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Tuesday, July 22, 2014

Israeli Aircraft Hits Dozens Of Targets In Gaza

Israeli Aircraft Hits Dozens Of Targets In Gaza: "Israel launched a massive air campaign on July 8 to stop relentless Hamas rocket fire into Israel. It expanded it on July 17 to a ground war aimed at destroying tunnels the military says Hamas has constructed from Gaza into Israel for attacks against Israelis. The military says Hamas has launched 2,000 rockets since the war began.

Overnight, the Israeli military said it bombed more than 180 militant targets in Gaza, including concealed rocket launchers, a weapon manufacturing facility and surface-to-surface missile launchers. Gaza police spokesman Ayman Batniji said mosques, a sports complex and the home of a former Hamas military chief also were hit.

Since the war began Israel has struck almost 3,000 sites in Gaza, killed more than 180 armed Palestinians and uncovered 66 access shafts of 23 tunnels, the military said."



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Israeli Aircraft Hits Dozens Of Targets In Gaza

Israeli Aircraft Hits Dozens Of Targets In Gaza: "Israel launched a massive air campaign on July 8 to stop relentless Hamas rocket fire into Israel. It expanded it on July 17 to a ground war aimed at destroying tunnels the military says Hamas has constructed from Gaza into Israel for attacks against Israelis. The military says Hamas has launched 2,000 rockets since the war began.

Overnight, the Israeli military said it bombed more than 180 militant targets in Gaza, including concealed rocket launchers, a weapon manufacturing facility and surface-to-surface missile launchers. Gaza police spokesman Ayman Batniji said mosques, a sports complex and the home of a former Hamas military chief also were hit.

Since the war began Israel has struck almost 3,000 sites in Gaza, killed more than 180 armed Palestinians and uncovered 66 access shafts of 23 tunnels, the military said."



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‮ملٹی میڈیا‬ - ‭BBC Urdu‬ - ‮ برطانیہ کی سوا سو سال پرانی مسجد‬UKs 100 yer old Masjid

‮ملٹی میڈیا‬ - ‭BBC Urdu‬ - ‮ برطانیہ کی سوا سو سال پرانی مسجد‬:



'via Blog this'     UKs 100 yer old Masjid   Shafi Naqi Jamie BBC London

In Gaza, No Safe Place For Civilians: UN

In Gaza, No Safe Place For Civilians: UN: "An Israeli tank shell hit the third floor of Al-Aqsa hospital in the central Gaza Strip on Monday, killing four people and wounding 16, the Health Ministry said. [ID:nL6N0PW35M}

"All patients were evacuated and the 100-bed hospital is no longer functioning," a WHO statement said on Tuesday after a WHO team visited the site.

Hospitals in northern Gaza have been overwhelmed by high numbers of trauma cases and their inadequate supplies, it said.

The International Committee of the Red Cross, guardian of the rules of war, condemned the attack on the Al-Aqsa hospital which it said had come under "direct fire at least four times".

Warring parties are obliged under international humanitarian law to protect medical personnel, ambulances and facilities, the ICRC said in a statement issued late on Monday."



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WSJ ​Allergan to Lay Off 13% of Workforce, Cut Drug Research + LA Times


BUSINESS

​​
Allergan to Lay Off 13% of Workforce, Cut Drug Research

Valeant Takes Complaints About Buyout Target Allergan to SEC, Quebec Agencies

By 
 and 
 
CONNECT
Updated July 21, 2014 4:37 p.m. ET

Botox is Allergan's top-selling drug. Bloomberg

As drug maker Allergan Inc. AGN +0.98% tries to avoid being acquired, it is taking a page from its pursuer, Valeant Pharmaceuticals International Inc. VRX.T -0.07%

The Botox maker said Monday it is laying off workers and cutting drug research—exactly what Valeant said it would do if it acquired Allergan—as it tries to convince investors it's capable alone of delivering strong earnings growth. The layoffs will represent 13% of Allergan's workforce, the Irvine, Calif.-based company said Monday, adding that it will also discontinue some early-stage research and development programs.

The cost-cutting, though smaller in scale, echoes steps Valeant Chief Executive J. Michael Pearson has proposed taking in the event that Valeant and Allergan were to combine. He said in April that about 20% of the new company's 28,000 employees would lose their jobs in a merger.

Valeant focuses more on sales than science compared with many other drug companies, and Allergan had painted the companies' business models as diametrically opposed. It has said Valeant's plan to slash research-and-development and other costs would hinder Allergan's long-term growth.

Related Video

One of Allergan's top shareholders has sold nearly all of its holdings in the stock, leaving the Botox maker without the support of a large and long-term investor as it tries to stave off a $53 billion hostile takeover by Valeant Pharmaceuticals International. Maureen Farrell joins MoneyBeat. Photo: Getty Images.

On Monday, Canada's Valeant tried to capitalize on Allergan's shift. Allergan's announced cuts "validate our view that Allergan's management has a poor record of managing costs," Mr. Pearson said. He said his camp continued to believe the "greatest value for both Allergan and Valeant shareholders" would be achieved through a combination.

As the gap between the rivals' strategies has narrowed, so have the stakes for investors. Analysts and Allergan shareholders said Monday that regardless of whether a deal now gets done, Allergan has become a better bet thanks to Valeant's come-on, made in an alliance with activist investor William Ackman.

"Allergan shareholders win either way," Ronny Gal, an analyst at Bernstein Research, said in an interview. "The fair value of the company clearly has gone up."

The notion of a stronger future for an independent Allergan could, somewhat perversely, weigh on Allergan shares. If Allergan looks capable of deflecting Valeant, that prospect could scare away arbitrage funds and other short-term investors eager for a sale, Marc Goodman, an analyst at UBS, wrote Monday. "The more it looks like the deal won't happen, the more the arbs are likely to be selling."

Capital Research and Management Co., Allergan's largest shareholder at the end of March, has sold most of its position, partly on the view that the firm didn't see Allergan's shares headed much higher than Valeant's offer, people familiar with the matter said.

Allergan shares closed up 2.2% to $171.14 Monday. That is an increase of more than $54 per share from Allergan's price on April 10, the day before Mr. Ackman's Pershing Square Capital Management LP reached the 5% ownership level at which it soon would have to disclose its holding. In May, Valeant made an improved offer then worth $179.25 per share. On Monday, Valeant shares closed up 2.9% to $125.54.

Allergan Chief Executive David E.I. Pyott as much as acknowledged Monday that changes he proposed were spurred by Valeant's approach. Mr. Pyott said he'd had more than 50 meetings with investors in recent months that convinced him spending cuts and value-enhancing use of capital, such as an acquisition or share buyback, were needed.

Investors said, " 'Look, we appreciate all the value you created, we appreciate the numbers you put up, but we're not sure we could finally vote for you relative to the Valeant offer, and you need to put more value on the table,' " Mr. Pyott said in an interview.

Allergan said its restructuring would save the company $475 million next year and lift its earnings above Wall Street analysts' expectations in 2015 and 2016. Allergan now forecasts earnings per share of $10 in 2016, compared with analysts' estimates of $8.19, according to data provider FactSet.

Mr. Pyott said Allergan continues to evaluate targets for a "meaningful strategic acquisition" of a specialty pharmaceutical company.

"We are very determined that something will be transacted," he said. Other options for the company's now-expected $18 billion in free cash flow over the next several years include share repurchases and issuing a special dividend, he said.

Allergan said it would reduce its workforce by about 1,500 employees and permanently eliminate an additional 250 vacant positions. The company is also discontinuing at least four early-stage drug development programs in eye-care and dermatology.

Mr. Pyott said the cuts would reduce research-and-development spending to about 13% of its annual sales, compared with its historical rate of 16% to 17%. Still, Mr. Pyott said, Allergan will continue to spend far more on research than Valeant, which has reported research expenses as low as 3% of annual sales.

The disclosures coincided with Valeant's move to contact regulators in Quebec and the U.S. about what it described as false statements made by Allergan in the companies' continuing tangle.

Valeant said Allergan falsely claimed in a regulatory filing last week that pharmaceutical sales for its eye-care unit Bausch & Lomb were stagnant or declining, comments it said were intended to mislead investors and manipulate the market for Valeant's stock.

"Allergan stands by its comments," the company said. "We call on Valeant to report complete and transparent details on its business on an ongoing basis. At the end of the day, investors will make their own decisions."

—Anna Prior contributed to this article.

Write to Joseph Walker at joseph.walker@wsj.com and Liz Hoffman atliz.hoffman@wsj.com

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Most of Allergan's 1,500 job cuts will be in Southern California

Allergan's 1,500 job cuts to hit Southern California
Irvine-based Botox-maker Allergan will cut about 13% of its workforce - that's 1,500 employees - as it restructures and aims to boost profits.
Allergan job cuts will hit Southern California hard $AGN
Irvine-based Allergan will cut 1,500 jobs
Allergan cuts jobs to fight Valeant Pharmaceuticals takeover

Most of the 1,500 job cuts that Botox maker Allergan Inc. announced Monday morning will be made in Southern California, the company's chief executive said.

Allergan plans to eliminate 650 research and development jobs, the bulk of them at its sprawling Irvine campus, Allergan chief David E.I. Pyott said in an interview with The Times. The company will also close facilities in Santa Barbara (300 employees) and Carlsbad (100 employees), Pyott said.

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"Sadly, I have to say, it will be quite a big effect on Southern California," Pyott said. "Clearly there's a big impact in Irvine."

The cuts are intended to increase profits and make Allergan more appealing to investors as it attempts to fend off a $53 billion takeover attempt by Canadian rival Valeant Pharmaceuticals International Inc.

"Hopefully, at the end of the day, this will put more value on the table than the other side," Pyott said.

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Valeant has vowed to slash research spending at Allergan if it acquires the company, a move that it said would significantly improve its profitability. Pyott said that the 1,500 jobs he intends to eliminate pale compared with the 5,000 jobs he said Valeant would cut if it acquired the company.

The job cuts, announced Monday as part of a restructuring effort, account for about 13% of Allergan's global workforce. In addition, the Irvine-based maker of Botox plans to eliminate about 250 vacant positions.

Valeant is backed by activist hedge fund manager Bill Ackman, whose Pershing Square Capital Management is Allergan's top shareholder. 

cComments
  • @gmartin75 The Justice Department is responsible for uncovering fraud, not some 5limebag that has a stake in a company failing.
    TEAR_DOWN_MY_REASON
    AT 7:31 AM JULY 22, 2014
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The protracted takeover attempt has sparked concerns among Allergan employees, Irvine merchants and the city's mayor over potential job losses. Of Allergan's 11,000-plus global work force, about 2,300 employees are based at its Irvine headquarters. 

Pyott described the planned job cuts as "extremely unpleasant." He said he intended to impose the cuts by Thanksgiving. 

Valeant's chief executive has suggested that Allergan is overstaffed and that its research and development team is ripe for cuts.

A company spokeswoman did not immediately return a request for comment on the situation.

The restructuring effort, Allergan said, will boost stockholder value through improved efficiency and productivity. The effort is expected to result in $475 million in pretax savings next year.

The company on Monday also announced its second-quarter earnings. Allergan said net income rose 16% to $417.2 million, or $1.37 per share, compared with a year earlier. Revenue rose 17% to $1.86 billion.

Twitter: @spfeifer22 @khouriandrew

Copyright © 2014, Los Angeles Times

​T.O. man gets 30-month term for kickbacks Bank America /Short sales


T.O. man gets 30-month term for kickbacks



He must pay $5.7M to bank in restitution


From staff reports


A Thousand Oaks man was sentenced to 30 months in federal prison for taking $1.2 million in bribes and illegally approving short sales of homes while he worked for Bank of America.

Federal prosecutors said Kevin Lauricella, 29, worked from 2010 to 2011 at a Bank of America in Simi Valley, where he was responsible for negotiating short sales. According to prosecutors, Lauricella used his position to "approve" the sales but was unauthorized to do so.

Prosecutors said Lauricella took bribes from people who bought the properties far below
market value to "flip" the homes. He then made false entries in the bank computer system to give the appearance that the bank approved the short sales for the below market prices, authorities said.

Officials said Lauricella's fraudulent sales resulted in at least $5.7 million in losses to Bank of America.

Lauricella admitted that he approved the fraudulent short sales on at least nine properties in January, when he pleaded guilty to two felony charges including receiving bribes and making false bank entries.

On Monday, U.S. District Judge Otis D. Wright II in Los Angeles also ordered Lauricella to pay the bank $5.7 million in restitution and forfeit his own home, which was purchased with bribe money, federal prosecutors
said.

France To Deliver First Warship To Russia Despite MH17 Downing And Angry Allies - Business Insider

France To Deliver First Warship To Russia Despite MH17 Downing And Angry Allies - Business Insider: "Just because the Americans say 'jump' we shouldn't jump," Xavier Bertrand, a former minister under Sarkozy and senior member of his conservative opposition UMP party, told France Inter radio. "France's word, its signature, must be respected."

The wrangling over the warships also highlights the difficulties the 28-member European Union has had in agreeing a joint line on dealing with Russia, a major gas supplier to countries such as Germany and Italy, as well as to central Europe.

"Hollande is not backing down. He is delivering the first (ship) despite the fact he is being asked not to," Jean-Christophe Cambadelis, head of Hollande's ruling Socialist Party, told i>Tele television on Tuesday. "This is a false debate led by hypocrites ... When you see how many (Russian) oligarchs have sought refuge in London, David Cameron should start by cleaning up his own backyard."

The EU can't agree on imposing tough sanctions on Russia over its destabilizing actions in Ukraine as Russian natural gas powers EU homes and business while Russian oligarchs park their money in U.K. banks."



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Monday, July 21, 2014

candidates list Nov 2014 Ventura county election

candidates list Nov 2014 Ventura county election



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Ask For Help Peter Rodger website

Ask For Help: "the broken mental health system will include greater awareness and preventative measures in dealing with individuals who are on or close to the edge.  I’m devoted to doing my part as a writer and Mental Health Counselor to prevent future incidents such as this one, as many are preventable; this one unquestionably was! (end of post)

       My book was completed many months before the great misfortune of what happened with your son.  It’s not only the political, sociological, and economical issues that have made a mess of the mental health system, it is their theoretical and therapeutic approaches.  There are no magic pills.  Medication is imperative in some cases to be used during the process of resolving the causes of distress.  I personally went through this, so I write with authority.  There is complexity and simplicity in understanding human behavior.  As I was healed, my life’s work is devoted to healing others.  What happened was no ones fault!  Preventing future occurrences is every ones responsibility; especially mine.  "



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Peter Rodger: Elliot was not evil, but he was mentally ill Isla Vista shooting victim father meets with father of shooter Peter Rodger, left, father of Isla Vista gunman Elliot Rodger, meets with Richard Martinez, father of Christopher Martinez, one of Elliot Rodger's victims, in Santa Barbara on June 1. (Simon Astaire / Rally/EPA) By RYAN PARKER Elliot RodgerUC Santa BarbaraIsla Vista Shooting Peter Rodger says his son, accused of the Isla Vista rampage, was mentally ill but hid his pain well Father of Isla Vista shooter tells Barbara Walters his son was not evil but was very sick The father of the 22-year-old who authorities say killed six people and injured 13 others near the UC Santa Barbara campus five weeks ago says that he never believed his son was capable of such an atrocity, but that his son was very mentally ill. Something happened to him. He was the most beautiful, kind, sweetheart of a boy. - Peter Rodger During an interview with Barbara Walters that aired Friday night o


Peter Rodger: Elliot was not evil, but he was mentally ill
Isla Vista shooting victim father meets with father of shooter
Peter Rodger, left, father of Isla Vista gunman Elliot Rodger, meets with Richard Martinez, father of Christopher Martinez, one of Elliot Rodger's victims, in Santa Barbara on June 1. (Simon Astaire / Rally/EPA)
Peter Rodger says his son, accused of the Isla Vista rampage, was mentally ill but hid his pain well
Father of Isla Vista shooter tells Barbara Walters his son was not evil but was very sick

The father of the 22-year-old who authorities say killed six peopleand injured 13 others near the UC Santa Barbara campus five weeks ago says that he never believed his son was capable of such an atrocity, but that his son was very mentally ill.

Something happened to him. He was the most beautiful, kind, sweetheart of a boy.- Peter Rodger

During an interview with Barbara Waltersthat aired Friday night on ABC, Peter Rodger said his son, Elliot, who died of a self-inflicted gunshot wound May 23 to end the massacre, was not evil but he was very sick.

"Something happened to him. He was the most beautiful, kind, sweetheart of a boy. And something happened to him," Rodger said.

Hours before the shooting, Elliot emailed his father his 137-page manifesto titled "My Twisted World." Shortly thereafter, Rodger watched a YouTube video his son made in which he said he would have his retribution for girls not being sexually attracted him.

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"A really dark force of horrible energy hit me," Rodger told Walters.

He and other members of the family jumped into their cars and rushed to his son's apartment while frantically calling his cellphone, but had no success, he said. It was already too late. Elliot had carried out his plans and was dead.

His son hid his pain well, but never did Rodger suspect such deadly rage was building, he said.

There were, however, major signs something was wrong. Elliot's mother even called authorities to check on him at his apartment when she found one of his YouTube videos.

Satisfied Elliot was OK, authorities left his apartment without checking for guns.

Elliot said in one of his videos that all of his plans "would have been foiled" had authorities found the guns during their check. His father said he agrees. 

Now, Rodger wants a law on the books to address similar situations.

"If they did do a gun check, they would know that Elliot had bought three automatic weapons," he said. "They would have the right to seize him for 24 hours, and his whole scheme would've been over and thwarted."

cComments
  • The tragedy that happened in Isla Vista was a combination of a number of factors, not just one or two conditions: 1) was the fact that Elliot Rodger had a mental condition that would prevent him to make social contacts or friends, such as dissociative or avoidant personality (he himself says...
    DARKBYTES
    AT 11:03 PM JULY 15, 2014
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Rodger said he tried to do the best he could as a father, but his best was not good enough.

In an open letter, first given to ABC News, Rodger said: "My duty now is to do as much as I can to try and stop this from happening again. Too many lives are being lost."

Rodger said in the letter that he has created a website,AskForHelp.org, where visitors can find resources for mental illness.   

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