Stocks edge lower on the last trading day of 2011

FILE - In this Dec. 20, 2011 photo, traders Michael Zicchinolfi, left, and Michael Lawrence work on the floor of the New York Stock Exchange. Stock markets around the world were closing out 2011 on a subdued note Friday, Dec. 30, 2011, with many of the world's major indexes posting big declines for the year in the wake of Europe's debt crisis, a faltering U.S. economy and signs that China's economy is no longer sizzling. (AP Photo/Richard Drew, File)

FILE - In this Dec. 20, 2011 photo, traders Michael Zicchinolfi, left, and Michael Lawrence work on the floor of the New York Stock Exchange. Stock markets around the world were closing out 2011 on a subdued note Friday, Dec. 30, 2011, with many of the world's major indexes posting big declines for the year in the wake of Europe's debt crisis, a faltering U.S. economy and signs that China's economy is no longer sizzling. (AP Photo/Richard Drew, File)

NEW YORK (AP) ? The stock market is set to end a tumultuous year more or less where it started.

The Dow Jones industrial average fell 55 points, or 0.4 percent, to 12,231 as of 2:30 p.m. Friday. The S&P 500 fell 3 points, or 0.3 percent, to 1,262. It's up just 0.2 percent for 2011. The Nasdaq fell 4 points, or 0.1 percent, to 2,609.

McDonald's Corp. is shaping up to be the biggest winner in the Dow this year with a gain of 31 percent. Bank of America Corp. is the worst, down 59 percent.

The conventional wisdom is the more risk, the greater the potential rewards. But the opposite is proving true this year: Investors playing it safe have gained the most.

The most dull and conservative of stocks ? utilities ? are up 16 percent, the largest gain of the ten sectors in the S&P 500. Other winning groups are consumer staples and health care companies, both up 11 percent in 2011.

In Europe, many of the biggest markets ended down for the year. Britain's FTSE 100 lost 5.6 percent, Germany's DAX 14.7 percent.

Trading has been quiet this week with many investors away on vacation. Volume on the New York Stock Exchange has been about half of its daily average. Markets will be closed Monday in observance of New Year's Day.

Better news on the job market and home sales lifted stocks Thursday, pushing the Dow up 135 points. On Friday Ford reported that its sales topped 2 million this year for the first time since 2007. Ford fell 0.1 percent.

In other corporate news:

? Sears Holdings Corp. fell 2 percent to $32.28 after Fitch Ratings downgraded the company's credit rating to "junk." Sears has plunged 30 percent this week after disclosing that it would close more than 100 Sears and Kmart stores because of weak holiday sales.

? Diamond Foods Inc. jumped 5 percent to $33.04. Rumors have been circulating that the hedge fund manager David Einhorn has acquired a stake in the food company that makes Emerald Nuts.

? AMR Corp., the parent company of American Airlines, fell 16 cents to 35 cents. The company filed for bankruptcy protection last month. Late Thursday the company said its stock would be delisted from the New York Stock Exchange next week.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-12-30-Wall%20Street/id-5c7bfabd747745c6b66e1dbec1762372

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The rise of the drunken shopper (The Week)

New York ? More and more consumers are hitting up eBay and QVC after a few drinks, and e-retailers are finding ways to take advantage of shoppers' compromised states

Are you guilty of Amazon-ing and iTunes-ing after imbibing? You're not alone. The New York Times reports?that online merchants are cashing in on legions of drunken consumers. Here, a brief guide to "buying under the influence":

People are shopping drunk?
Yep. E-retailers say that traffic patterns and anecdotal evidence suggest that a growing number of consumers seem to be buying after having a couple of drinks. On eBay, 6:30 p.m. to 10:30 p.m. is the busiest time, and the company's Steve Yankovich says alcohol is "absolutely" a factor. "If you think about what most people do when they get home from work in the evening, it's decompression time," he says. "The consumer's in a good mood."

SEE ALSO: Time to nationalize the airline industry?

?

Is there other evidence beyond eBay?
QVC also sees a spike in viewers and traffic after 7 p.m., and accessories and cosmetics sell especially well in the evenings. "Call them girl treats ? they seem to attract a really strong following once you get past dinnertime," says Doug Rose, a senior vice president with the company. "You can probably come to your own conclusion as to what's motivating her." ChannelAdvisor, a company that runs e-commerce sites for hundreds of retailers, says sales tend to peak at 8 p.m. and that shoppers are increasingly placing orders later into the night.

How are retailers taking advantage of this?
A number of companies, from Neiman Marcus to Lowe's, are flooding shoppers' email inboxes with offers in the evening. Online luxury retailer Gilt Groupe is adding more sales that start at 9 p.m. or later to take advantage of the traffic boom, and potentially inebriated shoppers. "Post-bar, inhibitions can be impacted, and that can cause shopping, and hopefully healthy impulse buying," says the company's president, Andy Page. "Still, the nighttime spike requires delicacy among retailers," says Stephanie Clifford in The New York Times. "For reasons of propriety, they do not want to be seen as encouraging drunken shopping.

SEE ALSO: Slower mail: A guide to the Postal Service's cutbacks

?

Is drunken shopping an unhealthy habit?
Possibly. Baylor professor Kristin A . Kassaw warns it can wreak havoc on shoppers' bank accounts. "When you're loading things you can't feel or touch into this fake cart, you don't have a sense of, 'I'm buying all this stuff, I'm buying too much,'" she says. "It takes you away from the actual spending-money experience." New York psychologist April Lane Benson notes that shopping and alcohol addiction can go hand-in-hand. "We know there is an association between compulsive shopping and other behaviors, such as eating disorders, alcohol or drug abuse and depression."

But it's at least good for retailers, right?
Not necessarily. Clifford notes that drunken shopping can lead to high rates of sober returns, which cost retailers in shipping and processing. "We do occasionally get people who return things, saying they spent too much, and we see that their order was placed at midnight," an anonymous rep for a retailer tells Lucky. "We wonder if they would have spent $8,000 at a more sensible hour!" In some instances, the practice is also bad for the goods being purchased. This past summer, New York pet store owners had to crack down on post-happy-hour puppy purchases. "The adorable sight of furry faces in the window and the effects of alcohol can be a bad combination," says the manager of Le Petit Puppy.

SEE ALSO: Chelsea Clinton's 'boring,' 'monochromatic'?NBC News debut

?

Sources:?Lucky, New York Times, Racked

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Mild December means good business for golf courses

PORTLAND, Ore. -- December usually means big business for the ski resorts, but most of this month, the weather has been more on the side of local golfers.

That's good news for golfers like Fritz Jossi, 90. But he was sitting around a table Thursday in the pro shop at Heron Lakes Golf Course -- not exactly what he had in mind.

"We golf the entire year around here," he said. "Once in a while, we have to cancel it out when it rains the course gets a little sloppy."

Jossi has had a good month of playing. Cancellations have been few and far between.

"Not bad at all," he said. "A little cold, but I've been hacking it around. My handicap keeps going up and up which I enjoy."

But Jossi's group decided to cancel its tee time Wednesday. He wasn't the only one to do that, though. There was just one lone golfer out there when KATU News showed up there Wednesday.

The weather, though, for the most part, has cooperated with golfers. In the past few days, though, rainy weather has hampered the time out on the golf course for golfers. However, earlier this month, Heron Lakes had more than 100 golfers out there swinging their clubs on a single day.

"We had one day where we did 20 golfers last year, and this year we did a 150 on the same exact day, so it's really weather-dependent," said Pro Shop Assistant Nick Piovanelli.

Piovanelli said the regulars have helped December business boom, which has been one of the best Heron Lakes has seen in the last couple of years.

"They're sticking around and they keep going and it keeps them happy and it brings others who are fair-weather golfers," he said. "It definitely helps business."

Once the weather clears, Jossi and his golfing buddies will be back out there, too, doing what he said they do best.

"They come out here and shoot the fat and lie about their scores and everything else," Jossi said with a smile.
?

Source: http://www.katu.com/sports/Mild-December-means-good-business-for-golf-courses-136375418.html

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Perry shifts views on abortion, opposes exceptions (The Arizona Republic)

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ASUS Eee PC 1225B proves netbooks will still be kicking around in 2012

The death of the netbook has been greatly exaggerated -- at least that's what ASUS is praying holds true for next year. Its latest addition, the Eee PC 1225B, refreshes the spec sheet seen on the 1215B. You'll find it's still based on AMD's Brazos chipset -- thus the B -- and will apparently arrive on two different gear speeds; one with an AMD C60 dual-core 1GHz processor and another toting AMD's dual-core 1.65GHz E450 APU. Up to 4GBs of DDR3 RAM and storage options starting at 320GB should ensure a respectable bang for your buck. On top of that, there's an 11.6-inch 1,366 x 768 display, integrated webcam, a smattering of USB ports (both 2.0 and 3.0) and the same VGA and HDMI outputs found on its predecessor. Notebook Italia reckons that these new netbooks will start at €349 ($455). If you're not ready just yet for the heady specs (and prices) of an Ultrabook, you can visit ASUS' official site at the source for the full spec breakdown.

[Thanks Marco]

ASUS Eee PC 1225B proves netbooks will still be kicking around in 2012 originally appeared on Engadget on Tue, 27 Dec 2011 08:44:00 EDT. Please see our terms for use of feeds.

Permalink NoteBook Italia (translated)  |  ASUS  | Email this | Comments

Source: http://www.engadget.com/2011/12/27/asus-eee-pc-1225b-proves-netbooks-will-still-be-kicking-around-i/

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Clogging up your Dashboards one post at a time.

And the followers come and go....... talking of Michelangelo.

Singing flowers, dancing bears, fluffy clouds, duckies, puppydogs, kittycats, movie stars and naked men.

And yes, of course I am.

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Source: http://nelsoncarpenter.tumblr.com/post/14737159216

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First lady helps track Santa for NORAD

HONOLULU?? First lady Michelle Obama got into the Christmas spirit Saturday by helping NORAD to track Santa Claus ? and the defense agency needed the help, with a record number of calls from anxious children.

Volunteers at Peterson Air Force Base in Colorado had fielded more than 80,000 calls Saturday evening, breaking the previous record. Also, Santa's NORAD Facebook page approached 980,000 "likes." Last year, Santa had 716,000 "likes."

NORAD, the North American Aerospace Defense Command, has been telling children about Santa's whereabouts every year since 1955. That was the year a Colorado Springs newspaper ad invited kids to call Santa on a hotline, but the number had a typo, and dozens of kids wound up talking to the Continental Aerospace Defense Command, NORAD's predecessor.

Story: Ho! Ho! Ho! Santa headed back to North Pole

1. Other political news of note

   1. GOP: Gingrich, Perry fail to qualify for Va. primary

      Former House Speaker Newt Gingrich and Texas Gov. Rick Perry have failed to qualify for Virginia's March 6 Republican primary.

   2. Payroll tax cut OK'd by Congress, signed by Obama
   3. Bachmann campaign makes pitch to evangelicals
   4. First lady helps track Santa for NORAD
   5. Trump breaks with GOP, eyes independent bid

The officers on duty played along and began sharing reports on Santa's progress. It's now a deep-rooted tradition at NORAD, a joint U.S.-Canada command that monitors the North American skies and seas from a control center at Peterson.

Santa's first stop in the U.S. came at 9:02 p.m. MST in Atlanta, said Canadian Navy Lt. Al Blondin.

Mrs. Obama answered several calls in Kailua, Hawaii, from children who wanted to know how close Santa was to their homes.

A White House transcript contained details of several calls.

Mrs. Obama told a girl named Summer that Santa was over Finland.

"And I can see a glowing light, and it looks like, from the satellite, that he's got all nine reindeer with him, and it looks like his sleigh is pretty full," she told Summer. "It looks like a full sleigh of toys. So I hope you've been good this year. Summer, have you been?"

Summer responded that she was good, and that she wanted a Clawdeen Monster High Doll with a pair of shoes.

The first lady told Summer that Santa "only comes to your house after he knows you're asleep. So no matter where he is in the world, you've got to be asleep."

Kaelyn Brayden asked the first lady "how many fireplaces do you guys have in the White House?"

Mrs. Obama didn't have an exact count.

"There's almost a fireplace in every single room, and there are dozens and dozens of rooms," she told the caller. However, she said, Santa usually comes down the White House's Yellow Oval Room fireplace.

"Yeah, that's where we put our Santa tree," the first lady explained. "And he usually comes down that one, and that's where Malia and Sasha get their gifts."

The first family is spending the holidays in Hawaii and otherwise spent a low-key Christmas Eve out of the spotlight.

President Barack Obama spent his first morning in Hawaii at the multimillion-dollar vacation home his family rents in the Kailua Beach area, near Honolulu. He skipped his standard early morning gym workout and headed to the golf course later Saturday.

The Obamas were to spend Christmas Eve at home with a close circle of family and friends that typically joins the president for his annual Hawaiian vacation. They include Obama's sister, Maya Soetoro-Ng, who lives in the state with her family, and several friends the president has known since high school.

The president's annual December trip to the state where he was born and mostly raised almost didn't happen. He had planned to arrive in Hawaii on Dec. 17, but delayed his departure while Congress worked its way through a stalemate over extending payroll tax cuts.

A deal was finalized Friday morning. Hours later, the president boarded Air Force One for Hawaii to meet his wife and daughters, who traveled ahead of him.

Obama's first order of business when he arrived was taking his wife out to dinner. The couple joined a few friends at Morimoto restaurant, one of their favorite dining spots on the island of Oahu.

The president has no public events planned in Hawaii. A small group of advisers accompanied him to brief him on domestic and international developments.

The Obamas are expected to return to Washington shortly after New Year's Day.

This article includes reporting by NBC News and The Associated Press.

? 2011 msnbc.com

Source: http://www.msnbc.msn.com/id/45785827/ns/politics-white_house/

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Frey says upcoming retirees "may not run with the herd," but many will still move to Florida

Published: Saturday, December 17, 2011 at 9:37 p.m.

Last Modified: Saturday, December 17, 2011 at 9:37 p.m.

"We're extremely lucky," Carole Chorba said. "We put away for a rainy day and here we are."

But are the Chorbas a sign that the recession's chilling effect on retirement has eased this year in Southwest Florida, and the long-awaited migration of baby boomers has begun? Or are they an exception to a major trend that will see more Americans aging in their home communities ? either by preference or because of health or economic constraints?

The answer to both questions is yes, say the people who track U.S. census data.

In 2010, more Americans were 65 and older than ever before, making up 13 percent of the total population. The 65-and-over group is now the largest in both size and percentage of the U.S. population, compared with any previous census, the federal government reported last month.

Florida still leads the nation in concentration of residents 65 and older, but that share of the population has gently dropped in the last two decades, from 18.5 percent in 1990, to 17.6 percent in 2000 and 17.3 percent in 2010.

And during that last 10-year period, the rest of the country has begun to look grayer, especially in the West and Great Plains. In 2010, Sumter County ? home of the Villages retirement community ? was the only Florida county to rank in the top five for growth in the 65-and-older population. Three of the others were in Colorado and one was in Alaska.

Three Florida counties ? Sumter, Charlotte and Highlands ? did make the top five for their share of residents 65 and older. But Sarasota County ranked ninth, falling from fifth in 2000, said Carrie Werner, a statistician in the Census Bureau's Age and Special Populations Branch.

Much of the slippage in Florida's share of older residents can be linked to the economic downturn and housing crisis. Census Bureau projections had predicted a 17.8 percent share for Florida in 2010, anticipating a wave of early retirees that did not materialize.

The projection for 2030 is 27.1 percent, with the number of 65-and-older state residents more than doubling in 20 years.

The last decade saw people 65 and over become the fastest-growing segment of the U.S. population, largely thanks to the leading edge of the baby boom and greater longevity among men. And even though a smaller share of them is expected to retire in Southwest Florida ? or even to retire at all ? the baby boom generation is so huge that those who do come will change the landscape here, said William Frey, a senior fellow of the Brookings Institution and professor of population studies at the University of Michigan.

"Florida will continue to be a magnet for retirees. Even if they're spreading out to other places, there's still going to be a significant number," Frey said. Baby boomers, in contrast to their parents, "may not run with the herd as much," Frey acknowledged. "But it's such a big herd."

Denial to acceptance

The recession's effect on stock portfolios and housing prices forced many would-be Florida retirees to delay moving, said Pat Neal, president of the Lakewood Ranch development company, Neal Communities. The average age of his customers, he said, has gone from 59 to 63.

"People postponed everything," Neal said. "It's now six years later and the biological clock has continued to tick. You know how it goes: denial, acceptance, resignation. People are resigned to the fact that their home in Cincinnati will never have the value it did in 2005."

Carole Chorba, 66, said a "really bad winter" in Michigan convinced her husband, 64, to leave his longtime job with the Ford Motor Co. They had family in Sarasota and found a home in the Oaks Golf and Country Club.

"He just came home and said, 'I can't take any more cold days,'" she said. She figured it might take a year or even two to sell their house, but it was gone in a week.

"My husband watches HGTV all the time," she said. "We hired a stager, and did a lot of little things to make it attractive."

Sarasota Realtor Candy Swick, who sold the Chorbas their house, is among those who believe that in 2011, the tap turned back on for Sarasota's retirement housing market. Her firm's business doubled this year, she said, and 80 percent of her own 165 sales this year were to retirees. "Some of them are still looking at the sale of their property up north," she said. "But what I see is more advance planning. Which is really interesting, because it means the younger people are planning on retiring here."

If Swick is right, Southwest Florida will see more people like Kari Lindsey, 51, who oversees 70 surgery centers for a health care company in Nashville. She and her husband bought a condo on Lido Key in March, and she has visited 10 times since then.

"We probably won't retire for nine or 10 more years," Lindsey said. "But I reached a place in my career where I could afford to start planning for retirement. We looked for maybe three years, but always kept going back to Sarasota. When I want something, I figure out a way to make it happen."

What boomers want

More Florida retirees in the next two decades will look like Lindsey ? healthy, financially comfortable and in a position to control their fates ? said Larry Polivka, director of the Claude Pepper Center on aging at Florida State University. High medical bills or lack of pensions and savings, he said, will keep others at home.

"Because of the growing threats to retirement security in America, you will see fewer people in the boomer generation making what we call 'amenity moves,'" he said. "To some extent that's been happening all along, for decades; the relative retirement asset wealth in Florida is higher than in the nation. But this will be more the case in the future."

Polivka said a higher net worth among incoming retirees will lessen the state's burden of providing long-term medical care and other services. "But it may be more than compensated for by the increase in lower-income Floridians who age in place here," he said.

He added that even a slight dip in the growth rate for older Floridians should be a cause for concern.

"I think that Florida has historically benefited enormously from its retiree population," Polivka said. "Other states have been siphoning them off for the last 10 to 20 years, and that has cost us."

Florida can best defend its market share in retirement housing by paying attention to boomers' desires for conveniences and support systems that their parents lack, said John Migliaccio, director of research at the Metlife Mature Market Institute. Among these are help with transportation, home maintenance and personal care.

"The lessons that boomers are learning from taking care of their parents are going to be incorporated in their own plans as they get older," he predicted. "For Florida builders, this means they really have to start going beyond the granite countertops, and start thinking about communities."

Source: http://www.heraldtribune.com/article/20111217/ARTICLE/111219614/-1/news?Title=Next-wave-of-retirees-healthy-active-and-well-off

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PlayStation Portable ? A Handheld Gaming ... - pidgeo.com ? Gaming

Posted by on December 25, 2011
The World of Gaming

PlayStation Portable ? A Handheld Gaming Console & Its System Specifications

PSP or abbreviated as PlayStation Portable is one of the popular handheld console introduced by Sony. This pocket device comes with the complete basic functions of a portable player such as built ? in stereo speakers, exterior headphone connector, brightness control etc. The world of gaming is more enhanced by facilitate users to enjoy online gaming by using wireless network.

These systems are now on store shelves from last few years. This handy console of Sony was come up in the market with features like Pro Duo Memory stick, inserted UMD, video player, audio player and photo viewer, quality graphics and LCD screen. This device is more than just gaming and it?s a complete multimedia system. But as this system using UMD and UMD?s are spinning derives, so it produces some noise during disc access. So, Sony launches updated versions of PSP.

Till now Sony releases 4 strings of PSP, these are PSP ? 1000, PSP ? 2000, PSP ? 3000 and PSP Go. First series was PSP ? 1000, that was thick and hard to break, but it was heavy. After PSP ? 1000 Sony launches its new Portable version that is PSP -2000. The Difference between both of these generations are that PSP?2000 was thinner then PSP -1000 and the disk tray of this device was pull out rather than push button and the sound quality was better than the older version. Latest released two new versions of PlayStation Portable system are PSP Go and PSP 3000. PSP ? 3000, is a small handheld console with 4.3? LCD screen and high contrasts color ratio, built in Wi-Fi and microphones. Difference between the older version of PSP and new one PSP ? 3000 is that, it contains anti-reflection technology which helps the gamers to play in any conditions. And the other new generation of PlayStation Portable is PSP Go. PSP Go system is slim, light then it?s older version PSP and most important thing in PSP GO is that, UMD drive is gone now because this new device comes up in market with internal 16 GB hard drive. It also contains all of the features similar to PSP system like in ? built Bluetooth, impressive graphic power etc. And this system available in market in two colors i.e. PSP Go (Pearl White) and PSP Go (Piano White).

PSP console is greatly famous in gamers because of its amazing features. The Sony PSP elevates portable gaming to the next level. PlayStation portable is like a little computer with a huge set of your favorite games inside. And now this Portable system is available in market with its new less price, so now you can get your favorite new PSP systems at very less price.

Myself Shane from last 5 years and have written 1000?s of articles for entertainment industry ranging from console games on XBOX, PlayStation & Nintendo to name a few. Written lot for console games and new upcoming launch for different editors and within my own interest. Recent content for PSP Console of Sony and its specification. Would like to have feedback to improve and contribute more and more for open world.

Tags: Console, Gaming, Handheld, PlayStation, Portable, Specifications, System

Source: http://pidgeo.com/79/playstation-portable-a-handheld-gaming-console-its-system-specifications

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Busch gets new ride with Phoenix Racing - NASCAR News | FOX Sports on MSN

Updated?Dec 22, 2011 9:16 PM ET

?

CHARLOTTE, N.C. (AP)

Kurt Busch has a new ride.

Busch, who became one of NASCAR's most polarizing figures this past season, will return to the Sprint Cup series in 2012 to drive the No. 51 car for Phoenix Racing and owner James Finch.

Busch told The Associated Press that the deal was finalized late Wednesday night over a few cold Miller Lites in an establishment located ''in the shadows of Charlotte Motor Speedway.''

''This is a fantastic opportunity to have fun at the cup level and bring this Phoenix Racing team up from where it is,'' Busch said. ''I'm really looking forward to it. I really think this is going to be a lot of fun.''

Busch isn't used to working with smaller teams.

He previously drove Fords for Jack Roush and Dodges for Penske, will be behind the wheel of a Chevrolet for Finch, who has been a race team owner since 1990.

Busch parted ways with Penske Racing following a tumultuous season in 2011 in which he clashed with two reporters in Richmond and then was fined $50,000 by NASCAR for profanities directed at ESPN's Jerry Punch and using a hand gesture at the season's final race Nov. 20 in Homestead, Fla.

He said he's looking forward to getting back to his roots in some ways, saying this will be a lot like his days on the Southwest Tour.

''This is a small group of guys with a lot of big hearts,'' Busch said. ''They have to because they know they have to face the big programs. This is going to be an opportunity to have a lot of fun with James Finch, who's great. And they have the Hendrick equipment which helps, too.''

A.J. Allmendinger has taken over for Busch in the No. 22 Dodge at Penske.

Busch has won 24 Sprint Cup races, as well as the 2010 NASCAR Sprint All-Star Race.

Finch is hoping Busch will bring more wins to his team, saying in a release that ''all we want to do is win.''

''With Kurt we have a shot every week,'' Finch said. ''He's a past champion and he's proven he can win everywhere. Our sponsors are looking forward to Kurt representing their brands. We have excellent equipment and a hard-working group of guys who want that trophy at the end of every race. Kurt's the guy who can deliver it to them.''

Finch's No. 51 car finished 30th in points last year with Landon Cassill driving.

Finch's only Sprint Cup victory came in the April 2009 race at Talladega Superspeedway when he employed Brad Keselowski as his driver.

''It's going to be old-school racing, where we show up, race hard and go for the win,'' Busch said in his release. ''And if we don't win, we'll go back to the shop, work hard and do it all over again next week. That's the way we all started racing, and it's great to get back to that.''

In the past, Finch has criticized Busch's behavior.

''He needs to simmer down a while,'' Finch once told ESPN. ''There are a lot of people that don't like Kurt. He's never done anything to me personally. He just needs to look in the mirror and see what the problem is.''

Now they'll get to work together.

''This is chance to look at life and have fun with it,'' Busch said.

Source: http://msn.foxsports.com/nascar/story/Busch-gets-new-ride-with-Phoenix-Racing-79672226

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S&P downgrades PHH over debt repayment doubts

Thursday, December 22nd, 2011, 4:57 pm

PHH Corp. (PHH: 11.11 0.00%) saw its stock plummet almost 15% Thursday after Standard & Poor's Ratings Services raised concern that the mortgage company will not be able to pay unsecured corporate debt.

PHH's stock fell $1.91, or 14.67%, to close at $11.11. The stock is down 52% so far this year.

S&P downgraded PHH's credit and unsecured debt from "BB+" to "BB-" late Wednesday, and said it could downgrade the company another notch if "management is unable to execute a clear strategy" to repay the debt due in March 2013.

The ratings service, however, said it does think PHH will be able to repay the $423 million in debt "exclusively from free corporate cash flows."

The outlook, S&P said, is a reflection of PHH's "reduced financial flexibility" as well as uncertainty in the U.S. mortgage market. PHH was the seventh-highest originator of mortgages in 2010 at $49 billion, making up 3.1% of the market.

PHH reported a loss of $148 million in the third quarter, a significant widening form $8 million for the third quarter 2010.

Stock moved higher for other mortgage originators and banks Thursday, including Wells Fargo (WFC: 27.25 0.00%), U.S. Bancorp (USB: 27.34 0.00%), Bank of America (BAC: 5.47 0.00%), Citigroup (C: 27.65 0.00%) and JPMorgan Chase (JPM: 33.45 0.00%).

Write to Andrew Scoggin.

Follow him on Twitter @ascoggin.

Source: http://feedproxy.google.com/~r/HWTop/~3/4AvYFa7RwRs/

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China praises Kim Jong Il despite sometimes strained ties

Reporting from Beijing?

For the Chinese government, a dead Kim Jong Il is a popular Kim Jong Il.

In life, the North Korea leader was a constant irritant to Beijing with his dangerous nuclear ambitions and his stubborn refusal to reform an economy that left the population starving.

Although Chinese officials rarely criticize North Korea openly, they quietly suspended energy assistance and demanded cash in advance for sales at times when they were angry about the nuclear program. They sometimes have been stingy with food aid and have said publicly that North Korea needs to overhaul its economy.

But since Kim's death was announced Monday, the Chinese government has practically outdone the North Korean propaganda machine in its adulation. Scholars say that approach is a reflection of the fear that North Korea could collapse and needs to be propped up.

"Kim Jong Il is immortal," the Chinese government proclaimed on the front page of the People's Daily on Tuesday.

"A friend's departure," the English-language China Daily splashed in large black letters across its front page.

Chinese Premier Wen Jiabao was photographed bowing reverently in front of a photograph of Kim at the North Korean Embassy in Beijing.

Chinese Foreign Minister Yang Jiechi telephoned his South Korean counterpart to warn Seoul against any actions or statement that would "provoke" Pyongyang during the mourning period, South Korea news reports said Thursday.

Although ideologically the Chinese Communist Party opposes hereditary succession, Beijing almost immediately endorsed Kim's 27-year-old son, Kim Jong Un, as the next leader.

"Even in Mao's time, such a thing couldn't happen. It makes people think of a feudal state," said Zhu Feng, a scholar at Peking University. Nevertheless, Zhu said, China has been reluctant to criticize at this time. "I think it is Chinese culture. If somebody is dead, whether he is good or evil, you don't speak ill of them."

A more practical consideration is helping the North Koreans manage the succession.

"China has decided that North Korea is too big to fail," said John Park of Harvard University's Belfer Center for Science and International Affairs. Park said he expects Beijing to step in with more generous offers of energy assistance, food aid and fertilizer. At the same time, the various factions of the North Korean regime are likely to be more dependent on China.

"Before, Kim Jong Il controlled all the commercial and trade relations with China. Now there will be a more collective leadership. The Chinese will play an increasingly important role," Park said.

Another scholar, who spoke on condition of anonymity, said that since autumn, China's Jilin province had been supplying electricity to Rason, in North Korea's northeastern tip, where Chinese businesses are building factories and leasing ports on the Sea of Japan.

"North Korea's economy is relying more and more on China at this very unstable time," the scholar said.

In an often-quoted saying attributed to Mao Tse-tung, the relationship between China and North Korea once was as "close as lips and teeth." It became strained with China's recognition of South Korea in 1992, which North Korea considered an act of treachery.

Since Kim Jong Il fell ill in 2008, China and North Korea have drawn closer once again. In the year and a half before his death, Kim made three trips to China, it is believed, smoothing the way for the transition of power to his son.

China is increasingly exploiting North Korea's natural resources, particularly coal and iron ore. North Korea's exports to China in the first half of 2011 topped the $1-billion mark, triple the 2010 total. The port at Rason, in addition, gives China access to the Sea of Japan for the first time since 1860, when a key stretch of coastline was lost to Russia.

Relations between China and North Korea do not go through normal diplomatic channels, but are handled directly through their respective ruling parties, the Communist Party in China and the Workers' Party in North Korea. The parties appear to have carefully coordinated coverage of the death announcement.

Unlike Washington and Seoul, which reportedly learned of Kim's death when it was announced on state television, Beijing is said to have gotten the word three hours earlier, a Chinese source said.

barbara.demick@latimes.com

Source: http://feeds.latimes.com/~r/latimes/news/nationworld/world/~3/rXN7g1HIJSQ/la-fg-china-north-korea-20111224,0,5086611.story

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Photo of jaguar, cubs reveals success story

A photo released by a conservation group Wednesday shows a female jaguar and her two cubs in Bolivia's best-conserved national forest.

The jaguars were photographed near the Isoso Station of the Santa Cruz-Puerto Suarez Gas Pipeline in Kaa Iya National Park in Bolivia. The adult jaguar, nicknamed Kaaiyana, has been seen with her cubs in the area for over a month and has lived near the park for at least six years, according to conservationists with the Wildlife Conservation Society, which releases camera-trap photos on an ongoing basis.

"Kaaiyana's tolerance of observers is a testimony to the absence of hunters in this area, and her success as a mother means there is plenty of food for her and her cubs to eat," said John Polisar, coordinator of the Wildlife Conservation Society's jaguar conservation program.

At more than 13,200 square miles (34,400 square kilometers), Kaa Iya National Park is the largest protected area in Bolivia. The park guards the biggest and best-conserved dry forest in the world. The creation of Kaa Iya in 1995 marked the first time in South America that a protected area was established through the initiative of an indigenous people, the Guarani-Isoceno.

The Wildlife Conservation Society has conducted extensive research in the area and estimates that at least 1,000 jaguars live in the Gran Chaco Jaguar Conservation Unit, a 47,000-square-mile (124,000-square-km) area spanning southern Bolivia and northern Paraguay.

The Kaa Iya Foundation, supported by the Wildlife Conservation Society and private energy companies, surveyed the jaguars in the area. Kaaiyana was first seen at the Isoso site in 2005 with male jaguars, and again in 2006 with a cub. The Kaa Iya park guards work to prevent illegal hunting and settlements along the right-of-way to the gas pipeline and ensure the protection of wildlife, including jaguar prey, in the park.

1. More science news from MSNBC Tech & Science

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"The photographic histories of jaguars in the area by WCS and the reproductive success of this female are testimony that conservation efforts have been effective," said Julie Kunen, director of the Wildlife Conservation Society's Latin America and Caribbean Programs.

Follow OurAmazingPlanet for the latest in Earth science and exploration news on Twitter @OAPlanet and on Facebook.

? 2011 OurAmazingPlanet. All rights reserved. More from OurAmazingPlanet.

Source: http://www.msnbc.msn.com/id/45756930/ns/technology_and_science-science/

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Investors give 'Farmville' maker a cold shoulder

The corporate logo for Zynga is shown on an electronic billboard at the Nasdaq MarketSite, Friday, Dec. 16, 2011 in New York. Stock in the San Francisco company began trading at Nasdaq, Friday following its IPO. (AP Photo/Mark Lennihan)

The corporate logo for Zynga is shown on an electronic billboard at the Nasdaq MarketSite, Friday, Dec. 16, 2011 in New York. Stock in the San Francisco company began trading at Nasdaq, Friday following its IPO. (AP Photo/Mark Lennihan)

"Farmville" by Zynga is shown on an electronic billboard at the Nasdaq MarketSite, Friday, Dec. 16, 2011, in New York. Stock in the San Francisco company began trading at Nasdaq, Friday following its IPO. (AP Photo/Mark Lennihan)

The corporate logo for Zynga is shown on an electronic billboard at the Nasdaq MarketSite, Friday, Dec. 16, 2011, in New York. Stock in the San Francisco company began trading at Nasdaq, Friday following its IPO. (AP Photo/Mark Lennihan)

The corporate logo for Zynga is shown on an electronic billboard at the Nasdaq MarketSite, Friday, Dec. 16, 2011, in New York. Stock in the San Francisco company began trading at Nasdaq, Friday following its IPO. (AP Photo/Mark Lennihan)

FILE - In this Oct. 11, 2011 file photo, Zynga CEO Mark Pincus speaks at a Zynga event, in San Francisco. Founded in 2007 and named after CEO Mark Pincus? dog, Zynga Inc. follows online deals site Groupon Inc. and professional network LinkedIn Corp. in going public. (AP Photo/Jeff Chiu, File)

NEW YORK (AP) ? As its workers celebrated with hot chocolate and cinnamon buns, Zynga saw its stock dinged on its first day of trading Friday ? an unexpected turn of events for a closely watched public debut seen as a precursor to Facebook's next year.

Zynga Inc., the online game developer behind "FarmVille," ''Mafia Wars" and other popular time killers on Facebook, raised at least $1 billion in its initial public offering of stock, the largest for a U.S. Internet company since Google's $1.4 billion IPO in 2004.

But by Friday afternoon, Zynga's stock fell 50 cents, or 5 percent, to close at $9.50. The stock priced at $10 on Thursday, at the high end of its expected range. It traded as high as $11.50 on Friday before heading into a downward spiral on the Nasdaq Stock Market.

It was far from the eye-popping jump that has been the trend this year for freshly public Internet darlings such as LinkedIn Corp., which saw its stock double on its first trading day.

Zynga's opening ? with a ticker symbol of "ZNGA" ? was supposed to be big. After all, unlike many others with IPOs, the company is profitable, with more than 220 million people playing its games on Facebook each month.

What this all means for Facebook's IPO, expected sometime after April, is hard to say. One thing is clear, though.

"A hot IPO is not guaranteed," said Kathleen Smith, principal of IPO investment advisory firm Renaissance Capital.

Despite the big-name public offerings this year, the IPO market is not in good health. Buyers are skittish and concerned about the high volatility of freshly public stocks, Smith said. Big name or not, investors don't want to pay sky-high prices for stocks, especially not before a company has proven itself with good earnings reports and analyst ratings.

Seventy percent of the 125 companies that went public this year are now trading below their IPO price, according to Renaissance Capital.

While Friday's drop doesn't look good, it's not devastating for Zynga. Its CEO, Mark Pincus, said the company's focus is on "delivering great products" that expand audience for social games over the next few years ? and not on the next trading day.

"We didn't have any expectations coming into this whole process," he said in an interview. "We decided to go public a long time ago."

Pincus rang the Nasdaq's opening bell in San Francisco, a first in the city for a freshly public company. The company's roughly 1,700 San Francisco employees woke up at the crack of down to celebrate with cinnamon buns and hot cocoa. Zynga also delivered video of the opening ceremony over the Internet to its offices around the world.

Thursday's pricing gives Zynga a market value of about $7 billion. That's roughly half of the value of online deals site Groupon, which began trading in early November. Zynga, though, sold a much bigger chunk of its available shares, 14.3 percent compared with Groupon's 5.5 percent. It's an issue of supply and demand ? selling more shares means investors don't have to scramble to get their hands on them.

Wedbush analyst Michael Pachter said stocks trade based on supply and demand on the first day.

In Zynga's case, he believes the IPO's underwriters placed more shares with investors who were going to "flip" the stock ? that is, buy a hot stock and quickly sell it to make a profit instead of holding on to it for the long run. All that selling tempered the stock's price, and other nervous investors started selling, too.

Sterne Agee's Arvind Bhatia said the issue came down to valuation ? what people are willing to pay.

"You might like a company but not its valuation," said Bhatia, who took the unusual step of starting coverage of Zynga's stock before it went public, giving it an "Underperform" rating and a price target of $7.

With its huge player base and a few loyal spenders, Zynga had net income of $90.6 million in 2010, an unusual pre-IPO money-maker in the sector.

Cowen & Co. analyst Doug Creutz, however, initiated coverage Friday with a "Neutral" rating on the stock. Although Zynga is the leader in Facebook gaming, he's concerned that it won't be able to grow fast enough to justify its stock price. Growth in Facebook gaming has slowed, and Zynga's market share has declined from 50 percent to 38 percent of daily active users, he wrote.

He's also concerned that Zynga's famously aggressive and hard-charging culture may not be the best field to grow good games in. Others have raised concerns that the focus on deadlines and profits might be squeezing out creativity and talent.

In November, Groupon raised $700 million in its IPO. The granddaddy of all Internet IPOs might happen next year, as Facebook Inc. is expected to raise as much as $10 billion.

Bhatia declined to speculate about what Zynga's first-day drop might mean for Facebook. But he pointed out that what was a bad year for Zynga was a good year for Facebook. That's because Facebook stated charging application developers a 30 percent cut of the money they make through its site. That means for every dollar a player spends on "FarmVille" crops, 30 cents goes to Facebook.

"They are in the driver's seat," Bhatia said of Facebook. The company, he added, is "in class of its own."

DreamWorks CEO Jeffrey Katzenberg, who sits on Zynga's board, said Zynga and Facebook have both benefited by working together.

"As important as Facebook is to Zynga, Zynga is to Facebook," he said in an interview. "I have seen very good rapport with the two Marks and I would expect that relationship to continue to grow."

___

AP Technology Writer Peter Svensson contributed to this report.

Associated Press

Source: http://hosted2.ap.org/apdefault/f70471f764144b2fab526d39972d37b3/Article_2011-12-16-Zynga-IPO/id-d00bd39a4f104a4daf988be579f4e571

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Russian fishing ship lists badly near Antarctica

In this undated photo provided by the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR), Russian fishing vessel Sparta is tied up at an unknown location. The Sparta, with 32 crew members, is in trouble and taking on water near Antarctica, Friday, Dec. 16, 2011, with heavy sea ice hampering rescue efforts. Officials said it could be four or five days before anybody reaches the ship to try to rescue the crew. (AP Photo/Commission for the Conservation of Antarctic Marine Living Resources) EDITORIAL USE ONLY

In this undated photo provided by the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR), Russian fishing vessel Sparta is tied up at an unknown location. The Sparta, with 32 crew members, is in trouble and taking on water near Antarctica, Friday, Dec. 16, 2011, with heavy sea ice hampering rescue efforts. Officials said it could be four or five days before anybody reaches the ship to try to rescue the crew. (AP Photo/Commission for the Conservation of Antarctic Marine Living Resources) EDITORIAL USE ONLY

WELLINGTON, New Zealand (AP) ? A Russian fishing vessel with 32 crew members was taking on water near Antarctica on Friday. Heavy sea ice was hampering rescue efforts, and officials said it could be four or five days before anybody reaches the ship to try to rescue the crew.

The Sparta was listing at 13 degrees next to the Antarctic ice shelf in the Ross Sea, according to Maritime New Zealand. The agency said that the crew was safe and was throwing cargo overboard to lighten the ship, and that some of the crew had boarded lifeboats as a precaution.

The ship has a 1-foot (30 centimeter) hole in the hull about 5 feet (1.5 meters) below the water line, the agency said. The crew so far had managed to pump out much of the incoming water and had attached a tarpaulin over the outside of the hole to slow the water flooding in, the agency said.

The crew have asked for more pumps to be sent to them and will try and make repairs to the hull, the agency said, adding it was trying to figure out a way to deliver the pumps.

"It's a very remote, unforgiving environment," said Andrew Wright, executive secretary of the Australian-based Commission for the Conservation of Antarctic Marine Living Resources, which has licensed the Sparta to catch toothfish in the Southern Ocean.

Wright said he didn't know what caused the hole, although he added that an iceberg "would be a good candidate."

The Sparta, which is 157 feet (48 meters) long, sent a distress call early Friday. Maritime New Zealand said heavy ice in the Southern Ocean would make it difficult for other ships to reach the vessel.

The Sparta's sister ship Chiyo Maru No. 3 was 290 nautical miles away and heading toward the stricken vessel but had no capacity to cut through sea ice, the agency said. A New Zealand vessel, the San Aspiring, had some ice-cutting ability and was also en route, but was four or five days away. A third vessel was just 19 nautical miles away, but it was hemmed in by heavy ice and unable to move toward the Sparta.

Ramon Davis, who is coordinating rescue efforts for Maritime New Zealand, said a C-130 Hercules plane that arrived from Antarctica flew over the scene to assess ice conditions in the area to speed up the rescue efforts. But Davis said the aircraft would not be able to pick up the crew.

Davis said there were no helicopters in the area and that another vessel remained the most viable option for trying to rescue the crew.

"It is possible the crew will have a fairly long wait for rescue," he said.

He said that if the crew manage to lighten the ship enough by getting rid of cargo and pumping out water, it's possible the hole in the hull would rise above the water line.

The crew has some emergency immersion suits that could keep them alive for a time in freezing water, Maritime New Zealand said.

The weather in the area was calm, with temperatures a relatively mild 37 degrees Fahrenheit (3 degrees Celsius).

Commission records list the captain of the Sparta, which was built in 1988, as Oleg Pavlovich Starolat, who is Russian.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2011-12-15-AS-New-Zealand-Stricken-Ship/id-e06c7a64da9e4878840d587bb3ebb43b

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N.R.C. Leader Gregory Jaczko Hears Litany of Complaints

[unable to retrieve full-text content]Gregory B. Jaczko, chairman of the Nuclear Regulatory Commission, was questioned about his management style.

Source: http://feeds.nytimes.com/click.phdo?i=a3a8b6663610dcdfe52527b9d8fc2615

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Facebook Timeline Review: This Is the Greatest Thing Facebook's Ever Done [Facebook]

In The Social Network, Movie Mark Zuckerberg describes his project as the entire college social scene, put online. In a sense, he completely pulled it off. Now Real Zuck's lept beyond beer pong: your entire existence, Facebook-ified. It's terrifyingly amazing. More »

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/pjgavIo7Tc8/facebook-timeline-review-this-is-the-greatest-thing-facebooks-ever-done

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Toshiba 32SL415U

Small screens don't always have to mean limited feature sets, and the Toshiba 32SL415U is proof of that. It's an LED LCD HDTV that measures 32 inches and tops out at 720p resolution, but its built-in Wi-Fi and robust suite of online services make it a good choice if you need a?set for a small space. Its impressively low black levels contribute to a very good picture, and the set's numerous connectivity options mean you can hook up nearly anything to it. But with a list price of $579.99, it's a little expensive for a sub-40-inch HDTV, though?a wealth of features and great picture quality make up for it.

Design
Small, black, and plain, the set comes with a completely flat bezel, with chromed accents on the left and right edges. The bezel is only interrupted by a Toshiba logo on the bottom and an infrared sensor and power light in the lower left corner. Physical controls are hidden on a small panel just behind the left side of the bezel; they're membrane buttons that are difficult to feel out without looking directly at them. Two USB ports and an HDMI port sit on the left edge of the HDTV behind the bezel, and the other three HDMI ports, component video input, optical and 3.5mm audio input, PC, and Ethernet ports are located around back. This rear-mounted input layout is an inconvenience if you're planning to?mount the HDTV on a wall, because only one HDMI port is readily available without getting behind the screen. Still, connections are plentiful for a smaller set.

The 9.1-inch remote is identical to the one bundled with the Toshiba 55TL515U ($1,999.99, 3.5 stars). It's silver with a black top that holds the buttons, which are arranged in a comfortable layout. Dedicated Net TV, Netflix, and Yahoo! Widgets buttons give instant access to online features, and Size and Pic Size buttons can adjust aspect ratio without going through menus.

For a smaller screen, the 32SL415U serves up plenty of features. It can access Netflix, Pandora, YouTube, and other streaming media services and Web apps through its built-in Wi-Fi connection. It has a light sensor and a smart dimming feature that adjusts the screen based on the brightness of the room. It has four HDMI ports and a PC port, making it capable as both a home entertainment display and a computer monitor. What's missing? There's no 3D support, and the max 720p resolution is lower than the 1080p standard for larger screens, but at this size, it's not a problem. Also, the screen's refresh rate is just 60Hz,?though we often recommend disabling 120Hz and higher "motion" modes anyway.

Performance
We test HDTV picture quality with a chromameter and the DisplayMate test pattern software. After performing simple brightness and contrast calibrations, the 32SL415U showed remarkable brightness and surprisingly good darkness. White levels had a solid 368.88 cd/m{{sup}}2{{/sup}} peak luminance. Black levels reached a respectable 0.02 cd/m{{sup}}2{{/sup}}?for a contrast ratio of 18,444:1, impressive for a small, inexpensive screen. The only problem: Once you get more than 15 degrees off-axis, black levels shoot up and shadow details blow out. This isn't a problem for watching the HDTV on a couch, but if you're going to watch it from the sidelines or host a big party, be aware not everyone will see the best picture. Colors were generally accurate without much calibration, but reds ran slightly cool and blues ran slightly warm. If you want to tweak the colors, the HDTV has a selection of advanced color settings. Even if you get the settings just right, remember they'll still look off if you watch the HDTV from an angle.

Though it is a 720p set, the picture is very good. I watched The Mechanic on Blu-ray, and the 32SL415U showed rapid action sequences with little blur or stuttering. While black levels are satisfyingly dark, the lower resolution combined with the off-axis viewing issues to obscure shadow details on occasion. Bright sequences, like the trailer for Battle: Los Angeles, were satisfyingly sharp considering the lower resolution. The HDTV might have benefitted from a 1080p resolution (and, strangely, the 24-inch version of the TV is 1080p), but it still manages to be attractive and smooth.

According to our power tests, the 32SL415U consumes an average of 57 watts under normal viewing conditions, with darker scenes dipping to 25 watts and few spikes higher than 60 watts. This is good for a small HDTV, but it doesn't reach the energy efficiency of the 40-inch Panasonic TC-L42D30's ($1,049.99, 3.5 stars) 36 watts.

At almost $600 for a 32-inch 720p screen, the Toshiba 32SL415U is a little expensive. However, its built-in Wi-Fi and generous set of online services help justify the price. And its four HDMI ports make it capable of handling whatever you need to connect to it, and its picture is top-notch, if you sit front and center. It has all the connectivity of the 42-inch Insignia NS-42E859A11 ($699.99, 3 stars) without the clunky interface or notable light bloom. If you can spend a bit more than usual?for a smaller screen, consider the 32SL415U.?

More HDTV reviews:

??? Toshiba 32SL415U
??? Sony NSX-32GT1 (Google TV)
??? Sony Bravia XBR-55HX929
??? Mitsubishi WD-73840
??? Panasonic TC-L42D30
?? more

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This 1.8-Ton WW2 Bomb Could Have Destroyed a German City Today [Weapons]

45,000 people had to be evacuated after two extremely dangerous bombs were found in the Rhine River, 65 years after they were dropped by British and American planes. More »

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/e-tO4ermny4/this-18+ton-ww2-bomb-could-have-destroyed-a-german-city-today

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Aggressive labor stance threatens Pilbara expansion: Rio Tinto (Reuters)

SYDNEY (Reuters) ? Rio Tinto (RIO.L)(RIO.AX)chief executive Tom Albanese said an "aggressive" stance by unions, high labor costs and a potential downturn in world prices threaten plans for vast expansion of its key Australian iron ore operations.

Albanese also said that he would lobby Canada to ensure the Anglo-Australian miner was the operator of the planned Roughrider uranium project in Saskatchewan province, despite legal hurdles, after its successful bid for uranium prospector Hathor(HAT.TO).

Speaking to the Australian Broadcasting Corporation in an interview broadcast on Sunday, Albanese said he would like to see Rio Tinto's giant operations in the Pilbara region of Western Australia reach 450 million tons of ore annually, double current production of 225 million tons.

However, Albanese said that with expanding iron ore operations around the world, assumptions that the floor price would not go much below $120 a ton might be valid next year but not long beyond that.

"Our Pilbara business is designed to operate well and stay profitable in the 120 range," Albanese told Inside Business. "Again, what we have to do is we have to control cost pressure. I think the one thing I'm concerned about is that our cost pressures in the Pilbara, our cost pressures in Australia are quite a bit higher than cost pressures anywhere else in the world."

The Rio Tinto chief said "militant type relationships" with unions could reduce performance, with productivity already compounded by the ongoing need to attract people to more remote areas.

Albanese said there were plans to expand production in the Pilbara and he would like to see it expand even beyond 450 million tons, but "all the other pieces have to be in place."

The Rio Tinto chief also said he would be lobbying the Canadian government and Saskatchewan provincial government to ensure Rio Tinto was the operator of the planned Roughrider uranium project following its C$654 million ($643 million) takeover of Hathor.

Current Canadian law restricts foreign companies to a 49 percent stake of an operating uranium mine. There have been suggestions Rio Tinto would need to find a domestic partner before it could start up the Roughrider project in Saskatchewan's uranium-rich Athabasca basin.

(Editing by Nick Macfie)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20111204/bs_nm/us_australia_mining

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Alexa Chung Brings the Drama on '24 Hour Catwalk'

People StyleWatch:

Snarky comments, tons of tension ? and live snakes? This isn't Project Runway, it's 24 Hour Catwalk, Lifetime's newest fashion design series, hosted by model Alexa Chung.

Read the whole story '; var coords = [-5, -72]; // display fb-bubble FloatingPrompt.embed(this, html, undefined, 'top', {fp_intersects:1, timeout_remove:2000,ignore_arrow: true, width:236, add_xy:coords, class_name: 'clear-overlay'}); });

Source: http://www.huffingtonpost.com/2011/12/01/alexa-chung-24-hour-catwalk_n_1123687.html

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No number yet on boost to IMF from eurozone central banks (Reuters)

BRUSSELS (Reuters) ? Talks on the size of loans from euro zone national central banks to the International Monetary Fund are starting at a technical level after euro zone finance ministers gave the green light to explore the idea last Tuesday, officials said on Saturday.

Euro zone finance ministers agreed on Tuesday to rapidly explore boosting the resources of the IMF through bilateral loans, so that the Fund can match the new firepower of the euro zone bailout fund, which is being leveraged.

"No amount has been discussed at the political level," one senior euro zone official involved in the talks said.

"Discussions are only starting at the technical level, so right now any number is pure speculation," the official said.

The euro zone wants to boost IMF resources so that the fund could provide a credible backstop should the euro zone's third and fourth largest economies of Italy and Spain be cut off from the markets and need a multi-year emergency loan program.

Euro zone officials have offered various guesses on the possible size of loans to the IMF, ranging from "significantly less than 100 billion euros" to "several hundred billion euros."

"Work on this is still going on. It is premature to talk about numbers," a second euro zone official familiar with the talks said. Two other euro zone officials confirmed no amounts have been discussed yet.

The euro zone's bailout fund, the European Financial Stability Facility (EFSF), has uncommitted resources of around 250 billion euros, while the IMF's lending capacity now is around $380 billion (283 billion euros).

MULTIPLYING FIREPOWER

Depending on investor interest in the two leveraging options approved on Tuesday for the EFSF by euro zone ministers, the fund could multiply its firepower several times -- although it is expected to be short of the four times leverage envisaged six weeks ago because of rapidly deteriorating market conditions.

If IMF resources were to be increased to "adequately match" the EFSF, as the Eurogroup chairman Jean-Claude Juncker said after euro zone ministers met on Tuesday, the aim could be to multiply the funds several times as well.

The EFSF alone could not handle a Spain or Italy bailout now. Even if it joined forces with the IMF at the IMF's current lending capacity, it might still not be enough. The only institution with adequate firepower is the European Central Bank.

Because the ECB is not a member of the IMF, but euro zone countries are, it would be through national central banks of the euro zone that the increase of resources to the IMF would take place, euro zone officials said.

The money could be either put in the IMF's general revenue account or a special trust fund for the euro zone only. The advantage of the general account would be that all IMF members would be liable for the repayment of the loans.

The special trust fund, on the other hand, would be able to intervene on the secondary markets, for example.

Euro zone officials hope that emerging market economies like China, Russia, Brazil and Saudi Arabia would participate with their own cash in the resource increase.

"It remains to be seen how exactly that could be done, but of course the more participation the better," a third euro zone official said.

Euro zone officials said that a decision to increase IMF resources, while already heralded by an agreement at the G20 summit in Cannes to explore it, could be made at the next meeting of G20 finance ministers in Mexico in February.

(Additional reporting by Ilona Wissenbach; Editing by Mark Heinrich)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20111203/bs_nm/us_eurozone_imf_resources

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