Monday, April 29, 2013

Vermont Telephone Company's gigabit internet service is live, half the price of Google Fiber

http://www.engadget.com/2013/04/28/vermount-telephone-companys-gigabit-internet/

Remember how Google Fiber's recent announcement for planned service in Austin by 2014 spurred immediate competition from AT&T? It's safe to say telcos in other areas have taken note about the gigabit speeds, not to mention the $70 montly pricing. According to the Wall Street Journal, Vermont Telephone Company is now offering gigabit service to some of its customers for the crazy-low price of $35 bucks a month. To keep things in perspective, WSJ notes that roughly 600 folks are subscribed (out of VTel's total base of about 17.5K) and that the company is essentially going to be analyzing whether the current pricing will remain for the long-term. With Google Fiber to continuing to expand, it's certainly promising to see how superspeed internet is trickling across the US -- and how easy it's been looking on the wallet.

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Via: The Wall Street Journal Digits

Source: VTel

Source: http://www.engadget.com/2013/04/28/vermount-telephone-companys-gigabit-internet/?utm_medium=feed&utm_source=Feed_Classic&utm_campaign=Engadget

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Key Egyptian negotiator with IMF quits

By Paul Taylor

CAIRO (Reuters) - A key Egyptian negotiator with the International Monetary Fund said on Sunday he has resigned as first deputy finance minister, in a potential blow to Cairo's prospects of an early IMF deal.

Hany Kadry Dimian has been the crucial point man in Egypt's protracted and so far fruitless negotiations to obtain a $4.8 billion loan needed to help combat a severe economic crisis.

"The only comment I can make for the time being is that yes, my term ends on April 30 according to my resignation, which I submitted in December," Kadry told Reuters by telephone.

"My next move is not decided."

A senior technocrat appointed in 2007, Kadry survived five finance ministers in office since the 2011 uprising that overthrew former autocratic President Hosni Mubarak.

Kadry gave no explanation for his decision to quit, first reported on the Egyptian dissident Rebel Economy blog, saying he would say more on Tuesday.

A senior European diplomat said his departure was not a good omen for Egypt's hopes of wrapping up a deal on the long delayed IMF loan next month, as the government has said it aims to do.

Kadry was the one expert in the ministry who fully understood the IMF program and was able to deal with the global lender professionally, the diplomat said.

The daily El-Watan said on its website that Kadry had been under increasing pressure from the ruling Muslim Brotherhood's Freedom and Justice Party, and in conflict with Abdallah Shehata, the FJP economic adviser to Finance Minister Al-Mursi Al-Sayed Hegazy.

Abdel Shakour Shalaan, Middle East representative on the IMF board, told Al Hayat television channel he hoped Egypt could complete the loan deal within four to five weeks.

"I hope it will be completed within a month or five weeks, the end of May or the beginning June," he said.

Separately, the head of Egypt's bourse, Mohamed Omran, told Prime Minister Hisham Kandil he would like to leave his position at the end of his term on July 1, the state news agency MENA reported, citing an unnamed official stock exchange source.

The report did not give a reason for Omran's request, but said he had told the prime minister in August he wanted to leave the post. Kandil had asked him to stay until the end of his term, MENA said.

(Additional reporting by Alexander Dziadosz; Writing by Paul Taylor; Editing by Jon Hemming and Stephen Powell)

Source: http://news.yahoo.com/key-egyptian-negotiator-imf-quits-191627035.html

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Saturday, March 9, 2013

Levin's retirement gives GOP rare shot at Senate

Senate Armed Services Committee Chairman Sen. Carl Levin, D-Mich. speaks with reporters on Capitol Hill in Washington, Tuesday, Feb. 26, 2013, after the weekly Democratic policy luncheon. (AP Photo/Carolyn Kaster)

Senate Armed Services Committee Chairman Sen. Carl Levin, D-Mich. speaks with reporters on Capitol Hill in Washington, Tuesday, Feb. 26, 2013, after the weekly Democratic policy luncheon. (AP Photo/Carolyn Kaster)

(AP) ? U.S. Sen. Carl Levin's decision not to seek another term gives Michigan Republicans the chance to prove they can win a Senate election, while Democrats are left scrambling to keep a seat that has not been closely contested since the Detroit Tigers last won the World Series in 1984.

Levin's announcement is expected to spark a frenzy of interest from candidates and parties. The outcome of the 2014 race will play a role in Michigan's clout in Congress, the battle for control of the 100-member Senate and possibly even Gov. Rick Snyder's re-election prospects.

"This offers the opportunity for a huge field," said Lansing-based political analyst Bill Ballenger.

Much of the early focus is on the state's congressional delegation, where at least five members are considered possible candidates to move to the upper chamber. GOP Reps. Justin Amash, Dave Camp and Mike Rogers are being mentioned as well as Democrats Gary Peters and Dan Kildee.

Peters, who represents the bellwether county north of Detroit, told The Associated Press Friday that is he is "very interested" in running for Senate.

"It is absolutely critical that Democrats hold this seat," he said, calling himself a battle-tested campaigner who has won three difficult races. "People don't win statewide without winning Oakland County, and that's my political base."

The three-term congressman said he would make a decision within weeks after talking with his family. He said the chance to move up within House leadership does "somewhat change with an open Senate seat."

Some other Democrats interested in running are national committeewoman Debbie Dingell, the wife of long-time Rep. John Dingell, and University of Michigan regent Mark Bernstein, part of a well-known family of plaintiffs' lawyers. Former Gov. Jennifer Granholm also is being mentioned. She could not be reached Friday.

One Republican to express interest was former two-term Secretary of State Terri Lynn Land, who previously considered running against Sen. Debbie Stabenow.

"The idea that you have to be (in Washington) 100 years to be effective has gone out the window," she said, saying she was excited by the way Kentucky Sen. Rand Paul's 13-hour filibuster energized other newer senators. "Those are the ones making a difference."

Land, a Republican national committeewoman, said her decision on whether to run will depend in part on who else jumps into the race. With more voters identifying themselves as independents, she said, they want lawmakers who "can get something done."

Another interested candidate is Scott Romney, older brother of presidential candidate Mitt Romney, according to a state GOP official. The official spoke on condition of anonymity because he was not authorized to speak publicly about specific candidates.

GOP Rep. Candice Miller, a former secretary of state, said Friday she will not run for Senate. Other Republicans to rule out a bid were 2012 Senate candidate and charter schools founder Clark Durant, Lt. Gov. Brian Calley, former Attorney General Mike Cox, and Amway heir and 2006 gubernatorial candidate Dick DeVos.

A message was left for another potential candidate, Delta Air Lines executive and University of Michigan regent Andrea Fischer Newman.

Levin's departure puts Democrats at a disadvantage as they already are looking for someone to challenge the governor and take back control of a state government dominated by the GOP. But Democrats also have fared well in federal elections in a state that has gone for Democrats in six straight presidential races.

Just one Republican has won a Michigan Senate seat in 40 years, Spencer Abraham in 1994, a non-presidential year like 2014 will be. The last close race was in 2000, when Debbie Stabenow defeated Abraham.

"It's a tremendous opportunity for Republicans. This is like a once-in-decades opportunity," said Stu Sandler, a GOP consultant in Ann Arbor. "There's a pretty strong bench out there."

Amash, a second-term conservative adored by tea party groups, was removed from a committee assignment in December after casting votes defying party leadership. If he won the primary, some Republicans worry he would not appeal to independent voters in the general election.

A message was left for Amash. He tweeted Friday that the Michigan GOP "can't put up an unelectable establishment candidate for Senate who doesn't appeal to independent & moderate voters on federal issues."

Democratic consultant Joe DiSano in Lansing said Peters right now is the Democratic front-runner.

"He can raise money. He's the most tenacious and seasoned campaigner. He's survived in extremely tough Oakland County," he said.

Republicans say Levin's departure is good news for Snyder, whose popularity has waned after signing a right-to-work law in December, because Democrats have to focus on the Senate. Democrats counter that Michigan now will receive national attention due to the Senate race, boosting fundraising for the gubernatorial challenger and excitement for Democratic voters to turn out in a non-presidential election.

___

Email David Eggert at deggert(at)ap.org and follow him at http://twitter.com/DavidEggert00

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2013-03-08-US-Senate-Michigan/id-45da0588d05349ff8a439e259f3efd08

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Sturdy job gains offer bright sign for economy

WASHINGTON (Reuters) - U.S. employers stepped up hiring in February, adding a greater-than-expected 236,000 workers to their payrolls and helping to push the jobless rate to a four year-low in a bright signal on the economy's health.

The data from the Labor Department on Friday showed the economy gaining traction despite the blow from higher taxes and deep government spending cuts.

"This was a strong number and one of those rare cases where we were firing on all cylinders," said Jacob Oubina, a senior U.S. economist at RBC Capital Markets in New York.

The jobless rate fell to 7.7 percent, the lowest since December 2008, from 7.9 percent in January. The decline reflected both gains in employment and people leaving the labor force.

The upbeat report, which showed broad-based job gains, was another sign of the economy's fundamental health, and it added fuel to a rally in U.S. stock markets that had already propelled the Dow Jones industrial average to record highs.

At the same time, the dollar strengthened and the yield on the benchmark 10-year U.S. Treasury note rose sharply.

Economists had expected a gain of just 160,000 jobs. Nonetheless, the data was not so strong as to deter the Federal Reserve in its efforts to foster even faster economic growth by buying bonds, a policy known as quantitative easing.

"We're in a sweet spot of sorts with the data showing a more robust recovery, which supports stocks and the dollar, yet not quite strong enough to declare an end to quantitative easing," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.

Although December and January's employment data was revised to show 15,000 fewer jobs added than previously reported, details of the report were solid, with construction adding the most jobs since March 2007 and increased hours for all workers.

Job gains in February were well above the 195,000 monthly average for the three months through January.

FED STILL IN PLAY

Despite the pick up in hiring, the pace of gains is still below the roughly 250,000 jobs per month that economists say is needed on a sustained basis to significantly reduce unemployment.

With fiscal policy tightening, Fed officials are likely to remain leery of withdrawing their support for the economy too soon. A 2 percent payroll tax cut ended and tax rates went up for wealthy Americans on January 1. In addition, $85 billion in federal budget cuts that could slice as much as 0.6 percentage point from growth this year started on March 1.

The central bank is buying $85 billion in bonds per month and has said it would keep up asset purchases until it sees a substantial improvement in the labor market outlook.

Since the 2007-09 recession ended, the economy has struggled to grow above a 2 percent annual pace. In the fourth quarter, output barely expanded.

In February, the construction employment increased by 48,000 jobs after rising by 25,000 in January.

A decisive turnaround in the housing market and rebuilding on the East Coast after the destruction by Superstorm Sandy in late October is boosting jobs at construction sites.

Manufacturers stepped up hiring in February, although the pace was still well below early last year because of lackluster domestic demand and cooling growth overseas. Factory jobs increased 14,000 last month after rising 12,000 in January.

Retail employment increased 23,700 jobs, rising for an eighth straight month, and defying a recent slowdown in sales.

Healthcare and social assistance saw another month of solid job gains. The same was the case for leisure and hospitality.

Government continued to shed jobs, with payrolls dropping 10,000 last month after falling 21,000 in January.

The sustained steady job gains are lending some stability to wages. Average hourly earnings rose four cents last month. That was the fourth straight month of gains in hourly earnings.

They increased 2.1 percent in the 12 months through February after a similar advance in January.

The length of the average workweek increased to 34.5 hours from 34.4 hours in January.

(Reporting By Lucia Mutikani; Editing by Neil Stempleman and Tim Ahmann)

Source: http://news.yahoo.com/steady-job-gains-seen-bolstering-economy-050326902--business.html

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Gardner Denver agrees to $3.73B sale

(AP) ? Industrial pump maker Gardner Denver said Friday that it has agreed to sell itself to Kohlberg Kravis Roberts & Co. for about $3.73 billion.

Under the terms of the agreement, the New York-based private equity firm will acquire the Wayne, Pa.-based company for $76 per share.

That represents a 3 percent premium over the company's Thursday closing stock price and a 39 percent premium over its closing stock price on Oct. 24, the day before it announced it was exploring a possible sale.

The companies valued the deal at $3.9 billion including the assumption of debt.

Gardner Denver said in October that it would be reviewing its "strategic options," which generally include a sale of all or part of a company. That came after the company's August announcement that it would restructure its business to improve its profitability by consolidating manufacturing facilities and cutting staff.

In recent weeks, Gardner Denver shares have jumped on media reports that KKR had made a bid for the company.

The deal has been approved by Gardner Denver's board, but remains subject to shareholder and regulatory approvals. It's expected to close in the third quarter.

Shares of Gardner Denver Inc. rose 86 cents to $74.71 in morning trading Friday.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-03-08-US-Kohlberg-Gardner-Denver/id-d17fa0d900f949e8bb4d479ace75969c

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