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Pandora valuation soars to $4.2bn

Market’s appetite for technology stocks continues as music streaming site’s worth hits more than twice the value of AOL Pandora, the music streaming company, saw its valuation rocket to $4.2bn (£2.6bn) in the first hour of trading at its flotation on the New York stock exchange – $1.6bn higher than anticipated. Shares in Pandora traded at $26 each in the opening minutes of its market debut on Wednesday, 60% higher than the loss-making company’s initial offer price of $16 . Pandora’s shares opened at $20, up 25%, and went as high as $26, briefly valuing the company at $4.2bn – more than twice the value of AOL. The share price settled back during the first hours of trading to about $22, a market value of $3.6bn. While the surge was expected – Pandora has put only about 9% of its shares on the public market and investors clamoured to get hold of the limited supply – the market’s appetite for technology stocks continues unabated. Demand mirrored the pattern seen with recent tech flotations such as LinkedIn, which saw its shares soar from $45 each to $90 in the opening minutes of trading last month. However, if the trading pattern remains true to form Pandora can expect its share price to fall back by perhaps a fifth in the coming days, in line with what occurred to LinkedIn and Russian search engine Yandex. Pandora reported revenue of $51m, with a net loss of $6.8m in the three months to the end of April. The company has 90 million registered users in the US and makes money mainly from advertising, with significant costs for music royalties to record companies – it paid out $29m in three months to the end of April. Pandora also warns that its revenue growth rate is expected to decline in the future as the business matures and encounters more competition. While investors have taken the chance to buy shares, Pandora faces competition on numerous fronts, including from satellite radio provider Sirius, music services such as Rhapsody and cloud storage services from Apple, Google and Amazon. Spotify’s long-awaited US launch is also said to be close. •

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Greece parties in power-sharing talks

Socialist government and conservatives opposition plot ‘grand coalition’ to deal with debt crisis amid violent strike in Athens, reports state TV Greece’s Socialist government began power-sharing talks with the opposition conservatives as violent clashes ripped through Athens , state television has reported. State-run NET television said the prime minister, George Papandreou, was in talks with the opposition leader Antonis Samaras to form a possible grand coalition government to deal with the country’s crippling debt crisis. Officials were not immediately available for comment, but several conservative MPs publicly backed the idea and called for Papandreou to step aside. “The most important member of a ship’s crew is the captain, and the captain has to go,” prominent conservative MP Theodoros Karaoglou said. “If we joined forces, we could go to our [creditors] together to negotiate and the results of course would be better.” Violent clashes lasted several hours after more than 25,000 people gathered outside parliament to protest against a new package of tax rises and spending cuts. At least 20 people were detained, police said. The rally was called during a general strike against a new wave of austerity measures worth €28bn (£25bn) to 2015, exceeding the Socialists’ scheduled term in office by two years. Papandreou has suffered plummeting approval ratings and an open revolt within his own Pasok party. One of his MPs left the party on Tuesday night and declared himself an independent, reducing Pasok’s majority to five seats in the 300-member parliament. Greece Europe Global recession Economics Global economy European Union IMF Financial crisis Banking Market turmoil guardian.co.uk

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House Democrats didn’t take any steps to punish Anthony Weiner after a closed-door caucus meeting, but more than one lawmaker said they were waiting for his wife to get home and hopefully convice him to step down. Huma Abedin, a top aide to Hillary Clinton, arrived back from a State…

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IPCC asks scientists to assess geo-engineering climate solutions

Leaked documents ahead of key Lima meeting suggest UN body is looking to slow emissions with technological fixes rather than talks • Read the documents here Lighter-coloured crops, aerosols in the stratosphere and iron filings in the ocean are among the measures being considered by leading scientists for “geo-engineering” the Earth’s climate, leaked documents from the UN climate science body show. In a move that suggests the UN and rich countries are despairing of reaching agreement by consensus at global climate talks, the US, British and other western scientists will outline a series of ideas to manipulate the world’s climate to reduce carbon emissions. But they accept that even though the ideas could theoretically work, they might equally have unintended and even irreversible consequences. The papers , leaked from inside the Intergovernmental Panel on Climate Change (IPCC), ahead of a geo-engineering expert group meeting in Lima in Peru next week , show that around 60 scientists will propose or try to assess a range of radical measures, including: • blasting sulphate aerosols into the stratosphere to reflect sunlight into space; • depositing massive quantities of iron filings into the oceans; • bio-engineering crops to be a lighter colour to reflect sunlight; and • suppressing cirrus clouds. Other proposals likely to be suggested include spraying sea water into clouds to reflect sunlight away from the Earth, burying charcoal, painting streets and roofs white on a vast scale, adding lime to oceans and finding different ways to suck greenhouse gases out of the air and deposit heat deep into oceans. The meeting is expected to provide governments with a scientific assessment of geo-engineering technologies, but is widely expected to be in favour of more research and possibly large-scale experimentation despite an international moratorium adopted by the UN last year in Japan. This week, more than 125 environment, development and human rights groups from 40 countries published a letter sent to Rajendra Pachauri, the Nobel prize-winning head of the IPCC, warning that the body had no mandate to consider the legality or political suitability of using geo-engineering. “Asking a group of geo-engineering scientists if more research should be done is like asking bears if they would like honey,” said the letter, signed by groups including Friends of the Earth International, Via Campesina and ETC. Concern over the IPCC meeting centres on who should decide what kind of geo-engineering takes place, and how it should be regulated and monitored. Some projects might, if they work, unintentionally change weather patterns and possibly affect farming and livelihoods in some of the most vulnerable areas in the world. “[Geo-engineering] is not a scientific question, it is a political one. International peasant organisations, indigenous peoples and social movements have all expressed outright opposition to such measures as a false solution to the climate crisis,” says the letter. Britain is, along with the US, strongly backing geo-engineering research and has supported scientists with millions of pounds of university research, including a Bristol University plan to develop a “hose” held up by balloons through which sulphates can be sent into the stratosphere. The Royal Society is now trying to develop international guidelines and principles and is holding workshops around the world. In a letter to the Guardian this week, Georgina Mace, professor of conservation science at Imperial College, London and Catherine Redgwell, professor of international law at UCL, said that investment in geo-engineering research had already begun and, “without international governance structures, schemes could soon be implemented unencumbered by the safeguards needed”. But according to abstracts of the papers, Redgwell will advise the IPCC in Peru next week that no new laws should be adopted. “A multilateral geo-engineering treaty is not likely or desirable. The appetite for climate change law-making is low.” The main principles, she suggests, should be that geo-engineering is a “public good”, there should be public participation in schemes and independent assessment of the impacts. “Geo-engineering is not a public good but could be a giant international scandal with devastating consequences on the poor,” said Diana Bronson, researcher with international NGO the ETC Group. In the papers, many of the scientists accept there are that major uncertainties around the technologies. However, the scientific steering group of the meeting, which will assess the technologies, includes many well-known geo-engineering advocates who have called for public funds to conduct large-scale experiments as well as scientists who have patents on geo-engineering technologies or financial interests in the technologies. The meeting has been given added weight because last week, Christiana Figueres, head of the UNFCCC, told the Guardian that the world may have to investigate geo-engineering because emissions were continuing to rise. “We are putting ourselves in a scenario where we will have to develop more powerful technologies to capture emissions out of the atmosphere”, she said. “We are getting into very risky territory.” Geo-engineering Intergovernmental Panel on Climate Change (IPCC) Climate change Global climate talks United Nations Peru John Vidal guardian.co.uk

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Bilderberg 2011: The Good, The Bad, and the Incredibly Wealthy

As the security curtain is folded away for another year, we take a look back at some of the highlights of the world’s most important (and least publicised) international summit Charlie Skelton

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A British juror who took empathy for the defendant a little too far is going to jail for contempt of court. Joanna Fraill used Facebook to find and befriend a woman she had helped acquit on drug charges. Before the jury had reached a verdict on other defendants, the two…

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Alaska officials have launched an investigation into missing emails from a trove of messages released last week from Sarah Palin’s time as governor. The state has released more than 24,000 emails to and from Palin from the time she took office in 2006 to a few weeks after she…

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Forty years of Friends of the Earth – in pictures

Friends of the Earth International celebrates 40 years of environmental campaigning

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Welsh universities barred from charging higher tuition fees

Plans to subsidise low-income families ‘not ambitious enough’, funding quango tells institutions hoping to charge £4,000 a year Welsh universities have been forbidden from charging higher tuition fees next year because their plans to encourage poor teenagers to take up places are not ambitious enough. All Welsh universities – and four of the country’s colleges – want to charge annual fees of more than £4,000 by autumn 2012. But to do this, they had to submit plans to subsidise more low-income students. These plans had to be endorsed by the quango that is in charge of allocating public funds, the Higher Education Funding Council for Wales (Hefcw). However, the quango has told all 10 universities and the four colleges that their plans were not ambitious enough and that they would have to rewrite them if they were to charge higher fees. The move will be closely watched by universities in England, where the same could happen. All 123 universities and university colleges in England and a further 17 further education colleges are hoping to charge more than £6,000 a year from autumn 2012. To do so, they have had to submit targets to widen their pool of students beyond white middle-class teenagers. The Office for Fair Access is considering the plans and in July will tell universities whether it has accepted them. The English government has recommended that universities spend £1,000 out of every £9,000 received in fees on support for students. A spokeswoman from Hefcw said it had written to the universities and colleges in Wales to say that the plans, in their current form, “do not meet the necessary requirements”. She said the proposals lacked ambition in some cases, while in others the targets fell short of what was expected. Some universities did not include as much detail as the quango wanted. “We expect to receive revised plans, taking account of the concerns we have raised with individual institutions, by, or very soon after, the end of June,” she said. The quango said it would not be commenting on each university’s proposals before 11 July, when it will have made final decisions. Leighton Andrews, education minister in the Welsh assembly, said he was pleased that Hefcw had been “thorough and robust”. He said: “Plans will only be agreed if institutions demonstrate that they are meeting certain requirements, which include equality of access to higher education and improving the student experience.” Welsh universities will be allowed to charge up to £9,000 tuition fees for students from England and Wales. But the Welsh assembly government will subsidise Welsh students up to £5,625 a year for their studies. The lecturers’ trade union said Hefcw’s decision was “worrying” and “confusing” for English universities. Sally Hunt, general secretary of the University and College Union, said: “This extra confusion for English universities just adds to the mess that is the government’s failing university funding policy. Unless the government uses the imminent publication of the white paper to pause on its catastrophic reforms then it will be staff, students and the UK’s international reputation that suffer the most.” Tuition fees Higher education Students University funding Wales Advice for students Further education Education policy Jessica Shepherd guardian.co.uk

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After a thorough investigation, the New York Times has uncovered the “dirt” on the hotel maid who has accused Dominique Strauss-Kahn of attempted rape : She’s a quiet, devout, dutiful mom who was born in a mud hut in Guinea. Strauss-Kahn’s attorneys have said for weeks that they have explosive, perhaps…

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