March Madness Final Four Set With Badgers UK UConn

Remarkable, but the NCAA tournament tops itself almost every year. This version of March Madness produced countless dramatic finishes, upsets, surprises and heroes. Only a quartet of teams remaimn standing, a Final Four in Texas that has the makings for something special.Here’s how No 1. Florida, Wisconsin, Kentucky and Connecticut advanced to the biggest weekend of  A NCAA basketball season, where the Gators will face surprising UConn, and UK, with five freshmen starters, will take on the deliberate Badgers:* Kentucky outlasted Michigan, 75-72, on Aaron Harrison’s 25-foot three-point shot with 2.6 seconds remaining. It was a thrilling game that put the Wildcats in rarified air: The Wildcats are the first set of five freshmen starters to advance to the Final Four since Michigan’s renown “Fab Five” in 1992. Also, Kentucky is the first team in NCAA Tournament history to defeat both participants of the previous year’s championship game (Michigan and Louisville).* Shabazz Napier of Connecticut was dazzling in leading UConn to a 60-54 victory over Michigan State, the team picked by many to win the title. Napier scored 17 of his 25 points in the final 20 minutes. His three free throws with 37.6 seconds left were typical of the clutch play he exhibited. And so, the Huskies came back from nine down in the second half to  make it to next week against Florida.* Florida was too big, too strong, too talented and too determined to allow Dayton to derail the Gators’ championship aspirations. Florida won 62-52, and the outcome never really was in doubt. Florida controlled the pace of the game and limited Dayton’s transition opportunities. The Flyers had been running and gunning in their three previous tournament wins, but scored just eight transition points on Saturday thanks to Florida’s full-court pressure defense.* Wisconsin’s tough defense and deliberate pace were key factors in the Badgers advancing past No. 1-seed Arizona, 64-63, in overtime. Center Frank Kaminsky had 28 points, six in OT, and 11 rebounds and scored from inside and outside, including three 3-pointers, for the No. 2 seed Badgers (30-7). It’s Wisconsin’s first Final Four appearance since 2000, and first for 66-year-old coach Bo Ryan, who earned his 704th career victory. read more

Hubble spots dropdead gorgeous spiral galaxy tucked into Leo

first_img 29 Photos Lenovo 130-15AST 15.6-inch laptop: $210 (save $90) Google Nest Hub: $59 (save $70) Sarah Tew/CNET Tags Hubble reveals soul-wrenching view of the distant universe Wild Hubble Triangulum Galaxy image is telescope’s second largest ever Now playing: Watch this: Watch mice adapt to microgravity aboard the International… 1:44 Boost Mobile See it See at Amazon Sarah Tew/CNET NGC 2903 is located a brisk 30 million light-years away. Hubble captured the glamor shot while imaging around 145 nearby disk galaxies. “This study aimed to help astronomers better understand the relationship between the black holes that lurk at the cores of galaxies like these, and the rugby-ball-shaped bulge of stars, gas and dust at the galaxy’s center,” ESA said.This close-up view of a spiral galaxy offers a nice counterpoint to another Hubble image released this week: the Hubble Legacy Field, a view of the distant universe that encompasses around 265,000 galaxies. They may look very different, but they both have the power to stir the human soul. $59 at eBay HP Laptop 15t Value: $520 (save $780) The problem with most entry-level laptops: They come with mechanical hard drives. That makes for a mighty slow Windows experience. This Lenovo model features a 128GB solid-state drive, so it should be pretty quick to boot and load software, even with its basic processor. Plus, it has a DVD-burner! That’s not something you see in many modern laptops, especially at this price. Share your voice Post a comment $999 Review • iPhone XS review, updated: A few luxury upgrades over the XR Lenovo Smart Clock: $59.99 (save $20) Sarah Tew/CNET Read the AirPods review Formerly known as the Google Home Hub, Google’s Nest Hub packs a wealth of Google Assistant goodness into a 7-inch screen. At $59, this is within a buck of the best price we’ve seen. It lists for $129 and sells elsewhere in the $89-to-$99 range.This is one item of many available as part of eBay’s Labor Day Sale (which, at this writing, doesn’t specifically mention Labor Day, but that’s how it was pitched to us). Read Lenovo Smart Clock review Though not technically a Labor Day sale, it’s happening during Labor Day sale season — and it’s too good not to share. Nationwide Distributors, via Google Express, has just about the best AirPods deal we’ve seen (when you apply promo code ZBEDWZ at checkout). This is for the second-gen AirPods with the wireless charging case. Can’t imagine these will last long at this price, so if you’re interested, act fast. 7 Best Buy NGC2903 is a very photogenic spiral galaxy. ESA/Hubble & NASA, L. Ho et al. Next time you glance up at the constellation Leo draped across the night sky, think about how there’s so much more going on there than the few twinkly stars we can see with the naked eye. NASA and the European Space Agency shared a Hubble Space Telescope image this week of galaxy NGC 2903. It’s a poster child of a spiral galaxy that’s located in Leo the lion. Look at its graceful curving arms and glowing center. It’s the Idris Elba of galaxies. I would pay good money to see NGC 2903: The Movie. ESA is also in love with spiral galaxies, waxing poetic on their features: “These limelight-hogging celestial objects combine whirling, pinwheeling arms with scatterings of sparkling stars, glowing bursts of gas, and dark, weaving lanes of cosmic dust, creating truly awesome scenes.” Read the Rylo camera preview Tidal 3-month family subscription: $5.99 (save $54) $999 Turo: Save $30 on any car rental $90 at Daily Steals via Google Express Read DJI Osmo Action preview Angela Lang/CNET Tags Sprint $299 at Amazon Hubble looks to space Recently updated to include digital-photo-frame capabilities, the Lenovo Smart Clock brings Google Assistant goodness to your nightstand. It’s a little smaller than the Amazon Echo Show 5, but also a full $30 less (and tied with Prime Day pricing) during this Best Buy Labor Day sale. Sarah Tew/CNET CNET may get a commission from retail offers.center_img Chris Monroe/CNET DJI Osmo Action camera: $261 (save $89) Spotify and most other streaming services rely on compressed audio, which robs the listener of full fidelity. Enter Tidal, the only “major” service that delivers lossless audio — meaning at least on par with CD quality, if not better. Want to see (er, hear) the difference for yourself? Grab this excellent extended trial while you can. It’s just $6 for three months, and it’s good for up to six listeners. Free Echo Dot with an Insignia or Toshiba TV (save $50) The Cheapskate Hubble wows with stunning space images Apple iPhone XS An Echo Dot makes a fine match for any Fire edition TV, because you can use the latter to say things like, “Alexa, turn on the TV.” Right now, the 24-inch Insignia Fire TV Edition starts at just $100, while the 32-inch Toshiba Fire TV Editions is on sale for $130. Just add any Fire TV Edition to your cart, then add a third-gen Echo Dot, and presto: The latter is free. Rylo 5.8K 360 Video Camera: $250 (save $250) $210 at Best Buy What’s cooler: A snapshot of a firework exploding in front of you, or full 360-degree video of all the fireworks and all the reactions to seeing them? Oooh, ahhh, indeed. At $250, the compact Rylo dual-lens camera is selling for its lowest price yet. And for an extra $50, you can get the bundle that includes the waterproof housing.This deal runs through Sept. 3; it usually costs $500. Share your voice $261 at Daily Steals via Google Express JBL Soundgear wearable speaker: $90 (save $160) Turo DJI’s answer to GoPro’s action cameras is rugged little model that’s shockproof, dustproof and waterproof down to 11 meters. It normally runs $350, but this deal drops it to $261 when you apply promo code 19LABOR10 at checkout. Sci-Tech $155 at Google Express Mentioned Above Apple iPhone XS (64GB, space gray) $60 at Best Buy Turo is kind of like Uber meets Airbnb: You borrow someone’s car, but you do all the driving. I’ve used it many times and found it a great alternative to traditional car-rental services — in part because you get to choose exactly the vehicle you want (not just, say, “midsize”) and in part because you can often do pickup and dropoff right outside baggage claim.Between now and Sept. 1, the first 300 people to check out can get $30 off any Turo rental with promo code LDW30. 0 Best laptops for college students: We’ve got an affordable laptop for every student. Best live TV streaming services: Ditch your cable company but keep the live channels and DVR. I thought this might be a mistake, but, no, the weirdly named HP Laptop 15t Value is indeed quite the value at this price. Specs include an Intel Core i7 processor, 12GB of RAM, a 256GB solid-state drive and a 15.6-inch display. However, I strongly recommend paying an extra $50 to upgrade that display to FHD (1,920×1,080), because you’re not likely to be happy with the native 1,366×768 resolution. See It Read Google Home Hub review Use promo code 19LABOR10 to get an unusually good deal on JBL’s interesting hybrid product — not quite headphones, and not quite a traditional speaker, but something you wear like neckphones to listen to music on the go. $999 Rylo See at Turo $6 at Tidal $999 Apple AirPods with Wireless Charging Case: $155 (save $45) Other Labor Day sales you should check out Best Buy: In addition to some pretty solid MacBook deals that have been running for about a week already, Best Buy is offering up to 40% off major appliances like washers, dryers and stoves. There are also gift cards available with the purchase of select appliances. See it at Best BuyDell: Through Aug. 28, Dell is offering an extra 12% off various laptops, desktops and electronics. And check back starting Aug. 29 for a big batch of Labor Day doorbusters. See it at DellGlassesUSA: Aug. 29 – Sept. 3 only, you can save 65% on all frames with promo code labor65. See it at GlassesUSALenovo: The tech company is offering a large assortment of deals and doorbusters through Labor Day, with the promise of up to 56% off certain items — including, at this writing, the IdeaPad 730S laptop for $700 (save $300).See it at LenovoLensabl: Want to keep the frames you already love and paid for? Lensabl lets you mail them in for new lenses, based on your prescription. From now through Sept. 2 only, you can save 20% on the blue light-blocking lens option with promo code BLOCKBLUE. See it at LensablSears: Between now and Sept. 7, you can save up to 40% on appliances (plus an additional 10% if you shop online), up to 60% on mattresses, up to 50% on Craftsman products and more. The store is also offering some fairly hefty cashback bonuses. See it at SearsNote: This post was published previously and is continuously updated with new information.CNET’s Cheapskate scours the web for great deals on tech products and much more. For the latest deals and updates, follow the Cheapskate on Facebook and Twitter. Questions about the Cheapskate blog? Find the answers on our FAQ page, and find more great buys on the CNET Deals page. Preview • iPhone XS is the new $1,000 iPhone X See It See It $520 at HP NASA Space,I’m shocked — shocked! — to learn that stores are turning Labor Day into an excuse to sell stuff. Wait — no, I’m not. As much as I respect the original intent of the holiday (which became official back in 1894), to most of us, it’s just a bonus day off — one that’s blissfully tacked onto a weekend. So, yeah, stores; go ahead, run your sales. I’m listening. Perhaps unsurprisingly, Labor Day doesn’t bring out bargains to compete with the likes of Black Friday (which will be here before you know it), but there are definitely some sales worth your time.For example:We’ve rounded up the best Labor Day mattress deals.We’ve also gathered the best Labor Day laptop deals at Best Buy.The 2019 Vizio P Series Quantum is back under $999.Be sure to check out Amazon’s roughly three dozen Labor Day deals on TVs and audio. Google Express is having a big sale as well, one that includes deals on game consoles, AirPods, iPhones, laptops and more.Below I’ve rounded up a handful of individual items I consider to be the cream of the crop, followed by a handy reference guide to other Labor Day sales. Keep in mind, of course, that products may sell out at any time, even if the sale itself is still running. Note that CNET may get a share of revenue from the sale of the products featured on this page. Comments TVs Speakers Mobile Accessories Cameras Laptops Automobiles Smart Speakers & Displays Amazonlast_img read more

Going bust Steeling up for insolvency and the intriguing case of Electrosteel

first_imgWHEN THE CRACKS SHOW: Scheduled commercial banks, who are staring at non-performing assets worth lakhs of crores of rupees created through loan defaults by major steel and infrastructure companies are going all out to recover them. REUTERS/Adnan AbidiInsolvency is more than the flavour of the season when there are no more favours to be done. A National Company Law Tribunal (NCLT) inquiry on steel company loan paybacks is being carried out on the recommendation of the Reserve Bank of India (RBI). The deliberations have proved to be stinging verdicts on the profitability of companies seconded for insolvency by RBI under the Insolvency and Bankruptcy Code (IBC), following several failed attempts at loan recovery.Equally chastening has been the sense of resignation, — more in the nature of a barely disguised sang froid –, among companies towards their prescribed fates to be assigned by NCLT. Not much of an objection to insolvency proceedings at all, as things stand.Steel is a cyclical industry and firms battling debt is not new. But successive investment cycles, as a byproduct of booming stock markets and optimistic investors, could make it tempting to relax one’s grip at the wrong moments. As the bosses of 12 steel companies are finding out, complacency is not an option in basic materials industries, and the wrong results lead to acute pain.Auto grade steel manufacturing giant Bhushan Steel is facing the heat on behalf of its struggling power venture Bhushan Power & Steel as well. The two companies together owe 41 banks, including seven foreign banks, more than Rs 80,000 crore. Privately held Bhushan Steel, which is said to owe banks a whopping Rs 44,447 crore, has all but run out of steam after some mild brawling to prove SBI wrong (the company had alleged that the bank inflated its dues by around Rs 100 crore).NCLT death rowLast week, Bhushan Power, promoted by the Singal family, had not objected to the insolvency proceedings but requested the court to ensure the company was treated as a ‘going concern’. Data from Capitaline reveals that the company reported net loss of Rs 2,433 crore in 2015-16 on the back of Rs 8,491 crore in revenues. The firm reported net loss of Rs 3,501 crore in 2016-17 on revenues of Rs 15,027 crore. Its annual report for 2015-16 says that it has been facing severe stress in its debt servicing over the past few years.Other companies on NCLT’s death row include Jyoti Structures, Monnet Ispat, Alok Industries, Amtek Auto, Era Infra and Electrosteel Steels. Among them, the case of Electrosteel Steels stands out like a sore thumb.Electrosteel is among the six companies which were specifically referred to the NCLT for a debt resolution plan.Kolkata-headquartered Electrosteel is not among the top five loan defaulters on NCLT’s tickoff roster, owing Rs 14,000 crore in all and Rs 1,404 crore to SBI alone. An unduly high share of non-banking debt is what sets it apart from the rest. Electrosteel is not known to have repaid debt since April 2015. And, it is understood to owe lenders Rs 9,600 crore and a “couple of hundred crore more to non-financial creditors”, as pointed out by a company source in various news reports. ALL SACKED UP: A worker rests on sacks filled with sponge iron at a steel factory on the outskirts of Jammu on July 10, 2014. REUTERS/Mukesh GuptaFresh loans have not helped the company turn the corner. Even as SBI moved in to recover dues by taking control of its assets and manage it under the IBC, Electrosteel did not demur.This was a clear triumph of experience over hope. For, Electrosteel had debt of Rs 10,274 crore on its books in fiscal 2016 and lenders had first opted for the strategic debt restructuring (SDR) path to resolve the issue.The SDR was introduced by the RBI to tackle the issue of burgeoning debt by allowing banks to acquire control of a defaulting company by converting loans into equity. Following this, the banks were supposed to bring in new promoters and upgrade their sticky assets to standard ones. Electrosteel was the first case where lenders invoked the SDR mechanism, as reported in financial daily HT Mint.The Electrosteel Steels management would quickly blame the failed debt restructuring plan in September 2013 and a botched line of credit for the company’s woes.Riding the market waveIn many ways, Electrosteel was a product of unreal market euphoria which did not measure companies on fundamentals like earnings potential, asset quality, or even revenue history – often, like it repeats history today. When Electrosteel floated its initial public offering (IPO) in late 2010, investors did not ask too many questions. The company hadn’t finished a full year of operations and had no earnings or revenue history. In fact, one of the main purposes of its IPO was to finance its maiden manufacturing plant, for which private equity players would have been a better bet.In the event, the IPO did not have a promising start, and Electrosteel and its IPO managers ran foul of the market regulator after SEBI received complaints about non-disclosure of a rejection of the company’s proposal for forest clearance at the Kodolibad iron ore mine. Electrosteel and its merchant bankers SBI Cap, Axis Capital and Edelweiss Financial were hit with fines totalling Rs 2.5 crore on that occasion.The company had serious execution issues, and it was all downhill after that, as it teetered on the edge of bankruptcy in a couple of years. After the IPO price of Rs 10-11 per share, it went as low as Rs 2 per share. It traded on July 27 at Rs 4.73 per share, down 8.33 percent over its previous closing. Essentially, the company stock is trading at over 50 percent below its IPO price nearly seven years later. Raghavendra NWhen management promises to investors turn out to be a sheer mirage in a sea of IPOs, instances like that of Electrosteel Steels are glaring examples of the quantum of mismanagement (see chart above) which Indian banks and taxpayers face. Not to mention greed and misuse of power in the top echelons of banking which is the root cause of humongous NPAs running into the lakhs of crores encumbering India’s PSU banks.Besides declaring insolvency, the possibility of calling international bidders for the steel assets after they are put on sale would work — provided it does not set a precedent. It is equally vital for banks to take care while appraising loan proposals in future and exercising stronger oversight over disbursements to ensure that loan money assets are created and loans not diverted. This will help projects generate sufficient income to repay their loans on time.The RBI expects the average GNPA ratio of banks to increase from 9.6 per cent in March 2017 to 10.2 percent by March 2018, and fears that this number could easily rise. Banks have reduced lending to the steel, infrastructure, construction, real estate, oil and gas and telecom sectors. These are the key drivers of the economy and also comprise the highest amount of stressed assets within the banking system.Withholding lending to these sectors will not work for long. Derisking through the agency of discretion may be a safety valve for banks at the moment, but may not help the Indian economy even in the medium term.last_img read more

Global Health Equity Summit to Address Key Health Challenges

first_imgThe Institute for the Advancement of Multicultural & Minority Medicine will host the third annual Martin Luther King, Jr. Global Health Equity Summit on Jan. 20 from 8 a.m. to 4:30 p.m. at The Willard Hotel, 1401 Pennsylvania Avenue N.W. This instrumental and exciting Summit brings together inspired minds within the industry to address Emerging Global Health Equity Crisis in Non-Communicable Diseases Through Collaboration. These discussions are the foundation to “providing the infrastructure and support need to combat increasingly ‘global’ health problems.”Our distinguished speakers will discuss topics concerning: Global Approach to Non-Communicable Diseases, Successful Outcomes of Global Alliances, Business-Minded Approaches to Global Health Challenges, Global Impact of Poor Oral Health, The role of Women and Girls in Global Health, The Major Role of Non Traditional Health Providers, and Infrastructure and Acute Disasters.last_img read more