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No "Microhoo", for Now - Microsoft Drops Yahoo Bid
Microsoft has decided to withdraw its three-month-old offer to buy Yahoo, as expressed in a formal letter from Microsoft chief executive Steve Ballmer to Yahoo chief executive Jerry Yang.
"The companies had finally engaged in merger talks this week and appeared closer than ever to a deal Friday, but they still remained billions of dollars apart in their assessment of Yahoo's worth. Ballmer said today that the company had raised its buyout price to $33 a share from the initial $31 offered, which added $5 billion to the deal that was initially worth $44.6 billion.
That would have represented a 70% premium over Yahoo's closing stock price on Jan. 31, the night that Redmond, Wash.-based Microsoft made its unsolicited offer.
But in recent talks Yahoo had insisted on receiving at least $5 billion more than that, or at least $37 a share, which Microsoft was unwilling to pay, Ballmer wrote in a letter to Yang.
Ballmer said he had decided against launching a hostile bid for Sunnyvale, Calif.-based Yahoo, including trying to take control of the company's board and offering the deal directly to shareholders. He said Yahoo had signaled that it would take action that could prolong such a proxy fight and make the company less valuable to Microsoft, including striking a partnership with Google Inc. in which the search giant would deliver ads alongside many of Yahoo's search results."
Image courtesy of The Los Angeles Times
25,000 Dockworkers in 29 Ports on Strike - "End Iraq War", Bring Peace and Prosperity Back to US
"SEATTLE — West Coast ports were shut down on Thursday as thousands of longshoremen failed to report for work, part of what their union leaders said was a one-day, one-shift protest against the war in Iraq.
Cranes and forklifts stood still from Seattle to San Diego, and ships were stalled at sea as workers held rallies up and down the coast to blame the war for distracting public attention and money from domestic needs like health care and education.
“We’re loyal to America, and we won’t stand by while our country, our troops and our economy are being destroyed by a war that’s bankrupting us to the tune of $3 trillion,” the president of the International Longshore and Warehouse Union, Bob McEllrath, said in a written statement. “It’s time to stand up, and we’re doing our part today.”
About 25,000 union members are employed at 29 West Coast ports, but the protest took place only during the day shift. A spokesman for the main West Coast employers’ group, the Pacific Maritime Association, said it appeared that about 6,000 workers did not show up for work, which meant that about 10,000 containers would not be loaded or unloaded from about 30 cargo ships."
Image courtesy of The New York Times
Torch’s 85,000-mile, 20-nation Global Journey the Longest in Olympic History
The 2008 Olympic torch’s 85,000-mile, 20-nation global journey is the longest in Olympic history. The 130-day round-the-world tour begins on Monday, March 24, with the lighting of the torch in ancient Olympia, Greece, an ongoing tradition from 766 B.C.
Image courtesy of Google LatLong
47% of Canadians Want Their Soldiers To Leave Afghanistan Immediately
"The Bush Administration has praised Canada's conservative Prime Minister, Stephen Harper, for his commitment to the war. But its toll has unnerved Canadian citizens and opposition leaders. A recent poll showed that 47% of Canadians wanted their soldiers to leave Afghanistan immediately, and only 17% supported maintaining a combat role.
The Afghan war had broad public support in Canada in 2002, but is now seen as one front in George W. Bush's hugely unpopular "war on terror." The discontent also has deeper roots.
Perhaps most important, Canadians do not see the Afghan conflict as directly relevant to their own security. Al-Qaeda has never staged an attack on Canadian soil…Canadians worry that fighting alongside the U.S. will increase--not decrease--the risk that they will become a target. "
Images courtesy of Time
Oil prices hit new trading record of just below $120
April 28, 2008, 1:05AM
"SINGAPORE — Oil prices hit an all-time high near $120 a barrel today."
Indian Rocket Launches 10 Satellites Into Space
The Indian Space Research Organization (ISRO) has set a world record, launching 10 satellites in a single mission.
"It is carrying two Indian and eight foreign satellites. They are expected to provide data to enable India to plan rural and urban development. The satellites were deployed in orbit within minutes of each other and the entire operation lasted 20 minutes."
Image courtesy of BBC News
Zuckerman Fights Murdoch for Newsday
"Mortimer B. Zuckerman, the owner of The Daily News, believes he can snatch Newsday from Rupert Murdoch without offering a dime more than the $580 million already on the table.
News Corporation executives believe the only regulatory scrutiny their deal would receive would be from the Justice Department, regarding to whether combining Newsday and The Post would be anticompetitive.
On this point, Newsday’s circulation overlaps more with The Daily News than with The Post.
However, Mr. Murdoch owns two television stations in the New York area (WNYW and WWOR) and is already in the process of seeking waivers from the F.C.C. to continue to control television stations and newspapers in the same market. "
Photo courtesy of The New York Times
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