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villages/asian/ AP Headlines Update Pagee
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 Asian
American Village News
By The Associated Press
Yahoo CEO Yang remains upbeat despite lackluster 2Q
Jul 23 17:00
By MICHAEL LIEDTKE
AP Business Writer
SAN FRANCISCO (AP) -- With Microsoft's $47.5 billion takeover bid off
the table and his company's stock price down 20 percent during his 13-month reign as Yahoo's
CEO, Jerry Yang has a message for his exasperated shareholders: Things aren't as bleak as
they look.
"This company is doing just fine in a tough economy and a tough
environment," Yang told The Associated Press in an interview late Tuesday. "We think there
are a lot of good things to come still."
Yahoo Inc.'s second-quarter results didn't provide much reason for
enthusiasm.
But at least they weren't as bad as many investors feared after Yahoo
spent months sparring with Microsoft Corp. and dissident shareholder Carl Icahn while also
trying to cope with a weakening U.S. economy that's make it tougher to sell online
advertising -- the company's lifeblood.
"It was a 'rice-cracker' quarter," said Canaccord Adams analyst Colin
Gillis. "It didn't taste great, but it wasn't totally horrible either."
Investors changed course quickly on Yahoo on Wednesday, sending the
stock down $1.01, 4.7 percent, to close at $20.39. The shares had gone has high as $22.48.
The stock remains below where it stood last week before Internet search
leader Google Inc. set off alarms about the state of the online ad market with
second-quarter earnings that came in below analyst estimates.
Yahoo letdowns are far more common that the occasional stumble by
Google.
The April-June period marks the ninth time in the past 10 quarters that
Yahoo's profit has slipped from the previous year.
The company earned $131 million, or 9 cents per share, an 18 percent
drop from $161 million, or 11 cents per share, last year.
Analysts had projected earnings of 11 cents per share in the most
recent quarter, according to Thomson Financial.
Yahoo's financial erosion has dragged down its stock, leaving it
exposed to Microsoft's unsolicited takeover bid and igniting shareholder protests like the
one that Icahn had been waging until Yang negotiated a truce Monday.
Icahn, who wanted to fire Yang as chief executive officer, will get a
seat on Yahoo's board along with two allies. Eight of Yahoo's current nine directors,
including Yang, will retain their positions.
"They dodged a bullet, but the future still looks cloudy," said Carl
Tobias, a University of Richmond law professor who has been following Yahoo's wrestling
match with Microsoft and Icahn.
Although Icahn isn't breathing down his neck for now, Yang probably
won't have much more longer to deliver on his turnaround promises, said James Post, a Boston
University professor specializing in corporate governance and business ethics.
"I think he is going to have to take some major strategic action before
the end of the year," Post said. "The support Jerry has now seems much more fragile than he
has had in the past."
Yahoo shareholders will have a chance to confront Yang Aug. 1 at the
company's annual meeting.
Even though Icahn has backed off, some shareholders are still expected
to oppose the re-election of Yahoo's current directors to punctuate their dismay with
company's struggles.
A major shareholder advisory firm, Glass Lewis & Co., added fuel to the
fire late Tuesday by recommending votes against three Yahoo directors -- Chairman Roy
Bostock, Ronald Burkle and Arthur Kern. More than 30 percent of Yahoo shareholders opposed
that trio's re-election last year.
Glass Lewis backed Yang's re-election.
An even bigger major advisory firm, RiskMetrics, is expected to make
its recommendations to shareholders Wednesday.
Yang, 39, said he doesn't feel enough time has elapsed for shareholders
to assess his management skills because nearly half his tenure has been consumed by the
on-again, off-again negotiations with Microsoft.
"I am as excited as I have ever been to lead this company," said Yang,
who started Yahoo 14 years ago at Stanford University. "We have a sense of urgency to create
value. Our stockholders and board will hold us to that."
Although he had been trading public barbs with Icahn before the
cease-fire, Yang said he thinks the billionaire will be a valuable addition to the board.
Icahn "is a very smart guy on how to create value and that is a
positive," Yang said.
In his public statements, Icahn has indicated he still believes a sale
of all or part of Yahoo is the best way to boost the company's stock. Icahn has a strong
incentive to increase the stock price because he paid about $25 per share for his 5 percent
stake in the company.
Yang, who owns a 3.9 percent stake in Yahoo, remains interested in any
deal -- including a sale of the entire company to Microsoft -- that recognizes the value of
Yahoo's franchise.
As of Tuesday, Yahoo's market value was about $18 billion below the
$47.5 billion Microsoft CEO Steve Ballmer offered in early May. Ballmer withdrew the
$33-per-share bid after Yang sought $37 a share, or more than $52 billion.
Yang believes he can dramatically accelerate Yahoo's revenue growth
during the next two years by extending the reach of its own online marketing network and
drawing upon Google's superior technology to sell some ads on Yahoo's Web site.
If the proposed partnership isn't blocked by antitrust regulators,
Yahoo hopes to start displaying some Google-generated ads in September. Management estimates
the Google deal will boost Yahoo's annual revenue by $800 million.
Kidnapped daughter of retired US Marine freed, unharmed
Jul 24 04:09
MANILA, Philippines (AP) -- Kidnappers have freed unharmed a retired
U.S. Marine's 19-year-old daughter a day after snatching her, police said Thursday.
Chief Superintendent Ricardo Padilla said it was unclear if Cristina
Loyola's family paid the $68,000 ransom that her captors demanded.
She was freed Monday not far from her home in the resort city of
Tagaytay, south of Manila, a day after she and her Filipino-American father, Ver Loyola,
were seized, he said.
The kidnappers freed the 71-year-old father three hours after the pair
were taken hostage.
Police said four gunmen barged into the Loyolas' home, tied up his wife
and maid, then drove away with him and his daughter in the family car.
They took two cell phones, jewelry worth $1,570 and $1,900 in cash, and
demanded the ransom.
"We're still conducting follow-up operations to identify and arrest the
suspects," said Padilla, the regional police chief.
Kidnappings for ransom are common in the Philippines, but occur more
often in the violence-torn south.
Police officials said they have neutralized most kidnapping gangs in
Manila and nearby provinces.
Michelle Kwan in US delegation to Olympics
Jul 23 20:47
Supplement
For those who have caught the Olympic buzz and are planning to
head abroad, we're running a series on travel planning and (of course) food, including
restaurant recommendations and lots of really good recipes. We will also feature
some employers who are hiring for positions in or conducting business with China, so
be sure to stop back daily.
China Focus
Supplement
|
WASHINGTON (AP) -- Michelle Kwan will be among seven members of the
presidential delegation to the closing ceremony of the Beijing Olympics.
President George W. Bush announced the delegation, to be headed by
Secretary of State Condoleezza Rice. The president also on Wednesday listed Kwan, a two-time
figure skating medalist at the Winter Olympics who has made several trips to China on behalf
of the U.S. government as a diplomacy envoy.
Kwan attends Denver University, where she is majoring in international
studies.
"I'm enrolled in summer classes right now: three classes, 15 units,"
Kwan said. "I spoke to my professors and told them I'd have to miss the last two days
because I'm part of the delegation to the Olympics closing ceremony. Luckily, they said I
can make it up and turn in my papers later on.
"It's such an honor and so thrilling. And to be with three members of
the Cabinet and Karen Hughes and Peter Ueberroth ..."
Joining Rice and Kwan in the delegation will be Secretary of Labor
Elaine L. Chao; Secretary of Health and Human Services Michael O. Leavitt; Clark T. Randt,
Jr, the U.S. ambassador to China; U.S. Olympic committee president Peter Ueberroth; and
Karen Hughes, global vice chair of Burson-Marsteller.
Kwan, who has Chinese ancestry, has made several trips to China in an
unofficial diplomatic role, once accompanying Hughes, then under secretary of state.
Also, one of her professors at Denver once taught Rice and mentioned it
to Kwan when she was chosen for the delegation.
Kwan's visits to China never have been as high-profile as this one
figures to be. The nine-time U.S. champion and five-time world winner previously represented
President Bush at the Special Olympics in China.
She has been impressed by the nation's preparations for next month's
games.
"China has really gone in a positive direction in opening their doors
and telling the world they are here," she said. "They have developed and come a long way. I
think after the Olympics, people will be so impressed they will want to come back and visit
because they had a great experience."
Although she has not been told what her duties will be in Beijing, she
expects to see several events during a nearly two-week stay.
"There are so many things I want to do," Kwan said. "Watch basketball,
of course -- there are a few people I know on the team. Gymnastics, swimming -- I've never
seen swimming or diving in person. Volleyball and beach volleyball. I'll get to as many
events I can.
"I love sports and I am an athlete. When you see athletes doing their
best and trying their hardest and you personally know how much it takes to make that
performance at that moment the best they can perform, it's very special to watch."
Eight seeking mayorship of Hawaii County
Jul 23 01:16
KAILUA-KONA, Hawaii (AP) -- Eight candidates are vying to succeed
Hawaii County Mayor Harry Kim. He's unable to seek re-election because of term limits.
The field includes County Council members Angel Pilago of North Kona
and Stacy Higa of Hilo.
A former mayor -- state Sen. Lorraine Inouye -- is also seeking the
office, along with former Kim executive assistant Billy Kenoi.
Michael "Jasper" Moore, Sam Masilamoney, Joseph Barrozo and Randell
Riley round out the nonpartisan lineup.
Other Recent Readings of Interest
Mayor orders all New York City agencies to offer help in 6 languages besides English
Jul 23 05:10
By SARA KUGLER
Associated Press Writer
NEW YORK (AP) -- This polyglot city is making it official: Agencies
will offer services in six of the most common foreign languages spoken -- Spanish, Chinese,
Russian, Korean, Italian and French Creole.
While many services have been available for years in foreign languages,
an order by Mayor Michael Bloomberg on Tuesday marks the first uniform, citywide policy
requiring agencies to provide assistance and translation in additional languages.
Bloomberg said the 1.8 million New Yorkers who struggle with speaking
English should be able to interact more easily with government.
"No other place on earth can claim such incredible diversity -- it is
New York City's greatest historic strength -- but it can also create significant
challenges," the mayor said.
Each city agency must now designate its own language coordinator who
will develop a plan for ensuring that all the agency's services will be available in the six
languages. That could mean forms, documents, informational brochures or inspection reports.
New Yorkers who speak languages other than those six will continue to
be served as they now are, on a case-by-case basis. In most situations, that would mean
getting a translator.
Immigrant advocates applauded the new order, saying it was something
they had been asking the city to do for many years.
"Never again will we have to ask our children and grandchildren to
translate complicated government forms for us," said Yorelis Vidal, of Make the Road New
York, an advocacy group.
Some said the city had a lot of work to do. Councilman John Liu said
the Bloomberg administration had done a "lackluster" job adhering to a 2003 law he worked to
get passed that mandates on-demand language services in the city's social services agencies.
For his part, Bloomberg, who speaks Spanish at a conversational level,
takes credit for expanding the city's language translation services during his six years in
office.
The city-run telephone hot line through which residents can access all
aspects of government offers information in 170 different languages, and the school system's
translation unit has been expanded to eight languages.
Previous Edition's Headlines
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CDC studies high TB rates in immigrants |
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VA Gov's Asian advisory group meets |
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'Ha-pi-tu-mi-te-yu:' Beijing aims to make Olympic
visitors welcome |
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Food Culture Blossoms in China |
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| Classic Chinese Recipes: Recipe of
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