Walter Alan Ray Announces the Release of ‘Is God Unnecessary?’

Why Stephen Hawking Is Wrong according to the Laws of Physics

Glendora, CA (PRWEB) January 10, 2013
When Stephen Hawking, the most famous scientist living in the twenty-first century, published “The Grand Design,” he provoked a lively response in the media. Hawking wrote that the laws of physics made God unnecessary when explaining the origin of the universe. In “Is God Unnecessary?,” (published by iUniverse) author Walter Alan Ray presents several lucid reasons why Hawking’s thesis is mistaken. Ray does not use philosophical or theological arguments, but presents the same laws of physics that Hawking says demonstrate his position.
Ray presents several reasons why Hawking’s thesis is mistaken.. In Is God Unnecessary? Ray examines:

    Hawking’s “Apparent Miracle”
    Hawking’s assumption that Charles Darwin explained the origin of life
    The question, “Can something come out of nothing?”
    The cosmological constant in Einstein’s equations – the factor that Hawking considers the most impressive coincidence
    Hawking’s solution to the “completely incomprehensible” value of the cosmological constant
    How physics and mathematics join to show that in the current state of our knowledge, physics and mathematics have something important to say about the origin of the universe.
Ray determined that the laws of physics and mathematics show there are two possible answers to the question ‘How did we come to live in a universe that is as astoundingly fine-tuned as ours?’ The arguments presented in Is God Unnecessary? show neither of these two answers is the solution proposed by Hawking.
“Is God Unnecessary?”

By Walter Alan Ray

Softcover | 5.5 x 8.5in | 76 pages | ISBN 9781475954630

E-Book | 76 pages | ISBN 9781475954647

Available at Amazon and Barnes & Noble
About the Author

Walter Alan Ray earned both a bachelor’s and a master’s degree in electrical engineering from MIT. He also earned a Master of Divinity degree from Fuller Theological Seminary and a Ph.D. in biblical studies from Princeton Theological Seminary. Ray has worked as an engineer and served as senior pastor of Glenkirk Presbyterian Church in Glendora, Calif. where he resides.
iUniverse, an Author Solutions, Inc. self-publishing imprint, is the leading book marketing, editorial services, and supported self-publishing provider. iUniverse has a strategic alliance with Indigo Books & Music, Inc. in Canada, and titles accepted into the iUniverse Rising Star program are featured in a special collection on BarnesandNoble.com. iUniverse recognizes excellence in book publishing through the Star, Reader’s Choice, Rising Star and Editor’s Choice designations – self-publishing’s only such awards program. Headquartered in Bloomington, Ind., iUniverse also operates offices in Indianapolis. For more information or to publish a book, please visit iuniverse.com or call 1-800-AUTHORS. For the latest, follow @iuniversebooks on Twitter.

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Jean Newland Offers New Collected WWII POW Stories

‘Guests of the Emperor’ presents carefully-researched historical and poignant stories of Allied captivity

MIAMI LAKES, Fla. (PRWEB) January 10, 2013
When author Jean Newland’s Uncle Richard died, he left her a trunk of personal papers and clippings. As she went through the papers, she discovered an incredible and horrifying true story of wartime sacrifice and death from World War II, which she turned into her new book “Guests of the Emperor: Allied POWs in Rangoon Burma” (published by AuthorHouse).
NEWLAND’S book is a tribute to the heroism of the soldiers who survived life in a brutal Imperial Japanese prison in Burma during the early 1940s. In addition to the narratives of her Uncle Richard, she includes stories of British, Australian, Chinese, Scots and New Zealanders, all men captured in battle.
An excerpt from “Guests of the Emperor”:
“On December 14, 1944, you had started your bomb run, and I had started mine (for the trenches) when a sudden tremendous explosion from above caused me to dive headlong into the nearest hole. ‘Oh, my God, look!’ One of our invincible B-29 Superforts was in a flat spin; two others were smoking and peeling off in opposite directions; opening parachutes were beginning to appear. What an unexplainable tragedy.

Forty years have passed since that day, and as I recall the many experiences of my 560 days of captivity, none in more vivid or painful than the memory of that day when some of you, our heroes, fell from the sky to join us in our misery.”
“I wanted (the soldiers’) story to be told,” she says. “To just close that trunk and put it away would have diminished what they had endured.”
“Guests of the Emperor”

By Jean Newland

Hardcover | 6 x 9 in | 316 pages | ISBN 9781477281130

Softcover | 6 x 9 in | 316 pages | ISBN 9781477281147

E-Book | 316 pages | ISBN 9781477283127

Available at Amazon and Barnes & Noble
About the Author

Jean Newland was employed for 34 years by the Bascom Palmer Eye Institute in Miami as director of patient financial services. In this capacity, she heard many sad and moving stories, but nothing prepared her for what she was about to read. When her Uncle Richard died, he left her all his personal papers in an old army trunk. When she began to read the trunk's contents she became so intrigued with the stories she found that it became clear that they should be told and these men honored.

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For Scared Children, Author Leeanne Brearley Creates New Picture Book Teaching Wisdom, Strength of Mind

Leeanne Brearley uses canny, practical wisdom and “Harlow the Helpful Ghost”, who represents the angelic side of the unknown, to guide children in understanding the world.

Pukekohe, New Zealand (PRWEB) January 10, 2013
Children who are scared of the unknown will have Harlow the Helpful Ghost as guide. He is what author Leeanne Brearley has created as the unknown from the angelic side, the side children often fail to call upon, wrapped as they are in their fear of the great big world. In this book, Brearley guides them through the many domestic instances which terrify children, when the instinctive urge to explore the dark and dank still cannot overcome the terror conjured by innocent imagination.
There are three instances when Harlow comes out from the ether and gives Johnny three ways to combat his fears. They are what an imaginative child might come up with to adjust to the unknown, a more practical, less effortful way than building a world of his or her own to which he or she retreats in moments of stress. First, Harlow gives Johnny a cloak of invisibility to help out in his fear of the dark just before sleeping. The cloak would make him invisible so nothing or no one can see him while he sleeps. He dozes of soundly, cloak wrapped around him. Next, Harlow appears to him just after Mum had ordered him to shower. Afraid of the shower’s heat, and cold, its dreary wetness and the possibility of drowning, Johnny is immobilized by his fears until Harlow suggests that he bring in his Buzz Lightyear action figure. That a little toy action hero can endure a shower to get clean inspires Johnny to appreciate the need for a shower every day.
A boy only has courage insofar as he can control a situation, like playing with toy armies as Johnny does one afternoon. Hiding behind a tree with some of his toys, a spider suddenly drops on his arm. The hairy, creepy thing, to Johnny, is a cause for crying out in fear. But Harlow comes out again to explain the creatures of nature and a natural law in terms Johnny understands. The little, little spider is deathly afraid of Johnny who is a giant compared to him! Johnny is convinced, even to the point of having the beginning of conscience for nature’s lesser creatures. Harlow the Helpful Ghost is one of the canny children’s books, a way for children to learn the basics of domesticity, of nature, and of the world with easily understood, practical wisdom.   
For more information on this book, log on to http://www.Xlibris.co.nz.
About the Author

Leeanne Brearley was born in New Zealand and has several years’ worth of experience working with children. With passion and interest in helping children’s needs and developments, she has dedicated her time to bring alive this book to help those with fears. The author lives in Auckland with Stewart and her son Cody.
Harlow the Helpful Ghost * by Leeanne Brearley

Afraid of the Dark

Publication Date: October 25, 2012

Picture Book; NZ$44.99; 60 pages; 978-1-4797-3178-7

eBook; NZ$3.99; 978-1-4797-3179-4
Members of the media who wish to review this book may request a complimentary paperback copy by contacting the publisher at 0800-891-366. To purchase copies of the book for resale, please fax Xlibris at (09) 353-1455 or call 0800-891-366.

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New Hope for Eastern and Carolina Hemlocks; Tree Savers (TM) Announces First-Ever High Volume Commercial Lab for the St Beetle

Tree Savers™ new state-of-the-art biological control laboratory is now producing hundreds of thousands of St Beetles for commercial release. There’s new hope in the fight to eradicate HWA in Eastern and Carolina Hemlock forests.

Greentown, PA (PRWEB) January 08, 2013
Tree Savers™ announces the most advanced private biological control laboratory for the mass production and distribution of what leading scientists and the USDA believes are the eastern and Carolina hemlocks only hope – the St Beetle. This voracious little ladybug is the natural born predator of the Hemlock Woolly Adelgid (HWA) – the invasive transplanted pest destroying entire hemlock forests from Maine to Georgia.
In 1995 the USDA approved the release of the St Beetle in public forests to biologically control HWA. The problem is that cultivation of the beetle has been limited to research laboratories. There’s simply not enough beetles being raised to combat the 50 year establishment and rapid advancement of HWA infestation.
That is, until now. According to Environmental Scientist Jayme Longo of Tree-Savers™ “we’ve created a state-of-the-art commercial laboratory that dramatically increases the availability of St Beetles. We raise them, we sell them directly to both the public and private sector, and we guide people through the process of releasing them. Our first harvest this year will guarantee that hundreds of thousands of beetles will be available for massive deployment. It’s going to be a game-changing year in the fight against HWA.”
In fact, Tree-Savers™ is the only American company currently supplying the beetle to anyone determined to save hemlocks. “HWA doesn’t stop at forest boundary lines” says Longo. “Neither do our beetles. Wherever there’s HWA, St Beetles attack.” St Beetles have been shown to reduce HWA densities by as much as 87% in just 5 months. That’s a startling statistic.
Until now, efforts to eradicate HWA have largely been limited to the use of chemical pesticides. But pesticides, while effective in the short term, have proven to be an unsustainable solution. Once the pesticide wears off, HWA returns. Repeated applications are expensive and quite simply – have not stopped the rapid infestation.
Why save the hemlock?
The destructive impact of HWA goes far beyond the death of a single tree by setting in motion a downward spiral of ecosystem decline. The hemlock provides critical habitat for over 96 bird and 47 mammal species. Streams with hemlock forests contain a higher richness and diversity of aquatic invertebrates and significantly greater trout populations. As hemlocks die, stream-side shading disappears, water temperatures rise, and trout die.
It gets worse. The natural ability of the soil to retain moisture diminishes (hydrological failure). Erosion happens and streams and waterways become clogged with sediment. Dead trees and underbrush become fuel for forest fires. Local economies that depend on a lush hemlock forest decline. Hemlock forests provide aesthetic beauty, tourism, increased property values and wood products.
About Tree Savers™

Tree Savers™ is part of a family of companies devoted to developing and implementing all-natural restorative technologies that are scientifically proven to reverse environmental destruction. According to John Tucci, President of both Tree Savers™ and Lake-Savers LLC, “We believe nature always has the answer if we’re willing to look deep enough. Don’t just treat the symptoms, restore the natural system. Whether it’s restoring a lake’s inherent capacity to process excess nutrients from the watershed or restoring hemlocks using biological control, we’ve found that nature has a better way. Not only are these all-natural technologies effective, they’re intrinsically sustainable.

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Senior Edison Expert, Intellectual Property Specialist, and Utility Engineer Chooses Optisense Networks™ to Drive Intelligence Beyond the Substation

Optisense Networks™, developer of medium voltage optical voltage and current sensors for electric distribution systems worldwide announced today that Jon Bickel, P.E. has joined Optisense Networks as Vice President of Product Management.

Plano, TX (PRWEB) January 08, 2013
Optisense Networks™, developer of medium voltage optical voltage and current sensors for electric distribution systems worldwide announced today that Jon Bickel, P.E. has joined Optisense Networks as Vice President of Product Management.
With more than 25 years experience in engineering, product management and technical consulting in the utility and manufacturing industries, Jon joins Optisense Networks at a critical time for the Smart Grid industry.
“I am excited to be joining the Optisense team,” says Jon. “Utilities today are focused on safety, reliability, efficiency and asset management. New technologies are the backbone of achieving these goals, especially in light of new efficiency and reliability initiatives being introduced by regulatory agencies across the industry.”
“Optisense’s innovative voltage and current sensors provide distribution engineers with the ability to identify and quickly resolve system issues. They also improve the system efficiency by optimizing voltage and current levels between substations and energy consumers. Optisense sensors provide knowledge, control and analytics, which are critical needs in today’s Smart Grid solutions,” Bickel notes.
Jon Bickel brings diverse industry experience to Optisense Networks including power generation, distribution engineering, power quality, and metering development. Jon has filed 30 patent applications with the US Patent and Trademark Office, is an IEEE Senior Member, and has published many articles on energy and metering-related topics both globally and domestically.
Formerly, Jon was responsible for developing energy and reliability metering instruments for Schneider Electric / Square D Company. As a Senior Edison Expert and Intellectual Property specialist for Schneider, Jon led product development of new monitoring systems, invented new metering technologies, authored multiple thought leadership artifacts, and was an international speaker and trainer within the electric distribution industry.
During his fourteen years with TXU Corporation, Jon contributed to distribution and power quality engineering through a dynamic time for TXU – as the company transitioned from a vertically-integrated generation and distribution company to become a retail energy provider. During this time, Jon designed and directed large electrical distribution projects, conducted technical investigations of power quality/reliability issues, and managed many large commercial and industrial energy consumer accounts in the Dallas/Fort Worth area.
“Optisense is excited to have Jon and his utility system engineering expertise join our optical sensor team,” notes Stephen Prince, CEO Optisense Networks. “This century will see global communities collaborating in all aspects of their lives via smartphones. Utilities must meet these global collaboration demands through cost-effective power usage, new analytic technologies, and reliable systems. I’m confident that Jon’s expertise in engineering and intellectual property will allow our clients to gain this critical system intelligence beyond the substation.”
About OptiSense

Founded in 2001, OptiSense (http://www.optisense.net) provides utilities patented, state-of-the-art compact optical voltage and current sensors that increase electric distribution system reliability and efficiency through intelligence beyond the substation. Working closely with electric utilities, these next-generation sensors enable electric power companies to effectively monitor and manage distribution voltage, current and power factor in real-time.

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New Inspirational Book Gives Insight Into Living God’s Word

Patricia Coleman announces the release of ‘Jesus Death Was Not in Vain’

Cleveland (PRWEB) January 08, 2013
Patricia Coleman says that she was inspired to write “Jesus Death Was Not in Vain: Know Who You Are in Christ” (published by Trafford Publishing) by God to “let individuals know that His son did not die for the human race for nothing.”
Coleman pens her novel in a way to help readers grasp a new insight into their faith and the true meaning of Christ’s death. Throughout 12 chapters, she explores new ways to bring success into anyone’s life if they allow the Lord to work through them. Each chapter also has multiple Scriptures to help motivate and explain God’s purpose.
An excerpt from “Jesus Death Was Not in Vain”:
Whatever you are facing today, your angels are there to protect you, so speak words of faith and put your angels to work for you. The angels assigned to you are bound by your words. They have been charged to listen to God’s word—that is, to words of faith. So open your mouth and put your angels to work for you. Hebrews 1:14: “Are they not all ministering spirits sent forth to minister for those who will inherit salvation?” According to this scripture, the angels are there to help us to inherit (or receive) salvation. So put your angels to work for you, but remember to speak only words of faith, words that you want to come to pass in your life. If you speak words of faith, they will bring them to pass, but if you speak negative words, they cannot help you.
“Jesus Death Was Not in Vain: Know Who You Are in Christ”

Patricia Coleman

Softcover | 6 x 9in | 88 pages | ISBN 9781466939936 |

E-Book | 88 pages | ISBN 9781466939943 |

Available at Amazon and Barnes & Noble
About the Author

Patricia Coleman lives in Cleveland. She is divorced and very active in her church, New Spirit Revival. She enjoys exercising and helping people live more productive lives.
Trafford Publishing, an Author Solutions, Inc. author services imprint, was the first publisher in the world to offer an “on-demand publishing service,” and has led the independent publishing revolution since its establishment in 1995. Trafford was also one of the earliest publishers to utilize the Internet for selling books. More than 10,000 authors from over 120 countries have utilized Trafford’s experience for self publishing their books. For more information about Trafford Publishing, or to publish your book today, call 1-888-232-4444 or visit trafford.com.

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Republicans see some leverage in "fiscal cliff" talks

WASHINGTON (Reuters) - U.S. Republicans may have some leverage in their fiscal cliffhanger with President Barack Obama: the threat of forcing a disproportionate number of Democrats to pay the so-called alternative minimum tax.
Under U.S. law, taxpayers each year must pay the greater of regular federal income tax, or the AMT. The latter requires taxpayers to give up certain tax breaks, typically exemptions and deductions for state and local taxes and medical costs.
Only about 4 million taxpayers pay the AMT because Congress routinely passes a law to adjust for inflation, to spare middle-income and upper-middle income taxpayers. Without this legislative fix, called a "patch" by lawmakers, up to 33 million taxpayers will have to pay an AMT liability for 2012, according to the Internal Revenue Service.
That is one in five taxpayers.
The number of taxpayers affected by the AMT would jump because the AMT exemption amounts and income brackets do not automatically rise with inflation and also because across-the-board individual tax cuts a decade ago did not cut AMT rates.
States with the wealthiest taxpayers and the steepest state taxes, which typically cannot be deducted under the AMT, include New York, California and Illinois - Democratic strongholds.
That may make the threat of a lapse one of the Republicans' strongest cards after Obama's re-election last month on a theme of tax fairness.
"The AMT is one of the more significant pieces of leverage that the Republicans have," said Evan Liddiard, a former tax adviser to Orrin Hatch, the top Republican on the Senate Finance Committee. "It will pinch harder in the blue states."
That may make Republicans less likely to agree to a bill that addresses only the AMT.
Obama's Democrats and Republicans, led by House of Representatives Speaker John Boehner, have been battling while trying to keep from falling over a $600 billion "fiscal cliff" - a combination of tax increases and spending cuts due to be implemented early next year.
Now at a standstill, talks on how to avert the fiscal cliff have been largely focused on whether to renew low tax rates for the wealthiest taxpayers along with everyone else.
In a brief interview in the Capitol, Hatch said voters in the Democratic-leaning states will not be amused if their taxes go up unexpectedly.
"When they find out they are going to get hammered because of the AMT and the lack of plan by this administration to resolve that problem, yes, I think that will cost them (the Democrats) a few votes," Hatch said.
Because the latest AMT patch expired in 2011, it is in some ways more urgent to address the AMT than the Bush-era tax cuts expiring at the end of December.
Congress last patched the AMT in the lame-duck session in 2010. A bipartisan bill passed by the Senate finance committee to patch AMT for 2012 and 2013 was estimated to cost $132.2 billion.
The cost is one reason the AMT never gets patched permanently. Republicans generally want to scrap the AMT altogether; Obama's latest budget calls for adjusting it for inflation.
IRS WARNINGS
Further complicating the AMT picture is the chaos predicted for the tax-filing season due to begin on January 22, the first working day after Obama's inauguration ceremony in Washington.
A letter from the tax-collecting IRS Commissioner Steve Miller on potential agency problems related to the fiscal cliff focuses almost exclusively on the AMT.
Failure to "patch" the AMT could lead to 60 million taxpayers not being able to file tax returns or get a refund, in addition to a software nightmare for the IRS computer systems.
Miller wrote lawmakers on November 13 warning them of serious repercussions for taxpayers, including 28 million with a "very large unexpected tax liability," and delays in refunds for millions.
"Consistent with past practice, I have instructed IRS staff again this year to leave our core systems "as-is" with respect to the AMT, and hold off on the substantial design and engineering work" required otherwise, he wrote.
Miller last briefed the Senate Finance Committee about the need for action late last month, according to a Senate source.
Representative Richard Neal, a senior Democrat on the Ways and Means Committee who represents parts of Massachusetts, said fixing the AMT was an absolute must.
"It has to be done. It reaches too many people if it's not," Neal said. "I think it is again being used as (a) bargaining (chip)."
Republicans say they are holding out for a bigger deal.
"That is not going to solve the fiscal cliff," said Republican Representative Pat Tiberi, who leads the revenue sub-panel of the tax-writing House Ways and Means Committee.
"It is a very important part of the tax code but once you start picking winners and losers in the tax code, how do you get ... the big deal done?"

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Toll Brothers 4Q net income soars on tax benefit

 Toll Brothers says its fiscal fourth-quarter net income soared, helped by a large income tax benefit and a 48 percent rise in revenue. The luxury homebuilder delivered more homes and its order backlog increased.
CEO Douglas C. Yearley Jr. said in a statement on Tuesday that higher home prices, low interest rates, pent-up demand and improving consumer confidence prompted buyers to return to the housing market this year.
Last week a batch of government reports showed that rising home values, more hiring and lower gas prices pushed consumer confidence in November to the highest level in nearly five years. On Tuesday, Core Logic reported that a measure of U.S. home prices rose 6.3 percent in October compared with a year ago, the largest yearly gain since July 2006.
For the three months ended Oct. 31, Toll Brothers Inc. earned $411.4 million, or $2.35 per share. That's up sharply from $15 million, or 9 cents per share, a year ago.
The latest quarter included an income tax benefit of $350.7 million.
Excluding the tax benefit and other items, earnings were 35 cents per share.
Analysts expected earnings of 25 cents per share for the quarter, which typically exclude one-time items, according to a FactSet poll.
Revenue increased to $632.8 million from $427.8 million, topping Wall Street's forecast of $565.1 million.
Homebuilding deliveries climbed 44 percent to 1,088 units, while net signed contracts jumped 70 percent to 1,098 units. The average price of homes delivered increased to $582,000 from $565,000 a year earlier.
Toll Brothers, based in Horsham, Pa., may benefit by catering to the luxury sector. Its target market includes households that typically make more than $100,000 a year, can afford to make a down payment of as much as 30 percent, have great credit record and an unemployment rate about half that of the general population.
Backlog, a measure of potential future revenue, rose 54 percent to 2,569 units. The cancellation rate declined to 4.6 percent from 7.9 percent.
The company's full-year net income jumped to $487.1 million, or $2.86 per share, from $39.8 million, or 24 cents per share, a year earlier. Annual revenue climbed 27 percent to $1.88 billion from $1.48 billion.
Toll Brothers anticipates delivering between 3,600 and 4,400 homes in 2013 at an average price of $595,000 to $630,000 per home.
Its shares fell 57 cents, or 1.8 percent, to close at $31.86 Tuesday. Its shares peaked for the past year at $37.08 in mid-September.
The company has operations in Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia, and Washington

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IRS finalizes new tax for medical devices in healthcare law

WASHINGTON (Reuters) - The U.S. Internal Revenue Service on Wednesday released final rules for a new tax on medical devices, products ranging from surgical sutures to knee replacement implants, that starts next year as part of President Barack Obama's 2010 healthcare law.
The 2.3-percent tax must be paid, effective after December 31, by device-makers on their gross sales. The tax is expected to raise $29 billion in government revenues through 2022.
Companies including Boston Scientific Corp, 3M Co and Kimberly-Clark Corp have been lobbying the U.S. Congress for a repeal of the tax.
A repeal bill passed the Republican-controlled U.S. House of Representatives in June, but it has not been voted on by the Democratic-controlled Senate.
"The excise tax is on the medical device manufacturers and importers (who) will now have access to 30 million new customers due to the health care law," Treasury Department spokeswoman Sabrina Siddiqui said in a statement.
Many medical devices that are sold over-the-counter - such eyeglasses, contact lenses and hearing aids - are exempt from the tax, as are prosthetics, the IRS said.
The tax applies mostly to devices used and implanted by medical professionals, including items as complex as pacemakers or as simple as tongue depressors.
Products sold for humanitarian reasons, such as experimental cancer treatment devices, are not exempt from the tax.
Some medical device companies are hoping to delay the tax's start date as part of a resolution of the "fiscal cliff" deadline at the end of the year involving many tax and spending measures, said Steve Ferguson, chairman of Cook Group Inc.
"We would like to be part of the punt," Ferguson said, referring to an extension of current tax policy into 2013.
In one potentially problematic aspect of the tax, companies selling dual-use products to medical and non-medical customers must pay the tax on those products, potentially putting them at a competitive disadvantage, said Lew Fernandez, a director at PricewaterhouseCoopers LLP and a former IRS official.
For example, it remains "an open question" when latex gloves come under the tax, he said.

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H&R Block 2Q loss narrows as revenue rises

H&R Block's fiscal second-quarter loss narrowed, helped by cost-cutting efforts. Revenue climbed mostly because of a strong tax season in Australia.
The nation's largest tax preparation company typically turns in a loss in the August-to-October period because it takes in most of its revenue during the U.S. tax season. H&R Block's quarterly performance beat analysts' estimates and its stock hit the highest level in more than two years.
The company is optimistic and gearing up for its busy season.
"The U.S. tax season is right around the corner and we believe we're on pace to deliver significant earnings and margin expansion in fiscal 2013," President and CEO Bill Cobb said in a statement on Thursday.
For the three months ended Oct. 31, H&R Block Inc. lost $105.2 million, or 39 cents per share. A year earlier it lost $141.7 million, or 47 cents per share, for the quarter.
Its loss from continuing operations was 37 cents per share. Analysts surveyed by FactSet expected a bigger loss of 41 cents per share.
Selling, general and administrative expenses declined and the quarter was free of any impairment charges. The prior-year period included a $4.3 million impairment charge.
Revenue rose 6 percent to $137.3 million from $129.2 million. This topped Wall Street's forecast of $129.6 million.
Shares of H&R Block gained 89 cents, or 5.1 percent, to close at $18.26. Earlier in the session the stock reached $18.40, its highest point since May 2010.
Tax services revenue increased 7 percent primarily due to the strong Australian tax season. Corporate revenue fell because of lower interest income from H&R Block Bank's shrinking mortgage loan portfolio.
H&R Block disclosed in October that it hired Goldman Sachs to help it explore options for its banking arm, H&R Block Bank. Those options, Block said, could result in the company no longer being regulated as a savings and loan holding company by the Federal Reserve.
The Federal Reserve announced some proposed rules in June that would impose higher capital requirements on savings and loan holding companies. H&R Block contends that if the proposed rules are enacted it would have to hold on to significant additional capital.
H&R Block, based in Kansas City, Mo., prepared 25.6 million tax returns worldwide in fiscal 2012.

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Obama says Republican "fiscal cliff" plan out of balance

 President Barack Obama rejected a Republican proposal to resolve a looming fiscal crisis on Tuesday as "still out of balance" and insisted any deal must include a rise in income tax rates on the wealthiest Americans.
Obama told Bloomberg Television that the Republicans' reliance on eliminating tax deductions instead of letting taxes rise on Americans making more than $250,000 a year would not raise enough money to fund the government.
House of Representatives Speaker John Boehner of Ohio, the top Republican in Congress, laid out a proposal on Monday that called for spending cuts but did not give any ground on Obama's call for an increase in tax rates for the top 2 percent of U.S. earners.
"Unfortunately, the Speaker's proposal right now is still out of balance. You know, he talks, for example, about $800 billion worth of revenues, but he says he's going to do that by lowering rates. And when you look at the math, it doesn't work," Obama said.
Obama, who won re-election last month, said it was important for Republicans to acknowledge that tax rates had to rise for top earners to raise revenue sufficient to balance spending cuts.
"We're going to have to see the rates on the top 2 percent go up. And we're not going to be able to get a deal without it," he said.
Obama said on Tuesday that while tax rates must go up for a "fiscal cliff" deal, it may be possible to lower rates at the top end of the scale late next year as part of tax reforms that would close loopholes and limit deductions.
"Let's let those go up," Obama told Bloomberg in an interview, referring to tax rates for the wealthiest Americans.
"And then let's set up a process with a time certain, at the end of 2013 or the fall of 2013, where we work on tax reform, we look at what loopholes and deductions both Democrats and Republicans are willing to close, and it's possible that we may be able to lower rates by broadening the base at that point."
Obama acknowledged there were more spending cuts that could be made and he pledged to work with Boehner to trim what he called excessive healthcare costs in the budget but that a deal was not possible without raising tax rates on the wealthy.
"There's probably more cuts that we can squeeze out, although we've already made over $1 trillion worth of spending cuts," he said.
Obama said there was not enough time this year to come up with an overhaul of the U.S. tax system and entitlement programs that Republicans want as a condition for an agreement to avoid the so-called fiscal cliff, a combination of tax hikes and spending cuts set to start in 2013 that economists predict will throw the economy into depression.
He said that despite weaknesses in Europe and Asia, he believed the U.S. economy is "poised to take off."
Obama added he is considering bringing a top business executive onto his economic team, but that the Senate confirmation process can be so difficult that some business executives shy away from government service.

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Celebrity, Inc.

What can four drunk airplane passengers, first time parents, and a delightful new book called Celebrity, Inc. do for your wallet?
Plenty.
Let me start with the drunks and new parents. Monday night I boarded a very delayed flight from Houston to Los Angeles. Behind me were four 20/30-somethings boisterously swigging from "coffee" cups. (Our gate was across from a Cantina and you could practically smell the tequila in their paper cups.)
As the boarding continued they grew increasingly animated. Their frenetic energy seemed to wind up not just each other but everyone around them. Fellow passengers were visibly agitated.
Just before the plane doors closed, a young couple came on with a sleeping baby. The last two open seats were amongst this motley crew.
Suddenly, everything changed.
The presence of the earnest and exhausted parents had an immediate calming effect on both the inebriated passengers and those around them. It was as if a mirror had been placed in the center of the plane to remind us all of our humanity.
Enter, Jo Piazza's delicious new book, Celebrity, Inc: how famous people make money.
To me, this book is the figurative version of the newborn's parents getting on the plane. It serves as a mirror reflecting back the reality what's in the "coffee" cups of the celebrity scene.
That got me wondering what other financial lessons the author of Celebrity, Inc. might have stumbled across while writing this fascinating book. Thankfully, Jo Piazza was willing to share with us...
Q: Of the celebrities you profile in Celebrity, Inc. whose money attitude were you most impressed with and why?
Jo: Despite current controversy I was completely impressed with the Kardashian's money attitude and their work ethic. I have never met a celebrity crew who works so hard to maintain their brand. I don't necessarily agree with the massive amounts they are paid to do what they do, but unlike a lot of celebs they truly do work for it. And beyond that they manage their money well. They budget, they funnel funds back into new projects, they try not to spend excessively and they do donate a portion of their income to charity each year.
(2) What surprised you the most about the money habits you observed during your Celebrity, Inc. research?
Jo:  So many of the people I talked to over-spent their budgets on a consistent basis even though they were making crazy amounts of money. Spencer Pratt told me he and Heidi Montag pulled in about $10 million in 4 years but because they thought it would keep coming at the same rate they blew through it all. That's a common thread I found with a lot of celebs. They're making so much but they're spending just as quickly. They buy $5 million houses and spend half a million on a security detail and they rarely save a dime. I just don't think they realize the shelf life of fame is shorter than ever and they may not be famous tomorrow.
(3) What personal finance lessons do you think the rest of us can take away from the way famous people live their lives?
Jo: Budgeting for a rainy day is the best thing we can learn from celebrities in terms of personal finance. I saw so many cases of celebs who thought it would last forever and then forever came up really... quick.
I was inspired by the extent to which celebs expand their personal brands. Tim McGraw went from country singer to fragrance king. When Valerie Bertinelli's career as an actress seemed like it was over she reinvented herself through a weight loss campaign. I don't think we see these instances of celeb entrepreneurship as inspiring enough and I truly think they should be a lesson in taking chances, building a new business and making lemonade out of lemons.
In many ways our celebrity culture is like a group of chaotic drunk people. It lurches rapidly from one topic and fad to the next. In the heat of the excitement money can feel like no object. But the financial hangover of being, or trying to emulate, that lifestyle can result in a serious financial crash.

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Rate on 30-year mortgage ticks up to 4 pct.

The average rate on the 30-year mortgage stayed hovered above the record low for a third straight week. But cheap mortgage rates have done little to boost home sales or refinancing.
Freddie Mac said Thursday that the rate on the 30-year loan ticked up to 4 percent from 3.99 percent. Six weeks ago, it dropped to a record low of 3.94 percent, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage rose to 3.31 percent from 3.30 percent. Six weeks ago, it hit a record low of 3.26 percent.
Rates have been below 5 percent for all but two weeks this year. Yet this year could be the worst for home sales in 14 years.
Mortgage applications fell 10 percent this week from the previous week, according to the Mortgage Bankers Association.
High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many Americans don't want to sink money into a home that could lose value over the next three to four years. And most homeowners who can afford to refinance already have.
The low rates have caused a modest boom in refinancing, but that benefit might be wearing off. Most people who can afford to refinance have already locked in rates below 5 percent. Refinancing fell 12.2 percent last week, according to the mortgage bankers group.
The average rates don't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fees for the 30-year and 15-year fixed mortgages were unchanged at 0.7.
The average rate on the five-year adjustable loan fell to 2.97 percent from 2.98 percent. The average rate on the one-year adjustable loan increased to 2.98 percent from 2.95 percent.
The average fees on the five-year and one-year adjustable loans were both unchanged at 0.6.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

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Rate on 30-year mortgage ticks up to 4 percent

The average rate on the 30-year mortgage hovered above the record low for a third straight week. But cheap mortgage rates have done little to boost home sales or refinancing.
Freddie Mac said Thursday that the rate on the 30-year loan ticked up to 4 percent from 3.99 percent. Six weeks ago, it dropped to a record low of 3.94 percent, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage rose to 3.31 percent from 3.30 percent. Six weeks ago, it hit a record low of 3.26 percent.
Rates have been below 5 percent for all but two weeks this year. Yet this year could be the worst for home sales in 14 years.
Mortgage applications fell 10 percent this week from the previous week, according to the Mortgage Bankers Association.
High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many Americans don't want to sink money into a home that could lose value over the next three to four years. And most homeowners who can afford to refinance already have.
The low rates have caused a modest boom in refinancing, but that benefit might be wearing off. Most people who can afford to refinance have already locked in rates below 5 percent. Refinancing fell 12.2 percent last week, according to the mortgage bankers group.
The average rates don't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fees for the 30-year and 15-year fixed mortgages were unchanged at 0.7.
The average rate on the five-year adjustable loan fell to 2.97 percent from 2.98 percent. The average rate on the one-year adjustable loan increased to 2.98 percent from 2.95 percent.
The average fees on the five-year and one-year adjustable loans were both unchanged at 0.6.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

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Rate on 30-year fixed mortgage falls to 3.98 pct.

The average rate on the 30-year fixed mortgage hovered above its record low for a fourth straight week. But cheap mortgage rates have done little to boost home sales or refinancing.
Freddie Mac says the rate on the 30-year fixed loan fell to 3.98 percent from 4 percent the previous week. Seven weeks ago, it dropped to a record low of 3.94 percent, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage edged down to 3.3 percent from 3.31 percent. Seven weeks ago, it too hit a record low of 3.26 percent.
Rates have been below 5 percent for all but two weeks this year. Yet this year could be the worst for home sales in 14 years.

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U.S. Housing Market Still On Life Support

With each passing year, the former Oracle of the Fed, Alan Greenspan, is reminded that there really was a housing bubble and lowering interest rates to record lows just matters worse.  Nearly four years after the housing market peak in 2007, record low mortgage rates are no match for falling incomes and 9% unemployment.
The Case-Shiller Home Price Index, released on Tuesday, showed that nation wide home prices did not register a significant change in the third quarter of 2011, with the U.S. National Home Price Index up by only 0.1% from its second quarter level. Home prices are down 3.9% across the board and are now back to their first quarter of 2003 levels.
From August to September, housing prices have fallen the most in Atlanta, with a 5.9% decline, followed by Tampa Bay and San Francisco, both with a 1.5% drop in housing prices.
Boston, New York, Washington and Los Angeles remain the most expensive cities in the lower 48 states.
"The plunging collapse of prices seen in 2007-2009 seems to be behind us," says David M. Blitzer, Chairman of the Index Committee at S&P Indices. "Any chance for a sustained recovery will probably need a stronger economy."

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Ind. taxpayers to see $111 credit from surplus

INDIANAPOLIS (AP) — Indiana taxpayers will receive a $111 credit on their state income tax returns next year as the state distributes part of its budget surplus.
Gov. Mitch Daniels on Wednesday announced the credit that will be $222 for couples filing joint returns. The credit represents the automatic taxpayer refund plan that Daniels pushed through the state Legislature last year.
That refund kicked with the state's reserves reaching about $2.1 billion. The governor's office says about $360 million will go toward the tax credits, with another $360 million to the state's pension liabilities.
Daniels says including the credit on tax returns is simpler and less expensive than mailing out additional checks.
Critics argue that Daniels created the surplus by cutting money for public schools, the child welfare agency and other important services.

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Lawmakers urged to resolve property tax inequities

SANTA FE, N.M. (AP) — County and real estate officials urged the Legislature on Wednesday to deal with a thorny problem of property tax inequities among New Mexico homeowners, also known as "tax lightning," when taxes skyrocket on some residential property.
At issue are widely varying valuations of residential property for tax purposes and continuing fallout from a more than decade-old law intended to protect longtime homeowners in communities such as Santa Fe when market prices — and potentially property tax bills — were rising dramatically.
Several county officials told a legislative committee it's a good time for lawmakers to resolve the property tax problem because recent market declines will ease some of the needed valuation changes.
The goal is to equalize valuations of residential property — ensuring that New Mexicans pay their fair share of property taxes — but minimize the tax increases for those whose homes are assessed for tax purposes at well below market prices.
Under a law that took effect in 2001, property values can climb only 3 percent a year for tax purposes. However, that doesn't apply when a home changes hands. New homeowners can be hit by "tax lightning" and their property taxes are much higher than their neighbors whose houses are covered by the 3 percent annual cap.
A homeowner's property tax bill depends upon local tax rates as well as the taxable valuation of their property.
San Juan County Assessor Clyde Ward outlined a proposal to a legislative committee to update the assessed valuation of most homes to 90 percent of market values. However, there would be limits on the valuation increases for certain people, including those who've lived in their homes at least 10 years.
He estimated that one-third of the homes in New Mexico were valued at less than 80 percent of market values.
The proposal was developed by a task force assembled by the Realtors Association of New Mexico. Among those who participated were county assessors, the New Mexico Association of Counties, a legislator who leads a tax committee and officials from budget and tax agencies in Gov. Susana Martinez's administration.
Ward and Gary Perez, Santa Fe County deputy assessor, acknowledged that some New Mexicans will face property tax increases but said the proposal softens the impact.
"It's not a win-win situation," said Ward. "We're going to have a near-win, near-win situation because there is no way we can rip this off after so many years of the cap being in place. We have to have some sort of adjustment."
The effect of the proposal would vary widely from county to county. Only about 10 percent of homes in Santa Fe are below 90 percent of market value, according to Perez.
In the Albuquerque area, however, there are some homes at about 40 percent of market value, lawmakers were told.
Sen. Peter Wirth, D-Santa Fe, expressed concern that the proposal could cause large tax increases if property valuations jump by as much as 40 percent for some homeowners.
"How is that not going to result in a displacement situation where someone simply can't afford to pay those taxes?" Wirth asked.
County officials said there are protections in current law, including a freeze on valuations for low-income and elderly taxpayers. They also emphasized that all homeowners potentially suffer from higher tax rates when property valuations are artificially low. If property valuations are equalized, they said, there's a broader tax base and rates potentially may go down under the state's "yield control" law that's supposed to prevent large revenue spikes for government simply from a property revaluation.

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Exclusive: India's fiscal deficit could reach 5.5-5.6 percent of GDP in 2012/13 - source

NEW DELHI (Reuters) - India's fiscal deficit could reach 5.5-5.6 percent of GDP in the current fiscal year that ends in March, forcing the government to borrow up to 400 billion rupees ($7.2 billion) extra from the market, a senior government official told Reuters on Thursday
Just last month, subdued tax revenue and higher spending on subsidies forced the government to revise its fiscal deficit target to 5.3 percent for the current financial year from a previous target of 5.1 percent.
However, a dismal response to last week's auction of mobile phone airwaves, has cast doubts on that target.
India, which had budgeted for 400 billion rupees revenue from the auction of mobile phone airwaves, managed to raise about 94 billion rupees from an auction this month. The government plans to conduct a second auction in this financial year for the unsold airwaves.

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Italy's lower house approves Monti's budget plans

ROME (Reuters) - Italy's lower house of parliament on Thursday approved a package of budget measures including a sales tax hike and a cut in some payroll taxes, aimed at helping the government reach its deficit-cutting targets.
Approval was expected after Prime Minister Mario Monti's government won three confidence votes on Wednesday that it had called to speed up passage of the budget.
The measures will now move to the Senate for approval, which is expected before Christmas.
The Chamber of Deputies approved the plans by 372 votes against 73.
The budget, enshrined in a so-called Stability Law, is central to Monti's efforts to lower Italy's public deficit to 1.8 percent of output next year from a targeted 2.6 percent in 2012.
Monti agreed at the end of October to overhaul the first draft of the budget legislation by replacing a planned income tax cut with a reduction in payroll taxes paid by employers.
The package still includes a one percentage point rise in the highest value-added tax (VAT) rate, which will go into effect next July, bringing it to 22 percent. The lower 10 percent rate will not be increased as previously planned.
The Stability Law is expected to be one of the final pieces of major legislation approved under Monti before Italy gears up for a national election.

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