2016年7月30日 星期六

2016 2017 左永安顧問 金融市場與投資管理 台北左府(無極)道德宮 台大 台師大 EMBA 共通核心職能 TTQS ICAP PMP 資本資產定價模型(Capital Asset Pricing Model,CAPM)(C.6)證券市場線(Security Marker Line,SML)劃出了所有貝他係數按CAPM計算出來的預期收益率。


2016 2017 左永安顧問 台北左府(無極)道德宮 台大 台師大 EMBA 共通核心職能 TTQS ICAP PMP 資本資產定價模型(Capital Asset Pricing Model,CAPM)(C.6)證券市場線(Security Marker Line,SML)劃出了所有貝他係數按CAPM計算出來的預期收益率。


資本資產定價模型(Capital Asset Pricing Model,CAPM)(C.6)

什麼是資本資產定價模型(
Capital Asset Pricing ModelCAPM)

描述資產風險與預期收益率的模型,公式用來為證券定價。

CAPM的主要概念,是投資者拿出資金投資在某項資產上,應得到兩方面的收益:資金的時間價值,以及因承擔風險而應得的收益,就是風險溢價。

CAPM公式裡,資金的時間價值以無風險收益率代表,這是投資者無論投資甚麼資產都應得的收益。至於風險溢價,則採用衡量資產系統風險(systematic risk)的貝他係數(Beta),乘以市場的預期收益率與無風險收益率的差得出。

說明:
rf=無風險報酬率
βa=證券的貝他係數
rm=市場的預期報酬率

Investopedia 的解釋

根據CAPM,一種證券或一個投資組合的預期收益率,應該等於無風險收益率,加上反映資產系統風險的風險溢價。如果計算出來的預期收益率,低於投資者的要求,這項資產就不值得投資。

證券市場線(Security Marker LineSML)劃出了所有貝他係數按CAPM計算出來的預期收益率。

舉例:
如果無風險利率是3%,某個股票的貝他係數是2,而股市的預期收益率是10%,則該個股票的預期收益率是17%3%+2(10%-3%)


2016年7月27日 星期三

2016 2017 左永安顧問 台北左府(無極)道德宮 台大 台師大 EMBA 共通核心職能 TTQS ICAP PMP 富邦旅館管理顧問「以富邦的格局,要做,就要到這個產業的龍頭!」富邦集團跨足觀光市場,首間旅館Folio Daan Taipei富藝旅台北大安預計8月開幕,富邦旅管董事長李震華昨日表示,集團資源是優勢,富邦旅管有信心將品牌推向國際化。Folio Daan Taipei預計8月開幕共57間房,目標客層為港澳星馬的自由行旅客,李震華說,住房率目標7成,平均房價3千元,應可在5年內還本。


2016 2017 左永安顧問 台北左府(無極)道德宮 台大 台師大 EMBA 共通核心職能 TTQS ICAP PMP 富邦旅館管理顧問「以富邦的格局,要做,就要到這個產業的龍頭!」富邦集團跨足觀光市場,首間旅館Folio Daan Taipei富藝旅台北大安預計8月開幕,富邦旅管董事長李震華昨日表示,集團資源是優勢,富邦旅管有信心將品牌推向國際化。Folio Daan Taipei預計8月開幕共57間房,目標客層為港澳星馬的自由行旅客,李震華說,住房率目標7成,平均房價3千元,應可在5年內還本。

「以富邦的格局,要做,就要到這個產業的龍頭!」富邦集團跨足觀光市場,首間旅館Folio Daan Taipei富藝旅台北大安預計8月開幕,富邦旅管董事長李震華昨日表示,集團資源是優勢,富邦旅管有信心將品牌推向國際化。




富邦集團跨足觀光市場,首間旅館Folio Daan Taipei富藝旅台北大安預計在8月初開幕。 記者吳雨潔/攝影

富邦集團在2014年由富邦建設與富邦金控,共同出資成立富邦旅管,陸續看地布局,預計5年內將開出5家飯店。在台北市多個交通便捷的地段,例如信義區A25、南京遼寧商圈與北投等地,將推出不同客層的品牌。

富邦旅管董事長李震華。 記者陳易辰/攝影

經營方式包括委託經營與自創品牌等,也不排除買下其他國際品牌。
李震華表示,富邦集團過去都是當房東,房客付房租之外,還能賺錢,這必有其生存之道。如今集團跳下來一起做,未來的角色不僅是房東,也將是經營者。
李震華指出,集團的豐沛資源是發展旅館餐飲事業的堅強後盾,此案是富邦集團內部資源整合的最佳代表。
Folio Daan Taipei預計8月開幕共57間房,目標客層為港澳星馬的自由行旅客,李震華說,住房率目標7成,平均房價3千元,應可在5年內還本。

富邦旅

管小檔案 圖/經濟日報提供


2016年7月25日 星期一

2016 2017 左永安顧問 台北左府(無極)道德宮 台大 台師大 EMBA 共通核心職能 TTQS ICAP PMP 美國電信巨擘Verizon 2016 07 25宣布,將以48.3億美元的現金收購雅虎核心網路事業,與旗下媒體業務AOL整併,預計在2017年第一季完成交易,也替傳聞多時的雅虎交易案畫下句點。對Verizon來說,雅虎可促進其數位媒體和廣告業務,不過該價格僅是雅虎在2000年時1,250億美元市值的零頭。


2016 2017 左永安顧問 台北左府(無極)道德宮 台大 台師大 EMBA 共通核心職能 TTQS ICAP PMP 美國電信巨擘Verizon 2016 07 25宣布,將以48.3億美元的現金收購雅虎核心網路事業,與旗下媒體業務AOL整併,預計在2017年第一季完成交易,也替傳聞多時的雅虎交易案畫下句點。對Verizon來說,雅虎可促進其數位媒體和廣告業務,不過該價格僅是雅虎在2000年時1,250億美元市值的零頭。

在 Verizon 收購 Yahoo 核心網路資產的消息公開後,Yahoo CEO Marissa Mayer 向該公司的全球雇員發表了一封公開信,在信中她表示從她個人而言,她將繼續留在 Yahoo,她愛 Yahoo,並對所有的員工充滿信任,希望能夠看到 Yahoo 打開新的篇章。
在這封公開信中沒有任何關於 Marissa Mayer 後續任職的訊息,Verizon 高階主管 Marni Walden 在接受媒體採訪時表示目前還處於一個不穩定的時期,還沒有決定 Yahoo 下一任 CEO 的人選。據 Yahoo 提交給美國證券交易委員會的資料顯示,如果 Marissa Mayer 離職,她將獲得了 5,700 萬美元補償,在她任職 Yahoo 的整個職業生涯裡,總計將獲得包含現金和股份在內的 2.18 億美元收入。
Verizon 收購 Yahoo 也宣告矽谷第一美女工程師 Marissa Mayer 長達 4 年的 Yahoo 拯救計畫徹底宣告失敗。Marissa Mayer是 Google 的第 20 位員工,對於網路用戶深有研究,2012 年進入 Yahoo 出任 CEO 後,將線上影片、廣告、社群等服務做為發展的重點,並大幅度裁員降低公司營運成本,透過大量外部收購來調整公司原有的產品線,但大手筆的收購並沒有給 Yahoo 帶來轉機,在產品和服務上無創新使得公司業績直線下跌,不得不選擇出售核心網路資產。

更新:依照Marissa Mayer稍早向Yahoo內部員工說明內容中,除說明日後Yahoo網路事業將以48.3億美元轉售Verizon,並且將收歸在AOL底下由執行副總裁和產品創新及新業務總裁Marni Walden負責帶領等細節之外,更說明本身從Yahoo執行長職位卸任後,仍會留在Yahoo內部任職,暫時不會離開Yahoo。

市場傳聞美國電信業者Verizon將以48億美元收購Yahoo網路事業,預計美國西岸時間7月25日星期一將對外公布確認消息。而出售網路事業後,Yahoo旗下資產將僅剩總值約410億美元的阿里巴巴股權、日本Yahoo股權與部分專利在內資產,至於現任執行長Marissa Mayer預期將不再留任,預期將獲得5700萬美元遣散費用,加上過去四年間於Yahoo任職所獲得資金、股權,總計約有2.18億美元收入進帳。


Verizon to acquire Yahoo’s operating business

Today is a big day for Yahoo! This is the email that I sent to Yahoos around the world today. Given the interest around our journey to this point, I wanted to share more about today’s announcement. –Marissa

Dear Yahoos,
Moments ago, we announced an agreement with Verizon to acquire Yahoo’s operating business. This culminates a rigorous, thorough process over many months, and yields a great outcome for the company. Today’s announcement not only brings us an important step toward separating Yahoo’s operating business from our Asian asset equity stakes, it also presents exciting opportunities to accelerate Yahoo’s transformation. Among the many entities that showed interest in Yahoo, Verizon believed most in the immense value we’ve created, and in what a combination could bring our users, our advertisers, and our partners.
This is a good moment to reflect on Yahoo’s journey to date.
Yahoo is a company that changed the world.  Before Yahoo, the Internet was a government research project. Yahoo humanized and popularized the web, email, search, real-time media, and more.
What really sets Yahoo apart is the shared passion to create great products for our 1B+ users, and in doing so, transforming the world for the better. You can clearly see that spirit, that commitment, that fight in the work we’ve done together over the past few years. We set out to transform this company – and we’ve made incredible progress. We counteracted many of the tectonic shifts of declining legacy businesses, and built a Yahoo that is unequivocally stronger, nimbler, and more modern. We tripled our mobile base to over 600 million monthly users, we invested in and built Mavens from basically zero in 2011 into $1.6B of GAAP Revenue in 2015, we streamlined and modernized every aspect of our consumer products, and, with Gemini and BrightRoll, we dramatically improved our advertiser products. This only scratches the surface of what we’ve achieved… and we all know how much hard work it took to get here.
It’s because of that hard work and resilience, that Yahoo will realize amazing opportunities in its next chapter.
This sale is not only an important step in our plan to unlock shareholder value for Yahoo, it is also a great opportunity for Yahoo to build further distribution and accelerate our work in mobile, video, native advertising, and social. As one of the largest wireless and cable companies in the world, Verizon opens the door to extensive distribution opportunities. With more than 100 million wireless customers, a shared view of the importance of mobile and video ad tech, a deep content focus through AOL, Verizon brings clear synergies to the table. And with their aggressive aims to grow global audience to 2B users and $20B in revenue within the mobile-media business by 2020, Yahoo’s products and brand will be central to achieving these goals. Joining forces with AOL and Verizon will help us achieve tremendous scale on mobile. Imagine the distribution challenges we will solve, the scale we will achieve, the products we will build, and the advertisers we will reach now with Mavens – it’s incredibly compelling.  
The strategic process has created a lot of uncertainty, but our incredibly loyal and dedicated employee base has stepped up to every challenge along the way. Through the first half of the year, we met our operational goals and overachieved on plan. But, further, there are things that you cannot measure, like the passion of the people behind the products. The teams here have not only built incredible products and technologies, but have built Yahoo into one of the most iconic, and universally well-liked companies in the world. One that continues to impact the lives of more than a billion people. I’m incredibly proud of everything that we’ve achieved, and I’m incredibly proud of our team. For me personally, I’m planning to stay. I love Yahoo, and I believe in all of you. It’s important to me to see Yahoo into its next chapter.
As we work to close this agreement in Q1 2017, it’s more important than ever that we come together as one global team to continue executing on our strategic plan through the remainder of the year. We have delivered the first half of the year with pride, achieving our goals. Now, it is up to us to make Yahoo’s final quarters as an independent company count.
Yahoo is a company that changed the world.  Now, we will continue to, with even greater scale, in combination with Verizon and AOL.
Thanks,
Marissa
Important Additional Information and Where to Find It.
Yahoo will be filing with the Securities and Exchange Commission (the “SEC”) a proxy statement regarding the proposed sale of Yahoo’s operating business to Verizon Communications Inc., the definitive version of which will be sent or provided to Yahoo stockholders.  BEFORE MAKING ANY VOTING DECISION, YAHOO’S STOCKHOLDERS ARE STRONGLY ADVISED TO READ YAHOO’S PROXY STATEMENT IN ITS ENTIRETY (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.  Investors and stockholders will be able to obtain (when available) a free copy of Yahoo’s proxy statement, any amendments or supplements to the proxy statement, and other documents filed by Yahoo with the SEC (when available) in connection with the proposed transaction for no charge at the SEC’s website at www.sec.gov, on the Investor Relations page of Yahoo’s website investor.yahoo.net or by writing to Investor Relations, Yahoo! Inc., 701 First Avenue, Sunnyvale, CA 94089.
Yahoo and its directors and executive officers may be deemed participants in the solicitation of proxies from its investors and stockholders in connection with the proposed transaction.  Information concerning the ownership of Yahoo securities by Yahoo’s directors and executive officers is included in their SEC filings on Forms 3, 4 and 5, and additional information is also available in Yahoo’s annual report on Form 10-K for the year ended December 31, 2015, as amended, and Yahoo’s proxy statement for its 2016 annual meeting of stockholders filed with the SEC on May 23, 2016. Information regarding Yahoo’s directors, executive officers and other persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies in connection with the proposed transaction, including their respective interests by security holdings or otherwise, also will be set forth in the definitive proxy statement relating to the proposed transaction when it is filed with the SEC.  These documents may be obtained free of charge from the sources indicated above.
This post contains forward-looking statements concerning the proposed sale of Yahoo’s operating business. Risks and uncertainties may cause actual results to differ materially from the results predicted. Potential risks and uncertainties include, among others: (i) the inability to consummate the transaction in a timely manner or at all, due to the inability to obtain or delays in obtaining the stockholder approval, necessary regulatory approvals for the transaction or satisfaction of other conditions to the closing of the transaction; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the purchase agreement; (iii) the potential adverse effect on Yahoo’s partner, advertiser, vendor and customer relationships, operating results and business generally resulting from the announcement of the transaction; (iv) the implementation of the transaction which will require significant time, attention and resources of Yahoo’s senior management and others within Yahoo, potentially diverting their attention from other aspects of Yahoo’s business; (v) risks related to Yahoo’s ability to retain or recruit key talent; (vi) the costs, fees, expenses and charges related to or triggered by the transaction; (vii) potential adverse effects on Yahoo’s business, properties or operations caused by Yahoo implementing the transaction; (viii) the anticipated benefits of transaction to Yahoo’s stockholders may not be realized; and (ix) the initiation or outcome of any legal proceedings or regulatory proceedings that may be instituted against Yahoo relating to the transaction.  More information about other potential factors that could affect Yahoo’s business and financial results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Yahoo’s Annual Report on Form 10-K for the year ended December 31, 2015, as amended, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, which are on file with the SEC and available on the SEC’s website atwww.sec.gov. All information set forth in this communication is as of July 25, 2016. Yahoo does not intend, and undertakes no duty, to update this information to reflect subsequent events or circumstances.



Verizon to acquire Yahoo’s operating business
Transaction will create a new rival in mobile media technology reaching over 1B users* with a roster of the world’s most beloved brands
BASKING RIDGE, NJ, and SUNNYVALE, Calif. – July 25, 2016 – Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) today announce they have entered into a definitive agreement under which Verizon will acquire Yahoo’s operating business for approximately $4.83 billion in cash, subject to customary closing adjustments.
Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** – including 600 million monthly active mobile users*** – through its search, communications and digital content products. Yahoo also connects advertisers with target audiences through a streamlined advertising technology stack that combines the power of their data, content and technology.
Lowell McAdam, Verizon Chairman and CEO, said: “Just over a year ago we acquired AOL to enhance our strategy of providing a cross-screen connection for consumers, creators and advertisers. The acquisition of Yahoo will put Verizon in a highly competitive position as a top global mobile media company, and help accelerate our revenue stream in digital advertising.”
Yahoo will be integrated with AOL under Marni Walden, EVP and President of the Product Innovation and New Businesses organization at Verizon.
Marissa Mayer, CEO of Yahoo, said: “Yahoo is a company that has changed the world, and will continue to do so through this combination with Verizon and AOL. The sale of our operating business, which effectively separates our Asian asset equity stakes, is an important step in our plan to unlock shareholder value for Yahoo. This transaction also sets up a great opportunity for Yahoo to build further distribution and accelerate our work in mobile, video, native advertising and social.”
Mayer added, “Yahoo and AOL popularized the Internet, email, search and real-time media. It’s poetic to be joining forces with AOL and Verizon as we enter our next chapter focused on achieving scale on mobile. We have a terrific, loyal, experienced and quality team, and I couldn’t be prouder of our achievements to date, including building our new lines of business to $1.6 billion in GAAP revenue in 2015. I’m excited to extend our momentum through this transaction.”
Tim Armstrong, CEO of AOL, said: “Our mission at AOL is to build brands people love, and we will continue to invest in and grow them. Yahoo has been a long-time investor in premium content and created some of the most beloved consumer brands in key categories like sports, news and finance.”
Under Armstrong, AOL has invested in and grown global premium brands, including The Huffington Post, TechCrunch, Engadget, MAKERS and AOL.com, and market-leading programmatic platforms – including ONE by AOL for both advertisers and publishers.
Armstrong added, “We have enormous respect for what Yahoo has accomplished: this transaction is about unleashing Yahoo’s full potential, building upon our collective synergies, and strengthening and accelerating that growth. Combining Verizon, AOL and Yahoo will create a new powerful competitive rival in mobile media, and an open, scaled alternative offering for advertisers and publishers.”
The addition of Yahoo to Verizon and AOL will create one of the largest portfolios of owned and partnered global brands with extensive distribution capabilities. Combined, AOL and Yahoo will have more than 25 brands in its portfolio for continued investment and growth. Yahoo’s key assets include market-leading premium content brands in major categories including finance, news and sports, as well as one of the most popular email services globally with approximately 225 million monthly active users****. Additional technology assets in the advertising space include Brightroll, a programmatic demand-side platform; Flurry, an independent mobile apps analytics service; and Gemini, a native and search advertising solution.
The deal is subject to customary closing conditions, approval by Yahoo’s shareholders, and regulatory approvals, and is expected to close in Q1 of 2017. Until the closing, Yahoo will continue to operate independently, offering and improving its own products and services for users, advertisers, developers and partners.
Verizon will generally issue cash-settled Verizon RSUs for Yahoo RSUs that are outstanding at the close.
The sale does not include Yahoo’s cash, its shares in Alibaba Group Holdings, its shares in Yahoo Japan, Yahoo’s convertible notes, certain minority investments, and Yahoo’s non-core patents (called the Excalibur portfolio). These assets will continue to be held by Yahoo, which will change its name at closing and become a registered, publicly traded investment company. Yahoo will provide additional information about the investment company at a future date.
Yahoo intends to return substantially all of its net cash to shareholders and will determine and communicate a specific capital return strategy at an appropriate time.
LionTree Advisors, LLC, Allen & Company LLC, Bank of America Merrill Lynch and Guggenheim Securities, LLC are acting as financial advisors to Verizon. Wachtell, Lipton, Rosen & Katz, Gibson, Dunn & Crutcher LLP, Covington & Burling LLP and Winston & Strawn LLP are acting as legal advisors to Verizon.
Goldman, Sachs & Co., J.P. Morgan Securities LLC and PJT Partners are acting as financial advisors to the Yahoo Board and its Strategic Review Committee. Skadden, Arps, Slate, Meagher & Flom LLP, Wilson Sonsini Goodrich & Rosati and Weil Gotshal & Manges LLP are acting as legal advisors to Yahoo. Cravath, Swaine & Moore LLP is independent legal advisor to Yahoo’s Strategic Review Committee.
Yahoo will hold an investor call at 5:30 a.m. Pacific/8:30 a.m. Eastern today. Investors can dial in at (866) 593-9949 and investors outside the U.S. can dial in at (973) 935-8154, using the conference ID 55971720. The call will be hosted by Yahoo CEO Marissa Mayer and Yahoo CFO Ken Goldman. Yahoo will also make the Chair of the Strategic Review Committee, Tom McInerney, and Yahoo Chairman of the Board Maynard Webb available for questions.
Verizon will announce second-quarter 2016 results tomorrow, July 26. To provide further context for investors about this transaction and other strategic initiatives, McAdam will participate in Verizon’s earnings webcast beginning 8:30 a.m. Eastern tomorrow. Access instructions and presentation materials, including Verizon’s earnings release, will be available at 7 a.m. on Verizon’s Investor Relations website, www.verizon.com/about/investors/.
*Based on Yahoo internal metrics, Jan. 2016 and AOL Internal, June 2016
**Yahoo internal user metrics, Jan. 2016
***Yahoo internal user metrics, Jan 2016
****Yahoo internal user metrics, Jan. 2016.  Mail monthly active users includes 58M IMAP/POP only users – ie. Yahoo monthly users that access their mail using other companies mail application
About Verizon
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York City, generated nearly $132 billion in 2015 revenues. Verizon operates America’s most reliable wireless network, with 112.6 million retail connections nationwide. The company also provides communications and entertainment services over America’s most advanced fiber-optic network, and delivers integrated business solutions to customers worldwide.
About AOL
AOL is a media technology company with a mission to connect consumers and creators through open marketplaces. AOL uses data to disrupt content production, distribution and monetization. The company connects publishers with advertisers across its global, programmatic platforms, tapping into Microsoft inventory and original content brands like TechCrunch, The Huffington Post and MAKERS, which reach over 500 million monthly global consumers. Within its mobile advertising network alone, AOL has a reach of roughly 600 million users. A subsidiary of Verizon, AOL is shaping the digital future.
About Yahoo
Yahoo is a guide to digital information discovery, focused on informing, connecting, and entertaining users through its search, communications, and digital content products. By creating highly personalized experiences, Yahoo helps users discover the information that matters most to them around the world – on mobile or desktop. Yahoo connects advertisers with target audiences through a streamlined advertising technology stack that combines the power of Yahoo’s data, content, and technology. Yahoo is headquartered in Sunnyvale, California, and has offices located throughout the Americas, Asia Pacific (APAC) and the Europe, Middle East and Africa (EMEA) regions. For more information, visit the pressroom (pressroom.yahoo.net) or the Company’s blog (yahoo.tumblr.com).
Yahoo!, the Yahoo family of marks, and the associated logos are trademarks and/or registered trademarks of Yahoo! Inc. Other names are trademarks and/or registered trademarks of their respective owners.
Important Additional Information and Where to Find It.
Yahoo will be filing with the Securities and Exchange Commission (the “SEC”) a proxy statement regarding the proposed sale of Yahoo’s operating business to Verizon Communications Inc., the definitive version of which will be sent or provided to Yahoo stockholders.  BEFORE MAKING ANY VOTING DECISION, YAHOO’S STOCKHOLDERS ARE STRONGLY ADVISED TO READ YAHOO’S PROXY STATEMENT IN ITS ENTIRETY (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.  Investors and stockholders will be able to obtain (when available) a free copy of Yahoo’s proxy statement, any amendments or supplements to the proxy statement, and other documents filed by Yahoo with the SEC (when available) in connection with the proposed transaction for no charge at the SEC’s website at www.sec.gov, on the Investor Relations page of Yahoo’s website investor.yahoo.net or by writing to Investor Relations, Yahoo! Inc., 701 First Avenue, Sunnyvale, CA 94089.
Yahoo and its directors and executive officers may be deemed participants in the solicitation of proxies from its investors and stockholders in connection with the proposed transaction.  Information concerning the ownership of Yahoo securities by Yahoo’s directors and executive officers is included in their SEC filings on Forms 3, 4 and 5, and additional information is also available in Yahoo’s annual report on Form 10-K for the year ended December 31, 2015, as amended, and Yahoo’s proxy statement for its 2016 annual meeting of stockholders filed with the SEC on May 23, 2016. Information regarding Yahoo’s directors, executive officers and other persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies in connection with the proposed transaction, including their respective interests by security holdings or otherwise, also will be set forth in the definitive proxy statement relating to the proposed transaction when it is filed with the SEC.  These documents may be obtained free of charge from the sources indicated above.
Verizon Forward-Looking Statements
In this communication Verizon has made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “believes,” “estimates,” “hopes” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: adverse conditions in the U.S. and international economies; the effects of competition in the markets in which we operate; material changes in technology or technology substitution; disruption of our key suppliers’ provisioning of products or services; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks; breaches of network or information technology security, natural disasters, terrorist attacks or acts of war or significant litigation and any resulting financial impact not covered by insurance; our high level of indebtedness; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; material adverse changes in labor matters, including labor negotiations, and any resulting financial and/or operational impact; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or treaties, or in their interpretation; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and the inability to implement our business strategies.
Yahoo’s Forward Looking Statements
This press release (including, without limitation, the quotations from management) contains forward-looking statements concerning the proposed sale of Yahoo’s operating business. Risks and uncertainties may cause actual results to differ materially from the results predicted. Potential risks and uncertainties include, among others: (i) the inability to consummate the transaction in a timely manner or at all, due to the inability to obtain or delays in obtaining the stockholder approval, necessary regulatory approvals for the transaction or satisfaction of other conditions to the closing of the transaction; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the purchase agreement; (iii) the potential adverse effect on Yahoo’s partner, advertiser, vendor and customer relationships, operating results and business generally resulting from the announcement of the transaction; (iv) the implementation of the transaction which will require significant time, attention and resources of Yahoo’s senior management and others within Yahoo, potentially diverting their attention from other aspects of Yahoo’s business; (v) risks related to Yahoo’s ability to retain or recruit key talent; (vi) the costs, fees, expenses and charges related to or triggered by the transaction; (vii) potential adverse effects on Yahoo’s business, properties or operations caused by Yahoo implementing the transaction; (viii) the anticipated benefits of transaction to Yahoo’s stockholders may not be realized; and (ix) the initiation or outcome of any legal proceedings or regulatory proceedings that may be instituted against Yahoo relating to the transaction. More information about other potential factors that could affect Yahoo’s business and financial results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Yahoo’s Annual Report on Form 10-K for the year ended December 31, 2015, as amended, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, which are on file with the SEC and available on the SEC’s website at www.sec.gov. All information set forth in this communication is as of July 25, 2016. Yahoo does not intend, and undertakes no duty, to update this information to reflect subsequent events or circumstances.
撰文者:張庭瑜 發表日期:2016/07/25

美國電信巨擘Verizon 2016 07 25宣布,將以48.3億美元的現金收購雅虎核心網路事業,與旗下媒體業務AOL整併,預計在2017年第一季完成交易,也替傳聞多時的雅虎交易案畫下句點。對Verizon來說,雅虎可促進其數位媒體和廣告業務,不過該價格僅是雅虎在2000年時1,250億美元市值的零頭。
圖說明
(圖說:Verizon證實買下雅虎核心網路事業。圖片來源:Wonderlane

著眼數位廣告市場,力拼Facebook、Google

「出售雅虎經營業務,有效分拆亞洲資產股權,對釋放雅虎股東價值是很重要的一步。這筆交易也將促進雅虎未來在行動、影音、原生廣告和社群上的發展。」雅虎執行長瑪莉莎·梅爾(Marissa Mayer)說。
雖然Google母公司Alphabet、美國有線電視業者Comcast和美國電信龍頭AT&T等都曾傳出是雅虎的潛在買主,但Verizon有2,280億美元的高市值、也知道如何善用雅虎優勢發展數位媒體事業,一直被外界視為最有機會出線。Verizon在6月時曾出價以30億美元購買雅虎核心網路事業
Verizon近來積極經營內容市場,希望由電信商轉型為大型媒體集團,從線上廣告獲利。去年,Verizon才以44億美元收購擁有哈芬登郵報(Huffington Post)、TechCrunch、 Engadget等媒體的美國網路媒體公司AOL;收購雅虎後,旗下財經、體育和新聞頻道,預計能替Verizon帶來上百萬名讀者。
「收購雅虎將讓Verizon作為全球行動媒體公司更有競爭力,並加速我們在數位廣告獲得的營收。」Verizon執行長麥可艾登(Lowell McAdam)表示。
《華爾街日報》分析,透過結合行動網路和內容平台的數據,以及加上雅虎的數位廣告系統,Verizon可提供更個人化的廣告,藉此和線上廣告兩大巨頭Facebook和Google競爭。

比起雅虎自身業務,持有阿里巴巴股份價值更高

交易完成後,雅虎將保有現金、阿里巴巴和雅虎日本的股份,以及部分專利,不再擁有實質業務。然而曾經為全球最受歡迎的入口網站,如何走到現在被出售的命運?
雅虎在1994年以入口網站起家,陸續推出搜尋引擎、電子信箱、購物和新聞等免費服務,成功吸引用戶並獲得廣告收入,早期以此做為商業模式相當成功。直到Google和Facebook崛起,使用者從雅虎轉向app和社群媒體,雅虎對市場的影響力也逐漸下滑。2007年,微軟曾提議以446億美元收購雅虎遭拒,認為低估雅虎價值。
為了挽救頹勢,雅虎在2012年找來Google搜尋業務前負責人梅爾,希望替雅虎找到下一塊核心發展業務。雖然梅爾曾承諾要優化搜尋服務,卻將主力放在發展自製內容,例如推出美食、旅遊和科技等數位雜誌。另外,梅爾任職期間雖然收購許多公司,卻無法轉換成雅虎的助力,最著名的為以約10億美元買下部落格網站Tumblr,也是造成雅虎後續財務黑洞原因之一。
圖說明
(圖片來源:wiki
雖然自身業務經營不善,但雅虎目前手上握有的阿里巴巴15%的股份,價值近310億美元,被認為佔了雅虎目前約360億美元市值的大部分。
出售核心事業只是雅虎的第一步,還有近3,000種專利待價而沽,《華爾街日報》預計可替雅虎帶來超過10億美元的收入,這些專利涵蓋電子商務、線上廣告和搜尋技術。
至於梅爾,外媒過去都推測梅爾將不會留任,預計將獲得高達5,700萬美元的資遣費,加上過去任職內獲得的現金和股權,總計約進帳2.18億美元。不過梅爾在公開信表示,他計畫將續留雅虎,但未透露時間長短。
文章代表圖來源:Top Photos
資料來源:The Wall Street JournalThe New York TimesVerizon

2016年7月22日 星期五

2016 2007 左永安顧問 左記歐洲商行 台北左府(無極)道德宮 台大 台師大 EMBA 共通核心職能 TTQS PMP ICAP 個案研究 全球僅有四個國家具有極佳的深層海水(Deep Sea Water, DSW)資源開發環境,加上深層海水擁有豐富礦物質與微量元素的開發價值,石資中心協助地方業者利用深層海水礦物質,開發東部地區特有獨特的創新商品,包含水產加工品、海鹽黃金泡菜、川味麻辣醬、海鹽蜜薯酥等多種特色美食。

東部深層海水產業 美食增新滋味
2016.06.18
【自立晚報】
經濟部工業局委託財團法人石材暨資源產業研究發展中心,將帶領深層海水業者參加622日至25日在南港展覽館舉辦的「2016年台北國際食品展」,內容以地方特色及深層海水為主題,產品分成美食區及深層海水兩大專區展出。藉由不同專區的介紹,協助花東特色商品與深層海水爭取國際商機。

花東兩縣南北超過200公里,又有北回歸線橫跨,造就為跨熱帶與副熱帶的獨特環境,兼具不同氣候特色景觀與豐富物產。

石資中心為協助東部特色產業創新,與東分團成員共同探索東部物種特性,依據在地品種的食用特色與營養價值進行商品開發,不只增加產品的風味與口感,也提高產品的健康價值。

石資中心何孟駿主任表示,今年的美食區不僅會介紹每家廠商的產品故事,現場(N625A號)也會安排創意料理活動,讓前來參觀的廠商或民眾都有試吃的機會。

深層海水應用價值高 創新產品成功吸睛

全球僅有四個國家具有極佳的深層海水(Deep Sea Water, DSW)資源開發環境,加上深層海水擁有豐富礦物質與微量元素的開發價值,石資中心協助地方業者利用深層海水礦物質,開發東部地區特有獨特的創新商品,包含水產加工品、海鹽黃金泡菜、川味麻辣醬、海鹽蜜薯酥等多種特色美食。

何孟駿主任表示,本次的創意料理活動也包含深層海水的介紹,讓前來體驗的民眾能了解如何使用深層海水產品,以及在家就能輕鬆完成料理的小秘訣。