Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/323118676?client_source=feed&format=rss
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Thursday, August 1, 2013
Wednesday, July 31, 2013
Wendi Deng hires attorney William Zabel to handle Murdoch divorce
murdoch 
2 hours ago
Matt Sayles / AP
In this Sunday, Jan. 15, 2012, file photo, Rupert Murdoch and Wendi Deng arrive at the 69th Annual Golden Globe Awards in Los Angeles.
Wendi Deng is bringing in the big guns.
Deng has hired the well-known New York attorney William Zabel to represent her in her divorce from Rupert Murdoch, CNBC has learned.
Zabel, a founding partner of Schulte Roth & Zabel, is one of the top trust and estate attorneys in the country, and he's helped settle a lot of high-profile divorces involving wealthy clients such as former General Electric CEO Jack Welch and radio shock-jock Howard Stern.
Deng's side expects this will be an "amicable divorce," sources told CNBC.
Zabel likes to do things quietly without a lot of public motions and litigation. The Murdochs had pre-nuptial and post-nuptial agreements.
Under the terms of the pre-nup, Deng would receive less than $20 million, according to sources familiar with the agreement. Murdoch's wealth is estimated around $11 billion.
(Read more:The world's most expensive divorce settlements)
But her team is looking at three broad areas for negotiation to possibly get more. First is child support and the custody of their two young daughters, Grace and Chloe.
There is also the issue of joint property. The Murdochs owned a co-op in New York at 740 Park Avenue, which is valued at over $90 million. They have the two homes in California, a home in Beijing and property in London. There is also their yacht, the 180-foot boat called Rosehearty. It remains to be seen which properties are held in both of their names.
Another big issue is the trust. This is the family trust that controls News Corp through its voting shares. Murdoch's four children will control the trust after his death, while Chloe and Grace have just an economic interest. Their interest is equal to one-sixth each, which is worth billions.
But what Deng's legal team is looking at is whether the kids' equity is adequately protected, whether there are provisions for dilution and other possible changes in the company, or if Murdoch ever has other children.
A spokesperson for the 44-year-old Deng and the 82-year-old Murdoch did not immediately return calls for comment.
(Read more: Rupert Murdoch files for divorce)
Murdoch filed for divorce from Deng in June after 14 years of marriage. It is his third marriage and her second. There was no reason given in the public divorce filing other than the standard language indicating that the "relationship between husband and wife had broken down irretrievably."
The divorce also came as Murdoch was is in the middle of splitting News Corp. into two separate companies, with one focusing on print media and the other focused on entertainment, television and film.
?By CNBC's Robert Frank. Follow him on Twitter @robtfrank.
? 2013 CNBC LLC. All Rights Reserved
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Shares of potash producers plunge as Russian marketing group ...
Shares of North America?s three main potash producers plunged on Tuesday after the blockbuster announcement that Russian company OAO Uralkali plans to break up one of the two main potash marketing groups to boost its sales. The result is likely to be a sharp drop in global prices as the industry?s oligopoly-like structure is shattered and more supply hits the market.
Potash price war may signal deathknell for BHP Billiton?s US$15-billion mine plan
The break-up of a potash marketing cartel may signal the end of mining giant?s plans to spend billions to expand into production of the crop nutrient. Continue reading.
Shares of Potash Corp of Saskatchewan Inc. plummeted as much as 23% after the announcement, while shares of Mosaic Co. dropped 25%. They pared some of those losses in the afternoon, with Potash Corp. ending the day down 16%, and Mosaic down 17%. Agrium Inc.?s shares fell a more modest 5%, as the company has much lower exposure to potash than its rivals.
Uralkali?s announcement puts an effective end to Belarusian Potash Co. (BPC), the big marketing venture between Russian and Belarusian potash producers. It controls about 40% of global potash exports. The other key marketing group is Canpotex Ltd., a joint venture between the three North American producers.
Investors are betting that Canpotex will find it impossible to maintain its pricing influence following the break-up of its only counterpart and increased supply in the market. Even Uralkali?s chief executive said that prices could fall below US$300 a tonne, according to reports. By comparison, they are a little over US$400 right now.
BMO Capital Markets analyst Joel Jackson called the announcement ?the end of the potash world as we know it.? He believes potash earnings estimates will move ?materially lower? and global price estimates could fall by US$100 a tonne.
?Discipline and price-over-volume leadership in the potash industry seem to have crumbled,? he wrote in a note.
The question is whether other potash producers will follow Uralkali?s lead and produce at or near full capacity to boost market share at the expense of price. Uralkali plans to produce 13 million tonnes in 2014, compared to 10.5 million this year. It decided to end its involvement in BPC after the Belarusian government cancelled BPC?s exclusive right to export potash from the country.
Uralkali has more flexibility than most rivals to operate in a lower-price environment because it has very low costs of US$62 a tonne, according to a company presentation. High-cost operations would have a much tougher time, notably those in Europe.
Canaccord Genuity analyst Keith Carpenter wrote that he had a long-standing concern about over-supply in the potash market, and that the pricing power held by BPC and Canpotex would eventually break down once the companies focused more on market share than pricing.
?This announcement is accelerating that expectation,? he wrote in a note.
Mr. Jackson of BMO noted that the industry could be better off in a volume-over-price environment once the short-term pain subsides. Sales volumes would improve substantially and greenfield projects, such as BHP Billiton Ltd.?s giant Jansen project, could get cancelled. However, he called it a ?very risky? strategy.
Source: http://business.financialpost.com/2013/07/30/shares-of-potash-producers-set-to-collapse/
UK consumer confidence least bleak since early 2010 - GfK
LONDON (Reuters) - British consumer confidence has jumped in July to its highest in more than three years, a survey showed, in an early sign that the economic recovery is gaining steam in the third quarter.
Market research company GfK said that its monthly consumer confidence index rose to -16 from -21 in June. It was the highest reading since April 2010 and easily beat forecasts in a Reuters poll for -20.
The GfK survey, one of the first economic indicators on the July-September period, chimes with upbeat industry data on retail sales and factory orders over the past month.
It also follows news that Britain's economy expanded 0.6 percent in the second quarter - double the pace of growth in the first three months of the year.
"There is now no doubt that consumer confidence has recovered strongly from the unparalleled trough of the last five years," said Nick Moon, managing director of social research at GfK.
"It is the longer-term changes that mean far more than one single month's figures, and the current trend is definitely upwards," he added.
July's headline reading is well above the average of -23 in the second quarter, feeding hopes that consumers - who account for around two-thirds of all spending in Britain - will boost the economy further in the third quarter.
All but one of the five measures that make up the overall index rose strongly, with consumers' forecasts for their finances and the general economic situation the most optimistic in several years.
The climate for big-ticket purchases worsened, but only very slightly.
Donna Culverwell of GfK said hot and sunny weather during July helped lift consumer morale. Widespread discounts and offers are also likely to have brightened consumers' mood, as shop prices fell in July at their fastest pace since January 2007.
GfK polled about 2,000 people from July 2 to 21 on behalf of the European Commission.
(Reporting by Olesya Dmitracova; Editing by Hugh Lawson)
Source: http://news.yahoo.com/uk-consumer-confidence-least-bleak-since-early-2010-035820814.html
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Tuesday, July 30, 2013
Ecclestone confirms no India in 2014
Bernie Ecclestone has confirmed that the Indian Grand Prix won???t feature on the 2014 F1 calendar but will then return the following season.
Ecclestone had suggested that such a move could happen in Hungary and has now confirmed that there will be no indian race on the schedule next year.
Instead, with Ecclestone preferring to run the race earlier in the season, the Indian Grand Prix will then return in 2015 when the current contract in place for five years will continue.
"When we signed the five-year deal with [promoters] Jaypee, we were keen on going to India in the first half and Jaypee wanted it to be in October," he told the IANS news agency. "We gave in at that time, but now it looks we will have the race early 2015.
"It [hosting one race in October 2014 and another in early 2015] was too close. Therefore, after speaking to promoters, we think it is best not to have a race in 2014 and have one in 2015."
Ecclestone???s confirmation is likely to see India join Australia, Bahrain, Malaysia and China in the ???flyaway??? events that come prior to the European leg of the season but also signaled a warning that it couldn???t take its place for granted in future despite his previous comments on India being important to F1.
"The second year is always difficult for the organisers," he said after attendance figures dropped last year. "I hope bigger crowds turn up for the third edition.
"I really want it to continue, but it all depends on a lot of other factors. The sport is expanding its base every year."
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Amazon to fill 7,000 jobs in 13 states
Can anything stop Amazon? It's a good question, as the stock hits an all-time high. Why Amazon is cheaper than you think, with CNBC's Melissa Lee and the Options Action traders.
Distribution center jobs are available in Phoenix; Middletown, Del.; Patterson, San Bernardino and Tracy, Calif.; Indianapolis and Jeffersonville, Ind.; Hebron, Ky.; Breinigsville, Pa.; Charleston and Spartanburg, S.C.; Chattanooga and Murfreesboro, Tenn.; Coppell, Haslet and San Antonio, Texas, and Chester, Va.
Amazon said President Barack Obama is scheduled to visit the Chattanooga facility on Tuesday. No public schedule was yet posted on the White House website for Tuesday, but the president made what was billed as a major speech on the economy last week, and brought the topic up again in his weekly Internet and radio address on Saturday.
(Read more: Survey: Brighter economic outlook boosts hiring)
The company is also adding 2,000 jobs in customer service, including full-time, part-time and seasonal. Jobs are available in Winchester, Ky.; Grand Forks, N.D.; Kennewick, Wash., and Huntington, W.Va. Work from home positions are available in Oregon, Washington, and Arizona.
Source: http://www.cnbc.com/id/100920187
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Massive explosions rock central Fla. gas plant
TAVARES, Fla. (AP) ? A series of explosions rocked a central Florida propane gas plant and sent "boom after boom after boom" through the neighborhood around it. Eight people were injured, with at least four in critical condition.
John Herrell of the Lake County Sheriff's Office said early Tuesday there were no fatalities despite massive blasts that ripped through the Blue Rhino propane plant late Monday night. Officials initially scrambled to find more than a dozen employees after the explosions.
"Management is comfortable saying all of those they knew were there tonight have been accounted for," he said.
Tavares Fire Chief Richard Keith said possible causes of the explosion may be either equipment malfunction or possibly human error. Sabotage was not suspected.
One person injured in the explosion was listed in critical condition at University of Florida Health Shands Hospital and three others were listed in critical condition at Orlando Regional Medical Center. Herrell said some others drove themselves to area hospitals.
Tavares Battalion Commander Eric Wages said five workers walked up to a command center firefighters set up near the plant Monday night with skin hanging off their arms, torso and faces. He said their arms were outstretched and they were in complete shock.
The Blue Rhino plant, which is northwest of Orlando, refilled propane tanks typically used for barbecues and other uses. There were some 53,000 20-gallon tanks at the plant on Monday.
Herrell said a crew of 24 to 26 people was working the overnight shift when the explosions occurred around 10:30 p.m. Monday.
Tuesday morning, smoke still billowed from a storage container on the property, which consists of a couple of warehouses next to each other. The parking lot was littered with thousands of blackened 20-gallon propane containers.
Nearby, three 33,000-pound tanks of propane sat untouched. Lake County Battalion Chief Chris Croughwell said the hoses designed to spray water on the large tanks in case of fire, did not go off as planned because they had to be manually activated. "Most sane people don't stick around for an event like this," he added.
Tavares Mayor Robert Wolfe said Tuesday that he was surprised to learn the hoses at the plant had to be manually activated. If Blue Rhino reopens the plant, Wolfe said he plans to raise the safety issue. "That way, it's fail safe," Wolfe said. "We're lucky those tanks didn't explode."
Croughwell said firefighters who responded to the initial fire had to wait to enter plant site because conditions were so dangerous. Just as they were finally about to go in, four tractor trailers parked next to the large propane tanks caught fire.
If the large tanks exploded, Croughwell said, "it would have wiped us out."
Video footage on WESH-TV in Orlando showed fires burning through trucks used to transport propane tanks, which were parked at the plant. The fire sent plumes of smoke into the air hours after the blast.
Keith said the explosions shook his house several miles from the plant. "It truly sounded like a car hit our house," he said.
Herrell said about 50 homes were evacuated Monday night but residents were allowed back in about four hours later.
Marni Whitehead, 33, who lives less than a mile from the plant, said she was in bed ready to go to sleep when she heard a loud boom.
She ran outside and saw other neighbors outside and then they saw the explosions.
"We knew right away it was the plant, the propane plant," Whitehead said. "After that, it was just sort of panic."
Whitehead likened the explosions to Fourth of July fireworks. "And it was just boom after boom after boom," she said.
Herrell said officials believe the fire was contained and wouldn't spread to another part of the plant.
According to the Leesburg Daily Commercial, the plant was built in 2004 and employs fewer than 50 people.
Source: http://news.yahoo.com/massive-explosions-rock-central-fla-gas-plant-071913944.html
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