Stars join Songwriters Hall of Fame - BBC News
Ne-Yo, Bette Midler, Ben E. King and Bob Seger give their reaction to their awards
Multi-platinum artist Bob Seger, Bette Midler and R&B star Ne-Yo have been inducted into the Songwriters Hall of Fame.
The team behind enduring hit Stand By Me - Ben E. King and songwriting duo Mike Stoller and the late Jerry Leiber - were given The Towering Song Award.
King was also presented with a special award for his performance on the track.
Ne-Yo, who was given the Hal David Starlight Award for young songwriters, credited music with saving him.
"I was a pretty riled up little kid," he explained, on the red carpet. "If not for my mom giving me the pad and the pen and telling me to take my emotions and put them there, there's no telling. I might I have been sticking you up or something."
Fleetwood Mac singer Stevie Nicks presented Bette Midler with the Sammy Cahn Lifetime Achievement Award. It honours industry veterans who are "pioneers in their craft" and have "inspired the music community".
Midler has enjoyed success on stage, screen and as a recording artist, winning three Grammys - including for her 1989 hit, Wind Beneath My Wings.
"Any award is a great honour," said Midler. "I mean people think of you and it is very sweet. It is all very sweet."
Seger kicked off the ceremony in New York with a performance of 1973 track, Turn the Page.
The Detroit rocker achieved commercial success with 1976 album Night Moves. He called songwriting the hardest but most rewarding thing he does.
The Songwriters Hall of Fame was founded in 1969 by Johnny Mercer to recognise the best in the field.
Harvey Schmidt and Tom Jones, the writers of long-running musical, The Fantastick's, were also honoured in the ceremony's 43rd year.
Other inductees include Jim Steinman, who wrote Bat Out of Hell and Total Eclipse of the Heart, Canadian folk rocker Gordon Lightfoot, and Don Schlitz, who penned country hits including When You Say Nothing at All.
Among those taking to the stage to hand out awards or perform were Meatloaf, Foo Fighters frontman Dave Grohl, Steve Miller and Kenny Rogers.
TEXT-S&P summary: PT Medco Energi Internasional Tbk. - Reuters UK
(The following statement was released by the rating agency)
June 15 -
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Summary analysis -- PT Medco Energi Internasional Tbk. ------------ 15-Jun-2012
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CREDIT RATING: B/Stable/-- Country: Indonesia
Primary SIC: Oil and gas
exploration
services
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Credit Rating History:
Local currency Foreign currency
07-May-2009 B/-- B/--
03-Feb-2002 B+/-- B+/--
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Rationale
The rating on PT Medco Energi Internasional Tbk. (Medco) reflects the company's exposure to volatile hydrocarbon prices, its large investment requirements, and its aggressive financial policy that relies on debt to fund growth. Medco's favorable location and cost structure, good growth potential in its development and exploration blocks, and its partial insulation from currency instability and sovereign-debt risk temper these weaknesses.
Medco's liquidity and operating cash flow are exposed to volatility in hydrocarbon prices. Nevertheless, liquidity and operating cash flow have benefited from an increase in average realized oil prices to $113.7 per barrel in 2011, from $81.4 per barrel a year earlier. Overall production remained broadly stable at 67.6 thousand barrels of oil equivalent per day. As a result, the company's debt-to-EBITDA ratio improved to 3.6x in 2011, from 4.1x in 2010, despite a 32% increase in debt.
Asset sales have also improved liquidity in the past 12 months. Medco sold a 20% stake in the Senoro-Toili production sharing contract to Mitsubishi Corp. (A+/Stable/A-1) for $260 million in early 2011. The company also sold Medco Tunisia Anaguid Ltd. for $58 million and a 51% stake in PT Medco Power Indonesia for $112 million in December 2011. These divestments have lowered Medco's future investment commitments under these projects.
We expect Medco's financial risk profile to remain "aggressive" in the next 12-24 months. This is due to the company's substantial estimated total capital expenditure of $695 million in 2012 and 2013. The spending relates to Medco's major development projects, namely the Senoro-Toili gas/liquefied natural gas development and the Block A gas reserves project in Indonesia. These projects will be predominantly debt-funded and would not generate any cash flows until 2014.
Progress at Medco's major projects is critical to prevent any deterioration in the company's "weak" business risk profile from the continuing decline in its producing asset: the Rimau block. In our view, the growth potential in Medco's major projects is solid. However, these projects expose the company to some execution and operational risks. Nevertheless, these projects are currently proceeding as planned. We continue not to factor in any benefit from Medco's Libya operations, given the contingent nature of the project and political instability in the region.
Liquidity
Medco has "adequate" liquidity, as our criteria define the term. We expect the company's sources of liquidity, including cash and available credit facilities, to exceed its uses of liquidity by at least 1.4x in the next 12 months.
Our liquidity assessment incorporates the following factors and assumptions:
-- As of Dec. 31, 2011, Medco has cash and cash equivalents of $703.9 million and short-term investments of $247.3 million, compared with $539.2 million of short-term debt due (including accrued interest).
-- As of March 31, 2012, Medco has access to unused committed credit facilities of $230 million. Some of these facilities are renewable every 12 months, which is in line with the typical banking practice in Indonesia.
-- Liquidity sources over the next 12 months include our expectation of FFO of about $190 million, short-term credit facilities, and cash and current investments.
-- Liquidity needs over the next 12 months include our expectation of capital expenditure of about $271 million and dividends and debt repayments of about $514 million.
-- We anticipate that the company's liquidity sources will exceed its needs even if EBITDA declines by 15%.
There are no rating triggers in Medco's current loan documents, but the company must comply with financial covenants on interest coverage, leverage, and liquidity. We believe Medco has been operating within these covenants.
Outlook
The stable outlook reflects our expectation that Medco's production and development projects will continue to progress as planned, and that oil prices will remain above US$90 a barrel and gas prices at about US$4.0 per million British thermal unit. Under this scenario, we expect the company's debt-to-EBITDA ratio to remain about 4.0x in 2012.
We may lower the rating if Medco's liquidity or financial risk profile weakens due to: (1) delays at the company's major projects that result in higher-than-expected capital expenditure or a delay in cash flow contributions; (2) lower-than-expected production in existing fields; or (3) a substantial fall in oil prices. A debt-to-EBITDA ratio rising to more than 4.5x on a sustained basis would indicate such a weakening.
We could raise the rating if the following occurs:
-- Higher-than-expected oil prices result in improved credit ratios and liquidity for Medco. A debt-to-EBITDA ratio of about 3.5x on a sustained basis would indicate such an improvement; and
-- The company's major development projects progress as planned. This includes a commercialization of the Block A gas reserves development by the second half of 2012 and timely progress of the Senoro-Toili block toward production in 2014.
Related Criteria And Research
-- Standard & Poor's Raises Its Oil Price Assumptions; Natural Gas Price Assumptions Unchanged, March 22, 2012
-- Key Credit Factors: Global Criteria For Rating The Oil And Gas Exploration And Production Industry, Jan. 20, 2012
-- Criteria Methodology: Business Risk/Financial Risk Matrix Expanded, May 27, 2009
-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008
UPDATE 1-Facebook points at Nasdaq in legal motion - Reuters
* Cites reports of trading glitches, oral disclosures
* Says it followed customary practice
* Market value has fallen by a quarter since trade debut
By Basil Katz and Edwin Chan
NEW YORK/SAN FRANCISCO, June 15 (Reuters) - Facebook Inc , facing a raft of lawsuits from investors seeking to recoup losses from its botched IPO, laid out on Friday how cascading Nasdaq trading glitches might have contributed to the confusion surrounding its May 18 debut.
The No. 1 social network and lead underwriters Morgan Stanley, Goldman Sachs Group Inc and JPMorgan Chase & Co filed a motion requesting that dozens of shareholder lawsuits over its $16 billion initial public offering be grouped together in Manhattan federal court.
The filing, while standard in cases with multiple lawsuits, hints at how Facebook may choose to structure its defense.
Nasdaq spokesman Joseph Christinat declined to comment.
More than a dozen shareholder lawsuits have accused Facebook and its underwriters of hiding the company's weakened growth forecasts ahead of the May 18 stock offering, one of the largest IPOs in U.S. history.
Nasdaq OMX Group Inc has also been sued by investors who claimed the exchange operator was negligent in handling orders for Facebook shares.
Facebook's IPO was to have been the culmination of years of breakneck growth for a social network that became a cultural and business phenomenon. But shares in the eight-year-old company founded by Mark Zuckerberg in his Harvard dorm room have shed almost a quarter of their value, or $24 billion, since their debut at $38 a share.
In the motion filed late Thursday, Facebook - which was the first American company to debut with a market value of more than $100 billion - defended its pre-IPO disclosures on mobile user revenue growth. The motion cited reports that Facebook had told underwriters about lowered revenue forecasts but not amended its prospectus.
Plaintiffs "ignore that what Facebook and the underwriter defendants allegedly did both followed customary practices and did not violate any rules," according to the motion.
Facebook also cited a series of press reports which described how trading errors compounded uncertainty on May 18, after commencement of trading in its shares was delayed by about half an hour.
The motion cited lawsuits "alleging that technical problems and other trading-related errors affecting Facebook's stock - which Nasdaq has subsequently admitted - created market uncertainty and caused investor losses."
In court papers filed late on Thursday before the U.S. Judicial Panel on Multi-District Litigation, Facebook and the banks said the U.S. District Court in Manhattan was the "most appropriate and convenient forum to oversee these coordinated and/or consolidated proceedings."
In afternoon trading on Friday, the stock was up 2.2 percent at $28.91.
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