Al Gore stands to gain about $70 million after selling Current TV to al-Jazeera

Al Gore, who shared the 2007 Nobel Peace Prize for his fight against global warming, may gross about $70 million from the sale of his Current TV network to al-Jazeera, the cable channel funded in part by oil-rich Qatar.

Al-Jazeera will pay about $500 million for Current TV, including the stake held by Gore, 64, according to two people with knowledge of the deal. The network is one of dozens of investments made by the former vice president since he lost the 2000 presidential race by a slim margin.

“It’s reeking with irony,” said Jeffrey Sonnenfeld, senior associate dean at the Yale School of Management, who studies corporate governance. “It seems to be at least a paradox in terms of his positions on sustainability and geopolitics.”

The deal highlights Gore’s makeover from career politician to successful businessman. His take from the Current TV sale is many times the maximum net worth of $1.7 million he reported while running for president in 1999. Besides investing in start-ups, Gore is on the board of Apple, an adviser to Google and a partner at Kleiner Perkins Caufield & Byers, according to his Web site biography.

“The green of money knows no political boundaries,” said Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware. “When you are running investments, your priority needs to be maximizing return.”

Gore’s holdings also include investments in Amazon.com, eBay and Procter & Gamble through his Generation Investment Management.

Gore holds a 20 percent stake in Current TV, according to those with knowledge of the deal, who spoke on the condition of anonymity because the sale terms are not public. His proceeds are difficult to pin down because the company had $41.4 million in debt, as well as preferred stock entitled to $99.5 million in the event of a sale or liquidation, according to a 2008 regulatory filing.

The Current TV price represents a sevenfold increase from the $71 million that Gore and his partners paid for the predecessor company in 2004, according to the filing. Gore, chairman, and Joel Hyatt, a co-founder and chief executive officer, announced the sale on Wednesday, without providing financial terms.

Kalee Kreider, a spokeswoman for Gore, didn’t respond to a phone call or e-mail request for comment.

The network’s investors included funds controlled by Los Angeles billionaire Ron Burkle and San Francisco money manager Richard Blum, according to the 2008 filing, when the company unsuccessfully sought to sell stock to the public. Blum is married to Sen. Dianne Feinstein (D-Calif.).

The Raine Group advised Current TV on the sale. The owners introduced Current TV in 2005 after purchasing the network from Vivendi.

Al-Jazeera is closely held and receives some funding from the government of Qatar, a small country on the eastern side of the Arabian Peninsula that gets almost half of its gross domestic product from oil and gas, data compiled by Bloomberg show.

“Under Qatari law, Al Jazeera Media Network is incorporated as a private, non-profit company,” Charlotte Fouch, a spokeswoman, said in an e-mail. “Al Jazeera receives funding from the State of Qatar, much like other publicly funded broadcast networks.”

Last February, Gore said investors in oil and gas companies that ignore the cost of carbon dioxide emissions and other greenhouse gases are making a mistake similar to those who invested in subprime mortgages.

Most of Gore’s investments are made through Generation Investment Management, which he co-founded with former Goldman Sachs Group executive David Blood. The most recent regulatory filing lists about $3.6 billion under management in 29 publicly traded companies.

In addition, Generation Investment Management also has stakes in private ventures such as Nest Labs, a company formed by Apple alumni to create a thermostat that adapts to user behavior and saves money. The fund also backed Elon Musk’s SolarCity, a developer of rooftop solar power systems that went public last month.

In April, Gore’s fund was part of $110 million in venture capital invested in Harvest Power, a closely held company that produces renewable energy from waste such as food scraps.

He is also the author of the climate-change-focused best-sellers “Earth in the Balance,” “An Inconvenient Truth,” “The Assault on Reason” and “Our Choice: A Plan to Solve the Climate Crisis.” Gore was the co-recipient, with the Intergovernmental Panel on Climate Change, of the 2007 Nobel Peace Prize for “informing the world of the dangers posed by climate change,” according to his official biography.

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Singapore, Turkey reaffirm excellent bilateral ties

ANKARA: The foreign ministers of Singapore and Turkey reaffirmed the excellent state of relations between their countries during talks in the Turkish capital, Ankara on January 4.

Singapore's Foreign Affairs and Law Minister K Shanmugam and his Turkish counterpart, Professor Ahmet Davutoglu, also discussed ways to further broaden and deepen bilateral cooperation.

In particular, they looked forward to enhancing trade and investment flows, as well as more high-level exchanges, between their countries.

Mr Shanmugam welcomed Turkey's interest to step up its engagement of ASEAN.

Mr Shanmugam, who is on an official visit to Turkey from January 3 to 5, also welcomed the opening of Singapore's embassy in Ankara.

- CNA/fa

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Himachal: 2 brothers of murder-accused MLA booked for harbouring him

PANCHKULA: Himachal police on Friday booked two brothers of HP Congress MLA, Ram Kumar Chaudhary, a suspect in the murder case of 24-year-old Jyoti, for allegedly harboring him with the motive of avoiding his arrest.

Panchkula police have failed to arrest Chaudhary and 3 others during the 14-day validity of arrest warrant against them. The warrants were issued on December 20.

The case was registered under section 216 (harbouring offender who has escaped or whose apprehension has been ordered) of IPC in Baddi police station.

Baddi SP Arul Kumar said, "Madan Chaudhary and Harbhjan Chaudhary were harbouring MLA Chaudhary for a long time. Whenever police questioned them, they negatively replied, despite having full knowledge about the suspect's whereabouts."

Meanwhile, Baddi police have also informed Kangra police about the absconding status of Chaudhary and requested them to inform if he appears during the oath-taking ceremony of new MLAs to be held in Dharamshala on January 8.

Doon MLA Chaudhary is absconding ever since 24-year old Jyoti Devi of Hoshiarpur was found murdered in Sector 21, Panchkula, on November 22. Arrest warrants were issued against him along with three others by a local court here on December 20.

Haryana police have failed to arrest Chaudhary and his four accomplices even as a Panchkula court had rejected the anticipatory bail application of Chaudhary last month.

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Best Pictures: 2012 Nat Geo Photo Contest Winners

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  Winner: Places

  Photograph by Nenad Saljic

  A full moon illuminates the Matterhorn peak near Zermatt, Switzerland, in the winning image in the contest's Places category.

  Full moons occur every 29.5 days or so as the moon moves to the side of Earth directly opposite the sun, reflecting the sun's rays off its full face and appearing as a brilliant, perfectly circular disk.

  (Read more about full moons.)

  Published January 4, 2013

  
  











• 
  
  
  
  
  
  
  

  Winner: People

  Photograph by Micah Albert

  A picture of women scavenging refuse from a landfill in Dandora, Kenya, is the winning image in the People category of the National Geographic Photo Contest.

  The Dandora landfill, located in eastern Nairobi, is one of the largest in Africa.

  Published January 4, 2013

  
  











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  Photograph by Jason Ching

  Published January 4, 2013

  
  

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Quadruple Amputee Gets Two New Hands on Life

It's the simplest thing, the grasp of one hand in another. But Lindsay Ess will never see it that way, because her hands once belonged to someone else.

Growing up in Texas and Virginia, Lindsay, 29, was always one of the pretty girls. She went to college, did some modeling and started building a career in fashion, with an eye on producing fashion shows.

Then she lost her hands and feet.

Watch the full show in a special edition of "Nightline," "To Hold Again," TONIGHT at 11:35 p.m. ET on ABC

When she was 24 years old, Lindsay had just graduated from Virginia Commonwealth University's well-regarded fashion program when she developed a blockage in her small intestine from Crohn's Disease. After having surgery to correct the problem, an infection took over and shut down her entire body. To save her life, doctors put her in a medically-induced coma. When she came out of the coma a month later, still in a haze, Lindsay said she knew something was wrong with her hands and feet.

"I would look down and I would see black, almost like a body that had decomposed," she said.

The infection had turned her extremities into dead tissue. Still sedated, Lindsay said she didn't realize what that meant at first.

"There was a period of time where they didn't tell me that they had to amputate, but somebody from the staff said, 'Oh honey, you know what they are going to do to your hands, right?' That's when I knew," she said.

After having her hands and feet amputated, Lindsay adapted. She learned how to drink from a cup, brush her teeth and even text on her cellphone with her arms, which were amputated just below the elbow.

"The most common questions I get are, 'How do you type,'" she said. "It's just like chicken-pecking."

PHOTOS: Lindsay Ess Gets New Hands

Despite her progress, Lindsay said she faced challenges being independent. Her mother, Judith Aronson, basically moved back into her daughter's life to provide basic care, including bathing, dressing and feeding. Having also lost her feet, Lindsay needed her mother to help put on her prosthetic legs.

"I've accepted the fact that my feet are gone, that's acceptable to me," Lindsay said. "My hands [are] not. It's still not. In my dreams I always have my hands."

Through her amputation recovery, Lindsay discovered a lot of things about herself, including that she felt better emotionally by not focusing on the life that was gone and how much she hated needing so much help but that she also truly depends on it.

"I'm such an independent person," she said. "But I'm also grateful that I have a mother like that, because what could I do?"

Lindsay said she found that her prosthetic arms were a struggle.

"These prosthetics are s---," she said. "I can't do anything with them. I can't do anything behind my head. They are heavy. They are made for men. They are claws, they are not feminine whatsoever."

For the next couple of years, Lindsay exercised diligently as part of the commitment she made to qualify for a hand transplant, which required her to be in shape. But the tough young woman now said she saw her body in a different way now.

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Federal agencies bracing for cuts after ‘fiscal cliff’ deal

The fiscal pact Congress reached hours into the new year will delay $109 billion in automatic across-the-board spending cuts for two months. But it will make a down payment on those reductions that will affect federal operations this year and next.

The eleventh-hour agreement to avoid a “fiscal cliff” of higher taxes put off the major cuts known as a sequester until March 1, when another showdown is expected over the federal debt limit and how much to reduce the size of government.

Congress and the White House agreed to find $24 billion to pay for the delay, divided between spending cuts and a tax change that allows Americans holding traditional retirement plans to convert more of them to Roth IRAs, a process that requires tax payments up front.

The remaining $12 billion in cuts to domestic and defense agencies will not take effect until at least March 27, when the stopgap budget funding the government expires. The first $4 billion in cuts must come by Sept. 30, the end of the fiscal year, and the remaining $8 billion in fiscal 2014, which will start Oct. 1.

The cuts will be rolled into budget deliberations on Capitol Hill, and no one knows what agencies and programs they will affect. Out of a discretionary spending budget of $1.04 trillion, $12 billion is relatively small. But it’s not a rounding error.

“There will be a few select cuts that will be painful,” said Patrick Lester, fiscal policy director at the Center for Effective Philanthropy (formerly OMB Watch). “We won’t know for months what those cuts are, which makes them easy to do.”

William R. Dougan, president of the National Federation of Federal Employees, said $12 billion “spread across the government doesn’t sound like a lot of money, but it depends on how it’s spread out.”

Even if each agency took a hit, some “will still be looking at furloughs and even [reductions in force] as a possible solution,” he said. Those are some of the near-certain actions many agencies have said they would take if they had to make the across-the-board cuts Congress imposed in 2011 to force itself to reckon with the federal deficit.

On Wednesday, government and union leaders said that threat, just two months away, is making them nervous.

Defense Secretary Leon E. Panetta said Congress has “prevented the worst possible outcome by delaying sequestration for two months.”

But he warned that the “the specter of sequestration” threatens national security.

“We need to have stability in our future budgets,” Panetta said in a statement. “We need to have the resources to effectively execute our strategy, defend the nation, and meet our commitments to troops and their families after more than a decade of war.”

Several officials said they are still sorting out what the two-month delay means.

“We are working hard with [the Office of Management and Budget] to understand the impact, but we’re just not there yet,” said Army Lt. Col. Elizabeth Robbins, a Defense Department spokeswoman.

Defense consultant Jim McAleese said the deal to raise taxes on families with income above $450,000 and individuals earning more than $400,000 will bring in so much less revenue than the $250,000 threshold President Obama proposed that steep defense cuts are inevitable.

Instead of the $10 billion in cuts a year over 10 years that the Defense Department could have expected to see under Obama’s most recent deficit reduction plan, McAleese said the reductions could be more in the range of $15 billion to $20 billion a year over 10 years.

“People were talking before about defense cuts of $10 billion per year, but the sheer size of the disagreement is going to bring about an immediate, aggressive reaction that will impact the final outcome of the spending cuts,” he said.

Colleen M. Kelley, president of the National Treasury Employees Union, said of the $12 billion in cuts, “I would hope agencies could find these savings without impacts on front-line employees and without impacts on services to the public. We have more questions than answers right now.”

Steve Vogel contributed to this report.

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GIC names Lim Chow Kiat as new group CIO

SINGAPORE: The Government of Singapore Investment Corporation (GIC) has named Lim Chow Kiat as its next group chief investment officer, effective 1 February 2013.

GIC said in a statement on Friday that Mr Lim will succeed Mr Ng Kok Song who is retiring.

Mr Lim, 42, is currently GIC's deputy group chief investment officer. He joined the sovereign wealth fund in 1993 after graduating with first class honours in accountancy from Nanyang Technological University.

He was appointed head of GIC's Fixed Income, Currency and Commodities Department, as well as deputy president of GIC Asset Management (GAM) in 2008.

He became president of GAM in July 2011 and deputy group CIO in April 2012.

- CNA/al

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1 pilot, 3 airhostesses found drunk since Christmas

NEW DELHI: The fear of losing their flying licence led to pilots celebrating Yuletide and ushering in the New Year on a sober note this year. Authorities caught only one pilot — but three airhostesses — reporting to work in an inebriated state during breathalyser (BA) tests done at airports from Christmas to Wednesday.

All four flight personnel were from Jet Airways. "We have a zero tolerance policy for this issue and carry out strict BA tests. Whoever fails the tests is, as per DGCA guidelines, suspended for three months," said aJet spokesperson.

A DGCA official said two flight crew members failed the BA test in Chennai and one each in Delhi and Kochi. "The punishment is very severe now for pilots failing BA tests as their licence is suspended for three months when caught first time and for five years for the second time. This means end of flying career as a five-year suspension will lead to all eligibilities lapsing," he added.

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Pictures We Love: Best of 2012

Photograph by Mindy Schauer, Orange County Register/AP

Powder-splattered, and powder-splattering, runners cross the finish line of The Color Run 5K in Irvine, California, on April 22. Each kilometer (0.6 mile) of the event features a color-pelting station dedicated to a single hue, culminating in the Pollock-esque riot at kilometer 5.

The "magical color dust" is completely safe, organizers say, though they admit it's "surprisingly high in calories and leaves a chalky aftertaste."

See more from April 2012 >>

Why We Love It

"Vibrant color floating through the air automatically brings to mind festive Holi celebrations in India. We expect to see revelers in Mumbai but instead find a surprise in the lower third of the frame—runners in California!"—Sarah Polger, senior photo editor

"There are a lot of eye-catching photographs of the festival of Holi in India that show colored powder in midair, but this particular situation has the people all lined up in a row—making it easy to see each of their very cinematic facial expressions."—Chris Combs, news photo editor

Published January 3, 2013

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Ex-USC Player: Painkiller Injections Caused Heart Attack

Despite stated label risks of possible fatal heart attack, stroke or organ failure, college football players across the country are still being given injections of a powerful painkiller on game days so they can play while injured, an ABC News investigation has found.

The drug, a generic version of Toradol, is recommended for the short-term treatment of post-operative pain in hospitals but has increasingly been used in college and professional sports, and its use is not monitored by the NCAA, the governing body of college sports.

Only two of the country's top football programs, Oklahoma and the University of Nebraska, reported to ABC News that they have limited or stopped the use of the drug in the wake of growing concern about its risks.

Which Top-Ranked College Football Teams Use Toradol?

Oklahoma said it stopped using the painkillers in 2012 after using them repeatedly in 2010 and 2011.

Nebraska said its doctors now restrict its use.

SEND TIPS About Painkiller Use in College Sports to Our Tipline

"While team physicians reserve the option to use injectable Toradol, it is rarely prescribed, and its use has been avoided this season following reports of heightened concern of potential adverse effects," Nebraska said in a statement to ABC News.

Stephen Dunn/Getty Images

Despite Risks, College Football Still Uses Powerful Painkiller Watch Video

The top two college football programs, Notre Dame and Alabama, refused to answer questions from ABC News about the painkiller. They play for the national college championship on Jan. 7.

Controversy surrounding the drug has grown this year following claims by former USC lineman Armond Armstead that he suffered a heart attack after the 2010 season, at age 20, following shots of generic Toradol administered over the course of the season by the team doctor and USC personnel.

"I thought, you know, can't be me, you know? This doesn't happen to kids like me," Armstead told ABC News.

The manufacturers' warning label for generic Toradol (ketorolac tromethamine) says the drug is not intended for prolonged periods or for chronic pain and cites gastrointestinal bleeding and kidney failure as possible side effects of the drug.

In addition, like other drugs in its class, the generic Toradol label warns "may cause an increased risk of serious cardiovascular thrombotic events, myocardial infarction (heart attack), and stroke, which can be fatal."

"This risk may increase with duration of use," the so-called black box warning reads.

In a lawsuit against the school and the doctor, Dr. James Tibone, Armstead claims the school ignored the stated risks of the drug and never told him about them.

"He was a race horse, a prize race horse that needed to be on that field no matter what," said Armstead's mother Christa. "Whether that was a risk to him or not."

Armstead says he and many other USC players would receive injections of what was known only as "the shot" in a specific training room before big games and again at half-time.

"No discussion, just go in. He would give the shot and I would be on my way," Armstead told ABC News.

Armstead said the shot made him feel "super human" despite severe ankle, and later shoulder pain, and that without it, he never could have played in big USC games against Notre Dame and UCLA.

"You can't feel any pain, you just feel amazing," the former star player said.

USC declined to comment on Armstead's claims, or the use of Toradol to treat Trojan players.

An ABC News crew and reporter were ordered off the practice field when they tried to question USC coach Lane Kiffin about the use of the painkiller. USC says the ABC News crew was told to leave because they had not submitted the appropriate paperwork in advance to attend the practice session.

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