No Progress in Negotiations to Save Arizona Coal Plant

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first_img FacebookTwitterLinkedInEmailPrint分享Washington Examiner:The Trump administration has until December to save the largest coal-fired power plant in the West, but the prospects for the plant burning coal after 2019 are questionable.The deliberations over the Navajo Generating Station in Arizona are beginning to heat up after months of confidential, behind-the-scenes negotiations to secure new owners. The talks will continue into next year even after Interior Secretary Ryan Zinke signs off on a key environmental determination for the plant and approves a lease extension by Dec. 1.Zinke ramped up efforts to save the plant after low natural gas prices prompted the owners to decide to close the plant by the end of the year. A temporary lease agreement was forged to keep the plant running until the end of 2019 or until a longer-term solution can be created.Resuscitating the plant could be the first test of President Trump’s resolve to restore demand for coal in the electricity sector, especially since the the government is a majority stakeholder in the plant it is seeking to save. The Interior Department owns a 24 percent stake in the power plant.“We’re looking at it more from an overall preventing the premature closure of coal plants because we think they’re important to grid resilience and reliability,” said Michelle Bloodworth, the chief operating officer of the pro-coal industry group American Coalition for Clean Coal Electricity.A member of her group, coal mining company Peabody, is heavily involved in the negotiations. Bloodworth’s group will be working with the administration on developing new coal incentives proposed late last month by Energy Secretary Rick Perry that reinforce the value of coal plants such as the Navajo station, instead of scrapping them in favor of lower-cost natural gas plants.The Energy Department proposal looks to provide market incentives for coal plants that can store 90 days worth of fuel on site to maintain grid reliability during supply disruptions.The Federal Energy Regulatory Commission is on an accelerated path to put out a rule creating the incentives in roughly the same time frame that Zinke has to sign off on the Navajo plant’s lease extension. The public comment period on the FERC’s proposed rule ends Monday. But it is not clear if the FERC plan would help make the economics better for the Navajo station beyond helping underscore the administration’s position that coal is necessary for a stable grid.Arizona utility commissioner Andy Tobin used the FERC plan in a letter this month to the power plant’s owners to emphasize its national security relevance and the need for the owners to maintain the plant as they prepare to leave in mid-December. The owners include the consortium Salt River Project, Interior’s Bureau of Reclamation, and utilities Tucson Electric Power, Nevada Power, and Arizona Public Service Co. The Salt River Project managed Interior’s stake in the power plant. Peabody operates the coal mine that feeds the plant.Tobin fears the owners will renege on their obligations to maintain the plant in the waning days of ownership, he told the Washington Examiner. Proponents say the plant’s continuing operation is necessary to support the Navajo and Hopi tribes that rely on it as a source of economic vitality, jobs and electricity, while the plant’s owners say it would mean higher prices for customers.“The owners made the difficult decision to end their participation in NGS because of the changing economics of the utility industry – primarily the cost of natural gas compared to coal generation,” said Scott Harelson, spokesman for the Salt River Project.“Our economic assessment remains the same today,” he said. “The owners continue to believe that operating the plant beyond 2019 would not be beneficial for their customers.”The plant is the largest coal-fired generator in the western half of the country and has its own dedicated mine to keep it running without disruption. Iif the plant closes, so does that mine.The plant was slated to close at the end of this year, but the Navajo leadership, which leases the land that the plant operates on, agreed to extend it through Dec. 2019.The new lease was approved in June, which means the plant will continue to generate electricity and employ workers for at least the next two years while the Interior Department figures out how to keep the plant running.The new lease also delays the laborious decommissioning process of scuttling the plant.Peabody Energy, the owner of the Kayenta Mine that feeds the power plant, is looking for a new consortium of owners, who would see a future in continuing to operate the coal-fired facility beyond 2019.An official with Peabody said it found a potential owner, who will begin evaluating running the power plant. The news satisfies an Oct. 1 deadline with the plant owners to secure a buyer. But the negotiations on a final agreement won’t be held until next year.“Lazard believes the Navajo Generating Station is a critical resource in the region for power generation and resource diversity, and from a total regional economic impact perspective,” said George Bilicic with the firm Lazard Fréres & Co. LLC, who is leading the transition process for Peabody. “Lazard took on this project because we believe there will be an optimal path forward that solves the needs of the many stakeholders involved, including the Navajo, Hopi and ratepayers in Arizona.”Continuing to burn coal at the big plant with its nearly 800 feet tall smokestacks is still in question. But that will hopefully be worked out in the Jan. 2018 – Dec. 2019 timeframe, according to industry and government officials.“We have been holding our breath to get it through 2019,” DuBray said. “I think we are optimistic” that the new lease will be approved before Jan. 1 and the process to transition the plant proceeds, he said.Zinke must sign off on the assessment and draft finding before the middle of December, when the Salt River owners leave. DuBray said the final environmental assessment will be complete by Dec. 1.The Bureau of Reclamation wants to “extend the lease of the plant beyond 2019 and then begin the retirement after 2019,” he said. “We are trying to provide some breathing room in this timeline.”More: Trump administration scrambles to save largest coal plant in the West No Progress in Negotiations to Save Arizona Coal Plantlast_img read more


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first_imgDan Costa is now senior VP of content for Ziff Davis and editor-in-chief for PC Mag, harnessing his 17 years in technology journalism.”I’ve seen the history of Ziff Davis, both in its heydays and missteps. Now is a great time for the company,” says Costa, a senior editor of PC Mag for over five years prior to his promotions. Costa covered consumer electronics for PC Magazine since 2005 and was editor of the CNET Fortune Technology Review, managing editor at Workstationplanet.com, and columnist at Computer Shopper. With Ziff Davis’ network of sites (PCMag.com, Geek.com, ExtremeTech.com andLogicBUY.com) attracting a 75 percent increase in visits and a 48 percentincrease in page views this past year, the development of device-specific contentis vital. “We’ve done really well in terms of digital and web publishing. If youlook at the number of devices out there, you see that’s really a huge marketfor us.” As both the staff and traffic of Ziff Davis continue to grow, Costa stands by hiring young, passionate digital natives in order to bestdevelop their content and appeal to their fast-paced, digital- savvy audience. A display of the company’s growth, PC Mag increased their labs-tested product reviews from 1200 to over 2000 this past year. Costa plans to keep product reviews at the core of PC Mag‘s mission, as well as developing the best content to ensure increased traffic. In his new role as VP of Content, Costa emphasizes the importance of tailoring contentspecifically to devices.”One of my goals is to develop products that really fit the way readers interact with the content. It’s important to look at thesedevices and realize the content needs to match the device you’re making it for.”Using new technology and digital platforms, Costa says the company isable to scale in ways they never have before.”I see the longer road map we have ahead of us for the company,” saysCosta.last_img read more


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first_img Dan Cohen AUTHOR Demolition of the aging White Hall office building at the former Chanute Air Force Base in east central Illinois is set to begin shortly, with removal of asbestos and lead-based paint from the World War II-era complex more than halfway completed.Demolition will take place simultaneously with asbestos and lead-based paint removal in different parts of the property, reported the Rantoul Press.Demolition of the building which spans about 500,000 square feet — the equivalent of two city blocks — is expected to finish by next summer, according to Paul Carroll, BRAC environmental coordinator for Chanute. Greenville, S.C.-based CB&I Federal Services is performing the work under a $7.9 million contract with the Air Force.The massive building — DOD’s largest until the Pentagon was completed — was left to decay since the installation closed in 1993 due to the prohibitive cost required to rehabilitate it. White Hall is included in the Chanute Field National Historical District list of Historical Places.The demolition will require about 2,000 truckloads of debris to be hauled offsite. About 90 percent of the construction waste — including brick, rebar and concrete — will be recycled. After the building is torn down, an estimated 1,500 loads of clean dirt will be used to grade the site, according to the story.last_img read more


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first_img Porsche The closer we get to launch, the clearer it becomes how important the Taycan, Porsche’s first full-production, all-electric car, will be to the future of the company. Since that first Mission E concept was unveiled at the 2015 Frankfurt Motor Show, you could tell that Porsche was taking this foray into battery electrics very seriously. The billions and billions the company has invested in the intervening years serve as financial testament to that commitment. And now, here it is: a real, functional Taycan. No, the cars you see here are not final production units, as they’re still lacking many final features and details — minor stuff like air vents and rear seats. And, as you can tell by the camouflage, Porsche isn’t quite ready to let us see exactly what it looks like, either.  Porsche Taycan on ice in Sweden Now playing: Watch this: Share your voice Comments Getting the power down Putting more than 600 horses’ worth of power to the surface of a frozen lake is no small feat. Tires are of course a major part of what Porsche is testing in Sweden, tire engineer Benjamin Gehring spending hour after hour behind the wheel finding the right mix of size and compound. For Taycan, rolling resistance was a critical factor in tire selection. The cars I rode in were on either on unstudded Goodyear Ultra Grip or unmarked Pirelli snow tires. The final brand and fitment for the production car has not been finalized. Then there’s the hardware that gets the power to the wheels, and in that regard Taycan is unlike any Porsche that has come before. The car has front and rear motors, and on this “top-notch” spec of the car at least the rear motor has some interesting, performance-oriented attributes. First, it’s connected to a proper limited-slip differential. Second, it has two speeds. Yes, a two-speed transmission at the rear, which I could clearly hear switching ratios as the car gained speed during hard acceleration. Indeed, the car seems to rely almost entirely on the rear motor under normal driving conditions. One of the many displays that can be toggled on the dramatic, curved digital gauge cluster showed the torque split, and if the car wasn’t accelerating hard or sliding across the ice, all the power came from the rear. 2020 Porsche Taycan First RideRWD most of the time, the Taycan is quick to send power forward when needed.  Porsche But, being an EV with two motors, the car can almost instantaneously demand power from either axle, without having to work around the limitations of some clumsy center differential or transfer case. For Christian Wolfsried, differential engineer on the Taycan, this presents some new challenges — and opportunities. “In the [Taycan’s] AWD system,” he told me, “there are no restrictions at all. You are absolutely free to put the power to the front or the rear. This is not possible with a regular combustion system, or a mechanical AWD system.” Wolfsried took me through the car’s various drive modes on the snow. As you go into Sport and Sport Plus, the car becomes more aggressive and the throttle response sharper, as you’d expect. It also lowers itself, something also done at highway speeds to optimize aerodynamics. However, in the Taycan you can also toggle between different settings for Porsche Stability Management, a system that got a bit of a workout on the ice. There are no restrictions at all. You are absolutely free to put the power to the front or the rear. This is not possible with a regular combustion system. Christian Wolfsried, engineer for Vehicle Dynamics 2020 Kia Telluride review: Kia’s new SUV has big style and bigger value 42 Photos 2020 Hyundai Palisade review: Posh enough to make Genesis jealous Ice drifting in Porsche’s all-electric Taycan 2020 BMW M340i review: A dash of M makes everything better Tags What it is In 2018, I was fortunate enough to drive an early precursor to Taycan, the Mission E Cross Turismo concept. Though I was able to get behind the wheel of that hand-built curiosity and take it for a quick spin in the hills around Malibu, California, that car was a very early prototype, of the sort where you had to be careful where you prodded the interior lest your finger poke right through. The cars you see here are very different things. Though still not final production units, they are largely using final production hardware. Major components like chassis, suspension, batteries and drivetrain are all there and reasonably finalized. What the engineers are focusing on now is the specific tuning of those components, a process that is increasingly handled with laptops and a tangle of adapters, not a bundle of wrenches and tools. However, given how much of a car’s behavior is dictated by software, any impressions I was able to glean from the right-hand seat must be taken with a rather large grain of salt. And, since the interiors of the three cars I rode in were in various states of finish, and often covered by camouflaging fabric, I can’t really give any impressions there — except to say that I had plenty of headroom in the front seats but not quite enough in the rear. All the cars I rode in were of the “top-notch” trim of the eventual Taycan, confirmed by the engineers but also evidenced by the big wheels and meaty brakes lurking behind them. Porsche engineers demurred on my questions regarding specific performance figures, instead quoting the company’s most recent published estimates. That is to say, more than 600 horsepower down to all four wheels, the 0-to-100 kilometers-per-hour (62 mph) sprint accomplished in less than 3.5 seconds and, crucially, the ability to do that at least 10 times in a row. Porsche also promises an 80 percent charge in just 20 minutes from one of its 800-volt chargers and a range on the European NEDC cycle of 500 kilometers. That equates to about 310 miles, but given the EPA test is an altogether different beast, expect a lower rating here. My test ride included a morning of sliding around on a massive frozen lake in Sweden before heading out on an approximately 100-kilometer loop of public roads, most covered in snow, giving me visions of stages of WRC’s Rally Sweden. Temperatures were hovering around 20 to 30 degrees Fahrenheit for most of the day. 80 percent charge takes just 20 minutes. Tim Stevens/Roadshow On cold and range Sweden has long been a development locale for manufacturers looking to ensure their vehicles can go in the snow and the ice. With the advent of these newfangled electric cars, what with their temperature-sensitive batteries and their relative absence of waste heat, testing in a place like Lapland takes on even more importance. Many of my first questions about the Taycan were just how that cold, which was 35 below just a week before my visit, impacted the range of the car. Still no formal figures were given, but I learned a lot about the Taycan’s thermal management system, designed to keep the battery in its optimum temperature envelope for maximum range — and, crucially, to keep the car’s motors at the right temperature for maximum sustained performance. Performance is a crucial component. “We didn’t change the requirements for the car,” Bernd Propfe, director of the Taycan’s platform product line, told me in Sweden. “We are aiming to build a Porsche.” That means the Taycan, like any other Porsche, has to complete a set number of laps around the company’s test track in Weissach without overheating. How many laps? That, Propfe wouldn’t say. Interestingly, the Taycan can prioritize engine and battery cooling, and that prioritization will be based on the car’s drive mode. Put the car in its standard mode and dial up 69 degrees F on the HVAC system and you can bet your driving loafers that you’ll get 69 degrees. However, Propfe told me, throw the car in Sport Plus and head out for a lap of the Nurburgring and you might have to live with 71 or 72. But, he said, the thermal system in the car is “very, very powerful,” so you should never stray more than a few degrees from ideal. In Sweden, of course, the main concern is on the other end of the thermometer. Propfe explained that the Taycan not only has the ability to scavenge waste heat from the electric motors to warm the battery, but that it can precondition both the cabin and the battery temperature in the morning before the car moves anywhere. Ideally this is done using electricity sourced from a wall outlet — like the outdoor plugs for block heaters that are near-ubiquitous in this part of the world. 2020 Porsche Taycan First RideThe Taycan’s AWD system makes short work of snowy Swedish roads.  Porsche Regen and rolling Lift off the throttle in many a modern EV and you’ll experience a rather dramatic deceleration effect, a conversion of the car’s momentum into electricity by engaging the electric motor or motors. Most EVs allow you to tune this effect to some degree, with Nissan’s latest Leaf and its E-Pedal offering the most dramatic regen, able to bring the car to a complete stop and hold it there. After a little practice in a Leaf, you can almost entirely forgo the brake pedal. For Taycan, Porsche went a different way. In the default mode, when you lift off the throttle the car doesn’t drag you to a halt. Instead, it just coasts along. “Coasting is the most energy-efficient way to do it, because braking always goes along with a loss of energy, because no engine has a 100 percent ratio,” Propfe said. “We strongly believe that the customer, if he wants to brake, he should hit the brake.” So, what happens when you do hit the brake? Then and only then does the car begin the dance of regeneration, harvesting speed in exchange for battery juice. Dip into the brake gently and you won’t engage the physical brakes. But, tuck in a little deeper and then the hydraulic system is engaged. I asked Propfe about the feel of this system, as I’ve driven many an electrified machine with clumsy stoppers. Propfe assured me that, thanks to the brake-by-wire system employed here (similar to that on the Acura NSX), it’s impossible to feel that transition. “They have done a perfect job,” he said of the car’s engineers. We strongly believe that the customer, if he wants to brake, he should hit the brake. Bernd Propfe, director of Taycan Platform Product Line More From Roadshow 17 These cars were, however, in good enough shape to open the door and let me in for the shotgun ride of a lifetime: sideways on ice in an all-wheel-drive, four-door, electric sports car with somewhere north of 600 horsepower. In other words, you’re looking at the most serious threat the Tesla Model S has yet faced, and what could easily be the most compelling choice on the market for would-be EV owners who want both performance and practicality. That is, of course, if it’s any good. 5:27 Electric Cars Performance Cars Out on the handling circuit, Wolfsried showed that with PSM enabled, the car doesn’t allow much sliding at all. As the car starts to lose grip it aggressively cuts power and applies brakes automatically to keep the car in-line. However, step up to PSM Sport mode and you can start to have some fun — to a point. Get the car too sideways, and PSM kicks in to bring you back inline. Crucially, you can turn the stability control completely off, and off means off. In this setting, the Taycan morphed into an ice drift monster, happily sliding around the skidpad and getting way out of shape on the handling course. Despite the wild antics, the car felt poised and balanced from the passenger seat, distributing power where it was needed most and always coming back in line with just the right amount of counter-steer and throttle. Cycling through the drive modes was incredibly telling, but there was one big surprise I hadn’t expected when the car slotted into Sport Plus: It got louder. 2020-porsche-taycan-first-ride-106Sadly, we’re not allowed to show a picture of the interior. So, enjoy this lovely wide shot. Porsche Sound and other interior impressions As I noted above, all the Taycan examples I rode in were in some way incomplete, and all were missing some portion of their interiors. What was present was largely covered in black fabric, but I couldn’t miss the lovely, sweeping, curved digital gauge cluster that sits behind the wheel. No analog tachometer here. Situated next to it is a version of the same silly little shifter that stands erect in the center of the new 911. I am not a fan of either the look nor the placement of the thing in Porsche’s iconic coupe. Up on the Taycan’s dashboard, however, it makes a lot more sense. In that now-empty space between the seats, the Taycan offers a second touch interface between, not unlike that found in the Audi E-Tron and other new Audis like the Q8. But again it was the sound that caught me off guard. In the most finished of the three cars, the one with a nearly full interior, there was a distinct, and distinctly digital, sort of engine noise piped into the cabin. It sounded quite similar to the tune the Jaguar I-Pace sings, but more subtle and perhaps a bit more traditional. Propfe, the platform engineer, was coy when I pressed for more details on the sound, saying only that this “E-Sound” is digitally created and that it will change based on the mode of the car. But, that’s all still very much under development. 2020 Porsche Taycan First RideDon’t be fooled by those fake tailpipes. There’s an EV under that camouflage.  Tim Stevens/Roadshow Wrap-up While riding shotgun is never as much fun as actually driving, I learned a huge amount about the Porsche Taycan this week. Sliding sideways on the ice, the thing felt poised and capable. Out on the road, on a rare patch of dry asphalt, a few launches left me with little doubt about the car’s sheer grunt — and a bit of whiplash. Ludicrous? Not quite, but I don’t doubt Porsche’s claims that this thing will prove a more consistent performer than a Model S. But to tell for sure we’re just going to have to bring these two together, and that should make for a very fine day indeed.  Editors’ note: Travel costs related to this feature were covered by the manufacturer. This is common in the auto industry, as it’s far more economical to ship journalists to cars than to ship cars to journalists. While Roadshow accepts multiday vehicle loans from manufacturers in order to provide scored editorial reviews, all scored vehicle reviews are completed on our turf and on our terms. The judgments and opinions of Roadshow’s editorial team are our own and we do not accept paid editorial content. Porsche Teslalast_img read more


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first_imgSix persons, including two juveniles have been arrested by the Delhi Police for brutally killing a 35-year-old man after the victim indulged in an argument with two of the accused at a petrol pump in West Delhi on Wednesday night.The victim has been identified as Surender Singh, a resident of Mahavir Nagar area in Tilak Nagar and was once arrested in the year 2008 under the charges of murder. However, he was out of jail on bail. On Wednesday night, at around 10.30 pm, he went to the petrol pump on his scooty in Paschim Vihar. According to the police, when Singh reached the petrol pump, he had an argument with two men, later identified as Vinay and Md Khalid. They were riding on one motorcycle. A minor scuffle also took place between them but the petrol pump staff intervened to bring the situation under control.Singh then left the petrol pump and headed towards the District Centre. The duo followed him and also asked four of their friends, identified as Raja, Deepak and two juveniles, to reach District Centre at around 11.30 pm. All six accused, including the two juveniles thrashed him. In defence, he whipped out his knife but one of the men from the other group snatched away his knife and stabbed him to death, after which they fled.last_img read more


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first_imgKolkata: State Education minister Partha Chatterjee on Thursday raised questions over the evaluation of the answer scripts of History in the wake of a number of students who had scored 90 percent or above in Higher Secondary or its equivalent examinations getting less than 10 in the entrance test at Jadavpur University.”A number of students have approached me in the past few days who have secured less than 5 in the entrance examinations at JU. These students have bagged more than 80 percent or even 90 percent marks in History in the Board examinations. Even Granthan Sengupta, who came first in Higher Secondary examination, is among the students who have secured poor marks in JU’s History entrance test. Have the answer scripts been examined properly,” the minister questioned.He, who has always claimed that admission should be strictly on the basis of merit, was critical against a section of students who had agitated in the varsity demanding admission test for a number of days last month. “Now, I will ask those students who had agitated whether there has been transparency in the evaluation of the answer scripts in the entrance examination,” Chatterjee said.JU decided on Thursday that Vice-Chancellor Suranjan Das will be acting as the Chairman of the admission committee of Jadavpur University and a fresh review of the History answer scripts will be conducted. Registrar Chiranjib Bhattacharjee will assist the V-C. The decision was taken after Dean of Arts Subhasish Biswas wrote to Vice-Chancellor Das praying resignation.”I strongly declare that the entire crisis which has taken place in the admission procedure of BA admission test in History of JU is due to my negligence of work and I am solely responsible for that… In the case of admission test in History, I detected an uneven marking after receiving many complaints,” Biswas’ self-declaration stated.A senior JU administrative official said Biswas’ resignation from the post of Dean of Arts has been accepted and he will no longer be involved in the admission process. “He is also the head of the History department. His resignation from this post is still under consideration,” the official added.A section of students had been demanding the resignation of Biswas in the wake of this crisis and had gheraoed Das and some other senior administrative officials on Wednesday. It was lifted in the wee hours on Thursday after Biswas tendered his resignation. The admission in the Arts subjects like International Relations, Bengali and English went off peacefully on Thursday with the majority of the seats getting occupied.last_img read more


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first_imgKolkata: West Bengal has made a rapid progress in increasing energy generation from non-conventional sources, Chief Minister Mamata Banerjee Friday said. In seven years time from 2011 to 2017-18, the state has recorded an increase in solar power generation from 1.2 megawatts (MW) to 53.216 MW, she twetted on the occasion of the National Energy Conservation Day. The generation of biomass power has also increased from 1.59 MW to 13.29 MW during the same period, Banerjee added. Also Read – Rain batters Kolkata, cripples normal life “Today is National Energy Conservation Day. Our government in #Bangla is making rapid progress in augmenting generation of energy from non-conventional sources,” Banerjee tweeted. “From 1.2 megawatts (MW) in 2011, solar power generation has increased to 53.216 MW in 2017-18, while generation of biomass power has increased from 1.59 MW to 13.29 MW during the same period,” she added. The state government was conducting a survey to develop a wind power generation plant in Sagar Island, the chief minister said. “A survey is also going on in Sagar Island to develop a wind power generation plant,” she added. With an objective to drive mass awareness about the importance of energy efficiency and conservation, the National Energy Conservation Day is celebrated every year on December 14 by the Bureau of Energy Efficiency (BEE) under the Ministry of Power since 1991.last_img read more


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first_imgGuests:Plaxico Buress – Former Pro Bowl Wide Receiver; Greg Cosell – NFL Films Senior Producer; Chris Broussard – FS1 NBA Analyst; Greg Jennings – FS1 NFL Analyst and Super Bowl Champion; Mark Schlereth – FS1 NFL Analyst and 3-time Super Bowl Champ Also:– The NBA has a leadership void– Chiefs need to prove they’re big game closers– Colin’s 10-year Hot Take Challenge LeBron’s injury causing real tension with the LakersThe Lakers issued a press release on the status of LeBron James’ injury and the timeline for his return, to which LeBron’s agent Rich Paul fired back with an over the top response. According ot Paul, James and his team would decide when he is ready to return to action, not the Lakers.Colin thinks there is real tension between the Lakers, James and his team because LeBron has suffered the first real injury of his career, and it probably won’t be the last as he plays into his mid-thirties. James game is based on his body, and the Lakers future is tied to him. If he breaks down, it’s bad for both, and it’s already straining their relationship.last_img read more


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first_img Free Workshop | August 28: Get Better Engagement and Build Trust With Customers Now Beats Electronics, a maker of high-end headphones whose distinctive branding and ubiquity makes them hard to miss in many urban areas nowadays, has secured a $500 million investment from Washington-based private-equity firm the Carlyle Group.Carlyle has purchased an undisclosed minority stake in Beats in a deal that values the electronics maker at more than $1 billion. The ballpark valuation comes as no surprise, given that Beats is on track to net anywhere from $1.2 to $1.5 billion in revenue this year, according to published reports.”These transactions represent the evolution of the financial strength and significant growth prospects of Beats,” Jimmy Iovine, Beats co-founder and chief executive, said in a statement.Founded in 2006 by rapper Dr. Dre and Iovine, chairman of music label Interscope, Beats has come to dominate the market for pricey headphones. According to the NPD Group, Beats has grabbed more than 60 percent of the U.S. market for headphones costing more than $100. Its signature headsets retail for between $200 and $400.Related: How Jay-Z Went From Music Mogul to Sports AgentAlso on Friday, Taiwanese smartphone manufacturer HTC announced that it was selling back to Beats its remaining 25 percent stake in the audio equipment company for $265 million. Two years ago, HTC bought a majority stake in Beats for about $300 million and began integrating the company’s audio technology into its smartphones.Then, in July 2012, HTC sold half of its stake, about 25 percent, back to Beats for $150 million. Analysts said the partnership had failed to help HTC make gains in the smartphone market.Indeed, with most mobile-phone users voting with their wallets in the ongoing East-West beef between Samsung and Apple, HTC has been posting weak earnings. Its profit for the second quarter of 2013 was down 83 percent from the year before.Carlyle, meanwhile, has stepped in to give Beats the cash it needs to expand both in the U.S. and abroad. Beats sells speakers and car audio systems in addition to headphones. It is also developing a streaming music service to compete with Spotify and Pandora, according to The Wall Street Journal.”We are confident that Beats will continue to drive innovation and growth in the premium audio accessory market, particularly as the proliferation of smart phones and tablets stimulate increased consumption of digital media,” Sandra Horbach, a managing director at Carlyle, said in a statement.Carlyle will also reportedly fill two of the six seats on Beats’ board.Related: Music Service Rdio Will Launch Free Version to Compete With Spotify Opinions expressed by Entrepreneur contributors are their own. 3 min read September 27, 2013 Enroll Now for Free This hands-on workshop will give you the tools to authentically connect with an increasingly skeptical online audience.last_img read more