TOKYO (Thomson Financial) - Japanese automobile sales in other Asian markets are forecast to reach 5 million vehicles in 2008, surpassing the domestic market for the first time, the Nikkei newspaper reported Sunday.
Combined domestic sales by eight Japanese automakers shrank 6 percent to 4.94 million vehicles in 2007, and they are expecting sales at home to remain almost unchanged from the 2007 level, the Nikkei said.
In sharp contrast, sales of Japanese cars in Asia, including China and the Pacific, jumped 14 percent to 4.8 million vehicles last year, the newspaper said.
For 2008, their total Asian sales, excluding Japan, are likely to expand by more than 700,000 vehicles to about 5.5 million, overtaking the Japanese auto market in terms of vehicles sales and trailing only the North American market, where 6.8 million vehicles were sold in 2007.
The home market appears likely to remain in a long slump due in part to the shrinking population, while the North American market, the backbone of Japanese auto sales, is losing steam amid growing signs of an economic downturn.
Domestic automakers are increasingly relying on Asia for their growth amid dimming prospects for the Japanese and North American markets, the Nikkei said.
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Sunday, February 24, 2008
SKorea s new president seen facing baptism of fire on economic front
SEOUL (Thomson Financial) - South Korea s new self-styled "economy president", Lee Myung-Bak, will face a baptism of fire as he struggles to boost growth in the face of global financial jitters and soaring raw material prices, analysts said.
Lee, the country s first president from a business background, will be sworn in Monday.
He has presented a slew of pro-business policies, including deregulation, privatization, tax cuts and a better climate for foreign investors.
Lee s key "747" pledge is to raise growth to 7 percent during his single five-year term. He wishes to lay the foundations for an increase in per capita income to 40,000 US dollars within a decade, and to make South Korea the world s seventh-largest economy.
Lee was credited with helping to drive South Korea s earlier meteoric growth when he was chief executive of Hyundai Engineering and Construction.
South Koreans count on this background and his "can do" reputation as mayor of Seoul. As mayor, he drove through a popular project to open up a scenic stream through the heart of the capital.
But analysts say Lee will be hobbled by global financial uncertainty, high raw material prices, including oil prices, and a slowing US economy.
"A certain degree of skepticism greets these plans, given that the election of Lee s predecessor generated a similar reform buzz, but he failed to deliver," Daniel Melser of Moody s Economy.com said in a recent report.
"The new president is likely to face similar difficulties, and our hopes for substantive reform are not high."
The installation of a leader who advocates a hands-off approach will at least end some of the ad hoc economic interventions by the previous government, he said.
"But this will do little in the short run to stem the slide in growth and acceleration in inflation," Melser said.
Even before his inauguration, Lee downgraded this year s growth target to 6 percent. The central bank predicts growth will slow to 4.7 percent this year from 4.9 percent in 2007.
Annual inflation jumped to 3.93 percent in January, the highest rate for 39 months.
Daunting task
The success of Lee s reforms also depends on his conservative party winning a majority in the April parliamentary elections, said Yonsei University economics professor Lee Doo-Won.
The new president will be in a better position than his predecessor, Roh Moo-Hyun, since many people believe in his ability somehow to revitalize the economy, he said.
"However, prospects are not so bright."
The most daunting task for the new president, the professor said, is to follow through on his pledge to create about 600,000 new jobs every year.
"Public discontent will grow if this goes wrong."
Last year about 300,000 jobs were created but companies worry that their performance will be undermined by rising raw material prices, Lee Doo-Won said.
Resource-poor South Korea, the world s 13th-largest economy, posted a current account surplus of 6 billion dollars last year.
The central bank predicts the account will register a shortfall of 3 billion dollars this year, which would be the first deficit since 1997.
"Lee s business-friendly policy is expected to invigorate investment," said Hanyang University economics professor Yun Won-Cheol.
"But it s difficult for him to raise growth as he pledged due to uncertainty in global economies.
"High oil prices and a slow US economy may slow our economic recovery."
Yun was also cautious about a 14 trillion won cross-country canal project proposed by Lee as "the environmental revitalization of the 21st century".
"Many experts agree the new president s economic policy is mostly realistic, but they have doubts about the canal project," he said.
(1 US dollar = 952 won)
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Lee, the country s first president from a business background, will be sworn in Monday.
He has presented a slew of pro-business policies, including deregulation, privatization, tax cuts and a better climate for foreign investors.
Lee s key "747" pledge is to raise growth to 7 percent during his single five-year term. He wishes to lay the foundations for an increase in per capita income to 40,000 US dollars within a decade, and to make South Korea the world s seventh-largest economy.
Lee was credited with helping to drive South Korea s earlier meteoric growth when he was chief executive of Hyundai Engineering and Construction.
South Koreans count on this background and his "can do" reputation as mayor of Seoul. As mayor, he drove through a popular project to open up a scenic stream through the heart of the capital.
But analysts say Lee will be hobbled by global financial uncertainty, high raw material prices, including oil prices, and a slowing US economy.
"A certain degree of skepticism greets these plans, given that the election of Lee s predecessor generated a similar reform buzz, but he failed to deliver," Daniel Melser of Moody s Economy.com said in a recent report.
"The new president is likely to face similar difficulties, and our hopes for substantive reform are not high."
The installation of a leader who advocates a hands-off approach will at least end some of the ad hoc economic interventions by the previous government, he said.
"But this will do little in the short run to stem the slide in growth and acceleration in inflation," Melser said.
Even before his inauguration, Lee downgraded this year s growth target to 6 percent. The central bank predicts growth will slow to 4.7 percent this year from 4.9 percent in 2007.
Annual inflation jumped to 3.93 percent in January, the highest rate for 39 months.
Daunting task
The success of Lee s reforms also depends on his conservative party winning a majority in the April parliamentary elections, said Yonsei University economics professor Lee Doo-Won.
The new president will be in a better position than his predecessor, Roh Moo-Hyun, since many people believe in his ability somehow to revitalize the economy, he said.
"However, prospects are not so bright."
The most daunting task for the new president, the professor said, is to follow through on his pledge to create about 600,000 new jobs every year.
"Public discontent will grow if this goes wrong."
Last year about 300,000 jobs were created but companies worry that their performance will be undermined by rising raw material prices, Lee Doo-Won said.
Resource-poor South Korea, the world s 13th-largest economy, posted a current account surplus of 6 billion dollars last year.
The central bank predicts the account will register a shortfall of 3 billion dollars this year, which would be the first deficit since 1997.
"Lee s business-friendly policy is expected to invigorate investment," said Hanyang University economics professor Yun Won-Cheol.
"But it s difficult for him to raise growth as he pledged due to uncertainty in global economies.
"High oil prices and a slow US economy may slow our economic recovery."
Yun was also cautious about a 14 trillion won cross-country canal project proposed by Lee as "the environmental revitalization of the 21st century".
"Many experts agree the new president s economic policy is mostly realistic, but they have doubts about the canal project," he said.
(1 US dollar = 952 won)
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China s inflation soars, and world fears knock-on effects
SHANGHAI (Thomson Financial) - As China s factory floors feel the pressure from spiraling costs, there is growing nervousness in the rest of the world that the Asian giant s next big export could be inflation.
From air-conditioned US shopping malls to bustling African street markets and remote Asian villages, shoppers have become accustomed over recent years to the vast array of ultra-cheap Chinese goods on offer.
China s trade surplus last year reached 262.2 billion US dollars, a more than tenfold rise from 2003.
But now a confluence of factors, led by soaring domestic inflation that hit an 11-year high of 7.1 percent in January, is ramping up the costs of doing business in China, with potential knock-on effects for the rest of the world.
As China s currency has strengthened sharply against the dollar, the government has scrapped export tax rebates, while more stringent labor laws and even the ice and snow storms in southern and central China have further driven up costs.
"China s inflation is having a domino effect on worldwide inflation, especially in the United States," said Li Huiyong, an analyst with Shanghai-based SYWG Research and Consulting.
"In the past, [outside] inflation pressures in the US mainly came from oil prices because the US economy is highly dependent on crude oil. Cheap products from China and other developing countries helped to alleviate that pressure.
"Now Chinese goods are no longer as cheap, it adds to the inflation pressure in the United States."
Nevertheless, while it is clear that doing business in China is getting more expensive, there is no consensus among economists about how much this will result in higher price tags for Chinese-made products overseas.
Wang Qing, chief China economist at Morgan Stanley, stressed that Chinese competitiveness is not about to disappear and that goods from Asia s most populous nation will remain cheap for years.
This would be the case as products moved up the value chain from toys and clothes to cars and high-tech machinery, according to Wang.
"I don t think the days of cheap Chinese goods are over. The inflation that China is experiencing now has a cyclical component. By that I mean the high inflation won t be sustainable," he said.
"What s more important is that you should not just focus on nominal wage growth. You also need to pay attention to labor productivity growth. That s why I think we shouldn t be too alarmed about this."
And given the long and complex business chain between suppliers in China and overseas consumers, a rise in manufacturing costs does not mean that shoppers will immediately have to pay more for Chinese products.
Alarm bells
Aside from cutting their own margins, factories and traders can first look to their customers, many of whom charge huge mark-ups on the wholesale price, to take on more of the financial burden.
For instance, the price of making a branded T-shirt in China may be just a few dollars, but they are typically sold in US malls for 10 or more times this price.
Companies intent on paying bottom dollar for their products could move operations to countries with cheaper overhead costs, such as Vietnam, Sri Lanka or Cambodia.
Alarm bells are definitely ringing in boardrooms across China.
Eating into exporters profit margins, producer prices jumped 6.1 percent last month to a three-year high.
Meanwhile, labor wages last year rose 20 percent and the yuan has appreciated more than nine percent against the US dollar in the past 14 months.
This has meant that more exporters face bankruptcy unless they lift prices to salvage their disappearing margins, which is just what most plan to do.
According to a survey by brokerage and research house CLSA, 80 percent of Chinese exporters intend to raise prices this year in response to higher raw material costs.
"The appreciation of the [yuan] against the US dollar is a secondary factor driving these price hikes," Shanghai-based CLSA economist Andy Rothman said in the survey report.
Yatta Mao, a trade manager at Shanghai-based chemical trading company Hanren, said the tighter business conditions that have emerged over the past year are making it difficult to survive.
"The yuan appreciation has a huge impact on our business. It costs us much more in the production and delivery costs. What s worse, the export tax rebates of 13 percent were canceled, so our total costs are up 20 percent," she said.
And in the southern province of Guangdong, which borders Hong Kong and is one of the country s main export hubs, there are deep feelings of pessimism.
Thousands of Hong Kong- and Taiwan-owned factories based in Guangdong are likely to close soon as they seek cheaper overheads elsewhere, said Alexandra Poon, director of policy research at the Federation of Hong Kong Industries.
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From air-conditioned US shopping malls to bustling African street markets and remote Asian villages, shoppers have become accustomed over recent years to the vast array of ultra-cheap Chinese goods on offer.
China s trade surplus last year reached 262.2 billion US dollars, a more than tenfold rise from 2003.
But now a confluence of factors, led by soaring domestic inflation that hit an 11-year high of 7.1 percent in January, is ramping up the costs of doing business in China, with potential knock-on effects for the rest of the world.
As China s currency has strengthened sharply against the dollar, the government has scrapped export tax rebates, while more stringent labor laws and even the ice and snow storms in southern and central China have further driven up costs.
"China s inflation is having a domino effect on worldwide inflation, especially in the United States," said Li Huiyong, an analyst with Shanghai-based SYWG Research and Consulting.
"In the past, [outside] inflation pressures in the US mainly came from oil prices because the US economy is highly dependent on crude oil. Cheap products from China and other developing countries helped to alleviate that pressure.
"Now Chinese goods are no longer as cheap, it adds to the inflation pressure in the United States."
Nevertheless, while it is clear that doing business in China is getting more expensive, there is no consensus among economists about how much this will result in higher price tags for Chinese-made products overseas.
Wang Qing, chief China economist at Morgan Stanley, stressed that Chinese competitiveness is not about to disappear and that goods from Asia s most populous nation will remain cheap for years.
This would be the case as products moved up the value chain from toys and clothes to cars and high-tech machinery, according to Wang.
"I don t think the days of cheap Chinese goods are over. The inflation that China is experiencing now has a cyclical component. By that I mean the high inflation won t be sustainable," he said.
"What s more important is that you should not just focus on nominal wage growth. You also need to pay attention to labor productivity growth. That s why I think we shouldn t be too alarmed about this."
And given the long and complex business chain between suppliers in China and overseas consumers, a rise in manufacturing costs does not mean that shoppers will immediately have to pay more for Chinese products.
Alarm bells
Aside from cutting their own margins, factories and traders can first look to their customers, many of whom charge huge mark-ups on the wholesale price, to take on more of the financial burden.
For instance, the price of making a branded T-shirt in China may be just a few dollars, but they are typically sold in US malls for 10 or more times this price.
Companies intent on paying bottom dollar for their products could move operations to countries with cheaper overhead costs, such as Vietnam, Sri Lanka or Cambodia.
Alarm bells are definitely ringing in boardrooms across China.
Eating into exporters profit margins, producer prices jumped 6.1 percent last month to a three-year high.
Meanwhile, labor wages last year rose 20 percent and the yuan has appreciated more than nine percent against the US dollar in the past 14 months.
This has meant that more exporters face bankruptcy unless they lift prices to salvage their disappearing margins, which is just what most plan to do.
According to a survey by brokerage and research house CLSA, 80 percent of Chinese exporters intend to raise prices this year in response to higher raw material costs.
"The appreciation of the [yuan] against the US dollar is a secondary factor driving these price hikes," Shanghai-based CLSA economist Andy Rothman said in the survey report.
Yatta Mao, a trade manager at Shanghai-based chemical trading company Hanren, said the tighter business conditions that have emerged over the past year are making it difficult to survive.
"The yuan appreciation has a huge impact on our business. It costs us much more in the production and delivery costs. What s worse, the export tax rebates of 13 percent were canceled, so our total costs are up 20 percent," she said.
And in the southern province of Guangdong, which borders Hong Kong and is one of the country s main export hubs, there are deep feelings of pessimism.
Thousands of Hong Kong- and Taiwan-owned factories based in Guangdong are likely to close soon as they seek cheaper overheads elsewhere, said Alexandra Poon, director of policy research at the Federation of Hong Kong Industries.
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Fla. tourism fell by 1.5M visitors
TALLAHASSEE, Fla. (AP) - Florida s economy, already staggered by a stagnant real estate market and tight credit conditions, suffered another blow Friday when officials said tourism fell by 1.5 million visitors in 2007.
Preliminary estimates showed 82.4 million people visited Florida in 2007, compared to 83.9 who came in 2006. It was the first drop-off in visitors to Florida since shortly after the Sept. 11, 2001 terrorist attacks in the northeast.
"Trends suggest that some vacationers traveling by auto may be staying closer to home," said Bud Nocera, president and CEO of Visit Florida, the state s private-public tourism agency.
Folks in other states apparently were staying closer to home too.
Tourism was flat a year ago as well, increasing by 1 percent, and Visit Florida has renewed its call on the Legislature for money to help lure more visitors with advertising blitzes.
"With ever increasing competition in the market place, it is important for Florida to be top of mind to all potential travelers," said Nicki Grossman, vice chairman of the Florida Commission on Tourism. "Now more than ever, Florida s tourism industry is counting on the Legislature."
Tourism leaders want lawmakers to support Gov. Charlie Crist s $43.3 million budget request for the industry.
Florida tax coffers received $3.9 billion in 2006 from the state s $65 billion tourism industry, which employs nearly 1 million Florida residents.
The Legislature s top economist, Amy Baker, said the national recession was largely responsible for the state s tourism downturn.
"The two places you d see it the most are in sales tax collections and rental car surcharges," Baker said. "The housing was a homegrown problem, the tourism is not."
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM
Preliminary estimates showed 82.4 million people visited Florida in 2007, compared to 83.9 who came in 2006. It was the first drop-off in visitors to Florida since shortly after the Sept. 11, 2001 terrorist attacks in the northeast.
"Trends suggest that some vacationers traveling by auto may be staying closer to home," said Bud Nocera, president and CEO of Visit Florida, the state s private-public tourism agency.
Folks in other states apparently were staying closer to home too.
Tourism was flat a year ago as well, increasing by 1 percent, and Visit Florida has renewed its call on the Legislature for money to help lure more visitors with advertising blitzes.
"With ever increasing competition in the market place, it is important for Florida to be top of mind to all potential travelers," said Nicki Grossman, vice chairman of the Florida Commission on Tourism. "Now more than ever, Florida s tourism industry is counting on the Legislature."
Tourism leaders want lawmakers to support Gov. Charlie Crist s $43.3 million budget request for the industry.
Florida tax coffers received $3.9 billion in 2006 from the state s $65 billion tourism industry, which employs nearly 1 million Florida residents.
The Legislature s top economist, Amy Baker, said the national recession was largely responsible for the state s tourism downturn.
"The two places you d see it the most are in sales tax collections and rental car surcharges," Baker said. "The housing was a homegrown problem, the tourism is not."
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM
Gov. vetoes Minn. transportation bill
ST. PAUL (AP) - Gov. Tim Pawlenty vetoed a $6.6 billion transportation plan on Friday, setting the stage for an override attempt by the Democrat-led Legislature as soon as Monday.
Pawlenty s long-promised veto came less than 24 hours after lawmakers sent him the bill, which would raise the state gas tax for the first time in 20 years. His veto letter called the package "an overreaching, massive tax increase."
Earlier, on his weekly radio show, the Republican governor urged people to contact their legislators and tell them to sustain his veto. Pawlenty -- who has now vetoed three major transportation bills since 2005 -- said Democrats ignored him.
"They basically said my views on this were not to be listened to," he said.
The plan would plow $660 million a year into roads, bridges, buses and rail over the next decade. It would raise the state gas tax a nickel per gallon this year and another 3-1/2 cents later to pay off road construction debts. It would add another 0.25 percent to the sales tax in seven metropolitan counties for trains and buses and increase annual tab fees for new cars.
DFL House Speaker Margaret Anderson Kelliher predicted the House would override Pawlenty s veto this time after failing to enact a transportation package over his objections last year. The House vote is the critical test. Thursday s 89-44 vote was one vote shy of a veto-proof majority.
The focus is particularly keen on six House Republicans who voted for the bill and two Democrats who voted against. To override, Kelliher needs to bring the two wayward DFLers into line and hold at least five of the GOP votes. She said she was confident she has the numbers.
"I think my math is right -- we re over the top and we have a veto override," said Kelliher, DFL-Minneapolis.
She said she expected DFL Reps. John Lesch of St. Paul and Mary Ellen Otremba of Long Prairie to go along with an override. Lesch declined to comment. Otremba was noncommittal; she said she would talk with constituents in her district over the weekend.
Kelliher said the current bill was "the art of the possible." Democratic leaders have said they don t plan to offer a second transportation plan this year, even if the override fails.
House Republicans who voted "yes" are Reps. Jim Abeler of Anoka, Ron Erhardt of Edina, Rod Hamilton of Mountain Lake, Bud Heidgerken of Freeport, Neil Peterson of Bloomington and Kathy Tingelstad of Andover.
Minnesota s gas tax hasn t budged from its current level, 20 cents a gallon, since 1988. A compromise on transportation spending has eluded political leaders at the Capitol for years as they disagreed over how to pay for it.
Meanwhile, the state has fallen behind on keeping up roads and bridges -- a problem highlighted by last year s deadly collapse of the Interstate 35W bridge during the evening rush hour.
Pawlenty -- a steadfast opponent of higher taxes -- said the transportation bill would put Minnesota into the nation s top 10 ranking for the gas tax and the sales tax in parts of the Twin Cities. He said the bill would burden taxpayers too much at a time of high gas prices and economic slowdown.
The state s $373 million deficit is expected to get worse with an updated budget forecast on Thursday.
Pawlenty vetoed the transportation bill before heading to Washington for three days of National Governors Association meetings. Spokesman Brian McClung held a Capitol news conference.
"It s not just a gas tax, as is sometimes reported," McClung said. "It is a gas tax increase, a sales tax increase, a license tab tax increase, a brand-new excise tax on the purchase of new cars, and a car rental tax increase. This is a bill that goes way, way too far."
McClung couldn t say whether Pawlenty planned to personally call Republican House members to urge them to sustain his veto. The governor outlined his position at a House GOP caucus meeting on Wednesday.
The transportation bill cleared the House on Thursday after backers made a concession that won over an influential business lobby group, the Minnesota Chamber of Commerce. The package had no trouble making a veto-proof margin in the Senate.
Martiga Lohn may be reached at mlohn(at)ap.org.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM
Pawlenty s long-promised veto came less than 24 hours after lawmakers sent him the bill, which would raise the state gas tax for the first time in 20 years. His veto letter called the package "an overreaching, massive tax increase."
Earlier, on his weekly radio show, the Republican governor urged people to contact their legislators and tell them to sustain his veto. Pawlenty -- who has now vetoed three major transportation bills since 2005 -- said Democrats ignored him.
"They basically said my views on this were not to be listened to," he said.
The plan would plow $660 million a year into roads, bridges, buses and rail over the next decade. It would raise the state gas tax a nickel per gallon this year and another 3-1/2 cents later to pay off road construction debts. It would add another 0.25 percent to the sales tax in seven metropolitan counties for trains and buses and increase annual tab fees for new cars.
DFL House Speaker Margaret Anderson Kelliher predicted the House would override Pawlenty s veto this time after failing to enact a transportation package over his objections last year. The House vote is the critical test. Thursday s 89-44 vote was one vote shy of a veto-proof majority.
The focus is particularly keen on six House Republicans who voted for the bill and two Democrats who voted against. To override, Kelliher needs to bring the two wayward DFLers into line and hold at least five of the GOP votes. She said she was confident she has the numbers.
"I think my math is right -- we re over the top and we have a veto override," said Kelliher, DFL-Minneapolis.
She said she expected DFL Reps. John Lesch of St. Paul and Mary Ellen Otremba of Long Prairie to go along with an override. Lesch declined to comment. Otremba was noncommittal; she said she would talk with constituents in her district over the weekend.
Kelliher said the current bill was "the art of the possible." Democratic leaders have said they don t plan to offer a second transportation plan this year, even if the override fails.
House Republicans who voted "yes" are Reps. Jim Abeler of Anoka, Ron Erhardt of Edina, Rod Hamilton of Mountain Lake, Bud Heidgerken of Freeport, Neil Peterson of Bloomington and Kathy Tingelstad of Andover.
Minnesota s gas tax hasn t budged from its current level, 20 cents a gallon, since 1988. A compromise on transportation spending has eluded political leaders at the Capitol for years as they disagreed over how to pay for it.
Meanwhile, the state has fallen behind on keeping up roads and bridges -- a problem highlighted by last year s deadly collapse of the Interstate 35W bridge during the evening rush hour.
Pawlenty -- a steadfast opponent of higher taxes -- said the transportation bill would put Minnesota into the nation s top 10 ranking for the gas tax and the sales tax in parts of the Twin Cities. He said the bill would burden taxpayers too much at a time of high gas prices and economic slowdown.
The state s $373 million deficit is expected to get worse with an updated budget forecast on Thursday.
Pawlenty vetoed the transportation bill before heading to Washington for three days of National Governors Association meetings. Spokesman Brian McClung held a Capitol news conference.
"It s not just a gas tax, as is sometimes reported," McClung said. "It is a gas tax increase, a sales tax increase, a license tab tax increase, a brand-new excise tax on the purchase of new cars, and a car rental tax increase. This is a bill that goes way, way too far."
McClung couldn t say whether Pawlenty planned to personally call Republican House members to urge them to sustain his veto. The governor outlined his position at a House GOP caucus meeting on Wednesday.
The transportation bill cleared the House on Thursday after backers made a concession that won over an influential business lobby group, the Minnesota Chamber of Commerce. The package had no trouble making a veto-proof margin in the Senate.
Martiga Lohn may be reached at mlohn(at)ap.org.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM
Ross plans to buy half of Miami Dolphins
MIAMI (AP) - New York real estate developer Stephen Ross agreed to buy half the Miami Dolphins from owner Wayne Huizenga for $550 million, with an opportunity to become managing general partner.
Ross would acquire 50 percent of the franchise, Dolphin Stadium and surrounding developable land, the team said Friday. The NFL must approve the sale.
Huizenga, the sole owner since 1994, would remain managing general partner for now. He turned 70 in December, and his team is coming off a 1-15 season, the worst in franchise history.
"My heart does not want me to do this, but my head tells me it s the right thing to do," Huizenga said at a news conference. "I will certainly be a part of this team, a partner in this team until I die."
Ross is chairman of the Related Companies, an international real estate development company, and he grew up in South Florida as a Dolphins fans. He said he considered buying other NFL teams in the past, but the Dolphins were his preference.
"I think the price I paid shows that," he said. "I m a fan to start with, and I ll certainly be at the games."
Huizenga said he and Ross will be involved 50-50 in decisions.
"It s kind of like being married," Huizenga said. "No, I take it back. It s not at all like being married."
Negotiations began last April and became public in December. Speculation about a deal faded when Huizenga hired Bill Parcells as executive vice president of football operations and pledged to remain majority owner.
"I have always said that I wanted to bring in a partner, and I can t think of anyone more appropriate than Steve," Huizenga said. "He has unbridled enthusiasm, and I couldn t feel better about the future than I do with Steve as my partner and Bill Parcells running football operations."
Ross said he hasn t spoken with Parcells but is excited to work with him.
"You can t help but respect the track record of Bill Parcells," Ross said.
Ross, who has a home in Palm Beach, has been involved with sports before. He was a minority partner with the NHL s New York Islanders, and in 1990 he was part of a group interested in bringing baseball to Miami.
Instead, Huizenga became founding owner of the Florida Marlins, then later sold the team. Huizenga also was the founding owner of the NHL s Florida Panthers, then sold that franchise.
Football has always been Huizenga s first love, but the Dolphins haven t been to the AFC championship game since he became sole owner. They ve failed to even make the playoffs since 2001 and last season lost their first 13 games.
Still, for an investor, the Dolphins have plenty of appeal. Forbes Magazine last year valued the franchise at $942 million, with a revenue stream of about $215 million. The valuation makes the Dolphins the 15th-priciest NFL franchise.
"Having grown up in South Florida, Dolphins football has been a lifetime passion for me," Ross said. "I am energized by this opportunity, and look forward to being able to once again watch the Dolphins win a Super Bowl alongside all the other loyal Dolphin fans."
Ross would also become part-owner of a stadium that ranks among the NFL s best. Huizenga recently committed to spend about $250 million to upgrade the stadium, with the final phase of work to be completed by 2009.
Huizenga bought the Dolphins from the heirs of team founder Joe Robbie for $138 million.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM
Ross would acquire 50 percent of the franchise, Dolphin Stadium and surrounding developable land, the team said Friday. The NFL must approve the sale.
Huizenga, the sole owner since 1994, would remain managing general partner for now. He turned 70 in December, and his team is coming off a 1-15 season, the worst in franchise history.
"My heart does not want me to do this, but my head tells me it s the right thing to do," Huizenga said at a news conference. "I will certainly be a part of this team, a partner in this team until I die."
Ross is chairman of the Related Companies, an international real estate development company, and he grew up in South Florida as a Dolphins fans. He said he considered buying other NFL teams in the past, but the Dolphins were his preference.
"I think the price I paid shows that," he said. "I m a fan to start with, and I ll certainly be at the games."
Huizenga said he and Ross will be involved 50-50 in decisions.
"It s kind of like being married," Huizenga said. "No, I take it back. It s not at all like being married."
Negotiations began last April and became public in December. Speculation about a deal faded when Huizenga hired Bill Parcells as executive vice president of football operations and pledged to remain majority owner.
"I have always said that I wanted to bring in a partner, and I can t think of anyone more appropriate than Steve," Huizenga said. "He has unbridled enthusiasm, and I couldn t feel better about the future than I do with Steve as my partner and Bill Parcells running football operations."
Ross said he hasn t spoken with Parcells but is excited to work with him.
"You can t help but respect the track record of Bill Parcells," Ross said.
Ross, who has a home in Palm Beach, has been involved with sports before. He was a minority partner with the NHL s New York Islanders, and in 1990 he was part of a group interested in bringing baseball to Miami.
Instead, Huizenga became founding owner of the Florida Marlins, then later sold the team. Huizenga also was the founding owner of the NHL s Florida Panthers, then sold that franchise.
Football has always been Huizenga s first love, but the Dolphins haven t been to the AFC championship game since he became sole owner. They ve failed to even make the playoffs since 2001 and last season lost their first 13 games.
Still, for an investor, the Dolphins have plenty of appeal. Forbes Magazine last year valued the franchise at $942 million, with a revenue stream of about $215 million. The valuation makes the Dolphins the 15th-priciest NFL franchise.
"Having grown up in South Florida, Dolphins football has been a lifetime passion for me," Ross said. "I am energized by this opportunity, and look forward to being able to once again watch the Dolphins win a Super Bowl alongside all the other loyal Dolphin fans."
Ross would also become part-owner of a stadium that ranks among the NFL s best. Huizenga recently committed to spend about $250 million to upgrade the stadium, with the final phase of work to be completed by 2009.
Huizenga bought the Dolphins from the heirs of team founder Joe Robbie for $138 million.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM
S.D. panel OKs liquor license bill
PIERRE, S.D. (AP) - Cities and counties should be allowed to issue additional on-sale liquor licenses for full-service restaurants, a South Dakota House committee decided Friday.
The Commerce Committee voted 11-2 to pass the measure after supporters said current limits on liquor licenses need to be relaxed so communities can promote economic development by attracting new restaurants and convention centers.
Yvonne Taylor, executive director of the South Dakota Municipal League, said the bill will give city and county governments the authority to decide whether they need additional liquor licenses.
"You re not jumping off a cliff," Taylor said. "You can trust them to maintain that quality of their community."
But lobbyists for liquor dealers said allowing additional licenses could cause enforcement problems that lead to additional underage drinking and other legal violations.
"We have adequate regulations in this state. If you remove those regulations, there are potentially negative consequences," said Tim Dougherty, a lobbyist for the Licensed Beverage Dealers Association.
The bill, supported by the Municipal League, was passed earlier by the Senate in a slightly different form. The bill next goes to the full House. A similar measure promoted by the liquor industry also remains alive in the legislative process.
The House and Senate will try to agree on a final version of the legislation before the main run of this year s legislative session ends next week.
State law now uses population as the basis for capping the number of licenses available in a community. Because some cities and counties have reached their limits, the only way a business can get a license is to buy it from an existing license holder. The price for those licenses has risen to $250,000 or more in Sioux Falls and Rapid City, officials have said.
The bill would allow cities and counties to issue additional on-sale licenses for restaurants that get less than half their revenue from alcohol sales.
The value of existing licenses would be protected by setting the price of new licenses at market value, which would be determined by the price of the license most recently sold, prior to Jan. 1 of this year, on the private market in each community.
Anyone seeking a license would first have to try to buy an existing license, a provision that is intended to give businesses with existing licenses a chance to sell them without losing money. A new license could be purchased only if an existing license cannot be bought.
Taylor said the current system ties license numbers to population, not to demand. That has led to speculation in licenses, which has made it impossible for some new businesses to open, she said.
David Wiest of the state Revenue Department said his agency supports the bill.
But Bob Riter, a lobbyist for the South Dakota Music and Vending Association, said it could be difficult to determine the market value of existing licenses because they are often sold along with an operating business. It can be difficult to separate the value of the license from the value of the rest of the business, he said.
In addition, the bill guarantees the price of licenses for only 10 years, Riter said.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM
The Commerce Committee voted 11-2 to pass the measure after supporters said current limits on liquor licenses need to be relaxed so communities can promote economic development by attracting new restaurants and convention centers.
Yvonne Taylor, executive director of the South Dakota Municipal League, said the bill will give city and county governments the authority to decide whether they need additional liquor licenses.
"You re not jumping off a cliff," Taylor said. "You can trust them to maintain that quality of their community."
But lobbyists for liquor dealers said allowing additional licenses could cause enforcement problems that lead to additional underage drinking and other legal violations.
"We have adequate regulations in this state. If you remove those regulations, there are potentially negative consequences," said Tim Dougherty, a lobbyist for the Licensed Beverage Dealers Association.
The bill, supported by the Municipal League, was passed earlier by the Senate in a slightly different form. The bill next goes to the full House. A similar measure promoted by the liquor industry also remains alive in the legislative process.
The House and Senate will try to agree on a final version of the legislation before the main run of this year s legislative session ends next week.
State law now uses population as the basis for capping the number of licenses available in a community. Because some cities and counties have reached their limits, the only way a business can get a license is to buy it from an existing license holder. The price for those licenses has risen to $250,000 or more in Sioux Falls and Rapid City, officials have said.
The bill would allow cities and counties to issue additional on-sale licenses for restaurants that get less than half their revenue from alcohol sales.
The value of existing licenses would be protected by setting the price of new licenses at market value, which would be determined by the price of the license most recently sold, prior to Jan. 1 of this year, on the private market in each community.
Anyone seeking a license would first have to try to buy an existing license, a provision that is intended to give businesses with existing licenses a chance to sell them without losing money. A new license could be purchased only if an existing license cannot be bought.
Taylor said the current system ties license numbers to population, not to demand. That has led to speculation in licenses, which has made it impossible for some new businesses to open, she said.
David Wiest of the state Revenue Department said his agency supports the bill.
But Bob Riter, a lobbyist for the South Dakota Music and Vending Association, said it could be difficult to determine the market value of existing licenses because they are often sold along with an operating business. It can be difficult to separate the value of the license from the value of the rest of the business, he said.
In addition, the bill guarantees the price of licenses for only 10 years, Riter said.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM
Kansas panel put limits on smoking ban
TOPEKA, Kan. (AP) - When the Senate Judiciary Committee finished adding exemptions Friday to a proposed statewide smoking ban, including ones for bars and casinos, some senators saw it as a tarnished shell of a bill that is less likely to pass.
Public health advocates want to ban smoking in most public areas, including restaurants, bars and casinos, and work places. But in a bid to increase its chances for passage, senators drafted the bill so that it left the final decision to county voters on whether they wanted to be part of the ban.
When the committee finished its work, the ban applied mainly to restaurants, public buildings, work places and 80 percent of a hotel s rooms. It still mandated the Nov. 4 vote in each county. In counties that opt out, municipal governments still could enact their own smoking bans.
Supporters said a statewide ban is the only way to create a uniform clean indoor air policy throughout the state. Opponents maintain it would hurt businesses and is an example of the state intruding into local control.
The committee plans to decide Monday whether to send the bill to the Senate and the vote is expected to be close. Chairman John Vratil said the added exemptions won t help its chances.
"I think many people who support the changes won t support the bill and the people who support the bill won t support the amendments," the Leawood Republican said.
Senate Majority Leader Derek Schmidt said the bill s chances for success are tied to how actively those who want the stronger version campaign against it. If the bill fails, smoking bans will remain under the control of local governments.
"It just became the stepchild nobody can love," said the Independence Republican. "It s still a step forward to get clean air in restaurants, but I think that it won t be viewed as sufficient by the people who brought it to the table"
Thirty-one states have some type of statewide smoking ban.
The National Conference of State Legislatures says 22 states require all public places to be smoke-free. An additional six require workplaces and restaurants to be smoke free but exempt bars. Three exempt from their ban restaurants and bars whose customers must be at least age 18 or 21.
Sen. David Wysong, one of the sponsors, was unhappy with the changes and at first refused to comment on the committee s actions. While he wants a statewide ban, he agreed to the county vote because that s the only way it had any chance of passing the Legislature.
"Eighty percent of Kansans do not smoke, yet big tobacco continues to both control the air we breath and -- at this point -- the Kansas Legislature, when it comes to clean indoor air legislation," the Mission Hills Republican said in a statement released later.
Wysong sponsored a smoking ban bill last year that was amended to give counties the option to vote, and many supporters wanting a stronger bill balked. Senate leaders shelved the bill because its passage was doubtful.
Even so, some committee members support the changes in this year s bill.
"I think it helps the bill to find the buoyancy to pass. We limit the negative economic impact on businesses," said Sen. Phil Journey, a Haysville Republican.
One change was aimed at an industry not yet operating but expected to bring millions to the state -- resort casinos and slot machines at race tracks in Frontenac and Kansas City, Kan. Originally the smoking ban applied to them, but the committee changed that.
The state is waiting to see if the Kansas Supreme Court eventually upholds a law enacted last year that permits casinos in Wyandotte, Cherokee, Sumner and Ford counties.
Last week, several bar owners said a smoking ban would hurt business. Those in Lawrence, where there s already a ban, said it has cost them money. The committee excluded bars.
Also added to the exempt list were cigar bars, cigar charity fundraising events, designated smoking areas at adult care homes, tobacco shops, private clubs and bingo parlors where children aren t allowed.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM
Public health advocates want to ban smoking in most public areas, including restaurants, bars and casinos, and work places. But in a bid to increase its chances for passage, senators drafted the bill so that it left the final decision to county voters on whether they wanted to be part of the ban.
When the committee finished its work, the ban applied mainly to restaurants, public buildings, work places and 80 percent of a hotel s rooms. It still mandated the Nov. 4 vote in each county. In counties that opt out, municipal governments still could enact their own smoking bans.
Supporters said a statewide ban is the only way to create a uniform clean indoor air policy throughout the state. Opponents maintain it would hurt businesses and is an example of the state intruding into local control.
The committee plans to decide Monday whether to send the bill to the Senate and the vote is expected to be close. Chairman John Vratil said the added exemptions won t help its chances.
"I think many people who support the changes won t support the bill and the people who support the bill won t support the amendments," the Leawood Republican said.
Senate Majority Leader Derek Schmidt said the bill s chances for success are tied to how actively those who want the stronger version campaign against it. If the bill fails, smoking bans will remain under the control of local governments.
"It just became the stepchild nobody can love," said the Independence Republican. "It s still a step forward to get clean air in restaurants, but I think that it won t be viewed as sufficient by the people who brought it to the table"
Thirty-one states have some type of statewide smoking ban.
The National Conference of State Legislatures says 22 states require all public places to be smoke-free. An additional six require workplaces and restaurants to be smoke free but exempt bars. Three exempt from their ban restaurants and bars whose customers must be at least age 18 or 21.
Sen. David Wysong, one of the sponsors, was unhappy with the changes and at first refused to comment on the committee s actions. While he wants a statewide ban, he agreed to the county vote because that s the only way it had any chance of passing the Legislature.
"Eighty percent of Kansans do not smoke, yet big tobacco continues to both control the air we breath and -- at this point -- the Kansas Legislature, when it comes to clean indoor air legislation," the Mission Hills Republican said in a statement released later.
Wysong sponsored a smoking ban bill last year that was amended to give counties the option to vote, and many supporters wanting a stronger bill balked. Senate leaders shelved the bill because its passage was doubtful.
Even so, some committee members support the changes in this year s bill.
"I think it helps the bill to find the buoyancy to pass. We limit the negative economic impact on businesses," said Sen. Phil Journey, a Haysville Republican.
One change was aimed at an industry not yet operating but expected to bring millions to the state -- resort casinos and slot machines at race tracks in Frontenac and Kansas City, Kan. Originally the smoking ban applied to them, but the committee changed that.
The state is waiting to see if the Kansas Supreme Court eventually upholds a law enacted last year that permits casinos in Wyandotte, Cherokee, Sumner and Ford counties.
Last week, several bar owners said a smoking ban would hurt business. Those in Lawrence, where there s already a ban, said it has cost them money. The committee excluded bars.
Also added to the exempt list were cigar bars, cigar charity fundraising events, designated smoking areas at adult care homes, tobacco shops, private clubs and bingo parlors where children aren t allowed.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM
Business Events for the Coming Week
(AP) - Major business events and economic events scheduled for the coming week (some dates are tentative):
MONDAY, Feb. 25
WASHINGTON -- National Association of Realtors reports on existing home sales for January, 10 a.m.; Treasury bill auction.
MOORESVILLE, W.V. -- Lowe s Cos. releases fourth-quarter financial results.
SEATTLE -- Nordstrom Inc. releases fourth-quarter financial results.
TUESDAY, Feb. 26
NEW YORK -- The Conference Board releases the Consumer Confidence Index, 10 a.m.; the S&P/Case-Shiller index of home prices is released, 9 a.m.
WASHINGTON -- Labor Department reports on producer price index for January, 9:30 a.m.
NEW YORK -- CBS Corp. releases fourth-quarter financial results.
GLENDALE, Calif. -- DreamWorks Animation SKG Inc. releases fourth-quarter financial results.
ENGLEWOOD, Colo. -- EchoStar Communications Corp. releases fourth-quarter financial results.
PITTSBURGH -- H.J. Heinz Co. releases third-quarter financial results.
ATLANTA -- Home Depot Inc. releases fourth-quarter financial results.
HOUSTON -- KBR Inc. releases fourth-quarter financial results.
ENGLEWOOD, Colo. -- Liberty Global Inc. releases fourth-quarter financial results.
CINCINNATI -- Macy s Inc. releases fourth-quarter financial results.
CINCINNATI -- Macy s Inc. releases fourth-quarter financial results.
DELRAY BEACH, Fla. -- Office Depot Inc. releases fourth-quarter financial results.
NEW YORK -- Sirius Satellite Radio Inc. releases fourth-quarter financial results.
MINNEAPOLIS -- Target Corp. releases fourth-quarter financial results.
DALLAS -- Tenet Healthcare Corp. releases fourth-quarter financial results.
WEDNESDAY, Feb. 27
WASHINGTON -- Commerce Department reports on durable goods orders for January, 8:30 a.m.; Commerce Department reports on new home sales for January, 10 a.m.
WASHINGTON -- Federal Reserve Chairman Ben Bernanke testifies before the House Financial Services Committee.
ST. LOUIS -- Charter Communications Inc. releases fourth-quarter financial results.
HOUSTON -- Dynegy Inc. releases fourth-quarter financial results.
LAS VEGAS -- Harrah s Entertainment Inc. releases fourth-quarter financial results.
COLUMBUS, Ohio -- Limited Brands Inc. releases fourth-quarter financial results.
HORSHAM, Pa. -- Toll Brothers Inc. releases first-quarter financial results.
WASHINGTON -- Washington Post Co. releases fourth-quarter financial results.
THURSDAY, Feb. 28
WASHINGTON -- Commerce Department reports on gross domestic product, fourth quarter, preliminary, 8:30 a.m.; Labor Department reports on weekly jobless claims, 8:30 a.m.; Freddie Mac reports on mortgage rates.
WASHINGTON -- Federal Reserve Chairman Ben Bernanke testifies before the Senate Banking, Housing and Urban Affairs Committee.
NEW YORK -- American International Group Inc. releases fourth-quarter financial results.
BETHPAGE, N.Y. -- Cablevision Systems Corp. releases fourth-quarter financial results.
ROUND ROCK, Texas -- Dell Inc. releases fourth-quarter financial results.
MCLEAN, Va. -- Freddie Mac releases fourth-quarter financial results.
SAN FRANCISCO -- Gap Inc. releases fourth-quarter financial results.
MENOMONEE FALLS, Wis. -- Kohl s Corp. releases fourth-quarter financial results.
ENGLEWOOD, Colo. -- Liberty Media Corp. releases fourth-quarter financial results.
BEVERLY HILLS, Calif. -- Live Nation Inc. releases fourth-quarter financial results.
HOFFMAN ESTATES, Ill. -- Sears Holdings Corp. releases fourth-quarter financial results.
SMITHFIELD, Va. -- Smithfield Foods Inc. releases third-quarter financial results.
RESTON, Va. -- Sprint Nextel Corp. releases fourth-quarter financial results.
NEW YORK -- Viacom Inc. releases fourth-quarter financial results.
WASHINGTON -- XM Satellite Radio Holdings Inc. releases fourth-quarter financial results.
FRIDAY, Feb. 29
WASHINGTON -- Commerce Department reports on personal income and spending for January, 8:30 a.m.
OMAHA, Neb. -- Berkshire Hathaway Inc. releases fourth-quarter financial results.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM
MONDAY, Feb. 25
WASHINGTON -- National Association of Realtors reports on existing home sales for January, 10 a.m.; Treasury bill auction.
MOORESVILLE, W.V. -- Lowe s Cos. releases fourth-quarter financial results.
SEATTLE -- Nordstrom Inc. releases fourth-quarter financial results.
TUESDAY, Feb. 26
NEW YORK -- The Conference Board releases the Consumer Confidence Index, 10 a.m.; the S&P/Case-Shiller index of home prices is released, 9 a.m.
WASHINGTON -- Labor Department reports on producer price index for January, 9:30 a.m.
NEW YORK -- CBS Corp. releases fourth-quarter financial results.
GLENDALE, Calif. -- DreamWorks Animation SKG Inc. releases fourth-quarter financial results.
ENGLEWOOD, Colo. -- EchoStar Communications Corp. releases fourth-quarter financial results.
PITTSBURGH -- H.J. Heinz Co. releases third-quarter financial results.
ATLANTA -- Home Depot Inc. releases fourth-quarter financial results.
HOUSTON -- KBR Inc. releases fourth-quarter financial results.
ENGLEWOOD, Colo. -- Liberty Global Inc. releases fourth-quarter financial results.
CINCINNATI -- Macy s Inc. releases fourth-quarter financial results.
CINCINNATI -- Macy s Inc. releases fourth-quarter financial results.
DELRAY BEACH, Fla. -- Office Depot Inc. releases fourth-quarter financial results.
NEW YORK -- Sirius Satellite Radio Inc. releases fourth-quarter financial results.
MINNEAPOLIS -- Target Corp. releases fourth-quarter financial results.
DALLAS -- Tenet Healthcare Corp. releases fourth-quarter financial results.
WEDNESDAY, Feb. 27
WASHINGTON -- Commerce Department reports on durable goods orders for January, 8:30 a.m.; Commerce Department reports on new home sales for January, 10 a.m.
WASHINGTON -- Federal Reserve Chairman Ben Bernanke testifies before the House Financial Services Committee.
ST. LOUIS -- Charter Communications Inc. releases fourth-quarter financial results.
HOUSTON -- Dynegy Inc. releases fourth-quarter financial results.
LAS VEGAS -- Harrah s Entertainment Inc. releases fourth-quarter financial results.
COLUMBUS, Ohio -- Limited Brands Inc. releases fourth-quarter financial results.
HORSHAM, Pa. -- Toll Brothers Inc. releases first-quarter financial results.
WASHINGTON -- Washington Post Co. releases fourth-quarter financial results.
THURSDAY, Feb. 28
WASHINGTON -- Commerce Department reports on gross domestic product, fourth quarter, preliminary, 8:30 a.m.; Labor Department reports on weekly jobless claims, 8:30 a.m.; Freddie Mac reports on mortgage rates.
WASHINGTON -- Federal Reserve Chairman Ben Bernanke testifies before the Senate Banking, Housing and Urban Affairs Committee.
NEW YORK -- American International Group Inc. releases fourth-quarter financial results.
BETHPAGE, N.Y. -- Cablevision Systems Corp. releases fourth-quarter financial results.
ROUND ROCK, Texas -- Dell Inc. releases fourth-quarter financial results.
MCLEAN, Va. -- Freddie Mac releases fourth-quarter financial results.
SAN FRANCISCO -- Gap Inc. releases fourth-quarter financial results.
MENOMONEE FALLS, Wis. -- Kohl s Corp. releases fourth-quarter financial results.
ENGLEWOOD, Colo. -- Liberty Media Corp. releases fourth-quarter financial results.
BEVERLY HILLS, Calif. -- Live Nation Inc. releases fourth-quarter financial results.
HOFFMAN ESTATES, Ill. -- Sears Holdings Corp. releases fourth-quarter financial results.
SMITHFIELD, Va. -- Smithfield Foods Inc. releases third-quarter financial results.
RESTON, Va. -- Sprint Nextel Corp. releases fourth-quarter financial results.
NEW YORK -- Viacom Inc. releases fourth-quarter financial results.
WASHINGTON -- XM Satellite Radio Holdings Inc. releases fourth-quarter financial results.
FRIDAY, Feb. 29
WASHINGTON -- Commerce Department reports on personal income and spending for January, 8:30 a.m.
OMAHA, Neb. -- Berkshire Hathaway Inc. releases fourth-quarter financial results.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM
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