
By: Salma Tantawi
To interact with most apps and websites, you’re usually asked to create a profile using your email address or login with one of your already existing social profiles such as Facebook. With the latter option users might get uncomfortable risking their social information to a website or an app they might not stay using for long.
Well, if it hasn’t been known to cherish your personal data before, Facebook is taking steps to at least make it more secure to use third-party services.
Introducing ‘anonymous login’ yesterday at the F8 conference in San Francisco, Facebook CEO Mark Zuckerberg unveiled the new way for Facebook users to log into other services with their Facebook credential, yet preventing such services from accessing their actual Facebook profiles and data.
“Anonymous Login lets people log in to apps so they don’t have to remember usernames and passwords, but it doesn’t share personal information from Facebook. People can decide later if they want to share any additional information, once they understand more about the app.” Facebook said.
With the new login option, which will now let the user choose whether to sign in with account anonymously or in a regular way, comes a redesigned app control panel from which users get to see and manage the apps they use. 

The deputy who voted against annexing Crimea

The deputy who voted against annexing Crimea

No, says Ilya Ponomarev. He's not at all surprised that he's been insulted via social media, called a 'traitor', even received death threats. His assistant's apartment was searched, he says.
'I expected something like that could happen.' The 38-year-old lawmaker sounds unperturbed. In a vote at the State Duma on March 20, he voted against the annexation of Crimea. He was the only one. The other 445 deputies present for the vote were in favor of the annexation.
The vote followed a referendum in which the majority of Crimea's residents backed leaving Ukraine for Russia - a 'so-called referendum' that clearly violates existing international law, says German government spokesman Steffen Seibert.
Ponomarev says he voted against the annexation because he believes it is a strategic mistake. 'It leads to a split between Russia and Ukraine.' Not only does that provoke war, he adds, but Russia also 'loses Ukraine as an ally.'
The lawmaker says Russia and the West should stay away from Ukraine. 'Ukraine should solve its own problems.' Of course, he's not the only deputy who harbors such thoughts, he says, but the others kept a low profile for fear of repression.
Their concern was justified: broadsides against the lawmaker, who represents the city of Novosibrisk, began right after the vote.
Ponomarev remains calm in the face of insults and death threats. It's all just a concerted media campaign to denounce him, he says, instigated by the government. 'They pretend it's actually public anger.' In public, he says, he's never encountered negative - 'not a single bad word on the street.'
Plans for tougher laws
On the other hand, Ponomarev concedes that that most Russians support the annexation. He said he didn't care, and he couldn't have voted against his convictions. History will show he was right, he adds. 'I have a crystal clear conscience.'
Not everyone agrees, though. His party, A Just Russia, tried unsuccessfully to neutralize him. Then, the head of the mainly pro-Kremlin opposition party introduced a draft law that would allow the head of the parliamentary group to get rid of deputies who break party ranks.
Ponomarev fears legal consequences. 'Of course, that's not likely to be linked directly to the vote. They'll pretend I misappropriated funds, something like that.' But the lawmaker is confident he would be able to defend himself. 'Don't worry,' he laughs.
Is he afraid of being thrown in prison like other critics? Ponomarev is silent for a moment. 'Yes, it could happen,' he says.
In Russian media, a reporter at a state broadcaster says Ponomarev is only trying to get foreign media attention, that the lawmaker should have known that it was a 'bad idea' to vote against the annexation of Crimea.
'Worst repression since the fall of the Soviet Union'
Since his re-election two years ago, Vladimir Putin has taken an extremely harsh stance toward critics.
Tanya Lokshina of Human Rights Watch, understands Ponomarev's fears. She in her colleagues have suffered in Moscow. 'Undoubtedly, we're currently seeing the worst repression against critics since the fall of the Soviet Union.'
The government is using the crisis in Ukraine to tighten the reins even further, Lokshina says. 'It's a case of, 'If you're not for us, you're clearly absolutely against us'.'
Critics are denounced as traitors to the entire Russian people. At the same time, Russia's leadership is taking advantage of the crisis and the 'anti-Western hysteria' to adopt restrictive laws. Over the past weeks, two draft laws aimed at curtailing the right of assembly and the freedom of the press were introduced. 'The authorities act fast,' Lokshina says.
Ilya Ponomarev is convinced that Russia's state leadership is becoming ever more authoritarian. Four of his assistants requested political asylum in Europe over the past months to escape persecution. 'Intimidation is a political reality in Russia,' he says.
Does the lawmaker takes precautions for his own protection? 'I still take the metro and walk around Moscow,' he says, adding that he doesn't use bodyguards.
'Except beautiful women,' he says with a laugh, before becoming serious again. 'Really, at the moment, it's not that bad.'

Russia stands troops down on Ukraine border while dismissing impact of fresh US sanctions


Russia stands troops down on Ukraine border while dismissing impact of fresh US sanctions
Moscow has urged Washington to ‘turn down its anti-Russian rhetoric’ during a phone call between the two government’s defence chiefs.
Chuck Hagel is also said to have been told that Russian troops conducting exercises on Ukraine’s border had been stood down but Sergei Shoigu made no mention of any overall reduction in Russian troops in the area.
The call followed the announcement of fresh sanctions by Washington on Russian firms and government officials close to President Vladimir Putin.
The chief of Russia’s state-controlled energy giant, Rosneft has however dismissed the new restrictions placed on him personally saying they would have little effect on the company.
British Oil company BP, which owns almost 20% of Rosneft, said it will continue to work with the firm despite the sanctions.