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Tuesday, December 6, 2011
Monday, December 5, 2011
US trade panel considers solar dispute with China (AP)
WASHINGTON ? A federal trade panel has found that Chinese imports harm or threaten to harm the U.S. solar panel industry.
That means a complaint by U.S. solar companies can continue.
Seven companies complained to the International Trade Commission in October that Chinese competitors were "dumping" solar products on global markets to depress prices.
The complaint asks for tough trade penalties on Chinese solar imports.
The trade panel voted unanimously Friday to investigate.
The case has caused a split in the solar industry.
Some U.S. companies say Chinese imports have lowered prices for solar panels, helping consumers and promoting rapid growth of the industry.
California-based Solyndra Inc. cited competition from China as it filed for bankruptcy in September despite receiving a half-billion-dollar federal loan.
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Video: Who was Rin Tin Tin? A superstar dog?s tale
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Source: http://www.msnbc.msn.com/id/21134540/vp/45523013#45523013
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Sunday, December 4, 2011
Theater Subscriptions Falling, Report Finds
NEW YORK -- A new national survey shows that the way people pay for theater tickets has changed over the past few years, with subscription sales down but single-ticket purchases up.
The Theatre Communications Group issued a report this week that showed average subscription income dropped by 15.1 percent for about 1,800 not-for-profit theaters between 2006 and 2010. But the number of single-ticket buyers rose by 3 percent over the same five-year period.
"I would speculate that the reason is because there's ever increasing kinds of opportunities that people have for leisure time," said Teresa Eyring, executive director of the group, the national association for American theaters.
"People are just busier and there's more stuff to do so people's desire to commit to four or five plays at one theater ahead of time is less," she said. "It may also be because new generations of theatergoers are less inclined to have that particular kind of relationship with theaters."
Sixty-two percent of the theater companies participating in the survey said that they ended the year in the black ? a larger number than the 43 percent in 2008 and the 41 percent in 2009 ? even though contributions fell.
"Overall, it was a better year for the theater field," said Eyring, who added that theaters seem to be getting better about managing their resources and financial health.
The economy has a significant impact on the fiscal health of theaters, just as it does on other nonprofits, Eyring said.
National theater attendance also fell last year, but only by 3.6 percent, and the report found that while attendance at main stage productions declined, there was a 28.5 percent jump in attendance at less structured events like workshops and readings over the five-year period.
"Theaters are getting better about realizing that there's value to their communities to make different kinds of opportunities available besides just buy-a-ticket-and-come-see-a-show," Eyring said.
One worrying sign for Eyring is a steady decline in the resources theaters have to meet their financial obligations and day-to-day cash needs, which may inhibit risk and experimentation. "It's not devastating right now, but if it keeps going more and more negative I think it could mean more problems for more theaters."
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Tom Cruise visits India's iconic Taj Mahal (AP)
NEW DELHI ? Hollywood star Tom Cruise says his visit to India this week follows a lifelong desire to see the country.
He said while touring the iconic, white-marble Taj Mahal mausoleum in Agra that he is "very excited" about being in the country for a fan screening of his latest action-thriller, "Mission Impossible: Ghost Protocol," days ahead of its world premiere on Wednesday.
Cruise joins Bollywood star Anil Kapoor for the red-carpet screening Sunday in Mumbai. The film sees Cruise reprise his role as secret agent Ethan Hunt, while Kapoor plays an Indian business tycoon.
Cruise told Press Trust of India on Saturday, "I wanted to come to India my whole life, so I am very excited."
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Saturday, December 3, 2011
Friday, December 2, 2011
H&R Block 2Q loss widens; mortgage claims spike (AP)
NEW YORK ? A spike in claims related to bad loans written by its now-shuttered subprime mortgage unit shouldn't create any new liability for H&R Block Inc., company executives said Thursday after releasing results that showed a wider loss for its fiscal second-quarter.
The nation's largest tax preparer said claims from investors in securities backed by those mortgages, and from insurers who covered those investments, shot up to $483 million during the quarter, from $21 million a year earlier.
Sand Canyon Corp., as the former OptionOne mortgage unit is now called, reviewed $61 million in claims during the quarter, resulting in incurred losses of $3 million.
While the losses remained in line with prior quarters, the new claims totaled more than three times as many as were filed in the previous four quarters combined. But Block executives said the higher claims won't likely result in a similar increase in losses.
Chief Financial Officer Jeff Brown said since May 2009, 85 percent of claims that Sand Canyon has reviewed were found invalid, mainly because OptionOne was a pure subprime lender, which had relatively weak lending standards.
The claims increase led Sand Canyon to set aside an additional $20 million during the quarter to cover losses. But executives said that doesn't portend any increased liability to Block.
"Whether or not claim activity remains at elevated levels in the near future, we believe Sand Canyon's financial position is sufficient to satisfy all valid claims," said Block CEO Bill Cobb during a conference call to discuss the quarterly results.
He noted Sand Canyon is a "separate legal entity" from Block, and the tax preparer believes it is therefore sheltered from having to pitch in cash to cover any claims.
The issue has weighed on Block shares for some time, as Wall Street has fretted it could end up on the hook for buying back millions more in soured mortgages.
The topic's resurgence after a few quarters in the background hurt Block's shares. In afterhours trading after Block released its results, the company's shares fell 43 cents, or 2.6 percent, to $15.63. The stock closed the regular session at $16.06.
Block said it closed its previously announced sale of its RSM McGladrey business consulting unit on Wednesday. And it booked charges for the previously planned shutdown of its ExpressTax unit.
The resulting shifting of funds boosted Block's loss to $141.7 million, or 47 cents per share, for the three months ended Oct. 31. A year earlier, it posted a loss of $109 million, or 36 cents per share.
Block typically posts a second-quarter loss because most of its revenue comes during the U.S. tax season.
Excluding the ExpressTax charges and losses from discontinued operations, H&R Block said it lost 38 cents per share in the recent quarter.
On the revenue side, growth in Block's Australian tax business helped the quarter's revenue rise 8 percent to $129.2 million, from $119.6 million last year.
That performance fell short of analyst projections.
On average, analysts expected an adjusted loss of 35 cents per share, on $328.9 million in revenue, according to data provided by FactSet. Both figures included RSM McGladrey's business. Last year, the consulting unit took in revenue of $203.4 million in the quarter.
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