Tuesday, March 5, 2013

Blackhawks top Red Wings 2-1 in SO, extend streak

Chicago Blackhawks right wing Patrick Kane celebrates his shootout goal to defeat the Detroit Red Wings 2-1 in an NHL hockey game, Sunday, March 3, 2013, in Detroit. (AP Photo/Duane Burleson)

Chicago Blackhawks right wing Patrick Kane celebrates his shootout goal to defeat the Detroit Red Wings 2-1 in an NHL hockey game, Sunday, March 3, 2013, in Detroit. (AP Photo/Duane Burleson)

Chicago Blackhawks right wing Viktor Stalberg (25), of Sweden, celebrates a goal by Blackhawks right wing Patrick Kane (88) against Detroit Red Wings goalie Jimmy Howard, center, and defenseman Brian Lashoff (23) that tied the NHL hockey game in the third period on Sunday, March 3, 2013, in Detroit. Kane was the only player to score a goal during a shootout to defeat the Red Wings 2-1. (AP Photo/Duane Burleson)

Chicago Blackhawks left wing Brandon Saad (20) tries to get a shot against Detroit Red Wings goalie Jimmy Howard (35) in the second period of an NHL hockey game on Sunday, March 3, 2013, in Detroit. (AP Photo/Duane Burleson)

Detroit Red Wings center Damien Brunner (24) tries to tie up Chicago Blackhawks defenseman Niklas Hjalmarsson (4), of Sweden, in the first period of an NHL hockey game on Sunday, March 3, 2013, in Detroit. (AP Photo/Duane Burleson)

Chicago Blackhawks center Marcus Kruger (16), of Sweden, tries to keep the puck away from Detroit Red Wings center Damien Brunner (24) in the first period of an NHL hockey game on Sunday, March 3, 2013, in Detroit. (AP Photo/Duane Burleson)

(AP) ? Patrick Kane had a couple shots that simply could not be stopped.

Just like the Chicago Blackhawks.

Chicago extended its NHL-record season-opening points streak to 22 games Sunday when Kane scored the tying goal on a power play with 2:02 left in regulation and the Blackhawks earned an extra point when the star forward scored the only goal in a shootout of a 2-1 win over the Detroit Red Wings.

"Just amazing what's going on," Kane said.

Corey Crawford was perfect in the shootout and finished with 32 saves to help Chicago win a ninth straight game.

"He had several big saves, particularly right after they scored to go up one," Blackhawks coach Joel Quenneville said. "He kept us in there to make it a one-goal game and gave us a chance."

The Blackhawks have earned at least a point in 28 straight games ? dating to a March 25, 2012 loss in regulation to Nashville ? to tie the second-longest streak in league history. They've matched Montreal's multi-season points run from the 1977-78 season and trail only Philadelphia's streak of 35 straight games with at least a point during the 1979-80 season.

"It's impressive," Detroit goaltender Jimmy Howard acknowledged after making 32 saves. "They're finding different ways to do it every single night."

It looked like Chicago's sensational streak of success might end when Detroit's Tomas Tatar broke a scoreless tie early in the third period and Howard stopped every puck that came his way.

Kane and Crawford had other ideas.

"We keep finding a way to keep ourselves in the game or win it at the end," Kane said.

The Red Wings hurt their chances by getting called for delay of game twice toward the end of regulation for putting the puck out of play.

Chicago took advantage of the first of two late power plays with forward Viktor Stalberg getting more of the puck than Detroit defenseman Kyle Quincey did, pushing it to Kane to set up a one-timer that made it 1-1.

Kane scored from the bottom of the right circle and pivoted toward the crowd, shouting with joy as he pumped his gloves toward the banner-filled rafters.

"He knew the importance of it to get us to overtime," Quenneville said.

With a sold-out crowd on its feet for a shootout at the end of an entertaining afternoon of hockey, Detroit's Pavel Datsyuk was denied on a low attempt by Crawford's pads on the first attempt. Jonathan Toews then went high and couldn't get a shot past Howard's glove.

Red Wings rookie Damien Brunner made some nifty moves next, but couldn't keep the puck and for that, Crawford looked thankful as the two met face to face on the ice.

Kane then stole the show, slowly skating toward Howard and lifting his right skate off the ice twice before flipping a wrist shot past him to make the fans at Joe Louis Arena sigh.

"He's got great skill," Howard said.

On Detroit's third attempt in the heart-pounding shootout, Henrik Zetterberg couldn't extend the game.

"I don't think we were close to perfect and we almost beat them anyway," Zetterberg said.

The Red Wings had chances to win in regulation, and in overtime, but Crawford was effective in his return to the net.

Crawford slid to his left to get a piece of Johan Franzen's shot with 1:40 left in overtime, and the two talked about the play during the subsequent break.

Both teams were inches away from scoring in the final seconds of overtime, with Detroit's Brendan Smith just missing an opportunity to the left of the net and Kane's shot squirting past Howard before it trickled just to right of the other net.

The Blackhawks dominated the first period, but Howard ? and his teammates ? prevented them from scoring on two power plays. The second period was evenly played, then Detroit finally got a shot past Crawford at 2:43 of the third.

Patrick Eaves got to a loose puck behind Chicago's net, pushed it to Joakim Andersson, whose sharp pass set up Tatar perfectly on the side of the net to beat Crawford.

A bit later, Crawford made a spectacular glove save to deny Datsyuk's chance that could've given the Red Wings a two-goal lead ? and perhaps the win in regulation.

Quenneville gave Crawford the start in Detroit after he left his last game Thursday night in St. Louis with an upper-body injury that Quenneville insisted isn't the same one that forced the goaltender off the ice earlier in the season.

Crawford didn't get much work early, making just three saves in the first period. He stopped 12 shots in the second ? as did Howard ? in a fast-pace game filled with end-to-end action and few whistles.

"It was a fun game," Zetterberg said. "Fans were really into it from the start. These are the games you're looking forward to play. Unfortunately we couldn't come up with the win."

NOTES: The previous record for season-opening points streak was 16 set by the Anaheim Ducks during the 2006-07 season. ... Chicago plans to have F Dave Bolland (upper-body injury) back in the lineup Tuesday at home against Minnesota. ... Detroit hopes F Valtteri Filppula, out with shoulder injury, can return by next weekend. ... Blackhawks F Marian Hossa, a former Red Wing, played in his 1,000th NHL game, a milestone that was recognized by the public address announcer amid a chorus of boos.

___

Follow Larry Lage on Twitter: http://twitter.com/LarryLage

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2013-03-03-Blackhawks-Red%20Wings/id-ec33d42a88bf45008ae6b13407cbbb02

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Champions in enemy territory

Back in the day, wrestling was, quite literally, territorial. Promoters split the country up into various regions and vowed not to cross each other?s borders. That led to both wrestlers and championships becoming exclusive to certain companies, a practice that continued on as the business evolved into the two-company showdown between WWE and WCW.

The exclusivity led to fans dreaming of what would happen if their favorite wrestlers from different companies clashed in the squared circle. For the most part, they remained dreams. But there were several instances throughout wrestling?s rich history where top grapplers, champions even, crossed boundaries to make some of the biggest matches in history happen ? or cause a little controversy.

Take a look back at some of the most talked about instances of champions leaving their turf in search of greater competition. (VIDEO PLAYLIST)

Who's your favorite "champion in enemy territory?" Like our Facebook page and let us know, at?Facebook.com/WWEClassics.

View Comments

Source: http://www.wwe.com/classics/champions-in-enemy-territory

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Monday, March 4, 2013

Selling to China | Harvard Business Law Review (HBLR)

Antony Dapiran*

Introduction

The emergence of China as an international acquirer has been one of the major stories in international business in this second decade of the 21st century. Over the past several years, Chinese companies have become increasingly active in making acquisitions globally,[1] culminating in Chinese offshore oil company CNOOC Limited?s proposed US$15.1 billion proposed acquisition of Canada?s Nexen Inc., which is expected to be the largest outbound M&A deal by a Chinese acquirer to-date.[2] According to the Wall Street Journal, Chinese companies spent more than US$10 billion in 46 deals to acquire U.S. companies in 2012, and an additional US$23 billion worth of deals for Canadian companies.[3]

While privately-owned Chinese enterprises have been increasingly active, it is the state-owned enterprises that have been leading the charge, encouraged by Chinese government policy to ?go out? and funded by Chinese state-owned banks.

The rise of China?s appetite and capacity for making sizeable overseas acquisitions has coincided with difficult economic conditions, weaker foreign currencies against a stronger Renminbi, falling valuations and, often, forced sales overseas. In these circumstances, the prospects of a potential Chinese buyer for an asset ? in other words, the opportunity to ?sell to China? ? is an attractive one for overseas sellers. This is even more so if sellers feel that they can insert one or more eager Chinese bidders into an ?auction? situation for a company or asset, therefore fetching the sellers the highest price and/or most favorable terms.

However, Chinese companies ? and in particular state-owned enterprises ? are often uniquely mal-equipped to participate in an international auction sale process. This is a result of a range of regulatory, cultural and practical factors. Vendors looking to sell to China need to be aware of these issues, and should structure their sale process to maximize the likelihood that it will be navigable for Chinese bidders and therefore hopefully maximize the price achieved for the vendor?s assets.

Challenges for Chinese Bidders

For Chinese bidders, there are a number of challenges they face participating in an international auction sale process, resulting in their often not being able to compete on an equal footing with other international bidders.

Domestic Regulators and Approvals

Chinese companies are subject to regulation by a number of domestic regulators, whose approvals must be obtained for any overseas acquisition. The key regulators and their respective areas of jurisdiction include the following:

  • National Development and Reform Commission (NDRC): This is the agency responsible for formulating China?s industrial policy, and is a somewhat ?marketized? version of the old State economic planning agencies. NDRC approval must be obtained for any offshore acquisition by a Chinese company. A filing with the NDRC must be made before a Chinese bidder submits a bid for an overseas asset. NDRC review will generally determine whether the acquisition is consistent with China?s overall economic policies and the policies for development in the particular industry.
  • Ministry of Commerce (Mofcom): Mofcom is the government ministry with broad responsibility for domestic and international commerce. Mofcom approval is also required for any offshore acquisition by a Chinese company (including acquisitions by offshore subsidiaries of companies that are ultimately Chinese controlled).
  • State-owned Assets Supervision and Administration Commission (SASAC): SASAC is the government entity responsible for overseeing State-owned enterprises and ensuring proper use of State-owned assets. If an offshore acquisition is to be undertaken by a State-owned enterprise, SASAC approval will be required. The main aim of this review is to ensure that a State-owned enterprise is not ?over-spending? or using an offshore acquisition to dissipate State assets.
  • State Administration for Foreign Exchange (SAFE): The Renminbi is not a fully-convertible currency, and currency controls remain in place for capital account transactions. China?s foreign exchange regulator SAFE must give approval for the conversion of Renminbi into foreign exchange for the purposes of funding any overseas acquisition. This will include approval for the conversion of Renminbi to fund any deposit required to be paid in foreign currency.
  • Industry-specific regulators: In addition to the above regulators, Chinese companies operating in particular industries are subject to industry-specific regulators. These include, for banks, the China Banking Regulatory Commission (CBRC), for insurance companies, the China Insurance Regulatory Commission (CIRC), and other ministries for other industries.

Any offshore acquisition by a Chinese company will need to navigate this complex regulatory path to ensure a successful transaction. The need to report frequently and in detail to these regulators affects the information required by a Chinese bidder in the course of making an acquisition, and the time required to respond to regulators? requests and obtain the necessary approvals at various stages through the process (prior to submission of a bid, at the time of signing/paying a deposit and prior to completion).

Complex Internal Bureaucracies

Not unlike the bureaucracies to which they report, Chinese companies themselves have complex internal bureaucracies, with a decision-making process characterized by lengthy chains of approval, much of which is paper-based. This is invariably the case for State-owned enterprises, which have evolved out of government bureaucracies, as well as many of the larger privately-owned enterprises have modeled themselves on the State-owned system and also operate similar internal hierarchies. Coupled with the Chinese penchant for collective decision-making and a desire to avoid individual responsibility, the result is a very slow decision-making process that often cannot keep pace with the timetable of an international M&A transaction, particularly an auction process with strict deadlines coordinated across multiple bidders.

Different Approach to Risk Management

Chinese companies are often keenly aware of their lack of experience in international markets, a point often emphasized by Chinese government spokespersons, who remind Chinese businesses to conduct thorough due diligence and to be aware of risks when doing business overseas.[4] At the same time, like anywhere in the world, individual careers are often riding on the success of a major acquisition. Accordingly, Chinese purchasers tend be extremely thorough in their due diligence and relatively risk-averse, demanding a thorough understanding of all potential risks and related contingencies before committing to a transaction.[5] This can cause further friction with a tight deal timetable.

Marketplace Mentality

International businesses negotiating with Chinese parties often comment upon the marketplace ?haggling? mentality with which Chinese parties approach a negotiation.[6] This deeply ingrained cultural approach to deal-making, with each party opening with an extreme price and then gradually working their way towards a mutually acceptable middle-point through a give-and-take process of haggling, is the way negotiations are conducted in China, from the vegetable market through to the boardroom. However, the approach does not always translate well into international markets, where Chinese bidders risk losing credibility if they are seen to be coming in with ?low ball? bids. In an auction situation, this may mean that a Chinese bidder, by putting in an inappropriately low initial bid, may fall at the first hurdle of expressions-of-interest and not even proceed into the auction proper.

Minimal Involvement of Professional Advisors

Chinese companies have been slow to learn the value of professional advisors, whether lawyers, accountants or financial advisors. Thus it will not be unusual to find a Chinese bidder on an international M&A transaction to be working without any professional advisors at all, or at best advised by a one-man ?consultant? or middle-man. This means that an inexperienced Chinese bidder will not always be fully informed of international market practices, deal dynamics, and how to work through the auction process. The educational role in such cases may fall upon the vendors themselves and their advisors.

Helping Your Chinese Bidders

Given the above challenges, what can international sellers to do maximize the chances of having a Chinese bidder participate meaningfully in their sale process?

The first step is clearly an increased awareness of the challenges facing a potential Chinese bidder, including the factors outlined above. An understanding of why, for example, a Chinese party comes in with an initial bid that appears insultingly inadequate, or has trouble meeting the milestones in an auction timetable, will allow vendors to at least consider how to deal with the challenges and/or allow for flexibility in the process to accommodate Chinese bidders.

An understanding of the PRC regulatory approval process is also essential, not just for purchasers but for vendors also. If a vendor envisages having a PRC purchaser, it should obtain independent advice on the approval process that purchaser will face (and not just rely on the PRC party?s representations on this issue). The vendor should consider break fees, deposits or an appropriate adjustment in valuation to account for the inherent regulatory risk in having a PRC purchaser.

International sellers should also be aware that it is not realistic to have a genuinely competitive sale process involving two PRC bidders ? the NDRC and other PRC regulators will generally step in to select their preferred Chinese bidder to participate in the process alone, to avoid the (to Chinese government minds) undesirable result of having two Chinese companies bidding the price up against one another.

International sellers should provide as much information as possible to their Chinese bidders during the due diligence process, to give them plenty of time to digest the information, and should be prepared for extensive follow-up questions and discussions as the Chinese parties seeks to address their risk concerns.

Finally, international sellers should be prepared for frequent and lengthy delays for even seemingly minor decisions in the sale process as the matter winds its way through the convoluted bureaucracies of both the regulators and the company itself.

Conclusion

As Chinese businesses gain experience in international business transactions and become more sophisticated, many of the ?quirks? in dealing with Chinese purchasers will disappear. Indeed there are some Chinese companies ? just a couple of examples include CNOOC among the State-owned enterprises and Wanxiang among the private enterprises ? who already have extensive international deal-making experience and operate seamlessly in international markets. However, it will be some time before Chinese companies generally have the kind of extensive deal-making experience of these veterans. In the meantime, sellers wishing to maximize their prospects of selling to China will need to strategize accordingly.


Preferred citation:?Antony Dapiran,?Selling to China,?3 Harv. Bus. L. Rev. Online 76 (2013),?http://www.hblr.org/?p=3015.

* Antony Dapiran is a partner based in the Hong Kong office of international law firm Davis Polk & Wardwell LLP. He regularly advises Chinese companies on international transactions, including securities transactions and offshore acquisitions.

[1] See report published by Deloitte, ?The Resurgent Dragon: Searching for value in troubled times ? 2012 Greater China outbound M&A spotlight? available at: http://www.deloitte.com/view/en_CN/cn/services/csg/eb80ac5b279fa310VgnVCM1000003156f70aRCRD.htm# (accessed 19 February 2013)

[2] Benoit, David, ?Cnooc-Nexen: Where the $15.1 Billion Deal Ranks in History?, Wall Street Journal, 23 July 2012 at http://blogs.wsj.com/deals/2012/07/23/cnooc-nexen-where-the-15-1-billion-deal-ranks-in-history/ (accessed on 19 February 2013)

[3] Trelep, Sharon, ?China Steps Up Buying in U.S.?, Wall Street Journal, 8 February 2013.

[4] See, for example, Wang Qishan?s remarks in 2009, reported in, amongst others, Rabinovitch, Simon, ?Unscripted reply shows China?s foreign M&A caution?, Reuters, 12 March 2009, available at: http://www.reuters.com/article/2009/03/12/china-investment-prudence-idUSPEK32476120090312 (accessed 19 February 2013).

[5] Zhang, Zigang, ?Cross-cultural challenges when doing business in China?, Singapore Management Review, January 2004.

[6] See, for example, Graham, John L. and N. Mark Lam, ?The Chinese Negotiation?, Harvard Business Review, October 2003.

Source: http://www.hblr.org/2013/03/selling-to-china/

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Smearing Gun Permit Holders By Omission (Powerlineblog)

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Afterschool kids program disinvites drag queen

NBC10.com

Martha Graham Cracker performed for a group of children on Sunday only a few days after she was disinvited from reading at a New Jersey afterschool program.

By David Chang, NBCPhiladelphia.com

A Philadelphia drag queen read and performed for a group of children on Sunday, only a few days after she was disinvited from reading at a New Jersey afterschool program.

Martha Graham Cracker, the alter-ego of theater artist Dito Van Reigersberg, is a professional drag performer and lead singer at the Martha Graham Cracker Cabaret.

Philly.com reports that the cabaret?s band leader was recently contacted by a supervisor at Haddonfield Child Care, a private organization that provides afterschool care for kindergarten through eighth-grade students. The supervisor asked via email if Martha could read to the children as part of the National Read Across America Day, according to the Huffington Post, claiming that he was ?trying to add a bit of variety? to the program.


Yet while Martha accepted the offer, officials at Haddonfield told the supervisor that his choice was ?not acceptable,? according to the Huffington Post, forcing the supervisor to cancel Martha?s appearance. The Huffington Post reports that the supervisor claimed he was never given an official reason from the program as to why Martha would be an inappropriate guest.

After the canceled invite was first reported by Philadelphia Magazine, support for Martha poured in, with many commenting on the performer?s Facebook Page.

Ultimately, the story caught the attention of Christ Church in Philadelphia who invited Martha to read Dr. Seuss to children. This time the invite was not retracted and Martha performed at the church?s neighborhood home Sunday afternoon.

"I think it was unfortunate that the decision was no, for the sake of the children and for the sake of forward thinking and for the sake of great art and entertainment,"?said Deborah Block, a parent who attended Sunday's reading. "It's a wonderful way of honoring Dr.?Seuss. Martha Graham Cracker is the embodiment of the Dr.?Seuss 'wonder of the world.' It's beautiful."

"What do you say to people who believe it confuses children and that they shouldn't be exposed to that sort of behavior?" asked NBC10's Daralene Jones.

"Our world is full of wonderful paradoxes," replied Block. "The younger they are to get to see the inconsistencies and the questions of the world, the more they'll get to grapple with them and understand."

The Haddonfield Child Care Board of Trustees released the following statement in response to the canceled appearance:

Haddonfield Child Care is committed to providing an environment that recognizes and encourages diversity in our staff and activities. Along with that commitment comes a responsibility to be sensitive to the developmental levels, maturity and ages of the children in our programs, which range from 5 to 11 years old. We strive to provide a variety of activities that respect the individual needs and parenting styles of all of the families we serve.

Source: http://usnews.nbcnews.com/_news/2013/03/03/17172077-afterschool-program-disinvites-drag-queen-from-reading-to-kids?lite

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Sunday, March 3, 2013

China's graft-fighting Xi tells party future is on the line

BEIJING (Reuters) - China's ruling Communist Party will only be able to mark its 100th birthday in eight years time if officials can learn from the selfless sages of the past, party chief Xi Jinping said in remarks published on Sunday, taking another swipe at corruption.

Xi, who will take over the reins of state power from outgoing President Hu Jintao at this month's annual full session of parliament, has made fighting pervasive graft a central theme since assuming the top job in the party and military in November.

The Communist Party marks the 100th anniversary of its founding in 2021, one year before the second of Xi's two five-year term ends and he steps down as party chief.

"Only if the capabilities of all party members unceasingly continue to strengthen, can the goal of 'two 100 years' and 'the dream' of the great rejuvenation of the Chinese people be realized," Xi said in a speech marking the 80th anniversary of the Central Party School, which trains rising officials.

"Two 100 years" refers to both the party and the People's Republic of China lasting at least a century each.

The People's Republic turns 100 in 2049. The Communists swept to power and founded the republic in 1949 after winning a civil war and forcing Chiang Kai-shek's Kuomintang, or Nationalist, troops to flee to Taiwan, which Beijing still claims as its own.

The concept of "two 100 years" has been alluded to in state media over the past few weeks, but this is the first time Xi explicitly mentioned it in his speech on Friday, which was carried in whole by the People's Daily, the party mouthpiece.

Xi has warned in the past that corruption threatens the party's very survival and launched a campaign to prevent waste and graft. He also banned the 2.3 million-strong People's Liberation Army from binge drinking and told it to be combat- ready.

The Chinese leader peppered his latest speech with references to aphorisms from virtuous officials and philosophers from ancient China, including Confucian philosopher Mencius (372 to 289 BC) and Zhuge Liang (181 to 234 AD), a statesman and strategist lauded to this day for his wisdom and devotion to his monarch.

"Leaders and officials must study China's fine traditional culture ... which contains extensive knowledge and profound scholarship," Xi said.

"Spare no effort in the performance of one's duty until the end of one's days ... I will do whatever it takes to serve my country even at the cost of my own life, regardless of fortune or misfortune to myself," he added, quoting two classical texts.

But party members must also not forget the teachings of Karl Marx and late Chairman Mao Zedong, Xi said.

SURVIVAL

Stability and survival remain the Communist Party's watchwords as the world's second-largest economy grapples with an upsurge of protests and social tensions over growing inequality, environmental degradation and graft.

Ensuring the party makes it to its 100th anniversary and does not go down as just a footnote in China's long history is one of Xi's key challenges.

"Even the Nationalist Party is over 100 years," one source with ties to China's leadership told Reuters, referring to Taiwan's ruling party and onetime rival to the Communists in running all of China which was founded in 1912.

"If the Communist Party cannot reach 100, it would only be a dot in China's 5,000-year history," the source said, requesting anonymity to avoid any repercussions.

"The Communist Party turning 100 will be Xi's most important (set) event during his 10-year rule."

(Editing by Sanjeev Miglani)

Source: http://news.yahoo.com/chinas-graft-fighting-xi-tells-party-future-line-071416905.html

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troubles Raised For Website Designing | lesterart blog

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Source: http://lesterart.techmaza.in/2013/03/01/troubles-raised-for-website-designing/

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