02-22-2024  7:32 pm   •   PDX and SEA Weather
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NORTHWEST NEWS

Amid Fentanyl Crisis, Oregon Lawmakers Propose More Funding for Opioid Addiction Medication in Jails

Democrats are looking to counterbalance restoring criminal penalties for possession with expanding access to treatment for a potentially growing number of people in the criminal justice system. The proposal would create a million grant fund for jails looking to provide opioid addiction medication. Federal data shows only 24% of jails provide such medication to people with prior prescriptions.

KGW Apologizes After Airing Racist Image

Television station KGW says it deeply regrets inadvertently showing a racist image during a segment called “The Good Stuff,” which invited viewers to share “cheesy, silly, or memorable” photos from the past. The 1950s image showed children throwing balls towards a sign prominently displaying a racial slur. KGW apologised for “the profound hurt this image inflicted upon our viewers and staff, particularly members of our Black community.” Leaders of the Portland NAACP chapter said they were appalled

Rep. Blumenauer Talks Retirement from Congress and His Plans to Help Put Portland Back Together

U.S. Representative for Oregon has held his seat for nearly 30 years.

NEWS BRIEFS

Black Community Input Helps Fuel George Park Project

The effort is an innovative partnership between the City, Portland Parks Foundation, and The Kidz Outside ...

Renewal of School Local Option Levy Will be on May Ballot

If approved by voters, the levy renewal would maintain the current tax rate and continue to fund approximately 660 teachers and other...

Wyden, Merkley Announce $70,000 for the Oregon Food Bank

“Nothing is more important than making sure folks in need have food to eat, and the resources to thrive,” Wyden...

Historic Church in Seattle Hosts Free Black History Month Film Series for All

New Hope Missionary Baptist Church, located in Seattle’s historic Central District, will host “Freedom Fridays: A Black History...

Remains found over 50 years ago identified through DNA technology as Oregon teen

PORTLAND, Ore. (AP) — The remains of a teenager found more than 50 years ago have been identified through advanced DNA technology as a young woman who went missing from Portland, Oregon State Police said. The remains are that of Sandra Young, a high school student who disappeared...

Amid fentanyl crisis, Oregon lawmakers propose more funding for opioid addiction medication in jails

PORTLAND, Ore. (AP) — Kendra Sawyer spoke with her dad from the Deschutes County jail and told him she loved him. Six hours later, in the throes of opioid withdrawal, the 22-year-old took her own life. A year later, Sawyer’s father, Kent, is left wondering whether his daughter,...

Deen scores career-high 35, makes program-record 9 3-pointers as Bradley downs Missouri State 86-62

SPRINGFIELD, Mo. (AP) — Duke Deen scored a career-high 35 points and made a program-record nine 3-pointers as Bradley beat Missouri State 86-62 on Wednesday night. Deen shot 13 for 17, including 9 for 12 from beyond the arc for the Braves (19-9, 11-6 Missouri Valley Conference)....

Knecht gets hot in second half, scores 17 as No. 5 Tennessee rallies past Mizzou, 72-67

COLUMBIA, Mo. (AP) — Tennessee coach Rick Barnes asked the young guys on his bench at halftime, when the fifth-ranked Volunteers were losing to struggling Missouri, what they needed to turn things around over the final 20 minutes. “They said, ‘I think we need more effort,’”...

OPINION

Message from Commissioner Jesse Beason: February is 'Black History and Futures Month'

I am honored to join the Office of Sustainability and to co-sponsor a proclamation to mark “Black History and Futures Month” ...

Ending Unfair Contracts Harming Minority Businesses Will Aid Gov. Kotek’s Affordable Housing Goals

Senate Bill 1575 will protect small businesses from state and local government’s unfair contract practices while also allowing the building industry to help the governor meet her affordable housing project goals. ...

February is American Heart Month

This month is a time to recognize that heart disease is the leading cause of death in the United States, especially in the African American community ...

Thrilling History of Black Excellence in Our National Parks

In every facet of American life -from exploration; conquest; defense; economy; resistance; conservation and the pursuit of human rights – I can show you a unit of the National Park System where the event took place, where African Americans made the...

AFRICAN AMERICANS IN THE NEWS

HIV/AIDS activist Hydeia Broadbent, known for her inspirational talks as a young child, dies at 39

LAS VEGAS (AP) — Hydeia Broadbent, the HIV/AIDS activist who came to national prominence in the 1990s as a young child for her inspirational talks to reduce the stigma surrounding the virus she was born with, has died. She was 39. Broadbent's father announced on Facebook that she...

South Carolina bans inmates from in-person interviews. A lawsuit wants to change that

COLUMBIA, S.C. (AP) — A South Carolina prison policy banning inmates from speaking to reporters in person or having their writings directly published violates the First Amendment free speech rights of prisoners, a civil rights organization said in a federal lawsuit Thursday. While...

Prosecutors to seek retrial in former Ohio deputy’s murder case

COLUMBUS, Ohio (AP) — A former Ohio sheriff’s deputy charged in the killing of a Black man will face a retrial, prosecutors announced Thursday. The decision comes just days after a jury couldn’t agree on a verdict in Jason Meade's first trial and the judge declared a mistrial,...

ENTERTAINMENT

Dreaming of summer peaches? Some gardening tips for growing a peach tree in many climates

I planted my first peach tree last June, five months before Pantone named Peach Fuzz the 2024 color of the year. How serendipitous! Today peachy tones are showing up everywhere, from TV backdrops to home furnishings, clothing and brand logos. But for me, it’s not about the trend but...

FuboTV files lawsuit over ESPN, Fox, Hulu, Warner Bros. Discovery sports-streaming venture

Streaming service FuboTV has filed an antitrust lawsuit against ESPN, Fox, Warner Bros. Discovery and Hulu, which are planning to launch a sports-streaming venture in the fall. The lawsuit has been filed in the Southern District of New York. FuboTV, which focuses primarily on live...

Far from gloomy, darker paints create a cozy, more welcoming room

Dark hues have a bad rap as gloomy and depressing. More likely, they're bringing home the good vibes, all year long. One weekend when I had the house to myself, I painted our family room Benjamin Moore’s Kendall Charcoal, a deep, earthy gray. I waited till I had two...

U.S. & WORLD NEWS

Putin takes a flight in nuclear-capable bomber in a tough message to the West ahead of election

MOSCOW (AP) — Russia's President Vladimir Putin on Thursday took a co-pilot's seat in a nuclear-capable...

Houthi rebel attack sets cargo ship ablaze, forces Israel to intercept another attack near Eilat

DUBAI, United Arab Emirates (AP) — Yemen's Houthi rebels launched attacks Thursday on both Israel and a ship...

'Little dark secret': DEA agent on trial accused of taking 0K in bribes from Mafia

BUFFALO, N.Y. (AP) — The way prosecutors tell it, Joseph Bongiovanni went to work for years with a “little...

Putin takes a flight in nuclear-capable bomber in a tough message to the West ahead of election

MOSCOW (AP) — Russia's President Vladimir Putin on Thursday took a co-pilot's seat in a nuclear-capable...

Polish lawmakers OK morning-after pill for ages 15 and over in a first step to ease reproductive law

WARSAW, Poland (AP) — Poland’s lawmakers voted on Thursday to approve over-the-counter access to the...

Slayings of tourists and Colombian women expose the dark side of Medellin's tourism boom

MEDELLIN, Colombia (AP) — The lush valley enveloping Medellin was once the heart of a brutal war involving the...

By Barbara Ortutay AP Technology Writer

NEW YORK – A reported investment by Goldman Sachs and a Russian investor of $500 million in Facebook is a further sign that the social networking behemoth is becoming a powerful force even outside tech circles, even as the company tries to push off going public as long as possible.
The investment implies that the company is worth $50 billion, according to the report — more than twice the market valuation of Yahoo Inc., though still well below its famous Silicon Valley rival, Google Inc. The Skanner News Video
The New York Times reported the investment over the weekend, citing unnamed people involved with the deal. Facebook and Goldman Sachs declined to comment Monday.
Russian investor Digital Sky Technologies already has a small stake in Facebook, but the investment from Goldman Sachs is a sign of just how big the Palo Alto, Calif.-based startup has become in the nearly seven years since it was born in CEO Mark Zuckerberg's Harvard dorm room.
Wedbush Morgan analyst Lou Kerner, who's been bullish on social media and Facebook in particular, said Facebook is worth the $50 billion the investment implies.
He said that amount is 15 percent less than the going rate on private stock exchanges, and just half of what Kerner thinks Facebook's shares would trade at if the company were to go public.
Shares of privately held companies can be traded on private stock exchanges such as SecondMarket and SharesPost. The shares are generally sold by former employees or early investors in these companies. Only institutional investors or high net-worth individuals — those worth more than $1 million — can buy the shares.
On SharesPost, a completed contract between a buyer and a seller valued shares Facebook at $25 each. This implies a valuation of nearly $57 billion for the world's largest social network, with 500 million-plus users worldwide.
While the market for Facebook's shares is hot, it's not guaranteed that the company's shares would be worth on the public market what they go for in private exchanges.
Not that Facebook is in any rush to go public. Zuckerberg, 26, has long been coy about a possible initial public offering, recently telling CBS' "60 Minutes" that he doesn't see selling the company or going public as an end goal, as a lot of people seem to.
"(It's) like you win when you go public. And that's just not how I see it," he said on Dec. 5.
There are many reasons for Facebook to put off an IPO, a big one being that it doesn't need the money, as the latest investment shows. Companies go public to get access to capital, and Facebook clearly has access to capital, Kerner said.
Becoming public also requires a "significant time commitment" from a company's senior management that they could otherwise spend running the company, he added. Zuckerberg has been deeply involved with running Facebook since its founding and shows no signs of wanting to give that up to cash out. He's even pledged to give away at least half of his wealth along with a slew of much older billionaires such as Carl Icahn and Barry Diller.
And Facebook, which already faces government scrutiny for the way it handles the troves of personal information its users share through its tools, would be subject to even more poring eyes were it to go public, Kerner noted.
"If I'm Facebook, I don't think I ever want to go public," he said.
The company discloses very limited financial information now, but this could change if the number of its shareholders hits 500. At that point, Securities and Exchange Commission rules would kick in requiring it to disclose more numbers, even if it doesn't go public. The company has been trying to prevent this from happening. It bars current employees from selling their shares, for example.
Facebook hasn't said whether it's profitable, though in 2009 it said it was "cash-flow positive," meaning it was bringing in more money than it was spending. Research firm eMarketer estimates that Facebook generated $1.29 billion in online ad revenue in 2010 and will rake in $1.76 billion in 2011.
The Times reported that Goldman is planning to create a "special purpose vehicle" that may be able to circumvent the 500 shareholder rule because it would be managed by Goldman and considered just one investor, even though it could conceivably be pooling investments from thousands of clients. As part of the deal, the newspaper said, Goldman could raise as much as $1.5 billion total based on the $50 billion valuation.
Digital Sky Technologies — together with sister company Mail.ru, which had its IPO in London in November — owns 10 percent of Facebook. A person answering the phone at the company's office in Moscow said no one was available to comment on the reported deal.
Microsoft Corp. also owns a small stake in Facebook. It invested $240 million in Facebook in 2007 in exchange for a 1.6 percent stake, at the time implying a valuation of $15 billion.



The Skanner Foundation's 38th Annual MLK Breakfast