The Walt Disney World Resort might now be considered the happiest place inside your computer with a new product, Walt Disney World Resort in 3-D, which will give users of Google Earth a three-dimensional model of the entire park.
Users will be able to tour all four of the resort's theme parks and hotels. The models will be linked to Disney's online tools for planning travel and vacations.
"Guests and travel planners can now explore our world with just a few clicks of a mouse, and they can book vacations while being immersed in what the destination has to offer," says Jay Rasulo, chairman of Walt Disney Parks and Resorts, in a statement.
During the project's first phase, eight photographers worked for 10 days to shoot all the visible surfaces of Walt Disney World, including every building.
A total 100,000 photos were taken in all. These became the start for some 1,500 three-dimensional models that populate the virtual tour.
Users can get started by visiting www.disneyworld.com/3dparks.
Burbank, Calif.-based Walt Disney Co. (NYSE: DIS) operates the Magic Kingdom, Epcot, Animal Kingdom and Disney's Hollywood Studios theme parks in Orlando; owns ABC television network, 10 broadcast stations and more than 60 radio stations; and produces films through Walt Disney Studios.
Saturday, June 7, 2008
FACTBOX: Protests around the globe as oil prices pinch
Oil prices have doubled over the last year and risen 44 percent this year alone, with U.S. crude surging to a record high $139.12 a barrel on Friday, a troubling rise for energy ministers of the Group of Eight Nations plus China, India and South Korea, who are meeting in northern Japan this weekend.
Since 2004, oil prices have shed their typical $20-$30 a barrel stability to climb steadily, due to factors such as new demand from India and China and supply threats from conflict in the Middle East.
The Group of Eight consists of the United States, Canada, Japan, Russia, Germany, France, Italy and Britain.
Here are some facts on how people around the globe have reacted to rising fuel costs:
* Belgium: Fishermen, mainly from France and Italy, demonstrated against soaring fuel prices on June 4, and some clashed with policy near the European Union's headquarters. French fishermen say they will go broke unless they can buy diesel at half the market rate.
* Britain: Hundreds of protesting truck drivers blocked London roads on May 28, causing chaos. Almost a week later fishermen's groups massed in the centre of the capital to demand urgent government aid to ease rising fuel costs.
* Bulgaria: More than 150 truck drivers and dozens of bus drivers from across Bulgaria converged in a convoy on the outskirts of the capital Sofia on May 28, saying high fuel prices meant they were operating at a loss.
* Chile: Thousands of Chilean drivers parked their trucks along national highways this week to protest soaring fuel prices and diesel taxes in a tacit rejection of the government's $1 billion dollar (509 million pound) cash subsidy on consumer fuel prices. They lifted the strike on June 6.
* Italy: Commercial fishermen went on strike on May 30, closing down the industry on both coasts. Continued...
Since 2004, oil prices have shed their typical $20-$30 a barrel stability to climb steadily, due to factors such as new demand from India and China and supply threats from conflict in the Middle East.
The Group of Eight consists of the United States, Canada, Japan, Russia, Germany, France, Italy and Britain.
Here are some facts on how people around the globe have reacted to rising fuel costs:
* Belgium: Fishermen, mainly from France and Italy, demonstrated against soaring fuel prices on June 4, and some clashed with policy near the European Union's headquarters. French fishermen say they will go broke unless they can buy diesel at half the market rate.
* Britain: Hundreds of protesting truck drivers blocked London roads on May 28, causing chaos. Almost a week later fishermen's groups massed in the centre of the capital to demand urgent government aid to ease rising fuel costs.
* Bulgaria: More than 150 truck drivers and dozens of bus drivers from across Bulgaria converged in a convoy on the outskirts of the capital Sofia on May 28, saying high fuel prices meant they were operating at a loss.
* Chile: Thousands of Chilean drivers parked their trucks along national highways this week to protest soaring fuel prices and diesel taxes in a tacit rejection of the government's $1 billion dollar (509 million pound) cash subsidy on consumer fuel prices. They lifted the strike on June 6.
* Italy: Commercial fishermen went on strike on May 30, closing down the industry on both coasts. Continued...
Hillary Clinton to end campaign at site of Bill Clinton's celebrations
Hillary Clinton will wave goodbye to her 2008 campaign Saturday at the National Museum Building, where she and Bill Clinton celebrated his presidential victories
Gress/Reuters
Barack Obama was all smiles durnig a rally in Chicago on Friday.
WASHINGTON - Hillary Clinton's last waltz from the 2008 White House race will be performed on a stage where she and Bill danced the night away to celebrate his 1992 and 1996 wins.
New York's junior senator will gather supporters around her at noon in the National Museum Building, a scene of inaugural balls and victory galas in the Clinton-Gore era.
Clinton insiders expected her last turn in the '08 spotlight would be upbeat as she backs Barack Obama, the rival who upset her once-inevitable march to the Oval Office.
"It was very close, but now we'll do everything we can to help Barack Obama become the next President," Clinton campaign Chairman Terry McAuliffe told reporters outside the senator's Embassy Row mansion, where she held a massive afternoon party to bid her staff farewell.
"She will do anything she can to help Barack Obama," he said. "If he wants her to travel every day, she will do that."
Sources called the event fun, but there were also tears and hugs - and lingering bitterness that will take some time to heal among Clinton's soon-to-be-unemployed foot soldiers.
"I will never forgive Obama for what he did to Hillary," said a campaign aide who declined to be specific.
"I will vote for him, but that's it," said another.
The wound-licking celebration came after a meeting the night before between the former rivals, who both evaded the press to meet for an hour at the home of California Sen. Dianne Feinstein.
"They called me when it was over. I came down and said, 'Good night, everybody, I hope you had a good meeting,'" Feinstein told reporters. "They were laughing and that was it."
Sources told the Daily News they avoided the touchy subject of the vice presidency, which many Clinton supporters would like to see her tapped for, but which Clinton's office said she is not seeking.
"She doesn't know what she wants to do yet," said one senior insider.
A cocky Obama reveled Friday in his status as the party's standard-bearer, making a bold prediction in a surprise visit to a Chicago rally for its 2016 Olympics bid.
"In 2016, I'll be wrapping up my second term as President," Obama said.
kbazinet@nydailynews.com
Discuss this Article
4 comments so far. Add your comment below!. [Discussion Guidelines]
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crat3 Jun 7, 2008 3:40:57 AM Report Offensive Post
"'In 2016, I'll be wrapping up my second term as President,' Obama said." The apparent arrogance of his cult powers, which obviously don't extend to supporters of Sen. Clinton. Sen. Clinton's supporters in the swing states of Ohio, Pennsylvania, Florida and Michigan should work for Obama's defeat by campaigning and voting for McCain. Obama must win atleast three of these states in November. I will volunteer and vote for McCain in a swing state. The key for Obama to win in November lies with Sen. Clinton's supporters in the swing states; for Obama, that key is lost for 2008 but it opens the door to 2012 for Sen. Clinton, when she can reform a corrupt Democratic Party.
ez2c Jun 7, 2008 4:46:26 AM Report Offensive Post
The Democratic Nominee and Also-Ran are setting the example by making nice. The question remains, will the flocks follow suit? Hillary, the Queen of Spin and a Legend in Her Own Mind! http://klintons.com
bruceofthebush Jun 7, 2008 5:24:15 AM Report Offensive Post
As an observer in South Africa it has been a pleasure to watch Democacy in action, mainly from my satellite feed from MSNBC who boradcast the Race for the Whitehouse nearly 24 hours a day. With the "fourth estate" , if that is the correct term, we can see how a free open media/press fosters democracy. I do have a question, which may be obvious to everyone in the USA, but to us in the outside world it is a mystery. My question is as follows. Is Nancy Pelosi allowed to be invited to become VP to Obama? Are there restrictions as the speaker of the house of being barred from this office? I ask this as she appears to me to have no baggage, is well spoken and well respected; experienced in politics and able to speak her mind without fear or favour on important issues on education, health care, the war in Iraq, and the well being of the planet. Surely she would make a better match as a VP than Hilary Clinton??
Samelson21 Jun 7, 2008 6:10:34 AM Report Offensive Post
It is too obvious that Newsday was always against Hillary’s candidacy. Now that she is about to give up, the misogynists of Newsday still doesn’t want to say anything nice about the brave woman who got out 18 million voters during the primary in support of her candidacy and many millions who couldn’t vote during the primaries. The press seems to be obsessed with Obama as they did with Iraq war. Although they know now that all their hoopla about Iraq war was a lie, no one has the guts to acknowledge they were wrong in supporting the lies from the White House when they hailed the war drums. Similarly, when Obama stumbles, these guys will quickly abandon him and go to the next thriller. The gentleman from South Africa who had commented earlier should know that most of the corporate media here are a bunch of opportunists and they are not part of a democracy.
Click Here to see all comments or to Report Abuse
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Ex-health boss now cashing in on 9/11
Broadcom co-founder indicted by feds
Columbia student testifies in rape case as suspect refuses to attend
Jason Giambi's walk-off homer powers Yankees to dramatic win over Blue Jays
Obama & Clinton meet in Washington
Voice of the People for June 6, 2008
Suspect in rape of Columbia student refuses to attend trial
Clint Eastwood fires back at Spike Lee over race remarks
Bill Clinton faces benching in fall presidential campaign
Schoeneweis gives up hit with bases loaded
Jena 6
Drug firm hit with sex harass suit
Times climbers: Second daredevil scales building in same day
Yes, I'm hot for Hillary's Huma, Weiner admits
Prep-school grad, 26, found chopped up - boyfriend jumps to death
Lupica: The West Wing 'Sopranos'
Barack and Michelle Obama's 'fist bump of hope' shows them silly in love
'He did it ... he finally did it'
Deadly crane collapse on East Side
'I'd be dead' if not for Finest beau
Unspeakable horrors as trial opens in torture and rape of Columbia student
Obama rips priest pal who mocked Hil
Woman raped in Soho after attacker followed her from subway
Gress/Reuters
Barack Obama was all smiles durnig a rally in Chicago on Friday.
WASHINGTON - Hillary Clinton's last waltz from the 2008 White House race will be performed on a stage where she and Bill danced the night away to celebrate his 1992 and 1996 wins.
New York's junior senator will gather supporters around her at noon in the National Museum Building, a scene of inaugural balls and victory galas in the Clinton-Gore era.
Clinton insiders expected her last turn in the '08 spotlight would be upbeat as she backs Barack Obama, the rival who upset her once-inevitable march to the Oval Office.
"It was very close, but now we'll do everything we can to help Barack Obama become the next President," Clinton campaign Chairman Terry McAuliffe told reporters outside the senator's Embassy Row mansion, where she held a massive afternoon party to bid her staff farewell.
"She will do anything she can to help Barack Obama," he said. "If he wants her to travel every day, she will do that."
Sources called the event fun, but there were also tears and hugs - and lingering bitterness that will take some time to heal among Clinton's soon-to-be-unemployed foot soldiers.
"I will never forgive Obama for what he did to Hillary," said a campaign aide who declined to be specific.
"I will vote for him, but that's it," said another.
The wound-licking celebration came after a meeting the night before between the former rivals, who both evaded the press to meet for an hour at the home of California Sen. Dianne Feinstein.
"They called me when it was over. I came down and said, 'Good night, everybody, I hope you had a good meeting,'" Feinstein told reporters. "They were laughing and that was it."
Sources told the Daily News they avoided the touchy subject of the vice presidency, which many Clinton supporters would like to see her tapped for, but which Clinton's office said she is not seeking.
"She doesn't know what she wants to do yet," said one senior insider.
A cocky Obama reveled Friday in his status as the party's standard-bearer, making a bold prediction in a surprise visit to a Chicago rally for its 2016 Olympics bid.
"In 2016, I'll be wrapping up my second term as President," Obama said.
kbazinet@nydailynews.com
Discuss this Article
4 comments so far. Add your comment below!. [Discussion Guidelines]
To post comments, REGISTER or LOG IN
crat3 Jun 7, 2008 3:40:57 AM Report Offensive Post
"'In 2016, I'll be wrapping up my second term as President,' Obama said." The apparent arrogance of his cult powers, which obviously don't extend to supporters of Sen. Clinton. Sen. Clinton's supporters in the swing states of Ohio, Pennsylvania, Florida and Michigan should work for Obama's defeat by campaigning and voting for McCain. Obama must win atleast three of these states in November. I will volunteer and vote for McCain in a swing state. The key for Obama to win in November lies with Sen. Clinton's supporters in the swing states; for Obama, that key is lost for 2008 but it opens the door to 2012 for Sen. Clinton, when she can reform a corrupt Democratic Party.
ez2c Jun 7, 2008 4:46:26 AM Report Offensive Post
The Democratic Nominee and Also-Ran are setting the example by making nice. The question remains, will the flocks follow suit? Hillary, the Queen of Spin and a Legend in Her Own Mind! http://klintons.com
bruceofthebush Jun 7, 2008 5:24:15 AM Report Offensive Post
As an observer in South Africa it has been a pleasure to watch Democacy in action, mainly from my satellite feed from MSNBC who boradcast the Race for the Whitehouse nearly 24 hours a day. With the "fourth estate" , if that is the correct term, we can see how a free open media/press fosters democracy. I do have a question, which may be obvious to everyone in the USA, but to us in the outside world it is a mystery. My question is as follows. Is Nancy Pelosi allowed to be invited to become VP to Obama? Are there restrictions as the speaker of the house of being barred from this office? I ask this as she appears to me to have no baggage, is well spoken and well respected; experienced in politics and able to speak her mind without fear or favour on important issues on education, health care, the war in Iraq, and the well being of the planet. Surely she would make a better match as a VP than Hilary Clinton??
Samelson21 Jun 7, 2008 6:10:34 AM Report Offensive Post
It is too obvious that Newsday was always against Hillary’s candidacy. Now that she is about to give up, the misogynists of Newsday still doesn’t want to say anything nice about the brave woman who got out 18 million voters during the primary in support of her candidacy and many millions who couldn’t vote during the primaries. The press seems to be obsessed with Obama as they did with Iraq war. Although they know now that all their hoopla about Iraq war was a lie, no one has the guts to acknowledge they were wrong in supporting the lies from the White House when they hailed the war drums. Similarly, when Obama stumbles, these guys will quickly abandon him and go to the next thriller. The gentleman from South Africa who had commented earlier should know that most of the corporate media here are a bunch of opportunists and they are not part of a democracy.
Click Here to see all comments or to Report Abuse
Ads by Yahoo! Email Print Discuss Digg Del.icio.us Newsvine Buzz up! Reddit Furl Related ArticlesRelated TopicsVoice lost, is race next?
Bubba boils over 'anger' charges
So sorry to see ya go, Bam church laments
Too little, too late for Hil?
Gonzalez: Poor turnout reflects isle's ambivalence
Cohen: Fear and loathing in the final rounds
Hillary Clinton
Barack Obama
The White House
U.S. Presidential Election
Elections and Voting
Politics
U.S. Politics
Dianne Feinstein
Terry McAuliffe
Chicago
Most Read
Most Discussed
Most Emailed
Columbia student testifies in rape case as suspect refuses to attend
Unspeakable horrors as trial opens in torture and rape of Columbia student
Barack and Michelle Obama's 'fist bump of hope' shows them silly in love
New York City crane inspector charged with taking bribes
Massachusetts state senator arrested after police chase
Separate daredevils climb New York Times building
Lynda Carter proves a real-life Wonder Woman
Ex-health boss now cashing in on 9/11
Broadcom co-founder indicted by feds
Columbia student testifies in rape case as suspect refuses to attend
Jason Giambi's walk-off homer powers Yankees to dramatic win over Blue Jays
Obama & Clinton meet in Washington
Voice of the People for June 6, 2008
Suspect in rape of Columbia student refuses to attend trial
Clint Eastwood fires back at Spike Lee over race remarks
Bill Clinton faces benching in fall presidential campaign
Schoeneweis gives up hit with bases loaded
Jena 6
Drug firm hit with sex harass suit
Times climbers: Second daredevil scales building in same day
Yes, I'm hot for Hillary's Huma, Weiner admits
Prep-school grad, 26, found chopped up - boyfriend jumps to death
Lupica: The West Wing 'Sopranos'
Barack and Michelle Obama's 'fist bump of hope' shows them silly in love
'He did it ... he finally did it'
Deadly crane collapse on East Side
'I'd be dead' if not for Finest beau
Unspeakable horrors as trial opens in torture and rape of Columbia student
Obama rips priest pal who mocked Hil
Woman raped in Soho after attacker followed her from subway
Israel threatens to strike Iran's nuclear plans
Israel has said a strike on Iran will be "unavoidable" if the Islamic regime continues to press ahead with alleged plans for building an atom-bomb.
The warning, from Israeli transport minister Shaul Mofaz, is the bluntest threat yet against Tehran from any member of prime minister Ehud Olmert's administration.
In an interview with the mass-circulation Yedioth Ahronoth newspaper on Friday, Mr Mofaz said that Iranian president Mahmoud Ahmadinejad - who has called for Israel to be wiped off the map - "would disappear before Israel does".
"If Iran continues with its programme for developing nuclear weapons, we will attack it. The sanctions are ineffective," said Mr Mofaz, referring to pressure by the United Nations security council to end Iran's disputed programme of uranium enrichment. "Attacking Iran, in order to stop its nuclear plans, will be unavoidable."
Article continuesadvertisement
Mr Mofaz is a former defence minister who was raised in Iran's minority Jewish community, a heritage that lends his remarks extra bite within his adopted homeland.
He stressed, however, that such an operation could only be conducted with US support. Responding to his comments yesterday, the White House insisted it was committed to resolving the nuclear impasse with Iran through peaceful means.
"I understand that Israel is very concerned about their future and their safety when they have a neighbour in their region, Iran, that says they want to wipe them off the map," White House spokeswoman Dana Perino said. "We are trying to solve this diplomatically."
Asked whether the US would sanction armed strikes as a last resort against Iran, she said President George W. Bush had always said he "would never take any options off the table", but added that Washington was pursuing multilateral diplomacy.
Mr Mofaz's remarks came as he other members of Olmert's Kadima Party face a scramble for top office should a corruption scandal force the Israeli prime minister to step down.
Israel, which is the only nuclear-armed power in the Middle East, has a long record of taking out perceived strategic threats to its existence. It sent warplanes to destroy Iraq's nuclear reactor in 1981, and a similar Israeli sortie over Syria last September destroyed what Washington later claimed was a nuclear reactor site built with North Korean help.
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Israeli transport minister Shaul Mofaz
Related Content
Ready for war
Cool the war of words over Iran
Security Council must meet Iran's challenge
Action over Iran
A nuclear future looms in the Middle East
The warning, from Israeli transport minister Shaul Mofaz, is the bluntest threat yet against Tehran from any member of prime minister Ehud Olmert's administration.
In an interview with the mass-circulation Yedioth Ahronoth newspaper on Friday, Mr Mofaz said that Iranian president Mahmoud Ahmadinejad - who has called for Israel to be wiped off the map - "would disappear before Israel does".
"If Iran continues with its programme for developing nuclear weapons, we will attack it. The sanctions are ineffective," said Mr Mofaz, referring to pressure by the United Nations security council to end Iran's disputed programme of uranium enrichment. "Attacking Iran, in order to stop its nuclear plans, will be unavoidable."
Article continuesadvertisement
Mr Mofaz is a former defence minister who was raised in Iran's minority Jewish community, a heritage that lends his remarks extra bite within his adopted homeland.
He stressed, however, that such an operation could only be conducted with US support. Responding to his comments yesterday, the White House insisted it was committed to resolving the nuclear impasse with Iran through peaceful means.
"I understand that Israel is very concerned about their future and their safety when they have a neighbour in their region, Iran, that says they want to wipe them off the map," White House spokeswoman Dana Perino said. "We are trying to solve this diplomatically."
Asked whether the US would sanction armed strikes as a last resort against Iran, she said President George W. Bush had always said he "would never take any options off the table", but added that Washington was pursuing multilateral diplomacy.
Mr Mofaz's remarks came as he other members of Olmert's Kadima Party face a scramble for top office should a corruption scandal force the Israeli prime minister to step down.
Israel, which is the only nuclear-armed power in the Middle East, has a long record of taking out perceived strategic threats to its existence. It sent warplanes to destroy Iraq's nuclear reactor in 1981, and a similar Israeli sortie over Syria last September destroyed what Washington later claimed was a nuclear reactor site built with North Korean help.
Print this story
Email this story
Share this story
del.icio.us
Digg
Fark
Newsvine
NowPublic
StumbleUpon
RSS Feeds
Israeli transport minister Shaul Mofaz
Related Content
Ready for war
Cool the war of words over Iran
Security Council must meet Iran's challenge
Action over Iran
A nuclear future looms in the Middle East
FTC targets Intel in antitrust probe
Intel disclosed Friday it is the target of a federal probe involving allegations it improperly discouraged PC makers from using chips sold by its bitter rival, Sunnyvale-based Advanced Micro Devices.
The Santa Clara company - also facing similar investigations in Europe, Asia and New York - said Friday it received a subpoena from the Federal Trade Commission on Wednesday "related to Intel's business practices with respect to competition in the microprocessor market."
The FTC confirmed it is looking into the activities of Intel, the world's biggest chip maker. But it declined to provide other information about its probe.
"We can acknowledge the existence of the investigation, but that's all we can say at this point," said FTC spokesman Mitch Katz.
In a written statement, Intel said it has been working with the FTC since 2006 "on an informal inquiry into competition in the microprocessor market and has provided the commission staff with a considerable amount of information and thousands of documents."
The company, which reported a profit last year of nearly $7 billion, said it would cooperate with the federal investigation and emphasized it "believes its business practices are well within U.S. law." As evidence that the computer chip market is "fiercely competitive," the statement said microprocessor prices declined by 42.4 percent from 2000 to the end of 2007.
Several experts noted that by opening a formal investigation, the FTC will be
--------------------------------------------------------------------------------
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--------------------------------------------------------------------------------
able to get access to documents in AMD's three-year-old lawsuits against Intel, which until now have been kept confidential under a federal court's protective order.
Some of those documents will show Intel did nothing wrong, said Intel spokesman Tom Beermann.
"The commission will now have a more full and complete picture of Intel's business practices, which we believe are lawful," he said.
Executives at AMD - which lost more than $3 billion last year - said they also had received an FTC subpoena on Wednesday, seeking documents related to their claim that Intel had used its dominance in the semiconductor industry to persuade computer makers not to use AMD's chips.
"Intel must now answer to the Federal Trade Commission, which is the appropriate way to determine the impact of Intel practices on U.S. consumers and technology businesses," AMD said in its own statement. "In every country around the world where Intel's business practices have been investigated . . . antitrust regulators have taken action."
By launching an investigation, the FTC may have wanted to show that it "is not lagging behind authorities around the world in taking these issues seriously," added Thomas McCoy, AMD's executive vice president for legal affairs and its chief administrative officer.
If Intel is found to have violated the law, it could massive fines and be forced to change the way it sells its chips.
Intel's stock price dropped 97 cents or about 4 percent to $22.90 at the close of trading Friday. AMD's shares fell 35 cents or about 4.5 percent to $7.43.
Intel has been under increasing fire over its business practices.
On Wednesday, South Korean authorities fined the company about $25 million, claiming it deterred competition by offering illegal discounts to South Korean computer makers, such as Samsung Electronics, so they wouldn't buy chips from AMD. Intel's General Counsel Bruce Sewell has said the company probably will appeal that ruling.
In February, European Union regulators raided Intel's offices and computer retailers seeking evidence to bolster their previous charges that Intel engaged in below-cost pricing and other practices to discourage computer makers from using AMD chips.
And in January, New York Attorney General Andrew Cuomo began his own formal probe of Intel, accusing the company of "potential anti-competitive conduct."
The Japanese Fair Trade Commission also has contended that Intel offered inappropriate rebates to computer makers. Intel settled those claims in 2005, while disagreeing with the findings.
Having the FTC conduct its own investigation "is a very important and significant development," said Edward Black, chief executive of the Computer and Communications Industry Association, which has AMD as a member, but not Intel.
Noting that Intel controls at least 80 percent of the computer-chip market, he said it's essential that competition be allowed to thrive in the industry to encourage technological innovation. As a result, Black added, "we think this is a positive development.
But some other experts cautioned that just because the FTC is investigating doesn't mean it will conclude there is any basis to take punitive action against Intel. They also pointed out that the federal inquiry could take years, just like the trial involving AMD's suit against Intel. On Thursday, that trial was postponed until February 2010 because the two sides were still exchanging relevant documents.
"All they are doing is asking questions," said John Peirce, an Washington D.C. antitrust specialist with the law firm Bryan Cave, commenting on the FTC investigation. "It's a small battle in a big war."
Doug Freedman, an analyst with investment firm American Technology Research, agreed.
"There clearly is no immediate impact" of the FTC investigation on either Intel or AMD, he said. "These things take forever."
The Santa Clara company - also facing similar investigations in Europe, Asia and New York - said Friday it received a subpoena from the Federal Trade Commission on Wednesday "related to Intel's business practices with respect to competition in the microprocessor market."
The FTC confirmed it is looking into the activities of Intel, the world's biggest chip maker. But it declined to provide other information about its probe.
"We can acknowledge the existence of the investigation, but that's all we can say at this point," said FTC spokesman Mitch Katz.
In a written statement, Intel said it has been working with the FTC since 2006 "on an informal inquiry into competition in the microprocessor market and has provided the commission staff with a considerable amount of information and thousands of documents."
The company, which reported a profit last year of nearly $7 billion, said it would cooperate with the federal investigation and emphasized it "believes its business practices are well within U.S. law." As evidence that the computer chip market is "fiercely competitive," the statement said microprocessor prices declined by 42.4 percent from 2000 to the end of 2007.
Several experts noted that by opening a formal investigation, the FTC will be
--------------------------------------------------------------------------------
Advertisement
--------------------------------------------------------------------------------
able to get access to documents in AMD's three-year-old lawsuits against Intel, which until now have been kept confidential under a federal court's protective order.
Some of those documents will show Intel did nothing wrong, said Intel spokesman Tom Beermann.
"The commission will now have a more full and complete picture of Intel's business practices, which we believe are lawful," he said.
Executives at AMD - which lost more than $3 billion last year - said they also had received an FTC subpoena on Wednesday, seeking documents related to their claim that Intel had used its dominance in the semiconductor industry to persuade computer makers not to use AMD's chips.
"Intel must now answer to the Federal Trade Commission, which is the appropriate way to determine the impact of Intel practices on U.S. consumers and technology businesses," AMD said in its own statement. "In every country around the world where Intel's business practices have been investigated . . . antitrust regulators have taken action."
By launching an investigation, the FTC may have wanted to show that it "is not lagging behind authorities around the world in taking these issues seriously," added Thomas McCoy, AMD's executive vice president for legal affairs and its chief administrative officer.
If Intel is found to have violated the law, it could massive fines and be forced to change the way it sells its chips.
Intel's stock price dropped 97 cents or about 4 percent to $22.90 at the close of trading Friday. AMD's shares fell 35 cents or about 4.5 percent to $7.43.
Intel has been under increasing fire over its business practices.
On Wednesday, South Korean authorities fined the company about $25 million, claiming it deterred competition by offering illegal discounts to South Korean computer makers, such as Samsung Electronics, so they wouldn't buy chips from AMD. Intel's General Counsel Bruce Sewell has said the company probably will appeal that ruling.
In February, European Union regulators raided Intel's offices and computer retailers seeking evidence to bolster their previous charges that Intel engaged in below-cost pricing and other practices to discourage computer makers from using AMD chips.
And in January, New York Attorney General Andrew Cuomo began his own formal probe of Intel, accusing the company of "potential anti-competitive conduct."
The Japanese Fair Trade Commission also has contended that Intel offered inappropriate rebates to computer makers. Intel settled those claims in 2005, while disagreeing with the findings.
Having the FTC conduct its own investigation "is a very important and significant development," said Edward Black, chief executive of the Computer and Communications Industry Association, which has AMD as a member, but not Intel.
Noting that Intel controls at least 80 percent of the computer-chip market, he said it's essential that competition be allowed to thrive in the industry to encourage technological innovation. As a result, Black added, "we think this is a positive development.
But some other experts cautioned that just because the FTC is investigating doesn't mean it will conclude there is any basis to take punitive action against Intel. They also pointed out that the federal inquiry could take years, just like the trial involving AMD's suit against Intel. On Thursday, that trial was postponed until February 2010 because the two sides were still exchanging relevant documents.
"All they are doing is asking questions," said John Peirce, an Washington D.C. antitrust specialist with the law firm Bryan Cave, commenting on the FTC investigation. "It's a small battle in a big war."
Doug Freedman, an analyst with investment firm American Technology Research, agreed.
"There clearly is no immediate impact" of the FTC investigation on either Intel or AMD, he said. "These things take forever."
SpiceJet investors open to stake sale
Promoters and investors in SpiceJet, could be inclined to sell stake in case of an offer at a higher valuation of over Rs 1,000 crore from prospective buyers, possibly Anil Ambani-led Reliance ADAG or Jet Airways.
While officials concerned remained tight-lipped, sources in the know of the deal gave enough indication that talks were on with Reliance ADAG and Naresh Goyal-led Jet Airways.
The reports about a possible deal pushed up SpiceJet shares by over 14% during the day to close at Rs 35.95 raising the company's value at current stock price to Rs 865.14 crore.
The appreciation in the company's share prices comes on a day when industry leaders like Jet and Deccan (now owned by Vijay Mallaya promoted Kingfisher Airlines) lost up to three percent in a weak market.
Sources said as the airline is doing well and is on an expansion mode, different people have been approaching it with various proposals to buy out some promoters and investors.
While Rs 755 crore may not be the right price, but if the valuation goes up to Rs 1,000 crore and beyond, the investors or even promoters could be interested in exiting the airline, the sources added.
When contacted Ajay Singh, Director, SpiceJet, did not take any query on the issue, including whether he has also been approached by any prospective buyers.
In the meantime, Spicejet in a communication to stock exchanges said, "the company has till date not received any formal communication from any party" on reports that 'Anil Ambani is in race to buy out SpiceJet'.
Anil Ambani group eyeing SpiceJet
Mumbai: Anil Dhirubhai Ambani group (ADAG) has begun talks to buy low-cost carrier SpiceJet, the Mint daily reported on Friday, without attributing any source.
Kingfisher Airlines and Jet Airways are also in the race to buy SpiceJet, which is looking to raise funds, the newspaper said.
The diversified ADAG controls India's No. 2 mobile operator Reliance Communications, which is in talks with South Africa's MTN in a bid to create a global top-10 telecom firm.
"I am not meeting anybody and not thinking about diluting my stake," the Mint quoted SpiceJet's founder Bhupendra Kansagra as saying. "But who would not want to exit, if he is getting a right price for his stake." Officials at ADAG and SpiceJet could not be immediately reached.
The Tata group owns 6% and Dubai government investment agency Istithmar owns 13.4% of SpiceJet.
The Indian airline industry, estimated to have made losses of at least $1 billion in FY08, has resorted to stake sale and raised debt to stay afloat.
Last year Jet Airways bought unlisted rival Sahara Airlines and UB group, which runs Kingfisher Airlines, bought a controlling stake in Deccan Aviation. (-Reuters)
While officials concerned remained tight-lipped, sources in the know of the deal gave enough indication that talks were on with Reliance ADAG and Naresh Goyal-led Jet Airways.
The reports about a possible deal pushed up SpiceJet shares by over 14% during the day to close at Rs 35.95 raising the company's value at current stock price to Rs 865.14 crore.
The appreciation in the company's share prices comes on a day when industry leaders like Jet and Deccan (now owned by Vijay Mallaya promoted Kingfisher Airlines) lost up to three percent in a weak market.
Sources said as the airline is doing well and is on an expansion mode, different people have been approaching it with various proposals to buy out some promoters and investors.
While Rs 755 crore may not be the right price, but if the valuation goes up to Rs 1,000 crore and beyond, the investors or even promoters could be interested in exiting the airline, the sources added.
When contacted Ajay Singh, Director, SpiceJet, did not take any query on the issue, including whether he has also been approached by any prospective buyers.
In the meantime, Spicejet in a communication to stock exchanges said, "the company has till date not received any formal communication from any party" on reports that 'Anil Ambani is in race to buy out SpiceJet'.
Anil Ambani group eyeing SpiceJet
Mumbai: Anil Dhirubhai Ambani group (ADAG) has begun talks to buy low-cost carrier SpiceJet, the Mint daily reported on Friday, without attributing any source.
Kingfisher Airlines and Jet Airways are also in the race to buy SpiceJet, which is looking to raise funds, the newspaper said.
The diversified ADAG controls India's No. 2 mobile operator Reliance Communications, which is in talks with South Africa's MTN in a bid to create a global top-10 telecom firm.
"I am not meeting anybody and not thinking about diluting my stake," the Mint quoted SpiceJet's founder Bhupendra Kansagra as saying. "But who would not want to exit, if he is getting a right price for his stake." Officials at ADAG and SpiceJet could not be immediately reached.
The Tata group owns 6% and Dubai government investment agency Istithmar owns 13.4% of SpiceJet.
The Indian airline industry, estimated to have made losses of at least $1 billion in FY08, has resorted to stake sale and raised debt to stay afloat.
Last year Jet Airways bought unlisted rival Sahara Airlines and UB group, which runs Kingfisher Airlines, bought a controlling stake in Deccan Aviation. (-Reuters)
Icahn has no credible plan: Yahoo
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New York: Reiterating that the company is open to any transaction including a sale to Microsoft, Yahoo! has said billionaire investor Carl Icahn does not have credible plan for operating the internet major.
The latest response comes in the awake of Icahn's letter on Friday, urging Yahoo! to sell itself to Microsoft and also do away with the employee retention plan, which he termed as a "poison pill."
"Leaving aside Mr Icahn's inaccurate interpretation of our retention plan, we again note that he has no credible plan to operate Yahoo!," the internet major said in a statement on Friday.
Yahoo! also pointed out that cancelling the employee retention plan would have a destabilising impact on the firm and would not be in the best interests of the shareholders.
Responding to Icahn's suggestion that Yahoo! should sell itself to the software giant, the internet major noted that the firm is open to any transaction which would be beneficial for the shareholders.
"As we have stated numerous times publicly and privately, we are open to any transaction, including a sale to Microsoft, if it is in the best interests of shareholders," the statement said.
Earlier, on Friday, Icahn asked the internet major to sell itself to Microsoft at a price of $34.375 per share. "In my opinion, Microsoft does not believe you will ever sell the entire company on a friendly basis. So, why don't you stop dancing around the subject and publicly offer to sell the company to Microsoft for $34.375 per share and promise to co-operate completely?," Icahn wrote to Yahoo! chairman Roy Bostock.
Updated at 0800 hrs: Carl Icahn on Friday told Yahoo Inc that it should offer to sell the company to Microsoft Corp for $34.375 a share, as the financier fired another volley in an acrimonious war of words.
In Icahn's latest letter to Yahoo, he said if Microsoft doesn't accept the offer "in a friendly and cooperative transaction," he would push the Internet company to do a deal with Google Inc if he wins control of Yahoo's board.
Icahn, who is running a slate of directors to replace Yahoo's board at its Aug. 1 annual meeting, hadn't previously named a price at which he believes Yahoo should agree to sell.
Microsoft on May 3 walked away after making a verbal $33-per-share offer, with Yahoo demanding $37 a share. A straight cash offer of $34.375 would value Yahoo at about $48 billion. Yahoo shares closed up 8 cents at $26.44 on Friday.
Icahn, a billionaire and veteran of activist shareholder campaigns, renewed his attack on Yahoo and its co-founder and CEO, Jerry Yang, accusing him of "sabotaging" the possibility of a Microsoft deal. Investment funds controlled by Icahn hold about 59 million shares and options, or 4.28 percent of Yahoo.
"When the public owns shares, management can no longer treat the company as their plaything and fiefdom," Icahn said in an interview.
Icahn reiterated his previous demand that Yahoo cancel a "change of control" severance plan that awards accelerated benefits to all of Yahoo's staff in the event of a takeover.
He cited a recent shareholder lawsuit against Yahoo, where the company estimated the plan's value at $2.4 billion, which he said was "a major obstacle" to any Microsoft acquisition.
"They keep telling us that they have done this severance plan in order to aid the employees," said Icahn. "But just the opposite is true," he said, labeling it a "poison-pill severance plan."
Yahoo, in response, said Icahn has an "inaccurate interpretation" of its employee retention plan. "Mr. Icahn's suggestion that we cancel our retention plan would have a destabilizing impact on Yahoo," the company said.
It reiterated its view that Icahn has no "credible plan to operate Yahoo" if he wins his proxy campaign.
Microsoft declined to comment.
In an e-mail to employees, Yang said the proxy contest with Icahn had begun in earnest and asked them not to be distracted as the war of words intensifies ahead of the annual meeting.
"In my opinion, Microsoft does not believe you will ever sell the entire company on a friendly basis," Icahn said in his letter. "So why don't you stop dancing around the subject and publicly offer to sell the company to Microsoft for $34.375 per share and promise to cooperate completely?"
Icahn declined to say whether he has held discussions with Microsoft or Google.
Yahoo repeated that it is "open to any transaction including a sale to Microsoft if it is in the best interests of shareholders," but it would be "ill advised" to name a price.
ICAHN'S GAME PLAN
Icahn's jawboning over price is designed to prod Microsoft and Yahoo back into negotiations on an outright merger, said Canaccord Adams analyst Colin Gillis: "As a holder of Yahoo, Icahn keeps walking up the price. We have gone from the original Microsoft offer of $31, to $33 to now $34.375."
"Is he showing some anxiety here?" wondered Global Crown Capital analyst Martin Pyykkonen. "A lot of investors assumed that Icahn had some sort of a nod from Microsoft, even if he hadn't actually huddled with them," he said. "But so far it seems that Microsoft is playing hard to get."
Without an existing offer from Microsoft, Icahn's own slate would be in a weak negotiating position were it to win control of Yahoo and resume talks with Microsoft, both analysts said.
"Icahn's board clearly has a mandate to deliver this company to Microsoft," Gillis said. "Voting in this board without a deal on the table doesn't seem to make sense because Icahn's leverage with Microsoft would disappear."
Wall Street debated the significance of Icahn naming a price of $34 with 0.375, or 3/8 of $1, tacked on the end. One analyst joked "Icahn must have some vacation planned and he has to get that extra 3/8 of a dollar to pay for it."
Another explanation may be negotiating strategy designed to ensure Yahoo gets at least $34, he said.
The answer may be as simple as Icahn liking the number. His successful role late last year in forcing business software
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New York: Reiterating that the company is open to any transaction including a sale to Microsoft, Yahoo! has said billionaire investor Carl Icahn does not have credible plan for operating the internet major.
The latest response comes in the awake of Icahn's letter on Friday, urging Yahoo! to sell itself to Microsoft and also do away with the employee retention plan, which he termed as a "poison pill."
"Leaving aside Mr Icahn's inaccurate interpretation of our retention plan, we again note that he has no credible plan to operate Yahoo!," the internet major said in a statement on Friday.
Yahoo! also pointed out that cancelling the employee retention plan would have a destabilising impact on the firm and would not be in the best interests of the shareholders.
Responding to Icahn's suggestion that Yahoo! should sell itself to the software giant, the internet major noted that the firm is open to any transaction which would be beneficial for the shareholders.
"As we have stated numerous times publicly and privately, we are open to any transaction, including a sale to Microsoft, if it is in the best interests of shareholders," the statement said.
Earlier, on Friday, Icahn asked the internet major to sell itself to Microsoft at a price of $34.375 per share. "In my opinion, Microsoft does not believe you will ever sell the entire company on a friendly basis. So, why don't you stop dancing around the subject and publicly offer to sell the company to Microsoft for $34.375 per share and promise to co-operate completely?," Icahn wrote to Yahoo! chairman Roy Bostock.
Updated at 0800 hrs: Carl Icahn on Friday told Yahoo Inc that it should offer to sell the company to Microsoft Corp for $34.375 a share, as the financier fired another volley in an acrimonious war of words.
In Icahn's latest letter to Yahoo, he said if Microsoft doesn't accept the offer "in a friendly and cooperative transaction," he would push the Internet company to do a deal with Google Inc if he wins control of Yahoo's board.
Icahn, who is running a slate of directors to replace Yahoo's board at its Aug. 1 annual meeting, hadn't previously named a price at which he believes Yahoo should agree to sell.
Microsoft on May 3 walked away after making a verbal $33-per-share offer, with Yahoo demanding $37 a share. A straight cash offer of $34.375 would value Yahoo at about $48 billion. Yahoo shares closed up 8 cents at $26.44 on Friday.
Icahn, a billionaire and veteran of activist shareholder campaigns, renewed his attack on Yahoo and its co-founder and CEO, Jerry Yang, accusing him of "sabotaging" the possibility of a Microsoft deal. Investment funds controlled by Icahn hold about 59 million shares and options, or 4.28 percent of Yahoo.
"When the public owns shares, management can no longer treat the company as their plaything and fiefdom," Icahn said in an interview.
Icahn reiterated his previous demand that Yahoo cancel a "change of control" severance plan that awards accelerated benefits to all of Yahoo's staff in the event of a takeover.
He cited a recent shareholder lawsuit against Yahoo, where the company estimated the plan's value at $2.4 billion, which he said was "a major obstacle" to any Microsoft acquisition.
"They keep telling us that they have done this severance plan in order to aid the employees," said Icahn. "But just the opposite is true," he said, labeling it a "poison-pill severance plan."
Yahoo, in response, said Icahn has an "inaccurate interpretation" of its employee retention plan. "Mr. Icahn's suggestion that we cancel our retention plan would have a destabilizing impact on Yahoo," the company said.
It reiterated its view that Icahn has no "credible plan to operate Yahoo" if he wins his proxy campaign.
Microsoft declined to comment.
In an e-mail to employees, Yang said the proxy contest with Icahn had begun in earnest and asked them not to be distracted as the war of words intensifies ahead of the annual meeting.
"In my opinion, Microsoft does not believe you will ever sell the entire company on a friendly basis," Icahn said in his letter. "So why don't you stop dancing around the subject and publicly offer to sell the company to Microsoft for $34.375 per share and promise to cooperate completely?"
Icahn declined to say whether he has held discussions with Microsoft or Google.
Yahoo repeated that it is "open to any transaction including a sale to Microsoft if it is in the best interests of shareholders," but it would be "ill advised" to name a price.
ICAHN'S GAME PLAN
Icahn's jawboning over price is designed to prod Microsoft and Yahoo back into negotiations on an outright merger, said Canaccord Adams analyst Colin Gillis: "As a holder of Yahoo, Icahn keeps walking up the price. We have gone from the original Microsoft offer of $31, to $33 to now $34.375."
"Is he showing some anxiety here?" wondered Global Crown Capital analyst Martin Pyykkonen. "A lot of investors assumed that Icahn had some sort of a nod from Microsoft, even if he hadn't actually huddled with them," he said. "But so far it seems that Microsoft is playing hard to get."
Without an existing offer from Microsoft, Icahn's own slate would be in a weak negotiating position were it to win control of Yahoo and resume talks with Microsoft, both analysts said.
"Icahn's board clearly has a mandate to deliver this company to Microsoft," Gillis said. "Voting in this board without a deal on the table doesn't seem to make sense because Icahn's leverage with Microsoft would disappear."
Wall Street debated the significance of Icahn naming a price of $34 with 0.375, or 3/8 of $1, tacked on the end. One analyst joked "Icahn must have some vacation planned and he has to get that extra 3/8 of a dollar to pay for it."
Another explanation may be negotiating strategy designed to ensure Yahoo gets at least $34, he said.
The answer may be as simple as Icahn liking the number. His successful role late last year in forcing business software
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