Wednesday, July 17, 2013

NSA spying under fire: 'You've got a problem'

WASHINGTON (AP) ? In a heated confrontation over domestic spying, members of Congress said Wednesday that they never intended to allow the National Security Agency to sweep up millions of Americans' phone records. And they threatened to curtail the government's surveillance authority.

The clash on Capitol Hill was the most pointed public debate over recently revealed government surveillance programs. It undercut President Barack Obama's assurances that Congress had fully understood and approved the dramatic expansion of government power over the past six years.

The most intense moments came when Rep. James Sensenbrenner, R-Wis., told Deputy Attorney General James Cole that Congress only meant to authorize seizures of information directly relevant to national security investigations. It never expected the government to snatch everybody's records and store them in a huge database to search later.

As Cole explained why that was necessary, Sensenbrenner cut him off and reminded him that his surveillance authority expires in 2015.

"And unless you realize you've got a problem," Sensenbrenner said, "that is not going to be renewed."

Sensenbrenner's criticism is significant because he was among the primary authors of the Patriot Act and has been a staunch advocate of expanded surveillance powers. He was followed by Jerry Nadler, D-N.Y., who picked up where his colleague left off.

Later, Rep. Ted Poe, R-Texas, harkened back to the Soviet Union when talking about the government's eavesdropping authority.

"The actions of the citizens were constantly under surveillance by the government," he said. "And anything that was done, the government would say, 'We're doing this for national security reasons.' "

The administration says it built a library of everyone's phone records so, when it finds a suspected terrorist, it can search its archives for all his calling habits.

After details of the phone surveillance were leaked by former government contractor Edward Snowden recently, Obama cited congressional oversight in his assurances to the American public.

"When it comes to telephone calls, every member of Congress has been briefed on this program," he said.

But Wednesday's hearings cast doubt that Congress fully understood the authorities it had granted several times since the 9/11 terrorist attacks.

Rep Randy Forbes, R-Va., said such a vast database of phone records was ripe for government abuse. When National Security Agency deputy director John C. Inglis said there was no evidence of abuse, Forbes interrupted:

"I said I wasn't going to yell at you and I'm going to try not to. That's exactly what the American people are worried about," he said. "That's what's infuriating the American people. They're understanding that if you collect that amount of data, people can get access to it in ways that can harm them."

The committee also will hear from administration critics, among them Jameel Jaffer of the American Civil Liberties Union. Jaffer, the group's deputy legal director, said in testimony prepared for Wednesday's hearing that excessive secrecy on surveillance issues "has made congressional oversight difficult and public oversight impossible."

Kate Martin, director of the Center for National Security Studies, said in testimony prepared for the hearing that the "massive" collection of information on Americans is unprecedented and that the surveillance of Americans "poses a significant and perhaps unprecedented challenge to our system of constitutional checks and balances."

Source: http://news.yahoo.com/nsa-spying-under-fire-youve-got-problem-164530431.html

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Monday, July 15, 2013

China's Han Geng joins Transformers 4

China's Han Geng has been cast in 'Transformers 4' with Michael Bay hailing him as an ''influential'' Chinese entertainer.

Chinese star Han Geng has been cast in 'Transformers 4'.

The actor-and-singer will join fellow Chinese star Li Bingbing in the action blockbuster, which will partly be filmed in China following a co-production deal between Paramount Pictures and China Movie Channel.

Director Michael Bay announced the casting on his official website and hailed Geng as one of the most ''influential'' stars in China.

He wrote: ''He's one of Asia's top stars in the worlds of music, television and movies and has become one of the most influential entertainers in China.''

29-year-old Geng is a big star in his native country, as well as South Korea, and boasts 35 million followers on the Chinese equivalent to Twitter, Weibo.

Beginning his career as a member of boy band Super Juniors, Geng recently starred in one of China's biggest home-grown blockbuster movies, 'So Young', which grossed $117 million in the country.

Geng is the latest name to be added to a growing cast list, which also includes Mark Wahlberg, Nicola Peltz, Jack Reynor, Stanley Tucci, Sophia Myles and Kelsey Grammer.

Producers previously announced a reality show in China to hire four actors - two professional and two amateur - to win roles in the flick.

'Transformers 4' is set for a 2014 release date.

Source: http://www.contactmusic.com/story/china-s-han-geng-joins-transformers-4_3763068

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Saturday, July 13, 2013

'Fabulous Fab' trial is a test for SEC

By Nate Raymond

NEW YORK (Reuters) - The trial of former Goldman Sachs bond trader Fabrice "Fabulous Fab" Tourre next week gives the U.S. Securities and Exchange Commission an opportunity to prove that it can win big cases tied to the financial crisis.

The SEC claimed an 85 percent success rate in all trials last year, but its critics have said that, when it comes to the financial crisis, its win rate has been dismal.

Tourre's civil fraud trial, which starts in federal court in New York on Monday, could help silence those critics, but experts said the regulator is facing no easy task.

The SEC has said that Tourre, while a vice president at Goldman Sachs Group Inc in 2007, misled investors in a structured investment vehicle called Abacus 2007-AC1 by not disclosing the role a hedge fund that planned to bet against the transaction played in setting it up.

Investors lost more than $1 billion when the investment vehicle failed, according to the SEC.

Goldman Sachs agreed to pay $550 million in July 2010 to settle its part of the case, without admitting or denying wrongdoing. Tourre turned down a settlement offer and instead elected to fight, a person familiar with the matter said on Wednesday.

For the SEC to prove fraud it must show Tourre intended to dupe the investors about the role played by the hedge fund run by billionaire John Paulson in the Abacus investment.

A negligence charge will turn on whether the information about the part Paulson played was material to investors.

Tourre's defense, as summarized by U.S. District Judge Katherine Forrest in June, is that the victims were "not be-hooded children, but rather large financial institutions, operating in a dog-eat-dog world."

Tourre is "confident that when all the evidence is considered, the jury will soundly reject the SEC's charges," his lawyers, Pamela Chepiga and Sean Coffey, said in a statement on Thursday.

'ENORMOUSLY CHALLENGING'

Thomas Sporkin, a former SEC lawyer who is now in private practice, said it is always difficult to hold an individual accountable for "institution wide culpability." Sporkin is not involved in the case.

"It's an enormously challenging task to put institutional blame on one person," Sporkin said.

Goldman Sachs, which agreed to cooperate with the SEC as part of its own settlement and which is also paying Tourre's legal fees, declined to comment.

Sporkin said a finding of liability against Tourre even just for negligence would help show it can be successful at trial in complex case.

"They'll be able declare victory and put Wall Street on notice that they can win complex cases against individuals at trial," he said.

Andrew Ceresney, co-director of enforcement at the SEC, said losing is a risk the SEC has to take in any case.

"We want to win every case," Ceresney said. "But it is probably true that if we're not losing a small number of cases, we're not being aggressive enough."

The SEC has disputed that it has not tackled the financial crisis head on, pointing to charges brought against 157 entities and individuals and $2.68 billion recovered from defendants, largely in settlements.

The stakes have grown even higher for the SEC since Chair Mary Jo White said last month that the agency was moving toward requiring defendants in some settlements to admit liability, a move that is likely to push more of them to take their chances in court.

SUCCESS RECORD

The SEC filed 734 cases in the 2012 fiscal year and obtained 714 settlements, according to the SEC and NERA Economic Consulting. It took 15 cases to trial, losing just two of them, the SEC said.

Among the victories, the agency secured judgments of nearly $8.9 million against investor relations firm Big Apple Consulting USA Inc and its executives after a jury trial in Florida.

A jury in Nebraska found two former chief financial officers of infoUSA Inc liable for their roles in a scheme to enable the company's CEO to illegally use millions of dollars in corporate funds for perks. The CEO settled without admitting or denying the charges.

But in cases against individuals at Wall Street firms at the center of the financial crisis and mortgage meltdown, the SEC's setbacks have mounted.

In July 2012, a federal jury in New York found former Citigroup manager Brian Stoker was not liable for violating securities laws regarding a $1 billion collateralized debt obligation tied to risky mortgage debt.

And in November the SEC dropped a similar case against Edward Steffelin, a former managing director at GSC Capital Corp, who was accused of negligence in his role in a mortgage-bond deal by JPMorgan Chase & Co.. JPMorgan agreed to pay $153.6 million to settle related charges without admitting or denying the charges.

The same month, a jury in New York cleared Bruce Bent, the chairman of Reserve Management Co, of civil fraud charges stemming from his management of the $62 billion Reserve Primary Fund, which "broke the buck" after the bankruptcy of Lehman Brothers.

The SEC does not count that case as a loss: While the jury cleared Bent's son Bruce Bent II on fraud charges, it found him liable for negligently violating securities laws and also held two corporate entities liable.

But critics of the SEC say it was a loss because the SEC failed to secure a finding of liability against the senior Bent, one of the few Wall Street leaders to face trial after the financial crisis.

"The ability to handle large, complex cases is beyond the SEC," said John Coffee, a law professor at Columbia Law School.

In an op-ed piece in the National Law Journal in January, Coffee said the SEC's record was close to zero in financial crisis trials, saying it should hire private lawyers on contingency to bring cases on its behalf.

While many former SEC lawyers said Coffee's attack was overblown, they acknowledge a public perception that the SEC cannot win trials, thanks to the financial crisis cases.

Sporkin, one of the former SEC lawyers, contrasted the SEC's failures in cases over the financial crisis to an unbroken streak of convictions U.S. prosecutors have secured in their insider trading crackdown, including against Raj Rajaratnam.

On Wednesday, the SEC won a small victory in the Tourre case, when Judge Forrest ruled it could use as evidence an infamous email in which Tourre was referred to as "the fabulous Fab.

And it appears to be devoting significant manpower to the case. In an unusual move, it has put the head of its national trial unit, Matthew Martens, in charge of the case.

"In all my years at the SEC, I can't remember when the head of the trial unit actually tried a case," said Mark Fickes, a former SEC trial lawyer who is now in private practice. "But I guess this is a pretty big case."

(Reporting by Nate Raymond; Additional reporting by Sarah Lynch in Washington; Editing by Eddie Evans and Carol Bishopric)

Source: http://news.yahoo.com/fabulous-fab-trial-test-sec-000009744.html

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Bieber listed as underage guest at Chicago club

CHICAGO (AP) ? Pop star Justin Bieber is listed as an underage guest on a citation that Chicago police issued to a nightclub.

Chicago Department of Business Affairs and Consumer Protection spokeswoman Jennifer Lipford confirmed Thursday that the 19-year-old Bieber was listed as an underage guest on the citation. She says police cited Bodi nightclub early Wednesday for admitting and knowingly having an underage person in the establishment.

Bieber performed in a concert at Chicago's United Center on Tuesday evening.

Lipford says the citation will to go to an administrative hearing. The club faces a fine of up to $1,000.

Bodi said in a statement that Bieber was not served alcohol and that no one with the club or Bieber did anything wrong. A representative for Bieber did not immediately have comment.

Source: http://news.yahoo.com/bieber-listed-underage-guest-chicago-club-212246186.html

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Friday, July 12, 2013

The New Macbook Air Is Your Deal Of The Day

The New Macbook Air Is Your Deal Of The Day

If you've been following Apple even for a hot second, you know that the current version of their products don't go on sale often. Today Amazon has taken 50 bucks off the brand new 2013 11.6 Macbook Air. As an owner of the 13" version, I can say without hesitation it's the best laptop I've ever owned, and that the Haswell-boosted battery life (~10 hours on the 11.6" model) is worth the price of upgrade alone. Other new features like 802.11ac make it an easy recommendation, and the Wirecutter gave it their best laptop endorsement for the third year running. [Amazon]

Things are frantic here today with the Steam sale and such, so there will definitely be more deals added to this post in the next couple hours, stay tuned.


Top Deals

? $7 Gaming Mouse | Amazon via Ben's Bargains

? Our previous deal of the day on the Canon EOS M is back in stock at Amazon.

? 2013 11" Macbook Air ($949) | Amazon via 9to5Toys | normally $999


Storage

? Iomega 35538 EZ Media & Backup Center 1TB NAS Network Hard Drive ($65) | Rakuten | Lowest price ever

? Synology DiskStation DS212j 2-Bay NAS Server ($170) | B&H | Lowest price ever


Audio

? Samsung Bluetooth Headset w/ Android Application Support ($15) | NewEgg | After $20 rebate and promo code DYMACCS10

? Sony MDR-EX210B Noise Isolating In-Ear Earbud Stereo Headphones ($16) | eBay (Geekdeal) via TechBargains | Lowest ever

? Nuforce NE-600M-RED High-Efficiency In-Ear Headphones with Inline Microphone ($22) | Amazon | Lowest price ever

? Polk Audio TL1 Center Channel Speaker ($47) | Amazon via TechDealDigger | $27 less than elsewhere

? Corsair Vengeance 2000 Wireless 7.1 Gaming Headset ($80) | Amazon | Matches lowest price ever


Video

? Acer S220HQLAbd Black 21.5" 5ms LED Backlight Widescreen Monitor ($110) | NewEgg | Matches lowest price ever

? 24-Inch Dell Ultrasharp LED IPS Monitor ($260) | Newegg via Deals Kinja | Lowest price ever, use promo code EMCXNWW49

? Samsung 40-Inch 3D HDTV ($500) | Best Buy via Deals Kinja | Lowest price ever


Input

? $7 Gaming Mouse | Amazon via Ben's Bargains

? Wired 360 Controller ($25) | Newegg | Use code EMCXNWW79


Computers

? 2013 11" Macbook Air ($949) | Amazon via 9to5Toys | normally $999


PC Parts

? FREE Masscool 80mm Ball Bearing Black Case Fan | TigerDirect | After $10 rebate


Tablets and Phones

? Targus USB Backup Battery ($16) | Amazon | Lowest price ever

? Tanga has a selection Incase accessories on sale. | via 9to5Toys


Gaming

To get all the gaming deals all the time, check out the Kotaku Moneysaver. I would know.

Click here for Moneysaver coverage of the Steam Summer sale.

? PC BioShock Infinite ($24) | Green Man Gaming via Deals Kinja | Use promo code GMG20-F202F-UI40F

? Knights of the Old Republic ($5) | Mac App Store

? Wired 360 Controller ($25) | Newegg | Use code EMCXNWW79


Media

? Amazon has added a number of Miramax titles including Tarantino movies to its Prime streaming catalog, here's a Free Trial
? Black Swan [Blu-ray] ($9) | Amazon | Lowest price ever

Photography

? Compact DSLR Camera Case ($9) | Amazon via Deals Kinja | Lowest price ever

? Our previous deal of the day on the Canon EOS M is back in stock at Amazon.


Mac

? Knights of the Old Republic ($5) | Mac App Store


iOS

? djay ($1) | via 9to5Toys
The following games are currently FREE on iTunes:
? Peggle/Peggle [iPad]
? Air Penguin
? Berzerk Ball 2
? Zenonia 1, 2, 3, 4, 5
? Destinia
? Advenia
? Angry Birds Star Wars/Angry Birds Star Wars [iPad]
? Hybrid: Eternal Whisper

Android

? FREE Marv the Miner 3: The Way Back | Amazon


Clothing

? Banana Republic 30% off | Use code BRSHOP30


Life

? Papa John's 50% off | Use code SUM50 | Possibly region-specific

? Rayovac BRSLEDPEN-B Brilliant Solutions LED Pen Light ($3) | Amazon | Lowest price ever, Add-on item.

? Finelife Smokin' Grill Barbecue Temperate Fork w/Digital Display, 6 Meat Selections & 4 Cooking Settings ($10) | Sears | Save $20

? Hamilton Beach Breakfast Sandwich Maker ($20) | Walmart via TechBargains

? Leatherman Wingman ($20) | Adorama via Deals Kinja | Near lowest price ever

? Kryptonite Kryptolok Series 2 Standard Bicycle U-Lock with Transit FlexFrame Bracket (4-inch x 9-inch) with 4-Foot Flex Cable ($31) | Amazon | Near lowest price ever

? Waring Pro 400 Watt Juicer ($40) | Amazon via Deals Kinja | Lowest price ever

? Dyson DC33 Vacuum ($180) | Woot | Lowest price ever, refurbished

? Samsung - 24" Tall Tub Built-In Stainless-Steel Dishwasher ($430) | Best Buy | Lowest price ever, today only

? Bowflex Xtreme 2 SE Home Gym with Upgrades ($1249) | Amazon | Lowest price ever


Hobomodo


Gizmodo Wants You!

Gizmodo is looking for someone passionate and knowledgeable about both deals and tech to take over Gizmodo, and who better to do it than a long-time reader?


Keep up with Shane Roberts on Kinja and Twitter. Check out Dealzmodo for more great tech deals, and Deals.Kinja.com for even more discounts.

Join us every weekday at 3pm ET for Dealzmodo, brought to you by the Commerce Team. We're here to bring Gizmodo readers the best tech deals available, and to be clear, we also make money if you buy. We want your feedback.

Source: http://gizmodo.com/the-new-macbook-air-is-your-deal-of-the-day-745046531

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Thursday, July 11, 2013

RBC Files To Raise Up to $25 Billion in Debt Offering, Growing the Capital Base

Seeing a U.S., Canadian, or European bank file to raise cash in a debt offering is generally nothing unusual. But when a bank files for a debt offering this large it stands out a bit like a wart on a nose. The Royal Bank of Canada (NYSE: RY) has just filed to raise up to $25 billion in a debt offering.

Today?s SEC filing is for senior debt securities and subordinated debt securities. Its ?use of proceeds? section states that the capital will be added to its general funds and is to be used for general banking purposes and to enlarge its capital base. What investors need to consider here about the size of this amount of capital is that it rivals the largest bank TARP bailout?funds received by any one too big to?fail bank (see below).

Big banks tend to have an idea of when interest rates are good or bad for borrowing, and it would seem as though the giant Canadian bank has decided it better get the cheap capital while it can. As we have noted, the 10-year Treasury note has seen its yield rise more than one full percentage point in just over 60 days now. We might even wonder if this is new capital for a new line of business, or even for an acquisition.

RBC shares closed down 0.4% at $58.23 on Wednesday and its 52-week trading range is $49.19 to $64.08. The bank also pays a dividend yield to US investors of close to 4.2%. Yahoo! Finance counts its current market cap at $84.1 billion.

FULL RBC F-3 FILING

Here is a snippet from our May 10, 2013 TARP Scorecard:

The Capital Purchase Program was the largest of the TARP programs, paying out? $250.46 billion to 707 financial institutions. The total amount repaid so far? comes to $270.81 billion. Bank of America Corp. (NYSE: BAC) took TARP funds of $45 billion and fully repaid? the funds in early 2010. Citigroup Inc. (NYSE: C) and Wells Fargo & Co. (NYSE: WFC) paid back TARP loans of $20 billion and $25? billion, respectively, in early 2010 as well. J.P. Morgan Chase & Co. (NYSE: JPM) repaid $25 billion in the summer of 2009, and? Morgan Stanley (NYSE: MS) and Goldman Sachs Group Inc. (NYSE: GS) repaid $10 billion each at the same time.

Jon C. Ogg

Read more: Banking & Finance, Banking & Finance, RBC, secondary offering, BAC, C, GS, JPM, MS, RY, WFC

Source: http://247wallst.com/banking-finance/2013/07/10/rbc-files-to-raise-up-to-25-billion-in-debt-offering-growing-the-capital-base/

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A Frisco Texas volunteer soccer coach is back in jail on a 1 million bond after a fifth charge of child sex abuse was filed ag...

SbB LIVE FROM LA (Jul 10, 2013 @ 8:17am ET)

9:00 PM: New Minnesota Wild player Matt Cooke will wear #24, the number of former Wild player Derek Boogaard, after receiving the blessing from Boogaard's parents. Boogaard died in 2011 at the age of 28 from an accidental drug & alcohol overdose.

8:45 PM: Brian Read, a pitcher for the Seacoast Mavericks summer collegiate baseball team, had to undergo surgery to remove a hot dog that got stuck in his esophagus while he was competing in an eating contest during a game.

8:30 PM: Louisville basketball coach Rick Pitino said that Kevin Ware, who suffered a gruesome leg injury in last season's Elite Eight game against Duke, could be back on the court by October. Pitino added player Russ Smith wasn't injured when he recently fell off his moped.

8:15 PM: Dallas Mavericks player Dirk Nowitzki tweeted on Tuesday: "We worked all summer to get DH to Dallas. Welcome back to the Mavs, Devin Harris."

8:00 PM: Mike Bianchi of the Orlando Sentinel writes how O.J. Simpson, who turns 66 years old today, had once helped save the Central Florida football program by taking part in a fundraiser in 1984. Simpson appeared as a favor to Knights coach Lou Saban, who was O.J.'s coach with the Buffalo Bills.

7:45 PM: The Associated Press reports Denver Broncos director of pro personnel Tom Heckert was arrested on DUI charges on June 11. Broncos director of player personnel Matt Russell was arrested last Saturday also on DUI charges.

7:30 PM: Utah athletic director Chris Hill announced Tuesday the Utes will face BYU in a home & home football series in 2017 & 2018, pending approval from the Pac-12 Conference.

7:15 PM: North Carolina basketball coach Roy Williams said Tuesday he will not make any statements on the status of arrested player P.J. Hairston "until the facts are in and until everything is done."

7:00 PM: The Houston Rockets were fined $150,000 by the NBA for "unauthorized public comments" about Dwight Howard before the team signed him.

6:45 PM: New Hockey Hall of Fame inductee Chris Chelios said he was home alone when he got the call Tuesday and had no one to share the good news with.

6:30 PM: Appearing on 710 ESPN LA radio Tuesday, Lakers player Steve Nash said that he believes Dwight Howard wasn't comfortable in L.A. and "didn't want to be here".

6:15 PM: The Tampa Bay Buccaneers announced they will be wearing their orange & white throwback uniforms for their Sept. 29 home game against the Arizona Cardinals.

6:00 PM: Former Penn State officials Graham Spanier, Tim Curley & Gary Schultz will have a preliminary court hearing on July 29 to face charges related to the Jerry Sandusky child sex abuse scandal.

5:45 PM: Former Mississippi State basketball player Leland Mitchell, who played in the Bulldogs' 1963 "Game of Change" against Loyola-Chicago, died Saturday at the age of 72. The MSU team defied state law in order to play against the integrated Ramblers in the NCAA tournament.

5:30 PM: Former Alabama & Baltimore Ravens linebacker Rolando McClain has pleaded not guilty to charges of disorderly conduct & resisting arrest stemming from an April 21 incident in his hometown of Decatur, Alabama. McClain has been assigned a Dec. 12 court date.

Source: http://www.sportsbybrooks.com/sbblive?eid=53744

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5 things to know about Tour de France

SAINT-NAZAIRE, France (AP) ? Five things to know as the Tour de France enters its 10th stage on Tuesday:

___

1. ZZZZZZZZZ ? And on the 10th day they rested. In hotels in and near Saint-Nazaire on France's western coast, the 182 riders who survived the Tour's bruising first nine days were sleeping, eating, and sleeping some more Monday to recharge their batteries for the middle section of three weeks of racing. Smart riders know that to stop riding altogether is a recipe for stiff legs, so many wheeled out their bikes for a few hours to keep their engines ticking. How times have changed. Three-time winner Greg LeMond recalled in a recent interview with French sports newspaper L'Equipe that he used to play golf on a rest day. Perhaps the most legendary rest day episode involved Jacques Anquetil. The story goes that he overindulged on roast mutton and booze after crashing a radio station's barbecue party during the 1964 Tour, and paid the price the next day. He initially struggled on a mountain ascent, but with some prodding from his team and a little luck ? his top rival had a flat ? Anquetil went on to win his fifth Tour, a record since matched but never beaten.

___

2. BACK IN THE SADDLE ? You can bet Chris Froome will not have been so devil-may-care as Anquetil. The Kenya-born Briton will wear the leader's yellow jersey in Tuesday's 10th Stage. It shouldn't be too rude an awakening for riders as it's a mostly flat 122.4-mile ride across Brittany from Saint-Gildas-des-Bois to Saint-Malo. The next test to Froome's grasp on the leader's shirt comes Wednesday with the first individual time-trial, up to the majestic island citadel of Mont-Saint-Michel.

___

3. TIGHT-LIPPED BRAILSFORD ? Dave Brailsford, the manager of Froome's Sky squad, insists his riders won't collapse again in the mountains like they did in Sunday's ninth stage. Paris-Nice winner Richie Porte and several other Sky riders were dropped on the first big climb. That left Froome, the pre-race favorite, to fend for himself for the next 78 miles and over three more monster ascents. But he held on, solo, to keep the yellow jersey. "(Using) a boxing analogy, he's taken the biggest right hook he could face, and he didn't flinch," Brailsford said. "You learn more from adversity." Asked what Sky's plan would be to avoid a repeat scenario, he said: "I'm not going to spell it out. I'm not going to go into the details of the changes we're going to make."

___

4. DUELING MANIFESTOS ? The candidates to run cycling's governing body used the Tour's rest day to publicize their visions for the future of a sport trying to move beyond its doping past. UCI boss Pat McQuaid, who is seeking a third four-year term, insisted the sport has changed for the better during his tenure as he unveiled his manifesto for cycling's future. He wants to "preserve the new culture and era of clean cycling," develop women's cycling, and authorize an independent audit to look into the UCI's actions between 1999 and 2005, the period when Lance Armstrong won seven Tour titles before they were stripped for doping. Brian Cookson, the head of British Cycling who put out his own manifesto last month as part of his own candidacy, retorted Monday in a statement that he believed people will "ask why those things haven't been done in the last eight years" under McQuaid.

___

5. RIDERS JUST WANNA HAVE FUN? ? Cyclists know about pain, sweat and hard work. The Orica GreenEdge riders prove they know how to have fun too. The Australian squad and some filmmaking-savvy helpers have put together an online video tribute to legendary rock 'n' roll band AC/DC in which the riders don wigs, strum on floppy toy guitars and even play air guitar on a Tour podium to the tune of the Australian band's classic, "You Shook Me All Night Long." Simon Gerrans and Daryl Impey do their riffs while in the yellow jersey that they both wore last week. Others played along, too. BMC's Philippe Gilbert and fellow Belgian Eddy Merckx, a five-time Tour champion, get cameos. You can see it here: https://www.youtube.com/watch?v=fAl1-mBhFpU

___

AP Sports Writers John Leicester and Jerome Pugmire contributed to this report.

Source: http://news.yahoo.com/5-things-know-tour-france-211208854.html

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Wednesday, July 10, 2013

In Texas, likely Perry successor biding his time

AUSTIN, Texas (AP) ? Texas Attorney General Greg Abbott appears to be in no hurry to declare his candidacy for governor, even after amassing a huge campaign war chest and a sense of inevitability among conservatives who are confident he'd cruise to election.

Gov. Rick Perry announced Monday he won't seek a fourth full term in office next year while Abbott, who has been the state's top cop since 2002, has made no secret he has long pined for the governor's mansion. He has already raised $18 million-plus in campaign funds, more than three times Perry's haul and enough to keep any other major Republican candidate from challenging him.

Yet Abbott's advisers said Tuesday he won't formally enter the governor's race until at least next week.

That willingness to keep biding his time was on display Monday evening, when Abbott addressed thousands of abortion opponents who gathered at the Texas Capitol and wildly applauded his promises to keep fighting to restrict the procedure in Texas.

Abbott has unveiled a five-day tour beginning Sunday in San Antonio that will take him to much of the state, including Houston, El Paso and McAllen on the border with Mexico, and Wichita Falls, where Abbott was born. There also is a planned stop in the Dallas suburb of Duncanville where he grew up.

Spokesman Matt Hirsch said Abbott "is looking forward to meeting directly with voters. That's all for now."

Meanwhile, Texas' only officially declared gubernatorial candidate went on the attack ? complaining Tuesday that Abbott "seems to be the anointed one for the governor's chair."

"It's sort of like divine right. You pick whose going to be the next governor, you move people up the ladder," former Texas Republican Party Chairman Tom Pauken said at a news conference.

Pauken, a gubernatorial longshot, hopes to raise $2 million-plus ahead of the GOP primary in March. But he noted that much of Abbott's sizable war chest has come from political action groups representing major law firms around the state, which he claimed wanted favors from Abbott as attorney general and will want more should he become governor.

"I wouldn't be in it if I thought that Greg were an authentic conservative," Pauken said. Hirsch declined to respond.

Political observers say it's no surprise Abbott's happy to wait a little longer ? not wanting to make it appear he's pushing aside the powerful and still-popular Perry, who has been governor since George W. Bush left to prepare for the presidency in 2000.

Despite the delay, though, some conservatives say they aren't happy with what appears a clear passing of the political baton.

"I think a lot of people are tired of a political royal class," said Debra Medina, who unsuccessfully challenged Perry in the 2010 Republican primary and now chairs We Texans, a group promoting limited government.

Perry's bowing out means at least six out of Texas' nine elected executive offices will change hands. Voters will replace the governor, attorney general, comptroller and commissioners for land, agriculture and railroads. They'll also get a chance to choose another lieutenant governor, with three top Republicans running to replace David Dewhurst ? even though he plans to seek re-election.

Still, Abbott is widely considered a shoo-in because a Democrat hasn't won any statewide office in Texas since 1994.

The likely Democratic front-runner also hasn't announced her candidacy ? or even said for sure if she'll run. State Sen. Wendy Davis of Fort Worth became a national sensation by standing for more than 12 hours as Democrats used a filibuster last month to temporarily block a series of new limits on abortion statewide.

Perry has since called lawmakers back to work to finish passing the restrictions, prompting thousands of activists on both sides of the issue to descend on the state Capitol and hold dueling rallies ? including the one Abbott appeared at Monday night.

Davis has been urged to run by Democratic operatives but has refused to comment on her future except to say she's focused on running again for her Senate seat in 2014.

Despite his fundraising advantage, the 55-year-old Abbott remains far from a household name in Texas. He was 26 and out for a jog when an oak tree fell on him, crushing his legs and forcing him to use a wheelchair ever since. Abbott eventually sued the owner of the tree and a tree trimming company that had worked in the area.

He is a champion of efforts to restrict civil litigation in Texas and has delighted tea party activists by ferociously championing gun rights and opposing abortion.

But his biggest claim to fame has been suing the federal government 27 times since President Barack Obama took office, arguing against what he calls federal overreach on environmental regulations, the White House's signature health care reform law, and on the U.S. Justice Department's attempts to block as discriminatory to minorities voting district maps approved by the Republican-controlled state Legislature.

Abbott even gleefully describes his job as attorney general thusly: "I go into the office, I sue the federal government and I go home."

Source: http://news.yahoo.com/texas-likely-perry-successor-biding-time-212904959.html

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Resources rebound, lift TSX to near three-week high

By John Tilak

TORONTO (Reuters) - Canada's main stock index rose on Tuesday to its highest level in nearly three weeks as robust commodity prices lifted shares of energy and mining companies, overcoming a decline in Alimentation Couche-Tard .

A strong start to the U.S. earnings season, which kicked off with Alcoa's robust profit report on Monday, also boosted investor sentiment.

The gains were capped as Couche-Tard, the convenience store and gasoline station operator, fell 5.6 percent after its fourth-quarter results missed market expectations.

Resource stocks, which have played a major role in keeping the Toronto market in negative territory for the year, were the session highlight.

Oil prices climbed in choppy trade, while the price of gold hit a one-week high on demand for the physical commodity.

"Clearly resources are rebounding off the bottom," said Irwin Michael, portfolio manager at ABC Funds.

Energy shares in particular are trading at very attractive valuations and haven't mirrored the recent rally in the price of oil, he said.

"There is a bit of a disconnect between the oil price and oil and gas public companies," added Michael, who is "overweight" on energy stocks.

The Toronto Stock Exchange's S&P/TSX composite index <.gsptse> closed up 88.22 points, or 0.72 percent, at 12,297.09, after reaching 12,298.67, its highest since June 19.

The market has been weighing the benefits of improved economic data, such as Friday's positive U.S. jobs report, against the likelihood of the U.S. Federal Reserve starting to pull back from its bond buying later this year.

"We're seeing a split focus, where investors are focused on equity markets, as well as interest rates and returns out of the bond markets," said Craig Fehr, market strategist at Edward Jones. "Investors are taking a bit of a pause trying to digest better data against the prospect of less stimulus."

Five of the 10 main sectors on the index were higher. Financials, the index's most heavily weighted sector, climbed 0.5 percent.

The materials sector, which includes mining stocks, was the top gainer, adding 1.7 percent. Miner Teck Resources Ltd jumped 5.7 percent to C$22.39.

Gold producers benefited from the higher bullion price. Goldcorp Inc rose 2.3 percent to C$25.47, and Barrick Gold Corp climbed 0.6 percent to C$14.66.

Shares of energy producers added 1.1 percent. Canadian Natural Resources Ltd rose 2.3 percent to $31.97, and Suncor Energy Inc was up 1.2 percent at C$31.98.

Investors also focused on BlackBerry's annual general meeting, where it faced some tough questions about its future, after a recent quarterly report fueled a huge selloff. The stock advanced 1 percent to C$10.20.

(Editing by Kenneth Barry and Leslie Adler)

Source: http://news.yahoo.com/tsx-may-open-higher-u-corporate-earnings-support-123116720.html

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Home Remodeling Platform Houzz Adds Reality Check - TechCrunch

If you need a bout of house envy, there?s no better place to go than Houzz, the increasingly popular platform for finding ideas for your home remodeling projects and the professional that can realize them. Today, however, the service is adding a bit of a reality check to these dreams. The company, which currently sees 14 million users every month, recently surveyed 100,000 homeowners in the U.S. about their projects. It?s now surfacing this information on its site and in its mobile apps to give homeowners a better idea of what remodeling projects in their local areas typically cost.

For example, the tools show homeowners what a kitchen or media room remodel costs in their area. Besides the average, which wouldn?t be all that useful, it also highlights the stats for the lower, middle and top third. Using its existing database, Houzz can also draw upon its huge database of envy-inducing photographs and prices for specific items. This way, for example, you can see what a certain kind of countertop will do to your budget, as well as the pros and cons of the different options, thanks to the growing number of how-to and style guides on the service.

For the time being, this tool is only available on the Houzz website. It?s not available through its popular ?mobile apps, but the company tells me that?s coming soon.

Portland - City View

The data the company uses to power this tool, as Houzz co-founder Alon Cohen told me last week, is based on the largest survey ever done on remodeling activity. The company, he said, decided to give this information back to the community. Cohen believes it will help homeowners budget their projects.

Currently, the survey shows, half of the homeowners who start these kinds of projects don?t actually set a budget or go over budget.?In addition, the tool should also help the company?s network of more than 230,000 professionals get a better idea of what they can charge and show homeowners how their rates compare to the average.

Houzz plans to update the data over time.

Products View


Houzz (www.houzz.com) is the leading online platform for home remodeling and design, providing people with everything they need to improve their homes from start to finish - online or from a mobile device. From decorating a room to building a custom home, Houzz connects millions of homeowners, home design enthusiasts and home improvement professionals across the country and around the world. With the largest residential design database in the world and a vibrant community powered by social tools, Houzz...

? Learn more

Source: http://techcrunch.com/2013/07/08/home-remodeling-platform-houzz-adds-reality-check-to-remodeling-dreams-launches-cost-database-for-renovation-projects/

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