Shares of solar energy technology providers are showing broad-based strength this morning following reports that Italy has decided not to freeze subsidies for solar panel installations in what has been the strongest market for solar of late.

Reuters’s Alberto Sisto and Stephen Jewkes report this morning that a final version of the government’s rules on renewable energy “no longer included the suspension of incentives after 8,000 megawatts of solar capacity had been installed,” citing an annoymous Italian “ministerial source.”

The source tells the authors “there will be new legislation in June to review the rules governing the sector.”

Meantime, solar stocks are celebrating: First Solar (FSLR) shares are up $4.06, or 2.8%, at $149.70 in pre-market trading; Sunpower (SPWRA) is up 55 cents, or 3% at $17.80; and JinkoSolar Holding (JKS) is up $1.04, or almost 4%, at $28.16, among others.

Article courtesy of Tech Trader Daily

We are, it would appear, waiting in the breach for word on how Italian regulators will proceed in assessing their subsidies for solar energy technology.

In the breach, solar energy technology stocks were mixed, with First Solar (FSLR) shares falling $1.91, or 1.3%, to $145.46, and Ascent Solar (ASTI) down 31 cents, or 9.5%, at $2.96, while Sunpower (SPWRA) was up a penny at $17.24, and Trina Solar (TSL) was up 7 cents at $27.40.

The country’s Minister for Economic Development was apparently meeting with the environment Minister today. Gordon Johnson with Axiom Capital claims to have obtained a draft of the text of regulations coming out of that meeting.

Rather than showing a compromise, Johnson said today, the text seems unchanged from a version circulated over the weekend. The phrase “moratorium” is employed with respect to solar installations should an 8 gigawatt threshold be reached this year, Johnson claims.

But John Hardy with Gleacher & Co. said in a phone call this afternoon that he’d not heard any new draft texts, and that, as he sees it, “We’re waiting to hear more information from legislators over the next couple of days.” Many believe a vote could come as soon as tomorrow, with the chance still that some changes may come to the draft proposals before they reach their final form.

An article in Italian paper La Repubblica’s Valerio Gualerzi today describes an overwhelming campaign to assuage Italy’s regulators to back off of the strictest elements of the proposals.

And Gleacher’s Hardy notes that a release by the solar lobby in Italy, GIFI, today said that the group received positive feedback from the development minister to its proposals, which include, wiping out the 8-gigawatt cap and negotiating a steeper cut in subsidies, while allowing a 14-month grace period once the cap is reached while steeper subsidy cuts are negotiated.

Article courtesy of Tech Trader Daily

Shares of solar technology providers have come under substantial pressure today following a draft proposal by Italy‘s Ministry of Economic development, which some on the Street believe could sharply curtail demand for solar panels in the market that has been the most vibrant for the industry in the last several months.

The ministry’s draft proposal, viewable here, was covered over the weekend by the Italian press, with headlines such as “Fewer Incentives on Photovoltaics,” and even claims by some in Italy that the new rules would be equivalent to breaking the renewable energy industry in the country.

is expected to be considered by Italy’s Cabinet on Tuesday. If it does not meet with objection, it may be passed into law as soon as Thursday, writes Morgan Stanley analyst Smittipon Srethapramote.

Srethapramote,  after looking through the report, notes that not only does it propose suspending subsidies for solar installations once installations of 8 gigawatts of capacity are installed in Italy, but it also introduces some restrictions he had not expected. There would be a cap placed on ground-mounted plans on farmland, and there would be a maximum ratio set of 100 kilowatts of installation “per hectare for ground-mounted plants on farmland.”

The upshot,  Srethapramote thinks, is that if “left unchanged, these provisions could lead to a dramatic slow down in the Italian market.”  Srethapramote thinks that First Solar (FSLR) and SunPower (SPWRA) will be less adversely impacted than other solar names, given that there they have sources of revenue from other markets, such as the U.S. However, he also argues that “they will still likely suffer some degree of multiple compression in the coming months as volume and pricing expectations for the group are reset.”

My colleague Bill Alpert a week ago gave an overview in Barron’s print edition of the potential decline in Italian subsidies and the consequences for the industry following what was a very robust Q4 for the group.

The stocks are down across the board today:

FSLR is off $8.33, or 5.4%, at $147.39;
SPWRA is down 50 cents, or 3%, at $17.07;
SunTech Power Holdings (STP) is down 47 cents, almost 5%, at $9.51.
Yingli Green Energy (YGE) is down 81 cents, or almost 7%, at $11.55;
JA Solar Holdings (JASO) is down 29 cents, or 4%, at $7.06;
Canadian Solar (CSIQ) is down 87 cents, or 6%, at $14.53;
Trina Solar (TSL) is off $1.47, or 5%, at $27.60.

Evergreen Solar (ESLR) is one of the few gainers, up 12 cents, or almost 6%, at $2.22.

Article courtesy of Tech Trader Daily

The fellow pictured at left is 28 year-old German banker Steffen Korbach. He looks pretty happy because he’s got that cool shirt on and because the photo was taken prior to his totaling a £1.4million Pagani Zonda F Clubsport Roadster (only one of 25 in the world). Let’s hear his story.

Korbach crashed on the A10 autostrada as he was on his way to Milan for the official presentation of a new Pagani Huayra – which he recently ordered. A source said: ‘He was driving through roadworks at the speed limit, but when they ended he accelerated up to just over 100kmh (62mph) and hit a pool of surface water which caused the car to aquaplane. ‘Even though Steffen is an experienced supercar driver, he couldn’t correct the Zonda’s position and he collided with the roadside barriers.

‘The car doesn’t have airbags so he was lucky to escape unharmed – it shows how safe the passengers’ cell is in these sorts of cars.’ Mr Korbach said that the lively Zonda F Clubsport Roadster can be difficult to control in certain road conditions.

Now the car looks like this:

But don’t fret my pets- this story has a happy ending. Korbach and his passenger were unharmed and he’s got a bunch of other toys to comfort him during this difficult time.

As well as his new Huayra – Pagani’s replacement for the Zonda – Korbach owns two Bugatti Veyrons, two Lamborghinis and a Porsche-based Gemballa Mirage. He has also ordered the new McLaren MP4-12C – widely anticipated to be Britain’s greatest ever supercar. The Italian Zonda, with its rear-mounted V12 engine, produces 650bhp and is capable of doing 0-62mph in 3.5 seconds. It has a top speed of 214mph and lapped the Top Gear track quicker than the Bugatti Veyron. Tommy Wareham, director of dealer Super Vettura, said: ‘The Pagani Zonda is quite possibly the last ever true-blooded supercar – it’s a ferocious poster car for the 21st century.

£1.4m supercar mangled in most expensive smash in history – and driver walks away with a bruise [Daily Mail via BI]

Article courtesy of Dealbreaker

BofA Doubles Writedown for Credit-Card Unit to $20.3 Billion (Bloomberg)
“This is another sign that the quality of the bank’s consumer-credit book is weaker than what they previously indicated,” said Tony Plath, a finance professor at the University of North Carolina at Charlotte. “It’s a huge number, and the way they’re disclosing it erodes the bank’s credibility. Why are we waiting until 2011 to do an impairment charge for two years ago?”

Saudi Oil Minister: “We Will Protect Supply” (CNBC)
“The market knows that Saudi has a good chunky excess capacity and a record of using it when needed,” Prince Abdulaziz bin Salman Al Saud said in an interview. “There is no qualms, what needs to prevail is no shortage of supply,” said the prince, who is hosting a meeting of ministers from the world’s major oil producers.

IEA Chief: $100 Oil ‘Very, Very Bad’ for Economy (Reuters)
“That is our concern, regardless of the margins of disruption, if the $100 per barrel of oil is continued in 2011, the burden of oil to the global economy is as bad as 2008,” Nobuo Tanaka, the Executive Director of the International Energy Agency said.

Italy Exchange Halted for `Technical Issues’ After Plunge (Bloomberg)
Trading on the Italian exchange remained halted because of “technical issues” after the benchmark FTSE MIB Index fell the most in eight months yesterday on concern Libya’s unrest may affect Italian companies. Borsa Italiana SpA, owned by London Stock Exchange Group Plc, said in a statement on its website that “restoring operations” are underway after stocks failed to open and the futures market was halted at 12:10 p.m. All markets are suspended, the Milan bourse said in a separate statement.

US Arrests Credit Suisse Banker In Tax Probe (FT)
Christos Bagios was arrested about two weeks ago on entering the US and is in transit to a detention centre in southern Florida, according to the Bureau of Prisons’ website and people familiar with the matter. In December, Renzo Gadola, the first UBS banker to be charged since the settlement, admitted to conspiring to help wealthy US clients evade paying taxes. Mr Gadola worked at UBS from 1995 to 2008.

FDIC May Sue Former WaMu Execs (WSJ)
The FDIC has discussed damages of $1 billion in relation to the potential Washington Mutual lawsuit, says a person familiar with the matter. The person said a decision against former executives of WaMu, the largest institution to be seized by regulators during the financial crisis, could be made within the next 30 days. It is unclear which former WaMu executives would be charged.

Moody’s Cuts Japan’s Outlook (WSJ)
Moody’s sent a warning to Japan’s political leadership Tuesday, announcing that it was cutting the outlook on the nation’s Aa2 bond rating to negative from stable, citing the political gridlock that is dimming chances for action soon to rein in the nation’s ballooning debt load.

Thin Mint melee lands Naples woman in jail (ABC)
A Naples woman was arrested Sunday after deputies say she attacked her roommate over a box of Thin Mint Girl Scout cookies. Hersha Howard was charged with Aggravated Battery with a Deadly Weapon. Howard’s roommate, Jasmin Wanke, told deputies she was asleep when Howard burst into her bedroom and accused her of eating the cookies…The women began to argue, then Howard reportedly jumped on top of Wanke and struck her in the face. The two continued to fight until Wanke’s husband separated them. When Wanke walked out of the bedroom, Howard grabbed a pair of scissors and began chasing and threatening Wanke, the report said. As women ran down the stairs, Howard reportedly dropped the scissors, picked up a board and struck Wanke.

BHP To Buy Chesapeake Shale Assets (WSJ)
BHP Billiton Ltd. said Monday it is acquiring Chesapeake Energy Corp.’s Fayetteville shale gas holdings in Arkansas and some pipeline assets in a deal totaling about $4.75 billion in cash.

New Zealand’s Currency Tumbles After Christchurch Earthquake (Bloomberg)
The so-called kiwi slid versus all 16 of its major counterparts as buildings around the city were damaged by the temblor, which followed a quake in September that was the worst in 80 years.

With ‘Testosterone Zones,’ Muscled Commando, Dr. Pepper Looks to Avoid Earlier Marketing Missteps by Pepsi Max, Coke Zero (AA)
Dr Pepper Ten was created for 25- to 34-year-old men who prefer regular Dr Pepper but want fewer calories. And its inclusion of 10 calories, rather than zero like its competitors, allowed it to deliver a flavor closer to the regular version, Mr. Fleming says…A mobile “Man Cave” will also travel to each of six test markets, including Denver and Colorado Springs, Colo.; Des Moines, Iowa; Kansas City, Mo.; and San Antonio and Austin, Texas. The branded trailer will set up in “testosterone zones” such as ball fields or car shows and give men a place to watch TV and play video games

Article courtesy of Dealbreaker

“It worked for nine years, but mistakes were made,” Harris Barton, 46, says as he sips a coffee at an Italian restaurant in Palo Alto, California. After the demise of HRJ Capital, the firm he co-founded with Ronnie Lott of which Joe Montana was a partner, he says he was embarrassed every time he walked into a place like this in Silicon Valley. “I felt like everyone was looking at me and saying, ‘There he is, the dumb athlete who couldn’t manage his firm.’” [Bloomberg]

Article courtesy of Dealbreaker

Fed to Name Recipients of $3.3 Trillion in Aid During Crisis (Bloomberg)
The Fed intends to post the data on its website at midday in Washington to comply with a provision in July’s Dodd-Frank law overhauling financial regulation. The information spans six loan programs as well as currency swaps with other central banks, purchases of mortgage-backed securities and the rescues of Bear Stearns Cos. and American International Group Inc.

BofA Falls On WikiLeaks Fears (WSJ)
The bank has been trying to determine for more than a year whether any documents were leaked from inside the bank, said people familiar with the situation. WikiLeaks founder Julian Assange asserted in an October 2009 Computerworld magazine interview that he had the 5GB computer hard drive of a Bank of America executive. “We have no evidence that supports this assertion,” a bank spokesman said Tuesday. “We are unaware of any new claims by WikiLeaks that pertain specifically to Bank of America.”

Deutsche Bank Says ‘Mistrust’ Of Spain’s Banks Is ‘Unjustified’ (Bloomberg)
Investors’ mistrust of Spain is unjustified and problems in the banking industry are “manageable,” Deutsche Bank AG Chief Executive Officer Josef Ackermann said, as Europe’s debt crisis intensified. The fundamental economic data “in no way justifies the apparent mistrust that exists in the case of Spain, though not only there,” Ackermann, who also heads the Institute of International Finance, a global industry group with more than 400 members, said yesterday in response to a request by Bloomberg News. “Spain can deal with its problems by itself.”

US States Face More Financial Stress, Says Official Report (AP)
Legislatures around the country may have to make more spending cuts over the next couple of years because of dwindling help from the federal government and a slow recovery in tax revenue, according to a new report. States will spend about $43 billion in economic stimulus funds during the current fiscal year, which ends June 30. After that, they’ll probably have to get by with less federal funding.

UK Feels ‘Vindicated’ For Refusing Euro (CNBC)
The UK did not join the euro because that would have meant giving up decision over interest rates and removing exchange rate flexibility, George Osborne said in an interview late Tuesday. “And, you know, I feel that our view has been vindicated by recent events, and I’m very pleased the UK’s not part of the euro,” he said. “But ‘I told you so’ is not much of an economic policy when you’re confronted with the challenges that we face today,” Osborne added.

Co-Pilot Moved Seat, Set Jetliner Plummeting (CNN)
The co-pilot of an Air India Express 737 sent the jetliner into a terrifying 7,000-foot plunge in May when he accidentally hit the control column while adjusting his seat, investigators report. According to the report from India’s Directorate General of Civil Aviation, the co-pilot panicked and was unable to execute the proper procedures as the jetliner dropped from 37,000 feet at a 26-degree angle. The plane and its 113 passengers were saved when the pilot, who’d gone on a bathroom break, used an emergency code to get into the locked cockpit, jumped back into his seat and grabbed the controls to bring the plummeting plane out of its dive. The aircraft would have broken apart if the descent had continued, the aviation agency report said.

U.S. Money Funds Exposed to European Banks (WSJ)
Among the major U.S. funds, Fidelity Cash Reserves, the largest retail money fund, held $4.2 billion, or 3.5% of its assets, in certificates of deposit issued by Spanish bank Banco Bilbao Vizcaya Argentaria SA, or BBVA, and Italian banks UniCredit SpA and Intesa Sanpaolo SpA as of Oct. 31. Schwab Cash Reserves, the third-largest fund, had $1.5 billion in securities from Banco Santander SA, BBVA, UniCredit and Intesa. Western Asset Money Market Fund, owned by asset manager Legg Mason Inc., the ninth-largest fund, holds $848 million in Banco Santander, BBVA and Intesa.

Women accused of hiding merchandise in body fat (Orlando Sentinel)
Two women are arrested for shoplifting and police say they used their bodies to conceal the goods. Edmond police authorities say it was at the Edmond TJ Maxx that loss prevention officers found the duo stuffing items under their belly fat and breasts. They say they took four pair of boots, three pair of jeans, a wallet and gloves; $2,600 worth of store merchandise. Ailene Brown, 28, and 37-year-old Shmeco Thomas were arrested for shoplifting and are facing felony charges. Officer James Hamm said, “These two were actually concealing them in areas of their body where excess skin was, under their chest area and armpits.”

State Street to Cut 1,400 Jobs as Low Rates Squeeze Revenue (Bloomberg)
The measures, which will pare State Street’s workforce by 5 percent, are part of an effort to save as much as $625 million a year by the end of 2014, the Boston-based company said yesterday. State Street said it will book restructuring expenses of up to $450 million before taxes over four years.

Madoff Trustee Goes After ‘Net Winners’ (WSJ)
he trustee seeking money for victims of Bernard Madoff’s Ponzi scheme filed more than 100 lawsuits Tuesday seeking what he says were fictitious profits earned by some of Mr. Madoff’s investors. Irving Picard has a legal deadline of Dec. 11, two years from the bankruptcy filing of Benard L. Madoff Investment Securities, to launch such so-called clawback lawsuits. Up to now, Mr. Picard has mostly targeted “feeder funds” that funneled money to Mr. Madoff’s firm, other financial institutions and people with connections to Mr. Madoff and his operation. But many of the suits filed Tuesday were aimed at people Mr. Picard has termed “net winners.” He does not allege that they had reason to know of the Ponzi scheme; rather, he says, they withdrew more money than they invested and should return the profits to reduce the losses of others.

Article courtesy of Dealbreaker

Oggifinogi, a startup that sells tools for building interactive display ads, said today that it has raised $2 million in its first round of funding.

Google (which has been emphasizing its display efforts recently), Gannett-owned PointRoll, and others offer rich media ad builders, but Oggifinogi said it’s the only company that integrates interactive ads with “real-time bidding” systems, where each ad impression is priced and purchased separately. Those systems are gaining support as a way to lower costs and give advertisers the opportunity to tweak their campaigns and ads as needed.

Greycroft Partners led the round, while iNovia Capital, Contour Venture Partners, individual investors also participated. In the funding press release, Greycroft partner Ian Sigalow says, “Oggifinogi allows advertisers to embed any functionality inside a standard ad unit –- from video to fully-interactive websites –- and the campaigns can be built in hours instead of weeks.”

Bellevue, Wash.-based Oggifinogi says it has created ad campaigns for more than 100 brands. You can see sample ads at the company’s website.

Oh, and if you’re wondering where the odd name comes from, TechFlash has the answer: “The name derives from two Italian words — Oggi which means ‘today’ and the slang term Finogi which translates to ‘finish what you start.’”

Tags: real-time bidding, rich media advertising

Companies: Contour Venture Partners, Greycroft Partners, INovia Capital, Oggifinogi

People: Ian Sigalow

Article courtesy of VentureBeat » Deals & More

Phoenix Suns Steve Nash, a 14 year basketball pro, may be looking to get into the venture capital industry, according to Advertising Age. The basketball star plans on teaming up with Deutsch advertising agency executive Michael Duda.

The duo’s new venture will be called Consigliere — Italian for “counselor” or “advisor”– and start with $20 million to invest in start-ups. The company claims it will invest in mostly seed-stage early round consumer facing companies, such as e-commerce, sports and durables, though first and second round investments are possible as well.

According to peHub, two years ago Steve Nash was an unpaid intern at advertising agency Deutsch. The 34-year-old’s boss? Micheal Duda, who plans to now gradually phase himself out of Deutsch on good terms. The two kept in touch after the internship, running a yearly charity event and then eventually discussing the launch of Consigliere.

Nash isn’t a newbie to investing and taking chances in business. According to a recent Fast Company article, he owns Steve Nash Sports Clubs, Meathawk Productions (which is working on several Nike and Vitamin Water viral videos) and social media company Apoko, which helps athletes and celebrities use Facebook and Twitter to connect with fans.

The New York City-based company appears to have closed funding from several investors, including TV-star Donny Deutsche, capital fund Zig Capital and Interpublic Group of Companies Deutsch and its chairman, according to several sources.

Tags: basketball, Nba, Venture Capital

Companies: Consigliere

People: Donny Deutsch, Michael Duda, Steve Nash

Article courtesy of VentureBeat » Deals & More

[Photo via] Get ready for your weekly dose of the booze-infused, grammatically challenged, bedazzeled gang that left America hungry for more because “Jersey Shore” is finally back tomorrow night with a new season! It's about time MTV hit us with it, we were starting to experience Ed Hardy and pouf withdrawal. But while we spent the last six months salivating for the new season, the guidos and guidettes were busy playing entrepreneurs and expanding their GTL empire. So far, JWoww has her Filthy Couture clothing line, The Situation has a workout video AND dietary supplement, and there's even a “Jersey Shore” Facebook game and iPhone app! So what's next for these business savvy, fist-pumping icons of the (Italian) American Dream? We have some predictions…

[Photo via] Snooki's Pickles: The mini guidette eats her pickles with panache and while it may be wildly inappropriate for some, (get your head out of the gutter!) we predict that if she established a pickle empire she could tear down the competition from the likes of Vlassic and Claussen's and put them to shame.

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[Photo via] Jerzey Juice: When you GTL so much that you coin your own phrase, it's kind of necessary to have your own shake. If you want The Situation's six-pack and Ronnie's guns, follow up your workout with some nutritious sustenance. You won't stand a chance at scoring a catch like Snooki unless you achieve Gorilla status. The shake would no doubt have all the right vitamins for you to have that thick, lustrous head of hair like Pauly D's prime for his signature coif.

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Pauly D Hair Product: Speaking of that glorious blowout, a Pauly D hair spray is definitely in order. Millions have tried to get that same crispiness, height and wind-resistance like the Italian stallion's ‘do but without much success. A product formulated by the guido himself is the only logical answer to attaining the integrity and stiffness of the style.

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[Photo via] Beat Up That Beat For Nintendo Wii: How hard can you beat up that beat? This game will not only teach you the moves, but let you battle it out for the best moves and fist pumps.  Bonus points for cartwheels and back flips in a miniskirt.  Clear out the coffee table and furniture when playing ’cause it's gonna get wild!

Article courtesy of Los Angeles | Guest of a Guest – Los Angeles People, Places, Parties & Nightlife