Retail credit card fee settlement gets preliminary OK

(Reuters) - A U.S. judge on Friday granted preliminary approval to a proposed $7.2 billion settlement between merchants and Visa Inc and Mastercard Inc over credit card fees, despite objections from hundreds of retailers, including Wal-Mart Stores Inc.

If the deal receives final approval from U.S. District Court Judge John Gleeson of Brooklyn, New York, it would be the largest federal antitrust settlement in U.S. history, offering nearly 8 million merchants $7.2 billion in cash and temporary reductions in the interchange, or swipe fees, they pay to process credit and debit transactions.

Visa and Mastercard agreed to amend their no-surcharge policies within 60 days of preliminary approval of the deal, allowing merchants to charge customers extra for paying by credit or debit, although that will be restricted by state law.

The stores that take Visa and Mastercard will be provisionally certified for settlement purposes and notified of their legal rights. Full terms of the deal will not take effect unless Gleeson gives final approval, which Visa and Mastercard say they believe will occur. The judge will hold a hearing to give objectors a chance to weigh in before then, although no date has yet been set.

The $1.2 billion in temporary swipe-fee relief will take effect shortly after class members have been given an opportunity to opt out of receiving the monetary damages, even if the deal never receives final approval, according to settlement papers.

During a packed hearing on Friday, lawyers for dozens of objectors -- including Target Corp and Home Depot Inc -- told the judge that the settlement offered meaningless relief for merchants saddled with an estimated $30 billion in annual swipe fees. They also argued that releases shielding Visa and Mastercard from new litigation over the same claims would violate their legal rights and give the two companies protection from for any future anti-competitive behavior. No opt-out mechanism is provided for the no-surcharge rules or litigation releases.

Lawyers for several dozen stores that support the pact -- which include major grocery chains Kroger Coand Safeway Inc -- told Gleeson that these concerns were based on "misinformation."

"It's a lot of smoke and there's very little fire," said Richard Arnold, who represents some of the objectors.

Gleeson called the initial objections "overstated" but noted that the legal standard for final approval would be much higher. Gleeson has yet to schedule a hearing on final approval.

"I don't mean to suggest there aren't a number of issues that are going to require significant scrutiny," he said. Gleeson said he was considering whether to appoint an independent expert to help him understand the economic impact of the changes to Visa and Mastercard's no-surcharge rules.

Visa general counsel Josh Floum said the company looked forward to bringing "closure" to the case, after seven years of litigation, including two years of settlement talks.

"While we recognize some merchants may have different opinions, the settlement represents a solution reached after years of litigation and months of negotiation," said Mastercard general counsel Noah Hanft.

Objecting merchants said they were prepared to keep fighting.

"This is the beginning of a long process, and we're not remotely deterred by what happened today," said Jeff Shinder, a lawyer for 10 of the 19 original plaintiffs who have rejected the settlement.

Mallory Duncan, general counsel for the National Retail Federation, one of the largest U.S. trade associations for retailers, said it was considering its legal options.

"This proposal benefits no one but lawyers and credit card companies, and should not be forced on the retail industry or retailers' customers," he said.

(Reporting by Jessica Dye in New York; Writing by Brad Dorfman and Jessica Dye; Editing by Leslie Adler, David Gregorio and Dan Grebler)

Source: http://news.yahoo.com/retail-credit-card-fee-settlement-gets-initial-approval-194508178--sector.html

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Texas pays tribute to ex-football coach Royal

AAA??Nov. 10, 2012?1:39 PM ET
Texas pays tribute to ex-football coach Royal
By JIM VERTUNOBy JIM VERTUNO, AP Sports Writer??

In this photo taken Sept. 1, 2012, former Texas legendary head football coach Darrell K. Royal gives the "Hook'em Horns" hand gesture when was honored before Texas' season-opening NCAA college football game against Wyoming in Austin, Texas. Royal, who won two national championships and turned the Longhorns program into a national power, died early Wednesday, Nov. 7, 2012, at age 88 of complications from cardiovascular disease, school spokesman Bill Little said. Royal also had suffered from Alzheimer's disease. (AP Photo/Statesman.com, Ralph Barrera) MAGS OUT; NO SALES; INTERNET AND TV MUST CREDIT PHOTOGRAPHER AND STATESMAN.COM

In this photo taken Sept. 1, 2012, former Texas legendary head football coach Darrell K. Royal gives the "Hook'em Horns" hand gesture when was honored before Texas' season-opening NCAA college football game against Wyoming in Austin, Texas. Royal, who won two national championships and turned the Longhorns program into a national power, died early Wednesday, Nov. 7, 2012, at age 88 of complications from cardiovascular disease, school spokesman Bill Little said. Royal also had suffered from Alzheimer's disease. (AP Photo/Statesman.com, Ralph Barrera) MAGS OUT; NO SALES; INTERNET AND TV MUST CREDIT PHOTOGRAPHER AND STATESMAN.COM

FILE - In this Nov. 16, 1963, file photo, Texas head coach Darrell Royal is all smiles as he laces his shoe in the Texas dressing room after his Longhorns defeated Texas Christian University 17-0 in Austin, Texas Royal, who won two national championships and turned the Longhorns program into a national power, died early Wednesday, Nov. 7, 2012, at age 88 of complications from cardiovascular disease, school spokesman Bill Little said. Royal also had suffered from Alzheimer's disease. (AP Photo/Ted Powers, FIle)

In this photo taken Feb. 28, 2012 , Edith Royal, wife of former Texas football coach Darrell Royal, right, announces that the family foundation named after her husband, DKR Fund for Alzheimer?s Research, would fund Alzheimer?s disease research in Texas during a joint legislative hearing held at the State Capitol in Austin, Texas. Royal, who won two national championships and turned the Longhorns program into a national power, died early Wednesday, Nov. 7, 2012, at age 88 of complications from cardiovascular disease, school spokesman Bill Little said. Royal also had suffered from Alzheimer's disease. (AP Photo/Austin American-Statesman, Rodolfo Gonzalez) MAGS OUT; NO SALES; INTERNET AND TV MUST CREDIT PHOTOGRAPHER AND STATESMAN.COM

This Sept. 1, 2012 photo shows former Texas football coach Darrell Royal before a college football game in Austin, Texas. The University of Texas says Royal, who won two national championships and a share of a third, has died. He was 88. UT spokesman Nick Voinis on Wednesday, Nov. 7, 2012 confirmed Royal's death in Austin.(AP Photo/American-Statesman, Ricardo Brazziell) MAGS OUT; NO SALES; INTERNET AND TV MUST CREDIT PHOTOGRAPHER AND STATESMAN.COM

AUSTIN, Texas (AP) ? The Texas Longhorns paid tribute to former football coach Darrell Royal during their game against Iowa State on Saturday, honoring the man who won 11 conference titles and two national championships in his 20 years leading the program.

Royal, who died Wednesday at age 88, won 167 games at Texas from 1957 to 1976, a mark that still stands as a school record.

Texas ran its first offensive play from the wishbone formation Royal introduced to major college football in 1968. Instead of a run, Texas pitched the ball to Jaxon Shipley, who tossed it back to quarterback David Ash, who passed to tight end Greg Daniels for 47 yards, adding some razzle-dazzle to an old-school formation.

Flags flew at half-staff at the stadium that bears Royal's name and white "DKR" initials were painted inside the burnt-orange Longhorn logo at midfield. Texas players also wore a similar helmet logo, which will remain part of the uniform the rest of the season.

A wreath was placed at the feet of a Royal statue inside the stadium where dozens of fans lined up to take photographs and flashed the "Hook'em Horns" hand signal. Royal's widow Edith attended the game.

Under Royal, Texas won 11 Southwest Conference titles, 10 Cotton Bowl championships and national championships in 1963 and 1969, going 11-0 each time. The Longhorns also won a share of the 1970 national title, earning him a national stature that rivaled that of Alabama's Paul "Bear" Bryant and Ohio State's Woody Hayes. Royal was inducted into the College Football Hall of Fame in 1983.

A public memorial ceremony is scheduled for noon Tuesday at the Frank Erwin Center basketball arena. Royal will be buried at the Texas State Cemetery in Austin, an honor typically reserved for the state's military and political leaders.

University officials illuminated the iconic UT Tower with burnt orange floodlights in Royal's honor on Wednesday night.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2012-11-10-FBC-T25-Texas-Royal-Tribute/id-50c4fe9895fc4af296ced985767b84ad

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A look at the status quo is bleak

I feel as if my livelihood is being taken away from me, slowly at least anyway.

You see, we are just about to hit the third major computer industry 'compatibility break' in history. This is a generation-shift that occurs approximately every 20 years; a new technology and a 'new way of doing things' sweeps in and quickly makes the established 'way of doing things' obsolete and increasingly impractical. Technology changes every year of course, so the difference with these generation shifts is that 'the way of thinking' changes, severing compatibility with the past.

For example, the first generation shift occurred in the late '70s, centring around the availability of the Apple II computer. The "home micro" became a thing, and computers were no longer kits that one had to solder together. Productivity software appeared and the computer was no longer seen just as 'a complicated calculator' with reel-to-reel tape and line-printers as it was in the '60s.

This established what I will refer to as "the '80s way of doing things". The '80s was dominated by 8-bit productivity software on a dizzyingly wide variety of hardware, all largely incompatible.

The second generation shift occurred in 1996. This is the year that the Internet / 'Web overtook BBSes. I experienced one-side of this generation shift myself. In 1996 BBSes dropped dead and the PC + Internet very quickly established itself as 'the way of doing things'. The '80s way doing things suddenly become totally incompatible with this new model. '80s computers and their software were isolated silos of incompatibility, and BBS -- though an interconnected network -- was much the same. Your 1996 PC + AOL was an entirely different, inherently incompatible, ball game compared to your command line and dialing into each individual BBS.

That shift in 1996 established the generation of technology that has dominated for all of my life: Wintel. Nothing has truly changed since 1996 -- the technology has iteratively gotten more powerful and sophisticated, but 'the way of doing things' has never changed in this time. In 1996, I used Windows 95 to open Microsoft Word 6 and write a letter. In 2012, I can use Windows 7 to open Microsoft Word 2010 and write a letter, the graphics are a little different but the task is exactly the same. If I had time-warped from 1996 to now, it might look different, but I'd still recognise the Desktop and how to launch programmes and how to use the mouse. If I had time-warped from 1980 to 1996, then I would have next to no concept of how to operate the PC, there would be zero familiarity.

But now, the next generation shift is upon us. It is called iPhone, iPad, iOS, Android et al. It is a 'new way of doing things' that breaks all compatibility with the old way of doing things (mouse + keyboard).

Why is this a problem to me? Well, because the new way prevents me from outright doing many things I am used to be able to do at the moment.

If a PC is broken, I can load any software I want on to it, from external sources. I can take parts out of it and place them in other PCs. I can flexibly modify the PCs workings to solve any problem.

These new devices either have no flexibility, or are rapidly losing it. In many cases you cannot load any software from an external source of your choosing. You can only get software on the device on a strictly per-person basis, through an approved channel wholly dependent upon the machine working normally. This 'per-person basis' is the really troubling thing, why? Well it rules out a whole class of software that has long existed that is essential: portable / self-contained software that runs externally and doesn't integrate to the device permanently (does not have to be installed / uninstalled).

Portable and independently-functioning software covers the vast majority of the software I use for my work. If the device is infected, one needs to install an anti-virus from an external source. One needs to be able to work with the machine in a compromised environment where you cannot rely upon the internet connection, or even being able to install / uninstall software.

The push also to 'cloud storage' wrecks havoc with the notion of loading anything whatsoever into the device. It is a horribly unreliable system of dependence. The latest Google tablets don't have a card slot. There is no way to get data into them other than through the web. That makes diagnosis next to impossible in a compromised situation.

Honestly, it's quite depressing how quickly the world is running into a technological reliability disaster. I can't much bear the idea that every person must hand over every piece of their data to every company otherwise be unable to even switch on a computer.

Source: http://forum.camendesign.com/a_look_at_the_status_quo_is_bleak+1

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HBT: Weiss better have good first year with Rockies

Here?s an interesting little twist to the Rockies announcing Walt Weiss as their new manager last night: He got a one-year contract.

?I am not motivated by the terms of contract,??Weiss told Troy Renck of the Denver Post. ?I am just focused on the job.?

Of course it?s easy to say that now, on literally Day 1 of the job and after going from high school coach to MLB manager, but it?s very rare for a manager?even a first-time manager?to not be given a multi-year contract.

Mike Redmond just got a three-year deal from the Marlins and last offseason the White Sox gave Robin Ventura a three-year deal and the Cardinals gave Mike Matheny a two-year deal with a third-year option. They were all hired as first-time MLB managers.

Renck notes that Weiss wasn?t actively looking for a job when the Rockies called him last month and has never even coached in professional baseball, but former coaches and teammates are effusive in their praise of his leadership skills and ability to command respect.

Still, taking over a last-place, 98-loss team on a one-year contract is a helluva challenge.

Source: http://hardballtalk.nbcsports.com/2012/11/08/walt-weiss-better-have-a-good-first-year-as-rockies-manager/related

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Twilio & Parse Launch Cloud Module To Bring Scalable Back-End Support, Telephony Services To Mobile Developers

Twilio was founded four years ago with the goal of creating a scalable API that would provide developers with an easy way to add SMS and calling tools to their applications. The company has grown quickly over the last two years and is now servicing 40 countries and has signed on over 250K developers. Its international development took another step forward last month, when it broke into Japan with an exclusive deal with KDDI telecom, which is now selling Twilio's cloud communications APIs to developers -- which followed on the heels of a deal signed with AT&T in October.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/QCDxHriTWEY/

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Estate Planning: Live chat today 11 a.m. to noon ... - Financial Post

Find out what you need to do to make sure your property goes to the people you want to own it in a live chat Wednesday at financialpost.com. Join the Financial Post?s Garry Marr and legal expert Raymond Leclair, vice-president of public affairs at LAWPRO (Lawyers? Professional Indemnity Company), as they take questions and share reader stories. Join the chat or email your comments to personalfinance@nationalpost.com.

To access this chat from a mobile device click here

Source: http://business.financialpost.com/2012/10/29/estate-planning-live-chat-wednesday-11-a-m-to-noon/

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Canada sees G20 talks pressuring Europe, U.S

OTTAWA (Reuters) - This weekend's meetings of the Group of 20 leading nations are likely to keep pushing Europe and the United States to confront their debt troubles, Canadian Finance Minister Jim Flaherty said on Tuesday.

The Mexico City meetings of G20 finance ministers and central bank governors follow talks in Tokyo more than two weeks ago, which endorsed a checklist of policy reforms aimed at pressuring Europe and the United States to tackle their debt troubles.

"I hope we will continue the discussions that we had in Tokyo to encourage our European colleagues to get on with the structural reform that needs to be accomplished in Europe, including the banking union in Europe," he told reporters.

"I think we'll continue to push on that front," he said, acknowledging some progress in Europe since the Tokyo talks.

He also highlighted acute concern over the so-called fiscal cliff in the United States of huge automatic spending cuts and tax rises set to occur on January 1 if Congress fails to act before then.

"I'm not even sure which American officials are going to be in Mexico City on the weekend, but we want to encourage our American friends to get on the issue of the fiscal cliff as soon as possible after the U.S. election," he said.

In separate parliamentary testimony, Bank of Canada Governor Mark Carney highlighted Europe's debt crisis as the biggest external risk facing Canada, but the central bank assumes it will be contained.

"The next (risk), in the near term, is the potential resolution or not of the so-called fiscal cliff in the United States," he said.

"If the fiscal cliff were not to be resolved and all the measures were to come into force on the books in the United States, the U.S. would almost certainly be in recession next year with a knock-on effect obviously for Canadian exporters, business investment, etc. We're not predicting that but it is a possibility."

(Reporting by Randall Palmer; Editing by James Dalgleish)

Source: http://news.yahoo.com/canada-sees-g20-talks-pressuring-europe-u-213643864--business.html

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