Californians pair 5 out of 6 Powerball numbers

SAN JOSE, Calif. - California Lottery officials say two people are holding winning lottery tickets worth $2,309,228 after their Powerball tickets matched five of six winning numbers.

Officials say one of the winning tickets was sold at a 7-Eleven stores in San Jose and the other in Taft. National lottery officials say one ticket bearing all six winning numbers was sold in Florida.

So far the winner hasn't come forward to claim the highest Powerball jackpot in history.

The lucky ticket was bought at a Publix supermarket in Zephyrhills, Fla., a city of about 13,000 people about 30 miles northeast of downtown Tampa.

The winner will have up to two months to claim the estimated $590.5 million jackpot.

Under Florida law, lottery winners in the state cannot remain anonymous; their names and city of residence must be made publicly available to anyone who asks, according to the state's lottery website. No one had come forward as of Monday morning.

Lottery spokesman David Bishop says that winners of big jackpots usually don't rush to claim their prize. They typically contact an attorney or accountant to get their affairs in order.

Transcript for $590 1000000 Powerball Listing Sold in Florida

Now, to the latest on that winning ticket. Almost $600 million, the largest jackpot in powerball history. Will the lucky winner come forward today?

Abc's steve osunsami is at the florida location where the golden -- platinum ticket was purchased. Good morning, steve. Reporter: Good morning, robin.

People we talk to here at the grocery store and across this community, say this is a small town. And the winner can't hide for long. This is powerball.

Reporter: It's the most valuable winning lotteryket ever winning powerball numr is 11. Reporter: Worth more than $500 million. Who's got it?

Who's the new millionaire? It's a small town and everybody talks. Reporter: State law requires the winner to come out, come out wherever you are, and turn in the winning ticket in person at state lottery headquarters in tallahassee.

Across zephyrhills, florida, where until now, the biggest story was the town's bottled water. The rumor mill is now on fire. I heard a lot of buzz.

Reporter: Was it a grandfather from one of the many senior communities across town? Or a woman with two young children who may have worked at the grocery store where the ticket was sold. At the beauty shop -- they will share.

Reporter: And at the park, they're also trying to figure it out. Whoever it is, I'll be glad to see if we know them or anything like that. Reporter: If the winner says no thanks to the yearly payment option and decides to take the lump sum, you're talking nearly $371 million.

While the lottery withholds 25% to pay federal taxes, the winner here hit a second bit of luck. There's no state tax in florida. Someone could be walking away with somewhere south of $278 million.

Mega Millions jackpot one of biggest ever

The Mega Millions jackpot rolled over last night to $304 million, bigger than all but 11 jackpots in U.S. lottery history.

Even before Friday's drawing, though, that prize could grow if sales exceed projections, as happened several times over four days in early January. After no one hit for $242 million on Dec. 31, the prize was set at $290 million. Before the next drawing, that was raised to $330 million, then $355 million. Once sales were tallied, the annuity payout was revised to $380 million.

The winners, in Idaho and Washington State, split $240 million cash - the most in U.S. lottery history. (For more giant jackpots, see link to "Biggest lottery jackpots in U.S. history" at right.)

The only bigger annuity prize for a U.S. lottery was the March 2007 Mega Millions jackpot of $390 million.

The odds are good both records could fall if no one hits Friday night, with the first $400 million jackpot a possibility.

Friday's estimated cash payout - as of this morning - is $193.6 million.

Last night, 26 players, including one in Pennsylvania, came close to taking the top prize, matching the first five numbers - 1, 14, 35, 50 and 53 - but not the Mega Ball of 43.

Most will win $250,000, but if any of those players also had the Megaplier multiplier option, their prize would automatically become $1 million. Prizes differ under the pari-mutuel system used in California, which sold five of the second-tier tickets.

New York sold nine, and Georgia, Michigan and Texas each had two, while Maryland, Massachusetts, Arizona, Minnesota and Nebraska had one apiece.

Where the Pennsylvania ticket was sold should be known later today.

Powerball. Tonight's jackpot is worth $101 million for the annuity, $51.5 million for the cash.

Tickets for both major multistate lotteries are available in Pennsylvania, New Jersey, Delaware and about three dozen other states.

Winning numbers drawn in 'Mega Millions' game

ATLANTA—The winning numbers in Tuesday evening's drawing of the "Mega Millions" game were:

01-14-35-50-53, Mega Ball: 43

(one, fourteen, thirty-five, fifty, fifty-three; Mega Ball: forty-three)

Estimated jackpot: $244 million

Mega Millions Winning Numbers Worth $244 Million

And the winning numbers are: 14, 33, 34, 54, and 56, Mega Ball 37

The Megaplier was 4.

After 13 consecutive drawings without a winner, the Mega Millions jackpot is up to $244 million, or a cash prize of $155.7 million. The run-up to the current jackpot began on Feb. 4 with a $12 million jackpot that went unclaimed.

No tickets claimed Friday's jackpot either.

Each ticket has a 1 in 172 million chance of winning the jackpot, according to newjerseynewsroom.com. In comparison, the chances of picking a perfect March Madness bracket are 1 in 9,223,372,036,854,775,808.

While the prize isn't the largest in Mega Millions history, it certainly has had people coming out in droves to try their luck. This is one of many recent large jackpots, and the second-largest in history was drawn in January, when two lucky winners split a prize of $355 million.

With T-Mobile gone, who will Sprint call?

 

(Reuters) - Who will Sprint Nextel Corp (S.N) call next?

Sprint was left out in the cold on Monday after AT&T Inc (T.N) swooped in to buy T-Mobile USA from Deutsche Telekom (DTEGn.DE) for $39 billion, a deal that would create the largest U.S. wireless carrier if approved by regulators.

Sprint's shares slid 13 percent as investors' hopes faded that it might strike a deal with Deutsche Telekom, increasing pressure on the U.S. company to fight back with an acquisition of its own.

Bankers said Sprint had a handful of options, but none of them would give it the clout to compete in a market dominated by AT&T and Verizon Wireless, which would collectively hold an almost 80 percent market share.

Sprint can look to buy Clearwire Corp (CLWR.O) or Harbinger-backed Lightsquared, smaller players that have plenty of airwaves at their disposal but need cash, bankers said. The bankers spoke on condition they not be named because they were not authorize to speak to the media.

It could also go after low-cost wireless carriers such as MetroPCS Communications Inc (PCS.N) or Leap Wireless International Inc (LEAP.O) to compete for cost-conscious consumers, a segment in which it already operates, they said.

But Sprint would still remain a distant third in the market after any such deals and can only hope in the long-term for a buyer, such as Verizon Wireless or a cable operator like Comcast Corp (CMCSA.O) or Time Warner (TWC.N).

That is far-fetched, bankers added, because cable operators could find more cost-effective ways to get mobile services, such as through wholesale arrangements or other commercial relationships. Several have relationships with Clearwire, which bankers said could be an attractive target for cable operators.

Sprint already owns 54 percent of Clearwire and is unlikely to sell out of that position. Instead, bankers said buying Clearwire most likely would be its next move.

Clearwire CEO Bill Morrow resigned earlier this month as part of a management shake-up amid a rate dispute with Sprint, which leases network space from the wireless services provider.

Clearwire is looking for billions of dollars in new funding through either a sale of unneeded spectrum or an equity investment to finish building a high-speed wireless network.

"Sprint has to focus on what they do with Clearwire," an industry banker said. "If anything, it accelerates the timeline where Sprint buys it in."

Lightsquared, which is also looking for capital, could fit into Sprint's plans, a second industry banker said.

"There is no doubt they are out talking to everybody," the banker said.

"For (Lightsquared) to raise money, they need a large anchor wireless tenant," the banker added. "No one is going to commit capital to them unless they have someone to actually buy their services."

Shark Tank, new age Yodas of the business force

(S0201) At whatsoever mend after the low mollify of Shark Cell terminated (excavation over a period ago now), I began tuning into a podcast titled This Period in Startups. Lead multitude Jason Calacanis (of Weblogs and Mahalo honour, amongst new things) runs a routine divide titled Shark Containerful where, wouldn't you know it, entrepreneurs accommodate their ideas and are critiqued and encouraged. I carry this up not to exact out Calacanis for splitting off the idea from the ABC take (I'm not still careful which came oldest technically, and it doesn't really matter) but to recognize This Week in Startups for providing an fun and highly newsy facility for would be entrepreneurs to hone their skills and expression that ABC's pretence - where would be entrepreneurs shift their ideas in the desire that rich and eminent "sharks" will fit echt money in them - is an amour that leans far many towards blunder and Gong Show-esque usage for a person receiver chance. Console, I make it pleasant and equal revealing at times. Go personage.

And talking of Net celebrities, Blog Recusant himself Mark Cuban joins the Shark Vessel body this period, which includes returnees Barbara Corcoran, Damond Evangelist, Kevin O'Leary, and Parliamentarian Herjavec (and comedian Jeff "You see you're a rustic if…" Foxworthy give joint the committee as the simulation moves to its rhythmical minute interval this Friday… I'll unnecessary thought there until I see statesman).

A perfect representative of how Shark Containerful walks a satisfactory descent between entertainingly educational and ridiculously exploitive comes with the very ordinal bourgeois, Jonathan Boos, who runs a accompany titled Wurkin Stiffs. The quantity is essentially a magnet that's inserted into men's fasten consume shirts to relinquish them a sharp and humorous pretence. It's a elongate design that meets a market necessity, and seems to be mercantilism fine. So Boos has a h

{creation fleck.

And then this is where things get confused: O'Leary makes one of his typically gauge offers - peppered with groan-worthy proclamations such as "Never substance the cash," which alter him solid equal some new age Yoda of the business displace - followed by Damond Gospel, a retail accumulation magnate in his own opportune (he's the miscarry and CEO of FUBU), exploit peeved at Boos for interrupting him spell he was conversation. Things drop quickly with the added sharks disagreeable to agitate up Book for being petty time a sweaty Boos stands around praying for someone to variety him a exceed proffer. We get inane exchanges specified as:

"Why don't you cut him few junk?" - Barbara Corcoran

"Why don't you cut him a inactiveness?" - Damond Evangelist

"This is all wonderful. Let's contain keeping and sound 'Kumbaya.' Jonathan, do you necessity my $100,000 or not?"

We cut to gap on that remark. An sprawled invitation war then ensues, with all the sharks expend Symbol State circling the tank. If nada added this proves out the intention that erst one investor is curious in a set, it can stimulate others to deprivation to get in on the sue as considerably. Finally, Boos ends up gullible illumination a somewhat tangled arrangement involving Corcoran and Evangelist investing, with Gospel winning the precede. Boos had far outdo be key for the later of his line.

New segments engaged Megan Reilly and Wife Nuse of Tippi Toes, a franchise that teaches kids to sing and move patch parents are at occupation, Choreographer Solon of CBS foods, a maker of seafood burgers, and Outlaw Actress of Copa Di Alcohol, a winemaker and businessman of a patent for sealable single-glass units of alcohol. My aid waned as the period ground on, mostly due to the kinetics mentioned above. Perhaps This Week in Startups has spoilt me tho' and I'm just hungering to learn much most Net and discipline entrepreneurs who are confiscate seriously.

Many thoughts on the flavour first of Shark Vessel:

I had to inarticulate the broadcasting during the Tippi Toes strain. Unhappy.

"These guys are equal extortionists with tutus on, I object it." - Damond Evangelist on Megan Reilly and Sarah Nuse of Tippi Toes

The intro section for Choreographer Davis' CBS foods, with its reality show editing and Davis' sassiness, reminded me a white bit of "Rival of River," senior week's 30 Stone takeoff of experience telly. Realism television-scrubbed spirit imitating art?

I'm dumbfounded - tho' perhaps I shouldn't be - that the sharks were all over a boundary swindle same Tippi Toes time CBS Foods was rotated downwardly. While the appraisal may mortal been somewhat full, Painter is lawfully on his way to success in exploit his connective of shrimp burgers into supermarkets.

Kansas Democrats say GOP legislators not focused on economy

Republicans, who hold a significant majority in the state House of Representatives, are pushing issues that have little to do with improving the economy. At least that’s what Democrats in the Legislature say.

His party outnumbered 92-33, House Democratic Leader Paul Davis, of Lawrence, ticked off a long list of issues that Republicans muscled to the forefront just last week.

They include more abortion restrictions, increased regulation of sexually oriented businesses, an Arizona-like crackdown on illegal immigrants, decreasing a tax break for working poor families, eliminating the corporate income tax and trying to change the Kansas Constitution to put public schools and higher education under direct control of the governor, Sam Brownback, a conservative Republican.

“The extreme wing of the Republican Party has got the train moving at full speed,” Davis said.

The week before last, the House GOP took aim at unions, approving a bill that prevents unions from collecting dues through members’ paychecks that can be used for political purposes, and prohibiting public employee unions from endorsing candidates.

But House Speaker Mike O’Neal, R-Hutchinson, defended the House GOP’s work product.

He said it is not unusual for the House to advance many of its policy issues to the Senate while the committees are working on state agency budgets.

“Our caucus is very interested in drilling into these budgets,” O’Neal said. “They are still very focused on the fiscal side of the equation.” The state faces a nearly $500 million revenue shortfall for the fiscal year that starts July 1.

But Senate Democratic Leader Anthony Hensley, of Topeka, said much of what House Republicans have pushed through hasn’t gained traction in the Senate even though Republicans in the Senate hold a 31-9 majority.

For example, he said, the proposed constitutional amendment by O’Neal to abolish the State Board of Education, whose members are elected, and Kansas Board of Regents, whose members are appointed, and create a Cabinet-level secretary of education would be “dead on arrival in the Senate.”

Voters, Hensley said, want legislators “to be doing things to create jobs.”

When asked to comment on the legislating going on over in the House, Senate President Steve Morris, a Republican from Hugoton, focused more on what was going on in the Senate.

He noted the Senate has approved bills dealing with workers’ compensation, unemployment compensation and business taxes. He also pointed out that Senate Republicans proposed an initiative to increase the number of engineers produced in Kansas, a plan that was also praised by Democrats.

“Our folks believe trying to work on providing additional jobs to the state should be our priority,” Morris said.

Davis said a defining moment of the 2011 legislative session occurred last week in the House during debate on the bill to add more restrictions to strip bars.

Democrats tried to amend the bill to make it easier to build a casino in southeast Kansas. Republicans blocked the measure.

“Instead of creating new jobs, extreme Republicans are playing morality police,” Davis said.

By Scott Rothschild

IPad 2's Bill of Materials Close to First IPad * Article * Stock Quotes * Comments more in Tech »

Apple Inc.'s latest iteration of its popular iPad is new and improved—but its parts cost about the same as the first version of the tablet device, according to a researcher who dissected the product.

The iPad 2's 32-gigabyte model with a GSM/HSPA air standard carries a bill of materials totaling $326.60, while the 32-gigabyte version equipped with a CDMA air standard has a materials bill of $323.25, according to IHS iSuppli. That compares with a $320 bill of materials for the first-generation 32-gigabyte iPad, based on April 2010 pricing.

Much has been made of late of Apple's ability to price the iPad lower than many competing tablets, helping to keep the California computing giant's device floating at the top of a growing list of competitors.

"Despite the obvious changes to iPad like the enclosure and the battery and the less obvious changes in the touch screen, the iPad 2's components and design are remarkably similar if not the same as those of the iPad 1," said Andrew Rassweiler, teardown-services manager for IHS.

He noted that many components "have the same suppliers and are essentially new revisions of the chips found in the previous iPad and other iPhones."

The iPad 2 flew off the shelves in its first weekend on the market: It was introduced Friday evening and by Sunday, Apple's online store was showing a shipping delay of three to four weeks for all versions of the device.

Analysts put sales of the new iPad in a range of 400,000 to 600,000 units during its first three days on the market, about the same range as the original model sold in its first week.

Write to Nathan Becker at nathan.becker@dowjones.com

Berkshire Hathaway Will Acquire Lubrizol for About $9 Billion

Warren Buffett’s Berkshire Hathaway Inc. agreed to buy Lubrizol Corp., the world’s largest producer of lubricant additives, for about $9 billion in the cash-flush investor’s second-biggest acquisition in the past five years.

Berkshire will pay $135 a share in cash, 28 percent more than Lubrizol’s closing price on March 11, Omaha, Nebraska-based Berkshire said in a statement today. The purchase includes an additional $700 million of net debt.

Buffett is using his almost $40 billion pile of cash to pursue bigger acquisitions after Berkshire generated about $1 billion in free cash flow a month last year and as interest rates near zero percent limited returns in fixed-income markets. The 80-year-old told investors last month that his “elephant gun has been reloaded, and my trigger finger is itchy.” The purchase is Buffett’s second-largest since 2006 after his agreement in 2009 to buy Burlington Northern Santa Fe railroad, according to data compiled by Bloomberg.

“Lubrizol is exactly the sort of company with which we love to partner -- the global leader in several market applications run by a talented chief executive officer, James Hambrick,” Buffett said in the statement.

The purchase will generate profits for Berkshire for decades, though returns will be limited because Lubrizol shares have already more than quadrupled from their 2009 lows, said hedge-fund manager Jeff Matthews.
‘Around Forever’

“It’s going to be around forever because you need this stuff to run the world,” said Matthews, who wrote “Pilgrimage to Warren Buffett’s Omaha” and invests in Berkshire. “He’s not stealing it.”

In his annual report to shareholders last month, Buffett said he prefers “simple” businesses with pretax profit exceeding $75 million, “consistent” earnings power, and “good” returns on equity while employing little or no debt.

Lubrizol was one of about 40 companies with market capitalization between $4 billion and $40 billion that had capital expenses accounting for at least 5 percent of their net fixed assets; a return on equity exceeding 10 percent; profit growth in the past five years that ranked in the top 50 percent; and an average price-earnings ratio in that span that was less than the median in the Standard & Poor’s 500 Index, data compiled by Bloomberg show.
Textile Manufacturer

Buffett built Berkshire over four decades of acquisitions and stock picks, bringing the value of his personal stake in the company to about $50 billion, almost all of which he has pledged to charity. Berkshire was a failing textile manufacturer trading at about $15 when Buffett took control in 1965. Its net income last year climbed 61 percent to $13 billion, the highest since 2007. The shares closed at $128,000 on March 11.

Berkshire, which has a market value of $210 billion and employed more than 260,000 people as of Dec. 31, owns 10 insurers including Geico and more than 60 other companies ranging from food distributor McLane Co. and clothing-maker Fruit of the Loom to toolmaker Iscar Metalworking Cos. and utility MidAmerican Energy Holdings Co.

Including debt, the Burlington Northern deal was valued at $35.8 billion. Buffett’s second-largest purchase was reinsurer General Re in 1998, for $17.7 billion.

Berkshire and Lubrizol said they expect the purchase to be completed in the third quarter. Lubrizol will operate as a subsidiary of Berkshire and remain based in Wickliffe, Ohio. Lubrizol had revenue of $1.32 billion in the fourth quarter and adjusted earnings per share in the period of $2.45, the company said last month.

Citigroup Inc. and Evercore Partners were financial advisers to Lubrizol, while Jones Day was legal counsel. Munger, Tolles & Olson LLP was legal counsel for Berkshire Hathaway.

To contact the reporters on this story: Zijing Wu in London at zwu17@bloomberg.net; Ambereen Choudhury in London at achoudhury@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

Analyst: iPad 2 Already Sold Out

Apple began selling its new iPad 2 at 5PM on Friday, March 11, and by Saturday it appears the company’s entire inventory of the multimedia tablet was already sold out. Every retailer Piper Jaffray analyst Gene Munster checked with over the weekend was out of stock, and he estimates between 400,000 and 500,000 units were sold,according to Fortune.

“We believe this shows Apple is expanding its base of iPad users, which is critical to maintaining its early lead in the growing tablet market,” Mr. Munster said. “As the user base grows Apple’s lead widens, and the company has a proven track record of building unmatched brand loyalty, which

About half of the iPad 2 buying crowd were PC owners (49 percent), based on interviews Mr. Munster and his team conducted at Apple Stores in New York City and Minneapolis. In comparison, about 26 percent of the original iPad launch weekend buyers owned PCs.

The number of first time buyers was fairly high at 70 percent, and some 17 percent of iPad 2 buyers said they plan to use third-party apps and games on their device. During the original iPad launch only 9 percent of buyers said they planned to use third-party apps.

Nearly half (47 percent) of the opening weekend customers were buying 3G-capable iPad models, and 65 percent already owned an iPhone.

Shoppers hoping to avoid long waits in stores for iPads won’t have any better luck ordering online. Apple’s Web-based store showed a three week wait time only hours after opening up for iPad 2 sales early Friday morning, and that shipping delay had crept up four weeks by Monday morning.

Apple introduced the iPad 2 at a special media event earlier this month. The device includes a 9.7-inch display, front and rear-facing digital cameras, a dual-core 1GHz A5 processor, faster graphics, a built-in gyroscope, built-in Wi-Fi wireless network support, support for GSM and CDMA 3G wireless data networks, and is thinner than the original iPad.

Apple is currently trading in the pre-market at US$352.40, up 0.41 (0.14%).

we believe will be a potent combination as the tablet market evolves.”

Nuclear power remains key to China's carbon targets

Beijing - Rapid expansion of nuclear power remains a key element in China's five-year plan to reduce carbon emissions and promote more sustainable development, experts said on Monday, despite fears generated by Japan's struggle to control nuclear plants damaged by last week's devastating earthquake.

China's 2011-2015 economic plan targets another 40 gigawatts of nuclear power to add to the 10.8 gigawatts of installed capacity from 13 reactors.

'It is not too much to build 40 gigawatts in five years. The installations under construction now have already reached 20 or 30 gigawatts,' Zhou Dadi, the former head of a central government energy institute, told the German Press Agency dpa.

Zhou said China's accelerating construction of nuclear plants could add about 10 gigawatts annually to power generation capacity.

Some 25 reactors are under construction as part of a programme to increase installed capacity to 86 gigawatts, or 5 per cent of total electricity generation, by 2020.

'China has made clear its strategy of accelerating the development of technology over the next five years, and I am confident we'll reach the point that 2.2 per cent of the energy we use will come from nuclear power in 2016,' Zhang Guobao, a former head of the National Energy Administration, said last week.

'This is part of our efforts to reduce China's reliance on coal,' Zhang told the official China Daily newspaper.

Zhang said the building of more nuclear plants would also be vital for reducing China's dependence on imported oil, which accounted for about 55 per cent of its oil supply last year.

China aims to reduce carbon emissions per unit of gross domestic product by 40 to 45 per cent by 2020, using measures including carbon taxes; energy efficiency programmes; improvements to public transport; development of electric vehicles; and the expansion of nuclear, hydro, solar and wind power.

Nuclear energy is forecast to contribute 10 per cent of China's emissions reduction over the next decade, the Paris-based International Energy Agency said in reports last year.

Carbon capture and storage will lead to 10 per cent of the emissions reductions, with wind power and solar power accounting for 6 per cent and 5 per cent, respectively, the agency said.

'Industrial efficiency and recycling' would make the biggest contribution to emissions reductions, at 18 per cent, it said.

The agency forecast that China would need to invest 250 billion dollars in nuclear power by 2030 and would expand its share of global nuclear capacity to about 27 per cent by 2050.

The operational reactors are dotted along China's eastern and southern coasts but preparations are under way for construction of the first inland plant in the central province of Hubei.

The 4-gigawatt Dafan plant under construction near Hubei's Xianning city will be built at a final cost of about 95 billion yuan (14 billion dollars).

Dafan is about 100 kilometres from the provincial capital of Wuhan, a sprawling conurbation of more than 9 million people.

Another plant that attracted local opposition is under construction just 70 kilometres from the eastern coastal city of Weihai.

But Friday's earthquake damage to Japanese nuclear plants has not prompted China to rethink its plans to develop dozens of new reactors close to coastal and inland cities, Vice Minister of Environmental Protection Zhang Lijun said on Saturday.

Chinese experts were closely watching developments in Japan but safety inspections on Friday at China's 13 operational reactors found no problems, Zhang told state media.

'Some lessons we learn from Japan will be considered in the making of China's nuclear power plans,' he was quoted as saying.

'But China will not change its determination and plan for developing nuclear power,' Zhang said.

Delegates to China's annual parliament, which approved the five-year plan on Monday, expressed some safety concerns but generally supported the government's plans.

'We cannot give up eating for fear of choking,' said Hu Weiwu, a computer scientist and delegate from the inland province of Hunan, which also plans to build a nuclear plant.

'Japan uses the first generation nuclear power technology while China will take the fourth generation so our technology is comparatively advanced,' Zhong Yanmin, the head of a company making electrical transformers in Hunan, told dpa.

'Even if there is no electricity, there is still protection (in the fourth-generation plants),' Zhong said, referring to the failure of generators powering cooling systems at the Japanese plants.

The Structured Settlement

What Is a Structured Settlement?

Sometimes when a plaintiff settles a case for a large sum of money, the defendant, the plaintiff's attorney, or a financial planner consulted in association with the settlement, will propose paying the settlement in installments over time rather than in a single lump sum. When a settlement is paid in this manner it is called a "structured settlement". Often the structured settlement will be created through the purchase of one or more annuities, which guarantee the future payments.

A structured settlement can provide for payment in pretty much any schedule the parties choose. For example, the settlement may be paid in annual installments over a number of years, or it may be paid in periodic lump sums every few years.
Benefits of a Structured Settlement

One significant advantage of a structured settlement is tax avoidance. With appropriate set-up, a structured settlement may significantly reduce the plaintiff's tax obligations as a result of the settlement, and may in some cases be tax-free.

A structured settlement can protect a plaintiff from having settlement funds dissipated, when they are necessary to pay for future care or needs. Sometimes a structured settlement can help protect a plaintiff from himself - some people simply aren't good with money, or can't say no to relatives who want to "share the wealth", and even a large settlement can be rapidly exhausted. Minors may benefit from a structured settlement as well, such as a settlement which provides for certain costs during their youth, an additional disbursement to pay for college or other educational expenses, and then one or more disbursements in adulthood. An injured person who has long-term special needs may benefit from having periodic lump sums with which to purchase medical equipment or modified vehicles.

In some situations, it will be better for a severely disabled plaintiff to set up a special needs trust, rather than entering into a lump sum or structured settlement. Any plaintiff who is receiving, or expects to receive, Medicaid or other public assistance, or the guardian or conservator entering into a settlement on behalf of a disabled ward, should consult with a disabilities financial planner about their situation before choosing any particular settlement option or structure.
Potential Disadvantages of Structured Settlements

Some people who enter into structured settlements feel trapped by the periodic payments. They may wish to purchase a new home, or other expensive item, yet be unable to muster the resources because they can't borrow against future payments under their settlement.

Some people will do better by accepting a lump sum settlement, and investing it themselves. Many standard investments will give a greater long-term return than the annuities used in structured settlements.
Selling a Structured Settlement

If you have a structured settlement, you may have been approached by a company interested in purchasing your settlement, or may be curious about selling your settlement in return for a lump sum buyout. About two thirds of states have enacted laws which restict the sale of structured settlements, and tax-free structured settlements are also subject to federal restrictions on their sale to a third party. Also, some insurance companies will not assign or transfer annuities to third parties, to discourage the sale of structured settlements. As a consequence, depending upon where you live and the terms of your annuities, it may not be possible for you to sell your settlement.

Keep in mind that companies which buy structured settlements intend to profit from their purchase, and sometimes their offers may seem quite low. You may benefit from approaching more than one company in relation to the sale of your settlement, to make sure that you obtain the highest payoff. You also want to be sure that the company which wants to buy your settlement is established, well-funded, and reputable - you don't want a fly-by-night outfit to obtain the rights to your annuities but to disappear or go bankrupt before paying you the buyout money. You may have to go to court to get a judge to approve the buyout. It is usually a good idea to consult with a lawyer before entering into an agreement to sell your settlement.
Special Considerations

Any person entering into a structured settlement should be on guard for potential exploitation in relation to the settlement:

Excessive Commissions - Annuities can be highly profitable for insurance companies, and they often carry very large commissions. It is important to ensure that the commissions charged in setting up a structured settlement don't consume an inappropriate percentage of its principal.

Overstated Value - Sometimes, after negotiating a particular settlement figure, the defense will overstate the value of a structured settlement. As a result the plaintiff, in accepting the settlement, in fact obtains a significantly lower dollar value than was agreed upon. Some defendants have nominally paid the full amount of the settlement, knowing that they would later obtain significant rebates from the annuity companies they used. Plaintiffs should consider compariing the fees and commissions charged for similar settlement packages by a variety of insurance companies, to make sure that they are in fact getting full value. A plaintiff may wish to make it a condition of the settlement that the defendant will actually pay the full value of the settlement in setting up the structured settlement, and that any rebates received by the defendant for annuities included in the settlement be payable to the plaintiff.

Self-Dealing - There have been cases where the plaintiff's lawyer is also in the insurance business, and sets up a structured settlement on behalf of a client without disclosing that the attorney is purchasing the annuities from his own business, or is pocketing a large commission on the annuities. Similarly, there have been situations where the plaintiff's attorney has referred the client to a particular financial planner to set up a structured settlement, without disclosing that the financial planner will be paying the attorney a referral fee in relation to the client's account. Make sure that you know what financial interest, if any, your lawyer has in relation to any financial services sold or recommended by the lawyer.

Life Expectancy - It is unfortunate, but many people who receive large personal injury or workers' compensation settlements will have a shortened life expectancy as a result of their injuries. It is important to consider life expectancy in association with any structured settlement, and to consider whether it is appropriate to enter into an annuity where payments will cease upon death. Sometimes it will make sense to insist upon an annuity that pays a minimum number of payments, or one that will pay a balance into the plaintiff's estate, such that the value of the settlement is not lost to an insurance company upon the plaintiff's untimely death.

Using Multiple Insurance Companies - For larger settlements, it often makes sense to purchase annuities for a structured settlement from several different companies, dividing the settlement between those companies. This can provide you with protection in the event that a company that issued annuities for your settlement package goes into bankruptcy - even in the event that one of the companies defaults in part or in full on your settlement payments, you would still receive full payment from the other companies.

Imperial Holdings, Inc. Closes Initial Public Offering

Imperial Holdings, Inc. (NYSE: IFT), a specialty finance company with a focus on providing premium financing for individual life insurance policies and purchasing structured settlements, today announced that it closed its initial public offering of 16,666,667 shares of common stock at $10.75 per share. In addition, Imperial Holdings, Inc. has granted the underwriters a 30-day option to purchase up to an additional 2,500,000 shares of common stock to cover over allotments, if any.

FBR Capital Markets & Co. acted as lead bookrunner, JMP Securities LLC acted as lead manager and Wunderlich Securities, Inc. acted as co-manager for the offering.

A copy of the prospectus may be obtained from FBR Capital Markets & Co., Prospectus Department, 1001 18th Street, North, Arlington, VA 22209 or by e-mail at prospectuses@fbr.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

Contacts

Imperial Holdings, Inc.
David Manchester, 561-982-3420
Vice President
dmanchester@imperial.com

auto insurance in Michigan

Grand Blanc, MI, March 08, 2011 A new insurance rate quote system released by QuoteVolume, LLC enables local consumers to find Michigan Insurance Quotes and pricing information on line.

“Online tools to help consumers find good insurance rates is nothing new,” said Company President Bryce Armour. “However our new search system allows our customers to research coverage by comparing rates for multiple companies. This enables users to compare pricing on identical coverage from major insurance carriers. Policies are then serviced by local agents. In this way, consumers get great pricing and the best in local service,” Armour said.

The QuoteVolume system gathers information from the user and presents pricing on comparable coverage from several different carriers. Users are not required to purchase coverage after using the QuoteVolume system, but if they choose to investigate a purchase, a local agent presents the options and then services the policy. “Local agents make all the difference because they are able to provide service consumers expect and demand,” said Armour. Should the consumer initiate a purchase based on a quote from QuoteVolume, a Michigan-based agent will handle the transaction as well as service the customer.

Participating insurance agents and providers also benefit when customers use the system to research a purchase of coverage. By connecting providers with potential clients and providing up-to-date pricing information, good decisions can be made quickly and accurately.

About QuoteVolume
QuoteVolume provides consumers with up to date information about rates for auto or homeowners insurance. Comparing coverage for similar policies allows the consumer to accurately compare prices. Once a purchase decision is made – or if additional questions arise - a local insurance representative is responsible for servicing the customer.

Since introducing the free online quote system in late 2010, Quote Volume has experienced significant growth in internet traffic and customer interest and revenue from policy sales.

For More Information:
Bryce Armour – QuoteVoume – (989)-245-0400 - barmour@quotevolume.com

Not enough money for city road repairs

Brace yourself for more potholes this year as the City Public Works Agency is only getting a fraction of what it proposed for road repair projects in the city’s 2011 budget.

After discussions with the city government, the City Council approved a Rp 306.6 billion (US$34.9 million) budget for road repairs. The Public Works Agency had asked for Rp 1.304 trillion.

Public Works Agency data said there are 1,010 damaged roads in Jakarta’s five municipalities, mostly in West Jakarta.

Officials from the agency have complained about the meagre budget allowance, saying it would reduced their ability to improve the city’s roads.

West Jakarta Public Works Agency head Pardjiman said the municipal office had proposed to repair two million square meters of damaged roads in a Rp 250 billion project.

“But, the 2011 budget only earmarked Rp 59 billion for us, which means we can repair only 400,000 square meters of road,” Pardjiman said.

He said repair projects would only be able to add concrete layers to 30,000 square meters of road instead of the planned 130,000 square meters.

Pardjiman said the Public Works Agency would propose a budget revision later this year.

South Jakarta Public Works Agency head Yayat Hidayat said his office had asked for Rp 182 billion to repair 131 damaged roads, but only got Rp 72.6 billion to repair 55.

“We can’t do top quality repair jobs with less money and expect great results,” Yayat said.

Public Works Agency head Ery Basworo said with such a small budget the agency would spend less on adding concrete to damaged roads, which was the best the city could hope for.

“It can last up to 10 years, but the cost is four times higher than asphalt roads,” he said.

Ery said the city hoped to add more layers of concrete to severely damaged roads, especially those in West Jakarta.

“We will need more funding for this. If we don’t have enough money this year it will have to wait until 2012,” he said.

City Councilor from Commission D overseeing development affairs Mohammad Sanusi said that Jakarta is currently running on a shoe-string budget.

“It has become more difficult to approve proposals during budget deliberations. City officials failed to provide a thorough explanation as to why they needed so much money for road repairs,” Sanusi, from the Greater Indonesia Movement Party (Gerindra), told The Jakarta Post.

The councilor said that city officials needed to get their priorities straight.

“We now have the construction of two elevated roads in the city which got around Rp 800 billion this year,” he said.

Many sections of roads in Jakarta have been badly damaged from frequent flooding.

The city administration has earmarked Rp 1.36 trillion of the city’s proposed Rp 28.5 trillion budget to tackle Jakarta’s flood problems.

The Public Works Agency has allocated Rp 125 billion for repair work on drainage systems to combat flooding in 70 sites in the city, aiming to end flooding by the end of the year.

Sears dangles carrot to Amazon's skittish affiliates

Sears Holdings Corp. joined a growing list of retailers looking to cash in on Amazon's battle with state governments over collecting sales tax, asking sales affiliates worried about losing Amazon business to direct their online traffic to Sears.com.

Imran Jooma, president of Sears' Internet division, said in an open letter issued Thursday that the Hoffman Estates-based retailer wants affiliates "around the country to know that you have a place with us."

Amazon.com Inc., the world's largest online retailer, relies on a fleet of deal sites and other online portals to direct customers to Amazon.com. The affiliate websites typically send potential customers to Amazon in exchange for a cut of sales.

But the Seattle-based online merchant has threatened to stop doing business with affiliates in states, including Illinois, that institute laws requiring online retailers to collect sales taxes on purchases made by residents in those states.

Wal-Mart Stores Inc., Best Buy Co. and Barnes & Noble Inc. publicly issued similar invitations, and more giant retailers are expected to follow suit in coming days.

The Best Undergraduate B-Schools of 2011

When Justin Jensen started getting serious about his college search in 2008, he had a nearly impossible list of things he was looking for in a school. He wanted a program that had a "heavy emphasis" on international experience, something more than a typical semester study abroad. He wanted to expand on his foreign language training, specifically in Chinese. He wanted to major in business, with a focus on finance. And he didn't want to pay an exorbitant amount of money in the process. It was a tall order.

Lucky for Jensen, administrators at the University of South Carolina's Moore School of Business (Moore Undergraduate Business Profile)—just 100 miles from his home in Greenville—were finalizing plans to introduce what can only be described as an extreme immersion option for undergraduate business majors called International Business and Chinese Enterprise (IBCE). The program could have been designed specifically for Jensen.

First, students would spend two years in China, studying at the Chinese University of Hong Kong. Also, the program would require participants to learn Chinese and double-major in international business and another area within the business school. IBCE was set to launch in the fall of 2009, when Jensen would be heading to college, and as a South Carolina resident he could pay in-state tuition, which is less than $11,000 a year.
Global Urge

Jensen, 20, is now a year and a half into the IBCE program and is spending his entire sophomore year in China. "This year I have traveled the world and made some incredibly close friends," he says. "I feel like I really understand Asia much better now. Career-wise, I am sure IBCE was the right choice."

While Jensen's college wish list may seem extreme, the demand for global exposure and experience is growing quickly among prospective college business majors, especially as a way to differentiate themselves in the eyes of recruiters. In the 2008-2009 academic year, nearly 220,000 undergrads participated in an international business course, up 27 percent from just three years earlier, according to the Centers for International Business Education and Research (CIBER). But students are looking for more than just a semester abroad taking general education courses that do not apply to their business major. They want an experience from which they can build their careers. "Today's students understand that we now live in this global economy, and they want to be a part of it," says Mark Ballam, managing director of the CIBER at San Diego State University, one of 33 such centers at campuses across the U.S. "It's sexy to them."

Business programs are answering the call from students in various ways. Some, like South Carolina, are ramping up efforts to offer more extreme immersion options for biz majors, while others are offering assistance in finding internships overseas, business-focused study-abroad options, and even specific business courses that require students to leave the U.S. In fact, nearly every school in Bloomberg Businessweek's sixth annual ranking of undergraduate business programs has undertaken efforts to enhance its international business options.
Notre Dame No. 1

At the top of the ranking for the second year in a row is the University of Notre Dame's Mendoza College of Business (Mendoza Undergraduate Business Profile). At Mendoza, business students have the option of studying abroad in countries like Egypt, Haiti, and South Africa, and are encouraged to take on a business-related research project while they are away from South Bend. Mendoza Dean Carolyn Woo estimates about half of the school's business students go overseas for study abroad, a number that's rising each year. "We see the students broadening themselves in unfamiliar environments," Woo says. "They seek out challenges that come when they are in a different culture."

Warren Buffett's enthusiasm for U.S. could boost markets

 

(Reuters) - Warren Buffett is going long on America, and investors are likely to take note when markets open on Monday.

Buffett's annual letter, released Saturday, is brimming with references to the strength of the American people, economy and spirit.

Investors said they were struck by how confident the letter was, particularly in comparison to his annual missives of recent years.

"Money will always flow toward opportunity, and there is an abundance of that in America," said Buffett, who has run Omaha, Nebraska-based Berkshire Hathaway since 1965 and is now one of the world's richest men.

"The prophets of doom have overlooked the all-important factor that is certain: Human potential is far from exhausted, and the American system for unleashing that potential ... remains alive and effective."

He also forecast a recovery in the housing market "within a year or so" and that "America's best days lie ahead."

Given that Buffett owns the entirety or a large share of the country's largest railroads, insurers, banks, consumer products makers and distributors, his optimism could be seen as an endorsement of the economy in 2011 and beyond.

ORACLE, IN LONG TERM

Buffett's comments have helped markets in the past, even though his calls were not always perfectly timed.

In an October 17, 2008 article in The New York Times, he said that he was "buying American stocks." The S&P 500 closed at 946.43 a day before that editorial, and his comments helped boost shares the following week. But his call was early as the S&P was on its way to losing another 300 points before bottoming out in March 2009.

Still, Buffett's latest enthusiasm, coming at a time when many believe the market is ready for a pullback, was a good sign for some investors.

"They're certainly encouraging, especially for U.S. investing. I was struck by the level of capital investing he cited," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.

"Whether or not his remarks result in a Monday (rally) remains to be seen. Buffett is a long-term investor, not a timer. He tends to be early."

Buffett is likely aware of the impact of his comments. In last year's letter he lamented at some length how too much had been made in the media of comments the year before on the state of the economy.

Warning Signs Does your business plan contain these warning signs

Every business must have a business plan, no matter how big or small. Many do, of course, but companies that are focused, structured and effective tend to have taken the time to really think about what your goals and the steps you must take to reach them.
That said, it makes sense to prepare a business plan if it is not realistic. It is important to take time to step back and think about how your business operates in the real world. These are some signs that your business plan may not be realistic.

This is common – as many new business owners simply calculate the cost and time to sell a unit, then multiplied by more than a year.

I do not think is how many customers are required to sell at that level, how long it takes to configure the distribution channel, the number of staff required to support the sales and after sales at that level.

If the number of its forecast is very similar, it probably is. Set goals for your business conservative and consider the limitations in developing their forecasts.
You have the feeling of their product sells, you have no proof

Unfortunately, friends and family are unlikely to tell you the idea that business is poor. If that is their only source of market research, may be in trouble. proper investigation of your business idea does not have to be difficult but is crucial to build on what your target market really thinks about your idea.
You are going to beat the competition on price alone.

Price competition alone is a very risky strategy. It puts pressure on profit margins immediately, and often means you need to move large volumes to make a reasonable profit. It also often leads to a “race to the bottom” as competitors lower their prices too. When this happens, the one with the deepest pockets usually going to win, at the expense of other competitors.
You are going to beat the competition based on service only.

Once you have a small number of customers who are able to give a high level of care and service. But as you grow, you can not maintain the same amount of attention and time. It may be fine if the service level expectations are realistic, but if not this type of model is not sustainable if you want to grow.
You do not have measurable business objectives.

Too many business plans that state goals are not measurable. Things to improve my lifestyle “sounds good, but how to measure their performance against a target as.