Local govt. debt under control, ministry

Local governments' debt at the end of 2010 totaled $1.7 trillion, but the Chinese finance ministry said it is "controllable" with some risks.

Last year's debt, as reported by the National Audit Office, accounted for 27 percent of China's gross domestic product, but China Daily reported the ministry's announcement calmed fears it could derail the world's second-largest economy.

"Judging from the audit results, local government debt is, generally, controllable, though there are potential risks in some areas," the ministry said on its Web site.

The statement said local governments have enough resources to act as buffers to potential risks such as fiscal income, fixed assets, land, and natural resources.

China's powerful Cabinet or State Council said last month it will continue to clean up local government financing and set up a mechanism to regulate the way local governments raise money, such as borrowing through corporate bodies they create, China Daily reported.

Zhang Shuguang at the Institute of Economics at the Chinese Academy of Social Sciences told China Daily while the overall debt risk is under control, there could be a "structural crisis."

"Debt repayment is heavily dependent on land sales," Zhang said, noting nearly 40 percent of all local governments have promised to repay their debt with money raised from land deals.

However, land sales have declined 11 percent year-on-year in the first five months of this year and may drop further due to tightening of real estate policies.

"If land-based finance continues to worsen, a large crisis may loom," Zhang said.

The report said at the end of 2010, there were 78 cities and 99 counties whose governments were on the verge of bankruptcy as their debt to revenue ratio had exceeded 100 percent. Some of these governments have already defaulted.

Another expert said financing vehicles of most local governments are facing a problem of cash flow rather than insolvency.

Use your real name on Google+ or get minused fast

OK, Google's done foolin' around with you folks who don't want to use your real name on Google+. From here on out, if Google learns the name you're using is not your real name, you've got four days to make amends. After that — you're kicked off of Google+. That's how the hottest new social networking site rolls.

A not-very-happy looking Saurabh Sharma, product manager on the Google+ team, made the announcement late Thursday in a video shared on YouTube (above) and on Google+. He must have sensed how well this was going to go over with users.

It was presented as an "update to how we handle potential violations of our common name policy."

One of the things we strive for on Google+ is to make connecting with people on the web more like connecting with people in the real world. So as part of this effort, we’ve asked that those signing up for the service use the name they commonly go by in the real world.

In the past, when we found a profile that was not in line with our Names Policy ... we used to suspend the profile and then let the user appeal.

No more appeals. Effective immediately, "if we find that your profile name does not adhere to our policy, we’ll give you a 4-day grace period to fix your profile name before we take further action." Taking action means your account gets dumped. But you will be allowed to "take all your content with you, even after your profile is suspended. Visit Google Takeout for more details."

Angry comments poured in in response o Sharma's posting and on YouTube (which Google also owns):

"I will be removing Google+ from my online activities. There are many reasons for the use of pseudonyms, including personal safety. For years, we have instructed children and others to not use their "real names" online for privacy and safety concerns. Now Google, in its INFINITE UNwisdom decrees that only "real names" will be used," said "gwyddonaid" on YouTube. "Goodbye, Google. So much for 'do no evil.' "

Emilio Osorio wrote: "What about the necessity of those involved in risky political environments and the use of Google+ as a reach out medium? How's google+ going to handle those real needs of the rest of us that are living in unsecure places (like Mexico)? Or google+ just needs to be considered as a "linkedin/facebook" thing with only rosy politically correct content?"

And said another: "No. I'll gladly give you my real name, you can keep it, give it to advertisers, I really don't care, that's OK with me, its part of the service and I understand that, but, I will not have my display name as my 'real' legal name, I just simply don't use that name with people, I don't use it on the web, its not me, I don't like it, I won't do it."

Greg Daniels inks deal with Universal

Universal Media Studios says it has entered into a new agreement for live-action, animated and reality shows with U.S. producer-writer Greg Daniels.

Daniels is known for his work on the TV comedies "The Office," "Parks and Recreation" and "King of the Hill."

The announcement regarding his new deal was made this week by Robert Greenblatt, chairman of NBC Entertainment.

"We are very fortunate to continue our productive creative relationship with Greg Daniels, a gifted and extremely versatile producer-writer who has had great success in live-action, animated and sketch comedy," Greenblatt said in a statement Monday. "This new deal allows him great artistic freedom in a wide variety of television genres, and we know that the best is yet to come. One of our focuses will be to return Greg to prime-time animation, for which he had particular success with 'King of the Hill.'"

"I couldn't be more thrilled about this deal to work with Bob Greenblatt and his great new team," added Daniels, who then joked: "My producing partner, Howard Klein, who successfully hid my recent devastating stroke during negotiations, is helping me learn to read and feed myself again, and I should be able to get dressed and sit in the sun before the two years are up. I have already produced a big piece of construction paper with blue scribbles on it, which might be a treatment for a reality show. I think Bob's going to like it a lot."

Kings of Leon cancel U.S. tour

The Kings of Leon said on its Web site Monday the rock band has canceled the rest of its U.S. concert tour.

The announcement followed an incident in Dallas Friday night during which lead singer Caleb Followill left the stage, complaining of the heat and a failing voice. A subsequent show in The Woodlands, Texas, was canceled Sunday.

"We are so sorry to say Kings of Leon are canceling their entire U.S. tour due to Caleb Followill suffering from vocal issues and exhaustion," the group said in a statement Monday. "The band is devastated, but in order to give their fans the shows they deserve, they need to take this break."

Followill said the U.S. dates cannot be rescheduled due to the band's international tour schedule. Tickets will be refunded at point of purchase, he said. Tickets purchased online or via phones will be automatically refunded.

The band will resume touring in Canada at the Rogers Center in Vancouver, British Columbia, on Sept. 28, he said. That show was originally scheduled for Sept. 14.