Monday, December 3, 2012

Olam raises S$1.5 billion with full Temasek backing


SINGAPORE - Olam International, under attack from United States-based short seller Muddy Waters over its finances, has found strong backing from key shareholder Temasek Holdings, which will not only subscribe to its portion of a massive US$1.25 billion (S$1.52 billion) capital raising exercise by the Singapore-based commodities giant but will also subscribe to any bond or warrant not taken up by other shareholders.

Put together at the weekend by Olam's bankers and Temasek, the offer to the commodity firm's shareholders will see the issue of US$750 million in five-year bonds carrying a coupon of 6.75 per cent a year, stapled with up to US$500 million of warrants. 

Each warrant can be converted to an Olam share at US$1.291 - the US equivalent of its share price on Nov 30 - after three years. 

Olam Chief Executive Sunny Verghese told about 150 analysts and reporters at a briefing yesterday that Muddy Waters' action had put pressure on the company's shares and bonds, and the latest move sought to "eliminate lingering doubts from all the mud that was thrown at us". 

"The clear action on the part of Temasek to sub-underwrite an issuance of securities by the company is a resounding message of the support and confidence a discerning and sophisticated investor places in our company, our strategy and the integrity of our management team," he said.

Mr Verghese also noted that the transaction - further underwritten by four of its bankers, DBS, Credit Suisse, HSBC and JP Morgan - demonstrated "the company's ability to continue to access debt and equity capital even in current market conditions".

While Olam does not need the money to meet its present capital expenditure till 2016, it could be used to buy back some of its higher-priced bonds, he said.

Mr David Heng, Senior Vice-President (Investments) at Temasek, Olam's second-largest shareholder with a 16.3-per-cent stake, said: "While no business is without risks, we remain comfortable with Olam's credit position and longer-term prospects, and are pleased to have another opportunity to invest in the company, alongside other shareholders."

BCS Bowl Games 2013: Breaking Down Every BCS Matchup


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Harry How/Getty Images
It's time to go bowling.
Championship Week has come to an end, and roughly four weeks from today, 10 of the best college football teams in the land will take part in the five biggest postseason games on the schedule, the BCS bowl games.
From upstart squads who seemingly came out of nowhere, like Northern Illinois, to explosive offenses who put points on the board at breakneck speed (Oregon), there's something for everyone on New Year's Day.
Lest we forget, a week later, the most anticipated game of the year kicks off in what is sure to be an epic battle for the BCS National Championship between the defending champions, Alabama, and undefeated Notre Dame.
Let's take a look at all the action that awaits us.

Bob Costas Gun Control Speech: Jovan Belcher Murder-Suicide Inspires Halftime Segmen



ARLINGTON, Texas -- NBC broadcaster Bob Costas used his halftime segment on "Sunday Night Football" to advocate for gun control following this weekend's murder-suicide involving Kansas City Chiefs linebacker Jovan Belcher, causing an immediate debate on social media.
In a segment about 90 seconds long, Costas paraphrased and quoted extensively from a piece by Fox Sports columnist Jason Whitlock.
After praising the column, Costas said: "In the coming days, Jovan Belcher's actions and their possible connection to football will be analyzed. Who knows? But here, wrote Jason Whitlock, is what I believe. If Jovan Belcher didn't possess a gun, he and Kasandra Perkins would both be alive today."
Belcher shot and killed Perkins, the mother of his 3-month-old daughter, on Saturday morning, then drove to Arrowhead Stadium and committed suicide in the parking lot of the team's practice facility.
The online reaction to Costas' segment was swift, with many people criticizing the broadcaster for expressing his personal views on a program meant for entertainment

Pregnant Kate Middleton Hospitalized for Hyperemesis Gravidarum - Which Is What?



Prince William's wildly popular bride, Kate Middleton, is pregnant and ill with hyperemesis gravidarum
Hot on the heels of the announcement that Prince William and his wife Kate Middleton, Duchess of Cambridge, are expecting the heir to the British royal throne came the news that Kate has been hospitalized with hyperemesis gravidarum.
In fact, the announcement of the royal pregnancy and Kate’s hospital admission were made together, suggesting that possibly the palace would have waited longer to make the official announcement if Kate’s hospitalization hadn’t made that impossible.
So what is this illness so suddenly in the headlines? Attempting a rough translation from the Latin provides a basic description – it means serious vomiting, or acute morning sickness.
Of course, this begs the answer, how can morning sickness be so serious? After all, 50 percent of all pregnant women experience queasiness, nausea, vomiting and lack of appetite. And while extremely unpleasant, morning sickness isn’t deadly.
Well, actually, it can be, if a woman can’t get it under control on her own. As with any kind of extreme gastrointestinal illness, vomiting to the point that it leads to extreme dehydration can be quite dangerous. Left untreated, hyperemesis gravidarum can result in premature birth or low birth weight, and extreme continual vomiting can tear the esophagus. If electrolytes become unbalanced, the result can be dizziness and eventually, heart damage.
But primarily it’s the dehydration and malnutrition resulting from hyperemesis gravidarum that most urgently require treatment. This is the same reason people die of heat illness – beyond a certain point, dehydration puts organs like the kidneys and liver under dangerous strain. Jane Eyreauthor Charlotte Bronte died of severe dehydration resulting from hyperemesis gravidarum in the fourth month of her first and only pregnancy; 
today, with IV fluids available, the condition is treatable.
Prince William and Kate Middleton showing off her engagement ring, originally worn by Princess Diana
Hyperemesis gravidarum is quite rare; only two percent of all pregnant women experience symptoms this severe, according to the Honor Society of Nursing. Kate Middleton is 30, like her husband, which, while in the middle range for pregnancy age, makes morning sickness more likely. Studies show that older moms typically have more problems with morning sickness and other pregnancy-related health issues than younger women.
According to news reports, the Duchess will be hospitalized for several more days, then will be put on bed rest for an additional period.
The good news is that hyperemesis gravidarum primarily affects women in the first trimester of pregnancy, when morning sickness is typically the worst. In some cases it can last through the 21st week, however, and in very rare cases right up through birth. Also, studies show that morning sickness lessens the chances of miscarriage, according to researchers at the University of North Carolina at Chapel Hill.
Also, it was noted in British press reports that Kate appeared fine in a public appearance on Friday and was photographed eating a meal, so it seems she has not been suffering the severe symptoms for long. She arrived at the hospital in a car, not an ambulance, another good sign.

source : http://www.forbes.com/sites/melaniehaiken/2012/12/03/pregnant-princess-kate-hospitalized-for-hyperemesis-gravidarum-which-is-what/

Hey, Rex Ryan: Greg McElroy has to be the Jets' starting quarterback next week


Jets-Greg-McElroy-smiling-with-ball-after-game.jpgGreg McElroy, who demanded the ball from a fan after throwing his first NFL touchdown, must start for the Jets next week in Jacksonville.
Video: Reporters talk about McElroy replacing Sanchez in Jets win Video: Reporters talk about McElroy replacing Sanchez in Jets winNew York Jets Star-Ledger reporters Conor Orr, Steve Politi and Mike Vorkunov talk about the dramatic Jets win as Jets backup quarterback Greg McElroy replaces Mark Sanchez and orchestrates the winning drive in the 7-6 win . (Video by William Perlman/The Star-Ledger)Watch video
Greg McElroy wanted the football, and on this wild day at MetLife Stadium, who could deny him?
He was standing in the end zone after his first NFL touchdown pass, which came just minutes into his first NFL appearance, which came in the first game he had ever been active. Jeff Cumberland, the tight end who caught the floater of the pass, had spiked it so hard it flew into the crowd, but McElroy pointed to the crowd and demanded that a young fan throw it back. The kid obliged, and a crowd that has had practically nothing to cheer for all season went crazy.
“It’s going right on the mantle,” the new cult hero said.

Give McElroy the damn ball. That’s what the Jets have to do now, too, because they have nothing to lose and they’ve seen what the other guys can do. That’ll be the rallying cry now for this tortured fan base, too, a situation head coach Rex Ryan created when he pulled starter Mark Sanchez in the third quarter of this ugly 7-6 victory over Arizona.
Not that anyone could blame Ryan for that. Honestly, if you couldn’t pull Sanchez in the middle of this game, you might as well hand him a scepter and crown and call him QB for Life. He was that bad.
But now that this can of worms is finally open, how can Ryan go back to Sanchez, who looked inconsolable when Ryan tried to console him at his locker, when the Jets play next week in Jacksonville?
How can he bench McElroy after his third-stringer came off the bench and propelled the Jets to a stirring (ahem) win over the Cardinals, completing 5 of 7 passes for 290 yards?!
Wait. Check that. It was actually 5 of 7 passes for 29 yards.
Still, if it was only about numbers, the Jets would have cut Sanchez about a season ago. McElroy gave this offense, this team, this fan base some much-needed life. The Jets have no idea if he is an NFL quarterback, but they do have a pretty good idea of what Sanchez is. And it isn’t pretty.
So here are a couple of sentences that no one expected to type or read: The Jets need to start McElroy. He is their only hope.
Ryan, not surprisingly, was not ready to make that commitment. But, after 3½ years of blind faith in Sanchez, he finally pulled the plug out of desperation or frustration or both, and it felt more than necessary. It felt cathartic.
“When you’re around this game long enough, you get the feeling of, ‘You know what, I’ve seen enough,’ and it’s time to make that change,” he said. “I have confidence in Mark, I have confidence in Greg and I have confidence in Tim.”
Did you forget about the other guy? The Jets might have the first three-way quarterback controversy. Tim Tebow was inactive for the first time this season with a rib injury, but it’s not serious enough to keep him out long.
You really can’t make this up. The Jets started the season with one quarterback who they traded up to draft and signed to a $40 million extension. Then they traded for another quarterback who won the Heisman Trophy and had a cult-like following for his religious beliefs.
And then, after resisting outside pressure to turn the offense over to Tebow for 11 excruciating weeks, Ryan hands it over to an unheralded seventh-round draft pick the very first chance he gets.
Ladies and gentlemen, your 2012 New York Jets!
Not that the fans cared about the ridiculousness of the situation. Almost from the moment Sanchez threw his first pass — a lame duck that landed in the waiting arms of (who else?) former Jet safety Kerry Rhodes — they were chanting for his replacement.
“MAC-ELL-ROY!” filled the stadium for most of the first half, even if the only impact he had made in this market came from some pointed comments in a radio interview about the team’s chemistry. That he promptly led the Jets on a 10-play, 69-yard touchdown drive was almost surreal, and it ended with a pass that McElroy didn’t know if he should throw.
He rolled out to his right on a play designed for him to run to the end zone first, but Cumberland was so open that anyone in the stadium could have gotten him the football.
But McElroy waited, and waited, and waited …
“To tell you the truth, it was a bit of a floater,” he said. “It was a run-first option and I almost didn’t want to throw it, but I had to let it go.”
The quarterback who threw for just 58 yards in leading Alabama — the program, of course, that produced Joe Namath — to the 2010 BCS title passed for exactly half that in his first NFL appearance. Arm strength has always been the issue for McElroy, but he describes himself as a “little nerdy” — he had a 3.85 GPA in college — when he talks about his preparation and football smarts.
The Jets have no idea if he can do the job. They do know that their incumbent quarterback is a mental wreck and his high-profile backup has done little to inspire confidence, either.
So give McElroy the damn ball. Who could have imagined that would be the rallying cry in this crazy season?

source : http://www.nj.com/jets/index.ssf/2012/12/hey_rex_ryan_greg_mcelroy_must.html

Charlie Batch tears up after showing Steeler grit in comeback victory against rival Ravens


BALTIMORE – His has been the uncertain life for so long that after 15 years Charlie Batch simply accepts it. Week after week he practices with the Pittsburgh Steelers, preparing to play quarterback, even though he knows the chance is likely to never come and he will spend the game wearing a cap, carrying a clipboard and celebrating somebody else's touchdowns.
Then he walks back to the locker room, sees the coach – a happy man with a congratulatory hand extended – and he never knows quite what to say.
Great job? For what? Wearing a cap and carrying a clipboard?Mike Tomlin and the Steelers are still in control of a wild-card spot after Sunday's victory. (AP)
So on Sunday night, Charlie Batch wept. He turned away from the last-second field goal that gave the Steelers a 23-20 victory over the Baltimore Ravens, fell into the arms of injuredBen Roethlisberger and sobbed. He cried for the win. He cried for the chance. And he cried because he knows it will go away. But mostly he cried because he didn't want last week to be the final memory the NFL had of Charlie Batch.
You see, last week, he got to start a game. It was his first since the end of last season and it came in Cleveland, a place where the Steelers are expected to dominate. It was a game they needed to win. Instead they had eight turnovers. And even though those miscues weren't all his fault, they felt like they were.
"I was the one in charge of our eight turnovers, I took them personally," he said Sunday night as he stood in an empty Steelers locker room at M&T Bank Stadium.
Batch wasn't sure he would get another chance. Roethlisberger has injuries to his ribs and shoulder, and missed the Steelers' previous two games before Sunday. But Big Ben wanted to play in Baltimore, given the way Pittsburgh's season had fallen apart and the playoffs growing more unlikely. All week Roethlisberger worked to throw, pushing and pushing to play. Finally on Friday, Steelers coach Mike Tomlin told Batch that Roethlisberger wouldn't play.
Batch would have his last opportunity for redemption.
Sunday's victory was not a beautiful thing. Steelers-Ravens games never are. There were fights. There were cheap hits. Players shouted at each other. Tomlin seemed to stalk away from Baltimore coach John Harbaugh after the end-of-game handshake. And Batch was equally as imperfect. He was intercepted once. Another time he threw a pass over the head of a wide-open Emmanuel Sanders in the end zone. He missed several other chances to push the Steelers downfield. Through much of the first half it looked as if the Ravens might blow out the Steelers.
Only they never did. And that says everything about the Steelers, Tomlin and Batch.
There is a resilience to Pittsburgh that is unique. In a league where wins often come because of sheer willpower, the Steelers manufacture victories when they seem most unlikely. Old stars have gone. Current ones like Roethlisberger and Troy Polamalu are worn down by years of the fight. On Sunday, the Steelers not only didn't have Roethlisberger, they maneuvered wide receivers around and juggled running backs hoping to find some dream formula. Somehow they found one.
"We persevered," Tomlin kept saying after the game.
Later, when asked about his defense that forced two turnovers, he said: "I appreciate the fact they didn't let go of the rope."
But Charlie Batch won this game for Pittsburgh. He won it the way Roethlisberger has won so many in the past: moving methodically, creating splendor from chaos. There was 6:14 left in the game when the Steelers got the ball on their own 15-yard line in a game tied, 20-20. They never gave it back.
"You put your heart and soul into it," he later said. "You try to leave everything out on the field."
Charlie Batch, sharing a word with Ben Roethlisberger, went 25 of 36 for 276 yards, a TD and an INT. (Getty Images) …Yes, he wept when kicker Shaun Suisham's field goal rose into the foggy night and dropped through the goalposts. What else could he do?
Last Monday he sat for hours at the Steelers' practice facility watching the tape of the eight-turnover game and a sick feeling grew in his stomach. All those days practicing for games he would never play and this is what he did with the one Pittsburgh desperately needed? How that memory of Cleveland burned inside.
"You want to prove that last week was a fluke," he said.
Next week he probably won't play. By the weekend, Roethlisberger's ribs and shoulders will be healed and Batch will practice but not play. He's started only nine games since the Lions released him in 2001. In 2002, 2004 and 2008 he didn't get in one game, not even for one pass. No statistical line exists for him in those seasons. It's like he was never there.
The Steelers knew. Players have come to trust him as a leader, as a reason to fight. He's been their union representative, a player-coach, someone who has been around long enough to have an answer for every situation that could possibly arise.
And also, it seems, a way to win the game they absolutely needed.
So Sunday night, with the victory complete and the playoffs a reality again in this 7-5 season, Batch was one of the last Steelers to walk into the tunnel beneath the stadium. There outside the locker room stood Tomlin with a smile on his face and his hand outstretched just as he had all those wins when Batch never played.
"Good to see you got a trick or two left in you!" Tomlin shouted.
And for once Charlie Batch could smile back and say: "Yes."
source : http://sports.yahoo.com/news/nfl--charlie-batch-tears-up-after-showing-steeler-grit-in-comeback-victory-against-rival-ravens-034252889.html

Patriots beat Dolphins, clinch AFC East title


Patriots linebacker Jerod Mayo puts the wraps on Dolphins quarterback Ryan Tannehill for a key fourth-quarter sack on third down that forced Miami to settle for a field goal.
JIM DAVIS/GLOBE STAF
Patriots linebacker Jerod Mayo puts the wraps on Dolphins quarterback Ryan Tannehill for a key fourth-quarter sack on third down that forced Miami to settle for a field goal.
MIAMI GARDENS, Fla. — The Patriots frequently have had their issues when facing the Dolphins in South Florida, and Sunday was no different.
But New England was able to sew up its fourth straight AFC East title and 10th of the Bill Belichick-Tom Brady era with a 23-16 win.
On a day when rushing yards were hard to come by against a Dolphins defense ranked seventh in the league in that category, and Brady not connecting on as many passes as usual for much of the game, New England played another total team game, which enabled the Patriots to collect their championship hats and T-shirts.
The Patriots put the game away with a 16-play, 77 yard drive that lasted 7 minutes 18 seconds and ended with a Stephen Gostkowski field goal to put them ahead by two scores, 23-13, and left Miami with just 70 seconds left in the game.

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Patriots defensive end Jake Bequette warmed up before the game against the Dolphines at Sun Life Stadium in Miami.
Patriots at Dolphins

“That was probably our best drive of the game,” Belichick said. “We needed it. We got good contributions from everybody.”
On that drive, Brady was 3 for 3, completing passes to Aaron Hernandez, Wes Welker, and Brandon Lloyd (his only reception of the game), but Stevan Ridley played a bigger role. The second-year back got the ball 10 times for 46 yards, picking up three first downs along the way.
“It was good execution, I thought we did a good job making some critical plays when we needed to,” Brady said. “The running game was huge. I thought the running backs ran really hard, protected the ball, and got some great blocking up front. It’s what we needed at that time.”
“They did some good things,” first-year Dolphins coach Joe Philbin said of his defense. “But when the game was on the line they [the Patriots] were able to move the ball and make it a two-possession game.”
Despite the AFC East title, the mood in the New England locker room was subdued. Belichick gave the reminder that there is still a quarter of the season to go, and some players noted this is just the first check mark on the list of goals for this season.
“We’ll enjoy this one today, but the road from here is daunting,” special teams captain Matthew Slater said. “There’s a lot to be concerned with as far as seeding. It’s a good step but it’s not the last step.”
The Patriots’ next two games are against the Texans and 49ers. Both are at home, but those teams possess offenses and defenses that rank near the top of the league, and are better top to bottom than the ones New England has faced during its six-game win streak.
After scoring 17 first-half points, New England had only 6 in the second half on two fourth-quarter field goals. But the Patriots gave up only 6 points in the second half.
Vince Wilfork likes seeing the defense play a big role.
“Especially when the offense struggles, it’s a chance for us to showcase how special we are on the defensive end,” Wilfork said. “We didn’t give up a lot of points today, had some three-and-outs, made some plays. Offense is OK to have a bad game here and there. They’ve done so much for us and one thing we want to do around here is we always want to play as a team.”
It was the first December win for the Patriots in Miami since Brady has been the starting QB.
The Dolphins were a bit of a mess in the opening two quarters, with several key mistakes that began on their first possession.
Miami got the ball to start the game and went three-and-out. A low snap from John Denney to punter Brandon Fields led to Fields trying to run with the ball, but Slater got to him quickly, allowing the Patriots to start their first drive just 12 yards from the end zone.
Although a Donald Thomas holding call pushed the offense back to the 22, Brady completed a 12-yard pass to Welker as Brady was falling down, then an 8-yarder to Hernandez for the first down. Ridley got the ball for the 2-yard touchdown.
It was the fifth straight game that Ridley has recorded a rushing touchdown.
On the Patriots’ third possession, Brady threw just his fourth interception of the year when Reshad Jones picked off a sideline pass intended for Hernandez; it was a high degree of difficulty play pulled off by Jones.
The safety sprinted toward the end zone for what first appeared to be a tying pick-6. But a penalty for low blocks on both teams wiped the TD off the board, although Miami retained possession.
Despite starting at the New England 34, the Dolphins got no farther than the 26 and got their first points on a 44-yard Dan Carpenter field goal.
Another costly Miami mistake led to the Patriots’ second touchdown.
After not picking up a first down, New England’s Zoltan Mesko lined up for his first punt of the game. But Jimmy Wilson committed a blatant roughing-the-kicker penalty, drilling Mesko in the groin.
Given 15 yards and a fresh set of downs, Brady and Welker worked their connection, with the receiver making four catches for 36 yards after the penalty, including the 7-yard touchdown.
“Oh man, I’m sick about that,” Wilson said. “I got a late jump. I shouldn’t have left my feet.”
The defense got its 33d takeaway of the season 90 seconds later when Trevor Scott, who saw a lot of playing time thanks to Chandler Jones’s injury and Jermaine Cunningham’s suspension, forced the ball out of Ryan Tannehill’s grasp when he hit him from behind. Wilfork fell on the loose ball.
“For the opportunity Trevor got — a two-sack game speaks for itself,” Rob Ninkovich said. “It’s great — with some guys down, other guys have to step up.”
Though they again started with a short field, the Patriots went nowhere; Gostkowski hit from 43 yards for a 17-3 lead.
The Dolphins got their only touchdown just before halftime, overcoming two early penalties that backed them up to the 5. Tannehill ran the ball in himself, though he was flipped off his feet by Alfonzo Dennard and absorbed a hit from Ninkovich.
Brady looked to Welker so often in the first half — he was targeted 13 times, as many as the other five targeted players total — that he had 10 catches by the break.
It gave him his 17th career game with 10 or more receptions, tying him with Jerry Rice for most all time.
source : http://bostonglobe.com/sports/2012/12/02/patriots-defeat-dolphins-clinch-afc-east-title/uz8eqlQm1GncDVkSKIWMyH/story.html