Community Health to buy Health Management for $3.9 billion

By Susan Kelly and Caroline Humer

(Reuters) - U.S. hospital chain Community Health Systems Inc said on Tuesday it would buy smaller Health Management Associates Inc for $3.9 billion to increase its base during the overhaul of the country's healthcare system.

Health Management on Tuesday also disclosed it had received additional subpoenas in a widening federal government investigation of its admissions practices. The troubled company also named a new CEO on Tuesday.

The Community Health deal, which the market had been anticipating, is the second in the sector in as many months. Faced with declining patient admissions and rising bad debts, companies are struggling to shore up their finances as they await an expected influx of newly insured patients beginning next year under healthcare reform.

Both companies' hospitals are primarily in smaller cities and rural areas. Health Management has a strong presence in the U.S. Southeast, including Florida. Community Health is the second largest for-profit chain behind HCA Holdings Inc , mostly spread across the Southeast, Midwest and Southwest.

The combined company would have 206 hospitals across 29 states. "HMA's geographic footprint is complementary to ours. They are in different markets that give us a chance to expand into new communities," Community Health Chief Executive Wayne Smith said on a conference call.

Community Health said that based on Monday's share prices it would pay $13.78 per share in cash and its own stock. Health Management shareholders would own a 16 percent stake in the new company and get an additional contingent value right worth up to $1 per share that depends on the outcome of a government probe of admissions practices at Health Management.

Health Management shares fell 11.1 percent to $13.26, while Community Health dipped 0.4 percent at $47.03.

Deutsche Bank analyst Darren Lehrich said the acquisition could potentially add 20 percent to 30 percent or more to Community Health's earnings per share in 2015.

Community Health expects to achieve breakeven earnings in the first year after the deal closes and would cut costs between $150 million and $180 million annually within two-and-a-half years.

Separately, Health Management on Tuesday forecast weaker-than-expected second-quarter earnings of 10 cents to 11 cents a share due to lower hospital admissions.

It also said it received additional subpoenas from the U.S. Department of Health and Human Services about emergency room operations after getting subpoenaed in 2011. It also received an additional subpoena on physician relationships.

Health Management has also received a subpoena from the U.S. Securities and Exchange Commission over accounts receivable, billing writedowns, contractual adjustments, reserves for doubtful accounts and revenue.

Health Management cut its earnings outlook in April, citing weak patient admissions. In December, it was the subject of a story on the "60 Minutes" CBS television program that claimed it used aggressive policies to boost admissions. Health Management denied the assertions.

Health Management has also faced a looming proxy fight with hedge fund Glenview Capital Management, which wanted to replace the entire board. Health Management has hired Morgan Stanley and law firm Weil, Gotshal and Manges to help respond to Glenview's campaign.

Glenview, which owns 14.6 percent of Health Management, said in a June letter to the hospital operator there was "significant room for improvement," and that its financial performance had fallen short for more than a decade.

Health Management CEO Gary Newsome was due to retire at the end of the month. On Tuesday the company said John Starcher would be interim president and CEO.

'VERY DIFFICULT TIME'

"This industry is having a very difficult time, if you haven't noticed, in terms of our earnings," Community Health's Smith told analysts.

Last month, No. 3 hospital chain Tenet Healthcare Corp said it was buying Vanguard Health Systems Inc for $1.73 billion.

Community Health, based in Franklin, Tennessee, reported a drop in second-quarter profit on Monday due to weak admissions and a rise in bad debt. Earlier this month, it said it had received an additional subpoena related to a Justice Department investigation of short-stay admissions from emergency departments.

The boards of both companies have approved the deal, which they expect to close by the end of March.

(Reporting by Susan Kelly in Chicago and Caroline Humer in New York; Editing by Gerald E. McCormick, Jeffrey Benkoe and Lisa Von Ahn)

Source: http://news.yahoo.com/community-health-buy-health-management-3-9-billion-111105172.html

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Golf: Hall drawn alongside Davies in Women's Open

Golf: Hall drawn alongside Davies in Women's Open

8:09pm Tuesday 30th July 2013 in Sport By Ian Wadley

DORSET golfing sensation Georgia Hall has been handed a dream draw for the Women's Open - alongside four-time major winner Laura Davies.

The 17-year-old amateur star will be in illustrious company when she tees up alongside legend Davies in the St Andrew's showpiece later this week.

Hall has been drawn to play with Davies and Korea's So Yeon Ryu in the first round of the prestigious event at 11.26am on Thursday.

Wallisdown's Hall, a member at both Remedy Oak and Parkstone, won last year's British Girls' Championship and earned exemption to the Open with victory in the ladies' British Amateur Championship.

Davies, 49, is one of the best-known players in the women's game and boasts a fine record of 84 professional career wins.

Source: http://www.bournemouthecho.co.uk/sport/10581160.Golf__Hall_drawn_alongside_Davies_in_Women_s_Open/?ref=rss

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Apple releases fourth beta of iOS 7 to developers

By AppleInsider Staff

Apple on Monday supplied its developers with the fourth pre-release beta of iOS 7 for testing, as it prepares to launch the software to the public this fall.


iOS 7 beta 4 arrives three weeks after the previously beta seeded to registered developers. It is now available for iPhone, iPad and iPod touch.

According to Apple, the latest beta of iOS 7 includes bug fixes and improvements. The company has again warned that it should only be installed on devices dedicated to iOS 7 beta software development.

People familiar with the beta said the lock screen has been tweaked to add an arrow pointing right, located to the left of the "slide to unlock" text. The quick launch and notification center graphics at the bottom and top of the screen, respectively, have also been changed to straight lines rather than arrows, though they revert to arrows once the menus have been invoked.

iOS 7 beta 4 also reportedly fixes issues with syncing calendars through iCloud, and addressed an issue where high-resolution images for a contact may not sync. Font line heights are also said to have changed from previous builds.

A handful of known issues remain with the pre-release software, including a glitch that prevents voice memos from being restored via iCloud backup. Developers are advised to sync voice memos off of a device before restoring from iCloud.

Apple had previously been releasing new iOS 7 betas every two weeks, but that schedule may have been thrown off by a hack that forced the company to take down its developer portal. The Dev Center returned last Friday after 8 days of being offline.

A new rumor from Boy Genius Report on Monday claims that Apple is planning to release two more betas of iOS 7 to developers. After releasing six betas, it's expected that the company will issue the golden master, or intended final build, of iOS 7.0 at some point in September.

Source: http://appleinsider.com.feedsportal.com/c/33975/f/616168/s/2f4d9a7c/sc/5/l/0Lappleinsider0N0Carticles0C130C0A70C290Capple0Ereleases0Efourth0Ebeta0Eof0Eios0E70Eto0Edevelopers/story01.htm

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Today's Housing Market Making It Extra Tough on ... - AOL Real Estate

By Kathryn Buschman Vasel

If you're a first-time homebuyer in today's market, experts have a brief message for you: good luck. Traditionally, first-time homebuyers tend to be couples, in their mid- to early 30s with an established career and adequate savings to make the big purchase. But some of the faces making up this group now are a little older than in the past.

"There is now an older group of first timers who couldn't buy before the housing burst because they were just getting established and prices were insanely high," says Keith Gumbinger, vice president of mortgage and consumer loan website HSH.com. "But then they also couldn't buy during the recession because they lost their job or had massive debt."

He estimates that about 15 to 20 percent of the new-homebuyer market is made up of people over 35.
First-time buyers play a key role in the housing market's health and strength of the economy, but they're having a hard time finding room at the bargaining table and face unique challenges that those before them didn't face.

"Because home prices fell so much after the housing bubble burst, there is stronger-than-usual investor activity. Inventory is below normal and mortgage credit is tight," says Jed Kolko, chief economist for Trulia.com.

According the National Association of Realtors, first-time buyers made up 29 percent of home sales in June, down from 32 percent in the same period a year prior.

"Adults that used to be buying houses are now living with their parents or with many roommates because they have no economic confidence, and that takes a toll on construction, which is key to the housing market," explains Kolko.

Consumers' first house tends to be the starting point to larger purchases after they establish more equity and are able to move up to larger and more expensive homes. When this trading-up effect doesn't happen until later in life, it can stifle economic growth.

"Buying a home used to be the second step," says Kolko. "It used to be: You rent first, and then buy. Now, you live in a basement, then rent, and then buy. That pushes a lot of spending to later in life, and the economy needs that spending."

It's hard to fault would-be-homebuyers' lack of confidence. "These young adults have a lot of hurdles they have to overcome, they are still underemployed or work part time, so they don't have the job history or income strength to get a mortgage," says Gumbinger. "The ability to increase your income is slight in this marketplace of rising home prices."

First-timers are also carrying around more student loan debt than past generations, which prevents them for qualifying for a mortgage.

"Right now, the interest on student-loan debt is an average of $22,000-$25,000 ... so we are asking first-time homebuyers to first pay the equivalent of two cars before being able to buy a house," says Jed Smith, managing director for quantitative research for the National Association of Realtors.

First-time buyers do face some obstacles, and experts advise them to either get in now or wait a year or two. "They either need to pull the trigger now and battle the low inventory and tight mortgage market and take advantage of the lower rates or wait a year, face higher home prices but have more inventory to choose from and have looser lending practices," says Kolko.

He expects home prices to continue to rise, but not at the current 10 percent year-over-year pace. "Prices will hit the brakes, but that won't throw the market's recovery into reverse."

For buyers ready to take the plunge now, they should expect to pony up a big offer. According to a recent survey from Trulia, 78 percent of young adults who plan to buy a home say they would use aggressive tactics to seal the deal, including making an offer above list price, paying seller's closing costs and removing contingencies.

Financing has always been a struggle for first-timers, but current lending practices are especially tight for buyers because lenders' are too "shell-shocked," according to Smith. "We don't see standards loosening significantly in the near future. Hopefully (lenders) will readjust their portfolios to make them feel comfortable taking on a little more risk, but that's down the road."

The attitude of potential first-timers has also shifted as memories of the recession continue to haunt them.

"There is no doubt now is a great time to buy, but there is this fear of loss that is stopping them," says Gumbinger. "This is jumping in with both feet into the deep end; they watched friends and family lose their life savings, get removed from their homes and have to start all over, and for them, it's just not worth the risk and responsibility."

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Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.

Source: http://realestate.aol.com/blog/2013/07/29/first-time-homebuyers-tough-housing-market/

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Car bombings in Iraq wound Maliki's government

? A daily summary of global reports on security issues.

More than 46 people were killed in Iraq this morning after a wave of car bombs exploded in Baghdad's Shiite neighborhoods and other cities across the country ? the latest signal that the long simmering Shiite-Sunni conflict in Iraq is once again coming to a boil.

The New York Times reports that the attacks targeted a variety of sites, including a hospital, a restaurant, a bus station, and several markets. At least 30 were killed in Baghdad, while others were reported dead in Basra, Kut, and Smawa. The Times writes that more than 100 people were reported wounded, while Agence France-Presse put the injured at least at 226.

The Times reports that no group has claimed responsibility for the attacks, though in the past coordinated bombings against Shiites have been a hallmark of Al Qaeda in Iraq.

RECOMMENDED: Sunni and Shiite Islam: Do you know the difference? Take our quiz.

The string of car bombs is just the latest event in Iraq's ongoing sectarian conflict, which has flared in recent months. The BBC reports that April, May, and June of this year each saw more than 700 people, mostly civilians, killed in Iraq, with a high of some 1,045 dead in May, according to United Nations figures. July has already surpassed the 700-dead mark, with Reuters putting the tally at 810 so far. Iraq Body Count, an independent watchdog tallying the conflict's death toll, put July's total at 831 before today's attacks.

And AFP notes that today's car bombings follow a pair of coordinated attacks by militants in recent days: an assault Wednesday by some 150 militants on the town of Sulaiman Bek that saw the execution of 14 Shiite truck drivers, and a brazen jailbreak at Abu Ghraib a week ago in which more than 500 prisoners were set free and at least 20 security forces were killed.

The Christian Science Monitor's Dan Murphy, commenting after the jailbreak, writes that "Whether this was a total disaster or just the latest in a series of black eyes for the government remains to be seen."

But what's already clear is light infantry attacks involving a large number of insurgents and weapons, that must have been long planned, were carried out against government forces on the outskirts of Baghdad, the seat of central government power. Iraq's sectarian civil war in some ways never really ended, US protestations that the "surge" brought peace to Iraq to the contrary. The Shiite dominated government has behaved autocratically, clamped down on freedom of speech, continued the tradition of torture in Iraq's prisons and police stations, and cut Sunni Arabs out of the political process.

Not surprisingly some of the Sunni Arabs who were promised a seat at the table in the "new Iraq" but have instead been systematically marginalized are taking up arms again. Lately they've been given heart by Sunni jihadi successes across the border in Syria (where Bashar al-Assad is allied with Shiite Iran and enjoys at least the tepid support of the Maliki government), with Iraqi jihadis from Anbar and other border provinces playing a prominent role in the Jabhat al-Nusra insurgent group, and those returning home reinvigorating their comrades.

BBC News adds that tensions are not just increasing along the country's Sunni-Shiite divide, but within the Shiite government of Prime Minister Nouri al-Maliki as well. Analyst Rami Ruhayem writes that the recent spate of attacks ? the jailbreak in particular ? has been "opening fissures within the governing coalition and between ministers themselves."

After the jailbreak, there were arguments over whether the blame should fall on the justice ministry or the interior ministry, and Prime Minister Nouri al-Maliki had to sack a number of security officials. Monday's attacks are likely to increase popular anger at the government's failures.

RECOMMENDED: Sunni and Shiite Islam: Do you know the difference? Take our quiz.

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Source: http://news.yahoo.com/car-bombings-iraq-wound-malikis-government-122539365.html

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Sony and Panasonic working on a new 300 GB optical disc standard

Sony and Panasonic have officially announced that they are working on the next-generation optical disc for long-term digital data storage. Both companies are planning to develop an optical disc with storage capabilities of at least 300 GB by the end of 2015.

The specifics of the optical disc, like protection against dust, water, temperature and humidity are the main reasons for Sony and Panasonic to still be investing in the format.

Sony and Panasonic are currently targeting the video production industry along with motion picture houses and broadcasters as its potential customers. However, cloud-based data centers too are expected to make use of the upcoming high-capacity disc to store large amount of data.

Today?s Blu-ray discs can store up to 25 GB of data on a single layer, while the dual-layer has the capacity to store 50 GB of data. So, if you are planning to store large amount of data in a compact optical disc, then the new standard discs is what you should be looking forward to.

Source

Source: http://blog.gsmarena.com/sony-and-panasonic-working-on-a-new-standard-300-gb-optical-disc/

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Dragons Crown Is Sold Out Almost Everywhere in Japan

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Source: contoso --- Sunday, July 28, 2013
If you live in Japan and don't want to settle with the digital version of Dragon's Crown you may want to hurry, as the latest game by Vanillaware appears to have made a big splash in the archipelago of the rising sun, big enough to be sold out at almost every retailer. ...

Source: http://animeshinbun.com/news/1320957/dragons-crown-is-sold-out-almost-everywhere-in-japan

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