10-20-2019  9:10 am   •   PDX Weather    •   SEA weather  
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NORTHWEST NEWS

Washington State to Vote on Affirmative Action Referendum

More than two decades after voters banned affirmative action, the question of whether one's minority status should be considered in state employment, contracting, colleges admissions is back on the ballot

Merkley Introduces Legislation that Protects Access to Health Care for Those Who Cannot Afford Bail

Under current law, individuals in custody who have not been convicted of a crime are denied Medicare, Medicaid, and veterans’ benefits

New County Hire Aims to Build Trust, Transparency Between Community and Public Safety Officials

Leneice Rice will serve as a liaison focused on documenting and reporting feedback from a community whose faith in law enforcement has been tested

Hank Willis Thomas Exhibit Opens at Portland Art Museum

One of the most important conceptual artists of our time, his works examine the representation of race and the politics of visual culture

NEWS BRIEFS

GFO Offers African Americans Help in Solving Family Mysteries

The Genealogical Forum of Oregon is holding an African American Special Interest Group Saturday, Oct. 19 ...

Third Annual NAMC-WA Gala Features Leader on Minority Business Development

The topic of the Washington Chapter of the National Association of Minority Contractors' event was 'Community and Collaboration' ...

Building Bridges Event Aims to Strengthen Trust Between Communities

The 4th Annual Building Bridges of Understanding in Our Communities: Confronting Hate will be held in Tigard on...

The Black Man Project Kicks Off National Tour in Seattle

The first in a series of interactive conversations focused on Black men and vulnerability takes place in Seattle on October 25 ...

Protesters Rally in Ashland to Demand 'Impeach Trump Now'

Activists are rallying in Ashland Sunday Oct, 13 to demand impeachment proceedings ...

Seattle's first Opportunity Zone development breaks ground

SEATTLE (AP) — The Opportunity Zones program was marketed as a way to help poor communities by offering major capital-gains tax breaks for investors to park their cash in 8,000 designated low-income census tracts.Instead, critics have labelled it a "tax scam," ''the latest example of urban...

Prosecutors: Trade war opens doors For Mexican drug cartels

PORTLAND, Ore. (AP) — Federal law enforcement officials in Oregon say they've uncovered an elaborate scheme to convert Mexican drug profits from sales in the United States back into pesos using Chinese citizens who seek to circumvent their country's banking laws.The Mexican drug cartels are...

Vaughn scores twice, Vandy upsets No. 22 Missouri 21-14

NASHVILLE, Tenn. (AP) — Derek Mason wants it known he's the best coach for the Vanderbilt Commodores.Riley Neal came off the bench and threw a 21-yard touchdown to Cam Johnson with 8:57 left, and Vanderbilt upset No. 22 Missouri 21-14 on Saturday with a stifling defensive...

No. 22 Missouri heads to Vandy, 1st road trip since opener

NASHVILLE, Tenn. (AP) — Missouri coach Barry Odom knows only too well the dangers of going on the road and how a few mistakes can prove very costly.While some of his players my not remember that stunning loss at Wyoming to open this season, Odom hasn't forgotten."We're going to treat it just...

OPINION

Atatiana Jefferson, Killed by Police Officer in Her Own Home

Atatiana Jefferson, a biology graduate who worked in the pharmaceutical industry and was contemplating becoming a doctor, lived a life of purpose that mattered ...

“Hell No!” That Is My Message to Those Who Would Divide Us 

Upon release from the South African jail, Nelson Mandela told UAW Local 600 members “It is you who have made the United States of America a superpower, a leader of the world" ...

Rep. Janelle Bynum Issues Response to the Latest Statement from Clackamas Town Center

State legislator questions official response after daughter questioned for ‘loitering’ in parking lot ...

Why Would HUD Gut Its Own Disparate Impact Rule?

"You can’t expand housing rights by limiting civil protections. The ’D’ in HUD doesn’t stand for ‘Discrimination’" ...

AFRICAN AMERICANS IN THE NEWS

New Emmett Till marker dedicated to replace vandalized sign

GLENDORA, Miss. (AP) — A new bulletproof memorial to Emmett Till was dedicated Saturday in Mississippi after previous historical markers were repeatedly vandalized.The brutal slaying of the 14-year-old black teenager helped spur the civil rights movement more than 60 years ago.The...

Parents sue Virginia school district over racist 2017 video

HENRICO, Va. (AP) — The parents of a Virginia student who say their son was assaulted and bullied by his middle school football teammates in an incident captured on video two years ago are suing the school system.The video, which showed football players simulating sex acts on black students...

Team abandons FA Cup qualifier after racial abuse

LONDON (AP) — An FA Cup qualifier between Haringey Borough and Yeovil was abandoned Saturday when the home team walked off the field after one of its players was racially abused.Haringey, a London-based non-league club, walked off in the 64th minute after claims its Cameroonian goalkeeper...

ENTERTAINMENT

Jane Fonda returns to civil disobedience for climate change

WASHINGTON (AP) — Inspired by the climate activism of a Swedish teenager, Jane Fonda says she's returning to civil disobedience nearly a half-century after she was last arrested at a protest.Fonda, known for her opposition to the Vietnam War, was one of 17 climate protesters arrested Friday...

Naomi Wolf and publisher part ways amid delay of new book

NEW YORK (AP) — Naomi Wolf and her U.S. publisher have split up amid a dispute over her latest book, "Outrages."Wolf and Houghton Mifflin Harcourt announced separately Friday that they had "mutually and amicably agreed to part company" and that Houghton would not be releasing "Outrages."...

New HBO series 'Watchmen' hopes to match original's ambition

NEW YORK (AP) — Damon Lindelof didn't take lightly the challenge of adapting the most acclaimed graphic novel of all time.The "Lost" and "The Leftovers" co-creator was a fan of the revered "Watchmen" book ever since his father handed him the first few issues when he was 13 in the mid-1980s....

U.S. & WORLD NEWS

Hong Kong descends into chaos again as protesters defy ban

HONG KONG (AP) — Hong Kong streets descended into chaotic scenes following an unauthorized pro-democracy...

Where you die can affect your chance of being an organ donor

WASHINGTON (AP) — If Roland Henry had died in a different part of the country, his organs might have been...

Kurds begin evacuation from besieged Syrian border town

AKCAKALE, Turkey (AP) — Kurdish fighters and civilians began evacuating from a besieged Syrian town on...

Canada's Conservatives offer bland option to Trudeau's flash

TORONTO (AP) — Even members of his own party say Canada's Conservative leader is bland.They tout it as a...

15 dead after Russian dam collapse floods dormitories

MOSCOW (AP) — At least 15 people are dead after a dam at a small Siberian gold mine collapsed and water...

Trump drops plan to host G-7 at Doral

WASHINGTON (AP) — Responding to stinging criticism, President Donald Trump on Saturday abruptly reversed...

McMenamins
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.



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