Branden R. Williams, Business Security Specialist ? PCI Hacks ...

August 23rd, 2012 by Branden Williams

Looks like non-US based merchants can start to shake in their boots a bit. I know this isn?t the first one outside the US (and not the biggest), but it seems like all we hear about are the ones here at home. So how big was this one? According to Wired, pretty big.

Money Laundering ? Dollars, by Images Money

500K cards is not 95 million, but it?s certainly not a handful either. What I find interesting about this particular hack is not the number of cards or the source of the hack, but the fact that it wasn?t really advanced and much different from the majority of the small merchant breaches here in the US. The smoking gun comes from paragraph three:

The company?s network used default passwords and stored unsecured transactional data. The gang allegedly used an unsecured Microsoft Remote Desktop Protocol (RDP) connection to transmit the data.

No social engineering, no password cracking, no encryption breaking. Just some semi-sophisticated hackers taking advantage of some ?local suppliers who didn?t understand IT security.? It?s sad really; these types of attacks are completely preventable before you even start implementing PCI DSS compliance. In fact, one of the top posts on this blog reviews the Top Five PCI DSS Mistakes that Lead to a Breach. Check out the first two items on that list.

Everyone in this community has seen a dumb mistake like this end up causing havoc. Maybe not a major breach, but definitely havoc. For those of you out in the community, how do we solve this problem? Will EMV be the rising star that will save us all?

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Source: https://www.brandenwilliams.com/blog/2012/08/23/pci-hacks-going-global/

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Former UK fugitive Nadir gets 10 years for theft "on grand scale"

LONDON (Reuters) - Businessman Asil Nadir was jailed for 10 years on Thursday for stealing millions from his British business empire to fund a luxury lifestyle, ending a 22-year fight to convict a man once seen as a darling of the UK corporate world.

The 71-year-old Turkish Cypriot was convicted of stealing 29 million pounds ($45.83 million) from Polly Peck, an ailing textiles company which he transformed into one of the most successful British firms of the 1980s.

The company collapsed in 1990 when British officials began a fraud investigation. Nadir was arrested but after being released on bail fled the country in a private plane to live in northern Cyprus, where he was beyond the reach of British law.

It was one of Britain's biggest corporate failures and was an embarrassment for the Conservative Party, which accepted big donations from Nadir in the 1980s and is currently in power.

Driven by a "burning sense of injustice", Nadir returned to London in 2010 to clear his name after 17 years on the run.

But his gamble failed when a jury at the Old Bailey court found him guilty of 10 out of 13 charges of theft.

"The company's money was not your money. You knew that. You nonetheless helped yourself to it. You committed theft on a grand scale," judge Tim Holroyde told Nadir, according to the Press Association.

A flamboyant figure, Nadir wore double-breasted suits with matching silk ties and handkerchiefs during the seven-month trial. He would arrive at court in a chauffeur-driven Jaguar with his wife Nur, 28, and two burly security guards.

"My husband is innocent," his wife said outside court, her voice cracking with emotion. "We will continue with our efforts to rectify the wrongs."

Nadir admitted taking money from Polly Peck, but said he always balanced the books by paying money into other parts of the business.

MIDAS TOUCH

In his heyday, Nadir was regarded as having the Midas touch. Polly Peck was the top performing stock on the London Stock Exchange during the 1980s after he struck deal after deal, including the takeover of the Del Monte fruit company.

Nadir used his vast wealth to buy the lifestyle of an English gentleman, with two country estates, racehorses and a garage packed with Range Rovers and Rolls Royces.

Eager to be accepted by the British establishment, he donated hundreds of thousands of pounds to the Conservatives, the centre-right party led by Margaret Thatcher in the 1980s.

However, his patronage proved embarrassing after the Serious Fraud Office began the Poll Peck investigation.

Conservative minister Michael Mates, a friend of Nadir, resigned in 1993 when it emerged he had given the tycoon a watch engraved with the words "Don't let the bastards grind you down".

Opposition Labour lawmaker Simon Danczuk said on Wednesday that the Conservatives should repay the money. A Conservative spokesman said the donations were received in good faith more than 22 years ago from what was then a leading British company.

The Serious Fraud Office said it suspected Nadir stole 150 million pounds from Polly Peck, although only 13 specimen charges totaling 29 million pounds were brought before the court. Nadir must serve half of the 10-year term before being considered for parole.

After being sentenced, Nadir turned to wife, smiled and said goodbye. ($1 = 0.6328 British pounds)

(Editing by Myra MacDonald)

Source: http://news.yahoo.com/former-uk-fugitive-nadir-gets-10-years-theft-130639096--sector.html

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TV Guide Mobile relaunches for iOS with a new look, links to streaming video and social networks

TV Guide Mobile relaunches for iOS with a new look, links to streaming video and social networks

We've already seen many companion apps on mobile, but now TV Guide is diving in wholeheartedly with the next generation of its app for iOS devices. While the previous versions of TV Guide Mobile on iOS and Android let users create watchlists and get reminders, version 3.0 for iPhone, iPad and iPod Touch is completely redesigned to make TV watching simpler with filtering for HD-only and favorite channels, links to streaming videos from sources like Hulu Plus, HBO Go, Crackle and iTunes -- Netflix and Amazon are not on the list, although additional video sources are promised in the coming weeks. Like any good companion app in 2012 it also brings social networking features with check-ins and Twitter / Facebook integration and a trending social hot list based on what other users search for.

The downside compared to many of the apps from cable providers like Comcast or Time Warner, hardware manufacturers like TiVo or even other third parties like Dijit is the inability to use it to directly change the channel, but perhaps that's in the next version. There's more details in the press release after the break, and screens in the gallery below, if you're willing to give another contender a shot at assisting your TV watching habits, the free app is available in iTunes at the source link.

Continue reading TV Guide Mobile relaunches for iOS with a new look, links to streaming video and social networks

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Grim economic report provides Romney with opening

Aug 22, 2012 3:29pm

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ABC News

BETTENDORF, Iowa ? Mitt Romney bounded into the battleground state of Iowa today, aided by a new, non-partisan government report that painted a grim picture of the state of the economy, using the new data to return his campaign?s narrative to his favorite catch phrase: the Obama economy isn?t working.

For Romney, it?s just the topic he?d hoped to return to following days that have been focused on contentious comments by Rep. Todd Akin, R-Mo., about abortion that have forced Romney and his running mate, Paul Ryan, to step into the fray and comment on the controversy.

The government report, released today by the Congressional Budget Office, estimated a $1.1 trillion deficit for 2012, and said that if the tax and spending cuts go through as planned in January that ?such fiscal tightening will lead to economic conditions in 2013 that will probably be considered a recession.?

The report also predicted that the country?s unemployment rate would remain above 8 percent for the rest of the year.

?President Obama, bless his heart, has tried to substitute government for free people and it has not worked and it?ll never work,? said Romney, who spoke at an aluminum casting manufacturer in eastern Iowa, his second trip to the state this month.

?I mentioned he said he?d cut the deficit in half; he doubled it,? Romney said. ?He said he?d get people good jobs. Instead, we?ve gone 42 straight months with unemployment over 8 percent, 23 million Americans out of work or stopped looking for work. It?s inexcusable.?

Romney did not mention the latest government report by name.

?You look at all of the debt of the country: why, it?s about the size of our entire economy,? said Romney.

Earlier today, the White House put out a statement on the report, pointing the blame back on the Republicans.

?Today?s Congressional Budget Office report only reinforces the urgent need for House Republicans to follow the Senate?s lead and pass a bill that gives middle class families the confidence that they won?t see their taxes go up at the beginning of next year,? wrote White House press secretary Jay Carney. ?But instead of doing the right thing, Republicans in Washington have chosen to double down on the same failed policies that led to the economic crisis in the first place. They?re willing to hold the middle class hostage unless we also give massive new tax cuts to millionaires and billionaires ? tax cuts we can?t afford that would do nothing to strengthen the economy.?

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Senate votes to extend mortgage debt relief law ? Debt Relief Mag

Pam by urbanwildThe debt relief law was enacted in 2007 as a way to relieve homeowners of high federal income taxes that they would otherwise be required to pay on amounts forgiven on their mortgages. The law saves many homeowners from additional financial stress that they would otherwise experience when their home is foreclosed or when they leave their home following a short sale. For many families in Illinois and throughout the U.S. it has provided a much needed financial break.
Source: youngbklaw.com

Video: Obama Helps Relieve Clinton Debt

How to Discover the Very best Debt Consolidation Services

As you can see, debt consolidation comes with several risks consequently, if you are searching for a service to assist you get out of debt, be advised that you are adding far more debt in most instances. There are, however, legitimate services for debt relief that provide free of charge services. These services will aid you via the approach of consolidating your debt, but they will not do the work for you. The services are great, given that they provide totally free counseling, debt options, debt plans and so significantly much more.
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How to Uncover the Finest Debt Consolidation Services

As you can see, debt consolidation comes with many risks for that reason, if you are looking for a service to support you get out of debt, be advised that you are adding much more debt in most situations. There are, nonetheless, legitimate services for debt relief that offer you free services. These services will help you by way of the procedure of consolidating your debt, but they will not do the perform for you. The services are excellent, because they offer you cost-free counseling, debt solutions, debt plans and so considerably more.
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Debt Help is Available: Don?t Go it Alone.

Bankruptcy Provides a Fresh Start Perhaps the very best reason bankruptcy is right for many consumers is the fact that it offers a completely brand new financial beginning. As an example, when a Chapter 7 bankruptcy is filed, it literally can relieve the debtor from thousands of dollars in unsecured debts including medical and credit card bills. For those seeking debt help without completely wiping out their obligations, Chapter 13 is a great choice. This option allows for the consolidation of current debts and lowers monthly payments along with the overall total amount owed. As well, interest rates can also be lowered under this type of debt help arrangement.
Source: freshstartlaw.com

Bill aimed to relieve student loan debt gaining support?

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Source: medilldc.net

Citizens Bank Encourages Parents to Have ?Personal Finance 101 ?

If you became aware of this article, you may be one of the many Americans seeking information about credit card debt solutions. One might turn out to be living a limited life, but because regarding incidents beyond our control, one is click here delinquent. It merely convinces shoppers that their debt problems are resolved. A better choice could be to just not take advantage of the cards impulsively; hiding them for emergencies may be a better solution in most cases. This greatly reduces the likelihood of your employer finding out that you will be struggling with debt in the slightest degree. Solutions they present should only definitely not settle with an individual. It can be performed ? plus its done every time of day ? but there will be the process. Whereas, when it goes to government debt assist, which comes by using a grant, the individual doesn?t need to pay these people back. With this the patron can get insurance from all charge card companies. Debt settlement is the place that the debts are negotiated paying back less versus balance owed. Part within the mission of a Christian help with your debt program is for many people to later on resume living the biblical avenue. There is a huge store of expertise available online. These services may perhaps cost several $ 100 or so dollars, however they most likely could save you thousands. Despite the benefits, normally it works better to visit a nearby credit card debt relief office and speak about your financial problems nose to nose. Consumer Credit standing Counseling Services: People who desire to organize their debts and the best solution or option for the kids. Some key issues you have to contemplate are you?re able to send history, its standing, its certification, the assurances it provides, its rates together with any savings you are going to obtain from featuring a services, and the freedom to correct your plan associated with attack. If you?re truthful concerning this, your creditors will perceive that it must be not a concern of you not wishing to pay, it really is as you cannot pay whilst still being maintain adequate foods, shelter, clothing, and transportation. Stimulus money supplied by the government while doing this recession helps that will offset the deficits that companies are generally taking by accepting settlements corresponding to only a fraction of your total debt due. So month to month you make just the main payment to insure all. They draw attention together with the catchy lines enjoy, don?t Let Debt provide down! Yes, there is a government help with your debt help, but is available available as grant programs. However, if you are up against a court case on account of unsatisfied debt, bankruptcy is in all probability your last choice to have onto specific vital assets, for example your stuff, your auto, plus your retirement life accounts. Furthermore, media attention on Idaho and in the course of America have extremely centered upon a growing realization that Credit score Counseling companies, though they can indeed be in no way for profit (some sort of essentially meaningless naming that merely highlights that they pay that much to their employees since they receive in finances), these firms are raking within the dollars by 2 bottle dipping fees through demanding extravagant money from not simply their clients but will also their clients? the creditors. There will be other actions to ensure that you are currently making the ideal decision in selecting a debt relief corporation. By working with credit card debt settlement networks, you are sure to identify a company that exceeded its strict following and regulatory tips. Only select this diet regime if the review is and only it. In reality, back in Sept 2010, the Federal commerce Committee (FTC) created some interesting changes with the law that allows you to counter the abuses which are taken place by just some relief agencies. It is typically the worse case scenario within the Debt relief system. Moreover, you can decide on a relief program which will best meets your preferences by checking through the ratings in addition to customer reviews given by the relief networking sites. Source: typepad.com Source: typepad.com Source: typepad.com
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Poona 2012 Reviews Filing Bankruptcy to Relieve Stress From Mounting Debt

People that are overwhelmed with massive debt are usually under tremendous stress. So why is it that people tend to struggle with the decision to file bankruptcy often for many months or even years before taking action? Many individuals feel that filing bankruptcy is a mark of shame and a failure on their part. Most people genuinely want to do the right thing and pay their debts back. When they finally realize that they are unable to repay their debt they tend to beat themselves up and really take it personally. The stress and emotional turmoil that these individuals are under can be detrimental not only to their personal relationships with family and friends but it can be damaging to their own health as well.There is no question that filing for bankruptcy can be a very emotional decision but the decision to bury one?s head in the sand and avoid the obvious problem is even worse. Dealing with aggressive debt collectors constantly calling and making threats is no way to live. The fear of impending lawsuits judgments wage garnishments or foreclosure can be physically and mentally exhausting. The creditors intimidate people into making payments even when they can?t afford it by telling the debtor that they will never receive credit again their credit will be ruined if they file bankruptcy or that they are a bad person that is just trying to get out of paying their bills. None of this is true. First of all debtors will receive offers for credit usually within months of receiving their bankruptcy discharge. With careful budgeting and rebuilding their credit debtors will be able to purchase a car or a home post bankruptcy. Next bankruptcy does stay on one?s credit report for up to 10 years however usually by the time an individual is considering a bankruptcy filing their credit is already shot due to numerous late and missed payments. With a little financial planning the individual can rebuild a solid credit history post bankruptcy filing. Lastly most people that file for bankruptcy are not trying to get out of their financial obligations by filing bankruptcy. Most people that file bankruptcy have experienced a job loss divorce major medical problem or illness or some other unexpected circumstance that threw them into a financial tailspin. The bottom line is if someone is experiencing undue stress or medical problems due to their mounting debt they should seek a consultation with an experienced bankruptcy attorney to determine if filing bankruptcy is right for them. Why wait to get back on the road to physical and mental health as well as financial recovery when there is a feasible way out.
Source: fc2.com

Relieve the burden with debt management

The debt management plan is a system that determines how much an individual or a family can afford to repay creditors on a monthly basis. The debts are then consolidated into a single monthly payment that the family or the individual can actually afford. Once this monthly amount is collected by the debt management plan it is passed on to the creditors to pay off the debts that are owed. During the period of repayment the interest payable on the debts tends to be either greatly reduced or frozen entirely. Moreover, the plan provides real debt help by preventing creditors from pressurising individuals or families into selling assets or property and from encouraging further borrowing.
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Worth Unlimited Provides Relief from Rising Consumer Debt

New York, New York, August 8, 2012 ? Although the recession has created major increases in cautionary spending habits, a recent article from The New York Times reveals that many Americans are turning to credit cards to help relieve financial tension. According to The Federal Reserve, consumer borrowing rose by $17.1B in a period from April to May of this year ? this is the largest one-month gain in credit card debt that the country has experience in over four years. Although the reported numbers are lower than overall credit card use recorded before the recession, the professionals at Worth Unlimited explain that American consumers should be taking more financial responsibility to avoid similar, and potentially worse, debt problems in the future.
Source: debtfreeinhalf.com

Missouri tax relief company does not help to relieve debt

Residents of St. Louis who have high levels of debt may experience financial difficulties for any number of reasons. One reason could be finding out money is owed to the IRS after submitting an annual tax return. Although paying back taxes can be difficult, often leading individuals to look for debt relief options, consumers should beware of offers from companies claiming to assist in paying off tax debt.
Source: stlbankruptcyattorney.com

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  1. Mortgage debt relief law set to expire at the end of the year
  2. The Nation?s Housing: Extension of Mortgage Forgiveness Debt Relief Act on Senate?s agenda
  3. Mortgage debt relief law set to expire at the end of the year
  4. Mortgage debt relief law set to expire at the end of the year
  5. Mortgage debt relief law set to expire at the end of the year

Tags: Bankruptcy, consolidating your debt, Debt, debt plans, federal income taxes

Source: http://debtreliefmag.com/senate-votes-to-extend-mortgage-debt-relief-law/

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Chinese solar industry faces weak sales, price war

BEIJING (AP) ? Chinese solar panel makers that grew fast over the past decade are suffering big losses due to slumping global sales and a price war that threaten an industry seen by communist leaders as a role model for hopes to transform China into a technology leader.

Another looming challenge: Moves by the United States and Europe toward imposing possible anti-dumping tariffs on Chinese-made solar panels that might further depress sales.

Financial problems are likely to force painful changes in the Chinese industry including possible mergers, bankruptcies, factory closures or layoffs, industry analysts say.

"The next 1? years will be very challenging," said Frank Haugwitz, a renewable energy consultant in Beijing.

Companies have been hurt by weak sales, especially in debt-crippled Europe, the leading global solar market, but also by Chinese government policies that encouraged hundreds of small companies to rush into the industry. They flooded the market and depressed prices.

Five major Chinese manufacturers, including industry leaders Suntech Power Holdings Ltd. and Yingli Green Energy Ltd., reported total losses of nearly $250 million in the latest quarter. One of them, LDK Solar Co., also reported an eye-popping loss of $588.7 million the previous quarter.

Pioneers such as Suntech, Yingli and Trina Solar Ltd. that were founded before 2005 grew to become some of their industries biggest competitors as Germany, Spain and other European countries promoted solar power with subsidies and low-cost loans.

Suntech's founder, Shi Zhengrong, a Chinese-born Australian scientist, was lauded by the communist government as a leading entrepreneur. Industry profits soared in 2007-09 as the United States and other new markets stepped up installations.

That success encouraged communist authorities who saw solar, wind and other renewable energy as a way both to curb China's growing reliance on imported oil and gas and to take the lead in an emerging industry without established competitors.

Solar power, along with such fields as biotechnology and aerospace, was declared a "strategic emerging industry" targeted for development as part of efforts to transform China from a low-wage country of farmers and factory workers into a creator of technology.

Beijing provided grants and low-cost loans. Local leaders encouraged companies to start producing solar panels or components to make them. The field promised higher-paying jobs and a political payoff for officials who would be seen to support a key national initiative.

Producing the basic element of a solar panel ? the hand-size black solar cell made of polysilicon that converts the sun's light into electricity ? is relatively simple using equipment that a new company can buy as a kit from European suppliers. That allowed novices to start production quickly, while bigger manufacturers also assemble the cells into power-generating modules.

New companies still were springing up in 2011 even after Western countries that were hammered by the global crisis cut subsidies and other support. Supplies surged as sales growth stalled, forcing sellers to slash prices to unprofitable levels.

Since 2010, the price of polysilicon wafers used to make solar cells has plunged by 73 percent, according to Aaron Chew and Francesco Citro, analysts for Maxim Group, a financial firm in New York City. The price of cells has fallen by 68 percent and that of modules by 57 percent.

"The solar manufacturing industry has been wracked by a collapse in pricing," said Chew and Citro in a report.

The major Chinese manufacturers have accumulated a total of $17.5 billion in debt, leaving balance sheets "at the breaking point," they said.

Beijing is unlikely to allow major producers to go bankrupt but rescue measures might include capital injections that would dilute or wipe out the value of shares held by foreign investors who have put billions of dollars into the industry, Chew and Citro said.

Haugwitz said people in the industry have told him at least 300 smaller manufacturers have suspended production and others are producing at below 50 percent of their capacity.

The industry also faces the potential impact of U.S. and European anti-dumping measures in response to complaints Beijing improperly subsidizes companies. Foreign competitors complain that allows Chinese suppliers to sell abroad at unfairly low prices, wiping out American and European jobs abroad ? an explosive issue at a time of high unemployment.

In July, a group of 25 producers of solar gear including companies from Germany, Italy and Spain filed an anti-dumping complaint with the European Union.

That alarmed Chinese companies, which warned Beijing would retaliate, possibly triggering a trade war.

"Over 60 percent of products are exported to Europe," said Wang Shuai, a spokeswoman for Yingli. "If the anti-dumping measures really take effect in Europe, that would be a fatal blow to the industry."

Yingli is based in Baoding, a city 90 miles (150 kilometers) southwest of Beijing that promotes itself as a center for renewable energy. The local government has attracted 170 companies that produce solar, wind and other clean power equipment.

In a reflection of Chinese leaders' hopes for the industry, Baoding's city government says its clean energy industry had 45 billion yuan ($7 billion) in revenue in 2010 and that figure is forecast to grow by 30 percent a year through 2016.

The city works closely with companies, organizing job fairs, providing training and helping to recruit employees through local schools.

In the United States, the Commerce Department issued a preliminary ruling in May that Chinese producers sold solar cells and panels below fair price and hurt American producers. If that is upheld, tariffs averaging 31 percent could be imposed on Chinese solar-panel imports.

On Tuesday, Trina Solar Ltd. reported its loss widened to $92.1 million in the second quarter from $29.8 million in the previous quarter. CEO Jifan Gao blamed industry overcapacity and pressure to cut prices. He said the possible anti-dumping measures contributed to "uncertain market conditions."

Last week, Suntech said its founder, Shi, was stepping aside as CEO and would be replaced by an American, David King, who was hired last year. The company said Shi would stay on as executive chairman and chief strategy officer.

Suntech, which has shares traded on the New York Stock Exchange, suffered a $133 million loss in the first quarter of the year after losing $148.8 million the previous quarter. The company said shipments were down 22 percent from a year earlier.

LDK Solar, China's fourth-largest producer by manufacturing capacity, illustrates the industry's mix of business and politics.

The company in the southern province of Jiangxi has run up $3.8 billion in debt but analysts say it has survived thanks to support from local leaders who see it as an important source of development and encouraged state-owned banks to keep lending.

Still, local leaders might find LDK too expensive if its losses continue, according to Chew and Citro.

"LDK might be considered insolvent by traditional measures at Western banks," they said. "We believe LDK is on the cusp of failure or a major recapitalization."

Some producers might be saved by Beijing's effort to encourage domestic use of solar power, which until recently was considered too expensive for use in China.

The Communist Party's latest five-year plan initially called for installation of 5 gigawatts of solar generating capacity over the life of the plan but that target has been raised to 21 gigawatts.

At the same time, a new competitive threat is emerging: Korean companies such as industrial giant Hyundai that are pouring into the industry.

In 2010, Korea's Hanwha Chemical Corp. bought 49.9 percent of Solarfun Power Holdings, China's sixth-largest solar panel producer by volume.

"The Koreans came late to the game but have deep pockets," Haugwitz said. "They don't want to let this opportunity slip through their hands."

___

AP researcher Fu Ting in Shanghai contributed.

Source: http://news.yahoo.com/chinese-solar-industry-faces-weak-sales-price-war-061841959.html

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The president?s reluctance to kowtow to the very rich

Both parties have fixed beliefs about this presidential race that are so entwined with their DNA that they defy argument. Democrats, for example, possess an inner certainty that Mitt Romney deliberately molded his economic policies so that people like him (the mega-wealthy) would pay much less in taxes. In similar fashion, Republicans are welded to the conviction that President Barack Obama is mostly animated by a personal antipathy to the rich.

Paul Ryan expressed this GOP worldview in a speech yesterday on his initial second-banana swing through Pennsylvania. ?Every now and then President Obama sort of drops his veil,? Ryan said. ?He?s less coy about his philosophy. He sort of reveals his true governing policy, what he really believes.? Then Romney?s running mate rattled off a few familiar examples from 2008 like Obama?s claim that small-town Pennsylvanians ?cling to guns or religion? and his comment to Joe the Plumber that ?when you spread the wealth around, it?s good for everybody.?

Two major journalistic efforts, published this week, emphasize the political consequences of Obama?s diffident attitude towards the billionaire class of campaign donors. Both a meaty New Yorker article by Jane Mayer and the best e-book in Politico?s series of campaign chronicles analyze why Obama, with all the powers of presidential incumbency, is so hobbled in the Super PAC spending race.

The New Yorker succinctly summarizes the Democratic problem in its headline: ?SCHMOOSE OR LOSE?Obama doesn?t like cozying up to billionaires. Will it cost him the election?? The Politico e-book, ?Obama?s Last Stand,? by Glenn Thrush makes the identical point about the President: ?He was also hurt by his own aversion to massaging demanding Democratic donors?many of them Clinton Democrats who never liked him in the first place.?

Most major political figures in both parties have grown adept at convincing donors with the net worth of King Midas that it is friendship?and not, God forbid, money?that has brought them together. Ryan himself flew to Las Vegas last week to pledge fealty to GOP Super PAC impresario Sheldon Adelson. Bill Clinton, who embodies the gold standard in schmoozing with the wealthy, made a personal pitch to a VIP gathering of Democratic Super PAC donors in New York last week along with David Plouffe, Obama?s 2008 campaign manager who is now on the White House payroll.

But Obama himself stubbornly resists the petty insincerities that are the coin of the realm when it comes to ?donor maintenance,? a wonderful Clinton-era euphemism for events like White House coffees and Lincoln Bedroom sleepovers. (During the Clinton years, I recall a major donor, who had a penchant for displaying her cleavage, telling me in all sincerity, ?The president respects my policy advice.?) In contrast, as Mayer recounts, Obama couldn?t even be bothered to pose for pictures with his most devoted contributors during the 2009 White House Christmas and Hanukkah parties.

While the after-shocks from the financial crisis created an inevitable distancing between the White House and Wall Street, Obama?s fund-raising problems have far more to do with atmospherics and attitudes than governing substance. Despite Ryan?s rhetoric, Obama?s economic policies reflect the mainstream of the Democratic Party?and not some alien ideology. Many liberals, from Nancy Pelosi to Massachusetts Senate candidate Elizabeth Warren, believe with some justice that Obama and Treasury Secretary Timothy Geithner have been too lenient and soft-spoken in reacting to the greed-is-good excesses of the financial community.

What it all comes back to is the idiosyncratic psychology of Barack Obama, who is probably the most elusive president since Woodrow Wilson. (The 28th president was such an enigma that Sigmund Freud? yes, that guy?co-authored a psychological study of him). Part of it is that Obama keeps the entire world, outside of his family and a few close friends like Valerie Jarrett, at a middle distance. There is an odd democracy to this since Obama ignores major Democratic donors in the same even-handed way that he neglects Senate committee chairmen.

Obama is unusual in politics?and here Republicans make a valid point?in his apparent refusal to be awed in the presence of billionaires. Unlike the Clintons and the Romney-Ryan ticket, Obama is not a devout believer in the gospel of wealth. As a Democratic fund-raiser, quoted in the Politico e-book, says about the president, ?He doesn?t understand the rich. He?s an intellectual elitist, not an economic one.?

In Pennsylvania yesterday, Ryan disapprovingly cited Obama?s recent line, ?If you?ve got a business, you didn?t build that. Somebody else made that happen.? The president was trying to make the political point that all types of government spending, from schools to roads, contribute to the success of any American business. The Republicans, though, are willing to go to battle over this point with the same enthusiasm they chanted, ?Drill, baby, drill? in 2008. The political theme for Tuesday?the second day of the GOP Convention?is ?We Built That.?

Unlike most clashes in this campaign, this debate over the role of government in the creation of wealth and new businesses reflects abiding differences between the Democratic and Republican tickets as well as competing philosophies. As Mayer summarizes in the New Yorker, ?Obama continues to see economic success as the result of many factors beside individual effort, and, consequently, he may be less awed by wealth than others.?

Campaign reporters, though, comprise a class who are awed by wealth in politics. The Politico e-book calls Obama?s failure to initially encourage Democratic Super PAC spending the president?s biggest mistake of the campaign. Mayer shrewdly worries about the effects of the anything-goes culture of unlimited campaign donations (the new world in the wake of the Citizens United Supreme Court decision) on the 2016 presidential race when there may be no incumbent on the ballot.

While lamenting the thumb-on-the-scales powers of billionaires like Adelson in politics, I skeptically wonder if the heavy emphasis on the rival TV ad campaigns in this year?s Obama-Romney race is not exaggerated. With two conventions and three presidential debates, voters in swing states will go to the polls with a vast arsenal of information beyond the contents of 30-second attack ads.

Maybe, in fact, Obama will be proven right in his hesitation to offer homage to Democratic donors with yachts and four vacation homes. Of course, the president?s steadfast reluctance to schmooze-you-can-use with everyone else in politics may speak to a far deeper problem about using the full powers of the White House to govern.?

Source: http://news.yahoo.com/barack-is-not-impressed--the-president%E2%80%99s-reluctance-to-kowtow-to-the-very-rich-.html

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Today on New Scientist: 21 August 2012

Bitcoin credit card to let users withdraw cash

Those with funds in the online peer-to-peer currency Bitcoin may soon be able to withdraw real world cash directly from an ATM

First UK hydrogen train takes passengers for a ride

Watch the first hydrogen-powered locomotive in the UK as it successfully hauls wagons and people

Spacecraft builders follow in dinosaurs' footsteps

From palaeontology to outer space: dinosaur prints from the Cretaceous period have been discovered on the land of NASA's Goddard Space Flight Center

Glowing insects evolved surprisingly recently

An analysis of bioluminescent species suggests those living on land are tens of millions of years old - a fraction of the age of bioluminescing marine groups

Why we need to leave wiggle room for the planet

In The Human Quest, scientist Johan Rockstrom and photographer Mattias Klum make a compelling case for why we need to stay within environmental boundaries

Bonobo genius makes stone tools like early humans did

Not content with learning sign language or coining "words", Kanzi the bonobo now seems able to make flint tools as well as our ancestors did

3D printers tell you when your design will fail

Before you 3D print, you better make sure your object can make it in the real world. New software provides a virtual stress test to help you print safely

Virtual knitting makes simulated sweaters look cosier

An easy way to simulate knitted fabric makes for strikingly realistic computer-generated clothing

Dreaming up the shape of cars to come

Motor industry futurist Sheryl Connelly looks forward to the rise of megacities and self-driving cars

Plume power: Deep engines of earthquakes and volcanoes

Plate tectonics can't explain all the earthquakes, volcanoes and landscapes of Earth, so what else is shaping its surface? Anil Ananthaswamy investigates

NASA decides to send robotic seismologist to Mars

A lander to study the Red Planet's interior wins out over plans to visit a comet or an ocean on Saturn's moon Titan

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Robin Williams Lists Napa Valley Vineyard and Estate for $35M ...

--> Wednesday, August 22, 2012, by Rob Bear

A Bay Area lawyer wrote in yesterday to pass on the news that funnyman Robin Williams was selling his long-time home and vineyard in Napa Valley for a stomach-churning $35M. The Real Estalker has confirmed that Williams is the owner, citing another source, and claims that the actor has owned at least part of the property since 1994. Today, the 653-acre estate?which was a House of the Day back in June and first covered by Curbed SF last year?includes a 20,000-square-foot main house, award-winning vines, a Slim Aarons-worthy infinity swimming pool, a solar farm, and a three-bedroom home for the property manager. We should have known it was celebrity owned when the listing included "safe rooms" and "climate-controlled cellars for art."
? Villa Sorriso [Sotheby's International Realty]
? Robin Williams To Shed Napa Valley Vineyard [The Real Estalker]
? Award-Winning Grapes and Huge Mansion Equal $35M Price [Curbed National]
? Drunk on Luxury in Napa Valley [Curbed SF]

Source: http://curbed.com/archives/2012/08/22/robin-williams-lists-napa-valley-vineyard-and-estate-for-35m.php

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