07-14-2024  7:43 pm   •   PDX and SEA Weather

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NORTHWEST NEWS

Wildfire Risk Rises as Western States Dry out Amid Ongoing Heat Wave Baking Most of the US

Blazes are burning in Oregon, where the governor issued an emergency authorization allowing additional firefighting resources to be deployed. More than 142 million people around the U.S. were under heat alerts Wednesday, especially across the West, where dozens of locations tied or broke heat records.

Forum Explores Dangerous Intersection of Brain Injury and Law Enforcement

The Portland Committee on Community-Engaged Policing hosted event with medical, legal and first-hand perspectives.

2 Men Drown in Glacier National Park Over the July 4 Holiday Weekend

 A 26-year-old man from India slipped on rocks and was swept away in Avalanche Creek on Saturday morning. His body has not been recovered. And a 28-year-old man from Nepal who was not an experienced swimmer drowned in Lake McDonald near Sprague Creek Campground on Saturday evening. His body was recovered by a sheriff's dive team.

Records Shatter as Heatwave Threatens 130 million Across U.S. 

Roughly 130 million people are under threat from a long-running heat wave that already has broken records with dangerously high temperatures and is expected to shatter more inot next week from the Pacific Northwest to the Mid-Alantic states and the Northeast. Forecasters say temperatures could spike above 100 degrees in Oregon, where records could be broken in cities such as Eugene, Portland and Salem

NEWS BRIEFS

Echohawk Selected for Small Business Regulatory Fairness Board

Indigenous woman and executive leader of Snoqualmie-owned enterprise to serve on national board advancing regulatory fairness and...

HUD Reaches Settlement to Ensure Equal Opportunity in the Appraisal Profession

The U.S. Department of Housing and Urban Development (HUD) announced today that it has entered into an historic Conciliation...

HUD Expands Program to Help Homeowners Repair Homes

The newly updated Federal Housing Administration Program will assist families looking for affordable financing to repair, purchase, or...

UFCW 555 Turns in Signatures for Initiative Petition 35 - United for Cannabis Workers Act

On July 5, United Food and Commercial Workers Local 555 delivered over 163,000 signatures to the Oregon Secretary of...

Local Photographer Announces Re-Release of Her Book

Kelly Ruthe Johnson, a nationally recognized photographer and author based in Portland, Oregon, has announced the re-release of her...

Things to know about heat deaths as a dangerously hot summer shapes up in the western US

PHOENIX (AP) — A dangerously hot summer is shaping up in the U.S. West, with heat suspected in dozens of recent deaths, including retirees in Oregon, a motorcyclist in Death Valley, California and a 10-year-old boy who collapsed while hiking with his family on a Phoenix trail. Heat...

California reports first wildfire death of the 2024 season as fires persist across the West

SAN FRANCISCO (AP) — Wildfires fueled by strong winds and an extended heat wave have led to the first death in California of the 2024 season, while wind-whipped flames in Arizona have forced hundreds to flee from what tribal leaders are calling the “most serious” wildfire on their reservation...

Missouri governor says new public aid plan in the works for Chiefs, Royals stadiums

JEFFERSON CITY, Mo. (AP) — Missouri Gov. Mike Parson said Thursday that he expects the state to put together an aid plan by the end of the year to try to keep the Kansas City Chiefs and Royals from being lured across state lines to new stadiums in Kansas. Missouri's renewed efforts...

Kansas governor signs bills enabling effort to entice Chiefs and Royals with new stadiums

TOPEKA, Kan. (AP) — Kansas' governor signed legislation Friday enabling the state to lure the Super Bowl champion Kansas City Chiefs and Major League Baseball's Royals away from neighboring Missouri by helping the teams pay for new stadiums. Gov. Laura Kelly's action came three days...

OPINION

Minding the Debate: What’s Happening to Our Brains During Election Season

The June 27 presidential debate is the real start of the election season, when more Americans start to pay attention. It’s when partisan rhetoric runs hot and emotions run high. It’s also a chance for us, as members of a democratic republic. How? By...

State of the Nation’s Housing 2024: The Cost of the American Dream Jumped 47 Percent Since 2020

Only 1 in 7 renters can afford homeownership, homelessness at an all-time high ...

Juneteenth is a Sacred American Holiday

Today, when our history is threatened by erasure, our communities are being dismantled by systemic disinvestment, Juneteenth can serve as a rallying cry for communal healing and collective action. ...

AFRICAN AMERICANS IN THE NEWS

Historically Black town in Louisiana's Cancer Alley is divided over a planned grain terminal

WALLACE, La. (AP) — Sisters Jo and Dr. Joy Banner live just miles from where their ancestors were enslaved more than 200 years ago in St. John the Baptist Parish, Louisiana. Their tidy Creole cottage cafe in the small riverfront town of Wallace lies yards from property their great-grandparents...

Pastors see a wariness among Black men to talk abortion politics as Biden works to shore up base

WASHINGTON (AP) — Phoenix pastor the Rev. Warren H. Stewart Sr. has had countless discussions this election season with fellow Black men on the economy, criminal justice, immigration and other issues dominating the political landscape in their battleground state of Arizona. But never abortion. ...

Morehouse College president says he will retire next June

ATLANTA (AP) — Morehouse College President David Thomas announced that he will retire next year, saying it is time for new leadership at the prominent all-male, historically Black school he has led since 2018. Thomas, 67, said in a statement Friday that he will retire June 30,...

ENTERTAINMENT

Book Review: 'Hey, Zoey' uses questions about AI to look at women's autonomy in a new light

Dolores is going through the motions of life when she finds a potentially marriage-ending surprise in her garage: a high-end, lifelike sex doll imbued with artificial intelligence named Zoey. There are a lot of places that author Sarah Crossan can go from here — when is it cheating?...

Book Review: 'Loving Sylvia Plath' attends to polarizing writer's circumstances more than her work

A popular form of writing nowadays is one that involves reexamining the lives of people, often members of marginalized groups, who have otherwise been flattened or short-changed by history. How has society’s assumptions or prejudices informed how a person is remembered, many authors...

Book Review: Gonzo journalist Barrett Brown’s memoir a piquant take on hacktivism’s rise

His talents in full flower and basking in public admiration, gonzo journalist and inveterate anti-establishment troublemaker Barrett Brown is jailed in his native Texas on various federal felony charges. It is 2013 and Brown’s adventures have included helping Anonymous hacktivists...

U.S. & WORLD NEWS

AP PHOTOS: Shooting at Trump rally in Pennsylvania

This collection of photos shows the aftermath of a shooting at former President Donald Trump's rally in Butler,...

A few short minutes after Trump took the stage, shots rang out

BUTLER, Pa. (AP) — At 6:02 pm Saturday, to the strains of “God Bless the U.S.A.,” former President Donald...

Carlos Alcaraz wins Wimbledon by beating Novak Djokovic and now owns 4 Slam titles at age 21

LONDON (AP) — Carlos Alcaraz was ready from the get-go this time. A year ago in the Wimbledon final against...

Scientists, a journalist and even a bakery worker are among those convicted of treason in Russia

TALLINN, Estonia (AP) — Over the past decade, Russia has seen a sharp increase in treason and espionage cases. ...

A Pakistani court acquits ex-PM Khan but supporters' hopes of his release are dashed

ISLAMABAD (AP) — A Pakistani court on Saturday overturned the convictions and seven-year sentences of former...

What to know about the growing number of treason and espionage cases in today's Russia under Putin

Treason cases were rare in Russia 30 years ago, with only a handful brought annually. In the past decade and...

By Barbara Ortutay AP Technology Writer

NEW YORK – A reported investment by Goldman Sachs and a Russian investor of $500 million in Facebook is a further sign that the social networking behemoth is becoming a powerful force even outside tech circles, even as the company tries to push off going public as long as possible.
The investment implies that the company is worth $50 billion, according to the report — more than twice the market valuation of Yahoo Inc., though still well below its famous Silicon Valley rival, Google Inc. The Skanner News Video
The New York Times reported the investment over the weekend, citing unnamed people involved with the deal. Facebook and Goldman Sachs declined to comment Monday.
Russian investor Digital Sky Technologies already has a small stake in Facebook, but the investment from Goldman Sachs is a sign of just how big the Palo Alto, Calif.-based startup has become in the nearly seven years since it was born in CEO Mark Zuckerberg's Harvard dorm room.
Wedbush Morgan analyst Lou Kerner, who's been bullish on social media and Facebook in particular, said Facebook is worth the $50 billion the investment implies.
He said that amount is 15 percent less than the going rate on private stock exchanges, and just half of what Kerner thinks Facebook's shares would trade at if the company were to go public.
Shares of privately held companies can be traded on private stock exchanges such as SecondMarket and SharesPost. The shares are generally sold by former employees or early investors in these companies. Only institutional investors or high net-worth individuals — those worth more than $1 million — can buy the shares.
On SharesPost, a completed contract between a buyer and a seller valued shares Facebook at $25 each. This implies a valuation of nearly $57 billion for the world's largest social network, with 500 million-plus users worldwide.
While the market for Facebook's shares is hot, it's not guaranteed that the company's shares would be worth on the public market what they go for in private exchanges.
Not that Facebook is in any rush to go public. Zuckerberg, 26, has long been coy about a possible initial public offering, recently telling CBS' "60 Minutes" that he doesn't see selling the company or going public as an end goal, as a lot of people seem to.
"(It's) like you win when you go public. And that's just not how I see it," he said on Dec. 5.
There are many reasons for Facebook to put off an IPO, a big one being that it doesn't need the money, as the latest investment shows. Companies go public to get access to capital, and Facebook clearly has access to capital, Kerner said.
Becoming public also requires a "significant time commitment" from a company's senior management that they could otherwise spend running the company, he added. Zuckerberg has been deeply involved with running Facebook since its founding and shows no signs of wanting to give that up to cash out. He's even pledged to give away at least half of his wealth along with a slew of much older billionaires such as Carl Icahn and Barry Diller.
And Facebook, which already faces government scrutiny for the way it handles the troves of personal information its users share through its tools, would be subject to even more poring eyes were it to go public, Kerner noted.
"If I'm Facebook, I don't think I ever want to go public," he said.
The company discloses very limited financial information now, but this could change if the number of its shareholders hits 500. At that point, Securities and Exchange Commission rules would kick in requiring it to disclose more numbers, even if it doesn't go public. The company has been trying to prevent this from happening. It bars current employees from selling their shares, for example.
Facebook hasn't said whether it's profitable, though in 2009 it said it was "cash-flow positive," meaning it was bringing in more money than it was spending. Research firm eMarketer estimates that Facebook generated $1.29 billion in online ad revenue in 2010 and will rake in $1.76 billion in 2011.
The Times reported that Goldman is planning to create a "special purpose vehicle" that may be able to circumvent the 500 shareholder rule because it would be managed by Goldman and considered just one investor, even though it could conceivably be pooling investments from thousands of clients. As part of the deal, the newspaper said, Goldman could raise as much as $1.5 billion total based on the $50 billion valuation.
Digital Sky Technologies — together with sister company Mail.ru, which had its IPO in London in November — owns 10 percent of Facebook. A person answering the phone at the company's office in Moscow said no one was available to comment on the reported deal.
Microsoft Corp. also owns a small stake in Facebook. It invested $240 million in Facebook in 2007 in exchange for a 1.6 percent stake, at the time implying a valuation of $15 billion.