Michael Dell to use personal funds to seek majority control -- report



Dell founder and Chief Executive Michael Dell.



(Credit:
James Martin/CNET)

Just weeks after reports surfaced that Dell was looking to go private, the company's founder appears willing to put his personal funds where his mouth is.


Michael Dell may kick in equity financing of $500 million to $1 billion combined with his 15.7 percent stake in the company to seek majority control of the company, according to Bloomberg. That would push his ownership stake past 50 percent.

With the investment, Dell would be contributing more than half of the total $8 billion to $9 billion equity check. The remainder of the takeover would be financed by debt and "possibly some of the $11 billion of cash Dell reported it had as of September 30," according to Bloomberg.


This follows on the heels of reports that Microsoft may contribute $1 billion to $3 billion and was in talks with Silver Lake Partners to help take Dell private.


However, the WSJ today reported that Microsoft's role in the new company has been a sticking point in negotiations. Though the deal is still expected to stay on track, Microsoft wants to have a say in some of Dell's operations rather than just being a source of funding, according to the WSJ's sources.


Dell, a one-time leading PC maker, has hit hard times of late. The company's stock has continued to lose value as it defends itself against rivals, and despite the many acquisitions it's made over the past several years, there are concerns about how fast those businesses are taking off. Some industry watchers are hoping that going private could give it the reboot that it needs.

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Child hostage drama in Ala. after gunman kills school bus driver

MIDLAND CITY, Ala. An unidentified man boarded a school bus, shot the driver several times, then escaped with a 6-year-old passenger, prompting an hours-long standoff with police that remained unresolved early Wednesday.

The Dale County Sheriff says the man shot the driver in Midland City on Tuesday after he refused to let the child off the bus. The driver later died of his wounds. His identity wasn't released.

The shooter took the child to an area behind a nearby church, and police were negotiating with him, authorities said.

Midland City police would not comment, and a call to the Dale City Sheriff's office was not answered Tuesday.

Authorities from multiple agencies were on the scene and nearby residents were evacuated from their homes as a precautionary measure, said Rachel David, a spokeswoman for the police department in the nearby town of Dothan.

"Authorities also confirmed the presence of a child at the scene but are giving no further information at this time," David said in a news release late Tuesday.

CBS Dothan, Ala. affiliate WTVY-TV reports the hostage is male and was being held in a storm shelter at the alleged gunman's home.

The station says the FBI has been called in, and area schools have cancelled Wednesday classes.

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Clinton Talks 2016, Stands by Benghazi Testimony













In her final television interview as Secretary of State, Hillary Clinton told ABC's Cynthia McFadden that she is "flattered and honored" at the intense interest in whether she might run for president in 2016.


But Clinton maintained that right now she's "not focused" on a presidential campaign; instead she said she wants to return to a "normal" life when she steps down from office on Friday.


Watch Cynthia McFadden's full interview with Secretary of State Hillary Clinton on "Nightline" tonight at 12:35 a.m. ET


Clinton's first order of business, she said, will be sleep.


"I hope I get to sleep in," she told McFadden with a laugh. "It will be the first time in many years. I have no office to go to, no schedule to keep, no work to do. That will probably last a few days then I will be up and going with my new projects," she said.


"I have been working or attending school full-time since I was 13. This is going to be new for me. I don't know how I'm going to react to it, to be honest."


PHOTOS: Hillary Clinton Through the Years: From Wellesley to the White House, and Beyond


Clinton has had no trouble articulating her reaction to what has arguably been the darkest chapter of her tenure as Secretary of State: the Sept. 11 attack on the U.S. consulate in Benghazi, Libya, in which four Americans, including Ambassador Chris Stevens, were killed.








Hillary's Next Chapter: On Family and Future Watch Video









Secretary Clinton had a heated exchange with Republican Senator Ron Johnson during her five hours of testimony before Congress about the attack last week. Johnson accused the administration of misleading the American people about the cause of the attack, when UN Ambassador Susan Rice, on Sunday political talk shows, blamed it on protesters.


Clinton snapped back at Johnson, "Four Americans are dead. What difference does it make?" For that, she has been sharply criticized by some conservatives.


Clinton said she "absolutely" stands by her response to Johnson, maintaining that the administration has been transparent with the information it knew, when it was available. Clinton said partisan politics have no place in a response to a terrorist attack against Americans.


"I believe that we should in public life, whether you're in the administration or the Congress, de-politicize crisis and work together to figure out what happened, what we can do to prevent it and then put into place both the institutional changes and the budgetary changes that are necessary, " she said.


"When someone tries to put into a partisan lens, when they focus not on the fact that we have such a terrible event happening with four dead Americans but instead what did somebody say on a Sunday morning talk show? That to me is not in keeping with the seriousness of the issue and the obligation we all have as public servants"


FULL TRANSCRIPT: Sec. of State Hillary Clinton's "Nightline" Interview


Asked about her health, Clinton said her recent illness, concussion and blood clot were all a surprise.


"When I got sick and fainted and hit my head I was so surprised, and I thought I would just get up and go to work. And thankfully I had very good medical care and doctors who said, 'No we'd better do an MRI, we'd better do this, we'd better do that,'" she said, calling herself "lucky."


"I know now how split second beset by a virus and dehydrated, what it can do to you."


Though she confirmed she is wearing special glasses to help with double vision, a lingering issue following her illness, Clinton said that she expects to be fully recovered and operating at "full speed" soon.


The Secretary told McFadden that if she does decide to run, she would have "no problem" making her health records public.


"Of course, that goes with the territory," she said.



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French seal off Mali's Timbuktu, rebels torch library


GAO, Mali (Reuters) - French and Malian troops retook control of Timbuktu, a UNESCO World Heritage site, on Monday after Islamist rebel occupiers fled the ancient Sahara trading town and torched several buildings, including a library holding priceless manuscripts.


The United States and the European Union are backing a French-led intervention in Mali against al Qaeda-allied militants they fear could use the West African state's desert north as a springboard for international attacks.


The recovery of Timbuktu followed the swift capture by French and Malian forces at the weekend of Gao, another major town in Mali's north that had been occupied by the alliance of jihadist groups since last year.


The two-week-old mission by France in its former Sahel colony, at the request of Mali's government, has driven the Islamist rebels northwards out of towns into the desert and mountains.


Without a shot being fired, 1,000 French soldiers and paratroopers and 200 Malian troops seized Timbuktu airport and surrounded the town on the banks of the Niger River, looking to block the escape of insurgents.


In both Timbuktu and Gao, cheering crowds turned out to welcome the French and Malian troops.


A third town in Mali's vast desert north, Kidal, had remained in Islamist militant hands. But Malian Tuareg MNLA rebels, who are seeking autonomy for their northern region, said on Monday they had taken charge in Kidal after Islamist fighters abandoned it.


A diplomat in Bamako confirmed the MNLA takeover of Kidal.


A French military spokesman said the assault forces at Timbuktu were avoiding any fighting inside the city to protect the cultural treasures, mosques and religious shrines in what is considered a seat of Islamic learning.


But Timbuktu Mayor Ousmane Halle told Reuters departing Islamist gunmen had four days earlier set fire to the town's new Ahmed Baba Institute, which contained thousands of manuscripts.


UNESCO spokesman Roni Amelan said the Paris-based U.N. cultural agency was "horrified" by the news of the fire, but was awaiting a full assessment of the damage.


Ali Baba, a worker at the Ahmed Baba Institute, told Sky News in Timbuktu more than 3,000 manuscripts had been destroyed. "They are bandits. They have burned some manuscripts and also stole a lot of manuscripts which they took with them," he said.


Marie Rodet, an African history lecturer at Britain's School of Oriental and African Studies, said Timbuktu held one of the greatest libraries of Islamic manuscripts in the world.


"It's pure retaliation. They (the Islamist militant rebels) knew they were losing the battle and they hit where it really hurts," Rodet told Reuters. "These people are not interested in any intellectual debate. They are anti-intellectual."


ISLAMISTS "ALL FLED"


The Ahmed Baba Institute, one of several libraries and collections in Timbuktu containing fragile documents dating back to the 13th century, is named after a Timbuktu-born contemporary of William Shakespeare and houses more than 20,000 scholarly manuscripts. Some were stored in underground vaults.


The French and Malians have encountered no resistance so far in Timbuktu. But they will now have to comb through a labyrinth of ancient mosques, monuments, mud-brick homes and narrow alleyways to flush out any hiding fighters.


The Islamist forces comprise a loose alliance that groups Al Qaeda in the Islamic Maghreb (AQIM) with Malian Islamist group Ansar Dine and AQIM splinter MUJWA.


They have retreated in the face of relentless French air strikes and superior firepower and are believed to be sheltering in the rugged Adrar des Ifoghas mountain range, north of Kidal.


The MNLA Tuareg rebels who say they now hold Kidal have offered to help the French-led offensive against the al Qaeda-affiliated Islamists. It was not clear, however, whether the French and Malians would steer their offensive further towards Kidal, or hold negotiations with the MNLA.


FRANCE: MALI "BEING LIBERATED"


The world was shocked by Timbuktu's capture in April by Tuareg fighters, whose separatist rebellion was later hijacked by Islamist radicals who imposed severe sharia (Islamic law).


Provoking international outrage, the Muslim militants - who follow a more radical Salafist brand of Islam - destroyed dozens of ancient shrines in Timbuktu sacred to Sufi Muslims, condemning them as idolatrous and un-Islamic.


They also imposed a strict form of Islamic law, or sharia, authorizing the stoning of adulterers and amputations for thieves, while forcing women to go veiled.


On Sunday, many women among the thousands of Gao residents who came out to celebrate the rebels' expulsion made a point of going unveiled. Other residents smoked cigarettes and played music to flout the bans previously imposed by the rebels.


Hundreds of troops from Niger and Chad have been brought to Gao to help secure the town.


"Little by little, Mali is being liberated," French Foreign Minister Laurent Fabius told France 2 television.


Speaking at a news conference in Paris, French President Francois Hollande said French troops would take a step back once the job of retaking key towns was complete, and Malian and other African troops would take over the task of hunting the rebels.


"They are the ones who will go into the northern part, which we know is the most difficult because that's where the terrorists are hiding," Hollande said.


As the French and Malian troops thrust into northern Mali, African troops for a U.N.-backed continental intervention force for Mali, expected to number 7,700, are being flown into the country, despite severe delays and logistical problems.


Outgoing African Union Chairman President Thomas Boni Yayi of Benin scolded AU states at a weekend summit in Addis Ababa for their slow response to assist Mali while former colonial power France took the lead in the military operation.


Burkina Faso, Benin, Nigeria, Senegal, Togo, Niger and Chad are providing soldiers for the AFISMA force. Burundi and other nations have pledged to contribute.


AU Peace and Security Commissioner Ramtane Lamamra said these regional troops could play a useful "clean-up" role once the main military operations against the Islamist rebels end.


Speaking in Addis Ababa on Monday, U.N. Secretary-General Ban Ki-moon said the U.N. was "actively considering" helping the troop-contributing African countries with logistical support.


(Additional reporting by Richard Valdmanis in Sevare, Mali, Bate Felix and David Lewis in Dakar, Maria Golovina in London, Alexandria Sage, Vicky Buffery and Emmanuel Jarry in Paris, Tiemoko Diallo in Bamako, Abdoulaye Massalatchi in Niamey, Richard Lough and Aaron Masho in Addis Ababa; Writing by Pascal Fletcher; Editing by Andrew Heavens)



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North Korea threatens "merciless" retaliation on South






SEOUL: North Korea on Tuesday vowed "merciless" retaliation against the South for its support of UN sanctions, as Seoul urged Pyongyang to step back from a widely expected nuclear test.

The perennially tense situation on the Korean peninsula has been stretched to its limit in the past week, with almost daily threats from the North that it is preparing to conduct a nuclear test as a riposte to the expanded sanctions.

A lengthy commentary published on Tuesday by the official Korean Central News Agency (KCNA) reiterated that the sanctions resolution passed by the UN Security Council was tantamount to a "declaration of war".

Noting what it called the South's "despicable" support for the resolution, KCNA said it was an act of gross provocation that would not go unanswered.

"The provokers will meet only merciless retaliatory blows," it said.

The commentary made no specific mention of the nuclear test that the North's top military body had explicitly signalled in a statement carried by KCNA last week.

The National Defence Commission had said the test was aimed at "arch-enemy" the United States, which had proposed the UN resolution penalising Pyongyang for a banned rocket launch in December.

In Seoul, the foreign ministry on Tuesday noted that the UN resolution had warned of further "significant action" against the North it it proceeds with another test.

"The government once again strongly urges North Korea to pay heed to the continued warnings from the international community and not push ahead with any further provocations, including a nuclear test," spokesman Cho Tai-Young said.

"I don't really understand why North Korea is sticking to an act that threatens security in the region at a time when its people are struggling from a lack of food," Cho said.

South Korean defence officials have said they believe the North is capable of conducting a nuclear test "any time" and announced on Tuesday the creation of a special task force to monitor the site of its two previous tests in 2006 and 2009.

The task force was set up by the South's Joint Chiefs of Staff and is studying data and intelligence being collected by state institutions and independent experts, defence ministry spokesman Kim Min-Seok told reporters.

The state-run Korea Institute of Geoscience and Mineral Resources has set up a situation room to receive and process seismic information that might indicate when a test is conducted, he added.

The institute detected an "artificial earthquake" about 40 seconds after the North's second nuclear test in 2009.

- AFP/al



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Forget Episode VII, watch 'JJ Abrams Star Wars - The Musical'




Are you a late-model "Star Trek" fan with issues about your guy J.J. Abrams jumping ship in order to direct the next "Star Wars" film? Or maybe a "Star Wars" devotee filled with dread at having your favorite franchise be under the control of someone who's directed two "Star Trek" films?


If so, there's a musical for you. "JJ Abrams Star Wars -- The Musical," to be precise.


Picture Darth Vader and Abrams singing at each other on a pier. Picture Vader shaming Abrams -- well, a very poor look-alike at least -- with a line like, "So you think // you can walk right in // You who joined with the other side // You now betray every 'Star Trek' fan // You have crushed their pride." And then Abrams' rejoinder, "It is true // That I have jumped ship // I was always a Star (Trek) Wars guy // I cannot pass on this perfect chance // Let's see eye to eye."


This is YouTube silliness at its best. It's topical, it's funny (sort of), and it's camp of the highest order. What's not to love?



George Lucas and new 'Star Wars Episode VII' director J.J. Abrams.



(Credit:
Joi Ito)



Abrams, of course, was recently named the director of the "Star Wars Episode VII" after already directing 2009's "Star Trek," and the forthcoming "Star Trek Into Darkness."


Some, of course, wonder whether someone with such a "Star Trek" pedigree can switch sides.


But as our musical's fictional Abrams notes to the incredulous Vader, he will return the "Star Wars" franchise to its glory days, starting with what every real fan's obvious first step: killing off Jar Jar.


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Thick smog cloaks Beijing again

BEIJING Dangerously high pollution levels shrouded Beijing in smog Tuesday for the second time in about two weeks, forcing airlines to cancel flights because of poor visibility and prompting the city government to warn residents to stay indoors.

The outlines of buildings in the capital receded into a white mist as pedestrians donned face masks to guard against the thick, caustic air.

The U.S. Embassy reported a level of PM2.5 -- one of the worst pollutants -- at 526 micrograms per cubic meter, or "beyond index," and more than 20 times higher than World Health Organization safety levels over a 24-hour period.

The Beijing city government advised residents to stay indoors as much as possible because the pollution was "severe." It said that, because there was no wind, the smog probably would not dissipate quickly.

Visibility was less than 109 yards in some areas of eastern China, the official Xinhua News Agency reported. Air China cancelled 14 domestic flights in or out of the Beijing airport, and an airport in the eastern city of Qingdao was closed, cancelling 20 flights.

The disruptions come in the first week of the country's peak, six-week period for travel, linked to the Feb. 10 Lunar New Year. Every year, China's transport system bursts at the seams as tens of millions of people travel for the holiday, in the world's largest seasonal migration of people.

Celebrity real estate developer Pan Shiyi, who has previously pushed for cities to publish more detailed air quality data, called Tuesday for a "Clean Air Act" and said he would use his status as a delegate to the National People's Congress to propose such legislation.

In less than three hours, his post was forwarded more than 2,300 times and received 14,184 votes, with 99.1 percent in favor.

Beijing also had exceptionally high pollution two weeks ago, with the U.S. Embassy readings of PM2.5 reaching as high as 886 micrograms per cubic meter.

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US Mom Missing in Turkey Took Side Trips













Sarai Sierra, the New York mother who disappeared in Turkey while on a solo trip, took several side excursions out of the country, but stayed in contact with her family the entire time, a family friend told ABC News.


Turkish media reported today that police were trying to establish why Sierra visited Amsterdam and Munich. Police were also trying to establish the identity of a man Sierra, 33, was chatting with on the Internet, according to local media.


Rachel Norman, a family friend, said the man was a group tour guide from the Netherlands and said Sierra stayed in regular touch with her family in New York.


Steven Sierra, Sarai's husband, and David Jimenez, her brother, arrived in Istanbul today to aid in the search.


The men have been in contact with officials from the U.S. consulate in the country and plan to meet with them as soon as they open on Tuesday, Norman said.


After that, she said Sierra and Jimenez would meet with Turkish officials to discuss plans and search efforts.






Family of Sarai Sierra|AP Photo











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Giordano Interview Fallout: What Happens Next? Watch Video





Sarai Sierra was supposed to fly back to the United States on Jan. 22, but she never showed up for her flight home.


Her two boys, ages 11 and 9, have not been told their mother is missing.


Sierra, an avid photographer, left New York on Jan. 7. It was her first overseas trip, and she decided to go ahead after a friend had to cancel, her family said.


"It was her first time outside of the United States, and every day while she was there she pretty much kept in contact with us, letting us know what she was up to, where she was going, whether it be through texting or whether it be through video chat, she was touching base with us," Steven Sierra told ABC News before he departed for Istanbul.


But when it came time to pick her up from Newark Liberty International Airport in New Jersey, Sierra wasn't on board her scheduled flight.


Steven Sierra called United Airlines and was told his wife had never boarded the flight home.


Further investigation revealed she had left her passport, clothes, phone chargers and medical cards in her room at a hostel in Beyoglu, Turkey, he said.


The family is suspicious and said it is completely out of character for the happily married mother, who met her husband in church youth group, to disappear.


The U.S. Embassy in Turkey and the Turkish National Police are involved in the investigation, WABC-TV reported.


"They've been keeping us posted, from my understanding they've been looking into hospitals and sending out word to police stations over there," Steven Sierra said. "Maybe she's, you know, locked up, so they are doing what they can."



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Nightclub fire kills 233 in Brazil


SANTA MARIA, Brazil (Reuters) - A nightclub fire killed at least 233 people in southern Brazil on Sunday when a band's pyrotechnics show set the building ablaze and fleeing partygoers stampeded toward blocked exits in the ensuing panic.


Most of those who died were suffocated by toxic fumes that rapidly filled the crowded club after sparks from pyrotechnics used by the band for visual effects set fire to soundproofing on the ceiling, local fire officials said.


"Smoke filled the place instantly, the heat became unbearable," survivor Murilo Tiescher, a medical student, told GloboNews TV. "People could not find the only exit. They went to the toilet thinking it was the exit and many died there."


Firemen said one exit was locked and that club bouncers, who at first thought those fleeing were trying to skip out on bar tabs, initially blocked patrons from leaving. The security staff relented only when they saw flames engulfing the ceiling.


The tragedy in the university town of Santa Maria in one of Brazil's most prosperous states comes as the country scrambles to improve safety, security and logistical shortfalls before the 2014 World Cup soccer tournament and the 2016 Olympics, both intended to showcase the economic advances and first-world ambitions of Latin America's largest nation.


In Santa Maria, a city of more than 275,000 people, rescue workers and weary officials wept alongside family and friends of the victims at a gymnasium being used as a makeshift morgue.


"It's the saddest, saddest day of my life," said Neusa Soares, the mother of one of those killed, 22-year-old Viviane Tolio Soares. "I never thought I would have to live to see my girl go away."


President Dilma Rousseff cut short an official visit to Chile and flew to Santa Maria, where she wept as she spoke to relatives of the victims, most of whom were university students.


"All I can say at the moment is that my feelings are of deep sorrow," said Rousseff, who began her political career in Rio Grande do Sul, the state where the fire occurred.


It was the deadliest nightclub fire since 309 people died in a discotheque blaze in China in 2000 and Brazil's worst fire at an entertainment venue since a disgruntled employee set fire to a circus in 1961, killing well over 300 people.


'BARRIER OF THE DEAD'


Local authorities said 120 men and 113 women died in the fire, and 92 people are still being treated in hospitals.


News of the fire broke on Sunday morning, when local news broadcast images of shocked people outside the nightclub called Boate Kiss. Gradually, grisly details emerged.


"We ran into a barrier of the dead at the exit," Colonel Guido Pedroso de Melo, commander of the fire brigade in Rio Grande do Sul, said of the scene that firefighters found on arrival. "We had to clear a path to get to the rest of those that were inside."


Pedroso de Melo said the popular nightclub was overcrowded with 1,500 people packed inside and they could not exit fast.


"Security guards blocked their exit and did not allow them to leave quickly. That caused panic," he said.


The fire chief said the club was authorized to be open, though its permit was in the process of being renewed. But he pointed to several egregious safety violations - from the flare that went off during the show to the locked door that kept people from getting out.


"The problem was the use of pyrotechnics, which is not permitted," Pedroso de Melo said.


The club's management said in a statement that its staff was trained and prepared to deal with any emergency. It said it would help authorities with their investigation.


One of the club's owners has surrendered to police for questioning, GloboNews TV reported.


When the fire began at about 2:30 a.m., many revelers were unable to find their way out in the chaos.


"It all happened so fast," survivor Taynne Vendrusculo told GloboNews TV. "Both the panic and the fire spread rapidly, in seconds."


Once security guards realized the building was on fire, they tried in vain to control the blaze with a fire extinguisher, according to a televised interview with one of the guards, Rodrigo Moura. He said patrons were trampled as they rushed for the doors, describing it as "a horror film."


Band member Rodrigo Martins said the fire started after the fourth or fifth song and the extinguisher did not work.


"It could have been a short circuit, there were many cables there," Martins told Porto Alegre's Radio Gaucha station. He said there was only one door and it was locked. A band member died in the fire.


CELL PHONES STILL RINGING


TV footage showed people sobbing outside the club before dawn, while shirtless firefighters used sledge hammers and axes to knock down an exterior wall to open up an exit.


Rescue officials moved the bodies to the local gym and separated them by gender. Male victims were easier to identify because most had identification on them, unlike the women, whose purses were left scattered in the devastated nightclub.


Piles of shoes remained in the burnt-out club, along with tufts of hair pulled out by people fleeing desperately. Firemen who removed bodies said victims' cell phones were still ringing.


The disaster recalls other incidents including a 2003 fire at a nightclub in West Warwick, Rhode Island, that killed 100 people, and a Buenos Aires nightclub blaze in 2004 that killed nearly 200. In both incidents, a band or members of the audience ignited fires that set the establishment ablaze.


The Rhode Island fire shocked local and federal officials because of the rarity of such incidents in the United States, where enforcement of safety codes is considered relatively strict. After the Buenos Aires blaze, Argentine officials closed many nightclubs and other venues and ultimately forced the city's mayor from office because of poor oversight of municipal codes.


The fire early on Sunday occurred in one of the wealthiest, most industrious and culturally distinct regions of Brazil. Santa Maria is about 186 miles west of Porto Alegre, the capital of a state settled by Germans and other immigrants from northern Europe.


Local clichés paint the region as stricter and more organized than the rest of Brazil, where most residents are a mix descended from native tribes, Portuguese colonists, African slaves, and later influxes of immigrants from southern Europe.


Rio Grande do Sul state's health secretary, Ciro Simoni, said emergency medical supplies from all over the state were being sent to the scene. States from all over Brazil offered support, and messages of sympathy poured in from foreign leaders.


(Additional reporting by Guillermo Parra-Bernal, Gustavo Bonato, Jeferson Ribeiro, Eduardo Simões, Brian Winter and Guido Nejamkis.; Writing by Paulo Prada and Anthony Boadle; Editing by Todd Benson, Kieran Murray and Christopher Wilson)



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EU calls for more entrepreneurs






BRUSSELS: Policy makers in Europe want to convince more people to become entrepreneurs in order to bring back jobs and growth to the struggling bloc.

Critics have argued too many start-ups in a volatile financial climate will only struggle to survive while others said business-minded self-starters are born, not bred.

Policy makers in Brussels are more and more adamant that self-made businessmen and women will become the job creators Europe desperately needs.

The EU wants more entrepreneurial training at schools and universities, tax reductions for small businesses and the revision of insolvency rules countries so that honest failures don't inhibit entrepreneurs from trying again.

EU commissioner for enterprise, Mr Antonio Tajani, said: "We focus on entrepreneurs because entrepreneurs are innovative and they are the ones who come up with ideas. Even small entrepreneurs create jobs and growth over the last few years."

Traditionally, Europeans have been reluctant entrepreneurs. Last year, only 37 per cent of citizens were willing to launch their own business compared to levels of over 50 per cent of people in the US, China and Brazil.

Oliver Witmeur, from the Solvay Business School Entrepreneurship Academy said: "In the US and UK, entrepreneurship is positive. In Europe, we are more complicated. We don't like failure and success."

At the Solvay business school in Brussels, the Entrepreneurship academy has been running for thirty years. Despite the crisis and thanks to the growing role of technology, more and more students are singing up to the course.

Many point to Europe's complicated and inflexible labour laws as a key obstacle to more jobs and growth. However, there are voices who argue that more startups may be enough to jumpstart Europe's recovery.

Mr Witmeur said: "If you look at the big firms, the number of jobs is more or less decreasing. If you take the very small firms, there is same number of people coming in and exit. But the real growth drivers are growth in small number of companies in what we call the "gazelle" and they are creating new jobs"

Europe's unemployment crisis will force many into entrepreneurship out of necessity.

On the positive side, it may mean many out of a job will decide to pursue a life-long business idea, in hope that the EU's new action plan will inject some inspiration and make it easier for them.

- CNA/fa



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