NEW YORK (Reuters) - Power company Calpine Corp (), which plans to emerge from bankruptcy by the end of the year, said on Tuesday it was worth less than an earlier estimate, citing increased market volatility among other reasons. ADVERTISEMENT
Calpine lowers estimated enterprise value (Reuters)
The company's financial advisor, Miller Buckfire & Co, estimates the total enterprise value of a reorganized Calpine will range between $18.3 billion and $20.4 billion, with a midpoint of $19.35 billion. Enterprise value is a company's market capitalization plus debt and preferred stock, but excluding its cash. Calpine's cash earnings before interest, taxes, depreciation, amortization, operating rent, and restructuring charges (EBITDAR) projections have increased, but the updated valuation analysis shows a decrease of about $900 million in reorganized Calpine's estimated enterprise value. The company said this decrease is a result of lower market enterprise values of comparable power companies and an increase in market volatility. An earlier analysis had indicated a total enterprise value range of between $19.2 billion and $21.3 billion, with a $20.3 billion midpoint. Some creditors had earlier argued that the company's estimate overvalued it by $1.2 billion to $1.3 billion because of deteriorating market conditions, although shareholders have argued for a higher valuation. A U.S. bankruptcy court has set November 30 date as a deadline for creditors to object to Calpine's reorganization plan, with a hearing in the court on December 17 to confirm the plan. The company plans to emerge from Chapter 11 by Dec 31. (Reporting by Euan Rocha and Justin Grant; Editing by Derek Caney)
Korea’s internet addict camp breaks dependance with crafts, drumming
We apologize in advance if any of what follows hits a little too close to home, but unless you’re camped out in South Korea, you don’t have to worry about being ripped from your computer and sent to the Jump Up Internet Rescue School. Much like seen earlier this year in China, this compound attempts to rehabilitate citizens from their dependence on the intarweb by forcing coaxing them into less digital activities such as pottery and drumming (, anyone?). South Korea, which boasts “nearly universal” internet access, offers up the camp free of charge to those admitted, and currently, around four to five habitual net users are applying for every one available spot. While there, campers engage in social activities and participate in group functions like horseback riding and wall climbing, but it remains to be seen if graduates of the program can really resist the temptation of relapsing once they return home.
Parents often bungle gaming gifts (USATODAY.com)
Video games are on most children and teens' holiday wish lists, and they do expect to get a game as a gift. But the bad news, in their opinion, is that their parents - and even a seasoned gift giver such as Santa Claus - are unlikely to give them the game they really want.
The mixed shopping signals come from Weekly Reader Research, which surveyed 1,000 children, ages 8 to 17, about video games Aug. 17-20. Eight of 10 children said they would ask for a video game; the five favorites, the survey found, are Guitar Hero, Mario Party DS, Super Mario Galaxy, My Sims and Halo 3. And nearly six out of 10 (59%) intend to ask for a console game system as a holiday gift. Most popular? The Nintendo Wii (32% plan to ask for it), followed by the Sony PlayStation 3 (19%) and Microsoft Xbox 360 (17%). However, 60% expect to either get a game they did not want, get a game for the wrong video game system or not get any or all of the games they asked for according to Tanya Khamis, senior marketing manager for specialty game retailer Game Crazy, which commissioned the survey. "Kids don't want to hurt their parents' feelings, but they are saying, 'My parents don't really get it.' But maybe they don't really understand the difference between the Wii and the Sony PlayStation 2," Khamis said. Grandparents, relatives and Santa were also likely to give unwanted video games as gifts, respondents said. The 580-store retailer opted to do the survey to smooth over holiday giftgiving, and perhaps increase some sales along the way. "Overall, we just want to say, 'Come to Game Crazy, so you can be a hero.' " Khamis says. Her advice for parents and other shoppers who want to get the right games: • Ask the child to write out a wish list. • Know what game system the child has. "A lot of parents come into the store and we have to show them a picture of the systems," Khamis says. • Know the child's interests, whether they like music or sports games, for instance. "Oftentimes, they would like to get a few other things they didn't ask for, to surprise them," she says. A child's age can come into play because many of them (62%) said that they would ask for a game that they know has a rating over their age level. "Say a child wants Halo 3. We know that's a Mature-rated game. But every parent has a different comfort level for their child," she says. "Let the store staff play it for you and look at the content."
Vodafone protests T-Mobile’s iPhone sales in Germany (InfoWorld)
San Francisco - T-Mobile continued to on Tuesday, despite a legal challenge filed on Monday by rival Vodafone. ADVERTISEMENT
Vodafone charges that the sale of an unsubsidized, with a 24-month contract violates German competition law, said Simon Gordon, a Vodafone spokesman in the U.K. On Monday, a court in Hamburg granted a temporary injunction against T-Mobile, although the terms of that order do not stop the operator from selling the iPhone, said representatives for Vodafone and T-Mobile. European mobile phone operators typically subsidize the cost of handsets for customers who sign long-term contracts, but the handsets are locked and won't work on other networks. Some countries regulate such behavior. Customers can also pay full price for unlocked phones that will work with any network. T-Mobile refutes the accusation that its iPhone sales violate German law. "We have an exclusive device in our portfolio, but if you look at the market, that's normal," said a T-Mobile spokesman in Germany. "The main thing is we will sell the iPhone. There is no stop to selling the iPhone." Another court hearing will be held in about two weeks, although a date has not been scheduled. Vodafone did not ask the court to stop T-Mobile from selling the iPhone, Gordon said. Vodafone would like to see a court eventually mandate that T-Mobile sell an unlocked version of the iPhone for the same or less as today's locked version, he said. T-Mobile said it sold about 15,000 iPhones on Nov. 9, the day it launched in Germany, but has not released figures for sales since then. The 8GB iPhone sells for €399 ($589) including 19 percent value-added tax. The price in the U.S. is $399 excluding sales tax. Apple's tight control of the iPhone and the locking of the device to the networks of its chosen operators hasn't gone down well with users, either. Hackers have succeeded in modifying the firmware to let the iPhone run on other networks, but Apple has invalidated the hacks in successive updates of the phone's software. In France, Apple's partner Orange plans to release an unlocked version this month to comply with a law there that forbids tying a cell phone to a specific operator. The iPhone is due to go on sale in France Nov. 29. In its October earnings conference call, Apple estimated that some 18 percent of the iPhones sold by then, or about 250,000 of them, had been unlocked to run on networks other than that of its its U.S. partner AT&T.
Vodafone attacks T-Mobile on iPhone sales terms (Reuters)
FRANKFURT (Reuters) - A German court has granted British telecoms group Vodafone (VOD.L) a preliminary injunction against Deutsche Telekom's () mobile unit T-Mobile over its sales terms for Apple's (AAPL.O) iPhone. ADVERTISEMENT
According to the injunction, filed at a regional court in Hamburg, the goal is to stop the sale of the iPhone if it is sold only in connection with a 24 month T-Mobile contract and/or is blocked in such a way that it can only be used in a T-Mobile network. A court spokeswoman said that T-Mobile, which secured the rights to sell the iPhone exclusively in Germany, can file an objection. A T-Mobile spokesman said on Tuesday the company had received the injunction but would continue to sell the music-playing and Web-browsing device, which went on sale Nov 9 in Germany. "The legal basis for the injunction is currently being examined," the spokesman said adding that the company would decide on a reaction in the course of the day. The head of Vodafone Germany told German daily Frankfurter Rundschau the goal was not to keep T-Mobile from selling the popular iPhone. Instead the company wanted the court to examine whether the terms T-Mobile had set were acceptable. Customers can buy the handset for 399 euros ($584) but are obliged to agree to a 24 month contract with T-Mobile. Vodafone lost out to T-Mobile and Telefonica's () O2 and France Telecom () to sell the iPhone in Europe but has begun selling a similar multimedia handset from Samsung Electronics (005930.KS). A Vodafone spokesman in London said the injunction was purely linked to the German market and the group did not have any plans to repeat it anywhere else. (Reporting by Nicola Leske)
Sony BMG, Yahoo ink online video deal (AP)
LOS ANGELES - Sony BMG Music Entertainment has inked a licensing deal with Yahoo Inc. that clears the way for people to upload files with music or video content by the record company’s artists to Yahoo, the companies said Tuesday. ADVERTISEMENT
Financial terms of the deal were not disclosed. Like similar deals, the agreement calls for Sony BMG to receive a cut of advertising revenue, Yahoo said. The deal also covers the distribution of music videos via Yahoo player applications and widgets that computer users can place on other Web sites. The agreement marks the first time Sunnyvale-based Yahoo has reached a deal with a major recording company over licensing content in user-created videos. Sony BMG, home to recording artists such as Britney Spears, Bruce Springsteen and Slayer, reached a similar licensing deal with Google Inc. last year. That agreement also includes Google subsidiary YouTube. Sony BMG is a joint venture of Sony Corp. and Bertelsmann AG. The Sony BMG-Yahoo deal reflects the popularity of computer user-created videos, which often include copyrighted content. Last month, a coalition of major media and Internet companies issued a set of guidelines requiring Web portals that host user-generated videos — as Yahoo does — to use filtering technology to block clips with unauthorized content from being posted. Independently, Yahoo is deploying video identification and filtering technology early next year, the company said. ___ On the Net: Sony BMG: Yahoo:
Egyptian blogger beaten in jail: rights groups (Reuters)
CAIRO (Reuters) - An Egyptian blogger serving a 4-year jail term for insulting Islam and President Hosni Mubarak has been beaten in prison and sent to an isolation cell, rights groups said on Tuesday. ADVERTISEMENT
Abdel Karim Suleiman, a former law student convicted in connection with eight articles he wrote since 2004, was the first blogger to stand trial in Egypt for Internet writings. The February verdict was widely condemned by human rights groups and bloggers as a dangerous precedent that could limit online freedom in the most populous Arab country. Reporters without Borders said Suleiman, in letters sent from prison, had complained of being handcuffed and beaten then put into an isolation cell where he received very little food or water. "I have been subjected to cruel, inhuman and degrading treatment," the Paris-based media watchdog quoted Suleiman as saying. The group urged Egypt to release Suleiman, who also goes by the name Kareem Amer. He is being held in Borg el-Arab prison near the northern port city of Alexandria. The Arabic Network for Human Rights Information, which represents Suleiman, said in a statement that a prison guard and another prisoner beat him while a prison official looked on. The beating caused one of his teeth to be broken. Later, the group said, Suleiman was sent to a "disciplinary cell" where he was put in handcuffs and leg shackles and beaten again. The group said the beatings resulted from Suleiman "uncovering an act of corruption in the prison" but gave no further details. An Interior Ministry spokesman could not be immediately reached for comment. The government says it opposes torture and prosecutes abusers if it has evidence of wrongdoing. The Internet has emerged as a major forum for critics of the Egyptian government to express their views in a country where the state runs large newspapers and main television stations. Suleiman, a secular-minded Muslim, has not denied writing the articles for which he was convicted, but said they merely represented his own views. One of Suleiman's articles said al-Azhar in Cairo, one of the most prominent seats of Sunni Muslim learning, was promoting extreme ideas. Suleiman has also described some of the companions of the Muslim prophet Mohammad as "terrorists" and likened Mubarak to dictatorial pharaohs who ruled ancient Egypt. (Reporting by Cynthia Johnston; Editing by Janet Lawrence)
Vodafone challenges exclusive German iPhone deal (AFP)
FRANKFURT (AFP) - British telecommunications operator Vodafone wants a court to decide whether Deutsche Telekom can have exclusive rights to German distribution of the iPhone mobile telephone, a press report said Tuesday. ADVERTISEMENT
"It is not right that our clients can only get an iPhone by signing a long-term contract with Telekom," the head of Vodafone in Germany, Friedrich Joussen, told the mass circulation daily Bild Zeitung. T-Mobile, the mobile subsidiary of Deutsche Telekom, acquired exclusive German distribution rights for Apple's multi-media iPhone, which has caused a stir as it is introduced worldwide. "We want a rapid judicial clarification to know if the iPhone should be available to all or only to some," Joussen said. The German daily Handelsblatt said Vodafone had filed a complaint with a court in the northern port of Hamburg, which Deutsche Telekom confirmed. Press reports say T-Mobile agreed to pay Apple between 10 and 30 percent of the operator's iPhone sales in order to seal the distribution deal. In addition to the 399-euro (589-dollar) cost of the phone, customers must subscribe to the T-Mobile service.
Nintendo offers new DS bundles ahead of holiday (Reuters)
SAN FRANCISCO (Reuters) - Nintendo Co Ltd (7974.OS) on Tuesday unveiled two special editions of its DS handheld gaming unit as the video-game maker seeks to keep up fans' enthusiasm for the popular device heading into the holidays. ADVERTISEMENT
One version will be colored gold and come with the epic adventure game "The Legend of Zelda: Phantom Hourglass" while a metallic pink model will come with puppy training title "Nintendogs," Nintendo said. The new bundles will go on sale in the United States on November 23, the "Black Friday" after the Thanksgiving holiday that is one of the biggest shopping days of the year. New DS color schemes are eagerly received by Nintendo fans, who scramble to buy them as collectibles or for bragging rights. Originally sold only in white when a slimmed-down version debuted in early 2006, Nintendo has slowly rolled out new colors and in the United States the device is now available in black, pink and a crimson-black combination. With its touch screen and mix of advanced and easy-to-learn games, the DS has been a cash cow for Nintendo, selling 4.5 million units in the United States so far this year at about $130 each. "We chose a couple of the products (games) we know are so loved … and picked colors we know appeal to consumers right now," said Perrin Kaplan, director of communications for Nintendo's U.S. operations. "It's already this incredible cake and we just want to put more icing on it," Perrin said. A DS and one game normally costs about $160, but Nintendo said it will let retailers set their own prices for the new bundles or offer them with more accessories. (Reporting by Scott Hillis; Editing by Tiffany Wu)
SAP might sell US unit accused of stealing from Oracle (AFP)
FRANKFURT (AFP) - The world's leading professional software group, SAP, might sell US subsidiary TomorrowNow, which has been accused of stealing computer code from US rival Oracle, SAP said in a statement released overnight. ADVERTISEMENT
Several senior managers at TomorrowNow, including chief executive Andrew Nelson, had chosen to resign, and SAP was "considering several options for the future of the TomorrowNow business, including possible sale," the statement said. Oracle has charged that TomorrowNow recovered and copied Oracle software and confidential data by posing as clients, which SAP has denied. The German company named a new executive chairman for TomorrowNow, Mark White, in July with a mandate to clear up irregularites at the US subsidiary.
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