Exclusive: Google Ventures beefs up fund size to $300 million a year

SAN FRANCISCO (Reuters) - Google will increase the cash it allocates to its venture-capital arm to up to $300 million a year from $200 million, catapulting Google Ventures into the top echelon of corporate venture-capital funds.

Access to that sizeable checkbook means Google Ventures will be able to invest in more later-stage financing rounds, which tend to be in the tens of millions of dollars or more per investor.

It puts the firm on the same footing as more established corporate venture funds such as Intel's Intel Capital, which typically invests $300-$500 million a year.

"It puts a lot more wood behind the arrow if we need it," said Bill Maris, managing partner of Google Ventures.

Part of the rationale behind the increase is that Google Ventures is a relatively young firm, founded in 2009. Some of the companies it backed two or three years ago are now at later stages, potentially requiring larger cash infusions to grow further.

Google Ventures has taken an eclectic approach, investing in a broad spectrum of companies ranging from medicine to clean power to coupon companies.

Every year, it typically funds 40-50 "seed-stage" deals where it invests $250,000 or less in a company, and perhaps around 15 deals where it invests up to $10 million, Maris said. It aims to complete one or two deals annually in the $20-$50 million range, Maris said.

LACKING SUPERSTARS

Some of its investments include Nest, a smart-thermostat company; Foundation Medicine, which applies genomic analysis to cancer care; Relay Rides, a carsharing service; and smart-grid company Silver Spring Networks. Last year, its portfolio company HomeAway raised $216 million in an initial public offering.

Still, Google Ventures lacks superstar companies such as microblogging service Twitter or online bulletin-board company Pinterest. The firm's recent hiring of high-profile entrepreneur Kevin Rose as a partner could help attract higher-profile deals.

Soon it could have even more cash to play around with. "Larry has repeatedly asked me: 'What do you think you could do with a billion a year?'" said Maris, referring to Google chief executive Larry Page.

(Editing by Muralikumar Anantharaman)

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“Dancing” co-host Brooke Burke has thyroid cancer

LOS ANGELES (Reuters) – “Dancing with the Stars” co-host Brooke Burke said on Thursday that she has been diagnosed with thyroid cancer and will need surgery.

The television presenter and model said in a three-minute video posted on the website Modernmom.com that she will need her thyroid removed.

“I need to have thyroid surgery and a thyroidectomy, which means I’m going to have a nice, big scar right here on neck,” Burke said, drawing a finger across her throat.

Burke, a former winner of ABC’s celebrity ballroom dancing competition, said she had a biopsy in July, but it had taken her months to go public with the results.

“I’m ready to deal with it, and I’m going to be fine,” she said.

There was no word on when the surgery would take place, but Burke’s publicist said her work schedule for “Dancing with the Stars” would not be affected.

Burke, 47, said in July that her doctor suggested she undergo a thyroid ultrasound after he felt a lump in her neck during a routine physical.

The thyroid is a gland in the neck that produces hormones that regulate vital body functions, such as heart rate and blood pressure.

Burke’s co-host Tom Bergeron said on Thursday during an appearance on the CBS chat show “The Talk” that he had known about her condition for several months. “We are all there with her,” he said.

“I’ve known about this for a few months … I have had experience with this in my family. You never want to hear the word cancer. But thyroid cancer is one of the most treatable cancers. It has an incredibly high success rate,” he said.

(Reporting By Eric Kelsey; Editing by Jill Serjeant)

Celebrity News Headlines – Yahoo! News

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Ask an Expert: Wondering About Alzheimer’s? Ask Here

This week’s Ask the Expert features Dr. P. Murali Doraiswamy, who will answer questions related to Alzheimer’s disease and memory loss. He is a professor of psychiatry at Duke University Medical Center and an author of “The Alzheimer’s Action Plan.” Dr. Doraiswamy has also served as an adviser to government agencies, advocacy groups and businesses.

About five million Americans today live with Alzheimer’s disease, and a new diagnosis is made about every 70 seconds. Cases are expected to triple over the coming decades as baby boomers age.

Misperceptions and misdiagnoses are common about Alzheimer’s, which ranks second to only cancer among diseases that adults fear the most. Many people do not understand that there are dozens of causes for memory loss besides Alzheimer’s, including many that can be fully reversed if caught early.

Among the questions Dr. Doraiswamy is prepared to answer:

What are the best tests to determine if it is or isn’t Alzheimer’s?

How do you determine your own risk?

What are the family-care options? Medications for memory? Medications for behavior problems? Preventive strategies?

What has been learned from the latest clinical trials?

How can you improve your memory?

Please leave your questions in the comments section. Answers will be posted on Wednesday.

You can follow Booming via RSS here or visit nytimes.com/booming.

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McDonald's sales drop, first time since 2003

McDonald's Corp. reported its first decline in monthly U.S. same store sales in nine years Thursday, as the chain began to suffer problems plaguing the rest of the fast food industry for several years.

Sales at restaurants open more than a year declined 2.2 percent. Same store sales also declined in Europe, 2.2 percent, and the Asia Pacific, Middle East and Africa region, 2.4 percent.

The chain cited lower demand and greater competition for the lower sales. While hamburger competitors Burger King and Wendy’s were walloped by the onset of the recession, both  have changed hands in recent years and launched new menu items that better compete with McDonald’s including expanded breakfast offerings, improved coffee options and more innovative salads.

"Though October's sales results reflect the pervasive challenges of today's global marketplace, I am confident that our strategies and the adjustments we are making in response to the current business headwinds will build sales momentum and drive sustained, profitable growth," McDonald's CEO Don Thompson said. 

Although the decline is historic for the world's largest restaurant chain, which has been on a roll since the beginning of its historic turnaround in 2003, it was not unexpected. Analysts have been tempering expectations and downgrading the stock for months.

To rev up sales, McDonald's has been working to emphasize value in markets around the world.

In the U.S., for example, McDonald's is stepping up advertising for its Dollar Menu after its attempt to market an "Extra Value Menu" for slightly higher prices fell flat. But the company said Thursday that the efforts were offset by "modest consumer demand" and competition.

In particular, McDonald's is facing stiffer competition from longtime rivals Burger King and Wendy's, which are both in the midst of reviving their brands with new ad campaigns and improved menus. Taco Bell, owned by Yum Brands Inc., is also enjoying growth with the help of new offerings such as it Doritos Locos Tacos and higher-end Cantina Bell bowls and burritos.

Stock slipped 0.99 percent in pre-market trades, to $86 in early trading. McDonald's hit an all-time high of $101.74 in February.

Baird analyst David Tarantino maintained an outperform rating on McDonald's, saying in a research note that, "We are cautiously optimistic that better trends can emerge as McDonald's gets past a wall of challenging comparisons in upcoming months."

Tarrantino added that though results "could remain soft" through early 2013, "we see opportunity for better performance to emerge in 2013 as a whole," because of emphasis on value offerings, lower ingredient costs, and reduced currency impact.

eyork@tribune.com | Twitter: @emilyyork

- Reuters contributed to this report

MCD Net Income Quarterly data by YCharts

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Jury begins deliberations in cop beating trial

Jurors at a trial involving a notorious 2007 beating of a female bartender by an off-duty Chicago officer began deliberations Wednesday that will include considering a rarely tested question -- does the Chicago Police Department have a code of silence?

In the final argument to jurors before deliberations began, an attorney for the bartender, Karolina Obrycka, decried what he described as decades of unofficial protection for officers.

“The evidence you heard didn't come from a television script or a movie script,” attorney Terry Ekl said. “There is an active, live code of silence. It is part of the culture of the Chicago Police Department.”

In the high-stakes trial at the U.S. Dirksen Courthouse, lawyers for Obrycka contended that the city as well as Officer Anthony Abbate are accountable for the beating and the cover-up that allegedly followed because of the longstanding code of silence.

Over 2 1/2 weeks, the jury heard expert evidence about the department's allegedly weak discipline of bad cops as well as testimony from numerous witnesses about an allegedly extensive effort to protect Abbate after the disturbing, videotaped beating at Jesse's Short Stop Inn was released and became an Internet sensation.

On Wednesday Ekl listed how a drunken Abbate engaged in a series of criminal acts on Feb. 19, 2007, that average citizens would be held accountable for -- assaulting and harassing bar patrons, beating and kicking Obrycka and then driving home intoxicated.

“He doesn't have any concern at all,” Ekl said. “It's in his DNA. It's part of his life. He's a Chicago police officer. You think someone from the … district is going to come over and arrest him? No.”

The jury deliberated for about five hours Wednesday before recessing until next week because of scheduling conflicts for the judge.

Ekl's closing argument was interrupted by several objections from city attorneys, particularly when he criticized their defense for using diversions and ignoring or distorting evidence.

“When you hear the arguments, is it any wonder the code of silence has existed for decades?” Ekl said.

Abbate, who was ultimately convicted of a felony and fired from the police force, potentially faces liability over allegations that he conspired with friends, including police pals, to threaten Obrycka not to pursue charges against him. If the jury agrees that a code of silence exists, the city could be held liable for the vicious beating.

From the start, city attorneys said they were fighting Obrycka's lawsuit on principle. Abbate was off-duty and his actions had nothing to do with his work as a Chicago police officer, they said.

They have blamed his actions that night on his extenstive drinking, calling it “absurd” that Abbate was counting on police to protect him. They also argued that he fled after the attack, showing that he feared getting in trouble, and was later investigated by the department.

“It is clear from the video that Anthony Abbate acted out of rage,” attorney Barrett Rubens, representing the city, said Tuesday in her closing argument. “… Anthony Abbate did what he did because he was hammered.”

In his closing, Ekl also addressed a messy and complicated aspect of the case -- the numerous conflicting stories from Chicago police officials and Cook County prosecutors about how aggressively they wanted to punish Abbate.

City attorneys have maintained that Chicago police wanted to pursue felonies -- even though two department investigators had Obrycka sign a misdemeanor complaint within three days of the beating.

Debra Kirby, then head of the department's Internal Affairs Division, testified that she conveyed her desire for felony charges to Thomas Bilyk, a Cook County prosecutor who was supervising the Abbate investigation, in a phone call days after the beating.

But Bilyk denied the conversation happened. In her closing argument, Rubens suggested Bilyk didn't tell the truth and reminded jurors of a police report in which a Chicago detective said that Bilyk had called for lesser misdemeanor charges at a Feb. 23 meeting.

But Ekl, with his voice rising, told the jury Wednesday that the report was dated 23 days after the meeting -- and just two days after Abbate surrendered to police and pressure was mounting on the state's attorney's office to upgrade the misdemeanor charges.

asweeney@tribune.com

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Apple slides to five-month low, uncertainty grows

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Death of the cassette tape much exaggerated

LONDON (Reuters) – The widening gap between the amount of data the world produces and our capacity to store it is giving a new lease of life to the humble cassette tape.

Although consumers have abandoned the audio cassette in favor of the ubiquitous iPod, organizations with large amounts of data, from patient records to capacity-hungry video archives, have continued to use tape as a cheap and secure storage medium.

Researchers at IBM are trying to keep this 60-year old technology relevant for at least the next decade and they are getting help from rising energy costs, which are forcing companies to look for cheaper alternatives to stacks of power-hungry hard drives.

Evangelos Eleftheriou and his colleagues at IBM Research in Zurich, Switzerland, have developed a cassette just 10 cm by 10cm by 2cm that can hold about 35 terabytes of data, the equivalent of a library with 400 kilometers of bookshelves.

“It is really the greenest storage technology,” Eleftheriou told Reuters. “Tape at rest, consumes literally zero power.”

Unlike hard drive storage devices, which have to be on continuously, tape systems only consume power when data is being read or recorded, giving them a carbon footprint a fraction that of their disc-based counterparts.

Latency is the biggest disadvantage. Tapes have to be retrieved, usually by a robotic selector, and then loaded into a reading device.

But for much of the world’s archived data, access time is not critical. From legal archives and company records kept to comply with legislation like the Sarbanes Oxley Act in the United States, to data on traffic flow and weather patterns, keeping secure copies is more important than instant access.

“If you have big data then you have really big backups,” said Eleftheriou.

This is borne out by an estimate from consultancy Coughlin Associates that about 400 exabytes, equal to 20 million times the content of U.S. Library of Congress, is currently stored on tape.

The new IBM cassette, originally developed with Fuji Film, packs about 29.5 billion bits on a square inch of tape using a coating made from the chemical compound barium ferrite, which maximizes so-called linear density – the amount of data that can be squeezed onto a length of the tape.

The other limitation is the number of tracks that can be laid down and the researchers have developed novel nanopositioning technologies that can position the read and write heads with an accuracy of 10 to 15 billionths of a meter.

SERIOUSLY BIG DATA

Eleftheriou and his team believe they can increase the storage capacity to 100 billion bits per square inch and they hope this will make tape storage a contender for one of the world’s biggest data collection projects – the huge radio telescope known as the Square Kilometer Array (SKA).

In just over 10 years the SKA will start scanning the skies from two remote sites in South Africa and Australia, and it will generate 10 times the data traffic of the global internet.

“There’s going to be a lot of data pouring out of what is essentially a giant computer with a few bits of metal (the dishes and the antennae) on the ends,” said Andy Faulkner, an astrophysicist at Cambridge University and one of the project engineers on the SKA.

Faulkner said there has been quite a shift towards using hard drives in astronomy in recent years because their capacity has grown so far and fast, but the SKA will be a different kettle of fish, not least because of the vast amount of data it will generate and the restrictions on power usage from its remote location.

“In truth, nobody knows just yet what we will be using given the 10-year time frame but tape storage is very interesting because you don’t necessarily need real time access to everything.”

(Editing by Jon Hemming)

Music News Headlines – Yahoo! News

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Ask an Expert: Wondering About Alzheimer’s? Ask Here

This week’s Ask the Expert features Dr. P. Murali Doraiswamy, who will answer questions related to Alzheimer’s disease and memory loss. He is a professor of psychiatry at Duke University Medical Center and an author of “The Alzheimer’s Action Plan.” Dr. Doraiswamy has also served as an adviser to government agencies, advocacy groups and businesses.

About five million Americans today live with Alzheimer’s disease, and a new diagnosis is made about every 70 seconds. Cases are expected to triple over the coming decades as baby boomers age.

Misperceptions and misdiagnoses are common about Alzheimer’s, which ranks second to only cancer among diseases that adults fear the most. Many people do not understand that there are dozens of causes for memory loss besides Alzheimer’s, including many that can be fully reversed if caught early.

Among the questions Dr. Doraiswamy is prepared to answer:

What are the best tests to determine if it is or isn’t Alzheimer’s?

How do you determine your own risk?

What are the family-care options? Medications for memory? Medications for behavior problems? Preventive strategies?

What has been learned from the latest clinical trials?

How can you improve your memory?

Please leave your questions in the comments section.

You can follow Booming via RSS here or visit nytimes.com/booming.

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What electricity aggregation means for your bill

Voters in 81 communities in Commonwealth Edison's service territory voted Tuesday to allow their local governments to shop for electricity on their behalf.

Vote totals are being tallied, but early results indicate that measures to allow so-called electricity aggregation passed in the vast majority of communities, including Chicago.

Illinois consumers have been allowed to shop for electricity for more than a decade, but the concept didn't take off until 2011, when legislators enacted a law allowing municipalities to negotiate for better rates on behalf of residents.

If your town voted yes to aggregation, here's what you need to know:

The switch to a new supplier won't happen right away.

Even with referendum passage, the process is just beginning. Communities need time to invite suppliers to bid, create a plan of governance, reach out to residents, choose a supplier and provide an opt-out period. Based on past deals, you can expect to be switched over to a new supplier sometime from January to March.

You will have an opportunity to opt out.

Check your mailbox in the coming months for instructions from your municipality about how to opt out of the program. If you opt out, you will remain with ComEd or you can shop for electricity on your own.

You can do nothing.

Unless you opt out, you will be automatically switched to the supplier your municipality chooses. Excluded are customers who have switched to suppliers of their own choosing or who are on an alternative pricing plan with ComEd. In general, those customers have not been included in aggregation deals.

You are a ComEd customer.

ComEd is responsible for delivering your electricity and keeping the lights on, regardless of who supplies your power. ComEd, a "wires only" utility, makes its money from delivering electricity, not from supplying it. Your new bill will look like your old bill, except that the portion titled "electricity supply services" will have a new rate and include the new supplier's name.

You are not alone.

Residents of 175 ComEd communities have switched suppliers and have cut their bills about in half through May 2013, paying an average of 4.83 cents per kilowatt-hour.

Customer beware, you may not save money.

Electricity pricing is constantly changing, and deals that look good now may not look great later. Several municipalities are locked into 12- and 24-month contracts with alternative suppliers that are higher than what consumers could find by shopping on their own, and they come with early termination fees. Some towns have not required suppliers to beat ComEd's prices if they drop below current rates. Some have customers automatically stay on with a supplier after a contract expires, even if rates increase.

Expect to be popular.

Electricity suppliers will hound you to pick them and opt out of aggregation. In the process, savvy consumers may be able to snag discounts on hotels and restaurants. But if you plan to shop, refer to the Illinois Commerce Commission (pluginillinois.org), Power2Switch (power2switch.com) and the Citizens Utility Board (citizensutilityboard.org).

Beware of scammers.

About 44 percent of people know nothing about electricity aggregation, according to a recent poll, which can make them ripe for victimization by scammers and identity thieves. You do not have to sign anything or provide personal information to be part of municipal aggregation.

SOURCES: City of Chicago, Power2Switch, Citizens Utility Board, Commonwealth Edison, Environmental Law & Policy Center

jwernau@tribune.com

Twitter @littlewern

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Battleground states too close to call

Election Day arrives, sending voters streaming to the polls to pick the next president and the candidates themselves scrounging for last-minute votes. The presidential contest is likely to be close, hinging on a few key states like Ohio

President Barack Obama is the winner of the 16 electoral votes in Michigan -- the state that benefitted the most from the auto industry bailout. Michigan, where Mitt Romney's father served as governor, wasn't heavily contested by the two campaigns, though it did see some late GOP advertising.

Obama also won in New Jersey, battered last week by Hurricane Sandy.

Romney, meanwhile, has added Alabama's nine electoral votes to his column. Romney also captured the 38 electoral votes at stake in Texas, and added wins in Louisiana, Mississippi, Kansas, South Dakota, North Dakota, Arkansas and Wyoming. He also won at least four of Nebraska's five votes.

Obama won in New York, with 29 electoral votes. At last count, Romney has 153 electoral votes to Obama's 123.

Obama and Romney were locked in a tight race with battleground states too close to call. Given the tightness of the initial results, there was a possibility that the counting could stretch at least into Wednesday before a winner could be declared.

Shortly after polls closed 20 states were called for one candidate or the other, with Obama taking Illinois, Vermont, Rhode Island and Romney’s home state of Massachusetts, among others.  Romney carried a swath of southern states, including Alabama, Oklahoma, Kentucky and South Carolina, as well as West Virginia and Indiana -- the latter the first state to switch from Obama in 2008 back to the GOP.

But the election was riding on the results in no more than 10 battlegrounds, including Virginia, Florida and Ohio -- all virtual must-wins for Romney and too close to call in the early going.

Democrats were encouraged by early vote-counting in Ohio and Florida that showed the president holding slight leads in each. Romney held an early lead in a third battleground state, Virginia.

Romney needs all three of those states to navigate a narrow path to the presidency, while Obama can afford to lose one or two of them and still win a second four-year term.

Voters also chose a new Congress to serve alongside the man who will be inaugurated president in January, Democrats defending their majority in the Senate, and Republicans in the House. Eleven states picked governors, and ballot measures ranging from gay marriage to gambling dotted ballots.

The economy was rated the top issue by about 60 percent of voters surveyed as they left their polling places. About 4 in 10 said it is on the mend.

More than that said conditions are as bad or getting worse, but a significant fraction said former President George W. Bush bears more of the responsibility than Obama. The survey was conducted for The Associated Press and a group of television networks.

The long campaign's cost soared into the billions, much of it spent on negative ads, some harshly so.

Romney raced to Ohio and Pennsylvania for Election Day campaigning and projected confidence as he flew home to Massachusetts to await the results. "We fought to the very end, and I think that's why we'll be successful," he said, adding that he had finished writing a speech anticipating victory.

Obama made get-out-the-vote calls from a campaign office near his home in Chicago and found time for his traditional Election Day basketball game with friends. Addressing his rival, he said, "I also want to say to Gov. Romney, 'Congratulations on a spirited campaign.' I know his supporters are just as engaged, just as enthusiastic and working just as hard today." Romney, in turn, congratulated the president for running a "strong campaign."

Other than the battlegrounds, big states were virtually ignored in the final months of the campaign. Romney wrote off New York, Illinois and California, while Obama made no attempt to carry Texas, much of the South or the Rocky Mountain region other than Colorado.

There were 33 Senate seats on the ballot, 23 of them defended by Democrats and the rest by Republicans.

The GOP needed a gain of three for a majority if Romney won, and four if Obama was re-elected. Neither Majority Leader Harry Reid of Nevada nor GOP leader Mitch McConnell of Kentucky was on the ballot, but each had high stakes in the outcome.

All 435 House seats were on the ballot, including five where one lawmaker ran against another as a result of once-a-decade redistricting to take population shifts into account. Democrats needed to pick up 25 seats to gain the majority they lost two years ago.

Depending on the outcome of a few races, it was possible that white men would wind up in a minority in the Democratic caucus for the first time.

Speaker John A. Boehner, R-Ohio, raised millions to finance get-out-the-vote operations in states without a robust presidential campaign, New York, Illinois and California among them. His goal was to minimize any losses, or possibly even gain ground, no matter Romney's fate. House Democratic leader Rep. Nancy Pelosi of California campaigned aggressively, as well, and faced an uncertain political future if her party failed to win control.

In gubernatorial races, Republicans hoped to gain seats after Democratic retirements in New Hampshire, Washington, Montana and especially North Carolina.

The Los Angeles Times, the Associated Press and Reuters contributed.

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