Monday, January 4, 2016

Oculus to start taking virtual reality headset orders

Oculus to start taking virtual reality headset orders

[LAS VEGAS] Facebook-owned Oculus VR will begin taking orders for its Rift virtual reality headsets on Wednesday, as the doors of Consumer Electronics Show gadget extravaganza officially open in Las Vegas.
Oculus on Monday did not disclose pricing or when headsets would ship, but promised to share "everything you need to know to order your Rift" when pre-orders go live at 8.00am (1600 GMT) in California, where the company is based.
Rift pre-orders will come with two games, Lucky's Tale and Eve:Valkyrie. Oculus founder Palmer Luckey will field questions during a Reddit AMA set to begin at 6.00pm on Wednesday (0200 GMT Thursday).
Oculus VR wooed software makers in September with the promise of a budding "virtual reality era" and an alliance with streaming television powerhouse Netflix.
Some 1,500 people already intrigued by the potential of virtual reality packed the Dolby Theatre in Los Angeles for keynote presentations at a second annual Oculus Connect developers conference.
"We believe the more power people have to share and experience all kinds of different things in the world, the better the world will be," Facebook co-founder and chief Mark Zuckerberg told the audience during a brief appearance on stage.
"After video, the next logical step is fully immersive virtual reality."
Facebook bought Oculus VR last year in a deal valued at US$2 billion, heralding virtual reality as the next generation computing platform and one that will let people instantly "travel" to new places.
The Consumer Electronics Show is expected to feature an array of virtual reality offerings hoping to challenge headsets to be fielded by Oculus, Sony, and Valve.
AFP

Obama to force through gun control measures

Obama to force through gun control measures

[Washington] US President Barack Obama will on Tuesday introduce a raft of executive actions to tackle US gun violence, bypassing Congress and its staunch opposition to gun control.
Kicking off his last year in the White House with a show of executive power that is replete with political and legal risk, Mr Obama will take a series of unilateral steps to end what he has called "the scourge of gun violence."
Mr Obama is scheduled to unveil the measures in the East Room of the White House, his adminstration said in a statement Monday.
Speaking ahead of the announcement, Mr Obama used Oval Office remarks to decry high rates of mass shooting and gun suicide in America that far exceed levels in other countries.
"We have tens of thousands of people every single year who are killed by guns," he said.
Mr Obama indicated the proposals - presented to him by Attorney General Loretta Lynch at the White House - will focus on regulating gun sales and curbing illegal purchases.
Aides say that could include tightening rules on gun dealers, broadening background checks to more buyers and cracking down on "straw purchases" in which potentially suspect individuals buy guns through an intermediary.
The measures will stop short of registering or collecting some of the more than 300 million guns already thought to be in circulation in the United States, a move gun control advocates say is essential.
Mr Obama admitted the measures were "not going to solve every violent crime in this country. It's not going to prevent every mass shooting. It's not going to keep every gun out of the hands of a criminal." "It will," he said, "potentially, save lives in this country" and spare families heartache.
During Mr Obama's seven years as president, mass shootings have killed Connecticut schoolchildren, South Carolina churchgoers, Colorado movie watchers.
Deaths from gun violence, many of them suicides, average 30,000 per year in America.
Polls had shown most Americans back tougher gun laws. But that support has ebbed recently amid concerns about the Islamic State group and the wider threat from terrorism.
Mr Obama's move could put pressure on some of his Democratic allies who face tough election battles in toss-up states and conservative congressional districts this autumn.
On Thursday, Mr Obama will take part in a primetime town-hall style debate on gun control to try to boost his case.
The event, broadcast by CNN, will take place at George Mason University in Fairfax, in northern Virginia.
In a New Year's address to the nation, Mr Obama voiced his determination to tackle what he called the "unfinished business" of curbing gun violence.
But Mr Obama's decision to bypass Congress sets up a political and legal fight for the coming election year.
The Republican-controlled body has already rejected measures to curb the sale of military-style semi-automatic rifles.
The speaker of the House of Representatives, Paul Ryan, on Monday accused Mr Obama of "dismissiveness" toward Americans who value the constitutional right to bear arms.
"We all are pained by the recent atrocities in our country, but no change the president is reportedly considering would have prevented them," said Mr Ryan. "We have seen consistently that an underlying cause of these attacks has been mental illness." "This is a dangerous level of executive overreach, and the country will not stand for it," Mr Ryan warned.
By using the last resort of executive action, Mr Obama is inviting legal challenges alongside the predictable political opprobrium.
His lawyers have spent months "scrubbing" existing laws to see where rules could be tightened and loopholes closed, while surviving inevitable court challenges.
"A lot of the work that has gone on behind the scenes to take a look at what the president can do using his executive authority has been grounded in the knowledge that the gun lobby and the Republicans in Congress who regularly do their bidding are going to look for ways to try to stop it," said White House spokesman Josh Earnest.
Mr Obama insisted the measures would fall "well within my legal authority." Similar executive efforts by Mr Obama to bring millions of illegal immigrants out of the shadows by shielding them from deportation have prompted a slew of lawsuits and left a key Obama policy goal in the hands of the Supreme Court.
AFP

Puerto Rico governor on default: 'We ran out of cash'

Puerto Rico governor on default: 'We ran out of cash'

[WASHINGTON] Puerto Rico's governor called for Congress to help it address its heavy debts, saying the island would default on some payments Monday as it no longer has the money to pay.
Speaking on CNBC television, Alejandro Garcia Padilla, governor of the US island territory struggling with US$70 billion in debt, defended his decision last week to miss about US$37 million in payments at the deadline at midnight Monday.
While the territory will still pay most of the total US$1 billion due to creditors late Monday, including the largest chunk on its direct government-issued bonds, the debt issued by two small state-controlled entities will fall into arrears, he confirmed.
"We ran out of cash," he said. "It's very simple. We don't have money to pay." Garcia Padilla said last week that the government was already diverting money committed for some bond payments to ensure it could pay salaries and pensions and its senior state debt.
He said that diversion also amounted to defaulting on its obligations, and that he was expecting the territory's government to be hit with litigation after the payment deadline passes late Monday.
"It will be very costly, that litigation," he told CNBC.
"It will cost a lot for the commonwealth. It will cost a lot for our creditors, and every dollar that I need to use to pay lawsuit lawyers will be a dollar that I will not have available to pay creditors."
Garcia Padilla last week blasted "hedge and vulture fund" creditors for blocking the restructuring of the island's debt, and says he needs legislation proposed in Congress that would allow the Caribbean island to declare bankruptcy and force a debt restructuring.
"We do not want a bailout, we just want the tools to solve this crisis," he told CNBC on Monday.
Meanwhile credit rating agency Standard & Poor's said Monday that it would not cut its rating for Puerto Rico based on the expected payment defaults.
The rating had been lowered in September to CC, with a negative outlook, indicating strong expectations of a default.
But S&P said Monday that Puerto Rico had made strong efforts to ensure it pays its direct "general obligation" (GO) debt and to negotiate with creditors, so that the very small payments to be missed would not merit a downgrade.
The government's selective move "shows Puerto Rico's reluctance to default on GO debt where bondholders hold a particularly strong legal claim."
The move instead "could represent a shot across the bow to bondholders in ongoing restructuring talks, as well as serve as a signal to Congress that help is needed."
AFP

Hedge fund views cheap Carlyle stock a 'no-brainer' bargain

Hedge fund views cheap Carlyle stock a 'no-brainer' bargain

[NEW YORK] A little-known hedge fund has emerged as Carlyle Group LP's biggest outside shareholder after seizing on a sell-off of the US private equity firm's stock as a "no-brainer" buying opportunity.
New York-based Okumus Fund Management Ltd is so convinced that Carlyle has been unfairly discounted by investors that it bought US$110 million worth of Carlyle shares in December - an 8.8 per cent stake that accounts for a fifth of its US$550 million fund.
By Okumus' estimate, Carlyle's stock, which nosedived about 43 per cent last year in its worst annual performance since its 2012 listing, could be undervalued by as much as 50 per cent.
"It's a no-brainer," said Ahmet Okumus, chief executive officer of the fund. "It's a good business that generates a lot of free cash flow."
Founded in 1987 by William Conway, David D'Aniello and David Rubenstein, Washington DC-based Carlyle is one of the world's largest alternative asset managers with US$188 billion worth of assets under management.
Like other alternative asset manager stocks, Carlyle has been hammered in recent months by a stock market rout, plunging oil prices that have depressed its energy investments, and investor fears that a wobbly credit market could undermine buyout deals.
But Carlyle's stock has been especially hard hit as investors punished it for its loss-making hedge fund unit Claren Road Asset Management, and its troubled buyout of Symantec Corp unit Veritas.
Financial markets were stunned in November when banks failed to drum up investor interest in US$5.6 billion worth of loans and bonds for Veritas, which Carlyle agreed to buy for US$8 billion in August in the biggest buyout deal for 2015. As such, the closing of the deal has been pushed back to Jan 29 from Jan 1.
Yet Okumus believes investors are judging Carlyle too harshly. The banks - not Carlyle - are on the hook for any unsold Veritas debt, Ahmet Okumus said.
Any risk to Carlyle's business from choppy markets should also be priced in at the current share price level, he said. "If you look at Carlyle's returns, they've been around for 30 years. They've invested in much more difficult markets than this, and they've done well."
According to Okumus' calculation, investors pay 6.6 times for each dollar of Carlyle's projected 2016 earnings - defined as economic net income. That is cheaper than some of its peers, including Blackstone Group LP's 9.6 times, but pricier than KKR & Co LP's 6 times.
Carlyle declined to comment when asked about Okumus'investment.
REUTERS

World's five richest lose US$8.7b in year's trading debut

World's five richest lose US$8.7b in year's trading debut

[NEW YORK] The world's five richest people lost US$8.7 billion on Monday in a global stock selloff sparked by weak factory data in China and a flareup in tensions between Saudi Arabia and Iran.
Amazon.com Inc founder Jeff Bezos led decliners on the Bloomberg Billionaires Index in the first trading day of 2016, losing US$3.7 billion as the world's largest online retailer fell 5.8 per cent. His net worth is now US$56 billion.
Spain's Amancio Ortega dropped US$2.5 billion to US$70.4 billion as his Inditex SA, the biggest fashion retailer, fell 3.5 per cent. 
Berkshire Hathaway Inc Chief Executive Officer Warren Buffett, Mexico's Carlos Slim and Microsoft Corp co-founder Bill Gates, the richest person on the planet, lost a combined US$2.5 billion.
BLOOMBERG

Chinese turmoil boosts US dollar, hits smaller currencies

Chinese turmoil boosts US dollar, hits smaller currencies

[NEW YORK] More evidence of the sharp slowdown in China's huge economy Monday battered emerging currencies while giving solid boosts to the US dollar and Japan's yen.
The sudden breakdown in relations between Gulf rivals Saudi Arabia and Iran, over Riyadh's execution of a Tehran-supported Shi'ite cleric, also added to market nervousness and the flood into the greenback.
The dollar added 0.3 per cent on the euro, to US$1.0833 per euro, but slipped 0.7 per cent to 119.42 yen.
The greenback surged 1.3 per cent to US$0.7184 per Australian dollar, the latter hit by the threat China's continued slowdown poses for Australia's key ore exports.
The British pound also gave up ground, to US$1.4721.
Among emerging currencies, China's yuan took another fall, losing 0.4 per cent to 6.54 per dollar, a nearly four-year low.
Brazil's real plummeted 2.0 per cent to 4.05 per US dollar, its lowest level since October, amid worries that China's weakness also spells lower demand for Brazil's already hard-hit commodity exports.
"The proximate cause for the carnage was weaker-than-anticipated manufacturing PMI figures" for China, said Matt Weller of Forex.com in a client note.
However, he argued, "while traders remain uneasy about China, the broader outlook for emerging markets is more optimistic (or at least less pessimistic)."
AFP

Fossil Free (Video)



Fossil Free

 

Fossil Free
Impassioned climate change activists all over the world may have a new and entirely unexpected ally in their cause: the financial sector. On the heels of the recent climate change talks in Paris, groups of concerned citizens have gathered their resources to place pressure on wealthy institutions who invest in the fossil fuel industry. The new documentary Fossil Free chronicles their mission.
From The Netherlands to New York, their movement is beginning to gain momentum. Their collective efforts are aimed at various organizations across the globe who invest in gas, coal and oil companies, including universities, banks, governments and large-scale investment firms. Their argument? The money you invest serves as a reflection of your personal values. Calling upon their view of fossil fuel industries as the major contributors to an unsustainable environment, these activists implore divestment as a means of restoring faith and reputation with the public.
The film contains portraits of those who are working diligently to propel this grassroots movement. Many of them are young, and they view themselves as the last generation who can truly make a difference in curbing the climate change epidemic. They're determined to pick up the slack from an older generation who remains apathetic to these pressing issues.
In Berlin, a young woman works to secure time with a top-ranking government official to discuss the city's continued investment in fossil fuels. In New York, an innovative online platform called 350.org works to mobilize and concentrate the movement's efforts on the global stage. In Amsterdam, activists work to convince one of the most significant investment firms in the region to remove these companies from their portfolios.
Surprisingly, several investment firms have proven receptive to the persuasions of the movement, though their reasoning often falls on financial risk rather than the ethical considerations. From their perspective, the fossil fuel industries are overpriced assets, and increasingly precarious propositions for the potential investor.
The climate change movement is multi-faceted, and victories can be won on many sides if we remain fully engaged in the issue. Fossil Free is a valuable examination of one such effort to contain this growing crisis.

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