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Tuesday, September 24, 2013

GM to buy back some preferred shares from UAW trust for $3.2 billion

By Ben Klayman

DETROIT (Reuters) - General Motors Co said on Monday it would buy back just under half of its preferred shares held by the United Auto Workers health-care trust for about $3.2 billion, essentially cutting company costs by financing the deal with lower-cost debt.

To finance the purchase of 120 million of the Series A preferred stock from the UAW Retiree Medical Benefits Trust at $27 a share, GM said it would raise funds with a debt offering.

GM did not specify how much it would raise but said the debt would be five-, 10- and 30-year senior unsecured notes, which would be offered on or before September 30.

It said it expects interest rates on the debt would be far below the preferred shares' 9 percent dividend, which currently results in an annual payment of $620 million.

The UAW trust, which manages retiree health benefits for blue-collar auto workers, received its preferred shares as part of the automaker's U.S. government-funded $49.5 billion restructuring and bankruptcy in 2009.

"Management is choosing to raise capital to fund the transaction given the cheap cost of financing due to the ongoing low interest-rate environment," Buckingham Research analyst Joseph Amaturo said in a research note.

The deal allows GM to maintain a healthy cash balance and Amaturo, who has a "buy" rating on GM's shares, expects the company will eventually buy back or pay a dividend on its common shares.

GM ended the second quarter with almost $35 billion in total automotive liquidity, including more than $24 billion in cash and marketable securities.

There are currently $6.9 billion worth of the preferred shares, with the UAW trust owning $6.5 billion, or 260 million shares, and the Canadian government $400 million, or 16 million shares. GM has the right to buy back those shares on or after December 31, 2014, at $25 each.

GM has said previously that it intended to buy back the preferred shares when allowed. However, the automaker negotiated the earlier repurchase from the UAW trust.

As a result of paying a $2 per-share premium and taking an accounting loss on the deal, it expects to record a charge of about $800 million in the third quarter that would be treated as a special item.

Amaturo also said the deal with the UAW trust strongly indicates GM management is comfortable with the June launch and rollout of the redesigned full-size pickup trucks. Analysts have said the Chevrolet Silverado and GMC Sierra, along with related SUVs, generate more than $12,000 per vehicle in profits and account for about 60 percent of the company's global profit.

Also on Monday, Moody's Investors Service upgraded the company to an "investment grade" rating with a stable outlook, citing the strength of its U.S. vehicle portfolio and solid position in the world's largest auto market in China. It was the first time since August 2005 that GM has had an "investment grade" rating.

Analysts expect GM to begin paying a common dividend once the U.S. Treasury has exited its stake in the automaker. GM has not paid such a dividend since May 2008. Rival U.S. automaker Ford Motor Co resumed paying a common dividend in March 2012 after suspending it for more than 5-1/2 years.

Last week, the U.S. government sold another block of shares in the Detroit automaker, reducing its holding to 7.3 percent, or 101 million shares. The government, which originally took a 60.8 percent stake in GM as part of the bailout in 2009, has said it intends to sell the rest of its shares by the end of March.

Chief Financial Officer Dan Ammann said last month that GM had no current plans to pay a common dividend, but it was something it expected down the road. In June, Chief Executive Dan Akerson said GM would consider a dividend and more share buybacks going forward, citing the company's December repurchase of a block of Treasury shares for $5.5 billion.

GM's shares were off 0.3 percent at $36.71 in midday trading on the New York Stock Exchange.

(Adds analysts' comments, details on the deal, background on GM and its dividend history, byline)

(Reporting by Ben Klayman in Detroit; Editing by Jeffrey Benkoe, Gerald E. McCormick and Maureen Bavdek)

Source: http://news.yahoo.com/gm-buy-back-preferred-shares-uaw-trust-3-130447830--sector.html

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Oracle wins again to stay alive in America's Cup

SAN FRANCISCO (AP) ? Skipper Jimmy Spithill accelerated his 72-foot catamaran off the starting line and steered defending champion Oracle Team USA to its fifth straight win against Emirates Team New Zealand on Monday to stay alive in the America's Cup.

The 34-year-old Spithill and his brain trust of Olympic gold medalists ? British tactician Ben Ainslie and Australian strategist Tom Slingsby ? kept the American-backed boat ahead the whole way around the five-leg course on San Francisco Bay for a 33-second victory.

Oracle's remarkable comeback from what seemed like certain defeat has closed the Kiwis' lead to 8-6 and no doubt has all of New Zealand on edge.

Team New Zealand has been on match point since Wednesday, only to watch Spithill and Oracle's improved 72-foot catamaran sail ahead in a determined attempt to keep the oldest trophy in international sports.

Oracle Team USA, owned by software tycoon Larry Ellison, has won eight races. But it was docked two points for illegally modifying boats in warmup regattas called the America's Cup World Series, so it needs three more wins to keep the Auld Mug.

The regatta would be tied if Oracle hadn't been handed the harshest penalties in the 162-year history of the America's Cup. Besides being docked two points, Oracle wing sail trimmer Dirk de Ridder was disqualified from the regatta and replaced by 24-year-old Kyle Langford four days before the match started.

Because Race 16 was delayed a half-hour due to light wind, Race 17 was postponed until Tuesday. That gives the Kiwis another day to ponder what they need to do to avoid a collapse, and gives Oracle more time to keep refining its fast cat.

Races 17 and 18, if necessary, are scheduled for Tuesday.

Skipper Dean Barker had Emirates Team New Zealand in the favored leeward position crossing the starting line before Spithill, an Australian, got Oracle Team USA onto its hydrofoils, with both hulls out of the water, and sped into the lead sailing across the wind in front of the Golden Gate Bridge to the first mark.

Oracle increased its lead at each turning mark on the five-leg course between the Golden Gate Bridge and the Embarcadero.

Oracle Team USA has won seven of the last nine races, and nine of 11 since Spithill replaced American tactician John Kostecki with Ainslie, who won four straight Olympic gold medals to go with his silver medal from 1996. Ainslie clearly has good communications with Slingsby, who won a gold medal at the London Olympics.

This America's Cup stretched into its 17th day, making it the longest in history. The 2003 America's Cup in Auckland, New Zealand, lasted 16 days and ended with Barker and the hard-luck Kiwis losing the silver trophy to Alinghi of Switzerland.

Source: http://news.yahoo.com/oracle-wins-again-stay-alive-americas-cup-211949960--spt.html

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The Business of Home Care - NYTimes.com

[unable to retrieve full-text content]The expansion of the Fair Labor Standards Act to home-care workers is unikely to raise costs for consumers, but it may weaken the business model of for-profit companies, an economist writes.

Source: http://economix.blogs.nytimes.com/2013/09/23/the-business-of-home-care/

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Analysis: Nairobi attack may trigger tighter security at malls worldwide

By Ilaina Jonas and Mark Hosenball

(Reuters) - The deadly attack on a high-end Nairobi shopping mall on Saturday put the safety of malls around the world into the spotlight and could trigger moves to improve security and make it more visible.

"They're obviously going to ramp up security," said Malachy Kavanagh, a spokesman for the International Council of Shopping Centers, a U.S.-based trade group of mall and shopping center owners, adding that he expected the U.S. government's Department of Homeland Security to reach out to the heads of corporate security for all American malls following the events in Kenya.

Some of the changes that may be made include bringing in off-duty police officers into the mall, putting more non-uniformed security officers into uniform, and more closely coordinating with local police departments.

Islamist militants were holding hostages on Sunday at a shopping mall in Nairobi, where at least 68 people were killed and 175 wounded in an attack by Somalia's al Shabaab group. Those killed included Kenyans, Dutch, British and Chinese citizens and diplomats from Canada and Ghana. Some U.S. citizens were wounded, though the final toll is still far from clear.

The Westgate mall has several Israeli-owned outlets and is frequented by prosperous Kenyans and foreigners.

"Shopping centers and retailers will have to spend more money on security," Irwin Barkan, CEO of African mall developer BGI LLC, said in a phone interview from Ghana where he is based. BGI, based in the U.S., is developing properties in West Africa.

"I hope it doesn't get to the point where it is like getting into an airport," Barkan said ahead of a trip to Nairobi for the African Hotel Investment Forum this week.

Kavanagh said that U.S. shoppers have indicated they do not want to go through this type of security line with metal detectors and other security machines.

Following the attacks on New York's World Trade Center and the Pentagon in Washington, D.C. on September 11, 2001, the trade group surveyed mall shoppers about their views on such ideas. "Unless there was an immediate threat, by and large they said 'no'," he said.

FEAR OF IMITATORS

U.S. counter-terrorism officials and experts have privately expressed worries for years - since even before the September 11, 2001 attacks - that U.S. shopping malls and other public spaces, including public transport systems, were vulnerable to attacks.

Juan Zarate, a former White House counter-terrorism advisor and author of "Treasury's War", a new book on the subject, told Reuters that one of the major concerns for counter-terrorism officials is that there could be imitators of this type of "soft target" attack.

"Like the 2008 attacks in Mumbai, terrorist cells are learning that they can have strategic impact with dramatic terror focused on soft targets having significant psychological and economic effects," Zarate said.

In November 2008, 10 gunmen went on a three-day killing spree in Mumbai, attacking two luxury hotels, a train station and a Jewish center, among other places in the Indian city.

In the United States, a source at one of the biggest mall owners said that the company is constantly focused on safety and security, not just after events such as the one in Kenya. The source said that shoppers can see some elements of security, while others are not visible.

Dan Jasper, a spokesman for Mall of America, a large private mall in Bloomington, Minnesota, said in a statement that "We constantly monitor events and adjust plans accordingly. The safety and security of our guests remains a top priority."

Westfield America declined comment, saying that it does not comment on security. Australia's Westfield Group owns nearly 100 shopping centers in Australia, New Zealand, Britain and the United States. Simon Property Group, the largest owner of U.S. mall and outlet centers and owner of outlets in Canada, Malaysia, Japan, Korea and Mexico, also declined to comment.

(Writing and additional reporting by Caroline Humer Editing by Martin Howell and James Dalgleish)

Source: http://news.yahoo.com/analysis-nairobi-attack-may-trigger-tighter-security-malls-231011483.html

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Monday, September 23, 2013

Va. man misidentified as DC shooter knew 1 victim

Rollie Chance stands in his home on Monday, Sept. 23, 2013 in Stafford, Va. A week ago, Chance was working the phones, worried that some of his friends at the Washington Navy Yard may have been killed in a mass shooting there. Then, he received a call that he thought was a prank: a news organization telling him that he had been identified as the shooter. (AP Photo/ Evan Vucci)

Rollie Chance holds a shadow box displaying his ranks and awards earned during a career in the Navy on Monday, Sept. 23, 2013, in Stafford, Va. A week ago, Chance was working the phones, worried that some of his friends at the Washington Navy Yard may have been killed in a mass shooting there. Then, he received a call that he thought was a prank: a news organization telling him that he had been identified as the shooter. (AP Photo/ Evan Vucci)

McLEAN, Va. (AP) ? A week ago, Rollie Chance was working the phones, worried that some of his friends at the Washington Navy Yard may have been killed in a mass shooting there.

In the middle of that, he received a call that he thought was a prank: a news organization telling him that he had been identified as the shooter.

Chance's name was reported Sept. 16 by two network news organizations as the shooter in an apparent mix-up involving his long-discarded Navy Yard identification badge. NBC reporters tweeted Chance's name as the shooter, while CBS used Chance's name in tweets and in a radio broadcast. Both networks retracted their reports within minutes of misidentifying him as the shooter.

Chance, a Stafford, Va., resident, has reluctantly spoken with reporters in recent days because he hopes getting stories out about the mix-up will crowd out archived versions of stories on the Internet that misidentify him as the Navy Yard shooter. He also says he wants to ensure that others don't go through what he did.

"It was a very emotionally draining week," Chance said Monday in a phone interview.

On the day of the shooting, Chance was also was dealing with the shootings on a personal level. He had worked at the Navy Yard for years, first as a U.S. Navy sailor and later as a civilian in engineering, specifically modernization and maintenance.

He knew one of the victims fairly well; their families met and spent time together at a Christmas party a few years back. Chance declined to identify the person, concerned that bringing the victim's name into the public eye could cause the family pain.

Chance said he had not received a phone call from NBC or CBS.

NBC News said in a statement Monday, "We received misinformation from reliable sources and immediately corrected."

Sonya McNair, senior vice president of communications for CBS News, issued a similar statement: "We reported what we learned from law enforcement sources and it was corrected within minutes."

The first call he received on the day of the shootings was from ABC, asking if he knew Rollie Chance had been identified as the Navy Yard shooter. Chance thought it was a bad joke. Still, he holds no ill will toward ABC or other news agencies that called trying to get the story straight and that withheld his name from publication.

"They verified before they vilified," Chance said.

He first learned for certain that news outlets had identified him as the shooter from FBI agents who visited his home that day. They were trying to figure out why Chance's badge was found at the scene.

Chance said he still has no idea how his badge got mixed up in the case. He retired in October from his civilian Navy job and turned in his badge as a matter of routine. He said multiple people, including his boss, were there when he did so. He didn't give the badge a second thought between then and the day of the shootings.

He said the FBI and other agencies that came to his home a week ago concluded relatively quickly that he had no involvement in what occurred.

Still, "that day was pretty emotional. You're trying to alleviate any doubt in anyone's mind," he said. His family received condolence flowers that day from people who heard the news and thought Chance was dead.

Chance declined to comment on potential legal action against NBC and CBS.

His lawyer, Mark Cummings, said Chance has asked him first to "contact NBC and CBS and see if we can begin discussions toward a settlement," one that would in part enlist the networks' help in minimizing the fact that Internet searches produce results linking Chance to shooter Aaron Alexis, the IT contractor who gunned down 12 workers at the yard before being killed by police after an extended firefight.

___

AP Television Writer Lynn Elber in Los Angeles contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2013-09-23-US-Navy-Yard-Shootings-Mistaken-Identity/id-9e5a4684fd024056ad615077bc6fb3ee

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Pace University's 50th Anniversary Tops Pleasantville News This Week

GETZVILLE, N.Y. - Marjorie F. (nee Baker) Masker, of Getzville, formerly of Pleasantville died Sept. 17. She was 96.

Masker is survived by her children, Gerald (Natalie) Masker, Arthur (Martha) Masker and Ruth (Robert) Fuller; five grandchildren; nine great-grandchildren; and many nieces and nephews. She was predeceased by her husband, Seely O. Masker; sister, Gloria ...

Source: http://pleasantville.dailyvoice.com/news/pace-universitys-50th-anniversary-tops-pleasantville-news-week-0

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New Rx for small biz health credit ? Business Management Daily ...

The most onerous rules for em??ployers and employees included in the massive 2010 health care law?the Patient Protection and Affordable Care Act (PPACA)?have yet to take effect. But qualified small business owners may already benefit from a generous tax credit for providing health insurance coverage to workers.

Alert: The Treasury Department has just issued new proposed regulations on the credit. (REG-113792-13, 8/23/13)

Here?s the whole story: Under the PPACA, a small business is eligible for credit if it contributes to health insurance coverage for its employees. To qualify, the business must have fewer than 25 full-time employees (FTEs) with average annual wages of less than $50,000 (see box below). The credit is reduced if you exceed either of these two limits.

The credit first became available in 2010. For the first four years, including 2013, the maximum credit is equal to 35% of the nonelective contributions made on behalf of employees. However, the maximum 35% credit is only available if the employer has 10 or fewer full-time employees and an average wage of less than $25,000. Beginning in 2014, the maximum credit increases to 50% of allowable contributions.

Following are several key areas covered in the new proposed regulations:

Eligibility issues: An employer may be able to claim the credit for employees who aren?t performing services in a trade or business (e.g., household employees). Also, foreign entities with U.S. income are eligible only if they pay premiums for health insurance coverage issued in and regulated by one of the 50 states or the District of Columbia. Sole proprietors, partners in a partnership, 2%-or-more owners of S corporations and any 5%-or-more business owners, as well as their family members, don?t count as employees for this purpose.

Qualifying arrangements: An employer must pay premiums for each employee enrolled in health insurance coverage in an amount equal to a uniform percentage (not less than 50%) of the premium cost. If an employer is entitled to a state tax credit or a premium subsidy, this amount isn?t included in this test, but it is figured into the credit calculation.

State exchanges: For 2014 and thereafter, an employer must obtain health insurance through the Small Business Health Options Program (SHOP). Because these state-run exchanges are just being set up, an employer can still qualify for a credit in 2013 by obtaining insurance from an outside source.

Time limit: Beginning in 2014, a new two-year limit applies after the first year the employer files Form 8941, Credit for Small Employer Health Insurance Premiums. If you claim the credit prior to 2014, you can still take the credit for two more years in 2014 and later. If an entity?s predecessor entity claimed the credit in the past, the predecessor?s period will count toward the two-year credit period.

Tip: The new regs also provide transitional rules for employers that don?t operate on a calendar year (e.g., if your tax year begins after Jan.?1, 2014, but before Jan. 1, 2015).

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