Sunday, May 5, 2013

May 21: Age Concern Personal Finance Seminar | Bernews.com

On May 21st, two of the financial experts from Bermuda Commercial Bank [BCB], will be speaking to Age Concern members about two relevant topics for everyone over the age of 50, specifically how to defend oneself financially and what to do when approaching retirement.

Tanya Tucker, Senior Client Relationship Associate at BCB, will tackle the tough questions that every individual should answer prior to their golden years.

  • What does retirement mean to me?
  • What will my needs be during retirement?
  • What will my retirement benefits be?
  • Where am I financially?
  • Will I continue to work past retirement? Can I afford not to work?
  • Is relaxation and travel an option?
  • Should I pay off my mortgage if I have the means?

Being prepared and ahead of the curve will relieve some of the stress often associated when the last few years of your career are approaching.

On the topic of financial self-defense, Khamla White, Senior Client Relationship Associate at BCB, will discuss how to best handle duplicitous individuals and deceptive schemes looking to take advantage of those who are often the most susceptible.

Researching those handling your finances, knowing your current and future financial position, doing your homework on benefits that are available to you, being cautious about what personal financial information that you disclose, and ensuring the security of your assets for you and your loved ones can reduce unnecessary panic and anxiety during retirement.

To reserve your place please call 238-7525 or email at info@ageconcern.bm

Read More About: Seminars in Bermuda

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Source: http://bernews.com/2013/05/may-21-age-concern-personal-finances-seminar/

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Friday, May 3, 2013

Possible lead in case of missing U.S. journalist in Syria

BOSTON (AP) ? The New Hampshire-based family of a journalist missing for five months now believe "with a very high degree of confidence" that he is being held in a Syrian prison.

James Foley was last seen on Nov. 22 in northwest Syria, where he was contributing videos to Agence France-Press for the media company GlobalPost. His family in Rochester, N.H., says he was kidnapped by unknown gunmen.

GlobalPost CEO Philip Balboni said Friday that an exhaustive investigation has determined that Foley was likely abducted by a pro-Syrian government military group. Investigators believe he is being held with one or more Western journalists in a detention facility near Damascus.

Foley's family and the company have appealed to the Syrian government to release him.

The family spoke at World Press Freedom Day in Boston.

Source: http://news.yahoo.com/nh-family-missing-us-journalist-syrian-prison-151219097.html

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Intel taps COO Krzanich as chipmaker's next CEO

FILE - In this Wednesday, March 28, 2007, file photo, Intel Corp. Vice President and General Manager of Assembly and Test Brian Krzanich makes his speech at the start of construction ceremony of the Assembly and Test Facility of Intel's chipset products at Saigon High Tech Park, Ho Chi Minh city, South Vietnam. Intel said Thursday, May 2, 2013, that it has chosen Krzanich, as its new CEO to steer the world's largest chipmaker in a world where PC sales are cratering while smartphones and tablets thrive. (AP Photo/Le Quang Nhat)

FILE - In this Wednesday, March 28, 2007, file photo, Intel Corp. Vice President and General Manager of Assembly and Test Brian Krzanich makes his speech at the start of construction ceremony of the Assembly and Test Facility of Intel's chipset products at Saigon High Tech Park, Ho Chi Minh city, South Vietnam. Intel said Thursday, May 2, 2013, that it has chosen Krzanich, as its new CEO to steer the world's largest chipmaker in a world where PC sales are cratering while smartphones and tablets thrive. (AP Photo/Le Quang Nhat)

FILE - In this Tuesday, Sept. 13, 2011.Intel CEO Paul Otellini, holds up a Google Android phone running on an Intel chip during the keynote address at the Intel Developer Forum in San Francisco. Intel said Thursday, May 2, 2013, that it has chosen Brian Krzanich, as its new CEO. Krzanich, who is 52, will replace Otellini on May 16, at the company's annual meeting. Otellini had announced his decision to resign in November. Otellini, 62, will be ending a nearly 40-year career with Intel, including an eight-year stint as CEO by the time he leaves. (AP Photo/Paul Sakuma)

(AP) ? Intel, one of the pillars of Silicon Valley, is following its traditions and promoting an insider to the job of CEO. The world's largest chipmaker is tasking Chief Operating Officer Brian Krzanich with steering it through an industry shake-up that is seeing tablets and smartphones overshadow Intel's base in personal computers.

Intel announced Thursday that Krzanich will replace Paul Otellini on May 16. Six months ago, Otellini, 62, announced his surprise decision to resign and will end a nearly 40-year career with Intel, including eight years as CEO.

Krzanich, who is 52 and spent his entire career at the company, comes out of a manufacturing organization where meticulous attention is required to churn out processors with billions of minute details.

Intel processors are the brains behind four out of every five PCs, but the company has been scrambling as PC sales plummet and people spend money instead on smartphones and tablet computers. Those mobile devices need processors that use less battery power, a technology Intel has only just mastered.

In an interview, Krzanich said he will tackle the challenge of declining PC sales by relying on the assets that Intel is built on: its engineering prowess and enormous, billion-dollar chip factories, which feature technologies that are years ahead of its competitors.

"Those assets will be focused more and more toward the ultra-mobility space ... tablets and phones," Krzanich told The Associated Press. "These are areas that we need to build a presence in, and we have the assets to bring to bear on it. And those are the same assets that have made us so successful in the past."

Krzanich's appointment was not surprising. The chief operating officer job is the traditional stepping-stone to the CEO post at Intel. Both Otellini and his predecessor, Craig Barrett, held that job before becoming CEO.

Krzanich isn't inheriting Otellini's title of president. It will go instead to software chief Renee James, 48, creating a two-person "executive office" at the head of the company. James had been another candidate for the CEO post, along with Stacy Smith, chief financial officer and director of corporate strategy.

Krzanich said the division of labor was his choice. He said he and James put together a strategy for getting into mobile chips, and when the board picked him as CEO, he requested that James become his second-in-command.

"The best way to go implement (the strategy) quickly is to have two people in the leadership team going forward so you can work twice as fast," Krzanich said.

Krzanich didn't elaborate on the strategy he and James developed. Analyst Doug Freedman at RBC Capital Markets said that even though Krzanich is an insider and the expected CEO pick, he could still be preparing to steer the company in new direction, one where Intel is less focused on being a technology driver and more focused on helping its customers develop their products.

"Our view is Krzanich's appointment was awarded as a result of changes in the future direction of the company, with these changes expected to become visible over the next few quarters," Freedman said.

Patrick Moorhead, an analyst with Moor Insights & Strategy, said James' promotion is a reflection of the importance of software at Intel today. Of the employees needed to create a new smartphone chip, 60 percent to 70 percent will be working on the software the chip needs to work and communicate with the rest of the phone, he said.

Krzanich started at Intel Corp. in 1982 as a process engineer in New Mexico after graduating from college with a chemistry degree. He worked his way up through the manufacturing side of the business to become COO in January 2012.

Krzanich will be Intel's sixth CEO since its founding 45 years ago. The relatively slow turnover reflects Intel's success and its foundation as an operator of billion-dollar factories that take years to pay off.

Intel started out mainly as a maker of memory chips, but vaulted into the global limelight with the launch of IBM Corp.'s first PC in 1981. Intel supplied the central processor for that PC and has managed to maintain its position as the dominant supplier in the market, despite many challengers.

Now, however, PCs are losing their appeal, and the company is scrambling get into the market for chips for smartphones and tablet computers. That market has no equivalent of Intel as a dominant supplier. Instead, a bevy of companies create chip designs based on underlying blueprints supplied by ARM Holdings PLC of Britain, then contract with Asian chip factories to have them made.

ARM's blueprints were created with battery-powered devices in mind and have had a big advantage over Intel chips when it comes to prolonging battery life. Intel's chips were originally designed for machines that were plugged into a wall. Only recently have they matched the low power consumption of ARM chips.

But ARM chips are entrenched as the choice for iPhones, iPads and Android phones and are already undercutting Intel's financial performance and standing among investors. Last year, both Intel's earnings and stock price fell by 15 percent from 2011.

Intel still expects its sales to grow this year, propped up by the production of chips for business PCs and servers. It's also counting on a new generation of power-sipping processors to boost Intel's presence in tablets.

Moorhead said phone makers won't be able to ignore Intel once it introduces a new chip manufacturing process next year, which should give it a substantial advantage in the power and price of its chips. That could mean that phone makers would start buying Intel's chips, or have chips of their own designs made to order by Intel.

Otellini joined the Santa Clara, Calif., company after graduating from nearby University of California at Berkeley. He worked his way up the ranks before succeeding Barrett as CEO in May 2005.

Intel's board wasn't entirely satisfied with Otellini's performance last year. To reflect its disappointment, the board's compensation committee trimmed the cash portion of Otellini's incentive pay by 19 percent from the previous year to $5.23 million. But his overall pay package, including stock awards, grew 10 percent to $18.9 billion, and the board said it wanted to keep him when he revealed his decision to retire. The board had expected him to remain CEO until he turns 65 in 2015.

Intel said Krzanich will have an annual salary of $1 million and could get a $2.5 million cash bonus. In addition, he's getting stock and options worth $6.5 million, for a total possible 2013 compensation of $10 million.

James is a 25-year veteran of Intel and has led the company's expansion into providing software for a variety of applications, including smartphones. She was also in charge of dealing with software companies like Microsoft Corp.

Intel's stock rose 12 cents, or less than 1 percent, to close Thursday at $24.11.

Associated Press

Source: http://hosted2.ap.org/apdefault/495d344a0d10421e9baa8ee77029cfbd/Article_2013-05-02-Intel-CEO/id-9b3aa9ea2a8f4cc19fc25fc962b2b4be

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Thursday, May 2, 2013

This Camera Sees the World Like an Ant

While you'd be forgiven for thinking that this looks like a dome of bubble wrap, it's actually the world's first working compound-eye camera?which sees the world just like an insect would.

With 180 separate imaging elements?each replicating the separate ommatidium, or "small eyes" which make up an insect's odd visual system?arranged over its surface, it works just like the eye of a fly or ant. That means it offers a wide field of view and virtually infinite depth of field.

The camera is capable of acquiring images which take in 160 degrees of its surrounding, with very little distortion at the edges?because each sensor works independently. The downside: each of the 180 ommatidium contribute just a single pixel to the picture, meaning the images are far from sharp. In fact, that means it's a fair representation of a fire ant's vision?they have just 180 ommatidia?but there's a way to go before it rivals other insects: dragonflies, for instance, have something like 20,000 The research is published in Nature.

Still, it's an interesting development, and the researchers think that the device?if improved upon?could go on to be used in spy cameras. So that's what they mean when they say bugging. [Nature via Popular Science]

Source: http://gizmodo.com/this-camera-sees-the-world-like-an-ant-486745501

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Decades-old question: Is antibacterial soap safe?

This Tuesday, April 30, 2013, photo, shows Dawn Ultra antibacterial soap in a kitchen Tuesday in Chicago. Federal health regulators are deciding whether triclosan, the germ-killing ingredient found in an estimated 75 percent of anti-bacterial liquid soaps and body washes sold in the U.S. is harmful. The ruling, which will determine whether triclosan continues to be used in household cleaners, could have broader implications for a $1 billion industry that includes hundreds of anti-bacterial products from toothpaste to toys (AP Photo/Kiichiro Sato)

This Tuesday, April 30, 2013, photo, shows Dawn Ultra antibacterial soap in a kitchen Tuesday in Chicago. Federal health regulators are deciding whether triclosan, the germ-killing ingredient found in an estimated 75 percent of anti-bacterial liquid soaps and body washes sold in the U.S. is harmful. The ruling, which will determine whether triclosan continues to be used in household cleaners, could have broader implications for a $1 billion industry that includes hundreds of anti-bacterial products from toothpaste to toys (AP Photo/Kiichiro Sato)

This Tuesday, April 30, 2013, photo, shows Dawn Ultra antibacterial soap in a kitchen Tuesday in Chicago. Federal health regulators are deciding whether triclosan, the germ-killing ingredient found in an estimated 75 percent of anti-bacterial liquid soaps and body washes sold in the U.S. is harmful. The ruling, which will determine whether triclosan continues to be used in household cleaners, could have broader implications for a $1 billion industry that includes hundreds of anti-bacterial products from toothpaste to toys (AP Photo/Kiichiro Sato)

This Tuesday, April 30, 2013, photo, shows Dawn Ultra antibacterial soap in a kitchen Tuesday in Chicago. Federal health regulators are deciding whether triclosan, the germ-killing ingredient found in an estimated 75 percent of anti-bacterial liquid soaps and body washes sold in the U.S. is harmful. The ruling, which will determine whether triclosan continues to be used in household cleaners, could have broader implications for a $1 billion industry that includes hundreds of anti-bacterial products from toothpaste to toys (AP Photo/Kiichiro Sato)

(AP) ? It's a chemical that's been in U.S. households for more than 40 years, from the body wash in your bathroom shower to the knives on your kitchen counter to the bedding in your baby's basinet.

But federal health regulators are just now deciding whether triclosan ? the germ-killing ingredient found in an estimated 75 percent of antibacterial liquid soaps and body washes sold in the U.S. ? is ineffective, or worse, harmful.

The U.S. Food and Drug Administration is planning to deliver a review this year of whether triclosan is safe. The ruling, which will determine whether triclosan continues to be used in household cleaners, could have implications for a $1 billion industry that includes hundreds of antibacterial products from toothpaste to toys.

The agency's review comes amid growing pressure from lawmakers, consumer advocates and others who are concerned about the safety of triclosan. Recent studies of triclosan in animals have led scientists to worry that it could increase the risk of infertility, early puberty and other hormone-related problems in humans.

"To me it looks like the risks outweigh any benefit associated with these products right now," said Allison Aiello, professor at the University of Michigan's School of Public Health. "At this point, it's just looking like a superfluous chemical."

The concerns over triclosan offer a sobering glimpse at a little-known fact: Many chemicals used in everyday household products have never been formally approved by U.S. health regulators. That's because many germ-killing chemicals were developed decades ago before there were laws requiring scientific review of cleaning ingredients.

The controversy also highlights how long it can take the federal government to review the safety of such chemicals. It's not uncommon for the process to drag on for years, since regulators must review volumes of research and take comments from the public on each draft.

In the case of triclosan, Congress passed a law in 1972 requiring that the FDA set guidelines for dozens of common antibacterial chemicals found in over-the-counter soaps and scrubs. The guidelines function like a cookbook for manufacturers, detailing which chemicals can be used in what products, and in what amounts.

In 1978, the FDA published its first tentative guidelines for chemicals used in liquid hand soaps and washes. The draft stated that triclosan was "not generally recognized as safe and effective," because regulators could not find enough scientific research demonstrating its safety and effectiveness.

The FDA published several drafts of the guidelines over the years, but the agency never finalized the results. So, companies have not had to remove triclosan from their products.

Meanwhile, the agency did approve triclosan for use in Colgate's Total toothpaste in 1997, after Colgate-Palmolive Co. submitted data showing that the ingredient helped fight gingivitis.

Then, last summer, the FDA said its review of triclosan would be complete by late 2012. That target date then slipped to February, which has also come and gone. But pressure on the agency from outside critics didn't let up.

In March, a federal appeals court said a lawsuit by the nonprofit Natural Resources Defense Council aimed at forcing the FDA to complete its review could move forward. A three-judge panel reinstated the 2010 lawsuit, which had been tossed out by a lower court, saying the nonprofit group presented evidence that triclosan could potentially be dangerous.

Now, four decades after it was charged with reviewing triclosan, the FDA is planning to complete its review. FDA spokeswoman Stephanie Yao said evaluating triclosan and other antibacterial agents is "one of the highest priorities" for the agency, but did not offer an explanation for the delay.

The FDA's website currently states that "the agency does not have evidence that triclosan in antibacterial soaps and body washes provides any benefit over washing with regular soap and water."

The American Cleaning Institute, a soap and detergent trade organization, says it has provided reams of data to FDA showing that triclosan is both safe and effective.

"Triclosan is one of the most reviewed and researched ingredients used in consumer and health care products," says Brian Sansoni, a spokesman for the group, whose members include Colgate-Palmolive and Henkel Consumer Goods Inc., maker of Dial soap.

While it can take years for the government to make rules, members of Congress say there is little precedent for the FDA's four-decade review of triclosan.

"When FDA first started evaluating the rules governing triclosan's use, Richard Nixon was still president," said Rep. Edward Markey, D-Mass, who asked the FDA to take a closer look at triclosan in 2010 after the European Union banned the chemical from products that come into contact with food.

"Science has evolved, and so should FDA's regulations guiding the use of this chemical in consumer products," he says.

U.S. scientists agree that the FDA's review is overdue. The Endocrine Society, a group of doctors and scientists who specialize in the hormone system, flagged triclosan four years ago as an ingredient that alters levels of thyroid hormones and reproductive hormones like testosterone and estrogen.

"I think the FDA is behind the curb," said Dr. Andrea Gore of the University of Texas at Austin, who was the lead author of the Endocrine Society's statement on hormone disrupting chemicals. "At what point do you draw a line and say we need to take this out of products that are being applied to our skin? What is enough evidence?"

Some Americans are shocked that the FDA has taken so long. Mallory Smith is troubled to learn that the government has never confirmed the safety of antibacterial soap's key ingredient.

Smith, who works for the federal government, says she keeps antibacterial soap in the kitchen to clean her hands after she's handled raw meat.

"As a regular consumer I rely on the government to identify products that are safe for me to use," Smith said. "If something is brought to their attention, they should look into it, and ban the chemical if necessary."

Others are less surprised by the government's multi-decade review. "It sounds like a typical government agency to me: totally unproductive," said David Fisher, who sells restaurant equipment in Arizona.

Ironically, triclosan first became widely used because it was considered safer than an older antibacterial ingredient, hexachlorophene. That chemical was banned from household items in 1972 after FDA scientists discovered that toxic levels could be absorbed through the skin. Several infant deaths in France were connected to baby powder that contained unsafe levels of the chemical, due to a manufacturing error.

Triclosan was initially used in hospitals in the 1970s as a scrub for surgeons preparing to perform an operation. It was also used to coat the surfaces of catheters, stitches and other surgical instruments.

Beginning in the 1990s, triclosan began making its way into hundreds of antibacterial consumer goods, ranging from soap to socks to lunchboxes. The growth has in part been fueled by Americans who believe that antibacterial ingredients provide an added level of protection against germs.

As the use of triclosan has expanded, more scientists have questioned its effectiveness. In 2007, researchers at the University of Michigan and other universities compiled data from 30 studies looking at the use of antibacterial soaps. The results showed soaps with triclosan were no more effective at preventing illness or reducing bacteria on the hands than plain soap.

Other studies have shown that longer hand-washing improves results far more than adding antibacterial ingredients. The Centers for Disease Control recommends washing hands at least 20 seconds. The CDC also recommends using hand sanitizer ? most of which use alcohol or ethanol to kill germs, not chemicals like triclosan ? if soap and water are not available.

Troclosan's safety also has become a growing concern in recent years. To date, nearly all of the research on triclosan's health impact comes from animal studies ?which are not necessarily applicable to humans ? but the findings still have researchers concerned.

A 2009 study by scientists at the Environmental Protection Agency showed that triclosan decreases levels of testosterone and sperm production in male rats. Female rats exposed to triclosan showed signs of early puberty and altered levels of estrogen and thyroid hormones.

And 2010 study by University of Florida researchers found that triclosan interfered with the transfer of estrogen to growing fetuses in pregnant sheep. Estrogen is important in both male and female development because it promotes growth of organs like the lungs and liver.

Sansoni, the soap and detergent industry spokesman, says those animal studies can't be applied to humans and "make exaggerated claims about the damaging effects" of triclosan.

But safety concerns over triclosan don't just involve rats and other animals. Some experts argue that routine use of antibacterial chemicals like triclosan is contributing to a surge in drug-resistant germs, or superbugs, that are immune to antibiotics. Few studies have attempted to track antibiotic resistance tied to Triclosan in the real world. But laboratory studies have shown that antibiotic-resistant strains of E. coli and other bacteria can grow in cultures with high levels of triclosan.

As a result of the growing concerns, some leading medical societies, hospitals and companies have abandoned the chemical.

Kaiser Permanente pulled triclosan from its 37 hospitals across the country in 2010, switching to traditional soaps and alcohol-based hand sanitizers. Kathy Gerwig, Kaiser Permanente's vice president for workplace safety, said the hospital chain decided to phase out triclosan as part of its "precautionary approach" to safety issues.

"If there is credible evidence that a product we're using might have some disadvantages from a health or environmental standpoint, then it's our obligation to look for a safer alternative," Gerwig said.

Johnson & Johnson has pledged to remove triclosan from all of its adult products by the end of 2015. The company says none of its baby products currently contain the ingredient.

"We want people to have complete peace of mind when they use our products," Susan Nettesheim, vice president of product stewardship, said when the company made the announcement last summer.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/bbd825583c8542898e6fa7d440b9febc/Article_2013-05-02-Liquid%20Soap-Safety/id-26d9c06e9e9540cd90c953a347d53903

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Is Google Getting Serious About Gaming? Noah Falstein Hired As Chief Game Designer

Screen Shot 2013-05-02 at 16.56.07Well, what do we have here? Somewhat under the radar, Google has hired the computer games veteran Noah Falstein to the position of Chief Game Designer. Yes, that's right, the search giant, not normally?known for its games development, appears to have a major gaming project in circulation, at least something that?requires someone as experienced as Falstein at its helm.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/OwR2Enz-OwE/

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Wednesday, May 1, 2013

U.S. Aims to Fix Rift Among Mideast Allies (WSJ)

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DealBook: Apple Raises $17 Billion in Record Debt Sale

With a $145 billion cash hoard, Apple could acquire Facebook, Hewlett-Packard and Yahoo ? and still have more than $10 billion left over.

Despite its uncommonly flush balance sheet, Apple borrowed money on Tuesday for the first time in nearly two decades. In a record bond deal, the company raised $17 billion, according to a person briefed on the deal, paying interest rates that rival those of debt issued by the United States Treasury.

Apple?s corporate-finance maneuver raises a riddle: Why would a company with so much cash even bother to issue debt?

The answer has a lot to do with the frenzied state of the bond markets. Companies are issuing hundreds of billions of dollars in debt to exploit historically low interest rates and strong investor demand for bonds as an alternative to money market funds and Treasury bills that paying virtually nothing.

?If you look at these big companies like Apple and Microsoft doing these big, low-cost bond offerings, it?s a way for them to raise money in an effort to create better returns for their shareholders,? said Steven Miller, a credit analyst at S&P Capital IQ. ?The bond markets are practically begging these corporations to issue debt because of how cheap it is to raise money.?

But Apple?s move also reflects the challenges of a highly successful business with a flagging stock price. In an effort to assuage a growing chorus of concerned and disappointed Apple investors, the company is issuing bonds to help finance a $100 billion payout to its shareholders. It will distribute most of that amount over the next two and a half years in the form of paying increased dividends and buying back its stock.

While Apple?s shareholders and analysts welcome the company?s financial tactics, they say that the maker of iPhones, iPads and iMacs must continue to innovate and fend off increasing competition.

?This is a substantial return of cash, and it?s the right thing to do on many levels,? said Toni Sacconaghi, an analyst at Bernstein Research. ?But, ultimately, the company has to execute. This is no substitute for that.?

By raising cheap debt for the shareholder payouts, Apple will also avoid a potentially big tax hit. About two-thirds of Apple?s cash ? about $102 billion ? sits overseas in lower-tax jurisdictions. If it returned some of that cash to the United States to reward its investors, the company could have significant tax consequences.

?We are continuing to generate significant cash offshore and repatriating this cash would result in significant tax consequences under current U.S. tax law,? said Peter Oppenheimer, Apple chief financial officer, during an earnings call last week.

In some ways, the bond issue on Tuesday was made necessary by Apple?s tax strategies.

?They have been so successful with their tax planning that they?ve created a new problem,? said Martin A. Sullivan, chief economist at Tax Analysts, a publisher of tax information. ?They?ve got so much money offshore.?

The $17 billion debt sale by Apple is the largest on record, surpassing a $16.5 billion deal from the drugmaker Roche Holding in 2009. Apple joins a parade of large companies issuing debt with astonishingly low yields. Last week, the shoe company Nike sold bonds that mature in 10 years that yielded only 2.27 percent. Last July, Bristol-Myers issued five-year debt yielding 1.06 percent. In November, Microsoft set the record for the lowest yield on a five-year bond, issuing the debt at 0.99 percent.

Despite Apple?s $145 billion cash pile, the credit-ratings agencies did not award the company their coveted triple-A rating, citing increased competition and a concern that its future product offerings could disappoint. Moody?s Investors Service gave the company its second-highest rating, AA1, as did Standard & Poor?s, rating the company AA+. (The four companies awarded the highest credit ratings by both Moody?s and S.&P. are Microsoft, Exxon Mobil, Johnson & Johnson and Automatic Data Processing.)

?There are inherent long-run risks for any company with high exposure to shifting consumer preferences in the rapidly evolving technology and wireless communications sectors,? wrote Gerald Granovsky, a Moody?s analyst.

Apple?s less-than-perfect rating did not drive away bond investors on Tuesday. The offering generated investor demand well in excess of the $17 billion raised, according to person briefed on the deal. Goldman Sachs and Deutsche Bank led the sale of the issuance.

Desperate for returns in a yield-starved world, all types of investors ? including individual, pension funds and mutual funds ? are snapping up corporate debt. The demand appears to be insatiable: this year, through last Wednesday, a record $55 billion has flowed into mutual funds and exchange-traded funds that invest in corporate debt with high-quality ratings, according to the fund data provider Lipper.

The last time Apple sold debt was in 1996, when the Internet was in its infancy and sales of Apple?s niche computers were struggling. Facing an uncertain future and struggling with a weak balance sheet, Apple had a junk credit rating and was paying 6.5 percent on its debt.

Source: http://dealbook.nytimes.com/2013/04/30/apple-raises-17-billion-in-record-debt-sale/

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Willem-Alexander becomes new Dutch king

Dutch King Willem-Alexander, Queen Maxima, right, and Princess Beatrix appear on the balcony of the Royal Palace in Amsterdam, The Netherlands, Tuesday April 30, 2013. Around a million people are expected to descend on the Dutch capital for a huge street party to celebrate the first new Dutch monarch in 33 years. (AP Photo/Daniel Ochoa de Olza)

Dutch King Willem-Alexander, Queen Maxima, right, and Princess Beatrix appear on the balcony of the Royal Palace in Amsterdam, The Netherlands, Tuesday April 30, 2013. Around a million people are expected to descend on the Dutch capital for a huge street party to celebrate the first new Dutch monarch in 33 years. (AP Photo/Daniel Ochoa de Olza)

Dutch King Willem-Alexander kisses his mother Princess Beatrix on the balcony of the Royal Palace in Amsterdam, The Netherlands, Tuesday April 30, 2013. Around a million people are expected to descend on the Dutch capital for a huge street party to celebrate the first new Dutch monarch in 33 years. (AP Photo/Daniel Ochoa de Olza)

Dutch Princess Beatrix, left, clasps the hand of her son, King Willem-Alexander, after the Act of Abdication was signed to end her reign as Monarch, in the Mozeszaal or Mozes hall of the Royal Palace in Amsterdam, The Netherlands, Tuesday April 30, 2013. Around a million people are expected to descend on the Dutch capital for a huge street party to celebrate the first new Dutch monarch in 33 years. (AP Photo/Bart Maat, pool)

Dutch Queen Beatrix, left signs the Act of Abdication in favour of her son, Prince Willem-Alexander, centre and Princess Maxima, right, in the Mozeszaal or Mozes hall of the Royal Palace in Amsterdam, The Netherlands, Tuesday April 30, 2013. Around a million people are expected to descend on the Dutch capital for a huge street party to celebrate the first new Dutch monarch in 33 years. (AP Photo/Bart Maat, pool)

Dutch Queen Beatrix, left signs the Act of Abdication in favour of her son, Prince Willem-Alexander, centre and Princess Maxima, right, in the Mozeszaal or Mozes hall of the Royal Palace in Amsterdam, The Netherlands, Tuesday April 30, 2013. Around a million people are expected to descend on the Dutch capital for a huge street party to celebrate the first new Dutch monarch in 33 years. (AP Photo/Bart Maat, pool)

(AP) ? Willem-Alexander became the first Dutch king in more than a century Tuesday and pledged to use his ceremonial position as head of state to help steer his country through uncertain economic times.

The generational change in the House of Orange-Nassau gave the Netherlands a moment of celebration, pageantry and brief respite as this trading nation of nearly 17 million struggles through a lengthy recession brought on by the European credit crisis.

Visibly emotional, the much-loved Beatrix ended her 33-year reign as queen in a nationally televised signing ceremony as thousands of orange-clad people cheered outside. Millions more were expected to watch on television.

Just over four hours later, King Willem-Alexander, wearing a fur-trimmed ceremonial mantle, swore an oath of allegiance to his country and the constitution in the historic New Church.

In a speech in the church, Europe's youngest monarch underscored the ceremonial nature of his monarchy in this egalitarian society but also the symbolic and economic value a king can deliver on state visits aimed at drumming up trade.

"I will proudly represent the kingdom and help discover new opportunities," he said.

The investiture ceremony was the final formal act on a day of high emotion within the House of Orange-Nassau and was to be followed by an evening boat tour around the historic Amsterdam waterfront.

The new king gripped his mother's hand and looked briefly into her eyes after they both signed the abdication document in the Royal Palace on downtown Amsterdam's Dam Square.

Beatrix looked close to tears as she then appeared on a balcony decked out with tulips, roses and oranges, overlooking 25,000 of her subjects.

"I am happy and grateful to introduce to you your new king, Willem-Alexander," she told the cheering crowd, which chanted: "Bea bedankt" ("Thanks Bea.")

Moments later, in a striking symbol of the generational shift, she left the balcony and King Willem-Alexander, his wife and three daughters ? the children in matching yellow dresses and headbands ? waved to the crowd.

"Dear mother, today you relinquished the throne. Thirty-three moving and inspiring years. We are intensely, intensely grateful to you," the new king said.

The former queen becomes Princess Beatrix and her son becomes the first Dutch king since Willem III died in 1890.

The 46-year-old king's popular Argentine-born wife became Queen Maxima and their eldest of three daughters, Catharina-Amalia, became Princess of Orange and first in line to the throne.

Willem-Alexander has said he wants to be a 21st century king who unites and encourages his people; not a "protocol fetishist," but a king who puts his people at ease.

He will do so as unemployment is on the rise in this traditionally strong economy. European Union figures released Tuesday showed Dutch unemployment continuing to trend upward to 6.4 percent ? still well below the EU average of 10.9 percent, but higher than it has been for years in the Netherlands.

"I am taking the job at a time when many in the kingdom feel vulnerable and uncertain," Willem-Alexander said. "Vulnerable in their work or health. Uncertain about their income or home environment."

Amsterdam resident Inge Bosman, 38, said she doubted Willem-Alexander's investiture would give the country much of an employment boost.

"Well, at least one person got a new job," she said.

Els Nederstigt, 38, said she got up at 5:30 a.m. to travel to Amsterdam and sat on a camping stool close to the Royal Palace wearing an orange cowboy hat and tiara.

"It's a special moment. I was a very small girl when Beatrix came to the throne so this is the first change in the monarchy I can really experience," she said. "We were here when Willem-Alexander and Maxima got married and what you remember is that you were there ? you forget how early you had to get up and how tired you were."

The square was overwhelmingly orange, but one blue and white Argentine flag being held up in front of the palace was emblazoned with the Dutch language text: "Netherlands thanks for loving and having faith in Maxima."

The day is expected to be a huge party culminating in a boat trip by the new king and queen around the Ij waterway, but security also was tight with thousands of police ? uniformed and plain clothes ? and an untold number of civil servants assisting in the logistics.

Police arrested two protesters on Dam Square ? one of them wearing a white shirt indicating he was a republican ? shortly after the abdication for not following officers' orders to leave. Amsterdam police released both without charge shortly afterward and apologized for detaining them.

At an anti-monarchist demonstration on the nearby Waterloo Square, protestors dressed in white instead of orange and carried signs mocking Willem-Alexander.

"Monarchy is a sexually-transmitted disease," one sign said.

Amsterdammer Jan Dikkers said he came out to show his disapproval for the inauguration of Willem-Alexander, who he said Dutch people only tolerate because "people like his wife."

He said Beatrix is overrated.

"People say the queen did a 'good job', but she didn't really do any job," Dikkers said. "Maybe she seems like a nice person, so people like her, but there's a difference."

The celebrations were peaceful across the city, in stark contrast to Beatrix's investiture in 1980 when squatters protesting a chronic housing shortage fought with police, and clouds of tear gas drifted through parts of the city.

The airspace above Amsterdam was closed Monday for three days. Dutch police swept Dam square for bombs, with assistance from German agents with sniffer dogs.

Royal guests from 18 countries are attending, including Britain's Prince Charles and his wife, Camilla, and the Japanese Crown Prince Naruhito and Crown Princess Masako. Charles was also in attendance when Beatrix was crowned in 1980.

Observers believe Beatrix remained on the throne for so long in part because she was seen as a stabilizing factor in the country that struggled to assimilate more and more immigrants, mainly Muslims from North Africa, and shifted away from its traditional reputation as one of the world's most tolerant nations.

In recent years, speculation about when she might abdicate had grown, as she endured personal losses that both softened her image and increased her popularity further as the public sympathized.

Her husband Prince Claus died in 2002; and last year her youngest son, Prince Friso, was hit by an avalanche while skiing in Austria and suffered severe brain damage. Friso remains in a near comatose state.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2013-04-30-Netherlands-New%20King/id-fe519f359db944a88adfea947f0aa886

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