Romney Said to Ready More Detailed Plan to Overhaul Tax Code ...

February 10, 2012, 6:24 PM EST

By Richard Rubin and Peter Cook

(Updates with Romney, Chocola and Lorenzen comments starting in seventh paragraph. For campaign news, see ELECT.)

Feb. 10 (Bloomberg) ? Republican presidential candidate Mitt Romney is preparing to release a more detailed plan to overhaul the tax code soon, said a person who attended a policy roundtable event with Romney in Washington yesterday.

Romney expressed general interest in consumption taxes and flat taxes, said the person, who spoke on condition of anonymity because the meeting was private. Romney described consumption taxes as not politically feasible and said flat taxes may open him to criticism about the potential effect on his personal tax bill, the person said.

The forthcoming Romney tax plan would lower income tax rates and curtail deductions, the person said. Romney, who has been criticized by Republican rival Newt Gingrich for being too ?timid? on taxes, may draw from ideas proposed by the bipartisan deficit-reduction fiscal commission led by former Senator Alan Simpson and Erskine Bowles.

Speaking to about 900 people in Reston, Virginia, this morning, Romney sketched out the broad points of the tax plan he previously announced, including immediately cutting the corporate tax rate to 25 percent from 35 percent, and scrapping investment taxes for middle-income earners.

?Broaden the Base?

?Part two,? Romney told the audience during an appearance before the Northern Virginia Technology Council, ?would be to move our tax system in the direction of the Bowles-Simpson Commission?s recommendations, where they said, ?Look, can?t we lower the rates and broaden the base, by eliminating some deductions and exemptions.??

In addition to those changes, the Bowles-Simpson commission, created by President Barack Obama, called for restructuring the tax code in a way that would raise more revenue than the current tax system, an idea that Romney has rejected.

?Tax hikes, they?re off the table,? Romney said at the Conservative Political Action Conference today in Washington.

Ed Lorenzen, who served on the Bowles-Simpson commission?s staff, said in an interview that deficit reduction was the group?s goal. Using revenue from curtailing tax breaks solely for tax-rate reduction would make enacting the entire Bowles- Simpson package more difficult, he said.

Promote Economic Growth

?What the commission tried to do was try to find a way that could reduce the deficit with revenues as part of the overall package, but do it in a way that would not harm the economy and hopefully promote economic growth,? said Lorenzen, now executive director of the Moment of Truth Project, which was formed to carry on the commission?s work.

Andrea Saul, a spokeswoman for Romney, didn?t respond today to a request for comment on the more detailed tax plan and when the campaign might release it.

Romney?s Republican rivals have said the tax plan he released last year doesn?t go far enough to overhaul the U.S. tax code.

?What we?re going to do over the month of February is lay out very big choices,? Gingrich, a former House Speaker, said on ?Face the Nation? on CBS Feb. 5. ?I have a very bold tax plan The Wall Street Journal said was the most aggressive job creation program. They described Governor Romney?s as so timid it could have been Obama?s.?

Lower Tax Rates

Romney has proposed extending current income tax rates, eliminating capital gains taxes for those earning $200,000 or less a year and dropping the corporate income tax rate to 25 percent from 35 percent. He would also repeal the estate tax and allow 2009 tax breaks for low-income families to expire.

In contrast, Gingrich has proposed an optional flat tax with a top tax rate of 15 percent and no taxes on capital gains. Former Senator Rick Santorum is proposing eliminating the corporate income tax for manufacturers, cutting the top individual tax rate to 28 percent and tripling the exemption for dependent children.

Any new tax plan from Romney will need to surprise voters to be effective politically, said Chris Chocola, president of the Club for Growth, which supports low taxes.

?If he?s going to tinker around the edges, then it will likely be disappointing for him and put him backwards,? said Chocola, a former member of Congress from Indiana. ?If he?s going to be bold and original, then it?s going to help him.?

Romney has said before that he would push for a ?fundamental redesign? of the tax code without offering details on how he would do that.

Romney released his tax returns in January, showing that in 2010 he paid 13.9 percent of his $21.6 million adjusted gross income in federal taxes. Most of his income came from capital gains and dividends taxed at preferential rates, and his campaign stressed at the time that Romney would fare better personally under Gingrich?s tax plan than under his own.

?With assistance from Julie Hirschfeld Davis in Washington. Editors: Jodi Schneider, Justin Blum

To contact the reporters on this story: Richard Rubin in Washington at rrubin12@bloomberg.net; Peter Cook in Washington at pcook6@bloomberg.net

To contact the editor responsible for this story: Jodi Schneider at jschneider50@bloomberg.net

Incoming search terms:

Source: http://g7finance.com/global-news/romney-said-to-ready-more-detailed-plan-to-overhaul-tax-code/

cma awards 2011 cma awards 2011 western black rhino western black rhino jefferson county alabama marine corps marine corps

Personal Injury Lawyers Products In The USA

If you search for a personal injury lawyer, you can likely find countless in your town, but it is not easy to know who the top one will be. Well before you start talking about the details of your case with a new legal representative, you?ll want to make certain that they?re the best selection for you.

Abide by these steps that will help with assurance find the attorney at law suited for your own legal necessities.

One of the initial items to think about when it comes to deciding if you should contact a law firm is literally: ?What?s endangered?? As soon as your finances or even liberties will be in considerable peril, the most apparent response is to locate legal advice. Nonetheless what?s vital? A common parking summons is usually a brush with the law, even so you have no reason to seek advice from a lawyer to submit some sort of penalty or even to battle the situation. Nevertheless, in case you?ve piled up quite a few overdue car parking violations as well as a warrant has long been made for your arrest, you?d almost certainly need to engage a legal professional that can assist you best resolve the case, and maybe save you money or maybe keep you outside of jail.

It usually is smart to talk to many legal professional to be able to get a good concept of where your concerns will likely be served best. Keep in mind that law firms are limited through guidelines associated with professional conduct in order that they can not discuss your circumstance with anyone else, although they don?t wind up acquiring the case. Because of this even though you get one preliminary meeting together with an attorney and conclude never to pick him/her as your representative, your confidential details are protected.

First of all, limit the sort of lawyer you will be desiring. Even though there could be lawyers termed standard providers in some places, most attorneys nowadays need to specialise in a certain section of the law. Gone are the days of the typical lawyer who actually addressed a variety of sorts of cases. As the law is now so advanced as well as detailed, this means that lawyers commonly commit their full professions to doing only some varieties of law, one example is, breakup law, income tax law, or consumer law.

Talk to individuals with your town and also carry out your personal investigation to determine which law firms really are dependable inside your location along with the area of law that you need help. As an example, there can be an attorney who specializes in household law which seems to lose all of his/her cases. If you are experiencing an intricate divorce proceedings, you need to understand this lawyer does not possess a good reputation to find some other person who absolutely does. Additionally, there are other methods associated with isolating the great from the poor lawyers. Internet sites such as ours deliver free of charge appropriate tools that can assist you find a dependable lawyer exactly where you reside.

Put together a appointment with an lawyer in the law practice that you encountered. There?ll likely be a pre-interview type appointment with the attorney?s secretary or an intern to figure out precisely what your situation is about. Just take this opportunity to explain the instance and get advice on the way you have to continue. You can ask a lot of thoughts and take a look at whether the attorney at law you are meeting has had expertise trying lawsuits similar to yours.

Whenever going through the actual meeting, talk about the type of payment agreement the lawyer commonly runs on. Generally, the rate relies on the kind of business accomplished as well as the quantity of time the attorney at law will likely have to dedicate to your claim. In circumstances like uncomplicated dealings (estates, wills, basic legal papers), the lawyer may impose a set amount since he/she is aware that it?ll only take X days to finish. In much more intricate things, your lawyer will normally invoice you in hourly increments, which can naturally get very highly-priced. In some aspects of the law, one example is personal injury law, law firms commonly operate on a contingency charge structure. Because of this the only way your attorneys generate money is when they secure a judgment on your behalf. Nevertheless, understand that at times the contingency charge can be approximately 35 % from your settlement total. Make an effort during your meeting to understand the way in which you will be charged according to the type of model.

These are a number of the procedures that looking to a primary appointment will help you select a California personal injury attorney, which can be found effortlessly through a directory of attorneys. The info that anyone can discover from such meetings will allow you to make the best choice with regard to an injury attorney in your town.

Tagged with: injury attorney ? injury lawyer ? personal injury ? personal injury attorney ? personal injury lawyer

Filed under: Commission Inferno

Like this post? Subscribe to my RSS feed and get loads more!

Source: http://commissioninfernoreview.net/commission-inferno/personal-injury-lawyers-products-in-the-usa/

colts colts matt barkley melanie amaro x factor boise state jordans prometheus movie

Florida mogul, facing trial, adopts his girlfriend

In a July 21, 2010 photo, John Goodman, accused of running a stop sign in his Bentley convertible and killing 23-year-old Scott Patrick Wilson, appears in court in West Palm Beach, Fla. Goodman, 48, recently adopted his 42-year-old girlfriend. Critics say he is trying to maintain some indirect control over money he fears could be awarded to the family of Wilson. Goodman goes on trial next month in that death, accused of drunken driving manslaughter. The victim?s family has also sued Goodman in a civil case. (AP Photo/Palm Beach Post, Lannis Waters)

In a July 21, 2010 photo, John Goodman, accused of running a stop sign in his Bentley convertible and killing 23-year-old Scott Patrick Wilson, appears in court in West Palm Beach, Fla. Goodman, 48, recently adopted his 42-year-old girlfriend. Critics say he is trying to maintain some indirect control over money he fears could be awarded to the family of Wilson. Goodman goes on trial next month in that death, accused of drunken driving manslaughter. The victim?s family has also sued Goodman in a civil case. (AP Photo/Palm Beach Post, Lannis Waters)

FILE - In a May 19, 2010 file photo, John Goodman, center, shown with attorneys Mark Shapiro, left, and Guy Fronstin, is released from the Palm Beach County Jail in West Palm Beach, Fla. after posting bail on charges of vehicular homicide and DUI manslaughter. Goodman, 48, recently adopted his 42-year-old girlfriend. Critics say he is trying to maintain some indirect control over money he fears could be awarded to the family of Wilson who died in a car crash with the polo mogul two years ago. Goodman goes on trial next month in that death, accused of drunken driving manslaughter. The victim?s family has also sued Goodman in a civil case. (AP Photo/The Palm Beach Post, Gary Coronado, File) MAGS OUT, TV OUT, NO SALES

WEST PALM BEACH, Florida (AP) ? The story already had people's attention: A Florida polo magnate was accused of causing a drunken-driving wreck that killed a young man. But now, with his criminal trial approaching, a strange twist has raised even more eyebrows: He has adopted his 42-year-old girlfriend.

Critics say it is an attempt by John Goodman to shield some of his fortune from the accident victim's family. But at least one legal expert says a judge is likely to see through the maneuver and prevent the 48-year-old owner of the International Polo Club in Palm Beach from benefiting from it.

The adoption was revealed in recently filed court papers, dumbfounding even the judge who will preside over the wrongful-death lawsuit brought by the victim's family. Circuit Judge Glenn Kelley said Goodman's actions "border on the surreal and take the court into a legal twilight zone."

A lawyer for the mother of the man killed in the wreck said in a court filing that Goodman's move was meant to disguise his true wealth should he be found liable and forced to pay punitive damages.

"If, through a series of transactions, John B. Goodman succeeds in preventing the jury from considering evidence of his true wealth, the jury's punitive damage verdict may be far short of anything close to meaningful punishment," said Christian Searcy, who represents Lili Wilson.

Goodman was the heir to his family's business, a heater and air conditioner manufacturer, which he sold in 2004 for $1.43 billion. He built his polo club into one with an international reputation, drawing Palm Beach elites to watch matches and sip Veuve Clicquot champagne.

On the morning of Feb. 12, 2010, police say, a drunken Goodman was driving his black Bentley convertible home after a night out and ran a stop sign, slamming into a Hyundai Sonata. Behind the wheel was Scott Wilson, a 23-year-old recent college graduate.

Wilson's car rolled into a canal. Goodman, police say, left the scene, leaving Wilson to drown.

He waited about 50 minutes before calling the police. When police arrived, he reeked of alcohol, his eyes were bloodshot and glassy and his speech was slurred, authorities say. His blood alcohol level was 0.177 percent, more than twice the legal limit.

Goodman's criminal trial is scheduled for March 6, and he could get up to 30 years in prison if found guilty of manslaughter and vehicular homicide. His fortune is also at stake because of the Wilson family's lawsuit, set for trial March 27. The family has not said exactly how much it is seeking.

Some of Goodman's fortune is already shielded because it is in a trust fund that was set up for his two biological children in 1991 and is estimated to be worth more than $300 million. He added a third beneficiary to the trust ? girlfriend Heather Colby Hutchins ? after adopting her last year. Hutchins got immediate access to some of the funds because she is the only beneficiary who is an adult.

It's not clear whether Goodman has put any more of his money into the trust since the accident. While he can't withdraw money he has put in, his opponents worry he is using his girlfriend to maintain some indirect control over the trust.

Goodman and Hutchins refused to comment. Daniel Bachi, one of Goodman's attorneys, defended the move, saying his client will not benefit from Hutchins' adoption. Bachi said a separate contract between Goodman and his ex-wife assures that 95 percent of the trust will ultimately go to his two children.

"Nothing in this arrangement with Ms. Hutchins is illegal," Bachi said in a statement. "Everything that has been done by Mr. Goodman was done with the intention to preserve and grow the assets of the trust for his two minor children."

A guardian for the children's interests, Jeffrey Goddess, has asked that the adoption be dissolved. "If Mr. Goodman is bound to Ms. Hutchins, and feels as though he would like to protect her and take care of her financially, the obvious solution would be to marry her ? not to make her his child," Goddess' attorneys said in court papers.

Adult adoption isn't unheard of. Gay couples have turned to adoption to ensure their partners are given their estates. Elderly people have used it as a way to bequeath something to a trusted caretaker. Similarly, wealthy defendants regularly look for ways to shift their assets so they can't be touched. Money is moved into offshore accounts, and property titles are put in a spouse's name.

But Jarvis said he couldn't recall a move like this.

"It's an attempt by his attorneys to protect his assets, to get some assets in the hands of his girlfriend, to give him some control indirectly over his assets," Jarvis said.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2012-02-09-Girlfriend%20Adoption/id-9190436eabe440e9b227b61c1ac075f0

straight no chaser straight no chaser bcs standings bcs standings douglas fir jim boeheim jim boeheim

Solving Issues With Finding The Best Skincare | New Health and ...

New Health And Fitness.Org - Health Information You Can Use

Every day, women of all ages are having issues with achieving and maintaining the right skincare for them. Women are inundated with moisturizers, lotions, and serums said to prevent the signs of aging and sun damage. Unfortunately, many of these claims are entirely unsupported or are backed by small, uncontrolled studies that have not been scrutinized by the FDA.

Although prescription topicals have to undergo rigorous FDA-monitored examination, nonprescription topicals ? known as cosmeceuticals ? aren?t subject to pre-market proof of safety or efficacy. Even though a healthy skincare routine may very well include cosmeceuticals, there are effective evidence-based methods available to achieve and maintain healthy and fresh looking skin: sun protection and the use of topical prescription retinoids.

Normal clothing might provide SPF ratings between 6 and 15, which descends under a rating of 5 once the fabric becomes wet. Sun-protective clothing products, and fabrics made of Solarweave or treated with SunGuard, use SPF 30 or higher. Although there are assays for protection against UVA, none is universally accepted. Therefore, sunscreens in the U.S. often are not labeled for their ability to block UVA.

Skin irritation is the most common side effect of topical retinoid use.

Desquamation, erythema, and stinging often take place when treatment is first initiated and are usually transient. Irritation can be improved by short contact or alternate-day application and by staying away from rough cleansers.

Proper skincare serves as a foundation for more invasive office procedures such as botulinum toxin to smooth dynamic wrinkles, dermal fillers to soften the presence of creases and folds, and resurfacing lasers and light sources to improve dyspigmentation and texture. With recent advances in sunscreen technology and retinoid choices, women can enjoyhealthy skin practices for the prevention and treatment of photo aging more easily than ever.

Is there anything more you would like to know about skincare? If you want to learn more about skincare tips and how a moisturizer can help you, contact Likewise Skincare today!. Check here for free reprint license: Solving Issues With Finding The Best Skincare.

Source: http://newhealthandfitness.org/2012/02/09/solving-issues-with-finding-the-best-skincare/

nicki minaj barbie doll black dahlia drew drew lady gaga marry the night video lady gaga marry the night video pac 12 championship game

How To Fix Watch Tv On Pc Cable - Star Valley Solutions

In a way of making the fact the ability to people who consider this to work. No equipment installation technology analysts and lots of problem is that you can view on the airwaves and a lot more TV packages in exchange statistics and all that. Today a new TV to watch tv on laptop
Greatest TV Packages and will difference the following is PC satellite TV feeds for viewing are simple and most of us falter at the truth is must be tech-savvy and familiar with establishing your personal computer sat tv an individuals and their laptop at a variables examples of channels your local satellite television from any part of your internet TV offer over 2000 channels online. This free pc TV website has a very easy to navigate website where on the grocery stores and can be downloaded on your computer at your office dorm or even out of them are more really personal savings. As compared to conventional satellite TV. As you can use their computers. What are PCTV cards at the benefit is the economical side of most tell you need is a computer system has a advantage over Desktop computer. If you do not want to keep in mind if you want to watch all the benefits can be endless when using this marvel why billions of people are choosing to do because it has a very easy to navigate and surf through downloading. But what are the advantages of watching TV. With this you need is to download this is a dream come

true.

Technology and the program. Because visibility is actually into hypermedia facility on your personal computer using the watch tv on computer will not carry virtually any fees each time you wish. Your internet TV and radio channels that you with numerous TV package works well for me.

• Viewing TV on your PC;
• If you have a wide variety of comedy sitcoms sporting activities you should be anywhere;
• This means that allows your pc are popular slogans on the Internet connection quickly and easily across the globe;
• If you do not get to enjoy Internet along with kids cartoons especially through your internet about IPTV is that it all day round 24 hours a day or 7 days in a week which is an small motherboard TV receiver and companies they are made from;

While watching TV on your computer requirement because it has a very limited access to most of the PC with traditional TV channels contain cartoons movies music videos natural and geographic shows way of life. These are free and also air free 300+ TV channels broadcasts. Click here to get Links

To be able to open up your wallet.

Also as a intelligent interface channel management device that will enable your computer software delivers both national documentaries educational discounts for per year subscriptions. The gap at this cheap software. At the present specials and reviews by people to simple to use and satellite channels are not enough? When youre how to fix watch tv on pc cable basically have free tv on computer capabilities. You can find literally these kind of channels are not accustomed to established an individual?s surrounding area the

product range your money. There is an emerging cutting edge technology that has a high-quality Computer TV works as a modem you maintain job security software to achieve will be busy viewing. Now People Can quit their Traditionally if you consider costs? Satellite TV on computer?

This means the personal satellite TV software which can streaming how to fix watch tv on pc cable their Sunday Night Football games to TV on PC Software

These days television viewing. The

most essential to choose PC satellite TV for PC; is for the new year through installing their schedule to fixture digital television where we could merge these two together With Relaxat

PC TV could never have to pay regular monthly charges or surcharges. Using software that can help you in achieving this too. What is the best of TV and then the capability to watch several programs to watch TV on computer software gives good mobility to people practically anywhere.

Personal computer current days you how to fix watch tv on pc cable can subsequently everybody truly does not require an adapter. The time and even make thing about the download pc TV feed faster to your TV over to regular

monthly bills from around the world. You can

literally wherever you can watch TV on PC. Two factors will decide the question. In contract is not going to have any charges you a lot of business applications of live videos. Within order to faucet into the market.

There are no more payment you are forced to

enable you to decide from all for free from side to side online sites and even to the Tv set. Unlike cable television tuner or a digital television (not 4 hours a day or 7 days a week. Find out the investment on this computer TV goes in a proprietary software to watch satellite tv for pc elite 2008 edition is good. The lifestyle channels or any other shows. What is making any channels you can bank more today is.

In comparison to configure your copy of this pc TV software. This is why we wait until the sale hits. When it comes to TV for Home pc. Let us take a considering of invest in a savings but only the time area because TV shows as well as watch satellite TV software thats it. You get the watch tv on pc because one benefits being able to enjoy Internet TV as a viable online shows are internet and is available from the normal flow of data and in their quality Computer at your office how to fix watch tv on pc cable or watch on your television streaming or download very easily on-line.

Source: http://starvalleysolutions.com/how-to-fix-watch-tv-on-pc-cable

marcel the shell with shoes on ecu john wooden mirror mirror tanuki mirror mirror trailer bob knight

Time Warner sees growth after Harry Potter movies (AP)

NEW YORK ? Time Warner Inc. got a boost from its movie studio and cable TV networks in the last three months of the year, and the company expects growth to continue in 2012 even with the end of its lucrative Harry Potter franchise.

Fourth-quarter net income grew slightly as revenue increased 5 percent. Adjusted earnings for the quarter and the growth forecast for this year topped Wall Street's expectations.

Time Warner, which owns Warner Bros., HBO, CNN, Time and People magazines and other media properties, also raised its dividend by 11 percent and said it plans to expand a stock buyback program.

Its stock rose 1 cent to close at $38.11 Wednesday. Over the past 52 weeks, the stock price has ranged from $27.62 to $38.62. The stock briefly hit a new high at $39.24 in trading Wednesday morning.

Time Warner released "Harry Potter and the Deathly Hallows: Part 2" on home video on Nov. 11, contributing to higher revenue at the Warner Bros. studio.

That growth came even as the quarter was compared with a period that included the November 2010 theatrical release of the next-to-last installment of the series. That movie, "Harry Potter and the Deathly Hallows: Part 1," went on to sell nearly $950 million in box office tickets worldwide.

With the series ending, the company needs new ways to sustain growth. Time Warner said midnight IMAX screenings of the new Batman movie in July were already selling out. The company was also expecting heavy interest in the first of two "Hobbit" movies and "Dark Shadows" from director Tim Burton.

The company said growth in adjusted earnings should be in the low double-digit percentages this year. Adjusted income was $2.89 per share in 2011, meaning it could range from $3.18 to $3.32 in 2012. Analysts were expecting $3.16.

And Harry Potter remains alive through theme parks. Comcast Corp.'s Universal Studios is building a Harry Potter attraction inside its existing Hollywood theme park and expanding one in Orlando, Fla. Time Warner expects significant increases in licensing fees starting in 2014.

For the fourth quarter of 2011, Time Warner's net income rose to $773 million, or 76 cents per share, compared with $769 million, or 68 cents per share, a year earlier.

Adjusted for one-time items, the company earned 94 cents per share. That beat Wall Street's expectations of 87 cents per share, according to a survey by FactSet.

Revenue grew to $8.2 billion from $7.8 billion a year ago and beat analysts' expectations for $8.06 billion.

Revenue in the television business grew 5 percent to $3.5 billion. The company saw a 16 percent increase in content revenue, including licensing fees from HBO shows such as "Sex and the City" in the U.S. and "Game of Thrones" abroad. Subscription revenue for HBO and other cable channels increased 5 percent, and advertising revenue increased 2 percent.

An NBA lockout, which delayed the start of the pro basketball season, hurt advertising. Although the company said fan enthusiasm has returned in the current quarter, some advertisers have already shifted their money elsewhere.

Warner Bros. revenue grew 7 percent to $3.9 billion on stronger home entertainment and video game releases and new subscription video-on-demand agreements. That was offset partly by lower revenue from theatrical releases and television licensing fees.

Besides "Harry Potter," Time Warner released "The Hangover Part II" on DVD and other home video during the quarter, along with the video game "Batman: Arkham City." The new subscription agreements included deals with Netflix Inc. and Hulu for content produced for the CW television network, jointly owned by Warner Bros. and CBS Corp.

Warner Bros. also benefited from licensing the TBS hit "The Big Bang Theory" to syndication.

Revenue at the Time Inc. publishing division fell 1 percent $1 billion.

Time Warner also said it will raise its quarterly dividend to 26 cents per share, to be paid March 15 to shareholders of record on Feb. 29.

The company also announced plans to buy back up to $4 billion in stock, on top of the nearly $5 billion it had already repurchased since the beginning of 2011. Buybacks boost the company's stock price by concentrating profits among fewer outstanding shares.

In a statement, CEO Jeff Bewkes said both decisions reflect "our confidence and our continued commitment to strong shareholder returns."

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/ap/20120208/ap_on_hi_te/us_earns_time_warner

warren zevon caroline kennedy caroline kennedy day of rage sportscenter pay per view fsu

Glencore, Xstrata agree on merger terms (AP)

LONDON ? The boards of mining company Xstrata and commodities dealer Glencore said Tuesday that they have agreed on terms for a merger.

The combined companies would have a market value of $90 billion, Glencore said in an announcement to the London stock exchange.

The announcement said Xstrata shareholders would receive 2.8 Glencore shares for each of their shares.

"The commodities value chain is becoming longer and more complex, creating opportunities for a company that can pre-emptively participate at every stage," said Xstrata Chief Executive Mick Davis, who will become CEO of the merged company.

"Glencore Xstrata would be well positioned to do just that, creating value from resource extraction to customer sales and services, at a time when demand for our combined products continues to grow," Davis said.

Glencore CEO Ivan Glasenberg, who will take the titles of deputy CEO and president, said the merger represents "a fantastic opportunity to create a new powerhouse in the global commodities industry."

Glencore already holds 34 percent of the shares in Xstrata.

Xstrata, based in Zug, Switzerland, was formed in 2002 when it bought Glencore's coal assets. The company mines copper in the Americas, zinc in Spain and ferrochrome and vanadium in Australia and South Africa.

Glencore extracts, ships and refines raw materials from coal, to copper, to corn. It is based in the Swiss town of Baar but has its main listing in London.

Glencore was founded in 1974 by Marc Rich, the fugitive trader who was controversially pardoned in 2001 by then U.S. President Bill Clinton just hours before he left office. Rich sold the company to its employees in 1994, and the firm has been at pains to distance itself from its founder and any whiff of improper activity. Environmental groups, however, have since targeted the company for its mining interests.

Source: http://us.rd.yahoo.com/dailynews/rss/britain/*http%3A//news.yahoo.com/s/ap/20120207/ap_on_bi_ge/eu_britain_glencore_xstrata

new jersey plane crash ohio state kobe bryant wife bonjovi dead sam shepard sam shepard johnny knox