Zuck Says Ads Aren’t The Way To Monetize Messaging, WhatsApp Will Prioritize Growth Not Subscriptions

Facebook won’t be throwing its advertising weight behind its new acquisition WhatsApp like it did with Instagram. But WhatsApp also won’t be focusing on rolling out the $1 a year subscription fee it currently charges in some countries. Instead, with the financial security Facebook brings, it will dedicate itself to growth.

Monetization was the big topic on today’s analyst call after Facebook announced it acquired WhatsApp for a jaw-dropping total of $19 billion. That’s $4 billion in cash and $12 billion in stock, and it reserved $3 billion in restricted stock units to retain the startup’s employees. But Facebook CEO Mark Zuckerberg, CFO David Ebersman, and WhatsApp CEO Jan Koum all said that won’t be a priority for the next few years. And when the time does come to monetize aggressively, it won’t be through ads.

“Our explicit strategy for the next several years is to focus on growing and connecting everyone in the world,” Zuckerberg said. Currently, WhatsApp has a strong presence internationally with 450 million monthly users, but it’s a fragmented market with many competitors. Outpacing them right now is critical, Facebook’s CEO explained. ”Once we get to being a service with 1 billion, 2 billion, 3 billion people, there are many clear ways that we can monetize.”

Zuckerberg bluntly stated “I don’t personally think ads are the right way to monetize messaging.” Beyond WhatsApp, that could mean Facebook doesn’t plan to use ads to monetize its own Messenger app, either. That makes sense, as the highly personal and intimate nature of messaging would cause ads to stick out like sore thumbs.

The comments on the call reiterate a point that Koum has made in the past. In a 2012 blog post, he argued, “Advertising isn’t just the disruption of aesthetics, the insults to your intelligence and the interruption of your train of thought” — it also means that companies have to mine user data. (When asked about the age of WhatsApp’s users on the call, Ebersman couldn’t say, because the app doesn’t ask for that data.)

Koum made a similar commitment today in his post about the acquisition, writing, “You can still count on absolutely no ads interrupting your communication.”

Source: TechCrunch

Asian Equity Indexes at 11.44p.m.Eastern Time

Country: Index	Last	Change	% Chg
Asia Dow	2927.56	-31.75	-1.07
DJ Asia-Pacific TSM	1400.85	-16.75	-1.18
Australia: All Ordinaries	5412.60	-2.90	-0.05
Australia: S&P/ASX	5403.40	-4.80	-0.09
China: DJ Shanghai	283.07	0.19	0.07
China: Shanghai Composite	2156.83	14.28	0.67
China: Shenzhen Composite	1152.13	-5.07	-0.44
China: Shanghai 50	1535.49	2.10	0.14
Hong Kong: Hang Seng	22412.79	-251.73	-1.11
India: S&P BSE Sensex	20628.23	-94.74	-0.46
India: S&P CNX Nifty	6117.60	-35.15	-0.57
Indonesia: JSX Index	4583.76	-8.89	-0.19
Indonesia: JSX BISNIS 27	393.48	0.45	0.11
Indonesia: JSX Islamic	619.47	-2.26	-0.36
Indonesia: JSX LQ-45	772.76	-0.78	-0.10
Indonesia: PEFINDO-25	415.12	-2.24	-0.54
Indonesia: SRI-KEHATI	255.95	0.11	0.04
Japan: DJ Japan TSM	744.73	-14.70	-1.94
Japan: Nikkei 225	14440.87	-325.66	-2.21
Japan: TOPIX Index	1194.05	-24.47	-2.01
Malaysia: DJ Malaysia TSM	3451.13	-5.61	-0.16
Malaysia: FTSE Bursa Malaysia KLCI	1826.37	-3.08	-0.17
New Zealand: NZX 50*	4909.83	-4.32	-0.09
S. Korea: KOSPI	1931.94	-10.99	-0.57
S. Korea: KOSPI 50	1635.81	-11.45	-0.70
S. Korea: KOSPI 100	1898.83	-13.02	-0.68
S. Korea: KOSPI 200 Composite	251.26	-1.66	-0.66
Singapore: FTSE Straits Times	3089.64	0.85	0.03
Taiwan: TAIEX	8532.66	-44.35	-0.52
Thailand: SET	1307.97	-13.03	-0.99

Source: WSJ

Zinc and lead; beauties in the eye of the beholder?

Not so long ago, zinc and lead were the "ugly sisters" of the London Metal Exchange (LME) base metals suite, both burdened by consecutive years of surplus and high inventories.

The peak of the commodities super-cycle has come and gone, and you'd be hard pressed to discern its passage through the prism of these two industrial metals. With no spectacular bull runs such as seen in copper and iron ore, they went through a long, long period of largely sideways grind.

Sentiment is now changing, particularly for zinc, which is currently the "belle of the ball" on the LME. Three-month zinc was the best relative performer last year, an act it is repeating in the early part of 2014.

This turnaround in fortunes appears to be borne out by the latest figures from the International Lead and Zinc Study Group

(ILZSG), assessing both markets as shifting to production-usage deficits in 2013. [ID:nL6N0LM1TO] [ID:nL6N0LM1NO]

It was the first year of lead deficit since 2009 and the first year of zinc deficit since 2006.

The previous sentence should probably include the word

"probably".

Right now, the LME "Street" is expressing its bullish views by playing the two sister metals off against each other, a relative play that currently favours zinc.

Left to one side, however, is the nagging question of where all those legacy stocks have gone. It is possible that there is still an ugly side to both Cinderellas?


DEFICIT ... PROBABLY

ILZSG calculates that the refined zinc and lead markets recorded a production-usage shortfall of 60,000 tonnes and 20,000 tonnes, respectively, in 2013.

These, it is worth stressing, are marginal outcomes in what are 13 million and 10.5 million tonne global markets.

Moreover, not everyone is in agreement.

"Disconcertingly, our sources still differ greatly on the recent market balance," observes Stephen Briggs, an analyst at BNP Paribas, in a recent research note on zinc ("Zinc transitioning from rattle to hum," Feb. 12, 2014).

"Wood Mackenzie has world refined demand exceeding production by over 650,000 tonnes in 2012-13, whereas CRU has a balance in 2012 and a surplus in 2013, with ILZSG data the other way round," he explains.

These are the three pillars of fundamental insight into the zinc market, so the divergence in views is genuinely disconcerting.

Briggs, by the way, takes what he calls "a middle path", expecting "modest headline deficits to morph into something more structural by 2016".

The zinc market is a relative beacon of light in comparison with lead, which has a higher scrap component, in the form of lead-acid batteries, than any other metal market.

Scrap is a notoriously opaque part of the supply chain, and shifts in the scrap dynamic have frequently caught the refined lead market collectively off-guard in past years.

If ILZSG's calculation of zinc deficit is open to interpretation, as it apparently is, then even more so is any assessment of marginal deficit in the lead market.


RELATIVE BEAUTY

Still at least we can all agree, probably, that both markets are somewhere along the path from chronic oversupply to supply shortfall.

They are on the same journey for the same reason, namely the depletion of some of the world's largest zinc mines, a lack of replacement supply and problems with the few new mines that are coming on stream.

China's MMG <1208.HK> is the prime example of this phenomenon. Technical problems have led it to defer its Dugald River mine, which was intended to be a partial offset against the closure of the giant Century mine next year. [ID:nL3N0JY3M0]

But it's not the only player facing such issues.

This week problems have arisen at another important new mine, Perkoa in Burkino Faso. Glencore-Xstrata , which owns 62.7 percent of Perkoa and needs it to help compensate for zinc mine closures in Canada, has challenged minority shareholder and operator Blackthorn Resources over the mine's economics.

Blackthorn has already ceased open-pit operations at Perkoa and is now considering a number of "schedule, cost and capital scenarios". One scenario is to place the whole mine on care and maintenance until the zinc price improves further.

Since the sister metals are normally found in the ground together, every zinc mine that closes takes out a bit of lead supply as well.

It's just a case of which market will be first to see mine supply constraints translate into a metal shortage.

The current LME relative-play betting is on zinc. The lead-zinc premium has shrunk to around $100 per tonne, the narrowest it's been since the third quarter of 2012.

Global zinc mine supply growth braked sharply from over 3 percent in 2012 to just 1 percent in 2013. Indeed, mine production outside of China contracted marginally last year, according to ILZSG.

Lead mine supply growth also slowed last year but much more moderately to a still robust 6.4 percent globally.

Zinc's bullish credentials are further enhanced by a more exciting usage profile. ILZSG calculates that global usage grew by 7.4 percent last year, outpacing a 4.5 percent rate in the lead market.


WHERE HAVE ALL THE STOCKS GONE?

Which is maybe why visible zinc stocks are falling harder and faster than those of lead right now.

LME-registered zinc inventory <0#MZN-STX> fell by 290,000 tonnes, or 24 percent, last year, and at 795,000 tonnes is already down by another 15 percent so far this year.

LME lead stocks <0#MBB-STX> shrunk by 104,000 tonnes, or 33 percent, last year and have also continued sliding this year, down another 6 percent at 201,875 tonnes.

These downtrends have served to fuel the bull chorus surrounding both metals' prospects.

But are they true signals? And just where exactly has all this metal gone?

LME stock falls last year far exceeded calculated deficits in both markets.

Indeed, LME lead stock movements have been seriously out of kilter for the past two years, although the ILZSG figures do suggest some redistribution to producer stocks.

There is no such suggestion when it comes to the 290,000 tonnes of disappearing zinc. Indeed, total stocks including ILZSG assessments of industry inventory fell even harder, to the tune of 314,000 tonnes last year.

Maybe this is just a sign that the ILZSG is under-estimating the scale of deficit in each market.

Or, maybe, these dramatic movements have had more to do with the formation of load-out queues by LME warehouse operators.

Exchange stocks of both metals have tended to be concentrated in what the LME calls its "affected" locations, particularly New Orleans and Antwerp in the case of zinc and Vlissingen and Johor in the case of lead.

Surplus zinc and lead flooded into these locations only to be swiftly cancelled, blocking the departure of other metals. It has since been leaving daily, the pace of drawdown conforming with LME rules on minimum (de facto maximum) load-out rates at queue-affected locations.

This is a headache for the LME, because stocks flows have lost much of their analytical relevance due to such gaming of the warehousing system.

But it is also a headache for zinc and lead bulls, leaving a nagging doubt that surplus metal has merely flowed through the LME system and is now, once again, gathering dust in off-market storage waiting to be dumped back into statistical visibility at a more attractive price.

Not such a pretty scenario for the two new "belles of the ball".

Source: Reuters

China steel, iron ore futures sag after PMI disappoints again

China's steel futures fell the most in about a month on Thursday and Dalian-traded iron ore also dropped after a private survey pointed to a weak manufacturing sector, stoking concern over the economic outlook for the top user of the two commodities.

China's factory activity shrank for a second straight month in February, a survey by HSBC/Markit showed with its Purchasing Managers' Index hitting a seven-month low of 48.3. The news sent risk assets from commodities to equities lower. 

Weaker steel prices may sour appetite again among traders and Chinese steel producers for spot iron ore cargoes, and likely to drag prices back to seven-month lows reached last week.

"This is really quite worrying," said Helen Lau, senior mining analyst at UOB-Kay Hian Securities in Hong Kong.

"This means any seasonal recovery in steel demand when construction picks up from March will not be as strong as before because overall economic activity is slowing down."

The most briskly traded rebar for May delivery on the Shanghai Futures Exchange was down 1.1 percent at 3,399 yuan ($560) a tonne by midday, just within striking distance from a record low of 3,380 yuan reached on Jan. 10.

The percentage drop is also the steepest for a day since Jan. 21.

At the Dalian Commodity Exchange, the most-active May iron ore contract fell 0.8 percent to 856 yuan a tonne.

Steel products held by Chinese traders stood at 19.8 million tonnes as of Feb. 14, the highest level since May last year, based on data from industry consultancy Mysteel.

The increase was largely due to traders restocking ahead of the Lunar New Year this month, although with demand not picking up as they had expected and prices falling, they might soon run down their stocks.

"Traders will soon destock since it will be very risky to keep such a high level of stocks. If they continue to restock there will be a lot of supply in the market which will send prices even lower," said Lau.

Iron ore for immediate delivery to China <.IO62-CNI=SI> slipped 0.4 percent to $123.90 a tonne on Wednesday, according to data compiler Steel Index, cutting short a rebound from a seven-month low of $120 reached last week.

A mountain of imported iron ore stocks piled at Chinese ports has curbed buying interest in the spot market. The inventory topped 100 million tonnes last week , the first time it breached that level since July 2012.

A growing use of iron ore as a collateral to secure loans in China where credit access is tight has helped bloat the stockpiles.

"Given the low value of iron ore per tonne, we'd be surprised if there was much more than a few million tonnes involved in these sorts of transactions, but it highlights how tight credit currently is," Commonwealth Bank of Australia said in a note.

Japan may take Indonesia to WTO over mineral export ban-media

Japan is preparing to take Indonesia to the World Trade Organisation over a ban on exports of mineral ores that has curtailed supplies for industry, the Nikkei business daily said on Thursday.

The Japanese government is set to seek talks with Indonesia through the WTO this month, the report said, without citing sources. If the issue was not resolved, Japan would request that a panel be appointed to look into the case, it added.

If the bilateral talks failed, Japan was likely to team up with China, another big buyer of minerals from Indonesia, to seek remedial action, the report said.

A senior official at Japan's Ministry of Economy, Trade and Industry told Reuters no decision had been made to pursue the issue with the WTO, but it remained a possibility.

"Bringing the issue to WTO is one of our options, but we have not made any decisions," said Osamu Onodera, METI director, who handles WTO compliance and dispute settlement.

Japan, home to some of the world's biggest stainless steel producers, is facing higher costs and scrambling to find new supplies of nickel after Indonesia enforced an export ban on the raw material last month. 

Global nickel prices rallied after Indonesia banned unprocessed exports of nickel and other minerals from Jan. 12 in a move aimed at getting higher returns for its resources by forcing companies to refine the minerals on Indonesian soil.

Japan imported 44 percent of its nickel ore from Indonesia in 2012. Indonesia's mines ministry forecast in late January that 2014 nickel production would slump 94 percent to 3.5 million tonnes. 

Source: Reuters

Brent slips towards $110 on worries over China growth

Brent crude slid towards $110 a barrel on Thursday, dragged down by a survey that pointed to slower growth in China, the world's second largest oil consumer.

Manufacturing activity shrank again in February to the lowest in seven months, while employment fell at the fastest pace in five years, a preliminary private survey showed. [ID:nL3N0LP0WU]

"That is going to really knock the wind out of sales of risk assets this afternoon and probably for the next 24 hours because it is a substantial miss on estimates. I expect that it is going to have a negative impact across oil markets," said Ben Le Brun, a market analyst at OptionsXpress in Sydney.

Brent and West Texas Intermediate (WTI) could test support levels at $110 and $103 a barrel respectively, he said.

April Brent crude had slipped 42 cents to $110.05 a barrel by 0229 GMT, after settling at its highest level this year on Wednesday.

U.S. crude futures for March delivery edged down 16 cents to $103.15 a barrel. The contract closed on Wednesday, a day ahead of its expiry, at its highest since Oct. 8.

April Brent's premium to WTI has fallen to the lowest since October after a new pipeline diverted excess supply from Cushing, Oklahoma, the WTI contract's delivery point, to the gulf coast. Robust heating demand this winter has also supported U.S. crude prices.

Crude stocks in Cushing fell by 1.8 million barrels in the week to Feb. 14, data from industry group the American Petroleum Institute showed. Traders are waiting for numbers from the U.S. Energy Information Administration later in the session for confirmation.

Geopolitical risks in Africa and Venezuela have partially offset the negative impact on oil from the China survey.

Domestic conflicts in Libya and South Sudan have cut their crude output, while investors eyed protests in Venezuela and the progress of Iran's nuclear talks.

Six world powers and Iran hammered out an agenda for reaching an ambitious final settlement to the decade-old standoff over Tehran's nuclear programme. A settlement could lead to the lifting of sanctions on Iran which has been curbing oil exports from the OPEC producer.

Iraq may also add to global oil supply after Iraqi Kurdistan agreed to export crude via the country's main oil marketing body, potentially removing a major sticking point in a resource row with the central government. 

Source: reuters

WSJ: Japan Trade Deficit Balloons to Record

          The Wall Street Journal reports, "Japan posted a record trade deficit in January, as imports of electronics components and raw materials surged and exporters failed to boost their sales overseas despite a weaker yen.

The ¥2.79 trillion ($27.3 billion) deficit is a setback for Prime Minister Shinzo Abe, who has touted the currency's depreciation as key to putting the world's third-largest economy on track for long-term growth. A weaker yen could potentially make Japan's exporters more competitive abroad, leading to higher profits and wages, and lifting employment".

"But economists say the benefits of the lower yen have been undercut by a longer-term trend of big manufacturers moving production overseas in order to be closer to their customer bases and reduce the risks of currency fluctuations. A pickup in exports is also dependent on overseas economies, including the U.S., improving, they say.

Weak gross domestic product figures released on Monday showed that overall growth in the economy unexpectedly slowed in the final months of 2013, in part because of weak sales abroad.

The trade figures underline that domestic demand continues to drive Japan's recovery, as a surge in imports pushed the overall trade deficit deeper into the red. Imports were up 25% from year-ago levels to ¥8.43 trillion, the highest on record since comparable data became available in 1979.

Part of the rise in spending has been attributed to rush demand to buy goods before an April sales tax increase. Some economists say that is helping to push up the import tab, especially for some high-value items such as cars. Imports of cars from Europe rose 25.4% on year, according to the trade data.

Economists also noted that the large trade deficit in January also reflects seasonal factors". 

China Feb HSBC flash PMI hits 7-month low of 48.3

"Activity in China's factories shrank again in February as employment fell at the fastest pace in five years, a preliminary private survey showed on Thursday.

The flash Markit/HSBC Purchasing Managers' Index (PMI) fell to a seven-month low of 48.3 in February from January's final reading of 49.5.

A reading below 50 indicates a contraction while one above shows expansion.

The Lunar New Year festival, which began on Jan. 31 and covered early February, likely affected factory output as manufacturers shut shop for China's biggest annual holiday.

The Australian dollar lost nearly half a U.S. cent after the report was released, reflecting China's status as Australia's biggest export market.

The preliminary February index, which shrank in every category except suppliers' delivery times, indicates that a mild slowdown which began late last year continues.

The weak China preliminary index for January was believed to be one cause of last month's selloff of emerging market assets.

In February, the employment sub-index slid for a fourth straight month, to 46.9, its lowest point since February 2009, during the global financial crisis.

The jobs sub-index in the PMI is one of the few indicators that measures the health of China's labour market, an area of priority for Beijing which wants to keep unemployment low to maintain social stability.

The survey showed the new orders sub-index fell below 50 for the first time in seven months, while new export orders was higher than in January, but remained below 50.

"It looks like across-the-board weakness. The indexes should be more correlated with the export economy than the domestic economy," Stephen Green, an economist with Standard Chartered bank.

"So it's slightly surprising given stronger export numbers we've seen in the last couple of months."

Another factor in the slide is the government's ongoing attempt to restructure the economy away from exports and towards domestic consumption. This has cooled investment growth - a main engine of China's economy - to its lowest in at least a decade.

Thursday's data is the latest sign of struggle in China's factories. A series of PMIs in January showed growth in China's manufacturing and services sectors at multi-month or multi-year lows. But those disappointing PMI readings were countered by surprisingly buoyant growth in exports and bank lending, which suggested that the world's No. 2 economy was not faring as badly as some feared.

China's full-year growth for 2013 was 7.7 percent, steady from 2012 and just slightly above market expectations of 7.6 percent, which would have been the slowest since 1999.

The Markit/HSBC PMI is more weighted towards smaller and private companies than the official index, which contains more large and state-owned firms.

The final Markit/HSBC manufacturing PMI for February is due on March 3 and the official manufacturing PMI will be released on March 1.

Source: Reuters

Kik Founder On Facebook Buying WhatsApp: Mobile Messaging Now “Table Stakes”

Mobile messaging consolidation is coming fast and heavy recently, with the Viber/Rakuten deal and today’s WhatsApp acquisition by Facebook. Another contender in the space, Waterloo-based Kik, has also seen good traction and growth (though admittedly not on the level of WhatsApp). Kik founder and CEO Ted Livingston tells TechCrunch that this is a clear message that, well, messaging is the new black, in case it wasn’t clear before.

“It’s $16 billion clearer that we’re now in the age of the mobile messenger,” he explained to me in a conversation on his company’s platform. “Now for the fun part: What comes after chat? What does identity mean for mobile? How do you build the best platform? These are questions Kik has been thinking about for four years.”

I asked Livingston what he thinks this means for WhatsApp, which has been a constant rival for Kik since 2009, when both companies were originally founded. Under Facebook’s stewardship, it can probably go one of two ways, he said.

“Is this YouTube or Myspace?” he asked, referring to two acquisition stories that went in very different directions. YouTube, acquired by Google in 2006, continued its growth and exists as a very successful, mostly standalone property that has monetized fairly successfully. Myspace was acquired by News Corp in 2005 for $580 million, only to be sold in 2011 for just $35 million after users fled the platform in droves.

It’s a good question, but one that Livingston doesn’t see any answer to yet. WhatsApp and Facebook both claim that the messaging app will continue as usual, acting as a distinct company with its existing revenue model and ad-free design intact. That could help it follow YouTube’s example to continued growth, rather than Myspace’s downward trajectory. As for what it means for the industry in general, Livingston says it’s simple.

“Having a popular mobile messenger is simply going to become table stakes for competing in the mobile era [among big tech companies],” he said.

In an expensive deal Facebook will buy mobile-messaging WhatsApp

Facebook Inc will buy fast-growing mobile-messaging startup WhatsApp for $19 billion in cash and stock in a landmark deal that places the world's largest social network closer to the heart of mobile communications and may bring younger users into the fold.

The transaction involves $4 billion in cash, $12 billion in stock and $3 billion in restricted stock that vests over several years. The WhatsApp deal is worth more than Facebook raised in its own IPO and underscores the social network's determination to win the market for messaging.

Founded by a Ukrainian immigrant who dropped out of college, Jan Koum, and a Stanford alumnus, Brian Acton, WhatsApp is a Silicon Valley startup fairy tale, rocketing to 450 million users in five years and adding another million daily.

"No one in the history of the world has ever done something like this,” Facebook Chief Executive Mark Zuckerberg said on a conference call on Wednesday.

Zuckerberg, who famously closed a $1 billion deal to buy photo-sharing service Instagram over a weekend in mid-2012, revealed on Wednesday that he proposed the tie-up over dinner with CEO Koum just 10 days earlier, on the night of Feb. 9.

WhatsApp was the leader among a wave of smartphone-based messaging apps that are now sweeping across North America, Asia and Europe. Although WhatsApp has adhered strictly to its core functionality of mimicking texting, other apps, such as Line in Japan or Tencent Holdings Ltd's <0700.HK> WeChat, offer games or even e-commerce on top of their popular messaging features.

The deal provides Facebook entree to new users, including teens who eschew the mainstream social networks but prefer WhatsApp and rivals, which have exploded in size as private messaging takes off.

"People are calling them 'Facebook Nevers,'" said Jeremy Liew, a partner at Lightspeed and an early investor in Snapchat.

How the service will pay for itself is not yet clear.

Zuckerberg and Koum on the conference call did not say how the company would make money beyond a $1 annual fee, which is not charged for the first year. "The right strategy is to continue to focus on growth and product," Zuckerberg said.

Zuckerberg and Koum said that WhatsApp will continue to operate independently, and promised to continue its policy of no advertising.

“Communication is the one thing that you have to use daily, and it has a strong network effect,” said Jonathan Teo, an early investor in Snapchat, another red-hot messaging company that flirted year ago with a multibillion dollar acquisition offer from Facebook.

“Facebook is more about content and has not yet fully figured out communication.”
Even so, many balked at the price tag.

Facebook is paying $42 per user with the deal, dwarfing its own $33 per user cost of acquiring Instagram. By comparison, Japanese e-commerce giant Rakuten just bought messaging service Viber for $3 per user, in a $900 million deal.

Rick Summer, an analyst with Morningstar, warned that while investors may welcome the addition of such a high-growth asset, it may point to an inherent weakness in the social networking company that has seen growth slow in recent quarters.

"This is a tacit admission that Facebook can't do things that other networks are doing," he said, pointing to the fact that Facebook had photo-sharing and messaging before it bought Instagram and WhatsApp.

"They can't replicate what other companies are doing so they go out and buy them. That's not all together encouraging necessarily and I think deals like these won't be the last one and that is something for investors to consider."
acebook was advised by Allen & Co, while WhatsApp has enlisted Morgan Stanley for the deal.

Shares in Facebook slid 2.5 percent to $66.36 after hours, from a close of $68.06 on the Nasdaq.

"No matter how you look at it this is an expensive deal and a very big bet and very big bets either work out or they perform quite poorly," Summer said. "Given the relative size, the enterprise valuations this is a very significant deal and it may not be the last one."


Source: Reuters

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It is not only Economics anymore, its about entertainment also...Music,Films & Dance 

Nadine Chuck Berry '64

Everybody Needs Somebody To Love Solomon Burke '64

Time Is On My Side Rolling Stones '64

No Particular Place To Go Live Chuck Berry '64

Gloria Live Version Them

Gloria Them '64

All Day And All Of The Night Kinks '64

The Times They Are A'Changin' Bob Dylan '64

             Come gather 'round people 
Wherever you roam 
And admit that the waters 
Around you have grown 
And accept it that soon 
You'll be drenched to the bone 
If your time to you 
Is worth savin' 
Then you better start swimmin' 
Or you'll sink like a stone 
For the times they are a-changin'. 

Come writers and critics 
Who prophesize with your pen 
And keep your eyes wide 
The chance won't come again 
And don't speak too soon 
For the wheel's still in spin 
And there's no tellin' who 
That it's namin' 
For the loser now 
Will be later to win 
For the times they are a-changin'. 

Come senators, congressmen 
Please heed the call 
Don't stand in the doorway 
Don't block up the hall 
For he that gets hurt 
Will be he who has stalled 
There's a battle outside 
And it is ragin' 
It'll soon shake your windows 
And rattle your walls 
For the times they are a-changin'. 

Come mothers and fathers 
Throughout the land 
And don't criticize 
What you can't understand 
Your sons and your daughters 
Are beyond your command 
Your old road is 
Rapidly agin' 
Please get out of the new one 
If you can't lend your hand 
For the times they are a-changin'. 

The line it is drawn 
The curse it is cast 
The slow one now 
Will later be fast 
As the present now 
Will later be past 
The order is 
Rapidly fadin' 
And the first one now 
Will later be last 
For the times they are a-changin'.