07-03-2020  6:18 am   •   PDX and SEA Weather
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NORTHWEST NEWS

Police Union Contract Extended, Bargaining to Continue

Negotiations will resume in January 2021.

Inslee Heckled Off Stage During Tri-Cities Appearance

Speaking outdoors in Eastern Washington, the governor was repeatedly interrupted by hecklers as he urged residents to wear masks to prevent the spread of the coronavirus.

Portland Police Declare Riot, Use Tear Gas

Several arrests were made as protests continued into early Wednesday morning.

Oregon Legislature Passes Police Reform Package Amid ‘Rushed’ Criticism

Six new bills declare an emergency in police protocol and are immediately effective. 

NEWS BRIEFS

Trump Blows His Twitter Dog Whistle on America’s Fair Housing Policies in the Suburbs

The president could be Tweeting on unemployment or COVID-19 infections but instead pushes housing discrimination ...

Zeta Phi Beta Sorority Awards Historic $100,000 Founders' Centennial Scholarship

Zeta celebrates 100 years with largest single recipient scholarship awarded by a historically Black Greek-lettered sorority or...

Nominations Being Accepted for the Gladys McCoy Lifetime Achievement Award

Gladys McCoy Lifetime Achievement Award was established in 1994 to honor Multnomah County residents who have contributed outstanding...

Shatter, LLC Launches to Elevate Diverse Voices in Progressive Politics

A collaboration of leading female political strategists aims to fill a void in the world of political consulting ...

New Director Takes Helm at Oregon Black Pioneers

In its 27-year history, the organization has never had an executive director, and has expressed confidence and optimism in Zachary A....

Man arrested on murder charges related to human remains

SALEM, Ore. (AP) — A Salem man is facing murder charges after police say they linked him to human remains found in a crawl space of a Salem duplex. Alexander Mosqueda Rivera Burdette, 18, was arrested Thursday by Marion County Sheriff’s Office detectives, the Statesman Journal...

Woman pleads not guilty to attempted murder of man

LONGVIEW, Wash. (AP) — A Longview woman charged with attempted murder in the shooting of her boyfriend entered a not guilty plea Thursday.Cowlitz County sheriff’s deputies said Eden Taylor called 911 on June 15 to report that she had shot her boyfriend in the arm and leg, The Daily...

Iowa defensive back Jack Koerner hurt in jet ski accident

IOWA CITY, Iowa (AP) — Iowa defensive back Jack Koerner sustained serious injuries when he and a passenger on a jet ski collided with a boat on the Lake of the Ozarks in Missouri.According to a police report, Koerner and Cole Coffin were hurt at about 6:30 p.m. Friday when their watercraft...

Missouri football program pushes again for racial justice

COLUMBIA, Mo. (AP) — Ryan Walters had just arrived at the University of Missouri to coach safeties for the football program when a series of protests related to racial injustice led to the resignations of the system president and the chancellor of its flagship campus.The student-led movement...

OPINION

Editorial From the Publisher: Vote as Your Life Depends on It

The Republican-controlled Senate won’t pass the George Floyd Justice in Policing Act, no matter how hard Oregon’s senators and others work to push for change. ...

Banana Republic or Constitutional Democracy? The US Military May Decide

Will the military, when and if the chips are down, acts in accord with the Constitution and not out of loyalty to its commander-in-chief? ...

To Save Black Lives, and the Soul of Our Nation, Congress Must Act Boldly

For too long, Black people in America have been burdened with the unjust responsibility of keeping ourselves safe from police. ...

Racial Inequalities - Black America Has Solutions; White America Won't Approve Them

The problem is we have to secure approval of the solutions from the people who deny the problem's existence while reaping the benefits from it. ...

AFRICAN AMERICANS IN THE NEWS

Move to rename 'Bloody Sunday' bridge has critics in Selma

SELMA, Ala. (AP) — Thousands gathered in this river city in 1940 to dedicate a new bridge in honor of white supremacist Edmund Pettus, a Confederate general and reputed Ku Klux Klan leader. Just 25 years later, the bridge became a global landmark when civil rights marchers were beaten at its...

AP Exclusive: Hair weaves from Chinese prison camps seized

Federal authorities in New York on Wednesday seized a shipment of weaves and other beauty accessories suspected to be made out of human hair taken from people locked inside a Chinese internment camp.U.S. Customs and Border Protection officials told The Associated Press that 13 tons (11.8 metric...

White Mich. couple arrested after gun pulled on Black family

A white couple was arrested after at least one handgun was pulled on a Black woman and her daughters during a videotaped confrontation in a restaurant parking lot in Michigan, authorities said Thursday.Jillian Wuestenberg, 32, and Eric Wuestenberg, 42, were charged Thursday with felonious assault,...

ENTERTAINMENT

Eastwood's ankle forced production shift for 'The Outpost'

LONDON (AP) — An accident requiring two screws in his ankle nearly prevented Scott Eastwood from portraying a real life soldier in Afghanistan in “The Outpost” — a role that required a level of athleticism. Eastwood was tight-lipped about how he was injured, but he said...

Court papers: Meghan felt 'unprotected' by monarchy

LONDON (AP) — Meghan, the Duchess of Sussex, felt “unprotected by the institution” of Britain’s monarchy and was “prohibited from defending herself” against negative media coverage when she was pregnant, U.K. news outlets agency reported Thursday, citing...

Hugh Downs, genial presence on TV news and game shows, dies

NEW YORK (AP) — Hugh Downs, the genial, versatile broadcaster who became one of television’s most familiar and welcome faces with more than 15,000 hours on news, game and talk shows, has died at age 99.Downs died of natural causes at his home in Scottsdale, Arizona, on Wednesday, said...

U.S. & WORLD NEWS

Virus concerns grow — as do crowds flocking to Jersey Shore

BELMAR, N.J. (AP) — As coronavirus-related restrictions are eased and temperatures climb, people are...

English pubs are reopening — they won't be the same

LONDON (AP) — Asking people in English pubs to keep their distance is going to be tough after...

Only verified intelligence? A look at presidents' briefings

WASHINGTON (AP) — The White House says President Donald Trump was never briefed on intelligence that Russia...

French court OKs end to Rwanda genocide investigation

PARIS (AP) — The Paris appeals court on Friday upheld a decision to end a years-long investigation into the...

The Latest: Cyprus says no quarantine for UK visitors

NICOSIA, Cyprus — Cyprus’ beleaguered tourism sector got some good news after the government...

In shake-up, UK government plans televised media briefings

LONDON (AP) — British Prime Minister Boris Johnson says his government will introduce White House-style...

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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