What Stephen Chu Does and Doesn't Know About Solyndra (The Atlantic Wire)

We expected a number of uncomfortable questions to be raised during Energy Secretary Stephen Chu's first testimony before the House Energy and Commerce Committee today and House Republicans did not disappoint. Chu was grilled on everything from the initial approval of Solyndra's $535 million loan to emails suggesting political pressure from the White House to the restructuring of the Solyndra loan in February to whether he even knew of the existence of Obama fundraiser George Kaiser. Some of his responses were thoughtful. Others were cagey. Here's what Chu does and doesn't know about Solyndra, according to today's testimony.

Related: Stephen Chu's Toughest Solyndra Questions

Did you pressure Solyndra to delay the announcements of layoffs? This question stems from uncovered emails of a Solyndra investor saying that the Department of Energy "pushed very hard" for Solyndra to hold off on announcing layoffs until after the Nov. 2010 midterm elections. Chu said he was dismayed to see the emails but was unaware that officials were doing that. ?I don?t know. I just learned about that,? he said. "I was not part of that decision, and I certainly would not have been in favor of that decision. I don't believe it's a proper way to do business."

Related: House Votes Down Light Bulb Efficiency Standard

Did you know who George Kaiser was? A seemingly easy question from Rep. Joe Barton?got a strange response: "I know now."

Related: Hot New Trend in Congress: Fasting

How much will taxpayers get back? ?That remains to be seen. Not very much,? Chu said.

Related: Rhode Island Passes Same-Sex Civil Unions Law

Why did you restructure Solyndra's loan? This question garnered a rather thorough response. In February, when there were a number of signs Solyndra was not on sound financial footing, the DOE agreed to restructure its loan. Chu said "at that point, we had a half-completed factory, and we had two choices ? we either had to stop the loan, which would?ve put Solyndra into immediate bankruptcy, or we could continue on contract of the loan to build the factory ... It was a difficult decision."

Related: Mixed Reactions to Moody's Downgrade Threat

Did the White House put pressure on you to approve the loan? ?We did not communicate with the White House on whether we should approve a loan, and especially the Solyndra loan,? he said. ?That was our responsibility."

Was the loan restructuring legal? As The Washington Post's Brad Plumer notes, "Democrat. Rep. Gene Green (D-Tex.) tore into Chu over the fact that the Energy Department restructured Solyndra?s loan guarantee so that outside investors would get paid before" taxpayers. Green said that restructuring may have violated Congress's 2005 Energy Policy Act.? ?We believe there was no violation of the law,? Chu said. ?That seems like a tortured legal reading of a fairly straightforward law,? responded Republican Congressman Michael Burgess.

Why did Solyndra ultimately fail? "The price of solar panels dropped precipitously, in a single year dropped by 40 percent,? he said. Accoridng to the Post, "He chalks this up to two factors?ramped-up production in China and decreasing subsidies in Europe that softened the market."

Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/atlantic/20111117/pl_atlantic/whatstephenchudoesanddoesntknowaboutsolyndra45134

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Wal-Mart's 3Q results show US turnaround

Shopping carts are photographed outside the Wal-Mart store in Mayfield Hts., Ohio on Monday, Nov. 14, 2011. Wal-Mart is reporting that the third-quarter profits slipped 2.9 percent and offered a conservative fourth-quarter outlook. But the world's largest retailer announced its first quarterly gain in its U.S. namesake business, reversing a more than two year sales slump. (AP Photo/Amy Sancetta)

Shopping carts are photographed outside the Wal-Mart store in Mayfield Hts., Ohio on Monday, Nov. 14, 2011. Wal-Mart is reporting that the third-quarter profits slipped 2.9 percent and offered a conservative fourth-quarter outlook. But the world's largest retailer announced its first quarterly gain in its U.S. namesake business, reversing a more than two year sales slump. (AP Photo/Amy Sancetta)

This photo taken Nov. 14, 2011, shows the rain-soaked handle of a shopping cart outside the Wal-Mart store in Mayfield Hts. Wal-Mart is reporting that the third-quarter profits slipped 2.9 percent and offered a conservative fourth-quarter outlook. But the world's largest retailer announced its first quarterly gain in its U.S. namesake business, reversing a more than two year sales slump. (AP Photo/Amy Sancetta)

NEW YORK (AP) ? Wal-Mart Stores Inc. got an early Christmas gift: its strategy of offering the lowest prices and shoppers' favorite goods is starting to work just in time for the holiday shopping season

Wal-Mart on Tuesday reported its first quarterly gain in revenue after nine consecutive quarters of declines at its branded U.S. stores by focusing on low pricing and stocking the brands and products that people care most about.

That the world's largest retailer is turning a corner is a positive sign for the retail industry and the U.S. economy as a whole. Its core low-income shoppers have been particularly hard hit by joblessness and the other challenges of the nation's weak economy. The results indicate that those most hurt by the economic downturn are willing to spend if you offer them rock-bottom pricing.

"The plan is working," said Mike Duke, CEO of Wal-Mart, in a pre-recorded call released Tuesday. "Customers are responding favorably."

Wal-Mart said Tuesday it earned 97 cents per share, or $3.33 billion in the three-month period ended Oct. 31. That compares with 95 cents per share, or $3.43 billion, in the year-ago period. The year-ago results included a tax benefit of a nickel. Net revenue rose 8.2 percent to $109.5 billion.

Analysts had expected 98 cents per share on revenue of $108.86 billion, according to Factset.

Wal-Mart's U.S. namesake division's revenue at stores opened at least a year ? an indicator of a retailer's health ? rose 1.3 percent, excluding fuel sales. That's above Wall Street estimates for a 0.3 percent increase and reverses nine straight quarters of declines in the measure, its longest streak ever.

Overall, revenue at stores in its U.S. business opened at least a year rose 1.9 percent, including a 5.7 percent increase at Sam's Club stores. Analysts had expected a 4.9 percent gain at the Sam's Club division. Wal-Mart said that the gains in revenue at stores opened at least a year were fueled by an increase in the average ticket.

Sales of food and health and wellness products, sporting goods, and crafts fared well. Clothing sales remain a challenge, and posted another decline, but business is improving.

Wal-Mart has been working to turn around sales at stores open at least a year at its U.S. business, which have been hurt by the economic downturn and missteps the retailer made in its pricing and selection. The business is particularly important to Wal-Mart because it accounts for 62 percent of its total revenue.

The company, based on Bentonville, Ark., has been restoring thousands of popular products it ditched during an overzealous bid to de-clutter its stores. Wal-Mart, which had strayed by offering low prices only on select items, also has been working to reclaim its reputation as the lowest-price leader by going back to the "everyday" low pricing strategy that was made popular by its founder, Sam Walton.

Although Wal-Mart's strategy seems to be working, it comes with a cost. The company said that all three areas, including its Wal-Mart U.S. division, Sam's Club and its international division, saw a decline in profit margins from the impact of its low price focus and inflationary pressures.

Going forward, Wal-Mart executives hope that the company's campaign to turnaround its business will continue to improve results. But they are cautiously optimistic because Wal-Mart's core low-income customers are still reeling from the economic downturn. Wal-Mart officials noted that some shoppers have been trading down to lower-priced brands or abandoning products altogether like dairy and meat because they can't afford it.

As a result, Wal-Mart expects revenue at its U.S. namesake stores opened at least a year to be between unchanged to up 2 percent at its namesake U.S. stores for the current quarter.

"Our core customer was still impacted by high unemployment and continued uncertainty over the economy, leading to declining consumer confidence," said Bill Simon, president of Walmart's U.S. division, in the pre-recorded call. "We believe it will be more difficult than ever to afford holiday meals for their families."

Wal-Mart said it expects fourth-quarter earnings results to be in the range of $1.42 per share to $1.48 per share in the fourth quarter. Analysts had expected $1.45 per share. For the full year, it expects a range of $4.45 per share to $4.51 per share. Analysts had expected $4.50 per share, according to Factset.

Like most retailers, Wal-Mart is counting on the upcoming holiday shopping season to help get cost-conscious shoppers spending.

Ahead of the season, Wal-Mart is pounding its low price message hard by guaranteeing customers will get the lowest price no matter when they buy during the season. With its new Christmas Price Guarantee program, shoppers who buy something at its store between Nov. 1 and Dec. 25, but then find the identical product elsewhere for less, can get a gift card in the amount of the difference.

It is also starting its Black Friday specials at 10 p.m. on Thanksgiving, two hours earlier than many of its competitors like Kohl's Corp., Target Corp. and Macy's.

Associated Press

Source: http://hosted2.ap.org/apdefault/f70471f764144b2fab526d39972d37b3/Article_2011-11-15-Earns-Wal-Mart/id-fb7d06a4dcf84464a4987e57348c0baa

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HTC Rezound review

It's going to be a very busy holiday season for Verizon Wireless. With last week's release of the Droid RAZR, Big Red has made it very clear that it wants to be, at least for a few months, atop the Android heap. Now, with this week's release of the HTC Rezound, Verizon has upped the ante even further with a powerhouse of a device that skimps not on the specs. The Galaxy Nexus will close out the trifecta, leaving consumers with a pretty difficult choice. Of the three new releases, which one is worthy of your money? And which one is worth signing over the next two years of your life for?

I can't help but think of the HTC Rezound as the awkward middle child in Verizon's three-sibling family. If the RAZR is the oldest with a reputation of being able to take care of itself, and the Galaxy Nexus is the youngest who gets all the attention, where does it leave the Rezound? Is it the silent star who'll go on to outshine its siblings, or will it be the brother who lives with its parents till he's 40? I think it'll manage to avoid both extremes, and you should read on to see why. 

 

---

Jaw-dropping display. Beats Audio is the real deal and it sets a new bar for music on a smartphone. Verizon's LTE is still unbelievably fast.	It's really, really hefty. HTC seems to have overlooked style for function. Battery life could be better. Oh, and did we mention it doesn't have Ice Cream Sandwich?
If the Galaxy Nexus weren't right around the corner, I'd be singing the Rezound's praises from the rooftops. If you are a music junkie and want a beautiful display atop a powerhouse device (with LTE!) right this instant, the Rezound is for you. For the next few weeks, it'll be the best Android device on the market. If you could care less about Beats and are even contemplating the Galaxy Nexus, I'd wait it out.

 

Inside this review	More info
Hardware review Software review Battery life Camera tests Verizon LTE Wrap-up	Initial hands-on HTC Rezound spec sheet

read more

Source: http://feedproxy.google.com/~r/androidcentral/~3/DOplZu2dPwc/story01.htm

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'Abduction' Exclusive VOD Trailer: Taylor Lautner Invades Your Home In December!

Taylor Lautner's espionage thriller "Abduction" hit theaters months ago, but the adrenaline ride is far from over. In December, the John Singleton directed action flick arrives on cable and digital VOD platforms including Movies on Demand, DirectTV / Pay-Per-View, iTunes and more ? but it won't be there for long.
"Abduction" will be available for [...]

Source: http://moviesblog.mtv.com/2011/11/16/abduction-trailer-taylor-lautner-vod/

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Players file antitrust complaint against league (AP)

NEW YORK ? NBA players filed an antitrust complaint against the league in Minnesota and plan to file another complaint in California later Tuesday.

The first antitrust suit vs. the NBA was filed in Minneapolis, where NFL players had some level of success in a similar court proceeding this summer.

Timberwolves forward Anthony Tolliver, Pistons guard Ben Gordon, free agent forward Caron Butler and Derrick Williams, the second overall draft pick by Minnesota in June who has yet to sign a rookie contract because of the lockout, are listed as plaintiffs in the Minnesota case.

NBA players' association executive director Billy Hunter said another complaint will be filed in the Northern District of California. Those plaintiffs include Carmelo Anthony, Chauncey Billups, Kevin Durant, Kawhi Leonard and Leon Powe.

According to the Minnesota complaint, the class-action lawsuit has been broken up into "subclasses" because they are "so numerous and geographically so widely dispersed that joinder of all members is impracticable."

The plaintiffs argue that the lockout "constitutes an illegal group boycott, price-fixing agreement, and/or restraint of trade in violation of the Sherman Act" and that the owners' final offer for a new CBA would have "wiped out the competitive market for most NBA players."

David Boies, an attorney for the players, said in a press conference Tuesday afternoon the lawsuit was an attempt to restore competitive free-market conditions.

"We hope it's not necessary to go to trial," he said.

The NBA already has filed a pre-emptive lawsuit in New York seeking to prove the lockout is legal and contends that without a union that collectively bargained them, the players' guaranteed contracts could legally be voided. During oral arguments on Nov. 2, the NBA asked U.S. District Judge Paul Gardephe to decide the legality of its lockout, but he was reluctant to wade into the league's labor mess. Gardephe has yet to issue a ruling.

The league through its earlier lawsuit had tried to gain the legal home court.

Now, various judges will have to sort who which court or courts will decide the issues.

The Minnesota district court has been favorable to the NFLPA during litigation dating to the 1980s. The federal court in San Francisco is under the jurisdiction of the 9th U.S. Circuit Court of Appeals, considered the most liberal of the 13 circuit courts. Sixteen of the 25 active judges were appointed by Democratic presidents, and the U.S. Supreme Court reversed the 9th Circuit's Judge Stephen Reinhardt three times in just the last term.

In a sign of the importance of the court, U.S. District Judge Susan Richard Nelson in Minneapolis issued a preliminary injunction ending NFL lockout on April 25, but her decision was overturned by the more conservative 8th U.S. Circuit Court of Appeals in St. Louis.

Boies argued for the NFL in that case but has since decided to take up with the players in the NBA's labor struggle.

Attorney Barbara Berens represented some NFL players in their antitrust lawsuit as well. She wrote in the Minneapolis filing Tuesday that the NBA's antitrust exemption no longer applies after the players disclaimed interest in the union.

"The collective bargaining process and relationship have completely broken down, and the NBA players have exercised their labor law right not to be a union," Berens wrote.

Boies said players will not seek a preliminary injunction to lift the lockout. Because the lockout "arguably grew out of prior collective bargaining discussions," Boies said he believes it would be very difficult to get a preliminary injunction and could delay the case.

He added that it's in "everybody's interests to resolve this quickly," adding the longer it goes on, the greater the damages to the players, teams and fans.

Source: http://us.rd.yahoo.com/dailynews/rss/sports/*http%3A//news.yahoo.com/s/ap/20111116/ap_on_sp_bk_ne/bkn_nba_labor

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Bestmodo at Gizmodo Gallery [Gizmodo Gallery]

We're obsessed with gadgets. Duh. It's come time for us to designate our Bestmodo: the coolest stuff that came out this year. It's not just a wish list, though, because we'll be featuring just about every item at Gizmodo Gallery. More »

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/UJ3snJIUebY/bestmodo-at-gizmodo-gallery

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Obama pushes Congress' deficit panel to act (AP)

HONOLULU ? Sounding increasingly frustrated as a deadline for action approaches, President Barack Obama accused lawmakers on a congressional supercommittee of refusing to budge off their rigid positions and find a solution to the country's yawning deficit.

And with Republicans unwilling to cooperate on his jobs bill, Obama said it might take a new Congress to get his jobs package done.

"It feels as if people continue to try to stick with their rigid positions rather than solve the problem," Obama said of the 12 members of the bipartisan deficit committee, spreading criticism among Republicans and Democrats alike at a wide-ranging news conference Sunday capping an economic summit in his home state of Hawaii.

"My hope is that over the next several days, the congressional leadership on the supercommittee go ahead and bite the bullet and do what needs to be done, because the math won't change. There's no magic formula," Obama said. "There are no magic beans that you can toss on the ground and suddenly a bunch of money grows on trees. We got to just go ahead and do the responsible thing."

Obama spoke as lawmakers on the specially created committee appeared deadlocked with a Nov. 23 deadline fast approaching to find more than $1 trillion in deficit cuts or trigger harsh spending cuts across federal programs including the Pentagon. The president rejected the idea of softening the triggering mechanism, as some have proposed, though he stopped short of threatening to veto such a move.

"I still hold out the prospect that there's going to be a light-bulb moment where everybody says `Ah-ha! Here's what we've got to do," said Obama. He repeated his call for a "balanced approach" that would raise taxes on the wealthy and corporations while also making cuts in entitlement programs and elsewhere. Republicans on the committee would couple any revenue increases with lowering tax rates in a way the White House says would unduly benefit the wealthy.

Obama also defended his policies on Iran, struck back at criticism from the GOP presidential field, and addressed the fate of his stalled jobs bill as Washington politics followed him to Hawaii, where he's on the first part of a nine-day trip aimed at building ties and finding economic opportunities in the fast-growing Asia Pacific. Obama, who played host to the 21-member Asia-Pacific Economic Cooperation summit here, leaves Tuesday for Australia before ending his trip in Indonesia.

Along the way, he's not neglecting his re-election campaign: the president was scheduled to raise money Monday at a campaign event at the Aulani Disney Resort in Kapolei, Hawaii.

Once he returns to Washington Nov. 20, the president will grapple once again with Republicans who've agreed to only one sliver so far of his $447 billion jobs package of tax credits and public works spending ? a measure passed by the Senate last week to boost hiring of veterans. But Obama contended Sunday that any failure of the jobs package would hurt Republicans more than him, and he said he'd continue promoting it even if it takes him past next year's elections.

"I'm going to keep on pushing," Obama said. "My expectation is that we will get some of it done now, and I'll keep on pushing until we get all of it done. And that may take me all the way to November to get it all done. And it may take a new Congress to get it all done."

Obama said he hoped Republicans would "recognize that doing nothing is not an option ... And that should be their hope, too, because if they don't, I think we'll have a different set of leaders in Congress."

With jobs at the top of the agenda for voters heading into the 2012 presidential election, Obama's sought to connect his travels to the domestic economy, and he renewed the point at the news conference held outdoors Sunday evening against a spectacular Hawaii backdrop of palm trees and rolling waves.

"No region will do more to shape our long-term economic future than the Asia Pacific region," Obama said.

Obama also defended his efforts to halt the Iranian nuclear threat, saying that the economic sanctions against the country have had "enormous bite," and that he is united with Russian and Chinese leaders in ensuring Iran does not develop an atomic weapon and unleash an arms race across the Middle East.

Republican presidential contenders, including former Massachusetts Gov. Mitt Romney, have assailed Obama for not doing more to keep Iran from getting nuclear weaponry. Said Obama: "Is this an easy issue? No. Anyone who claims it is is either politicking or doesn't know what they're talking about."

Source: http://us.rd.yahoo.com/dailynews/rss/iran/*http%3A//news.yahoo.com/s/ap/20111114/ap_on_go_pr_wh/us_obama

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