Revenue is down 1 percent from the same period last year, while net earnings are down 91 percent, to $297 million.Source: http://feedproxy.google.com/~r/Techcrunch/~3/bIxCs2anqmc/
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WASHINGTON (AP) — The White House says the latest proposal from House Republican leaders for reopening the government and extending the nation's borrowing cap is a partisan effort to appease tea party conservatives. It praises bipartisan negotiations in the Senate as a good-faith effort to end the partial government shutdown and avoid an economy-shaking default.
The White House also announced it will meet with House Democratic leaders Tuesday afternoon as negotiations continue and a deadline to raise the debt ceiling moves ever closer.
White House spokeswoman Amy Brundage says a proposal from House GOP leaders that would attach health care law changes to shut-down and debt ceiling measures is a, quote, "partisan attempt to appease a small group of tea party Republicans who forced the government shut down in the first place."
Associated PressSource: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-10-15-Budget-Battle%20Obama/id-a1353d780c2543d79de9a9ce166ab1a7SANFORD, Fla. (AP) — Jurors deliberating in the trial of a Florida attorney charged with operating a gambling network under the guise of a veterans' charity have reached a verdict.
The six jurors deliberated for more than 14 hours over two days before saying Friday evening that they had reached a decision.
The verdict came a short time after jurors indicated in a note to the judge that they were having trouble reaching consensus.
Attorney Kelly Mathis is the first of 57 defendants to go on trial in the Allied Veterans case. The case led to the resignation of Florida's lieutenant governor and a ban on all Internet cafes in the state earlier this year.
Mathis is charged with more than 100 counts. He says he did nothing wrong.
MANILA, Philippines (AP) — Global stock markets rose Tuesday on hopes Washington was moving closer to a deal that would avert a debt default by the U.S. government.
In early European trading, the FTSE 100 index of leading British shares climbed 0.7 percent to 6,552.30 while Germany's DAX was up 0.5 percent to 8,770.44. France's CAC-40 gained 0.5 percent to 4,242.81. Asian stock markets ended their trading sessions mostly higher.
Futures in New York pointed to a higher opening on Wall Street. Dow Jones industrial futures rose 0.1 percent to 15,235 and S&P 500 futures added 0.1 percent to 1,705.30.
Two days from a deadline to increase the U.S. debt ceiling, investors remain focused on developments in Washington. Most think a deal will be reached in time and stock markets were holding up. The U.S. has to increase the amount of debt it can sell by Oct. 17 or face a possible default, a scenario that could derail the U.S. economic recovery and roil international markets.
Investors "are hoping that the US can have a deal done to resolve the debt limit problem in coming days," said Jackson Wong, vice president at Tanrich Securities in Hong Kong.
Negotiations between Republicans and Democrats in the past few days failed to reach a conclusion either on raising the debt ceiling or the partial shutdown of the U.S. government, which has now entered a third week.
Japan's Nikkei 225 closed up 0.3 percent at 14,441.54 and Hong Kong's Hang Seng gained 0.5 percent to 23,336.52. South Korea's Kospi closed 1 percent higher at 2,040.96. Taiwan's stock index gained 1.1 percent to 8,367.88.
China's Shanghai Composite index bucked the trend, down 0.2 percent at 2,233.41.
Wong said recent economic data from China has been mixed, with investors still not sure whether the Chinese economy will stabilize after a prolonged slowdown.
Markets in Indonesia, Malaysia, Singapore and the Philippines were closed for holidays.
In energy trading, benchmark crude for November delivery was down 33 cents at $102.08 a barrel in electronic trading on the New York Mercantile Exchange.
The euro fell to $1.3522 from $1.3554 late Monday. The dollar dropped to 98.60 yen from 98.67 yen.
FILE - In these Oct. 10, 2013, file photos Virginia candidates for governor, Democrat Terry McAuliffe and Republican Ken Cuccinelli, talk during a forum at the University of Richmond in Richmond, Va., prior to the November election. With polls indicating more public resentment toward Republicans than Democrats in the budget battle raging on Capitol Hill, federal work stoppage directly affecting thousands of Virginia residents has put Cuccinelli on the defensive, while giving McAuliffe an opening in a race that has been neck-and-neck for months. (AP Photo/Steve Helber, File)
FILE - In these Oct. 10, 2013, file photos Virginia candidates for governor, Democrat Terry McAuliffe and Republican Ken Cuccinelli, talk during a forum at the University of Richmond in Richmond, Va., prior to the November election. With polls indicating more public resentment toward Republicans than Democrats in the budget battle raging on Capitol Hill, federal work stoppage directly affecting thousands of Virginia residents has put Cuccinelli on the defensive, while giving McAuliffe an opening in a race that has been neck-and-neck for months. (AP Photo/Steve Helber, File)
RICHMOND, Va. (AP) — Playing out just across the Potomac River from shutdown central, the Virginia governor's race has turned into a real-time test of Republican and Democratic positions in the congressional budget battle raging in the nation's capital.
With polls indicating more public resentment toward Republicans than Democrats, the federal work stoppage directly affecting thousands of Virginia residents has forced Republican Ken Cuccinelli on the defensive while giving Democrat Terry McAuliffe an opening in a race that had been neck-and-neck for months.
Now, public and internal surveys show voter support has started breaking McAuliffe's way, with the Democrat leading by 8 percentage points in a Quinnipiac University poll released Thursday. The same poll showed that by a nearly 3-1 majority, Virginians opposed Congress shutting down the government in a fight over President Barack Obama's health care law.
The outcome of the Nov. 5 election in this swing-voting state could provide clues about how the issue will play in next fall's House and Senate midterm elections — and give both parties a road map as they fight for control of Congress.
Cuccinelli, the conservative state attorney general, has sought to carefully distance himself from House GOP leaders and tea party lawmakers without alienating his conservative core supporters or moderate independents — particularly in the affluent and fast-growing Washington suburbs.
Earlier this month, Cuccinelli called on congressional Republicans to drop their insistence that Congress dismantle the health care law as a condition for reopening the government. Two days later, he appeared at a conservative Christian group's fundraiser that Sen. Ted Cruz, R-Texas, also attended. But Cuccinelli didn't make any public mention of Cruz, the tea party hero who led the Senate GOP's effort to defund the health care law.
Cuccinelli has lambasted McAuliffe for saying he wouldn't sign a Virginia budget that didn't include a Medicaid expansion, the mechanism the health care law uses to extend coverage to the poor.
To people in Virginia, Cuccinelli said, McAuliffe's position amounts to "a government shutdown."
McAuliffe is a former national Democratic Party chairman and a friend of former President Bill Clinton and his wife, former Secretary of State Hillary Rodham Clinton. McAuliffe has been stoking the notion — on the campaign trail and in TV ads blanketing the state — that Republicans are to blame for the shutdown and that Cuccinelli is no different from those whose demands helped trigger it. He's sought to link Cuccinelli to the tea party and paint him as too ideologically extreme for Virginia.
"I wouldn't even be in the same room with Ted Cruz with the damage he has brought to so many Virginia families," McAuliffe said. "And if I'd gone to the room, I'd tell him to stop using a government shutdown as an ideological bargaining chip."
The arguments are salient in this state, which is home to many federal employees and receives the most military spending per capita in the nation.
Cuccinelli's political adviser, GOP strategist Christopher J. LaCivita, acknowledged that the shutdown has created a challenge for his candidate at a critical time, saying, "We don't get to talk about the good stuff Ken would do as governor."
Josh Schwerin, a senior aide to McAuliffe, said the shutdown played right into his candidate's key argument against Cuccinelli and the tea party: "They're more concerned about pushing their ideological agenda than solving problems."
Downright nasty now, the race has been very negative from almost the start because it pitted two deeply unpopular candidates against each other.
Majorities of Virginia voters long have viewed Cuccinelli and McAuliffe in a negative light, and both brought considerable political baggage into this fall's only competitive governor's race.
Cuccinelli is testing the notion of whether a Republican as conservative as him can win in a swing-voting state.
He was the first attorney general in the nation to challenge the new health overhaul law. A global-warming skeptic, he mounted a two-year inquest into whether a former University of Virginia climate scientist used manipulated data to land federal grants. And only weeks after taking office, Cuccinelli warned Virginia's public college officials that they could not enact policies against discrimination toward gays that are tougher than state law, an action Gov. Bob McDonnell, a fellow Republican social conservative, rescinded.
As attorney general, Cuccinelli pressured members of the State Board of Health to reverse their decision to exempt existing abortion clinics from new regulations that hold facilities where a certain number of abortions are performed to the stringent architectural requirements of hospitals. The board ultimately decided to apply the standards to existing clinics.
Since March, Cuccinelli has been dogged by his ties to a wealthy benefactor whose more than $145,000 in personal gifts and loans to McDonnell and his family remains a subject of federal and state criminal investigations. Cuccinelli accepted $18,000 in gifts from that benefactor, Jonnie R. Williams, chief executive of a Virginia-based nutritional supplements company.
The governor's scandal not only stained Cuccinelli, it drowned out his campaign's message throughout the spring and summer, and it sidelined his most formidable advocate and fundraiser, the sitting governor.
McAuliffe, with his vast national network of donors, has raised nearly twice as much as Cuccinelli.
But he's had his own troubles.
McAuliffe headed a small electric-car company that bypassed Virginia to set up operations in north Mississippi two years ago. Now federal authorities are investigating the company's use of a federal program that grants visas to foreign investors who put at least $500,000 into qualifying American-grown business ventures. McAuliffe was the company's chairman for three years before quietly stepping down after declaring his candidacy last November.
Last week, McAuliffe's name surfaced on a list of investors with a Rhode Island estate planner who is now jailed for using the stolen identities of terminally ill people to secure annuities on them without their knowledge, then collecting insurance benefits when they died.
There is no allegation of wrongdoing by McAuliffe or that he or other investors knew of efforts to defraud the terminally ill. McAuliffe said he was only a passive investor and unaware of the scheme.
The Associated Press last Wednesday initially reported McAuliffe was accused in court documents of having lied to a federal investigator looking into the benefit scheme, but then said the reporting was wrong and withdrew the story. The documents referred to someone by the initials "T.M.," but did not identify McAuliffe as that person.
Associated PressSource: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2013-10-15-Shutdown-Virginia%20Gov%20Race/id-af91cfb2737d483b8cfa295562607aabBy Kylie MacLellan
LONDON (Reuters) - A website which brings new sources of funding to small British businesses by allowing individuals to invest as little as 10 pounds ($16) in them, is aiming to become the first crowdfunded investment bank, its CEO said.
While many crowdfunding sites have marketed themselves as an alternative to banking, BankToTheFuture.com, which has helped businesses raise 487,000 pounds since it launched in August last year, plans to apply for a banking license so it can expand its range of products to include things such as retail bonds.
The site, which is liaising with the British government, regulators and the Bank of England, is being advised by Fiona Brownsell, who was involved in helping set up Metro Bank, Britain's first new high street bank in more than 100 years.
"The fundamental difference about what we are doing that would be different from other people with banking licenses is transparency ... everyone can see exactly what happens with their money," former investment banker Simon Dixon, the site's co-founder and chief executive, told Reuters.
As banks cut lending due to tougher capital rules and greater regulatory scrutiny, crowdfunding, which originated in the United States, has expanded rapidly as an alternative source of finance.
The amount raised globally by the crowdfunding sector rose 81 percent in 2012 to $2.7 billion, according to research and advisory firm Massolution.
The British government sees growth in the small business sector as important in boosting the wider economy and is keen to promote lending to small businesses and boost competition in banking.
"There is a lot more support and openness to potentially new models," said Dixon.
"What we want to do is a lot less risky than the banking model simply because we are not going to be leveraging people's money."
BankToTheFuture plans to raise 2 million pounds over the next two months, in what would be the biggest ever equity crowdfunded deal globally, to invest in both technology and the regulatory process and hopes to have its license within 3 years.
"We want to take the best (investment banking) practices and strip out the worst practices and get finance to business and offer new opportunities to investors," said Dixon.
Britain's Prudential Regulation Authority plans to lower the minimum capital requirement for new banks to 1 million pounds from the European minimum of 5 million pounds, in a bid to encourage more competition. New entrants have to meet a handful of other conditions though.
($1 = 0.6209 British pounds)
(Editing by Elaine Hardcastle)