Facebook has begun testing a system for users to send messages to people outside their immediate circle of social contacts for a payment of one dollar.
Facebook Inc. said Thursday it has begun testing a system for users to send messages to people outside their immediate circle of social contacts for a payment of one dollar, as the company continues to find new ways to capitalize on its popularity.
In a statement posted online, the Menlo Park, Calif.-based social site cited research showing that "imposing a financial cost on the sender may be the most effective way to discourage unwanted messages and facilitate delivery of messages that are relevant and useful."
Facebook says the new test is designed to route messages sent from outside of a network of contacts around the lower-priority "Other" folder on a Facebook page, and directly into a user's "Inbox"—for a small fee.
Each message sent will initially cost $1, though Facebook plans to continue tinkering with prices.
Facebook said the new message-routing feature will only be for personal messages between people in the U.S., and the maximum number that can be sent around someone's Other folder to their Inbox per week is capped at one.
The latest move comes a few months after Facebook started testing a separate service that enabled users to pay $7 to make their personal posts more visible among contacts on the site.
Facebook, which has garnered one billion monthly active users, is also pursuing a number of online advertising and commerce initiatives as it seeks to bolster investor confidence.
After going public in May with its shares priced at $38, Facebook's stock proceeded to dip below $20.
However, the shares have risen more than 20% in the past three months, and were trading at about $27.30 Thursday afternoon.
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Thursday, December 20, 2012
Feds look to identify woman accused of producing child porn
U.S. Immigration and Customs Enforcement officials are looking to identify a woman they said produced a long-form pornographic movie involving a child.ICE officials said the woman, who is believed to live in the United States, was featured in the video engaging in sex with a four- or five-year-old.
The video was first seen by Danish police who then forwarded it to the National Center for Missing and Exploited Children.
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| Woman That Allegedly Had Sex with a Child |
Officials said they are also looking to rescue the victim that appears in the video.
Anyone who is able to identify the woman or has any information about her is asked to call the ICE
Tip Line at 1-866-347-2423 or fill out an online tip form at http://www.ice.gov/tips.
Saturday, December 15, 2012
Domino's founder Tom Monaghan sues feds over new health care law
The founder of Domino's Pizza is suing the federal government over mandatory contraception coverage in the new health care law.
Tom Monaghan, a devout Roman Catholic, says contraception is not health care and instead is a "gravely immoral" practice. He's a plaintiff in a lawsuit filed Friday in federal court, along with his Domino's Farms, which runs an office park in Ann Arbor Township
Monaghan offers health insurance that excludes contraception and abortion for employees. The new law requires employers to offer insurance that includes contraception coverage or risk fines. Monaghan says the law violates his constitutional rights, and he's asking a judge to strike down the mandate.
The government says the contraception mandate benefits women and their role in society. There are similar lawsuits pending across the country.
Tom Monaghan, a devout Roman Catholic, says contraception is not health care and instead is a "gravely immoral" practice. He's a plaintiff in a lawsuit filed Friday in federal court, along with his Domino's Farms, which runs an office park in Ann Arbor Township
Monaghan offers health insurance that excludes contraception and abortion for employees. The new law requires employers to offer insurance that includes contraception coverage or risk fines. Monaghan says the law violates his constitutional rights, and he's asking a judge to strike down the mandate.
The government says the contraception mandate benefits women and their role in society. There are similar lawsuits pending across the country.
Holborn: Sandy Losses Might Reach $30B; Models Are Off
Independent reinsurance-brokerage firm Holborn says insured losses from Surperstorm Sandy could reach $30 billion.
Thus far the highest insured-loss estimate for the Sandy has been up to $25 billion, issued by catastrophe modeler Risk Management Solutions. The unique storm struck the southern coast of New Jersey late Oct. 29.
Despite its higher predicted insured-loss total, Holborn in a recent report on the storm says, “Supply and demand for reinsurance will not be directly affected by surplus changes as a result of Sandy, even though the Northeast is many reinsurers’ peak exposure zone.”
At year’s end, industry surplus may still be higher than it was in January, however should Sandy cause “changes to the market’s views on models, underwriting or concentrations, capacity may be reduced,” the report adds.
Holborn says Sandy is challenging the catastrophe modelers. The brokerage says modelers’ estimates of personal losses might be too high, while commercial-lines losses may be too low.
The modelers, Holborn says, are assuming low take-up of flood coverage, but also assuming that personal-lines insurers will pay some losses due to flooding because of adjuster errors or contract ambiguity.
Holborn believes this assumption is leading to an exaggeration of projected personal-lines losses.
Holborn also believes that commercial-flood take-up is higher than modelers assume.
Complicating matters, according to Holborn, is a belief that it will take a long time for insurers to settle potentially complex claims generated by the storm.
The firm breaks down insured losses by line segment as follows ($ billions):
Separately, the worldwide reinsurance market is expected to record losses of between $5 billion and $10 billion, says Holborn.
Thus far the highest insured-loss estimate for the Sandy has been up to $25 billion, issued by catastrophe modeler Risk Management Solutions. The unique storm struck the southern coast of New Jersey late Oct. 29.
Despite its higher predicted insured-loss total, Holborn in a recent report on the storm says, “Supply and demand for reinsurance will not be directly affected by surplus changes as a result of Sandy, even though the Northeast is many reinsurers’ peak exposure zone.”
At year’s end, industry surplus may still be higher than it was in January, however should Sandy cause “changes to the market’s views on models, underwriting or concentrations, capacity may be reduced,” the report adds.
Holborn says Sandy is challenging the catastrophe modelers. The brokerage says modelers’ estimates of personal losses might be too high, while commercial-lines losses may be too low.
The modelers, Holborn says, are assuming low take-up of flood coverage, but also assuming that personal-lines insurers will pay some losses due to flooding because of adjuster errors or contract ambiguity.
Holborn believes this assumption is leading to an exaggeration of projected personal-lines losses.
Holborn also believes that commercial-flood take-up is higher than modelers assume.
Complicating matters, according to Holborn, is a belief that it will take a long time for insurers to settle potentially complex claims generated by the storm.
The firm breaks down insured losses by line segment as follows ($ billions):
- Property and auto wind: $6 to $10
- Commercial flood: $3 to $6
- Inland Marine: $2 to $4
- Auto flood: $2 to $3
- Ocean Marine: $1 to $2
- Equipment Breakdown, Boiler, Power Interruption: $1 to $2
- Other (cancellations, workers’ comp, life, etc.): $0.5 to $1.5
Separately, the worldwide reinsurance market is expected to record losses of between $5 billion and $10 billion, says Holborn.
Thursday, December 13, 2012
Word Of Mouth Grows Restaurant Business In Detroit
While most of the new restaurant investment in Detroit is confined to core areas like Campus Martius, Midtown and Corktown, some restaurateurs are looking to a small stretch of Agnes Street in Detroit's West Village.
Three restaurants are opening on Agnes Street between Van Dyke and Parker streets: Red Hook Coffee, Craft Work and Detroit Vegan Soul.
The openings are part of the pilot program of Detroit Revolve, a collaborative effort between the Detroit Economic Growth Corp. and building owners to marry willing entrepreneurs with empty storefronts.
For Red Hook Coffee, it's the expansion of a business launched in Ferndale. Sandi Heaselgrave struck a deal with the owner of Pinwheel Bakery to open the first Red Hook coffee shop inside the bakery in downtown Ferndale, at 220 Nine Mile Road, in October 2011.
While the suburban coffee shop has been a success, Heaselgrave never lost sight of her original goal: opening a coffee shop in Detroit. Heaselgrave said she wanted to open Red Hook in an underserved part of Detroit and settled on Agnes Street because outside downtown was a better fit.
"I feel like these little pockets of neighborhoods are better served with a little local strip in each neighborhood," she said.
Red Hook will serve coffee and sell Pinwheel Bakery's pastries. It's expected to open by spring.
Hubert Yaro, co-owner of Ronin Sushi in Royal Oak and Commonwealth Café in Birmingham, is opening Craft Work at 8047 Agnes St., the former home of Harlequin Café.
Yaro said he and co-owner Michael Geiger fell in love with the 4,000-square-foot space, even if it's not the easiest location to get to.
"Really, the main reason we took the space was because of Indian Village and West Village," Yaro said. "(The area) reminded me of the East Coast."
Yaro said the first year will make or break the restaurant. He hopes neighborhood dwellers will create enough buzz to draw interest from the metro area, much as Corktown embraced Slows Bar BQ.
"That's why the neighborhood is really important," Yaro said. "Corktown embraced Slows, word spread, and then it became a destination."
Yaro said Craft Work will be an American-style tavern, but the menu is not finalized.
Kirsten Ussery, co-founder of Detroit Vegan Soul, said she shopped for spaces in Corktown and Midtown before settling on West Village for the vegan restaurant, but she said costly rents in more popular areas forced her to look beyond the usual restaurant destinations. The restaurant is at 8027 Agnes.
"We think that it's a good thing to activate another neighborhood in Detroit," Ussery said. "We are hoping the 'if you build it, they will come' saying comes true."
Detroit Vegan Soul is slated to open by spring and will serve meat- and dairy-free fare such as okra stew with brown rice and cornbread, and seitan (wheat protein) pepper steak with quinoa and sesame broccoli. Dinners will cost around $12.
While some hope the fringe areas of Detroit will become popular destinations, there's momentum in the core downtown. (See above.)
The Broderick Tower will be home to a 175-seat restaurant called The Broderick Grill, a 40-seat wine bar called La Cave and an 80-seat yet-to-be named biergarten.
Mike Higgins, president of Detroit-based Broderick Restaurant Group, said the increasing number of people working and living in the city prompted the decision to open the new restaurants.
Higgins said the company spent about $600,000 to build all three restaurants, which are expected to open by mid-February.
"We are right in the middle of the entertainment district, and we have the Detroit Opera House, Fillmore Theater and Music Hall within a two-block radius," Higgins said. "There are even more restaurants coming to the area, but I think there will be a need for them."
Three restaurants are opening on Agnes Street between Van Dyke and Parker streets: Red Hook Coffee, Craft Work and Detroit Vegan Soul.
The openings are part of the pilot program of Detroit Revolve, a collaborative effort between the Detroit Economic Growth Corp. and building owners to marry willing entrepreneurs with empty storefronts.
For Red Hook Coffee, it's the expansion of a business launched in Ferndale. Sandi Heaselgrave struck a deal with the owner of Pinwheel Bakery to open the first Red Hook coffee shop inside the bakery in downtown Ferndale, at 220 Nine Mile Road, in October 2011.
While the suburban coffee shop has been a success, Heaselgrave never lost sight of her original goal: opening a coffee shop in Detroit. Heaselgrave said she wanted to open Red Hook in an underserved part of Detroit and settled on Agnes Street because outside downtown was a better fit.
"I feel like these little pockets of neighborhoods are better served with a little local strip in each neighborhood," she said.
Red Hook will serve coffee and sell Pinwheel Bakery's pastries. It's expected to open by spring.
Hubert Yaro, co-owner of Ronin Sushi in Royal Oak and Commonwealth Café in Birmingham, is opening Craft Work at 8047 Agnes St., the former home of Harlequin Café.
Yaro said he and co-owner Michael Geiger fell in love with the 4,000-square-foot space, even if it's not the easiest location to get to.
"Really, the main reason we took the space was because of Indian Village and West Village," Yaro said. "(The area) reminded me of the East Coast."
Yaro said the first year will make or break the restaurant. He hopes neighborhood dwellers will create enough buzz to draw interest from the metro area, much as Corktown embraced Slows Bar BQ.
"That's why the neighborhood is really important," Yaro said. "Corktown embraced Slows, word spread, and then it became a destination."
Yaro said Craft Work will be an American-style tavern, but the menu is not finalized.
Kirsten Ussery, co-founder of Detroit Vegan Soul, said she shopped for spaces in Corktown and Midtown before settling on West Village for the vegan restaurant, but she said costly rents in more popular areas forced her to look beyond the usual restaurant destinations. The restaurant is at 8027 Agnes.
"We think that it's a good thing to activate another neighborhood in Detroit," Ussery said. "We are hoping the 'if you build it, they will come' saying comes true."
Detroit Vegan Soul is slated to open by spring and will serve meat- and dairy-free fare such as okra stew with brown rice and cornbread, and seitan (wheat protein) pepper steak with quinoa and sesame broccoli. Dinners will cost around $12.
While some hope the fringe areas of Detroit will become popular destinations, there's momentum in the core downtown. (See above.)
The Broderick Tower will be home to a 175-seat restaurant called The Broderick Grill, a 40-seat wine bar called La Cave and an 80-seat yet-to-be named biergarten.
Mike Higgins, president of Detroit-based Broderick Restaurant Group, said the increasing number of people working and living in the city prompted the decision to open the new restaurants.
Higgins said the company spent about $600,000 to build all three restaurants, which are expected to open by mid-February.
"We are right in the middle of the entertainment district, and we have the Detroit Opera House, Fillmore Theater and Music Hall within a two-block radius," Higgins said. "There are even more restaurants coming to the area, but I think there will be a need for them."
Ilitch family company actually owes Detroit about $2.1 million in unpaid property taxes
Another report from the Detroit Free Press Thursday afternoon said that Olympia Entertainment actually owes $2.1 million in unpaid property taxes on Cobo Arena and Joe Louis Arena.
The records came to light at the same time that legislation the Ilitch family said is needed to move forward on plans for a $650 million entertainment district and new Red Wings arena in downtown Detroit and is now headed to Gov. Rick Snyder's desk for signing.
Debate on the legislation, known as House Bill 5463, brought about the Ilitch family's financial obligations, the Free Press reports. Earlier Thursday, the Free Press reported that documents show unpaid taxes for Joe Louis Arena and Cobo Arena totaling $971,482.52, dating back to 2009. An updated report now puts the amount owed at $2,095,592.49, dating back to 2006, with penalties and interest.
The records came to light at the same time that legislation the Ilitch family said is needed to move forward on plans for a $650 million entertainment district and new Red Wings arena in downtown Detroit and is now headed to Gov. Rick Snyder's desk for signing.
Debate on the legislation, known as House Bill 5463, brought about the Ilitch family's financial obligations, the Free Press reports. Earlier Thursday, the Free Press reported that documents show unpaid taxes for Joe Louis Arena and Cobo Arena totaling $971,482.52, dating back to 2009. An updated report now puts the amount owed at $2,095,592.49, dating back to 2006, with penalties and interest.
It is unclear why the company has not paid the taxes, nor is it clear why the city has not penalized Olympia Entertainment for the delinquency.
The Detroit Economic Growth Corporation and Olympia Entertainment issued this statement: "The lease between the City of Detroit and Olympia Entertainment for Joe Louis Arena expired in June 2010. A new lease is being discussed and the intent of both parties has been to have the taxes in question reconciled when the new lease is renewed."
Legislation for the new arena and entertainment district passed by a 58-49 vote on Thursday. Some lawmakers on both sides of the aisle remained leery of the project's use of public funds.
An exact location has not been named for the arena and district, which would include apartments and retail, but there is some speculation that it will be somewhere in the 10-block area between Midtown and downtown where development has been scant.
Olympia Entertainment says the new district would create an estimated 5,500 jobs for the events center and about 8,300 new positions for the residential and commercial mixed-use district, and would have an economic impact of $1.8 billion.
KKR to Acquire Alliant Insurance Services, Inc. from Blackstone
Leading global investment firm Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR”) (NYSE: KKR) today announced an agreement to acquire Alliant Insurance Services, Inc., the nation’s largest specialty insurance brokerage firm, from Blackstone (together with its affiliates, “Blackstone”) (NYSE: BX).Terms of the transaction were not disclosed.
Tom Corbett, Chairman and CEO of Alliant said, “This transaction marks the next phase of Alliant’s growth and offers us an exciting opportunity to continue to build the business and offer best in class products and services to our clients. We are pleased to be partnering with KKR and appreciate the positive role that private capital can play in helping us manage our business and execute a growth strategy. This transaction will enable Alliant to remain independent and maintain its market leading position.”
The management team and employees of Alliant own approximately 45% of the company and will roll over a substantial portion of their investment in the company.
Tagar Olson, Member of KKR, said, “Alliant’s leadership team has built a unique insurance distribution franchise that is differentiated in its expertise, product offerings and client relationships. We are excited to partner with the Alliant team as it builds on the successful track record of product innovation, platform expansion and accretive acquisition activity in the specialty insurance marketplace.”
Chinh Chu, Senior Managing Director of Blackstone, said, “Alliant’s deep entrepreneurial culture combined with best in class specialized products have allowed it to stand out as an industry leader. Blackstone was pleased to have worked with Alliant’s management team over the past five years to help expand the company’s market reach and strengthen its national presence through a series of strategic acquisitions.”
JP Morgan Chase and Blackstone Advisory Partners served as advisers to Blackstone and Alliant on the transaction. The transaction is expected to close in the fourth quarter, subject to certain conditions.
About Alliant Insurance Services
Headquartered in Newport Beach, Calif., Alliant Insurance Services, Inc. is one of the largest insurance brokerage firms in the United States and has a history dating back to 1925. Alliant provides property and casualty, workers' compensation, employee benefits, surety, and financial products and services to some 20,000 clients nationwide, including public entities, tribal nations, healthcare, energy, law firms, real estate, construction, and other industry groups. More information is available on the company's web site at: www.alliantinsurance.com.
About KKR
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $66.3 billion in assets under management as of September 30, 2012. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platform. KKR is publicly traded on the New York Stock Exchange (NYSE: KKR). For additional information, please visit KKR’s website at www.kkr.com.
About Blackstone
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow us on Twitter @Blackstone.
Tom Corbett, Chairman and CEO of Alliant said, “This transaction marks the next phase of Alliant’s growth and offers us an exciting opportunity to continue to build the business and offer best in class products and services to our clients. We are pleased to be partnering with KKR and appreciate the positive role that private capital can play in helping us manage our business and execute a growth strategy. This transaction will enable Alliant to remain independent and maintain its market leading position.”
The management team and employees of Alliant own approximately 45% of the company and will roll over a substantial portion of their investment in the company.
Tagar Olson, Member of KKR, said, “Alliant’s leadership team has built a unique insurance distribution franchise that is differentiated in its expertise, product offerings and client relationships. We are excited to partner with the Alliant team as it builds on the successful track record of product innovation, platform expansion and accretive acquisition activity in the specialty insurance marketplace.”
Chinh Chu, Senior Managing Director of Blackstone, said, “Alliant’s deep entrepreneurial culture combined with best in class specialized products have allowed it to stand out as an industry leader. Blackstone was pleased to have worked with Alliant’s management team over the past five years to help expand the company’s market reach and strengthen its national presence through a series of strategic acquisitions.”
JP Morgan Chase and Blackstone Advisory Partners served as advisers to Blackstone and Alliant on the transaction. The transaction is expected to close in the fourth quarter, subject to certain conditions.
About Alliant Insurance Services
Headquartered in Newport Beach, Calif., Alliant Insurance Services, Inc. is one of the largest insurance brokerage firms in the United States and has a history dating back to 1925. Alliant provides property and casualty, workers' compensation, employee benefits, surety, and financial products and services to some 20,000 clients nationwide, including public entities, tribal nations, healthcare, energy, law firms, real estate, construction, and other industry groups. More information is available on the company's web site at: www.alliantinsurance.com.
About KKR
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $66.3 billion in assets under management as of September 30, 2012. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platform. KKR is publicly traded on the New York Stock Exchange (NYSE: KKR). For additional information, please visit KKR’s website at www.kkr.com.
About Blackstone
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow us on Twitter @Blackstone.
Contacts
For Alliant:
Lynda Lane, 949-466-2020
LLane@alliantinsurance.com
or
For KKR:
Kristi Huller, 212-230-9722
Kristi.Huller@kkr.com
or
For Blackstone:
Christine Anderson, 212-583-5263
Christine.anderson@blackstone.com
Lynda Lane, 949-466-2020
LLane@alliantinsurance.com
or
For KKR:
Kristi Huller, 212-230-9722
Kristi.Huller@kkr.com
or
For Blackstone:
Christine Anderson, 212-583-5263
Christine.anderson@blackstone.com
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