National / International News

Nurse stole from cancer patients

BBC - Fri, 2015-04-17 03:40
A nurse admits stealing jewellery, cash and medication from cancer patients at the hospital where she worked.

'Klopp good fit for Premier League'

BBC - Fri, 2015-04-17 03:37
Arsenal's Per Mertesacker believes Jurgen Klopp could manage in the Premier League after leaving Borussia Dortmund.

Zuckerberg defends Internet.org

BBC - Fri, 2015-04-17 03:37
Facebook boss Mark Zuckerberg defends the aims of his free Internet.org service after several Indian firms pull out of the project.

VIDEO: 'I closed my shop on police advice'

BBC - Fri, 2015-04-17 03:28
Sharif Danis, a shopkeeper from Nigeria, tells the BBC's Milton Nkosi how the threat of mob attacks forced him to close down his business in Johannesburg, South Africa.

Prydferthwch y Parc // The Beauty of the Beacons

BBC - Fri, 2015-04-17 03:26
Celebrating the Brecon Beacons, granted National Park status in 1957

Ukraine crisis: The factory that has been shelled 165 times

BBC - Fri, 2015-04-17 03:21
The Ukraine factory that has been shelled 165 times

BBC Election debate draws 4.3 million

BBC - Fri, 2015-04-17 03:18
More than four million tune into the BBC's televised election debate, more than two million short of the previous debate on ITV.

Former IMF Head Rato Is Arrested For Tax Fraud In Spain

NPR News - Fri, 2015-04-17 03:07

An influential figure in Spanish banking and politics, Rodrigo Rato was the predecessor of Dominique Strauss-Khan, who has also had extensive legal troubles.

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PODCAST: Fashion at Coachella

Marketplace - American Public Media - Fri, 2015-04-17 03:00

As this week comes to an end, we have a consensus that the fed will not raise the cost of borrowing in June anymore. But then came some inflation data today. For more on that, we consult Christopher Low, chief economist at FTN Financial in New York.

Next, Yale University's med school is weighing its next move failing to win accreditation for an online version of its Master's program for physician assistants.

Finally, Coachella is wrapping up in Southern California this weekend. The shows are about having a good time listening to music, but it's also about what people are wearing, and it's a big business. 

US schools seek Apple iPad refunds

BBC - Fri, 2015-04-17 02:59
Schools in Los Angeles seek refunds from Apple and others over a $1.3bn (£870m) iPad-based education project that has gone awry.

Upside down taxi blocks train line

BBC - Fri, 2015-04-17 02:40
A car blocks a railway line in West Yorkshire after crashing through a barrier and flipping upside down onto the tracks.

Why aren't UK pay rises delivering votes to Cameron?

BBC - Fri, 2015-04-17 02:37
The economic recovery is translating into serious pay rises and a record level of employment. So why no electoral dividend for the Tories and Lib Dems?

UKIP pledges more money for Wales

BBC - Fri, 2015-04-17 02:30
UKIP promises more money for Wales, as it launches its Welsh manifesto for the general election.

Mike Leigh tackles Peterloo Massacre

BBC - Fri, 2015-04-17 02:27
Director Mike Leigh is to make a big budget film about the events of the 1819 Peterloo Massacre in Manchester.

Iraq: Growth of the Shia militia

BBC - Fri, 2015-04-17 02:26
With the rise of Shia militia groups as a frontline force against Islamic State, Ranj Alaaldin explains how the phenomenon emerged.

'It's hard to break Crucible curse'

BBC - Fri, 2015-04-17 02:13
Defending world champion Mark Selby knows he must buck the trend if he is to recapture his Crucible crown.

Bolasie is a £20m player - Pardew

BBC - Fri, 2015-04-17 02:08
Crystal Palace boss Alan Pardew says in-form winger Yannick Bolasie's value is soaring and values him at £20m.

Record $9.2bn order for Rolls-Royce

BBC - Fri, 2015-04-17 02:02
Rolls-Royce receives its largest order to date, worth $9.2bn, to supply engines for Emirates airline A380 planes.

HBO's Silicon Valley nails VC deal details

Marketplace - American Public Media - Fri, 2015-04-17 02:01

If you’re not watching HBO's "Silicon Valley," it may be because you think it’s a weekly half hour of puerile, sexist drivel about a bunch of nerds blundering their way up the most elitist food chain on earth. And you may be right about that. But if you’re not watching, you’re missing one of the most vivid, granular and entertaining explainers out there of the way venture capital works.

Take episode one of season two, which just aired last week. The boys of hot startup Pied Piper are doing a tour of venture capitalists, to get funding for their first round. Early stage companies raise the money they need in several chunks. After entrepreneurs have maxed out their credit cards, raided their 401(k)s and drained their parents’ bank accounts, the first place they go is the “angel round,” which Pied Piper secured last season. Angel investment are kids’ stuff in the startup world: it’s literally like wee Janie on your block getting fifty bucks from her parents’ work colleagues to buy lemons and a Sodastream and open a lemonade stand. The “first round” is more serious. In this phase of the money-raising process, the wannabe CEO has to go to begging, or pitching, to a real institution – a venture capital fund.

And "Silicon Valley" nails this process. For one thing, the dress codes are dead on. The startup guys are dressed in grubby jeans, nerdy T-shirts and, of course, hoodies. The VCs are all wearing half-zip lightweight sweaters, or golf shirts adorned with crocodiles or ponies. And we all know what that means.

Next, the money: Pied Piper’s tour of the Valley VCs shows how hot and sweaty the startup scene is right now. VCs are literally throwing money at startups, valuing them at crazy prices. The valuations Pied Piper gets are ludicrous, but no more ludicrous than those bestowed upon real early stage companies. In the past, startups valued at $1 billion by the VC market before they go public were called unicorns, because they were so rare. Today there are herds of them.

Finally, the deal details: I don’t know who the technical advisor is on "Silicon Valley," but he or she sure is doing the business. Episode 1 showcased one of the biggest issues facing startups right now: the down round.

A quick explainer: when you get venture money, the fund gives you a big chunk of cash, but in return takes a huge share of your company. It also takes a number of seats on your board.

But that’s cool! For just 10 percent of your company you’ve snagged $100 million in cash! That makes your company worth a billion dollars! Dude! You’re a unicorn!

Unfortunately, you’re not making money yet, and over the next six months, you a) burn through half your money and b) read in TechCrunch that a class of Singaporean schoolgirls have just built a similar prototype to yours that looks as though it may do the same job in half the time.

Your partners panic. Why? Because they’re worried about a down round. They think that when you go to VCs for your second round of financing, they might say that they want to buy a ten percent stake in your company, but because of this new competition, maybe they’ll only give you $50 million. That would mean that your existing VC investor’s stake would be cut in half. It would also make those investors look kinda stupid. And while VCs don’t like losing money, they really, really hate looking dumb.

In the show "Silicon Valley," we hear what happens to a young entrepreneur called Javeed. His VC investors react to the possibility of his company getting a down round by forcing him into a $200 million acquisition. Remember, VCs get a seat on the board - at least one seat - which gives them a great deal of say in the way the company is run. Javeed would rather not sell his company, but the VCs have panicked, and want to cash out now. They are, in the vernacular, looking for an exit strategy. And because they are on the board, they are in a great position to arm-twist. So they force Javeed to agree to sell his company for $200 million. The VCs get a check, and avoid being embarrassed. Javeed, on the other hand, loses control of his company, and has to accept a reverse-vest, with no triggers. And what the hell does that mean? Well, let’s just say he got screwed.

 

Oil layoffs start at wellheads and work their way up

Marketplace - American Public Media - Fri, 2015-04-17 02:00

Oil prices dropped, and jobs had to go. The first ones were at the oil service companies like Halliburton and Schlumberger. "They've quickly moved to reduce their amount of operations in the field, and the first phone call they make is to that service company," Jeff Bush, president of CSI Recruiting, which places workers in oil and gas jobs, says.

Next come layoffs at the major oil companies. And now, Bush says, job cuts are trickling down to the independents—companies that just focus on oil and natural gas extraction.

"It just follows the course of who feels the pain the first," he says.

In Texas, just in the last three weeks, more than 500 workers—from drillers to crane operators— have lost jobs, according to the Texas Workforce Commission. And since November, the unemployment claims keep coming, Lisa Givens, spokeswoman for the commission says.

"We have just over 50,000 claims filed for that time period," Givens says."And then last year for this same time period we saw just over 23,000 claims filed."

 

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