Massachusetts fines Morgan Stanley over Facebook research

BOSTON (Reuters) – Morgan Stanley, the lead underwriter for Facebook Inc’s initial public offering, will pay a $ 5 million fine to Massachusetts to settle charges that its bankers improperly influenced its research analysts when the Internet company went public.

Massachusetts’ top securities regulator, William Galvin, charged that Morgan Stanley improperly helped Facebook disclose sensitive financial information selectively, perpetuating what he calls “an unlevel playing field” between Wall Street and Main Street.

Morgan Stanley has been under criticism since the social media company went public in May for having revealed revised earnings and revenue forecasts to select clients on conference calls before the media company’s $ 16 billion initial public offering. A Morgan Stanley spokeswoman did not immediately return a call seeking comment.

Galvin, who has been aggressive in policing how research is distributed on Wall Street ever since investment banks reached a global settlement in 2003, said the bank violated that settlement. He fined Citigroup $ 2 million over similar charges in late October.

Massachusetts says that a senior Morgan Stanley banker helped a Facebook executive release new information and then guided the executive on how to speak with Wall Street analysts about it. The banker, Galvin’s office said, rehearsed with Facebook’s Treasurer and wrote the bulk of the script Facebook’s Treasurer used when calling the research analysts.

The banker “was not allowed to call research analysts himself, so he did everything he could to ensure research analysts received new revenue numbers which they then provided to institutional investors,” Galvin said in a statement.

Retail investors were not given any similar information, Galvin said, saying this case illustrates how institutional investors often have an edge over retail investors.

(Reporting By Svea Herbst-Bayliss with additional reporting by Suzanne Barlyn in New York; Editing by Theodore d’Afflisio)

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TV network aimed at millennials set for summer

NEW YORK (AP) — Participant Media plans to launch a cable network aimed at viewers 18 to 34 years old with programming it describes as inspiring and thought-provoking.

The as-yet-unnamed network is set to start next summer with an initial reach of 40 million subscribers, the company announced Monday.

Targeting so-called millennials, Participant is developing a program slate with such producers as Brian Graden, Morgan Spurlock and Brian Henson of The Jim Henson Company.

Evan Shapiro, who joined Participant in May after serving as President of IFC and Sundance Channel, will head the new network.

Parent company Participant Media has produced a number of fiction and nonfiction films including “Charlie Wilson’s War,” ”An Inconvenient Truth” and Steven Spielberg’s current biopic “Lincoln.”

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Vivalis to buy Intercell in European biotech merger

LONDON/PARIS (Reuters) – France‘s Vivalis and Austrian vaccine specialist Intercell are linking up in a rare cross-border deal that shows the need for Europe’s fledgling biotech companies to grow in scale and produce a stronger pipeline to better compete in the quest for lucrative partnership deals.

Vivalis is set to buy Intercell in a deal valuing the Austrian vaccine maker at around 133 million euros ($ 174 million), and creating an enlarged anti-infectives specialist in the fragmented European biotech industry.

“Today it’s necessary to have critical mass in biotech,” Vivalis Chief Executive Franck Grimaud told Reuters. “Together, we will have all the know-how from drug discovery to product commercialization.”

Both companies are loss-making and the tie-up, billed as a merger of equals, will allow for cost savings of 5 million to 6 million euros a year, the companies said late on Sunday.

The combined group – to be known as Valneva, with listings in Paris and Vienna – also plans to raise 40 million euros via a rights issue to strengthen its balance sheet.

Former Vivalis shareholders will hold approximately 55 percent of the combined entity and Intercell investors 45 percent, immediately after the deal completes.

The combined company will be headquartered in Lyon, France, an establish centre for vaccines and infectious diseases research.

A number of corporate functions will remain at Intercell’s former base in Vienna and Vivalis’ offices in Nantes, north-western France.

STRATEGIC FIT

The decision to merge with Vivalis follows a difficult period for Intercell, which has a vaccine for Japanese encephalitis on the market but has been struggling to get back on track after a string of product setbacks.

For Vivalis, the acquisition offers an opportunity to accelerate its drive to establish a profitable business based on finished products.

Vivalis and Intercell first held talks over a possible combination a year ago, Franck Grimaud said.

Nomura Code analyst Gary Waanders said the two companies will benefit from merging their research and manufacturing activities as well as combined revenues from vaccines and technology licenses.

“We believe the combination of these companies, each experts in their fields, represents an excellent strategic fit which takes advantage of complementary skills and assets and provides a more resilient base for future growth than either company had alone,” Waanders said.

Intercell shares were trading 18 percent higher at 2.06 euros at 1257 GMT in Vienna, while Vivalis was over 7 percent lower at 6.83 euros on the Paris stock exchange.

A Paris-based trader attributed the Vivalis slump to a risk of dilution from the capital hike, which at 40 million is substantial for a group that will have a combined market capitalization of around 270 million.

“It’s also an interesting opportunity to get out of the stock for investors that bought it when it was worth 5 euros,” the trader added.

The French company’s primary expertise is in using technology based on stem cells from embryonic ducks. It licenses its EB66 cell line to pharmaceutical companies for the production of vaccines and drugs, including antibody-based treatments.

Thomas Lingelbach, the current chief executive of Intercell said the merger would bring together Vivalis’ technological know-how with Intercell’s product development and manufacturing experience.

Lingelbach will become CEO of Valneva, while Grimaud will become its chief business officer.

Under the terms of the deal, Intercell shareholders will receive 13 Vivalis new ordinary shares for 40 Intercell shares, representing a premium of 38.5 percent to the Austrian company’s closing share price on December 14, when the company was valued at 96 million euros, or 31.7 percent above the three-month average.

Intercell shareholders will also get 13 new preferred shares for 40 Intercell, with each preferred share to be converted into 0.481 new Valneva ordinary share in the event of successful approval of Intercell’s experimental Pseudomonas vaccine.

Societe Generale is advising Vivalis and Goldman Sachs International is working for Intercell on the deal, which is expected to be completed in May 2013.

(Reporting by Ben Hirschler and Elena Berton, editing by G Crosse)

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Why we should politicize the Newtown shooting, starting right now

By Jeff Greenfield

Two events, each more than a century old, instruct us about how we should act in the face of what happened Friday in Newtown, Conn.

On March 25, 1911, fire broke out in the Triangle Shirtwaist Factory in lower Manhattan. Because the owners had locked the doors and stairwells, in an effort to prevent theft and unauthorized work breaks, the garment workers were trapped in the fire; 146 of them, almost all young female immigrants, died.

In the wake of the disaster, New York politicians–including future Gov. Al Smith and future Sen. Robert Wagner–“exploited the tragedy.” How? By helping push through a series of reforms that made New York state a model of workplace safety.

Little more than a year later, on April 15, 1912, the unsinkable ocean liner Titanic struck an iceberg and sank, taking 1,522 passengers and crew members to their deaths. After the disaster, regulators and public officials “exploited the tragedy.” How? By insisting that ships carry enough lifeboats for all passengers (the Titanic, operating under then-current rules, had barely enough for half); by insisting that ships man their radios 24 hours a day; by better designs of hulls and bulkheads.

A shocking event is exactly the right time to start, or restart, an argument about public policy. A story like the Newtown killings rivets our attention, forces it to the front of our consciousness, insists that we sweep aside the thousand and one distractions that compete for our brain space, and demands that we ask: Is this how we want things to be, and, if not, what do we do about it?

Consider a more recent example. On March 7, 1965, voting rights demonstrators on a march in Alabama from Selma to Montgomery were met by a phalanx of state troopers at the Edmund Pettis Bridge. They met the marchers with fists and billy clubs. A week later, President Lyndon B. Johnson spoke to a joint session of Congress. He made no apologies for “politicizing the tragedy.” Instead, he said:

“At times, history and fate meet at a single time in a single place to shape a turning point in man's unending search for freedom. So it was at Lexington and Concord. So it was a century ago at Appomattox. So it was last week in Selma, Ala.”

The speech—which borrowed the famous assertion that “we shall overcome”—propelled the Voting Rights Act into reality and effectively ended 100 years of state-sanctioned repression.

What those images from Selma did—as the images of police dogs and fire hoses in Birmingham had done in May of 1963—was to make real what for most of us had been an abstraction. The images said, This is what it means to be black in Alabama and seek the most elemental of civil rights.

What happened in Newtown, I think, was very much the same story. The day after the shooting, I was with my grandson at his elementary school’s book fair; I would wager that every parent, every teacher, every school staff member there looked at the kids, with their painted faces and their fists filled with cookies, and thought: This could happen to them. Those same thoughts were going through the minds of every parent dropping a child off at school on Monday, I imagine.

This is why the words of President Barack Obama on Sunday struck such a responsive chord. But it must not be forgotten that in the days, months and years before Newtown, the president has been something less than a profile in courage on the gun question. His response to a question on assault weapons during October’s town hall debate with Mitt Romney is best described as craven: “What I’m trying to do is to get a broader conversation about how do we reduce the violence generally,” Obama said in part. “Part of it is seeing if we can get an assault weapons ban reintroduced. But part of it is also looking at other sources of the violence.”

You can understand the thinking: I can’t get a bill through Congress, it’s a waste of political capital, there are lots of Democrats who hunt and shoot in Ohio. But it does not change the fact that the triumph of the gun lobby has been a bipartisan affair. To be fair, Republicans have been at the forefront of a never-ending effort at the state and federal level to permit guns of all sorts at all sort of venues, from schools to national parks. Before Newtown, it was only a matter of time before some zealot proposed letting citizens purchase Predator drones with Hellfire missiles.

The culture of hunting, and the legitimate case for self-protection, have too often been brushed aside by advocates of restricting gun ownership. But when a Second Amendment stalwart like Sen. Joe Manchin of West Virginia endorses a national commission on gun violence and tweets, "This awful massacre has changed where we go from here. Our conversation should move beyond dialogue," you know the Newtown murders can act as a hinge moment.

Newtown forces us to look at the consequences of decisions–or indecision–squarely, unflinchingly. It forces us to ask ourselves, “What do we do in the face of this new evidence?” That is as far from exploitation as you can get.

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RIM begins BlackBerry 10 tests with business, government clients

TORONTO (Reuters) – Research In Motion Ltd said on Monday that it had begun a “beta testing” program that allows 120 companies and government departments to try out its new BlackBerry 10 smartphones before their global launch on January 30.

The Canadian company, which is trying to reverse a sharp decline in market share for the BlackBerry, said the program would enable so-called enterprise customers in business and government to size up the BB10.

Features of the BB10 include the ability to separate personal and business information so that the user can store both without compromising security.

RIM has struggled in recent years to hold on to its base of enterprise customers, which typically pay a higher subscription fee than consumers, as their employees push to use devices such as Apple Inc’s iPhone for business as well as personal communications.

“This is a crucial step for us in getting our large enterprise customers ready to support BlackBerry 10 at the point of launch date, as opposed to post-launch date,” Bryan Lee, senior director for enterprise accounts, said in a phone interview.

RIM is providing the software and handsets at no charge, and the companies do not have to buy anything once the trial is finished.

The company plans to release its quarterly results on Thursday, and analysts expect it to report its third straight loss as it struggles to sell its older devices.

RIM made its name selling mobile email devices to bankers, lawyers and other professionals before expanding to sell phones to consumers.

The company said the BB10 testers were from financial, insurance, healthcare, manufacturing, media, and distribution industries and include 64 Fortune 500 companies, as well as government departments.

Lee would not identify any of the entities, beyond Integris Health and the U.S. Immigration and Customs Enforcement agency, which have both said they are testing the new devices.

The customers have installed test versions of RIM’s new server software, which manages iPhones and devices using Google Inc’s Android software as well as BlackBerrys, and will each receive two preproduction BlackBerry 10 handsets later this week.

RIM shares were down 2.1 percent at C$ 13.59 in morning Toronto Stock Exchange trading.

The stock has rallied from September’s multiyear lows around C$ 6.50 on a wave of optimism over the new devices, but the share price is still far below mid-2008 highs of around C$ 150.

(Reporting by Alastair Sharp; Editing by Lisa Von Ahn)

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Funerals begin for Newtown victims

NEWTOWN, Connecticut (Reuters) - Mourners in Newtown, Connecticut, headed for the first two of 20 funerals of schoolchildren massacred in their classroom as the rest of the nation anxiously sent children back to school on Monday with tightened security.

Within hours of the school day starting, lockdowns were declared in nearby Connecticut and New York towns. In New Jersey, one high school's morning announcements included an added warning not to let strangers into the building.

Newtown's schools remained closed on Monday, the first academic day since the 20-year-old gunman claimed 28 lives, including his mother's and his own.

Tiny caskets marked the first wave of funerals for the 20 children and six adults killed in the shooting rampage at Sandy Hook Elementary School on Friday. Noah Pozner and Jack Pinto, both 6 years old, will be laid to rest on Monday afternoon.

Their funerals come a day after President Barack Obama visited Newtown to comfort the families. Obama's remarks were heralded on Monday morning by relatives of teacher Victoria Soto, 27, who was killed as she tried to protect her first-grade students.

"He really made us feel like she really was a hero and that everyone should know it," her brother, Carlos Soto, told CBS "This Morning."

All the dead children were 6 or 7 years old. The school principal of Sandy Hook Elementary, the school psychologist and four teachers were also gunned down.

Noah was the youngest victim of rampage and his twin sister, Arielle, escaped unhurt. The family's rabbi has said he encouraged Noah's mother to focus on her other four children amid the grief.

Jack was a wrestler who loved sports. The New York Giants receiver Victor Cruz played Sunday's football game with the boy's name written all over his cleats and gloves.

At Sunday night's memorial, Obama offered words of hope and promises of action to stop future tragedies.

"We bear responsibility for every child ... This is our first task, caring for our children. It's our first job. If we don't get that right, we don't get anything right," he said.

The president kept his emotions in tighter check than he did on Friday, when he cried openly while addressing the shooting. But tears ran freely among mourners in the packed high school auditorium, who wailed when he read the names of the adults and children killed.

Schools remained closed in Newtown as faculty members met to decide when they would open again. To keep children occupied on a drizzling Monday, youth sports groups set up an indoor field day with athletics, board games and arts and crafts. By early morning, more than 100 children joined in the activities.

The community will have to make a decision about what to do with the bullet-ridden Sandy Hook Elementary School, whose students will for now attend classes in an empty school in a neighboring town.

"I think we have to go back into that building at some point. That's how you heal. It doesn't have to be immediately but I sure wouldn't want to give up on it," said local resident Tim Northrop.

A more detailed picture of Adam Lanza's stunning attack emerged on Sunday.

After killing his mother, Nancy Lanza, at home, Adam Lanza shot his way into the school. He had attended Sandy Hook as a child, according to former classmates.

Police said Lanza was armed with hundreds of bullets in high-capacity magazines of about 30 rounds each for the Bushmaster AR 15 rifle and two handguns he carried into the school, and had a fourth weapon, a shotgun, in his car outside. He killed himself in the school.

In Washington, a pro-gun lawmaker called on Congress and the gun industry to come together on a "sensible, reasonable approach" to curbing high-powered, assault weapons like those used in Newtown.

"Never before have we seen our babies slaughtered. This never happened in America, that I can recall, ever seeing this kind of carnage," said Senator Joe Manchin, a West Virginia Democrat who has earned top marks from the gun industry. "This has changed where we go from here."

(Additional reporting by Jeff Mason, Edith Honan, Martinne Geller, David Ingram, Colleen Jenkins and Chris Francescani; Susan Heavey and Doina Chiacu in Washington; Writing by Barbara Goldberg; Editing by Mohammad Zargham and Doina Chiacu)

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Health insurance exchanges planned by 18 U.S. states: Sebelius

(Reuters) – A total of 18 U.S. states are planning to start their own health insurance marketplaces, which will be available to consumers and businesses in 2014, U.S. Health and Human Services Secretary Kathleen Sebelius said in a blog posting on Monday.

The deadline for states to inform the federal government if they would operate healthcare exchanges under President Barack Obama‘s healthcare reform law was December 14. The number of states participating was in line with expectations and leaves the government to create online marketplaces for the rest of the country.

The exchanges are one of the key aspects of the U.S. Patient Protection and Affordable Care Act, which was enacted in 2010. They will create online marketplaces where individuals can buy health insurance from companies like UnitedHealth Group, Wellpoint Inc, Aetna Inc and Cigna Corp.

“The marketplace will provide consumers and small businesses one-stop shopping for health insurance with better information about plan benefits, quality and cost – simplifying the process for buying health insurance,” Sebelius said in her post.

Between the exchanges and expansion of Medicaid government healthcare for the poor, more than 30 million people are expected to become insured in the next decade.

Sebelius said the states that submitted applications for exchanges included: California, Hawaii, Idaho, Minnesota, Mississippi, Nevada, New Mexico, Rhode Island, Vermont and Utah.

On Friday, the government conditionally approved the plans previously submitted by the District of Columbia, Kentucky and New York. It had previously backed plans from Colorado, Connecticut, Massachusetts, Maryland, Oregon and Washington.

The remaining 32 states have until February 15, 2013, to declare whether they want to set up a health exchange in partnership with the government.

(Reporting by Caroline Humerm Editing by G Crosse)

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Iran media: Son of ex-president released on bail

TEHRAN, Iran (AP) — Iranian media say the son of influential former President Akbar Hashemi Rafsanjani has been released on bail.

Several papers, including the pro-reform Etemad daily, say Mahdi Hashemi was released late Sunday and immediately went to his father’s home.

Authorities arrested the younger Hashemi in late September, a day after he returned to Iran from Britain.

He is held on charges of fomenting unrest in the aftermath of Iran’s disputed 2009 presidential election that brought President Mahmoud Ahmadinejad a second term in office. Hashemi also faced corruption charges.

His arrest came days after his sister, Faezeh, was taken into custody to serve a six-month sentence on charges of making propaganda against Iran’s ruling system.

Since Rafsanjani backed Ahmadinejad’s reformist challenger in 2009, his family has come under pressure from hardliners.

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Beck looks for new connection with ‘Song Reader’

NASHVILLE, Tenn. (AP) — Beck Hansen wants you to think about the way music has changed over the last century and what that means about how human beings engage each other these days.

Laboring over the intricate and ornate details of his new “Song Reader” sheet music project, he was struck by how social music used to be — something we’ve lost in the age of ear buds.

“You watch an old film and see how people would dance together in the ’20s, ’30s and ’40s. You’d go out and people would switch partners and it was a way of social interaction,” Hansen said. “It’s something that was part of what brought people together. Playing music in the home is another aspect of that that’s been lost. Again, I’m not on a campaign to get people to take up songs and play music in their home or anything. But it is interesting to me, the loss of that, what it means.”

Beck hopes the “Song Reader” inspires some of us to pick up instruments and limber our vocal cords. It includes 20 songs annotated on sheet music that’s been decorated in the style popular in the early 20th century when the songwriting industry was a thriving enterprise with billions of songs sold.

The 42-year-old singer notes in the book’s preface that Bing Crosby’s “Sweet Leilani” sold an estimated 54 million copies in 1937, meaning about 40 percent or more of the U.S. population was engaged in learning how to play that song. They were touching it directly, speeding it up, slowing it down, changing the lyrics and creating something new.

“There’s popular bands now that people know the words to their songs and can sing along, but there’s something about playing a song for yourself or for your friends and family that allows you to inhabit the song and by some sort of osmosis it becomes part of who you are in a way,” he said. “So when I think of my great-grandparents’ generations, music defined their lives in a different way than it does now.”

Beck proposed the idea to McSweeney’s Dave Eggers in 2004 and it soon blossomed into something more ambitious as the artist wrapped his mind around the challenge of not just writing a song, but presenting it in a classic way that also engages fans who might not be able to read music or play their own instruments.

They quickly agreed it would make no money, but it seemed like an idea worth exploring.

“And it seemed like only Beck would have thought of it,” Eggers said in an email to the Associated Press. “It’s a very generous project, in that he wrote a bunch of songs and just gives them to the world to interpret. That’s a very expansive kind of generosity and inclusiveness that we’re happy to be part of. On a formal level, we love projects like this, that are unprecedented, and that result in a beautiful object full of great art and great writing. And it all started with Beck. It’s a testament to his groundbreaking approach to everything he does.”

Beck hopes fans will record their own versions and upload them to the Internet so those songs grow into something more universal.

As for his own recorded music, that’s a little more complicated.

Beck’s not sure where he’s headed at the moment. He recorded an album in 2008, but set it aside to work with Charlotte Gainsbourg on “IRM,” which he wrote and produced. He’s also been writing songs for soundtracks and special projects and producing artists like Thurston Moore, Stephen Malkmus and Dwight Yoakam. All that has left him feeling creatively satisfied, but he does acknowledge it’s been a while since he released 2008′s Danger Mouse-produced “Modern Guilt.”

He says in many ways he’s reached a crossroads he’s not yet sure how to navigate.

“This last year I’ve been thinking about whether I’d finish those songs (from 2008), whether they’re relevant or worthy of releasing. I know that doesn’t sound very definitive,” he said, laughing, “but that’s the kind of place I’m in — in this kind of limbo — and, um, yeah.”

The “Song Reader” spurred Beck to think about his own work in a new light as well. Spending six months finishing off the project after working on it sporadically over the years, he was struck by how much craft went into the creation of each song and how quickly music can come into existence today.

“There is so much music out there, to me,” he said. “I don’t know if it’s just where I am in my own music making or if it’s a product of the amount of music out there, but I feel like a piece of music does have to have a certain validity to be put out there and to ask people to listen. … I feel like it’s impossible for everyone to keep up, you know, so I guess I’ve been feeling like maybe there’s something to picking what you’re going to put out, about being more particular about what you put out.”

___

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http://beck.com

___

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Nigeria governor, 5 others die in helicopter crash

LAGOS, Nigeria (AP) — A navy helicopter crashed Saturday in the country’s oil-rich southern delta, killing a state governor and five other people, in the latest air disaster to hit Africa’s most populous nation, officials said.

Nigeria‘s ruling party said in a statement that the governor of the central Nigerian state of Kaduna, Patrick Yakowa, died in the helicopter crash in Bayelsa state in the Niger Delta. The People’s Democratic Party’s statement described Yakowa’s death as a “colossal loss.”

The statement said the former national security adviser, General Andrew Azazi, also died in the crash. Azazi was fired in June amid growing sectarian violence in Nigeria, but maintained close ties with the government.

Yushau Shuaib, a spokesman for Nigeria’s National Emergency Management Agency, said four other bodies had been found, but he could not immediately give their identities.

The crash occurred at about 3:30 p.m. after the navy helicopter took off from the village of Okoroba in Bayelsa state where officials had gathered to attend the burial of the father of a presidential aide, said Commodore Kabir Aliyu. He said that the helicopter was headed for Nigeria’s oil capital of Port Harcourt when it crashed in the Nembe area of Bayelsa state.

Aviation disasters remain common in Nigeria, despite efforts in recent years to improve air safety.

In October, a plane made a crash landing in central Nigeria. A state governor and five others sustained injuries but survived.

In June, a Dana Air MD-83 passenger plane crashed into a neighborhood in the commercial capital of Lagos, killing 153 people onboard and at least 10 people on the ground. It was Nigeria’s worst air crash in nearly two decades.

In March, a police helicopter carrying a high-ranking police official crashed in the central Nigerian city of Jos, killing four people.

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