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FILE – In this March 21, 2008 file photo, former Red Sox pitcher Curt Schilling, left, poses with a Japanese fan during a visit to U.S Army Camp Zama, west of Tokyo. Rhode Island Gov. Lincoln Chafee says the state is working to help Schilling’s video game company remain viable after it failed to make a scheduled $1.125 million payment to the state’s economic development agency. (AP Photo/Itsuo Inouye, File)

FILE – In this March 21, 2008 file photo, former Red Sox pitcher Curt Schilling, left, poses with a Japanese fan during a visit to U.S Army Camp Zama, west of Tokyo. Rhode Island Gov. Lincoln Chafee says the state is working to help Schilling’s video game company remain viable after it failed to make a scheduled $1.125 million payment to the state’s economic development agency. (AP Photo/Itsuo Inouye, File)

PROVIDENCE, R.I. (AP) ? Rhode Island officials held an emergency meeting Wednesday that could determine the fate of former Red Sox pitcher Curt Schilling’s video game company.

The Economic Development Corp. board voted to go into executive session to receive what it called highly confidential information on the finances of 38 Studios. Schilling was briefing Gov. Lincoln Chafee and the rest of the board, which said it would report back in public session on any action it takes.

Concerns about 38 Studios’ financial health arose when it failed to make a scheduled $1.1 million payment on May 1 to the Economic Development Corp.

The business was lured from Massachusetts in 2010 after Rhode Island offered a $75 million loan guarantee that state officials said would help bring hundreds of jobs and millions in tax revenue.

Chafee has vowed to do “everything possible” to assist 38 Studios and prevent the state from having to pay the company’s debts.

He declined to say Tuesday whether the state would be asked for concessions ? or financial support ? to help the Providence-based business.

“The most important thing, going forward, is the viability of the company,” said Chafee, an independent. “We’re looking at everything.”

House Speaker Gordon Fox said he began hearing “inklings” about trouble at the company a few weeks ago, but still doesn’t have the necessary information to gauge the company’s health.

“It’s technical financial stuff,” said Fox, D-Providence. “You have to figure out the details before you can say anything.”

Under the terms of the loan guarantee agreement, 38 Studios promised to bring to Rhode Island a total of 450 jobs over three years. An outside monitor was to follow the company’s progress.

A representative of 38 Studios did not immediately return a message left by The Associated Press.

The company released its much-anticipated first game, “Kingdoms of Amalur: Reckoning,” to strong reviews in February.

Chafee and others criticized the loan guarantee at the time it was offered, saying it was putting taxpayer money at risk to help a company with no track record of success. During his run for governor, Chafee called it “one of the biggest risks I’ve ever seen.”

“It’s irrelevant now,” he told The Associated Press. “Now we just make good decisions going forward.”

Economic Development Corp. Executive Director Keith Stokes said at the time the board determined the loan agreement was a calculated risk well worth taking. Stokes said the board performed months of due diligence in analyzing the gaming sector and 38 Studios and crafted a loan guarantee agreement that included strict performance benchmarks.

He said the agreement went “to great lengths to safeguard taxpayers and ensure economic performance.”

Judy Chong, a spokeswoman for the Economic Development Corp., whose board approved the loan guarantee, said Tuesday she had no information or comment. Board member George Nee also declined to comment.

Under legislation passed in 2010, the General Assembly created a program giving the economic development agency the authority to back up to $125 million in loans to businesses promising to create permanent, full-time jobs.

The loans would come from lending institutions, not the state, but Rhode Island would agree to repay the lender if a company defaulted.

The corporation issued bonds in 2010 and set aside the proceeds of the bond sale for 38 Studios to tap when the company met financial milestones.

___

Associated Press writer Laura Crimaldi contributed to this report.

Associated Press

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While he might not be the first human to admit unfamiliarity with Apple’s AirPlay, he’s likely to be one of the most recognizable figures amongst the bunch. In a recent interview, Time Warner Cable’s CEO, Glenn Britt, said one of the main challenges faced by digital video was the lack of simple ways to stream internet-based content to television sets. Naturally, that brought up the imminent question about Cupertino’s streaming goods, to which he responded by saying “I’m not sure what AirPlay is,” also adding that “the current Apple TV, the little thing, the hockey puck, really doesn’t do anything to help enable you to get internet material on your TV.” Furthermore, he went on to say, “I hate set-top boxes,” as he believes smart TVs are a better streaming solution compared to other bits that require additional hardware. Perhaps this explains why the TWC iOS apps are still missing out on some much-needed AirPlay action.

Time Warner Cable’s CEO doesn’t know what AirPlay is, hates set-top boxes originally appeared on Engadget on Mon, 14 May 2012 15:12:00 EDT. Please see our terms for use of feeds.

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WASHINGTON (Reuters) – The Senate voted on Tuesday to renew the U.S. Export-Import Bank’s charter through September 2014 and raise its lending cap to $140 billion, overcoming objections from conservative Republicans who wanted to shut the bank down.

The bill now goes to President Barack Obama, who said he would sign it and praised lawmakers from both parties for coming together to pass the bill.

“This important step will help American businesses create jobs here at home and sell their products around the world – all at no cost to taxpayers,” Obama said in a statement.

The Senate voted 78-20 to approve the bill, just a few weeks before the bank’s charter expires on May 31. Bank officials also warned they were close to reaching their current $100 billion lending cap because of record demand in recent years.

Twenty-seven of the Senate‘s Republicans voted for the renewal and 19 against. The House of Representatives passed the same bill last week by a vote of 330-93. All of the ‘no’ votes in that chamber were Republican.

Senate Majority Leader Harry Reid, a Nevada Democrat, said the nearly 80-year-old government bank is needed to compete with other government export credit agencies around the world.

“We can’t afford to give an inch to our global competitors. Canada, France and India already provide seven times the assistance for exporters that America does. China and Brazil provide 10 times the support,” Reid said.

Ex-Im provides direct loans and other financing assistance to help U.S. exporters make foreign sales.

U.S. aircraft manufacturer Boeing is the bank’s biggest beneficiary, and other top clients include Caterpillar, General Electric and KBR.

Last year, the bank authorized more than $32 billion in financing to support $40.6 billion in exports from more than 3,600 U.S. companies. It estimates that activity supported about 290,000 export-related jobs.

The Senate action allows “the bank to continue financing U.S. exports to meet foreign competition and fill the void when commercial funding is unavailable,” Ex-Im President Fred Hochberg said in a statement.

“CRONY CAPITALISM”

What has usually been a routine reauthorization of the bank became much more complicated this year due partly to concerns raised by the conservative Tea Party wing of the Republican party.

Many Republicans elected in 2010 see the bank as unnecessary government interference in the private market, even though the bulk of the party still supports the bank.

“The government shouldn’t be picking winners and losers. We need to end the corporate welfare that distorts the market and feeds crony capitalism,” Senator Mike Lee, a Utah Republican, said during Senate debate.

“The corporations that largely benefit from the Ex-Im Bank should have no trouble marshalling their resources to compete in today’s economy. If they are struggling, then they are most likely not deserving of taxpayer help,” Lee said.

Conservative groups, such as Club for Growth, also questioned the need for the bank and raised concern about potential taxpayer losses as its loan volume swells.

Bank defenders say it is conservatively run and has earned $3.7 billion in profits for taxpayers since 2005.

Business groups such as the U.S. Chamber of Commerce and National Association of Manufacturers lobbied hard for the bank.

Against that backdrop, House Republican leader Eric Cantor and second-ranking House Democrat Steny Hoyer struck a deal earlier this month to renew Ex-Im’s charter until September 2014.

That deal, reflected in the bill approved last week by the House and on Tuesday by the Senate, immediately increases the bank’s lending cap to $120 billion through September.

It increases the cap to $140 billion in equal installments over the following two years, as long as loan defaults remain below 2 percent and the bank meets other conditions.

The bill also addresses a complaint from Delta Air Lines that it has been hurt by the bank’s lending to foreign competitors such as Air India at interest rates lower than the carrier could get for itself.

The bill directs the U.S. Treasury Department to pursue trade talks aimed at reducing and then eliminating government export subsidies.

The legislation also requires the bank to give interested parties an opportunity to comment on any transaction over $100 million to try to ensure that U.S. companies are not placed at a competitive disadvantage by a particular sale.

(Editing by Dan Grebler and Cynthia Osterman)

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Raleigh, N.C. ? The North Carolina Committee for Special Olympics has a hurdle to jump regarding its desire to use a new, state-of-the-art track and football stadium at St. Augustine’s College in Raleigh for its summer games.

The college is wrapping up construction at the stadium’s North State Street site in time for the start of football season in September, but the committee wants to use the track June 1-3.

The event violates an agreement reached in October between the college and the city that allowed for construction of the $10 million, 2,500-seat stadium, but included several compromises to minimize the stadium’s impact on the neighborhood.

The agreement was the culmination of more than seven years of wrangling over the stadium, which is the first in St. Aug’s 144-year history.

Residents living near the stadium raised concerns over noise, lighting and parking, so the college agreed to install?special speakers to help reduce noise, vegetation to hide stadium activity and additional parking on campus to accommodate stadium traffic.

The college also agreed to host only 15 events per year and not rent out the stadium to other groups.?

In order for the Special Olympics to use the stadium, St. Aug’s is asking Raleigh City Council to amend its special use permit.

Notices will soon go out to neighbors about those proposed amendments. A public hearing on the issue is scheduled for May 1.?

Copyright 2012 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Continue reading Lenovo announces the ThinkPad X1 Carbon, a 14-inch Ultrabook with Ivy Bridge, optional 3G and a 1600 x 900 display

Lenovo announces the ThinkPad X1 Carbon, a 14-inch Ultrabook with Ivy Bridge, optional 3G and a 1600 x 900 display originally appeared on Engadget on Tue, 15 May 2012 00:01:00 EDT. Please see our terms for use of feeds.

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