Below is the Press Release
Catalyst Pharmaceutical Partners, Inc. today announced that it expects to report top-line results from its CPP-109 (vigabatrin) Phase II(b) trial around the end of September 2012 versus the previous guidance of early in the first quarter of 2013.
After discussions with our collaborators, the National Institute on Drug Abuse (NIDA) and the Department of Veterans Affairs Cooperative Studies Program (VACSP), and our statistical and regulatory consultants, we have been able to work through the complexities of modifying our statistical analysis plan. This will enable us to report top-line trial results about four months earlier than previously expected.
"We are pleased that we will be able to report the top-line results of our CPP-109 Phase II(b) clinical trial sooner than expected," said Patrick J. McEnany, Chief Executive Officer of Catalyst. "We are committed to bringing safe and effective breakthrough products for the treatment of cocaine addiction to the market as quickly as possible, and the earlier reporting of these data is consistent with that philosophy."
About the CPP-109 Phase II(b) Clinical Trial
The 24-week CPP-109 Phase II(b) clinical trial is randomized, double-blind and placebo-controlled in 207 patients recruited at 13 sites in the United States. It is designed to demonstrate that the rate of cocaine dependent subjects treated with CPP-109, who abstain from cocaine use in the last two weeks of the trial's treatment phase (weeks 8 and 9), will be higher than patients treated with placebo. Other outcomes include: i) reduction in cocaine use days; ii) increase in clean urines collected; and iii) improvements in other measures of subject well-being and cocaine craving.
About CPP-109 and Fast Track Status
CPP-109 is a GABA analog that is Catalyst's designation for vigabatrin. Catalyst licensed CPP-109 from Brookhaven National Laboratory for the treatment of cocaine and other addictions, and has been granted "Fast Track" status by the U.S. Food and Drug Administration (FDA) for cocaine addiction. Under the Federal Food, Drug, and Cosmetic Act, the FDA is directed to facilitate the development and expedite review of drugs and biologics intended to treat serious or life-threatening conditions, and that demonstrate the potential to address unmet medical needs. Fast Track designation emphasizes communication between Catalyst and the FDA, and provides Catalyst benefits that may help to expedite the approval process. For example, Fast Track designation affords Catalyst the potential to submit a New Drug Application (NDA) for CPP-109 on a rolling or modular basis, allowing the FDA to review sections of the NDA in advance of receiving a full submission. The designation also means that Catalyst may have increased communications with the FDA regarding the design of its clinical studies, which may expedite the development and review of Catalyst's application for the approval of CPP-109 for cocaine addiction and may provide greater certainty overall in the regulatory pathway.
About Cocaine Addiction
According to the most recent Substance Abuse and Mental Health Services Administration (SAMHSA) survey, an estimated 1.5 million people, or 0.6% of the population aged 12 or over, had used cocaine in the month preceding the survey. Additionally, in 2010, approximately 637,000 people aged 12 or over had used cocaine for the first time within the preceding 12 months, an average of approximately 1,700 new users per day. In addition, approximately 699,000 patients received treatment for cocaine abuse in 2010.
Cocaine addiction is not only a U.S. health problem. In 2009, according to the United Nations Office on Drugs and Crime, there were 4.3 million -- 4.7 million users of cocaine between the ages of 15 and 64 across Europe who had used it within the past year. Catalyst believes that the direct and indirect costs of cocaine use are indicative of a global public health problem, representing a significant unmet medical need for which no adequate pharmaceutical therapies exist.
About Catalyst Pharmaceutical Partners
Catalyst Pharmaceutical Partners, Inc. is a development-stage specialty pharmaceutical company focused on the development and commercialization of prescription drugs targeting diseases and disorders of the central nervous system, including addiction and epilepsy. Catalyst has two products in development, CPP-109 and CPP-115. It is currently evaluating its lead product and first-in-class GABA aminotransferase inhibitor candidate, CPP-109, for the treatment of cocaine addiction. Both CPP-109 and CPP-115 have been granted "Fast Track" status by the FDA for the treatment of cocaine addiction. Catalyst is also planning to evaluate CPP-109 for the treatment of other addictions. Catalyst believes that it controls all current intellectual property for drugs that have a mechanism of action related to the inhibition of GABA aminotransferase. For more information about Catalyst, go to www.catalystpharma.com .
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. A number of factors, including whether CPP-109 will be safe and effective for the treatment of addiction, whether the CPP-109 Phase II(b) clinical trial will be successful, whether any of the above-described benefits from having received Fast Track status from the FDA for CPP-109 will be realized by the Company, whether CPP-109 will ever be approved for commercialization, and those other factors described in the Company's filings with the U.S. Securities and Exchange Commission (SEC), could adversely affect the Company. Copies of the Company's filings with the SEC are available from the SEC, may be found on the Company's website or may be obtained upon request from the Company. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.
The agency approved Gilead Sciences' pill Truvada as a preventive measure for healthy people who are at high risk of acquiring HIV through sexual activity, such as those who have HIV-infected partners. The decision comes less than two weeks after the agency approved another landmark product: the first over-the-counter HIV test that Americans can use in the privacy of their homes.
The two developments are seen as the biggest steps in years toward curbing the spread of HIV in the US, which has held steady at about 50,000 new infections per year for the last 15 years. An estimated 1.2 million Americans have HIV, which develops into AIDS unless treated with antiviral drugs. And it's estimated that one-fifth, or about 240,000 people, are unaware that they are infected.
"I think the combination of self-testing and a medicine that you can take at home to prevent infection could mean a whole new approach to HIV prevention that is a bit more realistic," said Dr. Demetre Daskalakis of New York University's Langone Medical Center, who served on the FDA panel that recommended approving Truvada. While a positive step forward, Daskalakis added that Truvada would likely be unavailable for many people without health insurance, who often face the greatest risk of acquiring HIV.
Researchers had long sought to create a pill that could help stem the epidemic. Public health advocates said Monday that Truvada represents a major breakthrough, both as a medical therapy and as a means of expanding other preventive measures. Patients who get a prescription for Truvada will be expected to take part in a comprehensive HIV prevention plan, which experts say will enhance the drug's impact.
"It really marks a new era in HIV prevention because in adding Truvada as a prevention strategy, what comes with it is expanded access to HIV testing, condoms and preventive counseling and support," said James Loduca, vice president of the San Francisco AIDS Foundation.
But HIV experts have raised concerns that patients might not use the drug correctly. Dr. Tom Giordano of Baylor College of Medicine said Monday the drug must be taken every day to be effective, and would be most effective for a relatively small group of people.
"It's been most effective in people who are at very high risk and are able to take the drug on a regular basis," said Giordano, who served on the FDA panel that recommended approving the drug. "When you really boil it down that's going to be a relatively focused population, but it's an important population to treat."
The drug's label carries a warning that people should be tested to make sure they don't have HIV before starting Truvada. Patients who already have the virus could develop resistance to the drug, making their disease more difficult to treat. The label also warns of side effects, including kidney and liver problems.
Gilead Sciences Inc. has marketed Truvada since 2004 as a treatment for people who are already infected with the virus. The once-a-day pill is a combination of two older HIV drugs, Emtriva and Viread.
Starting in 2010, studies showed that the drug could prevent people from contracting HIV when used as a precautionary measure. A three-year study found that daily doses cut the risk of infection in healthy gay and bisexual men by 42 percent, when accompanied by condoms and counseling. Last year, another study found that Truvada reduced infection by 75 percent in heterosexual couples in which one partner was infected with HIV and the other was not.
Because Truvada is on the market to manage HIV, some doctors already prescribe it as a preventive measure. FDA approval will allow Gilead Sciences to formally market the drug for that use, which could dramatically increase prescriptions.
Truvada's groundbreaking preventive ability has exposed disagreements about managing the disease among those in the HIV community. Groups including the AIDS Healthcare Foundation asked the FDA to reject the new indication, saying it could give patients a false sense of security and reduce the use of condoms, the most reliable preventive measure against HIV.
But FDA scientists said Monday said there was no indication from clinical trials that Truvada users were more likely to engage in risky sexual behavior.
"What we found was that condom use increased over time and sexually transmitted infections either remained at baseline levels or decreased," said Dr. Debra Birnkrant, FDA's director of antiviral products. "So in essence, we don't have any strong evidence that condoms were not used or there was a decrease in condom use."
Gilead Sciences said Monday that it would keep the pill at its current price, nearly $14,000 per year. Even at that price, HIV physicians said the drug could be cost effective if it prevents people from contracting the virus.
"It is expensive, but on the other hand it's far cheaper than a lifetime of HIV treatment," said Dr. Joel Gallant of Johns Hopkins University School of Medicine. "So if there are people who will not use condoms but are willing to use this, then for those people it's cost effective."
The lifetime cost of treating one person diagnosed with the AIDS virus has been estimated at more than $600,000.
The decision by the FDA on Truvada follows its approval of the OraQuick test earlier this month. The test, which detects the presence of HIV in saliva collected using a mouth swab and returns a result within 40 minutes, is aimed at people who might not otherwise be tested. The FDA has said the test is not 100 percent accurate.
Associated Press
Kochadaiyaan mobiles will have exclusive screensavers and images from the film along with the trailer and the signature tune. And they will also have Rajinikanth's signature on them. These special Kochadaiyaan mobiles will be released in September/October during the audio launch of the film.
The range is expected to include some feature phones from Karbonn Mobiles as well as the recently launched Karbonn Smarttab 1 and Karbonn smartphones. However, these will be modified with content and cosmetic changes to give an exclusive look and feel. Both the companies are still working on the details though, and things will get clearer in the days to come.
Kochadaiyaan is a hi-tech action adventure film, on the lines of James Camaron's Avatarand Spielberg's Tintin. The film will be released in Tamil, Telugu, Hindi and English. Along with Rajini, the film stars Deepika Padukone, Jackie Shroff, Sharat Kumar, Nazzar, Shobana, Aadi, Rukmani and others.
The music release of the film is planned in Tokyo and multi city premieres of the film are being planned across Los Angeles, London and India. The film is scheduled to release towards the end of the year.
This is not the first time that a device is being made and sold to promote a movie. Recently Shahrukh Khan starrer RaOne also had a tablet released in its name, but it did not do well in terms of sales.
The Mobile Indian
DronesForPeace provides the key capabilities of a surveillance drone at a world changing price; $100 drones distributed in bulk by journalists to crowdsource the video coverage of a natural or political disaster. DronesForPeace proliferates aerial video in the same way cell phone cameras provided the story on the ground in recent events like the Arab spring. Like a robotic carrier pigeon, we carry the footage miles away from the conflict to those who can spread the message.
Unmanned aerial vehicles (UAVs)--or drones--have been used in the U.S. for over 50 years, largely for military purposes. It makes sense; drones can be used for surveillance and fighting enemies without putting pilots at risk. But there are plenty of uses for unmanned camera-equipped drones outside of the military, including documenting protest situations, monitoring fertilizer applications and water distribution on farms, and just taking pretty pictures.
Drones for Peace, a project currently working its way through the MassChallenge accelerator program, wants to bring these drones to the masses. The ultimate goal is a drone for aerial photography that sells for just $100.
This is the first project for Rotary Robotics, a company that may eventually launch a whole line of drones for different applications. This first $100 drone is meant for general use. "We are engineers who were working in the military UAV space for awhile. We wanted to a create an aerial surveillance aircraft that was cheap enough that it would be accessible to everyone," says cofounder James Peverill.
And so they did. The prototype drone is about a pound, has a two-foot wingspan, and can travel at 20 to 30 knots. It’s simple enough to use that anyone could launch it to gather aerial photos without having any knowledge of how to navigate UAVs. That’s because there’s no human navigation involved--a smartphone app lets users select points on a map that they want to photograph, and the drone automatically launches itself, takes the picture, and comes back.
The ultra-expensive drones on the market have data links to the ground, but maintaining that link can be challenging and expensive, so Rotary Robotics decided to nix a link altogether. "There’s really no interactive control. Once the drone is out there doing its thing, it’s following a pre-planned mission, but you can take as many photos as you want," says Peverill. He anticipates that the consumer-ready version of the drone will be able take a number of photos around a specified point before returning.
Rotary only has a proof of concept at the moment, but Peverill expects to launch a Kickstarter campaign in the near future. Initially, the drone will probably cost somewhere in the range of $200 to $250, with prices eventually dropping to $100.
Rotary is also visiting with potential users, including a tech-savvy farmer in New Hampshire who has previously worked with balloon and kite photography. "He’s really excited," says Peverill. "He’s interested in UAVs but didn’t have the expertise or budget."
And as for the non-farmers among us? We will soon be able to send our drones out to cover the latest round of police confrontations at Occupy Wall Street protests without getting pepper-sprayed.
• TPG Buying Par Pharmaceutical Companies, Inc. (PRX) for About $1.84 Billion More...
• Thermo Fisher Scientific (TMO) Agrees to Buy One Lambda, Inc. for $925 Million Cash More...
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• New Johnson & Johnson (JNJ) CEO to Discuss $20 Billion Purchase in 2Q Report More..
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• Raleigh Startup, Sprout Pharmaceuticals Raises $20 Million in Search of "Female Viagra" More...
• Coferon, Inc. Announces $12 Million Series B Financing More...
• Juventas Therapeutics, Inc. Raises $22.2 Million Series B Financing More...
• Novavax, Inc. (NVAX), CPL Biologicals and the International Centre for Genetic Engineering and Biotechnology Announce Collaboration to Develop New Malaria Vaccine With Funding From Government of India More...
• NeoStem, Inc.'s Subsidiary, Progenitor Cell Therapy, and SOTIO Enter Into a Phase 3 Manufacturing Services Agreement More...
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• Retrophin, LLC and St. Jude Children's Research Hospital to Collaborate on Rare Disease Research Program More...
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IMF raises warning flags, dials back growth forecasts for China, world
The IMF is now projecting slower growth for China and the world this year and next and raising the possibility of a so-called hard landing in China. "In the past three months, the global recovery, which was not strong to start with, has shown signs of further weakness" as "downside risks continue to loom large, importantly reflecting risks of delayed or insufficient policy action," the IMF said.
Prolonged U.S. drought spurs sharp rise in agricultural futures
A drought that blankets much of the U.S. Midwest is helping to boost agricultural commodities, with soybeans seeing their highest prices since 2008 and corn at 10-month highs. Forecasts call for no significant precipitation for the next 10 days. Given that outlook, "the path of least resistance is for higher prices until the crops get enough rain to stabilize yields," said Jim Gerlach, president of A/C Trading in Indiana.
U.S. retail sales register 0.5% decline in June
Defying forecasts, U.S. retail sales extended their losing streak to three months, declining 0.5% in June, according to the Commerce Department. The decline only adds to a growing collection of recent indicators that the U.S. economy is losing steam. "Evidence is increasingly clear that the U.S. economy is slowing," said Jim Baird, an investment strategist at Plante Moran Financial Advisors in Michigan.
U.K. economy to grow in 2nd half but is projected flat for year
The U.K. is likely to return to growth in the latter half of the year, with low inflation boosting consumer spending, according to a projection by Ernst & Young. But growth for the full year will be flat, while 2013 is expected to see growth of 1.6%.
Former Barclays official says he believed BOE pushed Libor manipulation
Former Barclays operating chief Jerry del Missier said he believed the Bank of England had sanctioned a request communicated to him by then-CEO Bob Diamond in 2008 to lower the bank's Libor submissions. "I relayed the content of the conversation I had with Mr. Diamond and fully expected the Bank of England views would be fully incorporated in the Libor submission," he told U.K. lawmakers.
Libor scandal has banks rethinking rate-setting seats
Banks around the world are reconsidering their participation in rate-setting panels in the wake of the Libor scandal involving Barclays. In Singapore, Royal Bank of Scotland withdrew from one such group. "People are saying, 'Hang on, what's the value in this for me?' Especially for those currencies which may not be trading in high volumes," said a source at one bank.
Citigroup posts 12% lower profit for 2nd quarter
Citigroup beat expectations but still posted a 12% decline in second-quarter profit as the third-largest U.S. bank continues to wrestle with bad assets from the credit crisis. "The problem is they have no justifiable way to grow," said Jeff Sica, president of New Jersey-based Sica Wealth Management.
U.S. reportedly builds criminal cases in Libor scandal
The Justice Department is putting together several criminal cases regarding the London Interbank Offered Rate against financial institutions and their employees, including traders at Barclays, said government officials who requested anonymity. One source said charges could be filed this year against at least one bank. That case is expected to nudge others toward settlement. All told, civil and criminal actions against the industry could tally up to tens of billions of dollars.
China's Lenovo is set to become world's largest PC-maker this year
China's Lenovo Group is expected to replace Hewlett-Packard this year as the world's top manufacturer of personal computers based on sales, industry analysts said. It will mark the first time a Chinese company is No. 1 in a technology sector.
France readies plan to boost auto industry
The French government is preparing measures to increase vehicle sales and provide broad assistance to the automotive sector, Finance Minister Pierre Moscovici said. He said the government is "looking for solutions" to automakers' problems after PSA Peugeot Citroen said it will close a factory near Paris and lay off 14,000 workers.
Obama criticizes Indian restrictions on foreign investment
U.S. President Barack Obama said India's restrictions on foreign investment are excessive and warned that the investment climate there is deteriorating. "In too many sectors, such as retail, India limits or prohibits the foreign investment that is necessary to create jobs in both our countries, and which is necessary for India to continue to grow," Obama said.
IASB reports "regret" that U.S. is stalling on IFRS
Securities and Exchange Commission staff did not recommend in a report what the agency should do about adopting International Financial Reporting Standards, despite 2½ years of consideration. It's possible that any kind of recommendation will not come until next year. The International Accounting Standards Board expressed "regret" that the U.S. hasn't made a bold move toward the global system.
Market Activity
Asian-Pacific markets are mixed; Chinese shares slide
Asian-Pacific stock markets were mixed Monday, with Chinese shares falling amid high-profile profit warnings. China's Shanghai Composite dropped 1.7%. Hong Kong's Hang Seng Index added 0.2%. Taiwan's Taiex closed down 0.2%. South Korea's Kospi gained 0.3%. Australia's S&P/ASX advanced 0.6%. India's Sensex was up 0.1% shortly after midday. Japan's exchanges were closed for a holiday.
Japanese sales of dollar bonds reach record-breaking $11B
Japanese companies sold more than $11 billion in U.S. dollar-denominated bonds last week, a record high. The bonds offered cheap funding because of a negative dollar-yen basis swap.
Investors shy from U.S. contractors as "fiscal cliff" approaches
With a "fiscal cliff" of tax increases and spending cuts drawing closer, investors are driving down stock prices of companies that get most of their sales from the U.S. government. Unless Congress takes action, the Pentagon must cut defense spending by $500 billion Jan. 2.
Economics
U.S. businesses scale back hiring plans, survey finds
With the European debt crisis hurting sales, U.S. companies are cutting back on hiring, according to a June survey by the National Association for Business Economics. Of responding companies, 23% said they plan to hire during the next six months, compared with 39% in the previous survey, conducted in late March and early April.
Men get most of U.S. jobs created after recession, data show
About 80% of net jobs created since the U.S. recession ended in June 2009 went to men, including 61% last year. One reason is a rebound in manufacturing, which is dominated by men.
Analysis: Private sector reinvents U.S. economy
The U.S. economy has heavy burdens to overcome, but presidential candidates appear to be overlooking important good news when they discuss the situation, according to The Economist. "Led by its inventive private sector, the economy is remaking itself," the magazine notes. "Old weaknesses are being remedied and new strengths discovered, with an agility that has much to teach stagnant Europe and dirigiste Asia."
Analysis: European recovery requires massive stimulus
Europe must implement a major stimulus program, supplementing labor-market reform and reduced social spending, if it is to revive the economy, according to Barron's. "The cure for deficits is growth. And the quickest way to spur growth is via monetary reflation," the publication notes. "A still-cheaper euro -- at parity with the U.S. dollar -- can restore Europe's competitiveness, end its debt crisis, and save its currency."
Survey: Investors with financial advisers more ready for retirement
Consumers who utilize financial advisers are much more prepared for retirement than those who don't, according to a survey by LIMRA. Among consumers who have an adviser, 60% are putting money into a retirement plan or an individual retirement account, compared with 38% of those who don't work with an adviser.
Geopolitical/Regulatory
U.S. regulator adds protection for customer funds
U.S. regulator adds protection for customer funds
The U.S. Commodity Futures Trading Commission approved rules to improve protection of customer funds, after Peregrine Financial Group was accused of fraud. The rules require brokers to increase reporting on customer accounts and that senior management approve major transfers or withdrawals from customer accounts.
France's financial-transaction tax prompts questions
European brokers are concerned about France's financial-transaction tax, which is supposed to go into effect Aug. 1. Many details about the tax, which covers transactions including high-frequency trading and naked sovereign credit default swaps, remain unclear. "There hasn't been appropriate planning for such a fundamental change," said Juan Pablo Urrutia, European general counsel at ITG. "Some may still be hoping that it will be delayed, but I can't see that happening given the political 'war on finance' platform on which President Francois Hollande was elected."
Some lawmakers seek lower top tax rate on dividends than Obama
U.S. Senate Democrats are splitting from President Barack Obama by trying to make the top tax rate on dividends 23.8%. Obama's budget proposal calls for a rate nearly 20 percentage points higher. The lower rate is part of an effort to extend expiring income-tax cuts by one year.
Financial Products
AQR Capital introduces 4 defensive mutual funds
AQR Capital Management launched four mutual funds pursuing defensive strategies designed to deliver typical equity yields but with lower volatility than equities usually experience. The AQR International Defensive Equity, AQR U.S. Defensive Equity, AQR Emerging Defensive Equity and AQR Risk-Balanced Commodities Strategy funds are distributed through advisers.
Ethics
Peregrine CEO is arrested, accused of fraud and lying
Peregrine Financial Group CEO Russell Wasendorf Sr. was arrested. Prosecutors said the 64-year-old admitted stealing more than $100 million from clients of the futures brokerage. In a note found after a failed suicide attempt, Wasendorf confessed to embezzling from customers and defrauding banks for almost two decades.
Via NYT: Marissa Mayer, a top executive at Google and one of the public faces of the company, has been named the new CEO of Yahoo. Mayer, who is one of the most powerful women in Silicon Valley, has spent the past 13 years at Google and is responsible for some of the company's most recognizable hallmarks, from the stark white background of Google's search page to the look and feel of popular products such as Gmail, Google News, and Google Maps. Mayer's appointment at Yahoo comes as a surprise not only because it upsets heavily circulated rumors that the final draw was between the company's interim CEO Ross Levinsohn and Hulu CEO Jason Kilar, but also because of Yahoo's overall struggle to attract and keep top talent in a landscape dominated by Facebook, Amazon, and Google itself. Mayer, who resigned from Google today, starts at Yahoo tomorrow, the day the company also announces its quarterly earnings.
RIM Faces $147 Million Fine In Lost Patent Suit
According to a ruling that came late Friday evening, RIM will pay $147 million in royalties to a company called Mformation for patent infringements via its BlackBerry Enterprise Server,Bloomberg reports. The royalties--charged at $8 for 18.4 million units--are levied on past sales RIM made to U.S. customers, the California court ruled. That's further bad news coming at a rough time for the company, which has Nokia gunning for it in court, an angsty board of directors, and a shrinking market share.
Sky's Now TV Launching In the U.K. Tomorrow
Starting tomorrow, Britons will have a third movie streaming service to choose from. BSkyB has just announced the launch date for its a la carte online movie service, Now TV, which will elbow itself in between steadily growing LoveFilm and competitor Netflix. The service will go live for Macs, PCs and Android mobile devices tomorrow, with an iOS service to follow shortly after. Also planned are versions for the Xbox, PlayStation 2 and Roku streamer. Movies can be bought individually (priced between 99p and £3.49) or accessed through a monthly pass. Later this year, Sky will also add on selections from its sports TV coverage.
Nokia Cuts Lumia 900 Price To $49.99
Nokia has cut the price of its Lumia 900 from $99 to $49.99 in the U.S.--the price for buyers who sign up with a 2-year contract with AT&T. While the price cut counts as brave strategy on Nokia's part, this bravado may hide flagging sales in the U.S. where Nokia was hoping sales would soar to propel Nokia's fortunes. Also, as various reports including this one from AllThingsD point out, the Lumia is incompatible with the Windows 8 operating system, next up from Microsoft. The Lumia 900 hasn't had the easiest of runs: It first went on sale in April with AT&T and Nokia's hopes pinned on it, but about 15 days later, a software glitch surfaced, leading Nokia to offer all customers who'd bought the device $100--the cost of the phone--as credit.
Raspberry Pi Bulk Sales Begin
Raspberry season has officially begun. Makers of the cheap, customizable Raspberry Pi computing device announced on their blog that they're ready to take bulk orders of the new device--so schools, universities and businesses can order them if they wanted to. A first crop of Raspberry Pis, a limited batch, went on sale online in February, and the demand crashed the makers' websites. Though demand for the device was strong, both manufacturers of the device--RS Componenets and Premier Farnell-- were delayed because of an accidental hardware swap, and delays in acquiring "CE" certification for the devices.
MSNBC.com Renamed NBCNews.com As Microsoft Departs
MSNBC has rebranded itself as simply NBCNews.com, reflecting the fact that Comcast, NBC's owner, is buying out Microsoft's 50% stake in the online news site for what the New York Times says is around $300 million. NBC is said to be investing in the site as part of its branding future, and will also bring its TV and digital staff closer together to better exploit web distribution of programs and mobile content. Microsoft and NBC formed a partnership early in the explosion of web technology, a move which also saw MS take a stake in NBC's cable operation. But the two have been struggling to part for years as NBC itself evolved.
Should they send their green freshmen off to campus armed with a debit or credit card to learn how to handle money? Or is it better to keep firm control through the Bank of Mom and Dad?
The "correct" answer will vary by family and personal preference.
The Credit Card Act that took effect 2½ years ago made it much harder for anyone under 21 to get a card. Gone are the days of card issuers racking up scads of new customers on campus by handing out free T-shirts or rewards points for spring break.
"In the old days, if you could fog a mirror could get a credit card," says Adam Levin, chairman and founder of Credit.com, a San Francisco-based company that provides information about credit products.
Under-21s can still obtain a credit card if they have a qualified co-signer or proof of sufficient income to repay the debt. And card issuers still market aggressively to college students, targeting them with pre-screened mail offers.
That makes parents, as the likeliest co-signers, more involved in the card-or-no-card decision.
Robyn Kahn Federman of Rochester, N.Y., says there's "no way" she'll let either of her two daughters have a credit card at such a financially tender age. Her daughter Sarah, who's 19 and about to start her second year of college, uses her PayPal card instead. That lets her mom fund the balance as well as see how spends her money.
"I don't think anything related to debt belongs in the hands of a college kid," says Federman, communications director of a marketing agency. "The vast majority are not experienced enough with money or cognizant enough of the risks."
Some students, though, have shown they're disciplined enough to have their own card on campus.
Scott Gamm, a junior at New York University's Stern School of Business, used his income from freelance work and blogging to obtain a Visa card and then an American Express card recently. He charges $200 or $300 on them monthly and pays every bill in full.
But he has friends who obtained three or four cards within a year and now have big debts to show for their "status symbols."
"The more credit you have access to, especially at that young age, the higher the probability you'll use that card to finance fancy clothes, restaurants and entertainment," says Gamm, 20.
With or without a credit card, payment options for students under 21 remain plentiful:
CREDIT CARD - SOLO
Credit card issuers have differing standards in determining whether an applicant under 21 has the ability to make payments. Some may say it's enough if he or she has a job and can afford the minimum monthly payment. That can take the decision out of Mom and Dad's hands.
Any student who gets a card should use it only for emergencies or otherwise pay it off immediately.
Gamm, who founded a personal finance website, HelpSaveMyDollars.com, agrees. "Students should view their credit card as a way to build strong credit via minor purchases here and there and not as a way to extend their spending habits," he says.
CREDIT CARD - CO-SIGNED
Co-signing should only be an option if the student can use a credit card responsibly, says Bill Hardekopf, who operates LowCards.com, a credit card comparison site. If so, a card with a very low limit is a good way to start building credit without undue risk.
Some students under 21 have upperclassmen, friends or siblings sign for them to avoid parental hassles. That could be a mistake for both sides. If the student can't pay, the co-signer is responsible for all the debt and the credit history of both parties will be affected.
A variant of this is to add a child as an authorized user to a parent's existing account. But if the card has a high credit limit there's the potential for greater unchecked spending.
SECURED CREDIT CARD
These cards are backed by prepaid deposits, making them more manageable as well as relatively easy to obtain. Cards that report to a credit agency can help build the student's credit score. When applying for a card, call and ask which agencies it reports to.
DEBIT CARD
If you don't think your college kid is ready for a credit card, you can opt for a debit card linked to a checking account. The downside: These cards don't help build credit scores.
You should be able to set up email or text message alerts to be notified about any transaction that goes over a certain amount.
PREPAID CARD
These cards can be readily found at pharmacies and convenience stores and bear the MasterCard, Visa or American Express logo. They work like debit cards but are not connected to checking accounts. Many can be registered online so users can review transactions and balances.
Although they are less risky in many ways, they don't come with the same protections as credit and debit cards if lost or stolen. They also can come with a wide variety of fees.
The American express prepaid card is one of the best options, according to Hardekopf, because it has fewer fees than most.
The bottom line for college students and their parents: Be very cautious before you graduate to a full-fledged credit card.
"A credit card can be a positive tool," says Levin. "It can be very helpful in building your credit but it can also be an instrument in your financial self-destruction."
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The Wagners first sampled the clothing-free lifestyle about a dozen years ago at Cypress Cove Nudist Resort & Spa in Kissimmee, Fla. Now, the couple lists Cocoa Beach's sole naturist establishment as a favorite destination.
"Look around," Cindy Wagner said, waving her arm at bare-skinned sunbathers around the pool. "You can be 100 pounds. You can be 500 pounds. No one cares."
After nearly going under as a struggling motel, Fawlty Towers reopened May 1 as a re-branded, clothing-optional resort. Now, manager David Broad says weekend business is brisk, and the no-clothes strategy has saved the 32-room facility from fiscal oblivion. It has also made it one of a growing number of resorts establishing nudist-friendly facilities as a way to weather the lingering economic downturn.
The American Association for Nude Recreation estimates that nude recreation has grown into a $440 million annual industry.
The changes are not without controversy. Two days after the grand re-opening of the Fawlty Towers, the Cocoa Beach City Commission ordered research on whether the facility ran afoul of hotel, health, alcohol or public-nudity regulations.
Debra Key, a Cocoa Beach resident who is involved in Girl Scouts, complained to commissioners that Fawlty Towers could corrupt children's minds and attract prostitution.
"It doesn't stay behind closed doors. The type of perversion that comes to these places — they bring the drugs along with it, the sexual promiscuity," Key told commissioners.
But City Attorney Skip Fowler later determined that Fawlty Towers is operating in legal fashion.
"My hat's off to them. They're trying something different," said Bob Morton, executive director of the Naturist Action Committee of Oshkosh, Wisc. This non-profit group fights for nudists' rights in communities across the USA.
"It may or may not work for them, but they'll make some adjustments and say, 'That's the best idea we've ever had' — or, 'That really stinks,'" Morton said. "You have to ask the Cocoa Beach city commissioners: Would they be happier to have the place shuttered with a 'For Sale' sign on the window?".
In a similar business-model switch, the shuttered Mira Vista Resort in Tucson, Ariz., reopened as a nudist facility in May 2006. The historic property formerly operated as a guest ranch, a shelter for abused women funded by Suzanne Somers, and a gay health spa before closing down in December 2005, said Suzanne Schell, co-owner.
"Had we just bought this place as a traditional hotel, we would not have lasted. It's lasted because we've got this nudist niche," said Schell, who also co-owns Laguna Del Sol Nudist Resort near Sacramento, Calif.
"We were born naked. None of us came here with clothes on to begin with. And it's so peaceful and relaxing"
Joe Wagner of Orlando, Fla.
"You've got a clientele of people around the country looking for nudist places to go to. It makes it a little more viable, and we've been able to survive a significant downturn in the hospitality industry better than a lot of properties," Schell said.
Near Silver City, N.M., the new owners of Faywood Hot Springs are constructing a 2-acre, clothing-optional campground to attract new guests. The resort, which features 13 geothermal mineral pools, reopened in February after being closed since 2007.
Campground construction may wrap up by early fall, said Damon Shirk, co-owner.
Not all naturist resorts are prospering amid poor economic conditions. Near Ithaca, N.Y., Bonita Nudist Retreat owners dropped their business model May 1 and reopened as Aspen Family Campground, a clothing-required facility.
Co-owner Annie Troeger said her struggling nudist resort could not compete with traditional, long-established campgrounds in the Finger Lakes region.
"Any other campground around the area, they're stocked with people. We're in a small town. Most people did not care a lot about naturists," Troeger said.
Troeger now plans to add more child-friendly activities and equipment at the 100-acre wooded site, which offers swimming, boating and fishing.
Broad hopes Fawlty Towers can capitalize on the clothing-optional cruise industry. In November, Royal Caribbean's Freedom of the Seas will offer a nudist cruise from nearby Port Canaveral that may attract nearly 4,000 passengers.
( USA Today )
What follows is some hand-picked crowdfunding options that differ from Kickstarter in mission or model. Kickstarter screens projects, requires that some kind of project, event, or release be the end goal, and only gives over funds collected if the project hits its goal inside a deadline. Almost all of the crowdfunding sites are based on pledges or donations, not actual investment, but that is likely to change in 2013, when President Obama’s JOBS Act goes into effect, allowing small-stake investors to pick up equity.
As always, read the rules before you commit to any web venture, from the creator or backer sides.
The Notable Non-Kickstarters
These are the sites that draw the most attention and raise the most cash in the crowded crowdfunding scene.
These are the sites that draw the most attention and raise the most cash in the crowded crowdfunding scene.
Indiegogo
Projects: For-profit, non-profit, trivial, serious—you name it. Indiegogo states that “There is no limitation on who can use Indiegogo as long as you have a valid bank account.” And funds can be raised even for "personal needs." The only exception is projects in countries on the U.S. Office of Foreign Assets Control sanction list.
Where the money goes: Free to set up, and projects choose either Fixed or Flexible funding. “Fixed” is a Kickstarter-like, all-or-nothing campaign: you make your goal and Indiegogo takes 4 percent (and a third-party credit card processor takes 3 percent), or you don’t make it and no money changes hands at all (failure is free). “Flexible” has the same fee structure for hitting your goal, but if you fall short, you can keep your funds and give Indiegogo 9 percent.
Notable projects: Matthew Inman of ubiquitous web comic The Oatmeal raised $220,000 for charities, and to mock a ridiculous lawsuit. Max Sidorov started a fund to give an abused middle school bus monitor a vacation, and it’s up to $660,000 so far (for many good reasons). At the moment, there’s a slow burn to turn part of abandoned Detroit into a zombie adventure park.
Rewards: Custom-picked and very Kickstarter-esque.
Why this instead of Kickstarter?: If your project doesn’t meet Kickstarter’s goals, if it’s more cause than product or event, or if your project can launch at much more modest levels.
Slated
Projects: For-profit, non-profit, trivial, serious—you name it. Indiegogo states that “There is no limitation on who can use Indiegogo as long as you have a valid bank account.” And funds can be raised even for "personal needs." The only exception is projects in countries on the U.S. Office of Foreign Assets Control sanction list.
Where the money goes: Free to set up, and projects choose either Fixed or Flexible funding. “Fixed” is a Kickstarter-like, all-or-nothing campaign: you make your goal and Indiegogo takes 4 percent (and a third-party credit card processor takes 3 percent), or you don’t make it and no money changes hands at all (failure is free). “Flexible” has the same fee structure for hitting your goal, but if you fall short, you can keep your funds and give Indiegogo 9 percent.
Notable projects: Matthew Inman of ubiquitous web comic The Oatmeal raised $220,000 for charities, and to mock a ridiculous lawsuit. Max Sidorov started a fund to give an abused middle school bus monitor a vacation, and it’s up to $660,000 so far (for many good reasons). At the moment, there’s a slow burn to turn part of abandoned Detroit into a zombie adventure park.
Rewards: Custom-picked and very Kickstarter-esque.
Why this instead of Kickstarter?: If your project doesn’t meet Kickstarter’s goals, if it’s more cause than product or event, or if your project can launch at much more modest levels.
Slated
Projects: Films.
Where the money goes: It’s not donations, it’s financing for films with budgets between $1 and $15 million. Slated investors must have accreditation, along with two recommendations from existing members, to gain access to equally screened producers and a “socially vetted marketplace of high-quality films and filmmakers.”
Notable projects: Nothing wholly spawned yet, but Slated cites “filmmakers” from Pulp Fiction, Iron Man, and An Inconvenient Truth, and others, along with actors including William H. Macy, Katie Holmes, and Benedict Cumberbatch.
Rewards: Your name in the credits, if all goes well, and actual money back if all goes really, really well.
Why this instead of Kickstarter?: If your film is less experimental and community-minded, and more of a commercial project.
ArtistShare, PledgeMusic, SellaBand
Projects: PledgeMusic is geared toward music releases and their related recording/promotion. Artists on more Euro-centric SellaBand can try for albums, marketing campaigns, concert setup, or a “product” for fans. ArtistShare is focused on musical releases.
Where the money goes: None of the sites takes royalties. PledgeMusic is all-or-nothing funding for a band’s next album, with no royalties taken and a flat 15 percent fee. ArtistShare lets artists keep money they raise no matter what, and takes 15 percent of royalties (and can release through its own record label). SellaBand holds pledges in escrow (and keeps the interest), takes 15 percent of completed projects, and sometimes offers revenue shares. On SellaBand, backers can’t refund pledges, but move them to other artist projects.
Notable projects: Ben Folds Five has their next album up on PledgeMusic. Margot & the Nuclear So & So’s released their project. Public Enemy put two albums in play at SellaBand, and Maria Schneider won a Grammy for an album never released in stores.
Rewards: On SellaBand, there’s a chance at revenue returns. On both sites, though, always at least an album, physical or digital, but far beyond, too. For $2,500, Ben Folds Five will use your name in a song. For $700, members of Luscious Jackson will tour downtown NYC with you, or for $5,000, you get an acoustic living room concert.
Why this instead of Kickstarter?: If you’re an act with any kind of name recognition, you’ll find appreciative music nerds at both sites. For pledgers, it’s about nudging an act toward making a recording (something true fans always wish they could do).
RocketHub
Projects: Those submitted by “emerging artists, scientists, entrepreneurs, philanthropists,” but pretty much anything legal and with decent taste.
Where the money goes: Projects keep the money they raise, goal met or not; RocketHub takes 4 percent of successes, 8 percent of funds from unmet goals, and a 4 percent transaction fee. Projects that go beyond their goals receive rewards.
Notable projects: The big one is Extra Credits, a video series about game and web culture; smaller successes include Meghan Sebold’s AFI project, making dresses from scraps of fabric from Ghana markets, and a rather neat kids book/app combo.
Rewards: Similar to Kickstarter: initial shot at the product itself, then artist involvement: autographs, personalization, your name in print, etc.
Why this instead of Kickstarter?: The wide-open project policy, perhaps, or the chance to have your project picked for a LaunchPad Opportunity with more funding and coaching (think incubator-style).
The Others
A few other sites to consider, either with niche goals or notably different funding models. Want a deeper dive? Wikipedia has a hefty list of crowdfunding options.
DonorsChoose.org & Funding4Learning: Fund classroom and school-wide educational projects, in your own town or anywhere (DonorsChoose is all-or-nothing, Funding4Learning offers either funding model).
GoFundMe: Personal donations, often involving illness, accidents, and personal challenges (like a great vacation for a cancer-stricken patient) (partial funds collected).
FundaGeek: Technology, science, and other left-brain ideas. Takes 5 percent for successful all-or-nothing campaigns, or 9 percent for products with Premium Marketing Services.
LoudSauce: Pitch in to get awareness ad campaigns produced and run. Resulted in notable 30-second Occupy Wall Street ads (all-or-nothing).
Mobcaster: Get independent TV shows shot and running, on Mobcaster’s own site or elsewhere (all-or-nothing).
