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- ONG KONG -- Around 1,000 U.S. dollar millionaires a year are settling in the former British colony of Hong Kong under a residency scheme for rich migrants, officials said Thursday.
- Since 2004, the city of 7 million has allowed people to obtain residency by arriving with net assets of at least HK$6.5 million (US$838,000) to deposit in the bank.
- A total of 5,182 applicants have gained entry to the city since the Capital Investment Entrant Scheme was launched, along with nearly 10,000 dependants. Most deposit sums far greater than the minimum requirement.
- Secretary for Security Ambrose Lee said Thursday that almost 4,000 of the successful applicants were Chinese nationals and 843 were foreign nationals. The rest came from territories such as Taiwan and Macau.
- The scheme was launched to help bring investment to the city after the devastating 2003 economic crisis triggered by the severe acute respiratory syndrome, or SARS, outbreak.
- It has proved particularly popular with a wave of newly-wealthy Chinese businessmen who in recent years have been snapping up prime luxury homes in Hong Kong, sending property prices soaring.
- The Walt Disney Company has agreed to acquire Marvel Entertainment, Inc. in a stock and cash transaction, the companies announced today.
- Under the terms of the agreement and based on the closing price of Disney on August 28, 2009, Marvel shareholders would receive a total of $30 per share in cash plus approximately 0.745 Disney shares for each Marvel share they own. At closing, the amount of cash and stock will be adjusted if necessary so that the total value of the Disney stock issued as merger consideration based on its trading value at that time is not less than 40% of the total merger consideration.
- Based on the closing price of Disney stock on Friday, August 28, the transaction value is $50 per Marvel share or approximately $4 billion.
- “Disney is the perfect home for Marvel’s fantastic library of characters given its proven ability to expand content creation and licensing businesses,” said Ike Perlmutter, Marvel’s Chief Executive Officer. “This is an unparalleled opportunity for Marvel to build upon its vibrant brand and character properties by accessing Disney’s tremendous global organization and infrastructure around the world.”
- Under the deal, Disney will acquire ownership of Marvel including its more than 5,000 Marvel characters. Mr. Perlmutter will oversee the Marvel properties, and will work directly with Disney’s global lines of business to build and further integrate Marvel’s properties.
- The Boards of Directors of Disney and Marvel have each approved the transaction, which is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, certain non-United States merger control regulations, effectiveness of a registration statement with respect to Disney shares issued in the transaction and other customary closing conditions. The agreement will require the approval of Marvel shareholders. Marvel was advised on the transaction by BofA Merrill Lynch.
