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Monday, July 2, 2012

GlaxoSmithKline settles healthcare fraud case for $3 billion

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Source: http://news.yahoo.com/glaxosmithkline-settles-fraud-charges-3-billion-144748923--finance.html

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Residents to tour areas devastated by Colo. blaze

The remains of a burned structure are left in the Mountain Shadow neighborhood devastated by raging wildfires, Friday, June 29, 2012, in, Colorado Springs, Colo. After declaring a "major disaster" in the state early Friday and promising federal aid, President Obama got a firsthand view of the wildfires and their toll on residential communities. More than 30,000 people have been evacuated in what is now the most destructive wildfire in state history. (AP Photo/Carolyn Kaster)

A firefighter from the Bighorn 209, a hand crew from the Crow Agency in Montana, check for hot spots on the Waldo Canyon Fire west of Colorado Springs, Colo., Friday, June 29, 2012. After declaring a "major disaster" in the state early Friday and promising federal aid, President Barack Obama got a firsthand view of the wildfires and their toll on residential communities. More than 30,000 people have been evacuated in what is now the most destructive wildfire in state history. (AP Photo/The Gazette, Christian Murdock)

The Mountain Shadows neighborhood is left damaged by the Waldo Canyon Fire in Colorado Springs, Colo., Friday, June 29, 2012. After declaring a "major disaster" in the state early Friday and promising federal aid, President Barack Obama got a firsthand view of the wildfires and their toll on residential communities. More than 30,000 people have been evacuated in what is now the most destructive wildfire in state history. (AP Photo/The Denver Post, Joe Amon) MAGS OUT; TV OUT; INTERNET OUT

COLORADO SPRINGS, Colo. (AP) ? People who fled the most destructive fire in Colorado's history are being allowed temporary visits to the most devastated neighborhoods, and many will find that their homes were among the nearly 350 burned to the ground.

About 10,000 people remain evacuated, down from more than 30,000 at the peak of the Waldo Canyon fire in Colorado Springs.

On Sunday people whose homes were burned will be allowed to tour the affected areas. Authorities said some residences would be cordoned off with police tape, and people would not be allowed beyond that point.

The home of Janine Herbertson and her 15-year-old daughter, Tessa Konik, remained unburned amid 150 others that were destroyed, said Herbertson as they ate lunch Saturday outside a Red Cross shelter.

Even so, "I'm afraid to go on the tour tomorrow and see our neighborhood in ruins," she said.

The 26-square-mile fire was 45 percent contained late Saturday night. It was one of many burning across the West, including eight in Utah and a fast-growing blaze in Montana that forced residents in several small communities to leave.

On Saturday, firefighting crews were keeping a wary eye on weather that was becoming warmer and drier.

"The weather is making progress in a bad direction. Hotter, drier, with a chance of thunderstorms in the afternoon. Winds will shift from one direction to another," said Incident Commander Rich Harvey.

About 1,200 personnel and six helicopters were fighting the Waldo Canyon fire, and authorities said they were confident they had built good fire lines in many areas to stop flames from spreading.

"Crews made progress all around the fire,'" said Harvey, who was cautiously optimistic. "The fire potential is still very, very high. It's extreme and explosive."

Two bodies were found in the ruins of one house, one of almost 350 destroyed in this city 60 miles south of Denver. The victims' names haven't been released. Police Chief Pete Carey said Saturday afternoon the approximately 10 people who had been unaccounted for had now been located.

Police did not expect to discover other victims in the rubble.

More than 150 National Guard soldiers and airmen helped Colorado Springs police staff roadblocks and patrol streets. Carey said Saturday the presence of military personnel will allow his department to resume normal police work in the rest of the city.

Evacuees Saturday filtered back into an unscathed neighborhood of winding streets and split-level homes within an easy walk of the burned area.

High school counselor Pat Allen and her husband, Vic Miller, were all smiles less than five minutes after returning to their tri-level home on a quiet cul-de-sac.

"I'm just wanting to kiss the house, dance with the neighbors", Allen said.

Their house didn't smell of smoke. Their electricity was out for two or three days but the popsicles in their freezer didn't melt, she said.

Around the corner, retiree Nina Apsey wandered in search of eight small, solar-powered lights that somebody had taken from her yard during the evacuation.

"I'm assuming it was vandalism," she said.

Prized possessions still piled into the Hyundai sport-utility vehicle in her garage included caribou antlers and antelope and deer head mounts. As flames bore down, she'd also taken a small ceramic cowboy statue. Her late husband taught her how to hunt. He resembled the cowboy, she said.

She wasn't too perturbed about her missing lights because nothing else was touched.

"If that's the worst that happened to me, I'm blessed," she said.

Investigators are still trying to determine the cause of the fire that broke out on June 23, and which so far has cost $8.8 million to battle. Dangerous conditions had kept them from beginning their inquiry.

Among the fires elsewhere in the West:

? Utah: Residents were sifting through the ashes of more than 50 houses destroyed by a central Utah wildfire. Homeowners were allowed to return Saturday to Indianola along Utah's scenic Route 89. In all, eight wildfires are burning across Utah.

? Montana: Authorities in eastern Montana ordered the evacuation of several communities Saturday as the Ash Creek Complex fires, which has burned more than 70 homes this week, consumed another 72 square miles. The blaze grew to 244 square miles overnight.

? Wyoming: A wind-driven wildfire in a sparsely populated area of southeastern Wyoming exploded from eight square miles to nearly 58 square miles in a single day, and an unknown number of structures have burned. About 200 structures were considered threatened.

? Idaho: A fast-moving 1,000-acre wildfire in eastern Idaho that destroyed 66 homes and 29 outbuildings was expected to be contained Saturday. Some 1,000 residents were evacuated; it was unclear when they would be allowed back.

? Colorado: The last evacuees from the High Park Fire in northern Colorado have been allowed to return home as crews get closer to full containment. The 136-square-mile fire killed one resident and destroyed 259 houses, a state record until the fire near Colorado Springs destroyed 346 homes. In western Colorado, the 18-square-mile Pine Ridge Fire was 10 percent contained.

___

Associated Press writers Paul Foy in Salt Lake City, Keith Ridler in Boise, Idaho, and Dan Elliott in Denver contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-07-01-Western%20Wildfires/id-f78c0216a8cc4da4aff107a589698670

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Suspected militants killed in NE Nigeria raid

Source: http://news.yahoo.com/suspected-militants-killed-ne-nigeria-raid-115105694.html

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TEXT-S&P affirms 'B' rating on GATE with positive outlook

(The following statement was released by the rating agency)

July 02 -

Overview

-- We expect Global A&T Electronics' (GATE) business risk profile to

remain "weak" and its "highly leveraged" financial risk profile to improve in

2013.

-- We expect the Singapore-based outsourced semiconductor assembly and

testing (OSAT) services company to register stable operating performance,

contain its capital expenditure, and meet its debt maturities in 2013 mainly

with its own funds.

-- We are affirming our 'B' long-term corporate credit rating on GATE.

-- The positive outlook reflects our expectation that the company will

reduce its leverage with debt to EBITDA below 4.5x in 2013.

Rating Action

On July 2, 2012, Standard & Poor's Ratings Services affirmed its 'B' long-term

corporate credit rating on Singapore-based Global A&T Electronics Ltd. (GATE).

The outlook is positive. At the same time, we affirmed the 'B' rating on the

US$150 million revolving credit facility due in October 2013 and the US$625

million first lien term loan due in October 2014.

Rationale

We affirmed the ratings because we believe GATE, an OSAT company, will have

stable operating performance and maintain its "highly leveraged" financial

risk profile over the next 12 months. We expect GATE's ratio of debt to EBITDA

to remain above 4.5x in 2012 and funds from operations (FFO) to debt at about

15% in 2012. In our view, GATE is likely to improve its financial risk profile

to "aggressive" in 2013 by reducing its leverage and capital expenditure.

We expect GATE to show modest low single-digit revenue growth and EBITDA

margin of about 27% in 2012. GATE also plans to restrict its cash capital

expenditure in 2012 to about 14% of revenues, down from 18%-20% seen in the

past. However, the ratio of debt to total capital is unlikely to improve

significantly from about 70%, without an equity issuance. We believe the

company might reduce its leverage by using its cash and internal accruals to

repay the US$145 million outstanding on the revolving credit facility due in

October 2013. This would result in the ratio of debt to EBITDA falling below

4.5x with the ratio of FFO to debt improving to about 18% in 2013.

In 2011, GATE's revenue was 7% below our estimate due to a shift of U.S.

customers to lower price packaging and weaker overall demand in the second

half, stemming from lower customers' inventory in the market. However, the

company improved its EBITDA margin by almost 90 basis points above our

expectation. Its capital expenditure was in line with our expectation at 20%

of revenues. As a result, FFO to debt at 15% and debt to EBITDA at 4.8x were

in line with our expectations. The financial performance for the first quarter

of 2012, which is seasonally weaker, was in line with our expectations.

GATE's business risk profile is "weak," in our view, and we expect it to

remain unchanged. The company is the sixth-largest player globally in the

cyclical and highly fragmented OSAT industry. The industry faces short product

life cycles, continuing technological developments, and price erosion with

aggressive competition. It also requires heavy capital expenditure at 15%-20%

of revenue. However, we expect the OSAT industry to continue to grow due to

the increasing complexity of packaging and economies of scale. The growth in

smartphones, tablets, and PCs also provides opportunities for the

semiconductor industry. We believe revenues could increase faster than global

GDP growth.

Liquidity

GATE's liquidity is "adequate," as defined in our criteria. We expect the

company's ratio of liquidity sources to uses to be well above 1.2x in the next

12-24 months. However, we believe GATE has little flexibility to increase debt

due to limited headroom on its covenants. We expect the company to be able to

meet its liquidity uses even if its EBITDA falls 15%-20%. Our liquidity

assessment is based on the following factors and assumptions:

-- GATE's liquidity sources include cash and cash equivalents of US$262.6

million as of March 31, 2012, and our FFO projection of about US$180 million.

-- Liquidity uses include US$6.7 million debt maturing in 2012 and

estimated capital expenditure of US$140 million.

In our view, GATE would be able to maintain "adequate" liquidity even if it

meets the US$145 million maturity in October 2013 from its own funds and

internal accruals. We expect that the company will need to refinance its large

bullet maturity of US$577 million in October 2014.

Outlook

The positive outlook reflects our expectation of stable operating performance

and EBITDA margin. We also assume that the company will contain its capital

expenditure.

We may raise the rating if GATE maintains its operating performance and

strengthens its financial risk profile such that the debt-to-EBITDA ratio is

consistently below 4.5x, which is likely if the company meets its 2013 debt

maturities using its own funds.

We may revise the outlook back to stable if GATE refinances the entire

maturities in 2013 and 2014 with debt, or if the operating performance

deteriorates, resulting in debt to EBITDA above 4.5x on a sustained basis.

Related Criteria And Research

-- Methodology And Assumptions On Risks In The Global High Technology

Industry, Oct. 15, 2009

-- Business Risk/Financial Risk Matrix Expanded, May 27, 2009

-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008

-- Credit FAQ: Knowing The Investors In A Company's Debt And Equity,

April 4, 2006

Ratings List

Ratings Affirmed

Global A&T Electronics Ltd.

Corporate Credit Rating B/Positive/--

Senior Secured B

Source: http://news.yahoo.com/text-p-affirms-b-rating-gate-positive-outlook-090651380--sector.html

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Disaster recovery an urgent problem for healthcare IT specialists ...

According to the results of a survey conducted by data management firm BridgeHead Software, business continuity and disaster recovery are two of the greatest challenges facing healthcare IT personnel.

The report indicates that increasing volumes of patient data are making it difficult for healthcare IT specialists to keep up. While 65 percent of individuals polled as part of the survey responded that the amount of data being handled had increased, only 25 percent said they had robust data recovery and disaster preparedness plans in place.

"In the face of unstoppable data growth, it is becoming a serious challenge for hospitals to store and protect patient data while also making it available for clinicians in a timely manner at the point of care," said Jim Beagle, chief executive officer of BridgeHead. "Results from this year?s Healthcare Data Management survey indicate that hospitals are still grappling with many of the same IT challenges they faced last year, particularly with regards to business continuity and disaster recovery."

While 64 percent of hospitals surveyed said they had some form of disaster recovery strategy in place, 38 percent had not yet been tested.

Despite the challenges presented by increasing volumes of data, many hospitals are proceeding with ambitious healthcare IT projects. Results of the survey indicate 90 percent of facilities intended to transition to a paperless practice environment in the near future by implementing medical informatics systems. An additional 32 percent indicated they planned to migrate to a new picture archiving and communication system (PACS) within the next five years.

Approximately 35 percent of facilities polled indicated they had no plans to reduce carbon emissions at their data centers, and almost half said they intended to expand the storage capacity of their information archiving facilities by at least one terabyte in the next 12 months.

While 64 percent of hospitals surveyed said they had some form of disaster recovery strategy in place, 38 percent had not yet been tested.

Source: http://healthinformatics.uic.edu/disaster-recovery-an-urgent-problem-for-healthcare-it-specialists-6/

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Sunday, July 1, 2012

Report: Bale off British soccer team for Olympics

Source: http://news.yahoo.com/report-bale-off-british-soccer-team-olympics-145949263--oly.html

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Senegal's Sall seeks to bolster rule in polls

Source: http://news.yahoo.com/senegals-sall-seeks-bolster-rule-polls-210108065.html

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