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)


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UK’s NICE rejects Novartis asthma drug in change of tack
















LONDON (Reuters) – Britain‘s health cost-effectiveness watchdog NICE plans to recommend against the use of Novartis‘s severe asthma drug Xolair, or omalizumab, after earlier endorsing it for adults only.


The National Institute for Health and Clinical Excellence (NICE), which decides if medicines should be given on the state health service, said on Friday it had changed its mind in the light of evolving clinical evidence.













“After considering new evidence that has become available since the original guidance was published – particularly new mortality data – the NICE draft guidance does not recommend omalizumab for either adults or children,” NICE said.


New dosing recommendations for the drug had also changed its cost-effectiveness, the agency added.


The revised recommendation against using the drug is still at the review stage and NICE said it was now up to Novartis and other interested parties to respond to its concerns.


(Reporting by Ben Hirschler; Editing by Elaine Hardcastle)


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Euro growth forecast hits markets

















Continue reading the main story













The European Commission has cut sharply its growth forecast for the eurozone, warning that the “difficult process of rebalancing will last for some time”.


It now projects the bloc will narrowly avoid recession next year, growing by 0.1%, compared with its previous estimate of 1% growth, and thinks the EU economy will shrink this year.


Unemployment would also continue to rise next year, the Commission said.


The revision helped push global stock markets lower.


The Paris and Frankfurt exchanges closed down 2%, while London’s FTSE 100 ended the day 1.6% lower. New York’s Dow Jones lost 313 points, or 2.4%, at 12,933, its lowest level since early August.


The euro also weakened against the dollar following the revision, falling by half a cent to $ 1.278. Against the pound, it fell by a fifth of a pence to 79.93p.


Figures released earlier on Wednesday showing the biggest monthly fall in German manufacturing output since April, also weighed on markets.


As did concerns about the upcoming so-called fiscal cliff in the US, now that the US election has been won by Barack Obama.


“Having been fixated on the US election and the preferred market outcome of an Obama victory, the initial morning feel good bounce [has fizzled out], as markets quickly moved on to the next potential banana skin,” said Michael Hewson at CMC Markets.


“In this case there are several, starting with today’s Greek parliamentary vote on austerity, not to mention concerns about how the newly elected president will deal with the US fiscal cliff concerns.”


Under current plans, $ 600bn (£375bn) of tax rises and spending cuts will kick in in January, with many analysts saying this will push the US economy back into recession.


Weak demand


In the spring, the Commission forecast that the 27 members of the EU would collectively produce no economic growth in 2012. It now forecasts the EU economy will shrink by 0.3%. It also downgraded its forecast for the eurozone economy this year, from a contraction of 0.3% to 0.4%.


The revisions to next year’s forecasts were more stark. While the eurozone is barely expected to grow at all, the EU is now forecast to grow by 0.4% compared with the previous estimate of 1.3%.


The Commission made a number of drastic cuts in its forecasts for growth for 2013, and none more so than Greece, which it now expects to contract by 4.2%, having forecast flat growth in the spring. It expects Greece and Spain to return to growth in 2014.


The UK is now expected to grow by 0.9% next year, and Germany 0.8%, having both been forecast to grow 1.7% previously.


The Commission also said it expects the UK government’s budget deficit – the amount by which its annual spending exceeds its income – to grow to 7.2% in 2013 from 6.2% this year, making it the highest in the EU apart from the Republic of Ireland.


Unemployment in the eurozone currently stands at 11.6%, and the Commission said it would peak at 12% next year. Domestic demand, it said, would remain weak next year before picking up in 2014.


“Major policy decisions have laid the foundation for strengthening confidence,” said the Commission’s vice-president for Economic and Monetary Affairs, Olli Rehn.


“Market stress has been reduced, but there is no room for complacency.”



















































Q3 2011Q4 2011Q1 2012Q2 2012

Source: Eurostat figures showing % change compared with previous quarter



Eurozone



0.1



-0.3



0



-0.2



Germany



0.4



-0.1



0.5



0.3



France



0.2



0.0



0.0



0.0



Italy



-0.2



-0.7



-0.8



-0.8



Spain



0



-0.5



-0.3



-0.4



Netherlands



-0.3



-0.6



0.2



0.2



Portugal



-0.6



-1.4



-0.1



-1.2



Cyprus



-1.0



-0.3



-0.4



-0.7



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Merkel says Germany, Britain must work together on EU
















LONDON (Reuters) – Germany and Britain must cooperate to work round their differences on the European Union‘s long-term spending plans, German Chancellor Angela Merkel said on Wednesday.


“Despite differences that we have it is very important for me that the UK and Germany work together,” Merkel said through a translator before a meeting in London with Prime Minister David Cameron to discuss the EU‘s 2014-2020 budget.













“We always have to do something that will stand up to public opinion back home. Not all of the expenditure that has been earmarked has been used with great efficiency … We need to address that,” she said.


EU leaders meet in Brussels on November 22-23 to try to secure a seven-year budget for the 27-nation bloc amid signs of differences of opinion over what action should be taken.


(Reporting by Peter Griffiths; Editing by Andrew Osborn)


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Election night TV audience down from 2008: Nielsen data
















LOS ANGELES (Reuters) – Tuesday’s presidential election may have been too close to call for weeks, but it didn’t pull in as many TV viewers as four years ago.


More than 66.8 million Americans watched coverage of the 2012 elections during prime time on Tuesday, according to final Nielsen data on Wednesday. That’s down from the 71.5 million who tuned in to see the United States elect Barack Obama as its first African-American president in November 2008.













Nielsen said 13 cable and broadcast television networks aired live coverage of the election results, which saw Obama defeat Republican challenger Mitt Romney. Americans aged 55 and older made up the biggest audience, according to the ratings data.


The viewers for election night were also slightly down on the 67.2 million people who watched October’s first presidential debate between Romney and Obama.


But activity on social media soared to a record level. More than 31 million, election-related tweets were sent on Tuesday night – including a couple from Obama proclaiming his victory – making the night “the most Tweeted about event in U.S. political history,” according to Twitter.


(Reporting By Jill Serjeant; Editing by Paul Simao)


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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)


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Organ on a chip? Scientists test drugs on tiny, artificial lung
















CHICAGO (Reuters) – U.S. researchers have begun testing drugs using a microchip lined with living cells that replicates many of the features of a human lung, a technology that may one day help improve drug testing and reduce researchers’ dependence on animal studies.


In 2010, researchers at Harvard’s Wyss Institute for Biologically Inspired Engineering developed the so-called lung-on-a-chip technology that mimics the function of air sacs called alveoli, which transfer oxygen through a thin membrane from the lung to the blood.













For drug companies, the technology offers a way to better predict how drugs will work in people, ultimately reducing the cost of drug development by identifying problems before drugs are tested in clinical trials.


“Major pharmaceutical companies spend a lot of time and a huge amount of money on cell cultures and animal testing to develop new drugs, but these methods often fail to predict the effects of these agents when they reach humans,” Dr. Donald Ingber, whose study was published on Wednesday in Science Translational Medicine, said in a statement.


Now the Wyss team is putting its artificial lung to the test, using the device to recreate pulmonary edema, a condition that causes fluid to leak into the air sacs of the lungs, and then treating it with an experimental drug from GlaxoSmithKline.


The device, which is about the size of a memory stick, is made of a flexible polymer that contains hollow channels.


These channels are divided by a thin, permeable membrane lined on one side with human lung cells and on the other with tiny blood vessel or capillary cells that are bathed in fluid to simulate blood flow. A vacuum is applied to recreate the way human tissue stretches during breathing.


For the study, the team treated the device with interleukin-2 or IL-2, a cancer drug that can cause pulmonary edema, a deadly condition in which the lungs fill with fluid and blood forms clots.


When injected into the blood channel of the device, the drug caused fluid to start leaking across the membrane, reducing the amount of volume of air in the other channel. Blood plasma crossed into the air channels and started to clot.


Dr. Geraldine Hamilton, co-author on the paper and the senior lead for the organs on chips program at Wyss, said the study is “providing us with a very exciting proof of concept for our ability to use organs on chips to create human disease models.”


When the team turned on the vacuum to simulate breathing, fluid leakage increased, suggesting that breathing may make the condition worse.


“We learned more about the mechanisms by which this happens. Than really wouldn’t have been possible through an animal model,” Hamilton said.


The team next used their model to test a new class of drug being developed by GlaxoSmithKline called a TRPV4 channel blocker. They found that treating the tissues in the device with the Glaxo drug before exposing it to IL-2 prevented blood vessel leakage in the device.


To confirm this finding, Kevin Thorneloe, a scientist at GlaxoSmithKline, did a parallel study in which he tested the drug in the lungs of rodents and dogs with pulmonary edema caused by heart failure and found the drug improved lung function and reduced leakage, consistent with the chip finding.


“These findings suggest that TRPV4 blockers could be used to limit pulmonary edema in patients with heart or lung disease, and were an important step toward validating the lung on a chip model,” said Thorneloe, whose companion study was published in the same journal.


“This technology is still in its early stages of development,” he said, noting that several additional studies will be needed to further validate the chip device.


Although initially, such devices will be used to support early research seeking to get a better understanding of disease at the molecular level, Thorneloe said over time, they could be used to quickly study the impact of several drugs on lung function.


In July, Wyss entered a $ 37 million agreement with the U.S. defense department to help develop 10 engineered organs, all linked into one system.


The idea is to replicate a human body on a chip, which could be used to rapidly assess responses to new drugs and potential chemical threats.


Donna Dambach, a pre-clinical safety scientist at Roche’s Genentech unit, said she thinks drug companies will be quick to adopt these technologies for their own internal decision-making.


But Dambach said it will likely take much longer for drug companies to replace animal models used for regulatory approval with these engineered organs.


“I think everyone would love that, but animals are complex, like human beings, and we really have to make certain that we’re at least predicting some level of that complexity in these systems.”


(Reporting by Julie Steenhuysen; Editing by Eric Walsh)


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Gender pay gap ‘could worsen’

















The pay gap between men and women is at risk of widening for the first time on record, a leading pay equality campaign group warns.













The Fawcett Society says that women still earn 14.9% less on average than men for the same job.


But it says this gap could widen as public sector cuts push women into the private sector, where the gap is wider.


The warning coincides with a survey which suggests that a woman can earn £423,000 less than a man in her career.


That average lifetime earnings figure comes from the Chartered Management Institute (CMI) 2012 Gender Salary Survey, which also finds that the average pay gap stands at £10,060. This is a drop from 2011, when the difference was £10,546.


Women also lose out when it comes to bonuses, receiving less than half the average £7,496 that men receive, says the CMI.


Ceri Goddard, the Fawcett Society’s chief executive, said the CMI survey should serve as “a wake-up call to government – business as usual isn’t working”.


Continue reading the main story

Start Quote



Far from slowly moving forward, we now face going into reverse”



End Quote Ceri Goddard The Fawcett Society


Minister for Women and Equalities Jo Swinson said: “Pay inequality remains a stubborn obstacle to real fairness in the workplace.


“We have implemented measures in the Equality Act to make pay secrecy clauses unlawful and we are taking through legislation which would give tribunals power to order that employers conduct a pay audit where they have been found to discriminate over pay.”


More still needed to be done, she added.


‘Into reverse’


The Fawcett Society, which campaigns for gender equality, is calling for a dedicated women’s employment strategy and for the government to bring more pressure to bear on the private sector to pay women equally for the same job as men.


It is concerned that the employment trend from public to private sector work is likely to push more women into insecure, low-paid, part-time jobs. The private sector pay gap, at 20.4%, is higher than in the public sector.


























Who earns what (average salaries)


2009201020112012

Source: Chartered Management Institute



Male



£42,474



£41,337



£42,441



£40,325



Female



£31,268



£31,306



£31,895



£30,265



Difference



£11,206



£10,031



£10,546



£10,060



“Far from slowly moving forward, we now face going into reverse”, warned Ms Goddard.


Annual figures on pay from the Office for National Statistics to be published next week are expected to indicate that the gap is widening.


“In recent years, progress on closing the gap has slowed, but as the age of austerity bites, we now face the very real prospect of the gap actually widening for the first time since records began,” Ms Goddard said.


The warning comes on Equal Pay Day, marking the point in the year when women effectively start working for nothing compared to men.


As well as earning less for doing the same jobs, women still have to climb a much steeper slope than men to reach the top, the CMI figures show.


For while career women account for 57% of the professional workforce, just 40% are department heads and 25% are chief executives, says the CMI.


Ann Francke, CMI chief executive, said: “This lack of a strong talent pipeline has to change, and fast. Allowing these types of gender inequalities to continue is precisely the kind of bad management that we need to stamp out.”


She wants the government to “name and shame” companies “perpetuating inequality”.


Baroness Prosser, deputy chair of the Equality and Human Rights Commission, argues that if women are offered more career opportunities, it would help reduce the gender gap.


“The onus is squarely on employers to redress the balance, but female executives should also look to make the most of the practical support available to them,” she said.


The CMI’s National Management Salary Survey, conducted by XpertHR, collected data on 38,843 employees, from junior manager to board level, between August 2011 and August 2012.


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Officials: New mass graves found in Ivory Coast
















ABIDJAN, Ivory Coast (AP) — Up to 10 new mass graves have been discovered near the site of a July attack on a camp for displaced people, officials said Tuesday, amid allegations that initial casualty totals were downplayed to mask killings carried out by the national army.


Rights groups claim summary executions were carried out by the Republican Forces of Ivory Coast, known by its French acronym of FRCI. Last month, officials found six bodies in a well close to the former campsite in the western town of Duekoue.













Government, army and U.N. officials toured 10 more graves in the same area on Saturday, said Paul Mondouho, vice-mayor of Duekoue. He said the graves had first been identified by civilians, and that officials did not know the number of bodies they contained because they had not yet been properly exhumed.


“People were suspecting the presence of bodies in these graves because of the smell coming out of them and because of the shoes we saw nearby,” Mondouho said.


Prosecutor Noel Dje Enrike Yahau, who is based in the commercial capital of Abidjan, confirmed that multiple new graves had been discovered but could not provide details. U.N. officials and the local prosecutor in charge of investigating the suspected killings could not be reached Tuesday.


U.N. spokeswoman Sylvie van den Wildenberg confirmed that U.N. forces helped Ivorian authorities secure a perimeter around 10 wells “similar to the one in which six bodies were found,” and that “some of those wells are suspected mass graves.”


She stressed that Ivorian authorities were leading the investigation but that the U.N. was able to provide assistance.


Army spokesmen could not be reached Tuesday. The Justice Ministry has previously vowed to investigate the discovery of the initial grave.


On the morning of July 20, a mob descended on the U.N.-guarded Nahibly camp, which housed 4,500 people displaced by violence in Ivory Coast, burning most of the camp to the ground. Officials said at the time that six people were killed.


The attack was prompted by the shooting deaths of four men and one woman on the night of July 19, according to local officials and residents. In response a mob of some 300 people overran the camp on the morning of July 20 after the perpetrators of the shootings reportedly fled there.


The victims in the July 19 attack lived in a district dominated by the Malinke ethnic group, which largely supported President Alassane Ouattara in the disputed November 2010 election. The camp primarily housed members of the Guere ethnic group, which largely supported former President Laurent Gbagbo.


Gbagbo’s refusal to cede office despite losing the election to Ouattara sparked months of violence that claimed at least 3,000 lives.


Albert Koenders, the top U.N. envoy to Ivory Coast, said one week after the attack that U.N. security forces had been inside and outside the camp at the time but that no Ivorian security forces were present. He said the U.N. forces decided not to fire at a large group of people that were attacking the camp in order to avoid “a massacre.”


Several witnesses have said soldiers and traditional hunters, known as dozos, participated in the attack on the camp. Both military and dozo leaders have denied the claims, saying they had tried to protect the camp.


In a statement released Friday, the International Federation for Human Rights, known by its French acronym of FIDH, said it had information — including the preliminary results of autopsies — confirming that the six bodies found in October were men who had been summarily executed by the army.


“The disappearance of dozens of displaced persons after the attack, as well as confirmation of cases of summary and extra-judicial executions, suggest a much higher victim rate than the official figures report,” said the organization, which counts Ivorian civil society groups among its members.


Duekoue was one of the hardest-hit towns during the post-election violence. The U.N. has established that at least 505 people were killed in and around the town, including during a notorious March 2011 massacre that claimed hundreds of lives and was allegedly carried out by fighters loyal to Ouattara.


Duekoue residents belonging to ethnic groups that supported Gbagbo have long complained about abuses carried out by the FRCI, with some pointing to the direct involvement of the local commander, Kone Daouda. FIDH said in its statement that Daouda had been transferred following the discovery of the grave in October, and called for him to be interrogated over the matter.


The group also said two FRCI members were being “actively sought” after failing to return to their barracks on Oct. 16, noting that they are believed to have fled to neighboring Burkina Faso.


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