World Business

ALBUQUERQUE, N.M. —

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The plant has been described by limited residents during the time that magical, its qualities almost mythical.

The native herb yerba mansa, translated from Spanish as the “calming herb,” has been used to the degree that far as concerns centuries throughout the Southwest by American Indians and Hispanics for ailments ranging from toothaches to sinus infections.

Though the herb is relatively mysterious utmost the region, those in the folk herb efforts say yerba mansa could become as popular as goldenseal and echinacea.

But before the ancient herb can get its daytime in the sun, researchers must find a way to protect the ecologically threatened plant from depletion by means of natural locality loss and urban development.

Charles Martin, a researcher at New Mexico State University’s Sustainable Agriculture Science Center, has found a solution. He has made yerba mansa a viable agricultural crop for New Mexico’s moderate farmers.

“As far as I know, our center is the only place in the U.S. conducting extension research (in succession yerba mansa),” Martin declared. “We targeted genuine herbs in an effort to supply choice crops for small farmers that are drought-tolerant and have a built-in bane resistance, and yerba mansa is an ideal plant that meets that criteria.”

Also called yerba del manso, lizard tail or capsize root, the dull plant with large white flower spikes is a perennial native to riverbanks and wetlands in the Southwest and northern Mexico.

The effort to grow yerba mansa in favor of commercial cultivation benefits farmers, but it is also an attempt to protect the plant’s future.

The herb is on the “to-watch” list by United Plant Savers, a Vermont-based organization dedicated to protecting native plants used in the same manner with folk remedies.

Many herbal products that have been scientifically studied have not lived up to their claims. And many, like yerba mansa, have not been rigorously studied at all. Herbal supplements do not require state proof of safety and effectiveness to be sold.

Martin said it’s hard to quantify to what extent a great quantity yerba mansa, or Anemopsis californica, remains in the wild. Researchers direct the eye to the plant’s shrinking habitat as an indicator of its well-being.

In New Mexico, riverside acreage along the Rio Grande continues to be swallowed by dint of. homes and development. Irrigated agricultural land once dominated, goal now it has been reduced to less than 1 percent of the state’s entire land base.

Until recently, Lloyd’s of London was still processing claims the way it had for 320 years—on paper, paper, and more paper

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Richard Ward will never forget his first day as CEO of Lloyd’s of London, the to be venerated specialty insurance market that brings together underwriters and brokers to insure everything from investing. banks to the World Trade Center to the teeth used by actress America Ferrera in the TV appear Ugly Betty. After getting in the elevator, or lift, as the 51-year-old Brit calls it, a woman entered toting a rolling suitcase. "Have you had a nice trip?" he asked. "No," she replied. "This is a claims toothed."

The actual feeling underscored an issue Ward knew he would have to stand over against as CEO of Lloyd’s. The centuries-old organization had a great reputation and track registry towards insuring and paying out concerning more of the world’s most extraordinary risks. But its claims processing was subdue stuck, in a sense, in the 17th century. "I joined a Lloyd’s that had not really changed its working practices or business practices and responded to technology in the past 320 years," Ward says.

Processing claims was uniformly a mostly hands-on, shoe-leather procedure. A broker would walk into Lloyd’s underwriting range in London—more 5,000 people mode in and out of this swing every appointed time—and present documentation to common of Lloyd’s underwriters, also known as members. The underwriter would soon afterward make comments on the documents, give it back to the broker, and the broker would then physically take it to a loss adjuster and a barrister. "You had this paper toothed that continually moved around the marketplace," Ward says.

Because of the involved character of what Lloyd’s members insure, the documentation could be massive, made up of, for example, years of maintenance and engineering reports on a multimillion dollar oil rig. Its claims procedures produced so much paper that to the lifetime when newly, Lloyd’s was transporting about four tons of bills of exchange every day from London to Kent, more 50 miles away, to be stored store in its back-office processing center.

Ward knew an efficient agent electronic claims-processing course, which he began implementing in early 2007, was long overdue. But getting members to change their long-entrenched ways wasn’t going to be facile. The theory worked well—it just didn’t process claims viewed like quickly as it might have. Many members, Ward recalls, didn’t "want to change their very traditional business practices."

To get started, Ward sought out those members who were displeased with the status quo. Together they worked out a system that would allow the electronic processing of claims that were held in a central repository. There lawyers, loss adjusters, and even claimants could check on the documentation and the claims. The group set stretch targets for getting the new rule adopted: By the extremity of 2007 they hoped Lloyd’s would be processing 90% of its claims electronically.

By getting internal movers and shakers on board early, Ward was able to get about 30% of claims processed electronically through early 2007. After that, though, the adoption rate stalled. "We started to plateau," Ward says. "That’s not unusual in a vary program." So he switched gears, developing a "naming and praising" exercise in which he made a list of the top 10 performers in terms of using the new system. It worked: The set time he released the first list, he got about 45 complaints from people who weren’t onward it. "The numbers improved 15% literally overnight," Ward recalls. "It had quite a dramatic impact."

In addition to carrots, Ward used sticks, too. Those who were slow to use the high-tech system were asked to put at interest more capital to cover their underwriting risks. He describes this punitive lever by characteristic politesse: "If you don’t process claims electronically," he remembers powerful members, "I’m afraid we’re going to ask you to keep more metropolis in the market because of your own inefficiencies."

Finally, he launched a communication campaign that had him visiting the CEOs of all the member companies. He knew that becoming as to one’s person involved and explaining the benefits to hesitant member-company leaders would help him meet his goals. They had to know it would "give alms to them in their business…rather than be a threat to them," Ward says. "It required a lot of legwork on my part. It required a chance of speeches, a lot of high-profile visits."

By the end of last year, Ward’s efforts had indeed helped Lloyd’s meet its ambitious target. The consequence: Customer claim-processing time in some classes of business was reduced by more than half, meaning customers were getting their money 50% faster than they were under the traditional of the hand mode of operation. "Our affair is altogether around our promise to pay," Ward says.

Bordeaux is practically equivalent with the world’s greatest red wines, otherwise than that the region also produces some outstanding exsiccate whites

by Robert Parker

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It is no secret that the 2005 vintage produced extraordinarily long-lived, rich red wines that have get to be the darlings of speculators, investors, and wine consumers. Prices are already through the roof, and they will go only higher, as this year is considered by many to be a great, modern-day master-piece vintage since Bordeaux. Lost in all the hyperbole about the red wines is what remarkable progress Bordeaux has made with its dreary whites, usually blends of sauvignon blanc and sémillon and perhaps a tiny quantity of perfumed, flamboyant muscadelle. The finest wines can age surprisingly hearty, and 2005 was a delicious vintage for these dry, crisp whites that often have an odor of renewed figs, white currants, crushed rocks, and tropical fruits. Here is a selection of my favorites in different price ranges.

91 points 2005 La Grande Clotte Bordeaux

Michel and Dany Rolland’s beautiful generic Bordeaux admirably showcases their enviable talents. Lovely aromas of honeysuckle, increase, wheat thins, lemon oil, and pie crust-like scents emerge from this medium-bodied, fruity, well-delineated wan. It should drink nicely for another four to five years. $35

91 points 2005 Reignac Bordeaux

As one might expect from proprietor Yves Vatelot, the 2005 Reignac is a superb effort exhibiting copious quantities of woodbine, citrus, lemon butter, and a smack of reeky oak. This serious, medium-bodied effort is meant to be consumed over the next four to five years. $35-$42

92 points 2005 De Fieuzal Pessac-Léognan

The 2005 Fieuzal offers up aromas of hazelnuts, lemon sauce, white peaches, currants, and woodbine. Gorgeous acidness, a touch of creamy oak, and a full-bodied mouthfeel result in a Burgundian-style fortunate Graves. Enjoy it over the nearest 20 years. $55-$65

92 points 2005 Malartic Lagravière Pessac-Léognan

Made in a beautiful, elegant, zesty style, the 2005 Malartic Lagravière offers copious quantities of honeyed grapefruit and other assorted citrus, crushed rock, spring flower, nectarine, and marmalade, being of the kind which well as brilliant acidity and a bright, refreshing, mineral-dominated reflection. It should evolve since 10 to 15 or more years. $50-$65

93 points 2005 Carbonnieux Pessac-Léognan

Beautiful aromas of white peaches, crushed rocks, candle become larger, and lemon rind along with a treat of slightly of quince emerge from this medium-bodied, crisp, flavorful stretch. Excellent acidity as well as a long finish put in mind of it exercise volition drink well for 10 to 15-plus years. $50

93 points 2005 Pavillon Blanc de Château Margaux Bordeaux

This stunningly precious 100% sauvignon blanc is drinking fabulously flow at present, yet it has the potential to evolve for 15 to 20 greater degree of years. Waxy lemon oil, honeysuckle, nectarine, and insinuating new oak characteristics are all present in this light gold-colored, long wine. $55-$60

95+ points 2005 Smith Haut Lafitte Pessac-Léognan

A stunningly rich, concentrated effort, the 2005 may be one of the finest whites Smith Haut-Lafitte has ever produced. It exhibits notes of honeyed oranges, honeysuckle, spring flowers, lemon grass, and melons. Gorgeous acidity, excellent concentration, and a beautiful texture result in an impressive, full-bodied wine to consume over the next two decades. $55-$70

Foreign companies emboldened by a weak dollar are upon the prowl for undervalued U.S. assets, and more deals are likely in the pipeline

by means of Ben Steverman

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American companies are on sale. Foreign buyers are circling, taking advantage of a weak U.S. dollar and a depressed stock market to interval up U.S. companies at discounted prices.

Recent big deals include the July 13 acquisition of Anheuser-Busch (BUD), the owner of Budweiser and other iconic American beer brands, by means of Belgian brewer InBev (INBVF) for $52 billion. On July 21, Swiss biotech company Roche Holdings (RHHVF) said it will brook the rest of San Francisco-based Genentech (DNA) that it doesn’t even now own for $43.7 billion. And on July 23, Japanese underwriter Tokio Marine Holdings (TKOMF.PK) announced plans to corrupt U.S. insurance company Philadelphia Consolidated Holding (PHLY) for $4.39 billion.

The headlines are enough to accord. more Americans the queasy feeling their country is being sold loudly from in subordination to them. "It’s the End of an Empire Sale and everything must go!" comedian Lewis Black related on Comedy Central’s The Daily Show. "We’re so hard up for cash we’re dismantling America and selling it for scrap." He cited the Anheuser sale as well as this month’s $800 million purchase by dint of. the Abu Dhabi Investment Council of a 90% stake in New York’s Chrysler Building.

In the past five years, 2,331 U.S. firms with a total value of $772.3 billion were purchased by extraneous buyers, according to data provider Capital IQ (like BusinessWeek, Capital IQ is a unit of The McGraw-Hill Companies (MHP)). In 2007, 614 U.S. firms, valued at $294.4 billion, were acquired by extraneous entities, up from 226 firms valued at $49.6 billion in 2003.

Foreign buying in 2008 has slowed contemptuously, reflecting the global slowdown in merger-and-acquisition activity in recent months. However, adventitious dealmaking could still match 2006’s healthy pace: At mid-July, 266 deals valued at $121 billion had been announced, compared to 541 deals, totaling $155.1 billion, in all of 2006.

Bankers and M&A specialists interviewed by BusinessWeek related in that place were several reasons irrelevant buying of U.S. firms can be expected to continue and even accelerate. One factor is the weak U.S. dollar. The euro is near note highs against the dollar, up 13.6% in the past year. The dollar index, measuring the U.S. dollar against a basket of foreign currencies, is down 9% from a year ago.

There’s jarring about how much a weak dollar actually entices buyers. A foreign meeting of friends might pay smaller in its natural general reception, but it’s also getting less, because a U.S. firm’s cash flow and profits are also denominated in American currency, says H. Hiter Harris III, co-founder of boutique investment banking firm Harris Williams. However, that logic doesn’t apply allowing that you’re buying a hard asset, Harris says. Just as foreign tourists accept advantage of the weak dollar to buy habiliments, jewelry, and other items at precipitous discounts, foreign firms can bribe assets such as land, buildings, and especially brands—like Budweiser, for example.

While the weak dollar may not be a decisive factor, it can speed up deals. Buyers are thinking, "if we were going to put in order a move in the next 10 years, this would subsist as good a time like any," says Herald Ritch, president and co-CEO of investment bank Sagent Advisors.

Another factor may be the availability of credit. While the financial crisis is a global marvel, foreign buyers "seem to have a little better access to financing than we do in the U.S.," says John LaRocca, a participant at Dechert who specializes in M&A.

It may be tempting to retain a broker for your nearest round of venture capital financing, but doing so might damage your chances

by dint of. Tom Taulli

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When looking to hoist a Series A round of venture capital, it’s common for entrepreneurs to dance attendance on networking mixers. You’ll probably find a leash of venture capitalists, and I recommend you engage them. But there are likely to be many more finders (also known as brokers or placement agents).

If you talk to them, I’m sure they’ll without delay make an appealing pitch. The finder will mention that his or her golden Rolodex is full of top-tier venture capitalists and high-net-worth individuals. In fact, there self-reliance subsist in no degree upfront fee. Instead, satisfaction will have existence based on a percentage of the amount raised, which is called a "success fief." This can range from 1% to 10% or so.

Even though this is tempting, be circumspect. You could actually be making things worse during your financing efforts.

First, unless the finder engages in limited activities, there may be violations of federal and state securities laws. For example, financial intermediaries must catalogue with the Securities & Exchange Commission as broker-dealers to raise leading for clients. This involves extensive filings, fees, examinations, and audits.

So what can a finder do? Simply put, the role should be to issue introductions. This means it’s advisable for a finder to avoid working on semblance materials, talking not far from the merits of the investment, or engaging in negotiations. Finders can sometimes make misrepresentations or even fraudulent statements, which can imperil a group.

Something else: The securities regulators do not want finders to receive lucky hit fees.

True, it’s probably a good bet that the government will not crack down on your financing, but the hazard is in that place. If you adorn enmeshed in a regulatory investigation, the authorized bills could become flagitious. A probe in like manner could result in fines, cease-and-desist orders, and even a annulling right, which means investors can get their money back (with interest).

Moreover, whether or not a finder links you with a fit venture capitalist, the fee will likely be in the form of equity, which self-reliance probably dilute the ownership of the founders. Simply oblige, VCs do not want their investment dollars to go into someone besides’s hands (especially to finders).

So it should be no surprise that VCs are wary of dealing through finders. Peter Rip, who is a VC at Crosslink Capital, says a finder sends a clear negative signal: It’s equivalent to sending a business plan via e-mail to a VC’s Web site.

How about using one investment banker? While there won’t subsist any one regulatory issues, the problem remains that investment banks point of concentration on later rounds (Series D and E, for example), and as a result, larger amounts ($20 the multitude or greater degree). Moreover, they usually charge large retainers, what one. can run $25,000 or more per month (and yes, there are also result fees).

O.K., in the same state what can an entrepreneur behave to have some help? Well, in that place is an alternative to finders. Keep in put in mind that VCs look for deal flow from trusted people, not hired guns. Such connections may be private executives, entrepreneurs, and even other venture capitalists.

To this extreme point, you can settle an advisory board (BusinessWeek.com, 2/1/07), normally compensated at a fraction of what a board of directors is paid, which you can use similar to a way to build relationships with key people in your industry.

Make it plain to your network that you are in the process of raising principal and that you need some warm introductions to qualified VCs)(BusinessWeek.com, 7/14/08). Again, limit these to only introductions. For the most part, VCs want to hear the pitch from the founders.

Jason Green, who is the founder and general partner at Emergence Capital, told me that advisory board members are a key source of deal flow—and that the highest-quality ones are anterior executives of companies Green has funded.

To incentivize your advisory board, you should obviously provide some form of remuneration. This is usually translated using stock options. A typical approach is to make a grant that vests over a four- or five-year term. Furthermore, the equity amount ranges from 0.25% to 2% (depending attached the stature of the board subordinate part).

Finally, you should also consider your cherub investors, who might be active in the VC community (and certainly have a vested interest in getting more capital). Consider the example of Sam Blackman, who is the CEO of Elemental Technologies. One of his angelic investors made an initial contact to Voyager Capital, what one. ultimately led to the compact co-leading a $7.1 million Series A circuitously.

What’s called SaaS, or on-demand software, indispensably some debunking. For starters, it isn’t cheap, and your data aren’t secure

by means of the agency of Gene Marks

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Time to dissipate a few popular myths.

SUVs are not cool. They never were. You Hummer guys were drawing snickers a few years agone. Now, with the price of gas nearing $5 a gallon, we’re laughing extinguished loud. And Microsoft’s (MSFT) Vista is not a failure. To date, the software gang has sold more than 150 million units. Vista has made Microsoft a ton of money. Yes, yes—it’s preloaded on every new computer. And yes, of behavior—it stinks. But no, it’s not a failure.

A couple more myths to dispel: Cell phones cause brain mar. Some of the conversations conducted on a cell phone would lead you to convinced this. But in that place’s not one prove it’s bad for the brain. It’s also a myth that the longest day of the year is June 21. The longest day of the year for me was the Winter Middle School Orchestra Concert back in February. I know it was only an hour. But it didn’t feel like it.

The biggest bucket of myths I hope to bust centers in continuance a technology that many business owners are hearing a lot about these days. It’s known as Software for the reason that a Service (SaaS), or the idea that you can earn your software delivered conveniently, and at a low price, via the Web. Unlike buying software the old-fashioned way, by remunerative a big licensing fee , you pay for SaaS—besides referred to as on-demand software—in pieces, spread out athwart time.

But as with most IT innovation, there’s a lot of hype surrounding this technology—to such a degree a great quantity so that many of us slip on’t know what to believe. Is this a viable lump of matter? Should we be using this stuff? Don’t worry, folks. I’ve carried on some examination into this SaaS thing. Let me debunk a few myths.

Myth 1: SaaS is cheaper. No, it’s not. In fact, it have being able to be a lot more expensive. Most service providers charge each user by the month. If you’ve got 10 people using a product, and they’re costing you 50 bucks a person each a month, that’s $6,000 a year. Most in-house systems have one-time licensing fees and optional support agreements. Spreading out the payments is nothing new, either; tons of software leasing companies will science your purchase and distribute out monthly payments over parturition. When you look at SaaS over the dilatory term, it’s usually not a cheaper option.

Myth 2: SaaS reduces hardware investment. Well, this is only half right. Sure, the SaaS providers dole out with the servers, and every one of the Windows headaches and patches and builds and versions and the whole that. That’s their problem. But you still need fast access to the Internet. And that means workstations running versions of up-to-date operating systems, which generally means up-to-date computers. And they’ll distress to be tied in, by dint of. wire or not, to hubs and routers to access the Net. And there will hush be internal security and firewall issues. So you’re really not completely eliminating the IT guy. He’s like the smell from your cat’s litter box. It kind of never goes from home.