Suntory set to price up to $4.8 billion IPO, bolstering M&A warchest

By Taiga Uranaka and Ritsuko Shimizu

TOKYO (Reuters) - Suntory Holdings Ltd's food and soft drinks unit is set to price on Monday an initial public offering that could raise as much as $4.8 billion, making it Asia's biggest IPO this year and bolstering the company's warchest for overseas acquisitions.

The IPO of the unit, Suntory Beverage and Food Ltd , is a test of investor appetite for new listings at a time of high volatility in Japanese stock markets. The benchmark Nikkei <.n225> has lost about 17 percent since hitting a 5-1/2 year high in late May.

The maker of Boss canned coffee will use the funds to ramp up its acquisition drive with a focus on fast-growing Southeast Asia, although it and Japanese peers like Kirin Holdings Co Ltd are facing intensifying competition for beverage-company acquisitions in that region.

"There are a host of enthusiastic buyers, and sellers tend to be bullish," said Masaaki Kitami, an analyst at Merrill Lynch Japan Securities Co.

Suntory Beverage said last week that it had set an indicative range of 3,000 yen to 3,800 yen per share, a relatively wide band in reflection of the recent stock market volatility. About 40 percent of its outstanding shares are on offer.

At the top of the range, it would raise 470 billion yen ($4.8 billion) including the overallotment. That would be more than double the $2.1 billion raised by the infrastructure fund of Thailand's BTS Group Holdings Pcl , which has been the biggest IPO in Asia so far this year.

At that price, it would give Suntory Beverage a market capitalization of 1.17 trillion yen, behind Kirin's 1.6 trillion yen and Asahi Group Holdings' 1.2 trillion yen.

OVERSEAS EXPANSION

Privately held Suntory Holdings is led by President Nobutada Saji, the 67-year-old grandson of the company's founder. Although the company is known for its Premium Malt's beer and whisky, its non-alcoholic drinks unit Suntory Beverage generates half of the group's revenue.

Suntory Beverage said it expects its net profit to rise 50 percent to 35 billion yen and its revenue to increase 14 percent to 1.13 trillion yen this year. It has set a target for annual revenue growth of at least 5 percent over the next three years.

In Japan, Suntory is the second-largest soft drinks maker after Coca-Cola Co and the gap in their market share has been narrowing. "In terms of domestic share, Coca-Cola is 27.9 percent and Suntory 19.6 percent. The gap used to be much bigger," said Kazuhiro Miyashita, editor of a trade magazine.

Still, Suntory and its rivals see little room for growth in their saturated home market and have set their sights overseas in recent years.

Suntory acquired soft drinks maker Orangina Schweppes and New Zealand's No. 2 beverage firm Funcor Group, both in 2009. In 2011, it entered into a joint venture with Indonesian food and beverage group GarudaFood. Suntory has said that it is also eyeing the Middle East, Africa and Latin America through acquisitions.

But industry officials and analysts say that acquisitions, especially in Southeast Asia, are increasingly costly and difficult to execute.

Such concerns came to light earlier this year when Kirin lost the chance to buy Singapore-listed Fraser and Neave Ltd's (F&N) food and beverage business after Thailand's TCC Assets Ltd and Thai Beverage PCL successfully acquired the control of F&N.

Kirin sold its 15 percent stake in F&N to TCC Assets after a Thai beer baron won a two-month bidding war with an Indonesian group, a major setback for the Japanese company to gain quick access to the market. ($1 = 97.4750 Japanese yen)

(Reporting by Taiga Uranaka, Emi Emoto and Ritsuko Shimizu; Editing by Chris Gallagher)

Source: http://news.yahoo.com/suntory-set-price-4-8-billion-ipo-bolstering-040509583.html

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Why Are Guys Afraid to Wear Speedos?

A man prepares to swim on bank of a canal in subzero temperatures in central Beijing, Dec. 7, 2012.

Photot by Petar Kujundzic/Reuters

Summer is here, and again I am seething with frustration. Why? Every year I scan the beaches for men in Speedos and every year I am disappointed. The ridiculous board-shorts trend shows no sign of waning. I had high hopes for change after last year?s Olympics, when the entire nation was gripped by the spectacle of those jackknifing water sprites in their micro-briefs. (Those preposterously teensy swim skivvies worn by Tom Daley et al could only be explained by some kind of harsh polyester-rationing scheme: ?Sorry, boys, but only 1 square inch of fabric per customer. Don?t worry. It is quite stretchy.?) I just assumed that, come this summer, one might see an increased willingness on the part of the U.S. male to embrace a little European savoir-faire. But, yet again, all I see are men in billowing shorts.

My interest is not entirely sordid. My primary motivation is, in fact, safety. Dudes are getting waterlogged, and dudes are sinking. In the course of my far-from-extensive research, I spoke to legendary West Coast swimwear magnate Mr. Turk. He shares my conviction that ?board-shorts aficionados are drowning because their swimsuits are so voluminous.? A California lifeguard pal of Turk?s has been obliged, on more than one occasion, ?to pull guys out of the surf because they get tangled up in huge baggy shorts.?

Drowning is not the only peril: Yes, I?m talking about gender misidentification. This past weekend I spotted two burly figures walking toward me wearing what I assumed were large peasant skirts. ?What made these two beefy, short-haired possibly lesbians decide to go topless?? I asked myself. Upon closer inspection, they turned out to be a couple of dudes with man boobs in garishly printed board shorts, prompting the question: Why do American men insist on concealing their willies ?neath yards of fabric?

If only Freud could have lived long enough to dissect the semiotics of Speedos. What would he have made of the U.S. male?s horror of being caught in a tiny swimsuit? (I use the word ?horror? advisedly. For my straight friends, the most traumatizing moments in HBO?s recent Liberace movie Behind the Candelabra occurred when Matt Damon, Mr. Bourne Identity, was forced to prance about in panty-size swim briefs.) I was raised in the U.K. and grew up thinking sassier swimwear was normal, but I then moved to the U.S. and became indoctrinated into the cult of Speedo shame. So I feel uniquely qualified to address this issue. I have, as it were, a foot in both gussets.

Clearly there is a class issue. WASPs don?t do Speedos?old money has no need to resort to gratuitous flesh exposure to achieve social currency. Butt cracks are banned at the country club. Nobody has ever come upon a cache of old Kennedy family snapshots and found images of Jack, Bobby, and Teddy strutting round Martha?s Vineyard in stretch velour leopard swim briefs (like the ones I once purchased at Frederick?s of Hollywood when I lived up the street in the early 1980s).

Speedo-wearing is also a cultural flashpoint. Revealing men?s swim garments are, for the U.S. consumer, irrevocably associated with ?foreigners? and, most terrifying of all, friends of Dorothy. However, there is something even more mysterious to this issue than the persistent fear of being mistaken for a bisexual Serbian cruise-ship croupier: American dudes are driven by a Wizard of Oz?like desire to ?curtain off? their genitals. They are impelled to gird up their loins with yards of fabric, thereby protecting?symbolically and literally?their reproductive equipment, while sinewy Spaniards, hard-body Greeks, bronzed Aussies, diverse Latin Americans, and pale squishy Brits take a reverse approach. These fellows prefer to wear swimsuits that say, ?In case you wondered, I am the proud possessor of male genitalia, and in case you don?t believe me, here it is!?

I argue that the Puritans who colonized America are to blame. There they go again, spoiling all our European fun with their exaggerated notions of modesty. If I run into any Puritans on Long Island this summer (stranger things have happened), I intend to give them a piece of my mind: ?Why do you persist in making dudes wear dirndl skirts while you allow their girlfriends to dress like vacationing strippers??

As The Soup?s Joel McHale says every week, ?Let?s talk about chicks, man.?

American women have never presented themselves with more over-the-top va-va-voom than they do now, especially on the beach. Bikinis have never been smaller. Hoochies have never been hotter. Tramp stamps have never been trampier. It?s obviously time for men to correct this inequity, join the partaay, and start channeling their inner Magic Mike ? or inner Borat.

Lastly, let me address the elephant in the Vilebrequin. I am talking about lard. Are most American dudes simply too fat to wear a Speedo? Is that what?s inhibiting men from embracing this comfy, functional garment? Does it only work if you are some Tom Daley-esque Adonis? Mr. Turk weighs in: ?Your moobs [man-boobs] and your widening gut are going to be visible either way. I say throw on a pair of groovy ?70s shades?like the guy in those Southern Comfort ads?and learn to strut in a nifty brief or a spiffy square-cut trunk.?

Source: http://www.slate.com/articles/life/doonan/2013/06/men_in_speedos_american_men_need_to_get_over_their_fear_of_wearing_swim.html

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The Boomerang Rocket Ship: Shoot It Up, Back It Comes

What in heaven's name is happening here?

We're in McGregor, Texas, surrounded by farms (and the ghost of Johnny Cash). There, on a launch pad, is a 10-story rocket ready to take off. Its engines ignite. Up it goes, higher, then higher, then higher still, until at 820 feet, something weird happens. It stops moving, hovers in the sky for about 15 seconds as if wondering what to do next. The wind is blowing, (you can see the smoke blowing off in one direction, so there's definitely a breeze up there) but it doesn't wobble, doesn't tilt, it just hangs there like a candle in the sky, and then, suddenly, it switches direction, and looking down, you can see it heading unerringly for a pinpoint spot on the ground below. It's going back to the exact spot where it began, hits its mark, "legs extended" and turns itself off, like a shy student going back to his seat in a classroom.

Why Build A Rocket That Goes Nowhere?

It's such an odd idea, a rocket ship that behaves like an elevator, an elevator, by the way, that doesn't go as high as the one they've got in the Empire State Building. What's being accomplished here?

Well, first off, this is a "student" rocket. It's practicing. On its first launch last year, it went up just eight feet; more recently it reached 262 feet, now 820, so it's doing better and better.

Second, it's a bottom stage booster. It's not the part of the rocket ship that goes into orbit; it's the part that gets things off the ground. In a normal launch, it would detach from the payload (and upper parts that might be carrying people) and either fall into the ocean and have to be retrieved, or drop down softened by a parachute to the ground, where it would be fetched and repaired. This one, as you've just seen, doesn't hurt itself. It just goes back home.

That's huge. Because rockets are exceedingly expensive. SpaceX, the private company that is building this booster (which they call "The Grasshopper") isn't sharing numbers, but while scanning the YouTube comment section, I learned that rockets like these can cost "about 60 million dollars." That's a pricey gizmo to keep dropping and repairing. To build one that doesn't need fetching and that's ready to go again as soon as you need it, must be an enormous money-saver.

What About The Extra Fuel?

It takes more fuel to power the booster to the ground. Up untill now, boosters just fall for free. What does it cost for the extra rocket fuel? SpaceX isn't saying, but common sense says when the rocket comes down, most of that fuel has been burned, so it is much, much lighter. I couldn't find any numbers, but I did find this bit of accounting from a self-described rocket engineer in the comments:

To put it in perspective, the cost of one of these rockets is about $60,000,000, and the total fuel cost for one trip is about $200,000. That means the cost of fuel is 0.3% of the vehicle.

Let's say you spread the vehicle cost over 100 launches in its working life (all LEO launches with 29,000lbs payloads) . That averages out to $20.76 per lb cargo (Space Shuttle was $8200 per lb).

If that's true, SpaceX is on its way to making routine space voyaging much cheaper. As for environmental costs, I worried a little about rocket exhaust. Burned rocket fuel throws off CO₂ and water vapor, I don't know how much, but on this second video, it looks like a lot. The underbelly view of the rocket rising and landing is pretty wild. Especially the elegant finish.

Curious Birds

Then there's that bird, the one you see in the first video about 11 seconds in, that swoops close for a look-see and then swooshes off. Maybe they should have loudspeakers at the launch site broadcast a couple of bangs to clear the flight zone.

The Neighbors

Local farmers, I figure, have to live with these launches; they might even love them. (I think I would. I imagine myself sitting in the living room and out the window there's a ten story object hanging in the air, slowly sinking down behind the cottonwoods. Most people have sunsets. I'd have rocket-sets, a rich roar followed by a deep quiet. I think I could get used to that.)

Source: http://www.npr.org/blogs/krulwich/2013/04/30/180057507/the-boomerang-rocket-ship-shoot-it-up-back-it-comes?ft=1&f=1007

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Bizarre bone worms emit acid to feast on whale skeletons: Bone-melting substance drills opening for worms to access nutrients within dead whales

Apr. 30, 2013 ? Only within the past 12 years have marine biologists come to learn about the eye-opening characteristics of mystifying sea worms that live and thrive on the bones of whale carcasses.

With each new study, scientists have developed a better grasp on the biology of Osedax, a genus of mouthless and gutless "bone worms" that make a living on skeletons lying on the seafloor. In the latest finding, scientists at Scripps Institution of Oceanography at UC San Diego describe how the wispy worms are able to carry out their bone-drilling activities. As published in the May 1 online edition of the Proceedings of the Royal Society B (Biological Sciences), Mart?n Tresguerres, Sigrid Katz, and Greg Rouse of Scripps detail how Osedax excrete a bone-melting acid to gain entry to the nutrients within whale bones.

"The acid presumably allows the worms to release and absorb collagen and lipids that are trapped in bone," said Tresguerres. "This model is remarkably similar to how mammals repair and remodel bone, however Osedax secrete acid to dissolve foreign bone and access nutrients."

In their report, the scientists describe a process in which the worms use a "proton pump" to secrete acid onto the bone. Tresguerres says similar acid-secreting enzymes exist in all other organisms, such as in human kidneys to handle blood and urine functions.

Because they lack mouths, bone worms must use an alternative method of consuming nutrients from whale bones. Bacteria that live symbiotically within the worms are involved in this process, however, the exact mechanism is not yet fully understood. Some evidence suggests that the symbiotic bacteria metabolize bone-derived collagen into other diverse organic compounds, and that the worms subsequently digest the bacteria for their own nutrition.

"The Osedax symbiosis shows that nutrition is even more diverse than we imagined and our results are one step closer in untangling the special relationship between the worm and its bacteria," said Katz, a Scripps postdoctoral researcher.

A 2011 study led by Rouse found that bone worms have primarily been found attached to whale skeletons, but they are capable of making a living on other bones as well, including fish. That finding supported a hypothesis that Osedax's bone-eating lifestyle may have evolved millions of years ago, even before the dawn of marine mammals.

To continue learning more about bone worms, the scientists plan to collaborate with colleagues at the Monterey Bay Aquarium Research Institute in the coming months to collect and study additional bone samples with live worm specimens. They also plan to maintain live Osedax in aquaria at Scripps to study their physiology.

"Determining how Osedax gets into bones was the first challenge in understanding the nutrition of these bizarre animals," said Rouse. "Now we'd like to understand how they transport and utilize the nutrients that they have uncovered."

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The above story is reprinted from materials provided by University of California - San Diego.

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Journal Reference:

1. Martin Tresguerres, Sigrid Katz, and Greg W. Rouse. How to get into bones: proton pump and carbonic anhydrase in Osedax boneworms. Proc. R. Soc. B., 2013 DOI: 10.1098/rspb.2013.0625

Note: If no author is given, the source is cited instead.

Disclaimer: Views expressed in this article do not necessarily reflect those of ScienceDaily or its staff.

Source: http://feeds.sciencedaily.com/~r/sciencedaily/top_news/top_environment/~3/HygXOw1sVKc/130501091900.htm

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The Whole of The Matrix in Just 60 Seconds

For the terminally impatient or those just short of time, here's everything that happens in The Matrix crammed into just 60 seconds of animation. More »

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Jimi Hendrix estate rolls out "People, Hell and Angels" studio set

LOS ANGELES (Reuters) - If there were any doubts about the lingering force of fabled rock guitarist Jimi Hendrix more than four decades after his death, his latest single should put them to rest.

The single "Somewhere" went to No.1 on the Billboard Hot Singles sales in February. That bodes well for the latest posthumous album plucked from the Hendrix musical vaults, which producers say has stood up well to the test of time.

"People, Hell and Angels," to be released on CD this Tuesday, is billed as a collection of twelve previously unreleased studio performances by Hendrix, although some of the songs have emerged in other versions since his death at age 27 in 1970 from an accidental drug overdose.

The album arrives with the simultaneous release of newly struck mono vinyl editions of early Hendrix classic albums "Are You Experienced" and "Axis: Bold As Love."

The tracks on "People, Hell and Angels," were planned as a follow-up to the influential guitarist's chart-topping 1968 album "Electric Ladyland."

"After the huge success of the (Jimi Hendrix) Experience and those first albums, he wanted to branch out more, and the blues sound on this is just different from the others," said Janie Hendrix, Jimi's step-sister and president and CEO of Experience Hendrix, the company founded by the musician's father to oversee the star's estate.

"This new album is very important for all his fans as it really showcases his creativity and a different side to him," she told Reuters.

Feeling constrained by the limitations of the Jimi Hendrix Experience trio (which included drummer Mitch Mitchell and bassist Noel Redding), the guitarist had already started working with an eclectic group of musicians.

They included the Buffalo Springfield's Stephen Stills, drummer Buddy Miles, saxophonist Lonnie Youngblood and bassist Billy Cox, with whom Hendrix had served in the U.S. military.

The resulting sessions, culled from 1968 and 1969, form the basis of "People, Hell and Angels," co-produced by Janie Hendrix, original engineer and mixer Eddie Kramer and long-time Hendrix historian John McDermott.

CREATIVELY FREE

"What we wanted to do with this new album is provide what we all felt are really compelling examples of Jimi's artistry and also his often-overlooked role as a producer," said McDermott, a long-time collaborator with Experience Hendrix on various Hendrix projects.

"He saw right away that guys like Buddy Miles and Billy Cox, with whom he later formed Band of Gypsys, brought a new approach and sound to his songs and music. And Jimi was always very free creatively. He wasn't afraid to serve the song," McDermott told Reuters.

McDermott cites "Electric Ladyland," which featured such diverse players as Stevie Winwood, Dave Mason and Chris Wood.

"Working in the studio was a totally different palette for him, compared with playing live," he said. "He could experiment with extra percussion, an additional guitar, organ - whatever he felt the track needed."

And while those tracks, which include such titles as "Earth Blues," "Baby Let Me Move You" and "Izabella," are now 45 years old, the audio quality is superb, because nothing beats analog tape for enduring sound quality.

"Jimi's masters were recorded before the era of mass-production that caused the archival nightmares of the Seventies, for example, where tapes lose their glue backing, (so) we've never faced that problem with the Jimi Hendrix library. His whole tape archive is in very good shape," McDermott said.

The new album is the latest in a slew of albums, films, tribute tours and books following Hendrix's death in 1970 in London. These materials far outnumber the three studio albums he released in his four-year career at the top.

"He's a timeless artist and the technology's finally caught up to what he was trying to do musically," Janie Hendrix said.

"People are still hungry for real music and good songs, and Jimi was a great songwriter and one of the greatest guitarists of all time," she said.

Every new generation regards Hendrix as a touchstone, said McDermott. "If you want to understand the role of rock guitar and listen to real virtuosity, then Jimi's the man.

"People react to the originals, and that's what he was, a true visionary whose music doesn't sound dated at all nearly half a century later," he said..

(Reporting By Iain Blair, editing by Jill Serjeant and Todd Eastham)

Source: http://news.yahoo.com/jimi-hendrix-estate-rolls-people-hell-angels-studio-145124825.html

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