Daily Archives: May 11, 2017

Read Donald Trump’s Interview With TIME on Being President – TIME

Posted: May 11, 2017 at 1:24 pm

President Trump hosted correspondents from TIME for a nearly 100-minute wide-ranging discussion on Monday, May 8 over a four-course dinner in the Blue Room of the White House. Joined by Vice President Mike Pence and two senior Administration officials, Trump weaved between topics and frequently went off the record. Excerpts from his conversation with TIME Editor Nancy Gibbs, Washington Bureau Chief Michael Scherer and White House Correspondent Zeke Miller are below:

I find the job very natural for me. I findits a very big job obviously, theres no job big like this. No job is important like this. But I think some of theI just think its something that works for me, it feels very natural to me.

And all I said, the job, it is, its a difficult job but its a job that I find to beI love doing it. I love helping people. Mike [Pence] is doing a fantastic job. He fits it so well. I mean we have a great team, he and I guess, they say were somewhat opposite and that works to be a very good combination.

MORE: Read TIME's cover story "Donald Trump After Hours"

Its never different. I think its never different. Its always the same. You have to know your subject. And that would be the misconception of misconceptions for that. I mean, its not that Ilook, I always had health care for my company. But its not that Iit was just something that wasnt high on my list. I had people that negotiated for my company.

But in a short period of time I understood everything there was to know about health care. And we did the right negotiating, and actually its a very interesting subject.

I think it is. It could be my fault. I dont want to necessarily blame but theres a great meanness out there that Im surprised at. I mean Im surprised.

No, Id like not to be. But the only way you survive is to be combative. Ill read stories in the New York Times that are so one sided. Hey, I know when Im successful. I know victory, okay.

I dont quite get it if Im going to do a job with the lowering taxes, better health care , take care of people, take care of hospitalization, all the things were doing, because theres no plan now. You would think that people would like that. And they dont. I used to get the credit in business but they want to belittle everything you do. Business is easier because you put something up, its good, whatever.

But the politics is tough.

When [Japanese Prime Minister Shinz] Abe came from Japan, first thing he said to me when I first met him. He walked out. "Thank you, thank you." I said, "For what?" F-35. You bought, you saved us one hundred million dollars. Because theyre part of the group that buy the ninety planes. Its a lot. We get, they get, different allies.

But I saved Japan a hundred million bucks. Took me probably an hour if I added up all the time. But I will be saving, when we put that out over two, the two thousand five hundred planes, billions of dollars. Nobody ever wrote a story about that.

But they said the F-35 program is now straightened out and the costs are way down. Theyre down because of me. Then Boeing when the F-18, I mean I must have got thirty-five million of each plane off. . . . You know they had the F-35s, they had thirty-five of them fly over Japan when [Defense Secretary] General [James] Mattis was there , and they were not detected by the radar. They flew over and everyone said where the hell did they come from? Thats stealth. Its pretty cool, right. Thirty-five of them flying at a high speed, low, and they were not detected. They flew right over the top of the deal, nobody knew they were coming. Pretty cool, right?

You know the catapult is quite important. So I said what is this? Sir, this is our digital catapult system. He said well, were going to this because we wanted to keep up with modern [technology]. I said you dont use steam anymore for catapult? No sir. I said, "Ah, how is it working?" "Sir, not good. Not good. Doesnt have the power. You know the steam is just brutal. You see that sucker going and steams going all over the place, theres planes thrown in the air."

It sounded bad to me. Digital. They have digital. What is digital? And its very complicated, you have to be Albert Einstein to figure it out. And I saidand now they want to buy more aircraft carriers. I said what system are you going to be"Sir, were staying with digital." I said no youre not. You going to goddamned steam, the digital costs hundreds of millions of dollars more money and its no good.

Ive done a lot with [Vice President] Mike [Pence] where we have a meeting in the [Roosevelt Room], well have a lot of different people , labor unions, workers. ... We had Harley Davidson up. Ill say anybody ever see the Oval Office? Nobodys ever said theyve seen the Oval Office. President Obama was different. He didnt, not a lot of people invited in. Me, I invite people in. ... And it means something, the Oval Office. It means something to them. Im telling you Ive had big people, some of the biggest business people, youve seen it. They go in theyre like, they cant believe it. And Ive seen them cry. Its weird.

Ill tell you, I used to watch sports. I dont watchIm now consumed by news. And business, I like the business stuff.

See, there wasnt a second attempt. There was only one attempt. There was a mistake, was we set a date . Now had we not set that date, we would have had one time. What we did was we started off and it changed until three or four days ago when it got passed. But we set a date. And when we didnt vote, everyone said Trump fails with health care. The thing that surprised me is, I said, Im not stopping. And everybody, not one person said that was going to pass. Which was sort of surprising to me. Nobody thought it was going to pass. Everyone saidand Id go to [Vice President] Mike [Pence], I said remember I said, theyre talking like we dont have a chance of passing. Ill tell you, it was a great thing. It was a great process because those two hundred plus people in congress I got to know almost every one of them. And I developed a bond with many of them that you can only develop under fire. And it was a great thing. And again, somebody wrote an article where they said this is one of the greatest learning experiences, because Donald Trump has gotten to know everyyou know I was with them for eighteen hours a day, calling.

You know whats interesting, Im getting very good marks in foreign policy. People would not think of me in that light. Im just saying, and you read the same things I read. Im getting As and A+s on foreign policy. And nobody thought about it.

Great relationship with [German Chancellor Angela] Merkel, one of the best. In fact so good she invited my daughter over. She loves Ivanka. Ivanka was over there and did great. But no I have a very good relationship with all of them, including Australia. You saw that the other night, right. You know they all said I hung up and I slammed the phone on him. I didnt do that. I mean, it was a little testy for a while because Obama made a ridiculous deal. But that wasnt [Australian Prime Minister] Malcolm [Turnbull]s fault. But we have a very good relationship with Australia and him. Which I think the other night showed.

I get back [former Egyptian prisoner] Aya [Hijazi] . Nobody could have done that. Nobody else could have done that. They could have negotiated how tough is [Egyptian leader Abdel Fattah] el Sisi, right? Nobody else could have doneand hes a great guy. Nobody else could have gotten her back. She would have been in jail for twenty-eight years. And thats not twenty-eight years youre going away for one. Thats twenty-eight years meaning twenty-eight years.

Ive been doing this, in all fairness, when I first came into the office, the first night. You werent here.

But they say sir, were ready to go. I said where? They had some people in a certain country, Yemen , where they had them [surveilled] and they needed the go ahead to kill, to kill them.

But in other words they wanted the right to go. So theyre telling me this. And this happened for two or three weeks, four weeks. And they keep coming to me, at weird times too. I dont care about that.

And theyre in parts of the world that most people have never even heard about. They were in cities that nobody every heard about or towns. And in some cases theyre ISIS or al-Qaeda. And so they say sir, we have a situation wed like to be able to go and they tell me what.

Then after about four or five weeks I said wait a minute. By the time they get to me, and I get back to them, usually its over anyway, its gone, theyre gone. They couldnt fire. You know under the Obama Administration they get back to them three or four weeks later and say its okay to go. They say okay to go, they left three weeks ago.

So I said to myself, Im a believer in professionals, these people over there, whether its in Iraq or in Yemen or anywhere, Libya, they went to West Point, or wherever. Annapolis, they went to Air Force Academy.

I said to the general, I said how good. The lieutenants, the captains, their majors, their colonels, theyre professionals. They love doing it, they know every inch of the territory, right. I say why am I telling them? So I authorized the generals to do the fighting. You know.

You know I have a lot of respect for President Xi [Jinping]. I have great respect for him. I think we have a very good mutual liking of each other. And I told you we had tremendous dialogue at Mar-a-Lago.

And Mar-a-Lago is a great place for the dialogue because theres a warmth to Mar-a-Lago that you just dont find anywhere else. You can sit down in a chair and just talk for hours. Where in some places you dont have that.

And this is great. I mean its very different. But you dont have that here. Its not the same. Its great in a different way.

Weve never had the relationship that we have now. Now, in all fairness to President Xi, he loves China, he loves his people, and he is representing the people of China. Hes not representing the people of the United States. So well see how that all turns out.

I think we have to be a strong nation. I think we were being laughed at by the world. Theyre not laughing anymore. When I saw that, I thought it was incredible. And then he called them child actors, and that was even, that was just a terrible disrespect.

I mean when he actually said they were child actors, who would even think of that? But I felt something had to be done. And the interesting thing is, a friend of mine whos very much a warrior and a person over there, a general, said you know when they hit a barrel bomb right in the middle of a town, the kids are more brutally damaged, and people.

You have arms and legs and everything else laying all over the town where it is. A real problem too. But you know, it just seemed, when they start using gases, its something that is just terrible. But honestly barrel bombs are incredible when you see the damage done by these.

My friend said to me that, he said you know its interesting, he said you hit them because of the gases but the barrel bombs are worse. He said what they do to people is unbelievable. You have arms and legs laying two hundred yards away.

And despite that there was something about the gases. Its just terrible. And I guess it was also that he violated the deal that was done with Obama. Hes got gas all over the place. Hes got gas all over the place.

We have to humiliate the enemy. And if we dont humiliate them, were going to have our kids continuing to go and fight for ISIS. We have kids leaving this country because theyre so damned good at the internet, ISIS, theyre better at the internet than Google . You know its a smart enemy. Believe it or not. And these kids are going over and fighting.

You know weve gotten billions of dollars more in NATO than hat were getting. All because of me. I mean its not like a bragging thing, Im just saying. If Hillary Clinton would have gotten in, she wouldnt even know that were getting screwed by everybody.

But we have gotten billions of dollars more coming in. and coming in. I asked one simple question, I says is everybody paid up? An they bring their chart, and these countries havent paid for years. Havent paid a fair amount for years. Billions, and billions, and billions and billions of dollars. And were paying. Were paying for it.

And they pay 2% and we pay close to 4%. And in all fairness its better for them than it is for us. Its wonderful. But its better for them. And I get along great with Merkel. I got along great with all of them. I said folks, you gotta pay. You gotta pay.

Terrible. Incredible and terrible. Theyre so brave. I mean their legs are blown off, their arms are blown off, their faces Their spirits amazing. Its incredible. One guy had his leg blown off in Afghanistan. Handsome guy, really good looking guy. And he was with his girlfriend. His leg was blown off high, you know.

All he can do, because now they let them go back, was with the prosthetic, if you can, it works out okay. All he wants to do is go back. Its amazing. The spirit is so incredible.

I always say the president has a gift for hospitalityI think people sense when theyre around the president an open door, a hospitality, a graciousness. I think itsI've had more people tell me that it was the memory of a lifetime.

And its just because of the kindness that hes shown large and small groups with his time and attention.

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Read Donald Trump's Interview With TIME on Being President - TIME

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Bankruptcy – All You Need to Know | Bankruptcy HQ

Posted: at 1:24 pm

Personal Bankruptcy

In a nutshell, most individuals and married couples have two types of bankruptcy under the Bankruptcy Code: Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. While you can receive a bankruptcy discharge and thus eliminate your debts by filing either chapter, Chapter 7 and Chapter 13 function very differently.

Chapter 7 is intended for those looking for a fresh start. Its often referred to as liquidation bankruptcy -- meaning that you must be prepared to give up any assets that you cant protect by your jurisdictions bankruptcy exemptions to get a clean slate of your debts. Below is a checklist of needed information for Chapter 7. For more detailed information on any of the checklist items, please click the highlighted links.

Chapter 13 is commonly referred to as the reorganization bankruptcy. Its filed for many reasons - most commonly to save a home from foreclosure, stop IRS collection or to consolidate debts into a single monthly affordable payment. Below is a checklist of needed information for Chapter 13. For more detailed information on any of the checklist items, please click the highlighted links.

There are many different life situations that result in people filing personal bankruptcies. Some of them are:

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Bankruptcy - All You Need to Know | Bankruptcy HQ

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Bankruptcy – Debt.org

Posted: at 1:24 pm

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Bankruptcy - Debt.org

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Puerto Rico’s Bankruptcy Fight Is About to Plunge Into the Unknown – Bloomberg

Posted: at 1:24 pm

Dealing with Puerto Ricos crushing debt has started to resemble a circular firing squad.

Simply put, the bankrupt island cant pay everything it owes, so creditors are taking aim at each other as they squabble over who will get whats left. But the debts size and the tangled process invented to rescue Puerto Rico mean theres no established rule book to shape what comes next.

Holders of general-obligation debt have declared their right to be paid first, owners of sales-tax bonds are squabbling with one another over who deserves priority, and theyre all up against the commonwealths leaders, who want the cash for essential services. Amid this melee, Puerto Ricos federal overseers will have to choose between paying U.S. hedge funds everything theyre owed or keeping schools, water and electricity running.

There just isnt enough money, said Matt Fabian, a partner with Municipal Market Analytics Inc. in Concord, Massachusetts, who foresees a chaotic brew of lawsuits, federal interventions and politics. Nobody has any idea whats going to happen.

All told, Puerto Rico has about $74 billion in debt and $49 billion in pension liabilities. Hedge funds holding $1.4 billion of general-obligation bonds, including Aurelius Capital Management and Monarch Alternative Capital, have already sued to get overdue principal and interest. On the other side, owners of $17 billion in sales-tax bonds, including Tilden Park Capital Management and GoldenTree Asset Management, have entered the fray. Theyll meet for the first time in court on May 17 in San Juan.

The dispute over the sales-tax bonds, named Cofinas after the agency that issued them, began in earnest May 4. Thats when the trustee, Bank of New York Mellon Corp., sent a notice of default to the authority that sold the bonds. The object was to keep the government from diverting the sales-tax revenue to other purposes before it pays what it owes to investors.

The New York-based bank acted after weeks of pressure from senior bond owners who urged the trustee to safeguard their claims. In the process, junior bondholders were irked because the default notice could mean no payments for them until the senior bondholders are paid in full. The notice sets a 30-day deadline for a response from Puerto Rico, which is supposed to pay about $256 million of principal and interest on Aug. 1, according to data compiled by Bloomberg.

Puerto Ricos status as a commonwealth means its not subject to traditional bankruptcy laws. Instead, the island filed for the next best thing to deflect claims, called Title III. Its an in-court restructuring based on the U.S. bankruptcy code that was created under Puerto Ricos Promesa law last year. But its never been used before, which means any cuts imposed by U.S. District Court Judge Laura Taylor Swain will be more likely to face years of appeals than a typical case.

Puerto Ricos initial Title III filing on May 3 didnt include Cofina. If it had, BNY Mellon may have been prohibited from sending its May 4 default notice. But the oversight and management board didnt file its separate Title III action for Cofina until May 5, giving the bank a window to declare the default.

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The delay means its unclear whether the Title III filing voids BNY Mellons default notice, as well as a separate default notice sent by Ambac Assurance Corp. on May 1. Regardless, BNY Mellon and senior creditors are prepared contest a courts decision if its not in their favor, according to a person familiar with the matter, who asked not to be identified discussing private information. The government hasnt said how it will respond.

As a public policy, legal defense strategies are not discussed until they are presented in judicial forums, Yennifer Alvarez, a spokeswoman for Governor Ricardo Rossello, wrote in an emailed comment.

The senior bondholder group, which controls about one-third of the senior Cofina bonds, is led by hedge funds Whitebox Advisors, Tilden Park Capital Management, GoldenTree Asset Management and Merced Capital, according to Susheel Kirpalani, a lawyer at Quinn Emanuel Urquhart & Sullivan who represents the group.

For investors, theres a lot at stake. Cofina holders are owed more than $8 billion in debt service through 2026, with $704 million in payments due in the next fiscal year, which starts in July, according to the commonwealths fiscal plan.

The territory owes all bondholders $33.4 billion in debt payments between now and 2026, according to the plan, but it proposes to pay only about $8 billion. The government hasnt said how bondholders should divide those payments, or which group is first in line.

This is a government restructuring, not a court one, so the government will be in the drivers seat, Fabian said. Creditors will not be heard to the extent theyre saying, lets do it a different way. Those arguments wont have any standing in a court.

Owners of junior Cofinas could be left vulnerable. BNY Mellon holds a trustee reserve fund of sales-tax revenue with about $400 million, more than enough to handle the upcoming August payment, according to people familiar with the matter.

But because of the default notice, junior bondholders are unlikely to be paid, in order to safeguard claims of the senior Cofinas, said the people, who asked not to be identified discussing private transactions. Given the limited funds available for debt repayment, theres a chance the subordinated holders could get little or no recovery. A representative for BNY Mellon declined to comment.

Whats more, general-obligation bondholders claim that the entire Cofina structure violates the islands constitution, and all the sales-tax revenue is owed to them. If the general-obligation claims are supported in court, all of the Cofina debt could be ruled invalid and investors could receive nothing at all.

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Puerto Rico's Bankruptcy Fight Is About to Plunge Into the Unknown - Bloomberg

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Puerto Rico’s first bankruptcy hearing set for May 17 – Reuters

Posted: at 1:24 pm

WILMINGTON, Del. Puerto Rico will begin its bankruptcy proceedings on May 17 in San Juan with a series of requests for managing the case as the commonwealth begins the process of restructuring its $70 billion in debt, according to court filing on Tuesday.

Puerto Rico's federally appointed financial oversight board on May 3 filed the debt restructuring petition under Title III of last year's U.S. Congressional rescue law known as PROMESA. While the initial filing was limited to obligations of the central government, it was still the largest-ever U.S. municipal bankruptcy, dwarfing that of Detroit.

Two days later, the oversight board sought bankruptcy protection for debt backed by sales tax revenues, known as COFINA.

The bankruptcy will be overseen by U.S. District Judge Laura Taylor Swain of the Southern District of New York, who was appointed by U.S. Chief Justice John Roberts.

The commonwealth has asked Swain to issue orders for case management, such as notifying its creditors and hiring a firm to manage claims, according to court filings.

Bankruptcy may not immediately change the day-to-day lives of Puerto Rico's people, 45 percent of whom live in poverty, but it could lead to cuts in pensions and worker benefits and a reduction in health and education services.

The island's economy has been in recession for nearly a decade, and has a current unemployment rate of about 11 percent.

The bankruptcy process will also give Puerto Rico the legal ability to impose drastic discounts on creditor recoveries, but could also spook investors and prolong the island's lack of access to debt markets.

Prices for the commonwealth's benchmark general obligation bonds 74514LE86=MSRB fell to a record low on Tuesday of 58.45.

(Reporting by Tom Hals in Wilmington, Delaware; Editing by Meredith Mazzilli)

U.S. stocks trimmed losses on Thursday, but were still on track for their biggest one-day fall in nearly a month due to declines in retail and bank shares.

LONDON Sovereign investors are sinking more money into tech start-ups and opening offices in Silicon Valley in the hope of bagging a "unicorn" - the rare private firm that grows in value to over $1 billion.

WASHINGTON U.S. Commerce Secretary Wilbur Ross sees the U.S. semiconductor industry as still dominant globally but said he is worried that it will be threatened by Chinas planned investment binge to build up its own chipmaking industry.

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Food co-op’s bankruptcy signals trouble for independent grocers – Chicago Tribune

Posted: at 1:24 pm

There are a whole bunch of reasons why Central Grocers, a longtime area food store operator and wholesaler, recently filed for bankruptcy, but here's a big one: The traditional supermarket experience is over.

An immediate result of its Chapter 11 filing is the sale or closing of its grocery stores and the winding down of its Joliet-based warehouse operation, including firing 550 mostly blue-collar workers.

In the long run, however, this bankruptcy serves as a harsh example of the devastation that occurs when an established business does not, or cannot, adapt to changing customer appetites and the accompanying technological advances reshaping an industry.

Customers are moving away from once-a-week trips at staid neighborhood grocers to shopping anytime via online providers. When shoppers do go into a store, it's often in search of more organic products and fresh, ready-made meals.

Considering these seismic shifts, don't be surprised if other area grocery stores and chains suffer Central Grocers' fate.

"The traditional supermarket is a dinosaur and about to become extinct," contends Phil Lempert, founder of California-based Supermarket Guru, which tracks grocery store and e-commerce trends. "It's time to evolve or die."

Central Grocers' predicament is a window into the unprecedented competitive challenges facing older, independent grocery store owners and operators.

At the forefront is the relentless encroachment of deep-pocketed online rivals. It's a roster that includes titans like Amazon Fresh and Google Express; tech-based firms focused solely on delivering food; and huge grocery chains that are expanding online ordering along with store pickup or delivery.

"While the traditional, independent grocer has long faced peripheral competitive challenges from the likes of warehouse clubs, drug stores, and convenience stores, it now is losing market share to online retailers," Central Grocers stated in the bankruptcy filing.

Note the use of the term "traditional."

What's more, Central Grocers admits it couldn't keep up financially or marketingwise with growing customer cravings, such as "gourmet shopping experiences" and more natural, organic and gluten-free foods.

Another ingredient to this recipe for disaster: Food deflation, which is suppressing grocery retailers' already razor-thin profit margins.

Since 1967, the grocery retail business has enjoyed a slow but increasingly steady rise in annual prices. That is until last year, when prices dipped below 2015's level, according to government data cited in the Central Grocers' filing.

The pressure that Central Grocers felt also is going to press down on the area's hundreds of independent food chains and stores. The online onslaught is building as is consumer hunger for more specialized and custom-made shopping choices. There also will continue to be greater emphasis on providing fresh, healthy fare at food stores.

This is daunting news for cash-strapped grocery retailers.

Increasingly, they'll be pushed to expand or introduce restaurantlike capabilities and product lines, including offering meal kits and meal plans for busy people, the elderly or just folks who hate to cook.

Millennials and the Gen X generation are driving these changes, so food stores and chains will have to relate technologically to these customers or risk losing them.

"They are smarter shoppers than we have ever experienced and see no difference between buying online or in a physical store," says Lempert, the food retailing expert.

In the meantime, a beleaguered Central Grocers is winding through federal bankruptcy court. (The company declined to comment, referring questions to an outside public relations firm.)

With assets of $262 million against liabilities of $232 million, the cooperative is hoping to secure debtor-in-possession financing to keep it going during the bankruptcy process.

As the Tribune reported, the company intends to sell 19 of its Strack & Van Til stores. It also plans to close nine of its Ultra chain stores along with the 1 million-square-foot Joliet warehouse, unless buyers emerge to acquire these assets during the bankruptcy process.

The company's reign as a food cooperative is drawing to a close after almost 100 years in business. It distributed food and some private-label products wholesale to 400 independent grocers scattered throughout city neighborhoods and the region.

Those stores and small grocery chains are now scrambling to get new suppliers. But finding a replacement for Central Grocers is only one of the big changes in store for them.

roreed@chicagotribune.com

Twitter @Reedtribbiz

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NephroGenex Bankruptcy Plan Confirmed – Bankrupt Company News (press release) (blog)

Posted: at 1:24 pm

The U.S. Bankruptcy Court issued an order confirming NephroGenexs modified Plan of Reorganization. As previously reported, The total number of shares of stock which the corporation is authorized to issue is $5,000 shares of common stock, having a par value of $0.001 per share.To the extent prohibited by Section 1123 of title 11 of the United States Code, as amended, the corporation shall not issue any class or series of nonvoting stock; provided, however that the foregoing (i) will have no further force and effect beyond that required under Section 1123 of the Bankruptcy Code, (ii) will have such force and effect, if any, only for so long as such Section 1123 is in effect and applicable to the corporation and (iii) may be amended or eliminated in accordance with applicable law as from time to time in effect.The Trustee shall be compensated in the amount of $5,000 per month, until the Chapter 11 Case has been closed and $200 per month thereafter.

In addition, The Debtor projected that, under the Liquidating Plan, the Debtors unsecured creditors would receive distributions equal to 26.8% to 37.1% of the allowed amounts of their claims.Medpace has agreed to waive its Cash Distribution under the Plan and exchange its General Unsecured Claim against the Debtor in the amount of $4,312,698.51 (the Medpace Claim) for one hundred percent (100%) of the New Common Stock in the Reorganized Debtor. The Medpace Claim is by far the largest Claim against the Debtors estate and comprises at least 65% of the pool of General Unsecured Claims. As a result of the contemplated restructuring under the Plan, Holders of Allowed General Unsecured Claims are projected to receive a 46.4% to 50.4% recovery on their Claims which is a material improvement over the 26.8% to 37.1% projected recovery under the Debtors Liquidating Plan.

This drug development company filed for Chapter 11 protection on April 30, 2016, listing $23 million in pre-petition assets.

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Largest US Solar Panel Maker Files For Bankruptcy After Receiving $206 Million In Subsidies – The Daily Caller

Posted: at 1:24 pm

The company once hailed as Europes largest solar panel producer filed for bankruptcy Wednesday, blaming cheap Chinese panels for flooding the market.

The ongoing price erosion and the development of the business has left the company over-indebted and thus obliged to file for insolvency proceedings, SolarWorld, which is also the largest U.S. solar panel maker, said in a statement.

The filing comes after SolarWorld was forced to lay off employees earlier this year. The company employs around 3,000 people, including 800 in Hillsboro, Oregon, and was one of the few German-based solar companies to survive a recent market downturn.

SolarWorld is only the latest bankrupt solar company to blame the Chinese. U.S.-based Suniva Inc. filed for bankruptcy in April, also citing stiff competition from Chinese solar panel makers.

Suniva even asked the Trump administration to increase tariffs against Chinese solar panel imports. SolarWorld backed the call, saying China has found ways to circumvent current tariffs.

The case of Suniva dramatically demonstrates that the U.S. solar manufacturing industry still suffers from unfair trade, Juergen Stein, U.S. president of SolarWorld, said in a statement.

China now has managed to circumvent and violate existing trade defense measures in several ways and again incited a ruinous price race to the bottom, destroying U.S. manufacturing jobs, Stein said.

Not everyone in the solar industry agrees increased tariffs would be a good thing. The U.S. company Sunnova sent a letter to the U.S. trade commission arguing the imposition of tariffs on solar cells and panels will significantly harm the U.S. economy by destroying jobs.

The Obama administration imposed tariffs up to 35 percent on solar panel products imported from certain Chinese manufacturers. The 2014 doesnt seem to have drastically changed the overall industrys economics.

The solar industrys biggest problem is likely the very mechanism that led to its rise: lucrative subsidies.

European subsidies, mostly in Germany, led to a massive expansion of the companies green energy industry, but eventually subsidies became their undoing as cheaper solar panels from China began to win out.

Cuts to subsidies in Europe only made things worse for the solar industry, furthering ensuring cheap Chinese panels would win out. A similar story played out in the U.S. where lucrative federal and state subsidies spurred green energy.

SolarWorld has gotten a whopping $115 million in federal and state grants and tax subsidies since 2012, according to the Union-backed group Good Jobs First. And thats on top of the nearly $91 million in federal loan guarantees the company got during that time.

Solarworld lost 80 percent of its stock value after it announced bankruptcy filings Wednesday.

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While people are taking to the streets in Venezuela, Major League Baseball players in the United States are taking … – La Vida Baseball (blog)

Posted: at 1:22 pm

While people are taking to the streets in Venezuela, Major League Baseball players in the United States are taking to Instagram.

Concerned over the rising strife and economic despair in their home country, more and more players from Venezuela are openly speaking their minds and challenging the government of President Nicols Maduro in absentia.

Led by Pittsburgh Pirates catcher Francisco Cervelli and Kansas City shortstop Alcides Escobar, two players with active Instagram presences, players are posting videos of clashes between police and demonstrators including an armored car running people over while accusing the government of oppression, corruption and a conspiracy to end democracy.

Can we now call it a dictatorship or not yet? said a Cervelli Instagram posting on May 6, adding, in Spanish, in the comment section, They do what they want, they dont care about anyones life and its never their fault. What do we call that?

The next day Cervelli posted a headshot of himself in uniform with SOS in eye black under the right eye and Venezuela under the left.

Latino players have been here before. Cubans in the late 1950s when Fidel Castro came to power. Dominicans in the mid-1960s during the countrys civil unrest. Nicaraguans in the 70s during the Sandinista revolt and Panamanians in the 80s when dictator Manuel Noriega ruled the country.

And while the players today dont necessarily represent the feelings of all the roughly 80 Venezuelans currently on Major League Baseball rosters, they give voice to a growing opposition willing to risk life and limb in a country wracked by widespread hunger, shortages of all kinds andhyperinflation that the International Monetary Fund projects will reach 720 percent by the end of the year. According to Reuters, at least 37 people have died in the unrest since early April.

The country is at a point where no one knows what will happen, said Escobar in a recent interview with La Vida, conducted in Spanish.

The crisis escalated in the first week of May when President Maduro responded to calls for elections with plans to set up a constituent assembly with power to rewrite the constitution.

In a response that stands in stark contrast to that of most professional athletes in this country during the recent United States presidential election or any elections, for that matter Venezuelan athletes from different sports are taking stands and expressing their opinions without worrying about the possibility of reprisals to friends and family back home. This despite the fact that one of the people to die recently in the street demonstrations was Juan Pernalete Lovera, a scholarship basketball player at the Metropolitan University of Caracas.

No, Im not afraid, said Escobar, who alsorunsa baseball academy in his hometown of La Sabana. I dont hide my opinions because Im feeling everything that is happening. It hurts. I was born, raised, grew up in Venezuela. What Im really doing with my social media is supporting (the people). People are really bad off. Im not posting things against anyone in particular, but (saying) that Venezuela deserves a change.

The Cervelli Instagram posting on May 8, a video featuring 13 MLB players from Venezuela, went viral with 30,000 views in the first 10 hours.

It opened with Cervelli standing behind the upside-down Venezuelan flag, a symbol for protesters back home, while wearing a Pittsburgh Pirates cap and shirt. He stated:We are a group of Venezuelan major leaguers. Were talking not as players, but as citizens. As people who love their country, we want to yell out to the world.

And one by one, in brief but unequivocal phrases, without raised voices, made clear what they thought and felt.

No more oppression, said Pittsburgh outfielder Jos Osuna, a rookie outfielder from Trujillo, Venezuela, who debuted in the Major Leagues on April 18.

We want liberty for Venezuela, said Milwaukee shortstop Orlando Arcia, a second-year player from Anaco.

No more oppression in Venezuela, said Milwaukee first baseman Jess Aguilar of Maracay.

Leave us alone, please. Stop the oppression. They are killing us. They are taking away our future. All these kids; all these students, lamented Atlanta outfielder Ender Inciarte, who hails fromthe coastal city of Maracaibo.

Im against the repression in Venezuela, said Cincinnati third baseman Eugenio Surez, a young rising star raised in the southeastern state of Bolvar.

Im against the oppression. No more deaths, added Pittsburgh backup catcher Elas Daz of Maracaibo.

No more oppression. No more dictatorship, said Milwaukee utility player Hernn Prez, a six-year veteran from Villa de Cura.

We want liberty for our country, said Pittsburgh pitcher Felipe Rivero of San Felipe.

We want peace. No more oppression. No more violence, added Escobar, a 10-year veteran considered among the better defensive shortstops in the majors.

Enough oppression. No more violence for Venezuela, said Kansas City catcher Salvador Prez, a four-time All-Star and Gold Glove winner from Valencia who despite having 494,000 followers on Twitter had avoided until now taking a stance in social media.

Enough corruption. Enough injustice. Please, stated San Francisco outfielder Gorkys Hernndez of Guiria.

Im against the oppression in Venezuela. We want liberty, said Cincinnati infielder Jos Peraza of Barinas.

The Instagram posting ended with the phrase Basta Ya, or Enough with Cervelli adding a comment in Spanish: Millions of voices clamor for Venezuela.

Escobar admitted that the fighting makes it difficult to concentrate on baseball.

Yes, its little hard to be here, he said. Because of all the things happening in our country, sometimes we only think only about Venezuela. We have our families in Venezuela and that sometimes makes us think more about our country.

You hear about it wherever you go. You hear about Venezuela, whats going on, that things are hard, that things are bad. But I cant be silent, he said, adding that Im simply expressing my feelings I cant keep quiet.

It should be noted that there are players who are pro-government. In fact, a couple of former All-Stars are openly Chavistas, supporters of Hugo Chvez, the deceased president who served from 1999 to 2013 and whose party still controls the country. Magglio Ordez, a good-hitting outfielder who played for the Chicago White Sox and the Detroit Tigers, is mayor of the municipality of Juan Antonio Sotillo.

And Carlos Guilln, a shortstop who played for Seattle and Detroit, and who was general manager of the National Team for the recent World Baseball Classic, is president of IRDA, the sports ministry for the state of Aragua, which is governed by Tareck El Aissami, Vice President of Venezuela since January.

Other current players, especially the bigger stars, are taking pains to avoid taking sides. Yet, when Detroit first baseman Miguel Cabrera, a two-time MVP, a Triple Crown winner and arguably the best player in the countrys history, spoke recentlywith La Vida, he made clear the killings had to stop.

Its hard right now because we are going through a harsh situation in Venezuela, Cabrera said. Sending messages right now do not mean anything because theyre fighting, fighting for food, fighting for a better life, fighting for everything, for medicine.

What can I say? Cabrera added. People are fighting in the streets, people are dying in the streets I want to say, Somebody got to step up, somebody got the power to step up and say, Finish, its done, done with the situation, because people are dying in Venezuela.

Meanwhile, Cervelli and Escobar are posting videos of President Maduro dancing at an event at the same time demonstrators sporting gas masks and shields are facing off in the streets against the National Guard.

We need a change in government, Escobar said. Elections. Because after 17-18 years with the same government, we havent improved. Regrettably, what we need is a change in government.

These players, unlike many of their peers, feel that words matter. And they are using a more direct channel social media to raise their concerns for the people. For change. And for peace.

Featured image:Juan Barreto / AFP / Getty Images

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While people are taking to the streets in Venezuela, Major League Baseball players in the United States are taking ... - La Vida Baseball (blog)

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Jeff Sessions might bring back the war on drugs with harsher sentences for low-level offenders – VICE News

Posted: at 1:22 pm

Attorney General Jeff Sessions has made no secret of his desire to revitalize the U.S. war on drugs, and new reports indicate he intends to begin by reinstituting harsher sentences for low-level offenders.

Sessions is considering reversing Obama-era guidelines that directed federal prosecutors to avoid charging low-level drug offenders with crimes that carry harsh mandatory-minimum sentences, U.S. officials told the Washington Post. These sentencing laws have led the United States to have the highest rate of incarceration in the world, and bringing them back would mark Sessions first concrete move in his promised crackdown on drugs.

In 2013, then-Attorney General Eric Holder Jr. sent a memo to federal prosecutors instructing them not to charge defendants with sentences that would trigger mandatory-minimum sentences unless they were violent, were leaders in drug organizations, or met similar qualifications.

Long sentences for low-level, non-violent drug offenses do not promote public safety, deterrence, and rehabilitation, Holder wrote in the memo. Moreover, rising prison costs have resulted in reduced spending on criminal justice initiatives, including spending on law enforcement agents, prosecutors, and prevention and intervention programs.

But opponents of Holders move say removing prosecutors ability to bring such charges blunted law enforcements ability to fight larger drug rings, because low-level traffickers who knew they could escape long prison sentences no longer had any incentive to help law enforcement build cases.

That may soon change Sessions is reportedly considering instructing prosecutors to bring the harshest possible charges against all levels of drug offenders. Sessions is also reportedly considering reviving the widespread use of charging offenders with enhancements, which can further lengthen sentences for certain defendants who have already been convicted of felony drug crimes. Holders memo also largely ended that practice.

Sessions has long supported harsher sentencing. While still a senator, Sessions helped block a bill that wouldve reformed some mandatory-minimum sentencing laws. Andin March, while speaking to a crowd in Richmond, Virginia, Sessions announced, We must act decisively at all levels federal, state and local to reverse this rise in violent crime and keep our people safe.

Yet critics of mandatory-minimum laws point out that reducing crime is more complicated than just throwing offenders into prison for the rest of their lives. The United States also already has record rates of incarceration: Currently,more than 1.5 million people are incarcerated across the country. Such mass incarceration disproportionately affects people of color, as black men are six times as likely to be imprisoned and jailed than white men.

As the Attorney General has consistently said, we are reviewing all Department of Justice policies to focus on keeping Americans safe and will be issuing further guidance and support to our prosecutors executing this priorityincluding an updated memorandum on charging for all criminal cases, Justice Department spokesperson Ian Prior said in a statement.

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