Are We Regulating Ourselves Back Into Recession?

"Let us put an end to self-inflicted wounds," President Gerald Ford told Congress in 1975. "And let us remember that our national unity is a most priceless asset." While Ford was talking about the scars from the Vietnam War, his words seem relevant today. Our nation grapples with not one divisive issue, but a basket of them, each pulling and undermining our already battered confidence, while testing our resolve and straining the limits of logic.
What are we doing to ourselves, America?
In just two short weeks, instead of closing the books after a bruising election, we've not only kept the rancor alive but have doubled down on it. In this morning's papers alone, I easily counted a dozen different areas of discourse before growing tired of it all. As my colleague Mike Santoli and I discuss in the attached video, with so much going on — and with so much wrong — is it any wonder stocks are moving in reverse at a fast clip since the second quarter correction.
"It feels like a particularly heavy round of one of these anti-business — or at least calling business to task — moments," Santoli says in the face of my long and growing list of negatives, which include higher taxes, the fiscal cliff, the Benghazi aftermath, turnover at the CIA, federal probes of FedEx and UPS over mail-order medicine, BP's record fine, further investigation into banks for money laundering, as well as another round of mandatory stress testing.
Before you go off and call me some kind of zero-regulation advocate or pessimist, all I am saying is that it strikes me as slightly counterproductive to be building up and and tearing down the banks at the same time. And Santoli seems to agree, saying that it is alarming to see how much banks have to spend on compliance, legal and regulatory issues, calling it a "massive weight."
As much as we had recently been gaining some degree of comfort over the economy, housing and jobs, it suddenly seems as if we're doing everything wrong.
''Is it ever going to be a good time to cinch up tax rates?" Santoli questions. Obviously the answer is no, and yet the markets cling to the belief that our elected officials will break ranks and reach some sort of last-minute grand bargain solution.
Maybe I am just being cynical, but I am of the mind that no major changes will emerge without first going through a period of calamity. Santoli is a smidge more optimistic, however, clinging to a ''residual hope'' that the President has a ''Nixon-to-China moment" and that his second term is not about fighting individual, ideological fight. "That is the distant hope you have to hold," he says.
How about you? Have you given up hope in the face of so much negativity?

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Earnings from McDonald's, Microsoft sink stocks

NEW YORK (AP) -- Poor earnings reports from three companies in the Dow Jones industrial average — Microsoft, General Electric and McDonalds — sent indexes down sharply Friday, marking a sour end to an otherwise strong week in the stock market.
McDonald's led a broad drop in the Dow, falling 3 percent. The Dow was down 151 points at 13,397 shortly after noon.
"I'm concerned about corporate earnings, but I'm not alarmed yet," said Doug Cote, chief market strategist at ING Investment Management in New York.
Cote cautions that it's still early in reporting season, but what's worrying is that companies have reported an overall drop in earnings so far. "And once you get one quarter of negative earnings, it's a precursor," he said. "It's the cockroach theory: if you find one, there's probably many more."
The Standard & Poor's 500 sank 17 points to 1,440 and the Nasdaq composite dropped 52 points to 3,020. All 10 industry groups in the S&P 500 fell, led by materials and technology stocks.
McDonald's profit sank as a strong dollar hurt international results, which account for two-thirds of its business. The fast-food giant's stock lost $3.51 to $89.35.
Microsoft's income fell 22 percent as PC sales took a dive and as troubles in Europe took their toll. Its stock lost 67 cents to $28.82.
General Electric, another economic bellwether, fell 3 percent. The company reported stronger profits early Friday but its revenue missed Wall Street's expectations. Orders for new equipment and services sank, mainly because wind turbine orders have fallen because a key U.S. federal subsidy for wind power expires at the end of the year.
GE's stock lost 60 cents to $22.21.
Analysts currently expect companies in the S&P 500 to post their worst earnings results since the third quarter of 2009, according to S&P Capital IQ. Banks and consumer discretionary companies are projected to report the best growth. Analysts expect companies dealing in metals and other materials to report the worst results, followed by energy companies.
But it's technology companies like IBM, Intel and Google whose weak results have grabbed the most attention so far.
Weak earnings from Google and a rise in claims for unemployment benefits helped pull the stock market lower Thursday. That snapped a four-day run of gains for the Dow. Google fell again Friday, giving up $14.14 to $680.86.
The Dow is still up 0.6 percent for the week. The S&P 500 up is up 0.8 percent.
In other Friday trading, the yield on the 10-year Treasury note slipped to 1.77 percent from 1.83 percent late Thursday.
Among other stocks making big moves, Chipotle Mexican Grill plunged 14 percent after the burrito chain forecast that revenue growth would slow sharply next year. The stock had been a favorite among investors thanks to super-fast growth in recent years. The stock fell $41.32 to $244.61.

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Judge asks Hostess to mediate with union

WHITE PLAINS, N.Y. (AP) -- Twinkies won't die that easily after all.
Hostess Brands Inc. and its second largest union will go into mediation to try and resolve their differences, meaning the company won't go out of business just yet. The news came Monday after Hostess moved to liquidate and sell off its assets in bankruptcy court citing a crippling strike last week.
The bankruptcy judge hearing the case said Monday that the parties haven't gone through the critical step of mediation and asked the lawyer for the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, which has been on strike since Nov. 9, to ask his client, who wasn't present, if the union would agree to participate. The judge noted that the bakery union, which represents about 30 percent of Hostess workers, went on strike after rejecting the company's latest contract offer, even though it never filed an objection to it.
"Many people, myself included, have serious questions as to the logic behind this strike," said Judge Robert Drain, who heard the case in the U.S. Bankruptcy Court in the Southern District of New York in White Plains, N.Y. "Not to have gone through that step leaves a huge question mark in this case."
Hostess and the union agreed to mediation talks, which are expected to begin the process on Tuesday.
In an interview after the hearing on Monday, CEO Gregory Rayburn said that the two parties will have to agree to contract terms within 24 hours of the Tuesday since it is costing $1 million a day in overhead costs to wind down operations. But even if a contract agreement is reached, it is not clear if all 33 Hostess plants will go back to being operational.
"We didn't think we had a runway, but the judge just created a 24-hour runway," for the two parties to come to an agreement, Rayburn said.
Hostess, weighed down by debt, management turmoil, rising labor costs and the changing tastes of America, decided on Friday that it no longer could make it through a conventional Chapter 11 bankruptcy restructuring. Instead, the company, which is based in Irving, Texas, asked the court for permission to sell assets and go out of business.
It's not the sequence of events that the maker of Twinkies, Ding Dongs and Ho Ho's envisioned when it filed for bankruptcy in January, its second Chapter 11 filing in less than a decade. The company, who said that it was saddled with costs related to its unionized workforce, had hoped to emerge with stronger financials. It brought on Rayburn as a restructuring expert and was working to renegotiate its contract with labor unions.
But Rayburn wasn't able to reach a deal with the bakery union. The company, which had been contributing $100 million a year in pension costs for workers, offered workers a new contract that would've slashed that to $25 million a year, in addition to wage cuts and a 17 percent reduction in health benefits. But the bakery union decided to strike.
By that time, the company had reached a contract agreement with its largest union, the International Brotherhood of Teamsters, which urged the bakery union to hold a secret ballot on whether to continue striking. Although many bakery workers decided to cross picket lines this week, Hostess said it wasn't enough to keep operations at normal levels.
Rayburn said that Hostess was already operating on razor thin margins and that the strike was the final blow. The company's announcement on Friday that it would move to liquidate prompted people across the country to rush to stores and stock up on their favorite Hostess treats. Many businesses reported selling out of Twinkies within hours and the spongy yellow cakes turned up for sale online for hundreds of dollars.
Even if Hostess goes out of business, its popular brands will likely find a second life after being snapped up by buyers. The company says several potential buyers have expressed interest in the brands. Although Hostess' sales have been declining in recent years, the company still does about $2.5 billion in business each year. Twinkies along brought in $68 million so far this year.

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Neah Power Systems Issues Letter to Shareholder Highlighting Recent Developments

Neah Power continues its aggressive efforts to commercialize proprietary patented fuel cell technology – the PowerchipTM product and the PowerPlay™ product - that has the potential to revolutionize the energy storage marketplace.

Bothell, WA (PRWEB) January 07, 2013
Neah Power Systems, Inc., (OTCBB: NPWZ) http://www.neahpower.com, a developer of power solutions using proprietary, award winning technology for the military, transportation, and portable electronic devices, issued a letter to shareholders highlighting recent developments as part of its ongoing communication plan.
Neah Power continues its aggressive efforts to commercialize proprietary and patented fuel cell technology. The Powerchip™ product and the PowerPlay™ product have the potential to revolutionize the energy storage marketplace.
"Over $50 million has gone into the Company, and we are starting to see the benefits," said Dr. Chris D’Couto, CEO. He continued to say “The company recently introduced PowerPlay™ technology that leverages some key components of the Powerchip™ technology to build a low-cost, consumer-oriented product.” Some of the key recent developments giving rise to an optimistic future include:

Product shipment to a Fortune 150 defense contractor
Continued licensing discussions with a foreign Defense entity
Scope of work and commercial proposal for a large aerospace company
Verified interest in off-grid power solutions
Various consumer and telecommunications applications of the PowerPlay™ technology
Various grant proposals jointly submitted by the company and its customers
Please visit http://www.neahpower.com to view the detailed Letter to Shareholders and view the corporate video ‘About Neah Power Systems’ which is a very informative overview of the Company and the Powerchip™ and PowerPlay™ technologies. The company continues to be optimistic about opportunities, and advise readers to review publically available information on annual report 10-K recently filed.
About Neah Power

Neah Power Systems, Inc. (NPWZ.OB) is a developer of long-lasting, efficient and safe power solutions for the military, transportation, and portable electronics applications. Neah uses a unique, patented and award winning, silicon-based design for its PowerchipTM and PowerPlay™ micro fuel cells that enable higher power densities, lower cost and compact form-factors. Previous awards include the 2012 ZINO Green finalist, the 2010 WTIA finalist, and 2010 Best of What’s NewTM Popular Science and other awards. The Company’s micro fuel cell system can run in aerobic and anaerobic modes.
Further Company information can be found at http://www.neahpower.com.

________________________________________
Forward-Looking Statements

Certain of the statements contained herein may be, within the meaning of the federal securities laws, "forward-looking statements," which are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. See Neah Power System’s Form 10-K for the fiscal year ended September 30, 2011 and its Quarterly Reports on Form 10-Q filed with the SEC during fiscal 2012 for a discussion of such risks, uncertainties and other factors. These forward-looking statements are based on management's expectations as of the date hereof, and the Company does not undertake any responsibility to update any of these statements in the future.

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OnFarm Released for Growers, First to Integrate Fixed Field Agriculture Information

OnFarm, the first company to integrate field, cloud, and activity information into a single agriculture dashboard has been released for customers.

Fresno, CA (PRWEB) January 07, 2013
OnFarm represents a fundamental shift in the way farmers run their operations. By putting critical information at their fingertips, OnFarm gives farmers a competitive edge in the global marketplace.
OnFarm enables a farmer to see real-time growing conditions, soil moisture, pesticides, field conditions, weather, and other vital information on their PC, tablet, or smartphone. Armed with this information, growers can better plan their day, manage their costs, and increase their production. OnFarm is collaborative and allows farmers to share their information with ranch managers, irrigators, field staff, and agricultural consultants.
OnFarm has partnerships with several leading agriculture companies to integrate data. Farmers with information from Agrian, McCrometer, Adcon, Decagon, Irrometer, Banner, or C3 can access their data in OnFarm. The OnFarm integrated dashboard can significantly improve the decision making process throughout the entire farming operation, a major advantage for today’s farmers.
Growers interested in how OnFarm can benefit their operation should contact 559-483-9508 or sales(at)onfarmsystems(dot)com.

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SB-Tickets.com Announces Super Bowl Ticket and Hotel Availability Leading Up To The Championship Games

In approximately 2 weeks, following the conference championship games the site will begin to list specific seating arrangement including section and row to give customers a concrete location when making their purchase.

New Orleans, LA (PRWEB) January 07, 2013
SB-Tickets.com a leading Super Bowl ticket marketplace is conducting heavy preparations for this year’s game in New Orleans. The 2013 Super Bowl is taking place on February 3, 2013 at the Mercedes-Benz Superdome on Sugar Bowl Drive. This year Super Bowl week is falling in between two weeks of Mardi Gras, meaning all the party atmosphere will be lingering around from the first week of celebrations and you are guaranteed to have a good time.
With a slim amount of hotel accommodations directly assessable to fans and all of which are miles and miles away from the stadium, SB-Tickets.com is continually looking for new affordable housing options through its existing network of vendors and immediately listings those options for sale on their website. Currently they have several options inside the French Quarter, Warehouse/Arts District and near the international airport.
In approximately 2 weeks, following the conference championship games the site will begin to list specific seating arrangement including section and row to give customers a concrete location when making their purchase. Up until now, all ticket locations are sold in zones, which guarantee purchasers specific area in the dome but not a specific section or row. http://www.sb-tickets.com/ will be increasing their staff and hours of operation to handle the call volume and phone orders being placed following those games.
SB-Tickets.com is also announcing their Official Party Calendar, and easy to use guide that displays all parties taking place Super Bowl week. Once on their calendar you can hover over each party, get a quick description and if you like what you read, click the party for complete details of that event. Events taking place Thursday thru Sunday are currently for sale including red carpet parties, tailgate and pre-game events.
About SB-Tickets.com
SB-Tickets.com gives you first hand access to Super Bowl tickets, hotel accommodations and exclusive parties and special events occurring Super Bowl week. Their mission is to provide exceptional customer service and support that goes above the norm to create an unforgettable experience for their clients. In addition their hospitality division caters to corporate clients looking to drive sales, close business deals and offer performance incentives. SB-Tickets.com can provide your company with block hotel rooms, group tickets, private luxury suite rentals, arrange ground transportation, book private jets, hire celebrity speakers and coordinate your entire corporate event so that you can focus on what is most important; your day to day operations.

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State tax revenues continue growing in third quarter

WASHINGTON (Reuters) - State tax revenues have grown for more than two years, but they are still suffering the effects of the 2007-2009 recession, according to a report released by the Rockefeller Institute of Government on Thursday.
Using preliminary data, the New York research group found that collection from major taxes increased in 47 states in the third quarter of 2012 from a year before, marking the 11th straight increase.
The recession caused states' revenues to plummet to lows not seen in decades over the course of five quarters. That forced almost all states to make emergency spending cuts, raise taxes, borrow and turn to the federal government for help just as the newly jobless and homeless increased demand for their services.
While revenues have been growing, the increases have been small. According to the institute, revenues "are still far below where they would have been in the absence of the Great Recession." Moreover, when adjusted for inflation, revenues are 5 percent below the peaks they reached in fiscal 2008, the last year before the recession devastated their budgets.
Rockefeller found that personal income tax collections were up 4.5 percent in the quarter ending in September, and sales taxes grew 3.1 percent. Corporate income taxes, which provide only a sliver of revenues, fell 0.5 percent.
In the third quarter of 2011, personal income tax collections surged 10.2 percent.
Delaware had the largest increases in overall tax collections in the third quarter, 11.7 percent, followed by Colorado, 10.3 percent.

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Muni tax break under threat from bipartisan scrutiny in congress

WASHINGTON (Reuters) - The tax break that U.S. states, cities and counties get on the bonds they issue is in growing jeopardy now that Republicans, in addition to Democrats, are considering limits on the exemption.
As part of the "fiscal cliff" negotiations to raise more federal government tax revenue, Republican lawmakers have joined Democrats in reevaluating the costly tax break, said Republican congressional aides and lobbyists.
Municipal bonds issued by states and localities are a $3.7 trillion U.S. market underpinned by a law that exempts their interest income from taxation. This allows states and localities to tap capital markets more cheaply than private-sector borrowers such as banks and corporations.
"The muni bond exemption is on the table, not only during tax reform, but also during the 'fiscal cliff,'" said Mike Nicholas of the Bond Dealers of America, a lobbying group for fixed-income securities dealers and banks.
That the tax break - deeply embedded in the economy and vital to state and local governments - would draw the interest of Republicans shows how far Washington has come in a short time in considering potentially dramatic tax-and-spending changes.
As the United States grapples with a huge budget deficit and a complex tax code that has not been revamped in 26 years, even once politically untouchable tax breaks are being questioned.
The "fiscal cliff" refers to sharp tax increases and spending cuts that take effect in 18 days unless Congress intervenes soon.
Some lawmakers from both parties are calling for a comprehensive tax code overhaul in 2013 and groups concerned with the muni bond exemption are worried.
"We have not felt this threat level being this real in a long time," said David Parkhurst, legislative director with the National Governors Association, which represents the leaders of U.S. states that rely heavily on the muni bond tax exemption.
SUBSIDIZING STATES, LOCALITIES
The exemption benefits bond investors on one side of the market and state and local governments on the other. Effectively a subsidy for states and localities, the muni exemption cost U.S. taxpayers about $26.2 billion in 2011.
President Barack Obama in 2011 included the exemption among items subject to his proposed 28-percent cap on deductions and other tax breaks for individuals earning more than $200,000.
That proposal alarmed muni bond issuers and investors, who were already on edge because of a proposal to kill the exemption entirely in 2010's Simpson-Bowles deficit reduction plan.
Now, Republicans are rethinking their traditional reluctance to tinker with muni bonds, largely because they want to find ways to increase federal revenues without raising tax rates.
Phasing out the muni bond tax break for individual taxpayers earning more than $200,000 could raise about $10 billion a year - or about $100 billion over a decade - Republican aides said.
In the fight over the "fiscal cliff," Republicans hope to refute Obama's argument that real deficit reduction cannot be achieved without raising tax rates on high-income Americans.
Senator Orrin Hatch, the top Republican on the Senate Finance Committee, said tax breaks of all sorts need to be weighed in the effort to raise revenue and cut the deficit, but that "they are not easy to get rid of."
FROM STATES TO SCHOOLS
New issuance of tax-exempt bonds is expected to hit about $400 billion in 2013, up from about $370 billion this year, according to investment bank Loop Capital Markets LLC.
Jurisdictions that issue tax-exempt bonds range from states to cities, counties and school districts. They defend the bonds as vital to transportation, infrastructure and other public projects, which would be threatened by an exemption roll-back.
"It certainly couldn't come at a worse time," New York State Comptroller Thomas DiNapoli told Reuters last week, referring to the devastation the region suffered during Hurricane Sandy.
"Even before the storm, we had tremendous infrastructure needs that localities were trying to address and now we're going to have even more."
It is unclear exactly what sort of limitations Republicans have in mind. The Obama proposal would apply to all bond issues.
Citigroup Inc muni bond strategist George Friedlander has estimated that Obama's cap, if enacted, would raise state and local government borrowing costs.
The "fiscal cliff" talks and a possible tax code overhaul next year pose "a clear and present danger" for muni bond issuers and investors, Friedlander said in a recent research report.

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Boehner plan would bring top U.S. income tax rate to 39.6 percent: source

WASHINGTON (Reuters) - House of Representatives Speaker John Boehner's latest "fiscal cliff" proposal to President Barack Obama would see the top income tax rates rise to 39.6 percent from 35 percent for those with net incomes above $1 million a year, according to a source familiar with the talks.
The source, who asked not to be identified, emphasized that the income tax rate increase would be in exchange for "significant entitlement reforms/spending cuts." Entitlement programs include Medicare and Medicaid healthcare for the elderly and poor and Social Security retirement benefits.
The White House has not accepted Boehner's proposal, according to another source. Under current law, the top tax rate is scheduled to rise to 39.6 percent on January 1, unless Congress extends the current 35 percent, as Republicans had been urging.

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House Republicans eye limited fiscal cliff bill

WASHINGTON (Reuters) - With time running short before a Dec. 31 deadline, House of Representatives Speaker John Boehner will begin work on legislation that simply would extend current low income tax rates for all families with incomes below $1 million a year, according to an aide.
Negotiations will continue with the White House on a broader tax and spending deal, the Boehner aide said.
Boehner is presenting the plan to rank-and-file Republicans in a closed-door session.
On January 1, income tax increases for most Americans will begin unless Congress acts.
Last July, the Democratic-controlled Senate passed a bill to extend the current low rates for all families with net incomes below $250,000 a year. The House Republican proposal, if passed by the House, would require agreement by the Senate or force a round of negotiations on a compromise between the two chambers.
In excerpts of remarks Boehner was delivering to his Republican members Tuesday morning, the speaker complained that "the White House just can't seem to bring itself to agree to a 'balanced' approach" to deficit-reduction in negotiations. At the same time, Boehner said Republicans were "leaving the door wide open for something better" than just the limited extension of current low tax rates for most Americans.
"Current law has tax rates going up on everyone January 1. The question for us is real simple: How do we stop as many of those rate hikes as possible?" Boehner said.
For months, Democrats have been urging House Republicans to pass a bill protecting middle-class taxpayers from a January 1 rate increase.

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Senator Reid rejects Boehner "fiscal cliff" backup plan

WASHINGTON (Reuters) - House Speaker John Boehner's backup plan that would simply extend low income tax rates for households with incomes below $1 million a year "cannot pass both houses of Congress," Senate Majority Leader Harry Reid said on Tuesday.
Reid, a Democrat, said Boehner instead should focus on reaching a broad deficit-reduction deal with President Barack Obama. "Now is the time to show leadership, not kick the can down the road," Reid said.
Last July, Reid's Democrats passed a bill in the Senate that would have continued low tax rates, which are set to expire on December 31, for families with net incomes below $250,000.

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LG unveils gorgeous new HDTV models with Google TV 3.0

Google TV 1.0 and Google TV 2.0 haven’t drawn much attention in the marketplace at this point, but that won’t stop Google TV 3.0-packing HDTVs from swarming the Consumer Electronics Show in Las Vega, Nevada next month. LG (066570) is among the first to take the wraps off of new televisions with the third major iteration of Google’s (GOOG) software baked in, and it will be bringing 42-, 47-, 50-, 55- and 60-inch models to CES 2013 next month.
[More from BGR: Sprint salesman refuses to sell iPhone to customer, says his ‘fingers are too fat’ to use it]
Split into two lines — GA7900 and GA6400 — the sets feature ultra-thin bezels surrounding LG’s vivid display panels along with a new stand, integrated OnLive gaming and a redesigned Magic Remote with an integrated QWERTY keypad.
[More from BGR: First photos of BlackBerry 10 ‘N-Series’ QWERTY smartphone leak]
“LG is committed to providing diverse home entertainment options that offer the most satisfying user experience and the latest LG Smart TVs with Google TV do just that,” CEO of LG Electronics’ home entertainment business Havis Kwon said. “They deliver a stellar user experience by merging the latest Google TV platform with LG’s proven Smart TV technology. The result is a comprehensive system that is groundbreaking in its simplicity.”
LG’s full press release follows below.
LG Expands Google TV Line-Up For 2013
To Be Introduced at CES 2013, Seven New Models to Offer Most User-friendly Way to Search and Discover Amazing Content
ENGLEWOOD CLIFFS, N.J., Dec. 24, 2012 /PRNewswire/ – Building on the success of its Smart TVs with Google TV, LG Electronics (LG) is expanding its 2013 Google TV lineup to seven models in five screen sizes for 2013 – including premium models featuring LG’s popular CINEMA SCREEN design, the company announced today.
The extended LG Google TV lineup, which will be officially introduced at next month’s 2013 International CES® in Las Vegas, encompasses two model series (GA7900 and GA6400) designed to deliver an outstandingly intuitive user experience, various sizes and new design to better meet consumers’ expectations.
Google’s latest platform and LG’s redesigned Magic Qwerty Remote work together to enhance the effectiveness of Voice Search and the PrimeTime quick guide. The updated Home Dashboard also adds to the user experience by offering convenient, streamlined access to premium video on-demand, such as HBO GO, content from YouTube and more apps*. Discovering exciting new content from the rich pool of choices available on LG Google TV has never been easier. Additionally, the premium models will incorporate LG’s advanced CINEMA SCREEN design for an undeniably sleek and modern finish.
“LG is committed to providing diverse home entertainment options that offer the most satisfying user experience and the latest LG Smart TVs with Google TV do just that,” said Havis Kwon, President and CEO of the LG Electronics Home Entertainment Company. “They deliver a stellar user experience by merging the latest Google TV platform with LG’s proven Smart TV technology. The result is a comprehensive system that is groundbreaking in its simplicity.”
LG Google TV aims to redefine the user experience. The new Home Dashboard offers varied types of “cards” that act as folders to display apps and other content. The new “My Interest” Card can even display useful information including real-time weather and customizable news.
The entire user interface can be navigated using the redesigned Magic Qwerty Remote, which combines a complete keyboard with the convenient benefits of the Magic Remote’s point-and-click control. The enhanced natural language recognition incorporated in the revamped remote is a perfect match with Google’s outstanding search functionality so that broadcast TV or Internet content can be found with only one vocal command. Consumers can use search terms like “romantic comedy” to get results.  Consumers can also tell it to switch to a specific channel number, station or website with one voice command, eliminating extra scrolling and controller clicking. The overall voice-based capabilities multiply the effectiveness of the PrimeTime quick guide to provide an ultimate user experience and make browsing through the more than 100,000 available movies and TV episodes on LG Google TV a breeze.
The LG Smart TV with Google TV offers superb connectivity options and can connect to a variety of devices wirelessly. The latest YouTube app update for Android, smart phones and tablets can be automatically paired with Google TV over the same home network via Wi-Fi, making it easy to send videos from your device to your TV with just the touch of one button.  Gamers will be pleased to know that LG Google TV will offer the OnLive® app pre-installed, which transforms the TV into an incredible gaming platform without the need for a separate console. The app makes hundreds of high quality video games available instantly from the cloud.
The embedded dual core CPU enables easy menu navigation, fast Internet browsing and video streaming. The additional processor power allows the TruPicture XD Engine to process images more quickly and precisely, resulting in richer colors, deeper contrast and greater overall picture clarity. Also offering CINEMA 3D TV functionality, the LG Google TV employs FPR technology to give movie buffs and gamers a great 3D effect.
The GA6400 series will be available in 42-, 47-, 50-, 55- and 60-inch class screen sizes (42.0-, 47.0-, 50.0-, 55.6- and 59.8-inch diagonals, respectively).  LG applied its CINEMA SCREEN design to its 2013 premium GA7900 series (47- and 55-inch class screen sizes) to offer a sleek, modern look for discerning consumers who want the Google experience, but don’t want to sacrifice on aesthetics. This design further minimizes width of the bezel, giving the TV a streamlined appearance while creating the impression of a borderless display. Along with the LG Google TV’s unique stand design, it integrates perfectly with interior design of a living room.
*Smart TV devices include HDTVs, Blu-ray Disc Players and Network Home Theater Systems. Internet connection and certain subscriptions required and sold separately. Content and services vary by product and are subject to change without notice.
*For a small percentage of the population, the viewing of stereoscopic 3D video may cause discomfort such as dizziness or nausea. If you experience any of these symptoms, discontinue using the 3D functionality and contact your health care provider.
*Designs, features and specifications subject to change without notice.

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Ind. taxpayers to see $111 credit from surplus

Indiana taxpayers will receive a $111 credit on their state income tax returns next year as the state distributes part of its budget surplus.
Gov. Mitch Daniels on Wednesday announced the credit that will be $222 for couples filing joint returns. The credit represents the automatic taxpayer refund plan that Daniels pushed through the state Legislature last year.
That refund kicked with the state's reserves reaching about $2.1 billion. The governor's office says about $360 million will go toward the tax credits, with another $360 million to the state's pension liabilities.
Daniels says including the credit on tax returns is simpler and less expensive than mailing out additional checks.
Critics argue that Daniels created the surplus by cutting money for public schools, the child welfare agency and other important services.

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Lawmakers urged to resolve property tax inequities

 County and real estate officials urged the Legislature on Wednesday to deal with a thorny problem of property tax inequities among New Mexico homeowners, also known as "tax lightning," when taxes skyrocket on some residential property.
At issue are widely varying valuations of residential property for tax purposes and continuing fallout from a more than decade-old law intended to protect longtime homeowners in communities such as Santa Fe when market prices — and potentially property tax bills — were rising dramatically.
Several county officials told a legislative committee it's a good time for lawmakers to resolve the property tax problem because recent market declines will ease some of the needed valuation changes.
The goal is to equalize valuations of residential property — ensuring that New Mexicans pay their fair share of property taxes — but minimize the tax increases for those whose homes are assessed for tax purposes at well below market prices.
Under a law that took effect in 2001, property values can climb only 3 percent a year for tax purposes. However, that doesn't apply when a home changes hands. New homeowners can be hit by "tax lightning" and their property taxes are much higher than their neighbors whose houses are covered by the 3 percent annual cap.
A homeowner's property tax bill depends upon local tax rates as well as the taxable valuation of their property.
San Juan County Assessor Clyde Ward outlined a proposal to a legislative committee to update the assessed valuation of most homes to 90 percent of market values. However, there would be limits on the valuation increases for certain people, including those who've lived in their homes at least 10 years.
He estimated that one-third of the homes in New Mexico were valued at less than 80 percent of market values.
The proposal was developed by a task force assembled by the Realtors Association of New Mexico. Among those who participated were county assessors, the New Mexico Association of Counties, a legislator who leads a tax committee and officials from budget and tax agencies in Gov. Susana Martinez's administration.
Ward and Gary Perez, Santa Fe County deputy assessor, acknowledged that some New Mexicans will face property tax increases but said the proposal softens the impact.
"It's not a win-win situation," said Ward. "We're going to have a near-win, near-win situation because there is no way we can rip this off after so many years of the cap being in place. We have to have some sort of adjustment."
The effect of the proposal would vary widely from county to county. Only about 10 percent of homes in Santa Fe are below 90 percent of market value, according to Perez.
In the Albuquerque area, however, there are some homes at about 40 percent of market value, lawmakers were told.
Sen. Peter Wirth, D-Santa Fe, expressed concern that the proposal could cause large tax increases if property valuations jump by as much as 40 percent for some homeowners.
"How is that not going to result in a displacement situation where someone simply can't afford to pay those taxes?" Wirth asked.
County officials said there are protections in current law, including a freeze on valuations for low-income and elderly taxpayers. They also emphasized that all homeowners potentially suffer from higher tax rates when property valuations are artificially low. If property valuations are equalized, they said, there's a broader tax base and rates potentially may go down under the state's "yield control" law that's supposed to prevent large revenue spikes for government simply from a property revaluation.

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Exclusive: India's fiscal deficit could reach 5.5-5.6 percent of GDP in 2012/13 - source

 India's fiscal deficit could reach 5.5-5.6 percent of GDP in the current fiscal year that ends in March, forcing the government to borrow up to 400 billion rupees ($7.2 billion) extra from the market, a senior government official told Reuters on Thursday
Just last month, subdued tax revenue and higher spending on subsidies forced the government to revise its fiscal deficit target to 5.3 percent for the current financial year from a previous target of 5.1 percent.
However, a dismal response to last week's auction of mobile phone airwaves, has cast doubts on that target.
India, which had budgeted for 400 billion rupees revenue from the auction of mobile phone airwaves, managed to raise about 94 billion rupees from an auction this month. The government plans to conduct a second auction in this financial year for the unsold airwaves.

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Consumer sentiment stalls ahead of Black Friday

 Consumer sentiment weakened in November as the holiday shopping period was getting underway amid growing uncertainty over federal tax and spending programs next year, a survey released on Wednesday showed.
The Thomson Reuters/University of Michigan's final reading on consumer sentiment came in at 82.7, a touch up from 82.6 in October but down from a preliminary reading of 84.9 released earlier this month.
It was also below the median forecast of 84.5 among economists polled by Reuters.
The softening in sentiment comes as the holiday shopping season kicks off with the so-called Black Friday shopping day after this week's Thanksgiving holiday. The period is critical for retailers, who often see their books turn from loss to profit at the end of the year.
"This holiday season might be softer than last year," said Conrad Dequadros, senior economist at RDQ Economics in New York, citing the late October storm that crippled the Northeast and the ongoing impasse in Washington over budget talks.
But Dequadros added: "Even with the pullback, we are sitting near the high of the recovery."
The main culprit behind the index's softening came in how consumers see the future. The survey's gauge of consumer expectations slipped to 77.6 from 79.0 in October and was lower than the forecast of 80.1.
"The late-month retreat was accompanied by more economic uncertainty about future federal taxes and spending programs and the inability of the political parties to reach a settlement," survey director Richard Curtin said in a statement.
The survey's barometer of current economic conditions fared better. The gauge, which measures how consumers view their present situation, rose to 90.7 from an October final reading of 88.1 and just above a forecast of 90.6.
U.S. retail sales should rise 4.1 percent this holiday season, slower growth than in the past two years as mixed economic data and political uncertainty weigh on consumers, the National Retail Federation said in October.
Peter Boockvar, a portfolio manager at Miller Tabak, said the confidence numbers in themselves are not a reliable indication of how holiday sales will shape up.
"In terms of holiday spending, confidence is a coincident indicator and thus won't tell us much about how much spending we'll see relative to the same time last year," he said in an e-mail.
The Thomson Reuters/University of Michigan survey's one-year inflation expectations were steady at 3.1 percent, while the survey's five-to-10-year inflation outlook was at 2.8 percent from 2.7 percent.

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Tanzania c/a deficit widens on higher oil import costs

DAR ES SALAAM (Reuters) - Tanzania's current account deficit increased by 13.1 percent in the year to October following a rise in imports of oil and of machinery for gas and oil exploration, its central bank said on Friday.
The deficit in east Africa's second-biggest economy, which is fast becoming a regional energy hub following recent major discoveries of natural gas in its offshore waters, widened to $3.84 billion from $3.397 billion in the year-ago period.
Oil imports surged 21.3 percent to $3.516 billion due to a rise in domestic demand.
"There was ... a substantial increase in imports of machinery associated with an increase in gas and oil exploration activities," said the central bank in its latest monthly economic review.
The country's total imports bill rose by 15.8 percent to $13.06 billion, while exports jumped by 14.9 percent to $8.43 billion from a year ago.
The central bank said gold exports, the country's top foreign exchange earner, fetched $2.17 billion in the year to October from $2.15 billion in the same period last year, reflecting an increase in gold prices on the world market.
Tanzania, with a population of around 43 million people, is Africa's fourth-largest gold producer after South Africa, Ghana and Mali. Gold accounted for 51.5 percent of the country's total non-traditional exports.
Also a big tourism destination in the region, Tanzania said earnings from that sector increased to $1.53 billion from $1.34 billion a year ago as tourist arrivals rose.
Gross official foreign exchange reserves held by the central bank increased to $4.1 billion in the year to October, or about 3.8 months of import cover, from $3.484 billion a year ago.

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The American Economy Is on Fire Again, Apparently

For the first time in years, everyone seems to agree that the economy truly appears to be back on track, as most of this week's new economic indicators zoomed past expectations. Earlier this morning, durable goods orders (an important of measure of how the manufacturing sector is doing) came in with impressive figures, while personal income and savings rates all blew past economists' expectations, and consumer spending is up, too. Yesterday, it was GDP, which beat even the highest predictions and was the best number seen in years.
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That's not all. Other manufacturing surveys show huge gains. Home sales are up, foreclosures are down, and more construction is on the way. FedEx and UPS are both setting holiday shipping records. All this despite the expected slowdown from Hurricane Sandy. Even the international news is good. Japan's stock market is way up, Greece got its bailout, and the European debt crisis is (for now) under control. The recession is over, and the people are actually starting to notice:
Also big beat on income and spending. Economy is humming.
— Joseph Weisenthal (@TheStalwart) December 21, 2012
The economy is on fire
— Also sprach Analyst (@theanalyst_hk) December 21, 2012
Recent strength of economy shows how sad it would be if Washington decided to kill the momentum.
— Zachary A. Goldfarb (@Goldfarb) December 21, 2012
That's what makes the ongoing fiscal cliff fight so frustrating. Already markets were down after the House Republicans' failure to pass Speaker John Boehner's Plan B last night, and if no deal is made on taxes or the sequester, odds are that the economy will come to a grinding halt in January. (The current growth is even more remarkable when you consider that many people are expecting that scenario to happen.) If a deal is stuck, no matter what form it takes, some people are seeing their taxes go up and at least some government programs meant to provide stimulus will die. Even if you believe in the (dubious) long-term benefits of austerity, the economy will almost certainly take a hit at the beginning of 2013, economists say.
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There's also one major data point that sadly refuses to budge: unemployment. Claims were still up this week, even as companies and consumers are spending more money. Maybe a solution on taxes would get people hiring again, but all the positive economic gains have just not created as many jobs as had been hoped. However, if things keep improving at this rate, 2013 could be a different story. If the government can manage to stay out of its own way.
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Still, everyone said that whoever won the presidential election would also be winning the chance to oversee (and take credit for) a big economic recovery. The hard part will be keeping it going.

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GE to buy aviation unit of Italy's Avio for $4.3 billion

MILAN (Reuters) - General Electric Co has agreed to buy the aviation business of Italy's Avio for $4.3 billion, in a sign of confidence about the country's underlying strength despite its deep recession.
The deal comes as Europe's fourth-biggest economy labors to become more competitive under a reform agenda set by technocrat prime minister Mario Monti, who is due to step down on Friday before general elections seen in February.
"We are convinced that Italy will exit the crisis," Nani Beccalli, president and chief executive of GE Europe, told reporters on Friday. "There are undoubtedly hurdles linked to red tape. But the strategic value of the deal is so big (it would offset other issues)", Beccalli said.
GE agreed to buy Avio from private equity fund Cinven and Italian state-controlled defense group Finmeccanica . The move frustrated the aspirations of France's Safran and Italy's state-backed Strategic Fund, which had been trying over the last few months to take over Avio.
GE, whose businesses range from infrastructure technology to financial services, said Avio would boost its global supply chain capabilities as its engine production rates rise to meet growing customer demand.
Avio, which makes components for the GE Dreamliner engine used by Boeing Co , ranks among Italy's industrial jewels and is one of the most technologically advanced companies in its field.
William Blair & Co analyst Nick Heymann said the move, which amounts to GE buying a supplier to its jet engine program, was intended in part to protect new technologies.
"They're trying to get more vertically integrated and have more control over critical aspects of the manufacturing process," he said.
GE is developing composite ceramics for jet engines, a technology it also plans to use in other products such as electric turbines and equipment used in oil and gas production.
"Rather than developing (composite ceramics) and trust someone not to give it away, you want to keep it in-house," Heymann said.
The move could be a sign that GE in coming years might be ready to consider larger acquisitions outside of the $1 billion to $3 billion range that GE's CEO, Jeff Immelt, has described as the company's sweet spot over the past few years.
"We're slowly inching our way back into larger capital redeployment," Heymann said.
GE shares were down 0.6 percent at $20.92 on Friday morning on the New York Stock Exchange.
STRATEGIC ASSET
GE said the purchase price values the aviation business of Avio, which also supplies Rolls Royce Holdings , at 8.5 times its expected 2012 core earnings before interest, taxes, depreciation and amortization.
"No nitpicks here. This is an excellent deal," said Brian Langenberg, of independent research firm Langenberg & Co.
Debt-laden Finmeccanica, which owned 14 pct of Avio, will use the 260 million euros it is earning from its stake sale to lower debt. The sale is the first of a number of disposals the company needs to carry out to keep its investment-grade credit rating.
The U.S. group will not be buying Avio's space unit, which the Italian government considers strategic. The unit, which is expected to make sales of between 280 million euros and 285 million in 2012, will remain for the time being under the control of Cinven and Finmeccanica.
Avio's revenue in the aviation sector was 1.7 billion euros ($2.25 billion) in 2011, with more than 50 percent derived from components for GE and GE joint-venture engines.
Cinven had bought Avio in 2006 for some 2.6 billion euros.
Under GE's ownership, Avio will invest 1.1 billion euros over the next 10 years, company executives said.
GE said it planned to pursue new opportunities for Avio in the power generation, oil and marine products industries.
The GE deal comes after a planned initial public offering for Avio was scrapped earlier in 2012 because of weak market conditions.

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Two killed in supermarkets looting in Argentina

BUENOS AIRES (Reuters) - At least two people were killed in Argentina as looters broke into supermarkets in several cities, stirring memories of the country's devastating economic crisis 11 years ago.
The violence erupted on Thursday in the Patagonian ski resort of Bariloche when dozens of looters stormed a supermarket and made off with LCD televisions and other goods.
Government officials condemned the violence and deployed 400 military police to the southern city. Similar unrest broke out in the central city of Rosario and in several parts of the urban sprawl that surrounds the capital Buenos Aires early on Friday.
"These are isolated incidents and in none of them have we seen people stealing food. They've been taking televisions," said Cabinet Chief Juan Manuel Abal Medina, blaming the unrest on opposition trade union groups.
Two people were killed during looting in Rosario, said provincial security secretary Matias Drivet. Several hundred people were arrested nationwide.
The unrest is more bad news for President Cristina Fernandez, who often contrasts the country's current economic stability with the 2001/02 crisis that plunged millions of Argentines into poverty and unleashed a wave of looting for food in supermarkets.
Fernandez was re-elected by a landslide just over a year ago, but her approval ratings have since plunged due to sluggish economic growth, high inflation and middle-class anger over currency controls, and the leader's combative style.

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