Taiwan exchange aims alliances and no M&A plans
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A man walks past a full green board signifying a mass drop in Taiwan stocks inside a brokerage in Taipei May 21, 2010. REUTERS/Nicky Loh
By Shao Xiaoyi and Farah Master
BOAO, China | Sat Apr 16, 2011 7:34am EDT
(Reuters) - The Taiwan Stock Exchange aims to boost its alliances with other bourses in Asia by way of exchange-traded funds (ETFs) and has no plans for mergers and acquisitions, its chairman said on Saturday.
"The global wave of exchange mergers has got nothing to do with us. So far, we don't really have the relevant regulations to allow that," Schive Chi, chairman of the exchange, told Reuters on the sidelines of the Boao Forum in China's southern province of Hainan.
The Taiwan bourse, located in the landmark Taipei 101, is open to discussions with counterparts in Shanghai and Tokyo on cross-listings of ETFs, investment funds that are traded on stock exchanges, Schive said.
Exchanges around the world are chasing cross-border deals to build scale and cut costs as competition increases from dark pools, though not all have met with success.
Singapore's stock exchange (SGXL.SI) came close to buying Australia's ASX Ltd. (ASX.AX), but the Australian government rejected the $8 billion bid.
The Tokyo and Osaka exchanges are in talks; Deutsche Boerse (DB1Gn.DE) is competing with a partnership of Nasdaq OMX Group (NDAQ.O) and IntercontinentalExchange (ICE.N) to buy NYSE Euronext (NYX.N); and London Stock Exchange (LSE.L) is looking to combine with Canada's TMX Group (X.TO).
In southeast Asia, exchanges announced plans to market themselves jointly to international investors and said they were confident a venture to allow trading between some of them would be ready before the end of the year.
For now, Taiwan's stock exchange will focus on organic growth, Schive said.
The exchange, which has a total market capitalization of $800 billion, aims to have 55 initial public offerings (IPOs) and Taiwan Depositary Receipts (TDR) issuances this year, up from 39 last year, Schive said.
"Taiwan's strength is in technology, manufacturing and food products. These are the areas we hope to attract companies to list," said Schive, who was formerly the vice chairman of Taiwan's planning commission.
(Writing by Lee Chyen Yee; Editing by Alison Birrane)
Apr 16, 2011
Nasdaq open to selling Amex in NYSE bid: source
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By Paritosh Bansal
NEW YORK | Fri Apr 15, 2011 8:49pm EDT
(Reuters) - Nasdaq OMX Group Inc (NDAQ.O) told investors it could sell NYSE Euronext's (NYX.N) American Stock Exchange and offer a break-up fee to overcome antitrust concerns in its $11.3 billion bid for the Big Board parent, a source familiar with the situation said on Friday.
Nasdaq, along with IntercontinentalExchange Inc (ICE.N), has made a rival offer for NYSE Euronext, which already has a $10.2 billion deal to merge with Deutsche Boerse (DB1Gn.DE).
NYSE Euronext has rejected the Nasdaq/ICE offer as too risky and unattractive, and on Friday Nasdaq Chief Executive Robert Greifeld met hedge fund managers to make his case.
A Nasdaq spokesman was not immediately available for comment late on Friday. The source asked not to be named because these discussions are not public.
Greifeld and his counterparts at NYSE Euronext and Deutsche Boerse, Duncan Niederauer and Reto Francioni, have all been meeting NYSE shareholders, who are expected to vote on the German tie-up in July.
Although both deals face considerable antitrust hurdles, some investors have said Greifeld needs to make a strong case he can overcome a regulatory review.
Combining Nasdaq and the NYSE would bring the top two U.S. stock exchanges together with a virtual monopoly on listings, and dominance in trading U.S. cash equities and options.
NYSE Amex lists small and micro-cap stocks, and is an important part of the company's options business. It was bought by NYSE in 2008.
The idea to sell Amex came up as a possible solution should divestitures be required due to antitrust concerns, the source said.
But a source close to NYSE said selling Amex will not solve the antitrust issue in a deal with Nasdaq.
Amex is fully integrated with NYSE and no longer a separate listing venue, the source close to the Big Board said, adding that Amex "was not an effective competitor in the listings business" even when it was bought by NYSE.
Greifeld told investors he hoped to get some guidance from antitrust regulators in the next six or seven weeks, according to the Wall Street Journal, which first reported the news.
To allay antitrust concerns, Nasdaq could also cut annual listing fees for the largest companies by $50,000 to $450,000 and agree to cap fees on others for a while, the paper reported.
(Reporting by Paritosh Bansal and Jonathan Spicer; Editing by Tim Dobbyn and Richard Chang)
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By Paritosh Bansal
NEW YORK | Fri Apr 15, 2011 8:49pm EDT
(Reuters) - Nasdaq OMX Group Inc (NDAQ.O) told investors it could sell NYSE Euronext's (NYX.N) American Stock Exchange and offer a break-up fee to overcome antitrust concerns in its $11.3 billion bid for the Big Board parent, a source familiar with the situation said on Friday.
Nasdaq, along with IntercontinentalExchange Inc (ICE.N), has made a rival offer for NYSE Euronext, which already has a $10.2 billion deal to merge with Deutsche Boerse (DB1Gn.DE).
NYSE Euronext has rejected the Nasdaq/ICE offer as too risky and unattractive, and on Friday Nasdaq Chief Executive Robert Greifeld met hedge fund managers to make his case.
A Nasdaq spokesman was not immediately available for comment late on Friday. The source asked not to be named because these discussions are not public.
Greifeld and his counterparts at NYSE Euronext and Deutsche Boerse, Duncan Niederauer and Reto Francioni, have all been meeting NYSE shareholders, who are expected to vote on the German tie-up in July.
Although both deals face considerable antitrust hurdles, some investors have said Greifeld needs to make a strong case he can overcome a regulatory review.
Combining Nasdaq and the NYSE would bring the top two U.S. stock exchanges together with a virtual monopoly on listings, and dominance in trading U.S. cash equities and options.
NYSE Amex lists small and micro-cap stocks, and is an important part of the company's options business. It was bought by NYSE in 2008.
The idea to sell Amex came up as a possible solution should divestitures be required due to antitrust concerns, the source said.
But a source close to NYSE said selling Amex will not solve the antitrust issue in a deal with Nasdaq.
Amex is fully integrated with NYSE and no longer a separate listing venue, the source close to the Big Board said, adding that Amex "was not an effective competitor in the listings business" even when it was bought by NYSE.
Greifeld told investors he hoped to get some guidance from antitrust regulators in the next six or seven weeks, according to the Wall Street Journal, which first reported the news.
To allay antitrust concerns, Nasdaq could also cut annual listing fees for the largest companies by $50,000 to $450,000 and agree to cap fees on others for a while, the paper reported.
(Reporting by Paritosh Bansal and Jonathan Spicer; Editing by Tim Dobbyn and Richard Chang)
New Glencore board to decide on Xstrata merger: report
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The Glencore logo is seen on a sign in front of Swiss commodities trader Glencore building in Baar near Zurich January 5, 2010. REUTERS/Christian Hartmann
ZURICH | Sat Apr 16, 2011 4:09am EDT
(Reuters) - Bringing Swiss miners Glencore GLEN.UL and Xstrata (XTA.L) together would add value but is not on the agenda at the moment, Glencore Chief Executive Ivan Glasenberg said in a newspaper interview on Saturday.
"A combination of the two companies would create value but is not under discussion today. Eventually, the new board will have to decide on this," Glasenberg told Swiss newspaper Finanz und Wirtschaft.
Top commodity trader Glencore is planning a $12 billion London listing next month and its IPO has long been seen as the first step to merging with Xstrata, in which it already holds a 34 percent stake.
Asked about possible interest in agricultural trading firm Louis Dreyfus, Glasenberg said the board would have to examine this option after the IPO but there were no plans at the moment.
Glasenberg also said all Glencore partners, including himself, would keep their shares and the group had no plans to move its headquarters away from Switzerland.
(Reporting by Silke Koltrowitz)
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The Glencore logo is seen on a sign in front of Swiss commodities trader Glencore building in Baar near Zurich January 5, 2010. REUTERS/Christian Hartmann
ZURICH | Sat Apr 16, 2011 4:09am EDT
(Reuters) - Bringing Swiss miners Glencore GLEN.UL and Xstrata (XTA.L) together would add value but is not on the agenda at the moment, Glencore Chief Executive Ivan Glasenberg said in a newspaper interview on Saturday.
"A combination of the two companies would create value but is not under discussion today. Eventually, the new board will have to decide on this," Glasenberg told Swiss newspaper Finanz und Wirtschaft.
Top commodity trader Glencore is planning a $12 billion London listing next month and its IPO has long been seen as the first step to merging with Xstrata, in which it already holds a 34 percent stake.
Asked about possible interest in agricultural trading firm Louis Dreyfus, Glasenberg said the board would have to examine this option after the IPO but there were no plans at the moment.
Glasenberg also said all Glencore partners, including himself, would keep their shares and the group had no plans to move its headquarters away from Switzerland.
(Reporting by Silke Koltrowitz)
Exclusive: Fiat may pay $1.5 billion to up Chrysler stake
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FIA.MI
€6.43
+0.00+0.08%
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A Fiat badge is seen on a car in Sestriere January 28, 2011. REUTERS/Alessandro Bianchi
By Lisa Jucca and Soyoung Kim
MILAN/NEW YORK | Fri Apr 15, 2011 5:16pm EDT
(Reuters) - Italy's Fiat SpA (FIA.MI) expects to pay around $1.5 billion for an additional 16 percent stake in Chrysler, which it hopes to buy later this year after the U.S. automaker repays government loans, three people familiar with the matter said.
Italy's biggest industrial group is also working to raise about 1.5 billion euros ($2.17 billion) through a credit facility and is expected to launch the deal in coming months, according to one of the people familiar with Fiat's thinking.
The credit facility is planned for the Italian automaker's general liquidity purposes and is expected to remain undrawn.
Fiat, which currently holds a 30 percent stake in Chrysler, aims to obtain majority control of the U.S. automaker by the end of 2011 - one of Chief Executive Sergio Marchionne's overarching goals as he tries to integrate the two car companies.
As part of the 2009 bailout deal agreed with Washington, Fiat was given management control and a minority stake in Chrysler. Under the terms of the U.S. Treasury agreement, Fiat can exercise an option to buy a 16 percent stake in Chrysler if the loans it owes the U.S. and Canadian governments fall below $4 billion.
People familiar with the matter told Reuters on Thursday that Chrysler is close to launching a debt refinancing package to repay all of its roughly $7 billion owed to the U.S. and Canadian governments and the deal could be completed by June.
Repaying the loans stemming from its historic 2009 bailout would mark a critical step for Chrysler as the No.3 U.S. automaker tries to distance itself from the controversial rescue by the Obama administration and rebuild consumer confidence in the brand.
A financial integration of the two automakers, both of which struggled in their own markets, could also make Chrysler a better story for potential stock investors when the company eventually goes public later this year or next.
Chrysler's initial public offering, which was originally expected to take place in the second half of this year, could be pushed into 2012 as Fiat first wants to secure majority control of the U.S. automaker, a possibility Marchionne suggested in late March.
But before Fiat can take control, Chrysler must repay its loans to the U.S. and Canadian governments in full.
Chrysler owes $5.8 billion to the U.S. government and $1.3 billion to the Canadian government, according to the company's fourth-quarter earnings release.
In a research note Friday, Banca IMI estimated that Fiat could buy the 16 percent stake in Chrysler for between 1 billion and 1.2 billion euros ($1.4 billion to $1.7 billion).
"There's a lot of different ways to look at the valuation but it would be in the right ballpark," one of the sources said of the $1.5 billion valuation of that option.
Fiat declined to comment on the cost of the additional 16 percent in Chrysler and on the planned credit facility. The sources asked not to be identified because they were not authorized to speak with the media.
Chrysler has selected four banks to spearhead the debt refinancing deal and is aiming to launch the debt offering after Chrysler reports first-quarter earnings, likely in May, sources said this week.
Marchionne, the Italian-Canadian who runs both Fiat and Chrysler, said earlier this week Chrysler would refinance the government debt by June.
($1 = 0.6918 euro)
(Reporting by Lisa Jucca in Milan and Soyoung Kim in New York with additional reporting by Deepa Seetharaman; Editing by Will Waterman, Matthew Lewis and Tim Dobbyn)
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A Fiat badge is seen on a car in Sestriere January 28, 2011. REUTERS/Alessandro Bianchi
By Lisa Jucca and Soyoung Kim
MILAN/NEW YORK | Fri Apr 15, 2011 5:16pm EDT
(Reuters) - Italy's Fiat SpA (FIA.MI) expects to pay around $1.5 billion for an additional 16 percent stake in Chrysler, which it hopes to buy later this year after the U.S. automaker repays government loans, three people familiar with the matter said.
Italy's biggest industrial group is also working to raise about 1.5 billion euros ($2.17 billion) through a credit facility and is expected to launch the deal in coming months, according to one of the people familiar with Fiat's thinking.
The credit facility is planned for the Italian automaker's general liquidity purposes and is expected to remain undrawn.
Fiat, which currently holds a 30 percent stake in Chrysler, aims to obtain majority control of the U.S. automaker by the end of 2011 - one of Chief Executive Sergio Marchionne's overarching goals as he tries to integrate the two car companies.
As part of the 2009 bailout deal agreed with Washington, Fiat was given management control and a minority stake in Chrysler. Under the terms of the U.S. Treasury agreement, Fiat can exercise an option to buy a 16 percent stake in Chrysler if the loans it owes the U.S. and Canadian governments fall below $4 billion.
People familiar with the matter told Reuters on Thursday that Chrysler is close to launching a debt refinancing package to repay all of its roughly $7 billion owed to the U.S. and Canadian governments and the deal could be completed by June.
Repaying the loans stemming from its historic 2009 bailout would mark a critical step for Chrysler as the No.3 U.S. automaker tries to distance itself from the controversial rescue by the Obama administration and rebuild consumer confidence in the brand.
A financial integration of the two automakers, both of which struggled in their own markets, could also make Chrysler a better story for potential stock investors when the company eventually goes public later this year or next.
Chrysler's initial public offering, which was originally expected to take place in the second half of this year, could be pushed into 2012 as Fiat first wants to secure majority control of the U.S. automaker, a possibility Marchionne suggested in late March.
But before Fiat can take control, Chrysler must repay its loans to the U.S. and Canadian governments in full.
Chrysler owes $5.8 billion to the U.S. government and $1.3 billion to the Canadian government, according to the company's fourth-quarter earnings release.
In a research note Friday, Banca IMI estimated that Fiat could buy the 16 percent stake in Chrysler for between 1 billion and 1.2 billion euros ($1.4 billion to $1.7 billion).
"There's a lot of different ways to look at the valuation but it would be in the right ballpark," one of the sources said of the $1.5 billion valuation of that option.
Fiat declined to comment on the cost of the additional 16 percent in Chrysler and on the planned credit facility. The sources asked not to be identified because they were not authorized to speak with the media.
Chrysler has selected four banks to spearhead the debt refinancing deal and is aiming to launch the debt offering after Chrysler reports first-quarter earnings, likely in May, sources said this week.
Marchionne, the Italian-Canadian who runs both Fiat and Chrysler, said earlier this week Chrysler would refinance the government debt by June.
($1 = 0.6918 euro)
(Reporting by Lisa Jucca in Milan and Soyoung Kim in New York with additional reporting by Deepa Seetharaman; Editing by Will Waterman, Matthew Lewis and Tim Dobbyn)
U.S. prods companies to develop secure, easy-use ID
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1 / 2
Artists and designers work on arrangements for clothing items to be sold online at an eBay Fashion photo shoot in San Francisco, California November 4, 2010. REUTERS/Robert Galbraith
WASHINGTON | Fri Apr 15, 2011 3:55pm EDT
(Reuters) - The Obama administration urged the private sector on Friday to develop methods that consumers can use instead of passwords to identify themselves online and, in some cases, in brick and mortar stores.
"The Internet has transformed how we communicate and do business," said President Barack Obama in a statement accompanying release of a national strategy to safeguard identity on the Internet.
"But it has also led to new challenges, like online fraud and identity theft, that harm consumers and cost billions of dollars each year," the president said.
As part of the strategy, the Commerce Department is asking the private sector to create a system or systems that can identify Internet users in a way that safeguards their privacy, is secure, is interoperable and is cost-effective.
Participation would be voluntary.
"Consumers who want to participate will be able to obtain a single credential -- such as a unique piece of software on a smart phone, a smart card, or a token that generates a one-time digital password," the Commerce Department said in a statement.
Millions of people are victims each year of identity theft, which costs victims an average of $631 and 130 hours to recover from, the Commerce Department said.
Earlier this month, a long list of hotels, financial institutions, retailers and others revealed that customer names and email addresses had been stolen by hackers, giving the criminals useful information to be used in identity theft.
The strategy is a way to eliminate passwords -- which are unwieldy for users and ineffective in many cases -- to have them go the way of the dodo.
But the Commerce Department is also keenly aware that any attempt by the federal government to create a national identity card would be extremely controversial.
Companies at a Chamber of Commerce event to kick off the effort included Google, Symantec, eBay subsidiary PayPal, Microsoft and Northrop Grumman Corp.
(Reporting by Diane Bartz; Editing by Steve Orlofsky)
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Artists and designers work on arrangements for clothing items to be sold online at an eBay Fashion photo shoot in San Francisco, California November 4, 2010. REUTERS/Robert Galbraith
WASHINGTON | Fri Apr 15, 2011 3:55pm EDT
(Reuters) - The Obama administration urged the private sector on Friday to develop methods that consumers can use instead of passwords to identify themselves online and, in some cases, in brick and mortar stores.
"The Internet has transformed how we communicate and do business," said President Barack Obama in a statement accompanying release of a national strategy to safeguard identity on the Internet.
"But it has also led to new challenges, like online fraud and identity theft, that harm consumers and cost billions of dollars each year," the president said.
As part of the strategy, the Commerce Department is asking the private sector to create a system or systems that can identify Internet users in a way that safeguards their privacy, is secure, is interoperable and is cost-effective.
Participation would be voluntary.
"Consumers who want to participate will be able to obtain a single credential -- such as a unique piece of software on a smart phone, a smart card, or a token that generates a one-time digital password," the Commerce Department said in a statement.
Millions of people are victims each year of identity theft, which costs victims an average of $631 and 130 hours to recover from, the Commerce Department said.
Earlier this month, a long list of hotels, financial institutions, retailers and others revealed that customer names and email addresses had been stolen by hackers, giving the criminals useful information to be used in identity theft.
The strategy is a way to eliminate passwords -- which are unwieldy for users and ineffective in many cases -- to have them go the way of the dodo.
But the Commerce Department is also keenly aware that any attempt by the federal government to create a national identity card would be extremely controversial.
Companies at a Chamber of Commerce event to kick off the effort included Google, Symantec, eBay subsidiary PayPal, Microsoft and Northrop Grumman Corp.
(Reporting by Diane Bartz; Editing by Steve Orlofsky)
China to give "strategic" support to microchip sector: Xinhua
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SHANGHAI | Sat Apr 16, 2011 5:09am EDT
(Reuters) - China plans to support its integrated circuit sector as a strategically important industry over the next five years, aiming for over a fourth of microchips used in the country by 2015 to be made in China, Xinhua news agency said on Saturday.
The support for the sector is just the latest step in a broader push by Beijing to promote home-grown high-tech and other industries, as the country seeks to reduce its reliance on cheap manufactured exports for growth -- and on foreign companies for imports of high-tech goods.
Xinhua cited Yang Xueshan, vice minister of industry and information technology, as saying the ministry expected Chinese companies to make 27.5 percent of the integrated circuits used in the country by 2015, up from about 20 percent now.
The plan for the sector included the development of more proprietary intellectual property, the state-run news agency added.
That dovetails with plans to spur up to $1.5 trillion of investment over five years in seven strategic industries from alternative energy to biotechnology, as first reported by Reuters last December.
From aerospace to microchips, China is aiming to eventually foster heavyweights able to take on industry giants such as Boeing and Intel.
That push has already helped to drag down costs, and with them, profit margins, in sectors ranging from solar panels to liquid crystal display panels (LCDs), in which Chinese producers have contributed to an abundant supply.
(Reporting by Jason Subler; Editing by Andrew Marshall)
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Dow, S&P inch up as growth questioned, Google off late
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SHANGHAI | Sat Apr 16, 2011 5:09am EDT
(Reuters) - China plans to support its integrated circuit sector as a strategically important industry over the next five years, aiming for over a fourth of microchips used in the country by 2015 to be made in China, Xinhua news agency said on Saturday.
The support for the sector is just the latest step in a broader push by Beijing to promote home-grown high-tech and other industries, as the country seeks to reduce its reliance on cheap manufactured exports for growth -- and on foreign companies for imports of high-tech goods.
Xinhua cited Yang Xueshan, vice minister of industry and information technology, as saying the ministry expected Chinese companies to make 27.5 percent of the integrated circuits used in the country by 2015, up from about 20 percent now.
The plan for the sector included the development of more proprietary intellectual property, the state-run news agency added.
That dovetails with plans to spur up to $1.5 trillion of investment over five years in seven strategic industries from alternative energy to biotechnology, as first reported by Reuters last December.
From aerospace to microchips, China is aiming to eventually foster heavyweights able to take on industry giants such as Boeing and Intel.
That push has already helped to drag down costs, and with them, profit margins, in sectors ranging from solar panels to liquid crystal display panels (LCDs), in which Chinese producers have contributed to an abundant supply.
(Reporting by Jason Subler; Editing by Andrew Marshall)
Internet gambling sites owners charged with fraud
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NEW YORK | Sat Apr 16, 2011 2:25am EDT
(Reuters) - The owners of three of the largest Internet poker companies operating in the United States were accused on Friday of tricking regulators and banks into processing billions of dollars of illegal Internet gambling proceeds.
Eleven people, including the owners of Full Tilt Poker, Absolute Poker and PokerStars, were charged with violating U.S. anti-Internet gambling laws, according to charges filed by federal prosecutors in Manhattan.
Prosecutors also filed civil money laundering charges seeking to recover at least $3 billion from the companies, which are all based overseas, court documents said.
The Internet domain names of the companies were also seized. Representatives for the companies could not immediately be reached to comment on the charges.
Two of the men were arrested on Friday, one is expected to turn himself in to law enforcement and eight others are not currently in the United States, prosecutors said.
Raymond Bitar, 39, of Full Tilt Poker and Isai Scheinberg, 64, of PokerStars were charged with violating the Unlawful Internet Gambling Enforcement Act and other laws. Absolute Poker owners Brent Beckley, 31, and Scott Tom, 31, faced similar charges.
The criminal charges outlined a scheme by the company owners and some of their employees to direct the gambling profits to online shell companies that would appear legitimate to banks processing payments.
The charges are part of a crackdown on Internet gambling in the United States, where it has been illegal since 2006.
In March, Wynn Resorts Ltd said it had entered into a partnership with PokerStars, and that they would work for passage of U.S. legislation on Internet poker.
U.S. lawmakers have in the past tried to pass legislation legalizing Internet gambling in the hope of reaping billions in tax revenue.
(Reporting by Basil Katz; Editing by Steve Orlofsky)
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Wynn Resorts Ltd
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NEW YORK | Sat Apr 16, 2011 2:25am EDT
(Reuters) - The owners of three of the largest Internet poker companies operating in the United States were accused on Friday of tricking regulators and banks into processing billions of dollars of illegal Internet gambling proceeds.
Eleven people, including the owners of Full Tilt Poker, Absolute Poker and PokerStars, were charged with violating U.S. anti-Internet gambling laws, according to charges filed by federal prosecutors in Manhattan.
Prosecutors also filed civil money laundering charges seeking to recover at least $3 billion from the companies, which are all based overseas, court documents said.
The Internet domain names of the companies were also seized. Representatives for the companies could not immediately be reached to comment on the charges.
Two of the men were arrested on Friday, one is expected to turn himself in to law enforcement and eight others are not currently in the United States, prosecutors said.
Raymond Bitar, 39, of Full Tilt Poker and Isai Scheinberg, 64, of PokerStars were charged with violating the Unlawful Internet Gambling Enforcement Act and other laws. Absolute Poker owners Brent Beckley, 31, and Scott Tom, 31, faced similar charges.
The criminal charges outlined a scheme by the company owners and some of their employees to direct the gambling profits to online shell companies that would appear legitimate to banks processing payments.
The charges are part of a crackdown on Internet gambling in the United States, where it has been illegal since 2006.
In March, Wynn Resorts Ltd said it had entered into a partnership with PokerStars, and that they would work for passage of U.S. legislation on Internet poker.
U.S. lawmakers have in the past tried to pass legislation legalizing Internet gambling in the hope of reaping billions in tax revenue.
(Reporting by Basil Katz; Editing by Steve Orlofsky)
Sprint CEO blasts AT&T/T-Mobile mega-deal
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Dan Hesse, Chief Executive Officer of Sprint Nextel, speaks during the CEO Roundtable at the International CTIA wireless industry conference at the Orange County Convention Center in Orlando, Florida March 22, 2011. REUTERS/Scott A. Miller
SAN FRANCISCO | Fri Apr 15, 2011 8:51pm EDT
(Reuters) - Sprint Nextel Corp CEO Dan Hesse attacked rival AT&T Inc's planned acquisition of T-Mobile USA on Friday, saying a tie-up between the two would hurt innovation and set the country's wireless industry back.
The chief executive of the No. 3 U.S. mobile operator lashed out against the $39 billion deal, now undergoing regulatory scrutiny, echoing the comments of other Sprint executives.
"If AT&T is allowed to swallow T-Mobile, competition will be stifled, growth will be stifled and wireless innovation will be jeopardized," Hesse told reporters and industry executives in downtown San Francisco.
James Cicconi, AT&T's senior executive vice president, external and legislative affairs, pointed out that in recent months Sprint executives had said the wireless industry was very competitive.
"It is self-serving for them to argue that the highly competitive wireless market they cited only months ago is now threatened by the very type of transaction they seemed prepared to defend previously," Cicconi said in a statement.
AT&T's deal, announced in March, would concentrate 80 percent of U.S. wireless contract customers in just two companies -- AT&T/T-Mobile and Verizon Wireless, a venture of Verizon Communications and Vodafone Group Plc.
No. 2 U.S. mobile carrier AT&T, often criticized for dropped calls and slow connection speeds, has said the merger would spur innovation and economic growth by improving quality and expanding service to 95 percent of the U.S. population.
Deutsche Telekom AG owns T-Mobile.
(Reporting by Noel Randewich; editing by Gerald E. McCormick, Bernard Orr)
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Dan Hesse, Chief Executive Officer of Sprint Nextel, speaks during the CEO Roundtable at the International CTIA wireless industry conference at the Orange County Convention Center in Orlando, Florida March 22, 2011. REUTERS/Scott A. Miller
SAN FRANCISCO | Fri Apr 15, 2011 8:51pm EDT
(Reuters) - Sprint Nextel Corp CEO Dan Hesse attacked rival AT&T Inc's planned acquisition of T-Mobile USA on Friday, saying a tie-up between the two would hurt innovation and set the country's wireless industry back.
The chief executive of the No. 3 U.S. mobile operator lashed out against the $39 billion deal, now undergoing regulatory scrutiny, echoing the comments of other Sprint executives.
"If AT&T is allowed to swallow T-Mobile, competition will be stifled, growth will be stifled and wireless innovation will be jeopardized," Hesse told reporters and industry executives in downtown San Francisco.
James Cicconi, AT&T's senior executive vice president, external and legislative affairs, pointed out that in recent months Sprint executives had said the wireless industry was very competitive.
"It is self-serving for them to argue that the highly competitive wireless market they cited only months ago is now threatened by the very type of transaction they seemed prepared to defend previously," Cicconi said in a statement.
AT&T's deal, announced in March, would concentrate 80 percent of U.S. wireless contract customers in just two companies -- AT&T/T-Mobile and Verizon Wireless, a venture of Verizon Communications and Vodafone Group Plc.
No. 2 U.S. mobile carrier AT&T, often criticized for dropped calls and slow connection speeds, has said the merger would spur innovation and economic growth by improving quality and expanding service to 95 percent of the U.S. population.
Deutsche Telekom AG owns T-Mobile.
(Reporting by Noel Randewich; editing by Gerald E. McCormick, Bernard Orr)
States, cities brace for budget deal cuts
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By Lisa Lambert
WASHINGTON | Fri Apr 15, 2011 3:38pm EDT
(Reuters) - The budget deal the Congress passed late Thursday and that President Barack Obama is expected to sign on Friday has state and local governments worried they may have to make up for cuts in some federal programs.
The resolution to keep the government running for the rest of fiscal year 2011 reduced Community Development Block Grants by 16 percent.
Cities, towns and counties rely on the relatively small program to fight homelessness and blight. For months they have campaigned to preserve every cent of the grants as states pull back on aid to local governments.
The cut of roughly $600 million threatens the economic recovery in many places because it will end job-creating projects, said a coalition of groups representing local governments, including the National League of Cities and the Conference of Mayors.
States had been expecting a 5 percent reduction in the federal funds they receive, but the cut will likely be less, closer to 3.8 percent, according to Michael Bird, legislative counsel for the National Conference of State Legislatures.
Mostly, states leaders are worried about cuts in spending on services their residents heavily use and they fear they will have to step in with their own funds to make up for the reduced dollars.
They have already warned that the impending end of the extraordinary aid they received in the 2009 economic stimulus plan -- the largest transfer of federal money to states in U.S. history -- will drop them off a "funding cliff."
The recession that ended in 2009 ravaged states' revenues, forcing them to slash spending, hike taxes, borrow and turn to the U.S. government for help. Despite taking those steps, they still face a total shortfall of more than $100 billion in the budgets most must pass this summer and they are nervous about new spending demands.
The resolution cuts federal discretionary spending by $20 billion to $25 billion, according to the Congressional Budget Office.
Altogether, states will lose about $656 million for health and human services, according to the Federal Fund Information of States. That includes a 27.5 percent reduction in money for community health centers from fiscal 2010.
States will also lose more than a quarter of their funding for clean water and for Department of Homeland Security programs.
(Reporting by Lisa Lambert; Editing by Chizu Nomiyama)
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Fri, Apr 15 2011
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By Lisa Lambert
WASHINGTON | Fri Apr 15, 2011 3:38pm EDT
(Reuters) - The budget deal the Congress passed late Thursday and that President Barack Obama is expected to sign on Friday has state and local governments worried they may have to make up for cuts in some federal programs.
The resolution to keep the government running for the rest of fiscal year 2011 reduced Community Development Block Grants by 16 percent.
Cities, towns and counties rely on the relatively small program to fight homelessness and blight. For months they have campaigned to preserve every cent of the grants as states pull back on aid to local governments.
The cut of roughly $600 million threatens the economic recovery in many places because it will end job-creating projects, said a coalition of groups representing local governments, including the National League of Cities and the Conference of Mayors.
States had been expecting a 5 percent reduction in the federal funds they receive, but the cut will likely be less, closer to 3.8 percent, according to Michael Bird, legislative counsel for the National Conference of State Legislatures.
Mostly, states leaders are worried about cuts in spending on services their residents heavily use and they fear they will have to step in with their own funds to make up for the reduced dollars.
They have already warned that the impending end of the extraordinary aid they received in the 2009 economic stimulus plan -- the largest transfer of federal money to states in U.S. history -- will drop them off a "funding cliff."
The recession that ended in 2009 ravaged states' revenues, forcing them to slash spending, hike taxes, borrow and turn to the U.S. government for help. Despite taking those steps, they still face a total shortfall of more than $100 billion in the budgets most must pass this summer and they are nervous about new spending demands.
The resolution cuts federal discretionary spending by $20 billion to $25 billion, according to the Congressional Budget Office.
Altogether, states will lose about $656 million for health and human services, according to the Federal Fund Information of States. That includes a 27.5 percent reduction in money for community health centers from fiscal 2010.
States will also lose more than a quarter of their funding for clean water and for Department of Homeland Security programs.
(Reporting by Lisa Lambert; Editing by Chizu Nomiyama)
Pawlenty fights to take off in White House bid
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Former Minnesota Governor and likely Republican Presidential candidate Tim Pawlenty listens as he is introduced at a Tax Payer Tea Party Rally in Concord, New Hampshire April 15, 2011. REUTERS/Brian Snyder
By Ros Krasny
CONCORD, New Hampshire | Fri Apr 15, 2011 4:03pm EDT
(Reuters) - Tim Pawlenty, the first senior Republican to take the formal step to seek the party's presidential nomination, brings some advantages into the 2012 race but national recognition isn't one of them.
The former Minnesota governor's low public profile puts him far behind other more established national party figures in the early courtship of voters, even though they remain undecided on whether to challenge President Barack Obama.
But a strong team and a personal narrative that fits the key election issues of jobs and deficit reduction will likely make the soft-spoken Pawlenty a more serious contender.
"He has a lot of assets. He's likable. He's from the Midwest. He had achievements as a Republican governor of a traditionally Democratic state," said Barry Burden, political science professor at the University of Wisconsin.
Pawlenty, 50, has visited the early primary state of New Hampshire regularly over the past year.
On Friday, he headlined the annual New Hampshire rally of the conservative Tea Party movement in the state capital Concord as part of an effort to become better known.
Pawlenty led the small crowd in a call-and-response of what he termed Obama's broken promises on deficit reduction, health care and other topics. "Did President Obama break his promise? Yes, he did!," Pawlenty said repeatedly.
"His name recognition in New Hampshire and nationally is still under 50 percent. He's just not making a big impact right now. He's not unpopular but he's just not making a splash," said Tom Jensen, director of Public Policy Polling in Raleigh, North Carolina. "If he gets the nomination he will have backed into it, as the default," he said.
Pawlenty spoke for 40 minutes to some 200 supporters in the New Hampshire town of Nashua on Thursday night and stayed late after the event to parry questions.
That approach will pay off over time, said Concord political consultant Richard Killion, who is working for Pawlenty in the state and worked for former Massachusetts Governor Mitt Romney in the 2008 White House race.
"Voters here like to kick the tires of their candidates."
The son of a Polish-American truck driver and a mother who died of cancer when he was 16, Pawlenty grew up in South St. Paul, Minnesota, whose major employer -- the meat packing plant and stockyard -- was closed in the 1960s.
'KNOWN THE FACES'
"From an early age I've known the faces of people who have lost jobs," he said in Nashua.
With national unemployment at almost 9 percent, jobs are a top campaign issue. Potential Republican rival Romney will face questions about his record as a corporate raider in the 1980s and as Massachusetts governor when his performance on employment was mixed at best.
Pawlenty, who was on Senator John McCain's short list for vice presidential running mate in 2008, has won plaudits for eliminating a $4.3 billion Minnesota budget deficit, although state Democrats challenge that record.
The North Carolina polling group's survey of usual Republican primary voters in New Hampshire from early April put Pawlenty in sixth place, with only 4 percent saying they intended to vote for him. Nationally, a Wall Street Journal/NBC News poll this month showed him at 6 percent.
Romney, former Arkansas Governor Mike Huckabee, former House of Representatives Speaker Newt Gingrich, 2008 Republican vice presidential nominee Sarah Palin and libertarian U.S. Representative Ron Paul were all ahead of Pawlenty in the PPL poll.
Still, with most voters not yet focused on 2012, that can quickly change.
"Pawlenty has done a great job on what I call 'the first primary,'" said John Anzalone, Democratic strategist with Anzalone-Liszt Research in Montgomery, Alabama.
"He has built a serious structure, and that has made people view him as serious."
Pawlenty this week hired Republican whiz kid Nick Ayers as campaign manager. Ayers, 28, is a former director of the Republican Governors Association. Also on board Pawlenty's campaign are a well-respected pollster and political director.
A National Journal "Political Insiders Poll" has Pawlenty running second to Romney on the question of who is most likely to win the nomination.
The biggest challenge in the next few months will be for Pawlenty to elevate his fund-raising game.
"If he's going to run with the big dogs, he has to show he can stay in the race," said Burden.
(Editing by Jackie Frank)
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Former Minnesota Governor and likely Republican Presidential candidate Tim Pawlenty listens as he is introduced at a Tax Payer Tea Party Rally in Concord, New Hampshire April 15, 2011. REUTERS/Brian Snyder
By Ros Krasny
CONCORD, New Hampshire | Fri Apr 15, 2011 4:03pm EDT
(Reuters) - Tim Pawlenty, the first senior Republican to take the formal step to seek the party's presidential nomination, brings some advantages into the 2012 race but national recognition isn't one of them.
The former Minnesota governor's low public profile puts him far behind other more established national party figures in the early courtship of voters, even though they remain undecided on whether to challenge President Barack Obama.
But a strong team and a personal narrative that fits the key election issues of jobs and deficit reduction will likely make the soft-spoken Pawlenty a more serious contender.
"He has a lot of assets. He's likable. He's from the Midwest. He had achievements as a Republican governor of a traditionally Democratic state," said Barry Burden, political science professor at the University of Wisconsin.
Pawlenty, 50, has visited the early primary state of New Hampshire regularly over the past year.
On Friday, he headlined the annual New Hampshire rally of the conservative Tea Party movement in the state capital Concord as part of an effort to become better known.
Pawlenty led the small crowd in a call-and-response of what he termed Obama's broken promises on deficit reduction, health care and other topics. "Did President Obama break his promise? Yes, he did!," Pawlenty said repeatedly.
"His name recognition in New Hampshire and nationally is still under 50 percent. He's just not making a big impact right now. He's not unpopular but he's just not making a splash," said Tom Jensen, director of Public Policy Polling in Raleigh, North Carolina. "If he gets the nomination he will have backed into it, as the default," he said.
Pawlenty spoke for 40 minutes to some 200 supporters in the New Hampshire town of Nashua on Thursday night and stayed late after the event to parry questions.
That approach will pay off over time, said Concord political consultant Richard Killion, who is working for Pawlenty in the state and worked for former Massachusetts Governor Mitt Romney in the 2008 White House race.
"Voters here like to kick the tires of their candidates."
The son of a Polish-American truck driver and a mother who died of cancer when he was 16, Pawlenty grew up in South St. Paul, Minnesota, whose major employer -- the meat packing plant and stockyard -- was closed in the 1960s.
'KNOWN THE FACES'
"From an early age I've known the faces of people who have lost jobs," he said in Nashua.
With national unemployment at almost 9 percent, jobs are a top campaign issue. Potential Republican rival Romney will face questions about his record as a corporate raider in the 1980s and as Massachusetts governor when his performance on employment was mixed at best.
Pawlenty, who was on Senator John McCain's short list for vice presidential running mate in 2008, has won plaudits for eliminating a $4.3 billion Minnesota budget deficit, although state Democrats challenge that record.
The North Carolina polling group's survey of usual Republican primary voters in New Hampshire from early April put Pawlenty in sixth place, with only 4 percent saying they intended to vote for him. Nationally, a Wall Street Journal/NBC News poll this month showed him at 6 percent.
Romney, former Arkansas Governor Mike Huckabee, former House of Representatives Speaker Newt Gingrich, 2008 Republican vice presidential nominee Sarah Palin and libertarian U.S. Representative Ron Paul were all ahead of Pawlenty in the PPL poll.
Still, with most voters not yet focused on 2012, that can quickly change.
"Pawlenty has done a great job on what I call 'the first primary,'" said John Anzalone, Democratic strategist with Anzalone-Liszt Research in Montgomery, Alabama.
"He has built a serious structure, and that has made people view him as serious."
Pawlenty this week hired Republican whiz kid Nick Ayers as campaign manager. Ayers, 28, is a former director of the Republican Governors Association. Also on board Pawlenty's campaign are a well-respected pollster and political director.
A National Journal "Political Insiders Poll" has Pawlenty running second to Romney on the question of who is most likely to win the nomination.
The biggest challenge in the next few months will be for Pawlenty to elevate his fund-raising game.
"If he's going to run with the big dogs, he has to show he can stay in the race," said Burden.
(Editing by Jackie Frank)
Obama to Republicans: "You think we're stupid?"
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President Barack Obama hosts a meeting with bipartisan House and Senate Leadership in the Cabinet Room of the White House to discuss the fiscal policy vision the President will later lay out in a speech in Washington April 13, 2011. REUTERS/Kevin Lamarque
By Steve Holland
CHICAGO | Fri Apr 15, 2011 5:47pm EDT
(Reuters) - President Barack Obama said he challenged Republicans to try to repeal his landmark healthcare reform in private budget talks last week, taunting his opponents with a question: "You think we're stupid?"
In one of three political fund-raisers for his re-election campaign on Thursday night, Obama spoke candidly to supporters about the closed-door White House conversations that led to a deal that barely avoided a shutdown of the government.
He said he warned Republicans he would veto any legislation passed by Congress that sought to defund his 2010 healthcare overhaul. Republicans, who took control of the House of Representatives later that year, had vowed to kill the law.
A two-thirds majority of Congress is required to override a presidential veto.
"If you think you can overturn my veto, try it,'" Obama said in describing an exchange with Republicans. He said he was told by a staffer for House Speaker John Boehner that Republicans wanted a concession on the healthcare issue in the budget talks.
Obama said he firmly rejected the attempts to repeal parts of the healthcare law, his signature domestic accomplishment, in the budget bill.
"And I said to them, let me tell you something: 'I spent a year and a half getting healthcare passed. I had to take that issue across the country and I paid significant political costs to get it done," he said.
"The notion that I'm going to let you guys undo that in a six-month spending bill?' I said, 'You want to repeal healthcare? Go at it. We'll have that debate. You're not going to be able to do that by nickel-and-diming me in the budget. You think we're stupid?'"
His remarks in Chicago came after the White House press pool had been escorted from the room. Unbeknownst to Obama, the comments were accidentally piped back to the White House and recorded by CBS News and ABC News.
White House spokesman Jay Carney said Obama was "not at all" embarrassed that the remarks were made public.
"OVERTURN MY VETO"
Obama predicted the same strategy from Republicans would reappear in negotiations over raising the U.S. debt limit.
"This is going to be the strategy going forward -- trying to do things they can do legislatively under the guise of cutting spending," he said.
Obama, who publicly praised Republicans after a budget deal was reached last Friday, also spoke harshly of their efforts to use the budget legislation to defund the Planned Parenthood family planning group because it also provided abortions.
Obama said he told Boehner and Senate Republican leader Mitch McConnell that they should not try to "sneak this through."
"'You guys want to have this debate? We're happy to have that debate. We will have the debate on the floor of the Senate or the floor of the House. Put it in a separate bill. We'll call it up. And if you think you can overturn my veto, try it,'" he said.
Asked for reaction, Boehner spokesman Brendan Buck said: "The speaker believes his private conversations with the president should remain private. Obviously, if the president chooses to share a self-serving version with campaign donors, that is his prerogative."
When asked for reaction, McConnell's office said McConnell was not present at that meeting.
Obama also had tough words for Republican Representative Paul Ryan, the chairman of the House Budget Committee. Ryan has offered a deficit-cutting plan that would sharply reduce government spending and has drawn Obama's ire.
"This is the same guy that voted for two wars that were unpaid for, voted for the Bush tax cuts that were unpaid for, voted for the prescription drug bill that cost as much as my healthcare bill -- but wasn't paid for. So it's not on the level. And we've got to keep on you know, keep on shining a light on that," he said.
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President Barack Obama hosts a meeting with bipartisan House and Senate Leadership in the Cabinet Room of the White House to discuss the fiscal policy vision the President will later lay out in a speech in Washington April 13, 2011. REUTERS/Kevin Lamarque
By Steve Holland
CHICAGO | Fri Apr 15, 2011 5:47pm EDT
(Reuters) - President Barack Obama said he challenged Republicans to try to repeal his landmark healthcare reform in private budget talks last week, taunting his opponents with a question: "You think we're stupid?"
In one of three political fund-raisers for his re-election campaign on Thursday night, Obama spoke candidly to supporters about the closed-door White House conversations that led to a deal that barely avoided a shutdown of the government.
He said he warned Republicans he would veto any legislation passed by Congress that sought to defund his 2010 healthcare overhaul. Republicans, who took control of the House of Representatives later that year, had vowed to kill the law.
A two-thirds majority of Congress is required to override a presidential veto.
"If you think you can overturn my veto, try it,'" Obama said in describing an exchange with Republicans. He said he was told by a staffer for House Speaker John Boehner that Republicans wanted a concession on the healthcare issue in the budget talks.
Obama said he firmly rejected the attempts to repeal parts of the healthcare law, his signature domestic accomplishment, in the budget bill.
"And I said to them, let me tell you something: 'I spent a year and a half getting healthcare passed. I had to take that issue across the country and I paid significant political costs to get it done," he said.
"The notion that I'm going to let you guys undo that in a six-month spending bill?' I said, 'You want to repeal healthcare? Go at it. We'll have that debate. You're not going to be able to do that by nickel-and-diming me in the budget. You think we're stupid?'"
His remarks in Chicago came after the White House press pool had been escorted from the room. Unbeknownst to Obama, the comments were accidentally piped back to the White House and recorded by CBS News and ABC News.
White House spokesman Jay Carney said Obama was "not at all" embarrassed that the remarks were made public.
"OVERTURN MY VETO"
Obama predicted the same strategy from Republicans would reappear in negotiations over raising the U.S. debt limit.
"This is going to be the strategy going forward -- trying to do things they can do legislatively under the guise of cutting spending," he said.
Obama, who publicly praised Republicans after a budget deal was reached last Friday, also spoke harshly of their efforts to use the budget legislation to defund the Planned Parenthood family planning group because it also provided abortions.
Obama said he told Boehner and Senate Republican leader Mitch McConnell that they should not try to "sneak this through."
"'You guys want to have this debate? We're happy to have that debate. We will have the debate on the floor of the Senate or the floor of the House. Put it in a separate bill. We'll call it up. And if you think you can overturn my veto, try it,'" he said.
Asked for reaction, Boehner spokesman Brendan Buck said: "The speaker believes his private conversations with the president should remain private. Obviously, if the president chooses to share a self-serving version with campaign donors, that is his prerogative."
When asked for reaction, McConnell's office said McConnell was not present at that meeting.
Obama also had tough words for Republican Representative Paul Ryan, the chairman of the House Budget Committee. Ryan has offered a deficit-cutting plan that would sharply reduce government spending and has drawn Obama's ire.
"This is the same guy that voted for two wars that were unpaid for, voted for the Bush tax cuts that were unpaid for, voted for the prescription drug bill that cost as much as my healthcare bill -- but wasn't paid for. So it's not on the level. And we've got to keep on you know, keep on shining a light on that," he said.
South Korea-U.S. trade deal in "home stretch": Clinton
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South Korean Foreign Minister Kim Sung-Hwan (L) shakes hands with U.S. Secretary of State Hillary Clinton prior to a meeting at Kim's official residence in Seoul April 16, 2011. REUTERS/Saul Loeb/Pool
By Matt Spetalnick
SEOUL | Sat Apr 16, 2011 11:19am EDT
(Reuters) - Secretary of State Hillary Clinton flew to South Korea on Saturday to consult Seoul about progress made in sealing a long-delayed trade deal and to coordinate strategy over the nuclear standoff with North Korea.
Clinton arrived for talks with South Korean Foreign Minister Kim Sung-hwan on Saturday and President Lee Myung-bak on Sunday, before a trip to Japan in a gesture of support following last month's earthquake and tsunami disasters that killed thousands and crippled a nuclear plant. The shift in focus to Asia follows Clinton's attendance at a NATO conference in Berlin where the alliance's foreign ministers faced strains over a Western air campaign in Libya against forces loyal to Muammar Gaddafi.
U.S. and South Korean trade negotiators struck a deal in December on a free trade pact, which was signed in 2007 but had not been ratified for three years because of U.S. auto and beef industry concerns.
However, both the U.S. Congress and the South Korean have yet to pass bills to approve the pact.
"I'm very encouraged and determined about the passage of the free trade agreement," said Clinton, sitting alongside Kim in Seoul. "We will be consulting and making the case together to our respective legislatures and I'm very confident there will be a positive outcome that will benefit both of our countries.
"It is important that we're meeting in the home stretch of the Korean free trade agreement."
Sander Levin, the top Democrat on the House of Representatives Ways and Means Committee, last month criticized Republicans for refusing to move ahead on the Korea agreement until the White House sends Congress implementing bills for two other long-delayed trade agreements with Colombia and Panama.
Republicans broadly support the Korea agreement, but have threatened to block a vote on the pact unless the White House also submits the Colombia and Panama deals for approval.
U.S. Trade Representative Ron Kirk has said the Obama administration wants to win congressional approval of a free trade agreement before July.
The agreement is currently pending in South Korea's parliament and is expected to be passed.
The U.S. International Trade Commission estimated in 2007 that the Korean agreement would boost U.S. exports by about $10-11 billion annually, while increasing imports from that country by about $6.5-7.0 billion.
NORTH KOREA
Clinton's visit also comes amid a diplomatic flurry that could bring renewed efforts to resume long-stalled six-nation talks with Pyongyang aimed at curbing its nuclear weapons ambitions. A South Korean nuclear envoy was in Washington this week meeting senior U.S. officials. North Korea has slipped down U.S. President Barack Obama's policy agenda recently as he has focused heavily on turmoil in the Middle East, including the Libya conflict, and economic and budget problems at home. Pyongyang has said it wants to return to nuclear talks, but Seoul and Washington have questioned its sincerity -- pointing to revelations in November about major advances in Pyongyang's uranium enrichment programme.
The Obama administration wants to reassure South Korea of its security commitment and that Seoul will be consulted on any moves toward renewing six-party talks.
"I would like to express our deep appreciation for your steadfast support and close coordination with us in dealing with North Korean issues," South Korea's Kim said. North Korea's latest overtures follow a recent spate of hostile actions, including the shelling of a South Korean island on November 23 and its suspected sinking of a South Korean ship just over a year ago. Pyongyang had promised to abandon its nuclear programs under a 2005 aid-for-disarmament deal that collapsed amid accusations on both sides that neither kept its end of the bargain. The North tested nuclear devices in 2006 and 2009 and has also conducted long-range missile tests.
(Writing by Jeremy Laurence; Editing by Andrew Marshall)
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South Korean Foreign Minister Kim Sung-Hwan (L) shakes hands with U.S. Secretary of State Hillary Clinton prior to a meeting at Kim's official residence in Seoul April 16, 2011. REUTERS/Saul Loeb/Pool
By Matt Spetalnick
SEOUL | Sat Apr 16, 2011 11:19am EDT
(Reuters) - Secretary of State Hillary Clinton flew to South Korea on Saturday to consult Seoul about progress made in sealing a long-delayed trade deal and to coordinate strategy over the nuclear standoff with North Korea.
Clinton arrived for talks with South Korean Foreign Minister Kim Sung-hwan on Saturday and President Lee Myung-bak on Sunday, before a trip to Japan in a gesture of support following last month's earthquake and tsunami disasters that killed thousands and crippled a nuclear plant. The shift in focus to Asia follows Clinton's attendance at a NATO conference in Berlin where the alliance's foreign ministers faced strains over a Western air campaign in Libya against forces loyal to Muammar Gaddafi.
U.S. and South Korean trade negotiators struck a deal in December on a free trade pact, which was signed in 2007 but had not been ratified for three years because of U.S. auto and beef industry concerns.
However, both the U.S. Congress and the South Korean have yet to pass bills to approve the pact.
"I'm very encouraged and determined about the passage of the free trade agreement," said Clinton, sitting alongside Kim in Seoul. "We will be consulting and making the case together to our respective legislatures and I'm very confident there will be a positive outcome that will benefit both of our countries.
"It is important that we're meeting in the home stretch of the Korean free trade agreement."
Sander Levin, the top Democrat on the House of Representatives Ways and Means Committee, last month criticized Republicans for refusing to move ahead on the Korea agreement until the White House sends Congress implementing bills for two other long-delayed trade agreements with Colombia and Panama.
Republicans broadly support the Korea agreement, but have threatened to block a vote on the pact unless the White House also submits the Colombia and Panama deals for approval.
U.S. Trade Representative Ron Kirk has said the Obama administration wants to win congressional approval of a free trade agreement before July.
The agreement is currently pending in South Korea's parliament and is expected to be passed.
The U.S. International Trade Commission estimated in 2007 that the Korean agreement would boost U.S. exports by about $10-11 billion annually, while increasing imports from that country by about $6.5-7.0 billion.
NORTH KOREA
Clinton's visit also comes amid a diplomatic flurry that could bring renewed efforts to resume long-stalled six-nation talks with Pyongyang aimed at curbing its nuclear weapons ambitions. A South Korean nuclear envoy was in Washington this week meeting senior U.S. officials. North Korea has slipped down U.S. President Barack Obama's policy agenda recently as he has focused heavily on turmoil in the Middle East, including the Libya conflict, and economic and budget problems at home. Pyongyang has said it wants to return to nuclear talks, but Seoul and Washington have questioned its sincerity -- pointing to revelations in November about major advances in Pyongyang's uranium enrichment programme.
The Obama administration wants to reassure South Korea of its security commitment and that Seoul will be consulted on any moves toward renewing six-party talks.
"I would like to express our deep appreciation for your steadfast support and close coordination with us in dealing with North Korean issues," South Korea's Kim said. North Korea's latest overtures follow a recent spate of hostile actions, including the shelling of a South Korean island on November 23 and its suspected sinking of a South Korean ship just over a year ago. Pyongyang had promised to abandon its nuclear programs under a 2005 aid-for-disarmament deal that collapsed amid accusations on both sides that neither kept its end of the bargain. The North tested nuclear devices in 2006 and 2009 and has also conducted long-range missile tests.
(Writing by Jeremy Laurence; Editing by Andrew Marshall)
Nigerians out in force for presidential vote
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Accounts of voting from around Nigeria
11:12am EDT
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Voters queue to cast their ballots at Daura, in Katsina state in northern Nigeria, April 16, 2011. REUTERS/Afolabi Sotunde
By Nick Tattersall
ABUJA | Sat Apr 16, 2011 11:12am EDT
(Reuters) - Nigerians voted in masses on Saturday in what they hope will be their first credible presidential election for decades and could set an example across Africa.
Queues formed early across Nigeria, including the village of tin-roofed shacks in the Niger Delta where front-runner President Goodluck Jonathan voted and the dusty alleyway in the northern village of Daura where his main rival, former military ruler Muhammadu Buhari, cast his ballot.
Across most of the country of 150 million there was no sign of the chaos and violence that has dogged past elections although two bombs panicked voters in the troubled northeastern city of Maiduguri. There were no reports of casualties.
The polls pit Jonathan, the first head of state from the oil-producing Niger Delta, against Buhari, a northern Muslim with a reputation as a disciplinarian.
"People are coming out massively," said Ogbu Titus, a 53-year old teacher at the courtyard of a primary school on the edge of Abuja where hundreds of people had gathered. There are more than 73 million registered voters.
The African giant, home to more people than Russia, has failed to hold a free and fair presidential election since military rule ended in 1999, leaving many of its citizens with little faith in the benefits of democracy.
But a relatively successful parliamentary election a week ago, deemed credible by observers despite isolated acts of violence, has renewed voter confidence. Turnout appeared to be much higher than for the parliamentary election.
"There is no mago mago," said local election observer Agu Michael, 42, using the Yoruba expression for trickery in Lagos, Nigeria's biggest city. Market women took advantage of the swelling crowd to sell boiled plantain bananas and meat stew.
Leading a foreign observer team from the National Democratic Institute, former Canadian Prime Minister Joe Clark said: "Things seem to be quite orderly."
GOODLUCK AND PATIENCE
President Jonathan, a former zoology teacher born to a family of canoe makers, is the favorite. He is backed by the national machinery of the People's Democratic Party (PDP), whose candidate has won every presidential race since 1999.
"Nigeria is now experiencing the true democracy, where we the politicians have to go to the people," said Jonathan, voting with his wife Patience and his mother before leaving in a motorcade through cheering crowds.
"It can be described as a new dawn in our political revolution," Jonathan said.
But Jonathan is resented by some in the north, who believe he is usurping the right of a northerner to the presidency for another four years. He inherited office after his predecessor, northerner Umaru Yar'Adua, died last year in his first term, interrupting a rotation between north and south.
Buhari, a strict Muslim known for his "War Against Indiscipline", is hoping to capitalize on some of the resentment and is likely to win strong northern support despite his Congress for Progressive Change (CPC) being a young party.
The former general told Reuters he feared the ruling party was trying to manipulate the vote out of desperation.
"They could do anything and they are trying everything but luckily people are very sensitive this time around and they are determined to make their vote count," he said.
Buhari would need to prevent Jonathan from taking at least a quarter of the votes in two thirds of the 36 states if he is to stop him winning in the first round, a feat which northern support alone is unlikely to guarantee.
Fellow opposition contender Nuhu Ribadu's Action Congress of Nigeria (ACN) party has its stronghold in the southwest, and could help force a run-off. But the two failed to agree a last minute alliance this week, leaving the anti-Jonathan vote split.
The stakes are higher in the presidential race than the parliamentary election and the security agencies are on high alert. Land borders were closed and a curfew imposed overnight.
"If Nigeria gets it right, it will impact positively on the rest of the continent and show the rest of the world that Africa is capable of managing its electoral processes," said former Ghanaian President John Kufuor, who is leading an observer mission from the African Union.
"If Nigeria gets it wrong, it will have a negative influence on the continent with dire consequences," he said.
(Additional reporting by Shyamantha Asokan in Lagos, Joe Brock in Daura, Samuel Tife in Otuoke, Ibrahim Mshelizza in Maiduguri; Editing by Matthew Tostevin)
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Accounts of voting from around Nigeria
11:12am EDT
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Nigeria's Buhari sees attempts to manipulate vote
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Voters queue to cast their ballots at Daura, in Katsina state in northern Nigeria, April 16, 2011. REUTERS/Afolabi Sotunde
By Nick Tattersall
ABUJA | Sat Apr 16, 2011 11:12am EDT
(Reuters) - Nigerians voted in masses on Saturday in what they hope will be their first credible presidential election for decades and could set an example across Africa.
Queues formed early across Nigeria, including the village of tin-roofed shacks in the Niger Delta where front-runner President Goodluck Jonathan voted and the dusty alleyway in the northern village of Daura where his main rival, former military ruler Muhammadu Buhari, cast his ballot.
Across most of the country of 150 million there was no sign of the chaos and violence that has dogged past elections although two bombs panicked voters in the troubled northeastern city of Maiduguri. There were no reports of casualties.
The polls pit Jonathan, the first head of state from the oil-producing Niger Delta, against Buhari, a northern Muslim with a reputation as a disciplinarian.
"People are coming out massively," said Ogbu Titus, a 53-year old teacher at the courtyard of a primary school on the edge of Abuja where hundreds of people had gathered. There are more than 73 million registered voters.
The African giant, home to more people than Russia, has failed to hold a free and fair presidential election since military rule ended in 1999, leaving many of its citizens with little faith in the benefits of democracy.
But a relatively successful parliamentary election a week ago, deemed credible by observers despite isolated acts of violence, has renewed voter confidence. Turnout appeared to be much higher than for the parliamentary election.
"There is no mago mago," said local election observer Agu Michael, 42, using the Yoruba expression for trickery in Lagos, Nigeria's biggest city. Market women took advantage of the swelling crowd to sell boiled plantain bananas and meat stew.
Leading a foreign observer team from the National Democratic Institute, former Canadian Prime Minister Joe Clark said: "Things seem to be quite orderly."
GOODLUCK AND PATIENCE
President Jonathan, a former zoology teacher born to a family of canoe makers, is the favorite. He is backed by the national machinery of the People's Democratic Party (PDP), whose candidate has won every presidential race since 1999.
"Nigeria is now experiencing the true democracy, where we the politicians have to go to the people," said Jonathan, voting with his wife Patience and his mother before leaving in a motorcade through cheering crowds.
"It can be described as a new dawn in our political revolution," Jonathan said.
But Jonathan is resented by some in the north, who believe he is usurping the right of a northerner to the presidency for another four years. He inherited office after his predecessor, northerner Umaru Yar'Adua, died last year in his first term, interrupting a rotation between north and south.
Buhari, a strict Muslim known for his "War Against Indiscipline", is hoping to capitalize on some of the resentment and is likely to win strong northern support despite his Congress for Progressive Change (CPC) being a young party.
The former general told Reuters he feared the ruling party was trying to manipulate the vote out of desperation.
"They could do anything and they are trying everything but luckily people are very sensitive this time around and they are determined to make their vote count," he said.
Buhari would need to prevent Jonathan from taking at least a quarter of the votes in two thirds of the 36 states if he is to stop him winning in the first round, a feat which northern support alone is unlikely to guarantee.
Fellow opposition contender Nuhu Ribadu's Action Congress of Nigeria (ACN) party has its stronghold in the southwest, and could help force a run-off. But the two failed to agree a last minute alliance this week, leaving the anti-Jonathan vote split.
The stakes are higher in the presidential race than the parliamentary election and the security agencies are on high alert. Land borders were closed and a curfew imposed overnight.
"If Nigeria gets it right, it will impact positively on the rest of the continent and show the rest of the world that Africa is capable of managing its electoral processes," said former Ghanaian President John Kufuor, who is leading an observer mission from the African Union.
"If Nigeria gets it wrong, it will have a negative influence on the continent with dire consequences," he said.
(Additional reporting by Shyamantha Asokan in Lagos, Joe Brock in Daura, Samuel Tife in Otuoke, Ibrahim Mshelizza in Maiduguri; Editing by Matthew Tostevin)
Suicide attack kills 5 foreign soldiers in Afghanistan
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JALALABAD, Afghanistan | Sat Apr 16, 2011 6:30am EDT
(Reuters) - A suicide bomber in an Afghan army uniform killed five foreign and four Afghan soldiers on Saturday at a sprawling desert base in the east of the country, the highest toll on NATO-led troops in a single attack for several months.
Afghanistan's Ministry of Defense said it was investigating whether the attacker was an insurgent disguised in a fake uniform, or the latest in a string of "rogue" members of the Afghan security forces who have turned on their colleagues and mentors.
On Friday, a suicide bomber in police uniform evaded tight security in police Headquarters in Kandahar city and killed Khan Mohammad Mujahid, provincial police chief of Kandahar.
The latest attack was inside one of the biggest military installations in increasingly volatile east Afghanistan, home to the 201st Corps of the Afghan army, Afghan officials say.
The NATO-led coalition said it happened on a neighboring foreign base, during a meeting. The two are located close together in the Gamberi desert, a remote area that stretches between Laghman and Nangarhar provinces.
"Our reporting indicates there was a meeting taking place and that is when the attack happened," said Major Tim James, spokesman for the NATO-led International Security Assistance Force (ISAF)
The attack highlights the pressure the U.S. and NATO troops face as they rapidly train Afghan security forces to pave the way for critical security handover which begins later this year, in the face of a spiraling insurgency.
Over 120 foreign soldiers have died this year in Afghanistan, but this is the deadliest single incident since December last year, when a suicide car bomber killed six NATO and two Afghan troops in Kandahar province.
ROGUE ATTACKERS?
Taliban spokesman Zabihullah Mujahid claimed responsibility for the attack in an email statement, saying 12 foreign troops and 14 Afghan soldiers were killed. The group frequently exaggerates casualty figures.
He said the bomber was from central Daikondi province, had enlisted with the Afghan army a month ago and detonated his explosives at a meeting between Afghan and foreign troops.
The Defense Ministry declined immediate comment on whether the attacker was a real soldier, saying it was investigating.
The uniform does not prove conclusively that he was a soldier because Afghan security force outfits are readily available in markets across the country -- although their sale is technically illegal.
Despite tighter vetting began by Afghan authorities for recruits, there are worries about the Taliban's ability to infiltrate the Afghan security forces.
Western forces in Afghanistan have begun to train counter-intelligence agents to help root them out.
U.S. Lieutenant General William Caldwell, head of the U.S. and NATO training mission in Afghanistan, said earlier this week 222 agents had been trained since the program began last summer, and there was a target of 445 agents by the end of the year.
(Writing by Hamid Shalizi; Editing by Emma Graham-Harrison)
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By Rafiq Sherzad
JALALABAD, Afghanistan | Sat Apr 16, 2011 6:30am EDT
(Reuters) - A suicide bomber in an Afghan army uniform killed five foreign and four Afghan soldiers on Saturday at a sprawling desert base in the east of the country, the highest toll on NATO-led troops in a single attack for several months.
Afghanistan's Ministry of Defense said it was investigating whether the attacker was an insurgent disguised in a fake uniform, or the latest in a string of "rogue" members of the Afghan security forces who have turned on their colleagues and mentors.
On Friday, a suicide bomber in police uniform evaded tight security in police Headquarters in Kandahar city and killed Khan Mohammad Mujahid, provincial police chief of Kandahar.
The latest attack was inside one of the biggest military installations in increasingly volatile east Afghanistan, home to the 201st Corps of the Afghan army, Afghan officials say.
The NATO-led coalition said it happened on a neighboring foreign base, during a meeting. The two are located close together in the Gamberi desert, a remote area that stretches between Laghman and Nangarhar provinces.
"Our reporting indicates there was a meeting taking place and that is when the attack happened," said Major Tim James, spokesman for the NATO-led International Security Assistance Force (ISAF)
The attack highlights the pressure the U.S. and NATO troops face as they rapidly train Afghan security forces to pave the way for critical security handover which begins later this year, in the face of a spiraling insurgency.
Over 120 foreign soldiers have died this year in Afghanistan, but this is the deadliest single incident since December last year, when a suicide car bomber killed six NATO and two Afghan troops in Kandahar province.
ROGUE ATTACKERS?
Taliban spokesman Zabihullah Mujahid claimed responsibility for the attack in an email statement, saying 12 foreign troops and 14 Afghan soldiers were killed. The group frequently exaggerates casualty figures.
He said the bomber was from central Daikondi province, had enlisted with the Afghan army a month ago and detonated his explosives at a meeting between Afghan and foreign troops.
The Defense Ministry declined immediate comment on whether the attacker was a real soldier, saying it was investigating.
The uniform does not prove conclusively that he was a soldier because Afghan security force outfits are readily available in markets across the country -- although their sale is technically illegal.
Despite tighter vetting began by Afghan authorities for recruits, there are worries about the Taliban's ability to infiltrate the Afghan security forces.
Western forces in Afghanistan have begun to train counter-intelligence agents to help root them out.
U.S. Lieutenant General William Caldwell, head of the U.S. and NATO training mission in Afghanistan, said earlier this week 222 agents had been trained since the program began last summer, and there was a target of 445 agents by the end of the year.
(Writing by Hamid Shalizi; Editing by Emma Graham-Harrison)
Syria emergency law to be lifted next week: Assad
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Syrians, living in Lebanon, chant slogans in support of Syrian President Bashar al-Assad as they carry his pictures in front of the Syrian embassy in Beirut April 12, 2011. REUTERS/ Mohamed Azakir
AMMAN | Sat Apr 16, 2011 11:29am EDT
(Reuters) - Syrian President Bashar al-Assad said Saturday legislation to lift 48 years of emergency law would be enacted by next week but warned that new laws in the works would not be lenient toward what he called sabotage.
In a speech to a new cabinet he named last week, Assad said stability remained his priority but said that reform was needed to "strengthen the internal front," following unprecedented protests against his authoritarian rule.
(Reporting by Khaled Yacoub Oweis)
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Syrians, living in Lebanon, chant slogans in support of Syrian President Bashar al-Assad as they carry his pictures in front of the Syrian embassy in Beirut April 12, 2011. REUTERS/ Mohamed Azakir
AMMAN | Sat Apr 16, 2011 11:29am EDT
(Reuters) - Syrian President Bashar al-Assad said Saturday legislation to lift 48 years of emergency law would be enacted by next week but warned that new laws in the works would not be lenient toward what he called sabotage.
In a speech to a new cabinet he named last week, Assad said stability remained his priority but said that reform was needed to "strengthen the internal front," following unprecedented protests against his authoritarian rule.
(Reporting by Khaled Yacoub Oweis)
Libyan government forces bombard Misrata
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By Alexander Dziadosz
BENGHAZI, Libya | Sat Apr 16, 2011 11:22am EDT
(Reuters) - Forces loyal to Libyan leader Muammar Gaddafi fired at least 100 Grad rockets into Misrata on Saturday, a rebel spokesman said, in a third day of heavy bombardment of the rebel-held city.
Misrata is the rebels' only major bastion in the western part of Libya. Pro-Gaddafi forces have laid siege to it for seven weeks after cities across the coast rose up against the Libyan leader's four-decade rule in mid-February.
"They fired Grads at an industrial area this morning, at least 100 rockets were fired. No casualties are reported," Abdelbasset Abu Mzereiq told Reuters by telephone.
In the east, rebel military leader, Abdel Fattah Younes, said his forces were engaged in fierce fighting in Brega, west of Benghazi, and said he hoped he would have "good news" soon.
"We have people who are positioned at the entrance to Brega, they have cleared out some snipers. We've basically cleared out Gaddaffi's forces from the eastern outskirts," rebel commander Jibril Mohammed Jibril said on Saturday on the fringes of Ajdabiyah, the nearest town to Brega still under rebel control.
A rebel at the entrance to Ajdabiyah said rebels were still being ambushed by government forces along the main highway linking the two towns. Artillery fire was heard coming from the direction of Brega, but it was unclear who was firing, he said.
DESPERATE TO ESCAPE
More than 100 rockets landed in Misrata on Friday as well, and rebels said government forces had reached the city center.
Human Rights Watch said it had evidence Gaddafi's forces were firing cluster bombs into residential areas of Misrata. It published photographs of what it said were Spanish-produced cluster bombs, which release grenades designed to explode into fragments and kill the maximum number of people.
Rebel spokesman Abdelsalam in Misrata said pro-Gaddafi forces had on Friday also shelled the road leading to the port, a lifeline for trapped civilians and the main entry point for international aid agencies, killing eight people.
"Today was very tough ... Gaddafi's forces entered Tripoli Street and Nakl al Theqeel road," he said by phone, referring to a main Misrata thoroughfare.
"Witnesses said they saw pro-Gaddafi soldiers on foot in the city center today. Except for snipers, they usually stay in their tanks and armored vehicles," the spokesman said.
A government reconnaissance helicopter had flown over the city, he said, despite a no-fly zone mandated by the U.N. Security Council and enforced by NATO warplanes.
Late on Friday, an aid ship brought nearly 1,200 Misrata evacuees to the eastern Libyan city of Benghazi, just a fraction of those stranded and desperate to escape, an official of the International Organization for Migration (IOM) said.
Up to 10,000 people still needed to be evacuated from Misrata, IOM aid coordinator Jeremy Haslam said. Continued bombardment made it impossible to get into many areas of the city, he Libyan government forces bombard Misrata
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Prayers and pleas from Libya's rebels
Fri, Apr 15 2011
Gaddafi's daughter condemns NATO strikes
Gaddafi cheered in surprise trip through Tripoli
Prayers and pleas from Libya's rebels (02:50)
By Alexander Dziadosz
BENGHAZI, Libya | Sat Apr 16, 2011 11:22am EDT
(Reuters) - Forces loyal to Libyan leader Muammar Gaddafi fired at least 100 Grad rockets into Misrata on Saturday, a rebel spokesman said, in a third day of heavy bombardment of the rebel-held city.
Misrata is the rebels' only major bastion in the western part of Libya. Pro-Gaddafi forces have laid siege to it for seven weeks after cities across the coast rose up against the Libyan leader's four-decade rule in mid-February.
"They fired Grads at an industrial area this morning, at least 100 rockets were fired. No casualties are reported," Abdelbasset Abu Mzereiq told Reuters by telephone.
In the east, rebel military leader, Abdel Fattah Younes, said his forces were engaged in fierce fighting in Brega, west of Benghazi, and said he hoped he would have "good news" soon.
"We have people who are positioned at the entrance to Brega, they have cleared out some snipers. We've basically cleared out Gaddaffi's forces from the eastern outskirts," rebel commander Jibril Mohammed Jibril said on Saturday on the fringes of Ajdabiyah, the nearest town to Brega still under rebel control.
A rebel at the entrance to Ajdabiyah said rebels were still being ambushed by government forces along the main highway linking the two towns. Artillery fire was heard coming from the direction of Brega, but it was unclear who was firing, he said.
DESPERATE TO ESCAPE
More than 100 rockets landed in Misrata on Friday as well, and rebels said government forces had reached the city center.
Human Rights Watch said it had evidence Gaddafi's forces were firing cluster bombs into residential areas of Misrata. It published photographs of what it said were Spanish-produced cluster bombs, which release grenades designed to explode into fragments and kill the maximum number of people.
Rebel spokesman Abdelsalam in Misrata said pro-Gaddafi forces had on Friday also shelled the road leading to the port, a lifeline for trapped civilians and the main entry point for international aid agencies, killing eight people.
"Today was very tough ... Gaddafi's forces entered Tripoli Street and Nakl al Theqeel road," he said by phone, referring to a main Misrata thoroughfare.
"Witnesses said they saw pro-Gaddafi soldiers on foot in the city center today. Except for snipers, they usually stay in their tanks and armored vehicles," the spokesman said.
A government reconnaissance helicopter had flown over the city, he said, despite a no-fly zone mandated by the U.N. Security Council and enforced by NATO warplanes.
Late on Friday, an aid ship brought nearly 1,200 Misrata evacuees to the eastern Libyan city of Benghazi, just a fraction of those stranded and desperate to escape, an official of the International Organization for Migration (IOM) said.
Up to 10,000 people still needed to be evacuated from Misrata, IOM aid coordinator Jeremy Haslam said. Continued bombardment made it impossible to get into many areas of the city, he
"We threw out the textbook, basically. We couldn't get to the most vulnerable, those who need to get out fastest, because it was too dangerous," Haslam said.
Government spokesman Ibrahim said that a Red Cross team had arrived in Misrata on Saturday.
STALEMATE
On Friday, U.S. President Barack Obama acknowledged the military situation on the ground in Libya had reached stalemate three weeks into the war, but said he expected NATO allies to force Gaddafi from power eventually.
Obama, British Prime Minister David Cameron and French President Nicolas Sarkozy published a joint newspaper article vowing to continue their military campaign until Gaddafi leaves power. They acknowledged their aim of regime change went beyond protecting civilians, as allowed by a U.N. Security Council resolution, but said Libyans would never be safe under Gaddafi.
Obama told the Associated Press: "You now have a stalemate on the ground militarily, but Gaddafi is still getting squeezed in all kinds of other ways. He is running out of money, he is running out of supplies. The noose is tightening and he is becoming more and more isolated."
Hundreds are believed to have died in Misrata, under what Obama, Cameron and Sarkozy described in their article as a "medieval siege."
"Our duty and our mandate under U.N. Security Council Resolution 1973 is to protect civilians, and we are doing that. It is not to remove Gaddafi by force. But it is impossible to imagine a future for Libya with Gaddafi in power," they wrote.
The United States led the bombing campaign in its first week, but has since taken a back seat, putting NATO in command with the British and French responsible for most air strikes. Obama has made clear Washington was not planning to resume to a more active military role.
Britain and France spent this week trying to persuade other NATO allies to contribute more fire power.
U.S. Secretary of State Hillary Clinton said the NATO allies were searching for ways to provide funds to the rebels, including helping them to sell oil from areas they control.
"The opposition needs a lot of assistance, on the organizational side, on the humanitarian side, and on the military side," she said.
Rebel leader Younes told Al-Arabiya TV late on Friday the insurgents had secured weapons from friendly nations, but gave no details.
(Additional reporting by Michael Georgy in Ajdabiyah and Mussab Al-Khairalla in Tripoli; Writing by Janet Lawrence and Miral Fahmy; Editing by Louise Ireland)
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Red Cross team arrives in rebel-held Misrata
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Prayers and pleas from Libya's rebels
Fri, Apr 15 2011
Gaddafi's daughter condemns NATO strikes
Gaddafi cheered in surprise trip through Tripoli
Prayers and pleas from Libya's rebels (02:50)
By Alexander Dziadosz
BENGHAZI, Libya | Sat Apr 16, 2011 11:22am EDT
(Reuters) - Forces loyal to Libyan leader Muammar Gaddafi fired at least 100 Grad rockets into Misrata on Saturday, a rebel spokesman said, in a third day of heavy bombardment of the rebel-held city.
Misrata is the rebels' only major bastion in the western part of Libya. Pro-Gaddafi forces have laid siege to it for seven weeks after cities across the coast rose up against the Libyan leader's four-decade rule in mid-February.
"They fired Grads at an industrial area this morning, at least 100 rockets were fired. No casualties are reported," Abdelbasset Abu Mzereiq told Reuters by telephone.
In the east, rebel military leader, Abdel Fattah Younes, said his forces were engaged in fierce fighting in Brega, west of Benghazi, and said he hoped he would have "good news" soon.
"We have people who are positioned at the entrance to Brega, they have cleared out some snipers. We've basically cleared out Gaddaffi's forces from the eastern outskirts," rebel commander Jibril Mohammed Jibril said on Saturday on the fringes of Ajdabiyah, the nearest town to Brega still under rebel control.
A rebel at the entrance to Ajdabiyah said rebels were still being ambushed by government forces along the main highway linking the two towns. Artillery fire was heard coming from the direction of Brega, but it was unclear who was firing, he said.
DESPERATE TO ESCAPE
More than 100 rockets landed in Misrata on Friday as well, and rebels said government forces had reached the city center.
Human Rights Watch said it had evidence Gaddafi's forces were firing cluster bombs into residential areas of Misrata. It published photographs of what it said were Spanish-produced cluster bombs, which release grenades designed to explode into fragments and kill the maximum number of people.
Rebel spokesman Abdelsalam in Misrata said pro-Gaddafi forces had on Friday also shelled the road leading to the port, a lifeline for trapped civilians and the main entry point for international aid agencies, killing eight people.
"Today was very tough ... Gaddafi's forces entered Tripoli Street and Nakl al Theqeel road," he said by phone, referring to a main Misrata thoroughfare.
"Witnesses said they saw pro-Gaddafi soldiers on foot in the city center today. Except for snipers, they usually stay in their tanks and armored vehicles," the spokesman said.
A government reconnaissance helicopter had flown over the city, he said, despite a no-fly zone mandated by the U.N. Security Council and enforced by NATO warplanes.
Late on Friday, an aid ship brought nearly 1,200 Misrata evacuees to the eastern Libyan city of Benghazi, just a fraction of those stranded and desperate to escape, an official of the International Organization for Migration (IOM) said.
Up to 10,000 people still needed to be evacuated from Misrata, IOM aid coordinator Jeremy Haslam said. Continued bombardment made it impossible to get into many areas of the city, he Libyan government forces bombard Misrata
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Red Cross team arrives in rebel-held Misrata
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Ethiopia/Eritrea: Another war?
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Prayers and pleas from Libya's rebels
Fri, Apr 15 2011
Gaddafi's daughter condemns NATO strikes
Gaddafi cheered in surprise trip through Tripoli
Prayers and pleas from Libya's rebels (02:50)
By Alexander Dziadosz
BENGHAZI, Libya | Sat Apr 16, 2011 11:22am EDT
(Reuters) - Forces loyal to Libyan leader Muammar Gaddafi fired at least 100 Grad rockets into Misrata on Saturday, a rebel spokesman said, in a third day of heavy bombardment of the rebel-held city.
Misrata is the rebels' only major bastion in the western part of Libya. Pro-Gaddafi forces have laid siege to it for seven weeks after cities across the coast rose up against the Libyan leader's four-decade rule in mid-February.
"They fired Grads at an industrial area this morning, at least 100 rockets were fired. No casualties are reported," Abdelbasset Abu Mzereiq told Reuters by telephone.
In the east, rebel military leader, Abdel Fattah Younes, said his forces were engaged in fierce fighting in Brega, west of Benghazi, and said he hoped he would have "good news" soon.
"We have people who are positioned at the entrance to Brega, they have cleared out some snipers. We've basically cleared out Gaddaffi's forces from the eastern outskirts," rebel commander Jibril Mohammed Jibril said on Saturday on the fringes of Ajdabiyah, the nearest town to Brega still under rebel control.
A rebel at the entrance to Ajdabiyah said rebels were still being ambushed by government forces along the main highway linking the two towns. Artillery fire was heard coming from the direction of Brega, but it was unclear who was firing, he said.
DESPERATE TO ESCAPE
More than 100 rockets landed in Misrata on Friday as well, and rebels said government forces had reached the city center.
Human Rights Watch said it had evidence Gaddafi's forces were firing cluster bombs into residential areas of Misrata. It published photographs of what it said were Spanish-produced cluster bombs, which release grenades designed to explode into fragments and kill the maximum number of people.
Rebel spokesman Abdelsalam in Misrata said pro-Gaddafi forces had on Friday also shelled the road leading to the port, a lifeline for trapped civilians and the main entry point for international aid agencies, killing eight people.
"Today was very tough ... Gaddafi's forces entered Tripoli Street and Nakl al Theqeel road," he said by phone, referring to a main Misrata thoroughfare.
"Witnesses said they saw pro-Gaddafi soldiers on foot in the city center today. Except for snipers, they usually stay in their tanks and armored vehicles," the spokesman said.
A government reconnaissance helicopter had flown over the city, he said, despite a no-fly zone mandated by the U.N. Security Council and enforced by NATO warplanes.
Late on Friday, an aid ship brought nearly 1,200 Misrata evacuees to the eastern Libyan city of Benghazi, just a fraction of those stranded and desperate to escape, an official of the International Organization for Migration (IOM) said.
Up to 10,000 people still needed to be evacuated from Misrata, IOM aid coordinator Jeremy Haslam said. Continued bombardment made it impossible to get into many areas of the city, he
"We threw out the textbook, basically. We couldn't get to the most vulnerable, those who need to get out fastest, because it was too dangerous," Haslam said.
Government spokesman Ibrahim said that a Red Cross team had arrived in Misrata on Saturday.
STALEMATE
On Friday, U.S. President Barack Obama acknowledged the military situation on the ground in Libya had reached stalemate three weeks into the war, but said he expected NATO allies to force Gaddafi from power eventually.
Obama, British Prime Minister David Cameron and French President Nicolas Sarkozy published a joint newspaper article vowing to continue their military campaign until Gaddafi leaves power. They acknowledged their aim of regime change went beyond protecting civilians, as allowed by a U.N. Security Council resolution, but said Libyans would never be safe under Gaddafi.
Obama told the Associated Press: "You now have a stalemate on the ground militarily, but Gaddafi is still getting squeezed in all kinds of other ways. He is running out of money, he is running out of supplies. The noose is tightening and he is becoming more and more isolated."
Hundreds are believed to have died in Misrata, under what Obama, Cameron and Sarkozy described in their article as a "medieval siege."
"Our duty and our mandate under U.N. Security Council Resolution 1973 is to protect civilians, and we are doing that. It is not to remove Gaddafi by force. But it is impossible to imagine a future for Libya with Gaddafi in power," they wrote.
The United States led the bombing campaign in its first week, but has since taken a back seat, putting NATO in command with the British and French responsible for most air strikes. Obama has made clear Washington was not planning to resume to a more active military role.
Britain and France spent this week trying to persuade other NATO allies to contribute more fire power.
U.S. Secretary of State Hillary Clinton said the NATO allies were searching for ways to provide funds to the rebels, including helping them to sell oil from areas they control.
"The opposition needs a lot of assistance, on the organizational side, on the humanitarian side, and on the military side," she said.
Rebel leader Younes told Al-Arabiya TV late on Friday the insurgents had secured weapons from friendly nations, but gave no details.
(Additional reporting by Michael Georgy in Ajdabiyah and Mussab Al-Khairalla in Tripoli; Writing by Janet Lawrence and Miral Fahmy; Editing by Louise Ireland)
Oil up on rosier U.S. consumer sentiment, China
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Different ways of looking at the oil price
Fri, Apr 15 2011
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Lower profits, uneasy market
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Oil tumbles as demand fears grow
Tue, Apr 12 2011
Fuel storage tanks are seen at Mobil Oil's oil refinery in Melbourne March 8, 2011. REUTERS/Mick Tsikas
By Joshua Schneyer and Matthew Robinson
NEW YORK | Fri Apr 15, 2011 5:14pm EDT
(Reuters) - Oil rose on Friday, with Brent crude surging past $123 a barrel, as improving U.S. consumer confidence and industrial production eased concerns about rising fuel costs.
Concerns about the impact of rising fuel costs on the economic recovery and consumption hit prices earlier in the week, knocking Brent off 32-month highs. It had risen to $127 a barrel on expectations the conflict in Libya would lead to a prolonged disruption of the OPEC nation's supplies.
A U.S. government report showed underlying inflation pressures remained contained in March, while a survey showed April consumer sentiment rose more than expected. Investors have been concerned higher energy and food costs would slow consumer spending.
A gauge of manufacturing in economic powerhouse New York State rose in April to the highest level in a year and employment improved, the New York Federal Reserve said Friday.
U.S. crude futures rose $1.55 to settle at $109.66 a barrel, marking the third straight day of gains although the contract was off 2.8 percent for the week. ICE Brent crude for June, the new front-month contract, rose $1.45 to settle at $123.45 a barrel.
"Consumer confidence and supportive Empire State manufacturing data helped turn the market more positive and China's growth, while slightly slower, is still chugging along," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.
China's gross domestic product grew by 9.7 percent in the first quarter from a year earlier, off the 9.8 percent growth rate in the last quarter of 2010 but ahead of the 9.5 percent pace that analysts had expected.
Volumes were light, with about 267,000 lots of Brent traded by late afternoon, 43 percent below the 30-day average. U.S. crude trade was down about 22 percent from the 30-day average at 528,000 lots, although overall activity for the week was stronger than in recent weeks.
In the week to April 12, money managers cut their net long positions in crude futures and options by 23,718 positions in the week as prices fell, according to the Commodity Futures Trading Commission.
GOLDMAN
Investors appeared to brush off the latest Goldman Sachs recommendation to prune commodities portfolios, after a note earlier in the week from the bank warning of a correction in commodities markets sent oil lower.
U.S. bank Goldman Sachs on Friday recommended investors go underweight commodities for three to six months, after the sharp price rises so far this year.
Oil prices have "pushed ahead" of supply and demand fundamentals and near-term downside risk has risen after prices climbed to "exceptionally high levels," Goldman told clients in the latest note, while it maintained its outlook for rising oil prices over a longer, 12-month horizon, on growing global fuel demand.
Brent prices have rallied from around $94 at the start of year due to the unrest in Libya and the Middle East, and concerns that it could spread to larger oil producers such as Saudi Arabia.
(Reporting by Joshua Schneyer, Robert Gibbons and Matthew Robinson in New York; Christopher Johnson in London: Florence Tan in Singapore; Editing by David Gregorio)
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Different ways of looking at the oil price
Fri, Apr 15 2011
Analysis & Opinion
What to expect from the IMF, World Bank meetings
Lower profits, uneasy market
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Oil tumbles as demand fears grow
Tue, Apr 12 2011
Fuel storage tanks are seen at Mobil Oil's oil refinery in Melbourne March 8, 2011. REUTERS/Mick Tsikas
By Joshua Schneyer and Matthew Robinson
NEW YORK | Fri Apr 15, 2011 5:14pm EDT
(Reuters) - Oil rose on Friday, with Brent crude surging past $123 a barrel, as improving U.S. consumer confidence and industrial production eased concerns about rising fuel costs.
Concerns about the impact of rising fuel costs on the economic recovery and consumption hit prices earlier in the week, knocking Brent off 32-month highs. It had risen to $127 a barrel on expectations the conflict in Libya would lead to a prolonged disruption of the OPEC nation's supplies.
A U.S. government report showed underlying inflation pressures remained contained in March, while a survey showed April consumer sentiment rose more than expected. Investors have been concerned higher energy and food costs would slow consumer spending.
A gauge of manufacturing in economic powerhouse New York State rose in April to the highest level in a year and employment improved, the New York Federal Reserve said Friday.
U.S. crude futures rose $1.55 to settle at $109.66 a barrel, marking the third straight day of gains although the contract was off 2.8 percent for the week. ICE Brent crude for June, the new front-month contract, rose $1.45 to settle at $123.45 a barrel.
"Consumer confidence and supportive Empire State manufacturing data helped turn the market more positive and China's growth, while slightly slower, is still chugging along," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.
China's gross domestic product grew by 9.7 percent in the first quarter from a year earlier, off the 9.8 percent growth rate in the last quarter of 2010 but ahead of the 9.5 percent pace that analysts had expected.
Volumes were light, with about 267,000 lots of Brent traded by late afternoon, 43 percent below the 30-day average. U.S. crude trade was down about 22 percent from the 30-day average at 528,000 lots, although overall activity for the week was stronger than in recent weeks.
In the week to April 12, money managers cut their net long positions in crude futures and options by 23,718 positions in the week as prices fell, according to the Commodity Futures Trading Commission.
GOLDMAN
Investors appeared to brush off the latest Goldman Sachs recommendation to prune commodities portfolios, after a note earlier in the week from the bank warning of a correction in commodities markets sent oil lower.
U.S. bank Goldman Sachs on Friday recommended investors go underweight commodities for three to six months, after the sharp price rises so far this year.
Oil prices have "pushed ahead" of supply and demand fundamentals and near-term downside risk has risen after prices climbed to "exceptionally high levels," Goldman told clients in the latest note, while it maintained its outlook for rising oil prices over a longer, 12-month horizon, on growing global fuel demand.
Brent prices have rallied from around $94 at the start of year due to the unrest in Libya and the Middle East, and concerns that it could spread to larger oil producers such as Saudi Arabia.
(Reporting by Joshua Schneyer, Robert Gibbons and Matthew Robinson in New York; Christopher Johnson in London: Florence Tan in Singapore; Editing by David Gregorio)
Interest rates back to fixate investors
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A trader works on the floor of the New York Stock Exchange as the Federal Reserve's decision to leave interest rates untouched between zero and 0.25 percent is announced, January 26, 2011. REUTERS/Brendan McDermid
By Jeremy Gaunt, European Investment Correspondent
LONDON | Fri Apr 15, 2011 2:56pm EDT
(Reuters) - Financial markets have swung back into a new but familiar phase -- worrying about interest rates -- and, not coincidently, the euro zone debt crisis is also bubbling after a brief hiatus.
It all points to a couple of weeks ahead that are likely to be volatile -- risk-on, risk-off -- with a particular focus on the U.S. Federal Reserve's meeting on April 26.
The interest rate issue is at its most obvious on the foreign exchange market, where carry trading has returned. Investors are borrowing in low-yielding currencies to invest in higher-yielding ones.
The euro, for example, is at its highest in 15 months against the dollar.
This is being driven by yield differentials now available after the European Central Bank raised interest rates (with more likely to come) while Japan keeps monetary conditions ultra-loose following its devastating earthquake and tsunami.
A sort of middle ground is being held by the Fed, which is not likely to raise rates until next year, but which has to decide on the future of its asset-buying quantative easing (QE) program, due to end in June.
It is at this point that equity investors come into the picture. QE has produced a flood of liquidity into markets that has essentially driven investors into stocks, in part because it has made a lot of fixed income unattractive.
Equity markets have been remarkably resilient, shrugging off just about everything that is being thrown at them, from rocketing oil prices, wobbly euro zone debt, a big blow to Japan's economy, and a revolt in the Arab world.
Gary Baker, head of European equity strategy for Bank of America-Merrill Lynch, says equity investors are actually "reluctant bulls" who can't fight Fed-driven liquidity.
"They see very little alternative to equities," he said.
It all makes markets highly vulnerable to sudden, surprising change. So any comments from the various factions in the U.S. central bank hierarchy over the next few weeks may be even more market-moving than usual.
Flash PMIs from across the euro zone may also be signposts to the ECB's next move.
SPILLOVER
Interest rate speculation is also playing into the euro zone debt crisis, with the tighter ECB policy and strong euro doing few favors for the struggling peripheral economies.
This is most evident in Greece, where the spread between 10-year bonds and German equivalents is now more than 1,000 basis points and talk is rife of restructuring being needed.
Prime Minister George Papandreou said on Friday that Greece would present details of fresh austerity and privatization plans after Easter. They are an attempt to convince markets it can tidy up its finances and avoid restructuring.
Investors, however, continue to pressure peripheral debt, despite various plans to draw a line under the problem. Papandreou's announcement that details would come later did little to ease concerns.
Differing interest rate prospects, in the meantime, have been a major catalyst behind the recent shift of investment flows into emerging markets.
Fears of tightening in red-hot emerging economies put some investors off at the beginning of the year, but a belief that the rate cycle was peaking opened the door to aggressive new flows.
Again, this makes markets particularly vulnerable to surprises, epitomized by the risk-averse reaction to China's increasing growth and higher consumer price inflation reported in the past week.
India also reported higher than expected inflation.
The coming week brings central bank meetings in a number of major emerging markets, notably Hungary, Brazil, Turkey, Israel and Thailand.
Turkey may be the most interesting as it will feature a newly appointed central bank governor, Erdem Basci, widely seen as the main architect of the country's unorthodox monetary policy, which twins rate cuts with rises in bank reserve ratios in order to tighten policy.
MORE EARNINGS
The remarkable performance of world equities, meanwhile, will be tested in the coming week by the latest earnings season, this time with Europe joining in with Wall Street.
The U.S. reports will be dominated by banks, including Goldman Sachs, Citigroup and Wells Fargo. Europe will hear from the likes of Novartis, LVMH and Peugeot.
Europe may disappoint. Thomson Reuters StarMine data suggests STOXX Europe 600 <.STOXX) companies may post first-quarter figures that will be on average 1 percent below expectations.
Sentiment on the equity market nonetheless remains constructive as seen in commodity trader Glencore's planned $12 billion initial public offering next month.
(Additional reporting by Sujata Rao and Dominic Lau; Editing by Catherine Evans)
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Five world markets themes in the coming week
Fri, Apr 15 2011
Analysis & Opinion
Banks need to guard against short-term debt creep
What to expect from the IMF, World Bank meetings
Related Topics
Personal Finance »
Euro Zone »
A trader works on the floor of the New York Stock Exchange as the Federal Reserve's decision to leave interest rates untouched between zero and 0.25 percent is announced, January 26, 2011. REUTERS/Brendan McDermid
By Jeremy Gaunt, European Investment Correspondent
LONDON | Fri Apr 15, 2011 2:56pm EDT
(Reuters) - Financial markets have swung back into a new but familiar phase -- worrying about interest rates -- and, not coincidently, the euro zone debt crisis is also bubbling after a brief hiatus.
It all points to a couple of weeks ahead that are likely to be volatile -- risk-on, risk-off -- with a particular focus on the U.S. Federal Reserve's meeting on April 26.
The interest rate issue is at its most obvious on the foreign exchange market, where carry trading has returned. Investors are borrowing in low-yielding currencies to invest in higher-yielding ones.
The euro, for example, is at its highest in 15 months against the dollar.
This is being driven by yield differentials now available after the European Central Bank raised interest rates (with more likely to come) while Japan keeps monetary conditions ultra-loose following its devastating earthquake and tsunami.
A sort of middle ground is being held by the Fed, which is not likely to raise rates until next year, but which has to decide on the future of its asset-buying quantative easing (QE) program, due to end in June.
It is at this point that equity investors come into the picture. QE has produced a flood of liquidity into markets that has essentially driven investors into stocks, in part because it has made a lot of fixed income unattractive.
Equity markets have been remarkably resilient, shrugging off just about everything that is being thrown at them, from rocketing oil prices, wobbly euro zone debt, a big blow to Japan's economy, and a revolt in the Arab world.
Gary Baker, head of European equity strategy for Bank of America-Merrill Lynch, says equity investors are actually "reluctant bulls" who can't fight Fed-driven liquidity.
"They see very little alternative to equities," he said.
It all makes markets highly vulnerable to sudden, surprising change. So any comments from the various factions in the U.S. central bank hierarchy over the next few weeks may be even more market-moving than usual.
Flash PMIs from across the euro zone may also be signposts to the ECB's next move.
SPILLOVER
Interest rate speculation is also playing into the euro zone debt crisis, with the tighter ECB policy and strong euro doing few favors for the struggling peripheral economies.
This is most evident in Greece, where the spread between 10-year bonds and German equivalents is now more than 1,000 basis points and talk is rife of restructuring being needed.
Prime Minister George Papandreou said on Friday that Greece would present details of fresh austerity and privatization plans after Easter. They are an attempt to convince markets it can tidy up its finances and avoid restructuring.
Investors, however, continue to pressure peripheral debt, despite various plans to draw a line under the problem. Papandreou's announcement that details would come later did little to ease concerns.
Differing interest rate prospects, in the meantime, have been a major catalyst behind the recent shift of investment flows into emerging markets.
Fears of tightening in red-hot emerging economies put some investors off at the beginning of the year, but a belief that the rate cycle was peaking opened the door to aggressive new flows.
Again, this makes markets particularly vulnerable to surprises, epitomized by the risk-averse reaction to China's increasing growth and higher consumer price inflation reported in the past week.
India also reported higher than expected inflation.
The coming week brings central bank meetings in a number of major emerging markets, notably Hungary, Brazil, Turkey, Israel and Thailand.
Turkey may be the most interesting as it will feature a newly appointed central bank governor, Erdem Basci, widely seen as the main architect of the country's unorthodox monetary policy, which twins rate cuts with rises in bank reserve ratios in order to tighten policy.
MORE EARNINGS
The remarkable performance of world equities, meanwhile, will be tested in the coming week by the latest earnings season, this time with Europe joining in with Wall Street.
The U.S. reports will be dominated by banks, including Goldman Sachs, Citigroup and Wells Fargo. Europe will hear from the likes of Novartis, LVMH and Peugeot.
Europe may disappoint. Thomson Reuters StarMine data suggests STOXX Europe 600 <.STOXX) companies may post first-quarter figures that will be on average 1 percent below expectations.
Sentiment on the equity market nonetheless remains constructive as seen in commodity trader Glencore's planned $12 billion initial public offering next month.
(Additional reporting by Sujata Rao and Dominic Lau; Editing by Catherine Evans)
Wall Street rises on economic data but minefields loom
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The Dow Jones industrial average gained 56.68 points, or 0.46 percent, to end unofficially at 12,341.83. REUTERS/Graphic
By Rodrigo Campos
NEW YORK | Fri Apr 15, 2011 7:16pm EDT
(Reuters) - Encouraging economic indicators sent U.S. stocks higher on Friday, but the market's recent struggles are set to continue into next week when more than one-fifth of S&P 500 companies report results.
The S&P 500 fell for a second straight week, and some in the market pointed to strong resistance building around 1,340. The daily chart shows a bearish double top near that level.
In another worrisome sign, investors again favored defensive stocks, which tend to do better in times of waning growth. Utilities .GSPU and healthcare .GSPA were the S&P 500's top-performing sectors.
Disappointing results from Google and Infosys weighed on technology shares, while financials were pressured by Bank of America's results.
"Even while some of the earnings (were not) exactly what the market hoped for, the macro economic data was actually pretty good this morning," said Paul Zemsky, head of asset allocation at ING in New York.
Consumer price inflation remained contained in March while industrial production increased. A separate survey showed improvement in consumer sentiment in April.
Investors have been concerned that higher energy and food costs would slow consumer spending, while at the same time force the Federal Reserve to tighten its very loose monetary policy earlier that anticipated.
The Dow Jones industrial average .DJI gained 56.68 points, or 0.46 percent, to 12,341.83. The Standard & Poor's 500 Index .SPX rose 5.16 points, or 0.39 percent, to 1,319.68. The Nasdaq Composite Index .IXIC added 4.43 points, or 0.16 percent, to 2,764.65.
For the week, the Dow fell 0.3 percent while the S&P 500 and the Nasdaq each lost 0.6 percent.
The CBOE Volatility Index or VIX .VIX dropped 5.8 percent to close at 15.82, its lowest level since July 2007.
The first week of earnings has been a mixed bag, with some bellwether companies unable to excite the market despite some cases of stronger-than-expected profits. Investors have been disappointed with companies' revenues or outlooks.
"If this theme of discouraging reports continues, I'll become more bearish on the season," said Randall Warren, chief investment officer of Warren Financial Service in Exton, Pennsylvania. "But right now, it could go either way, and it looks like the market wants to go up."
Bank of America Corp (BAC.N) reported a steeper-than-expected decline of 37.5 percent in profit and named a new chief financial officer. The stock fell 2.4 percent to $12.82 and was the Dow's bigger percentage loser.
Google Inc (GOOG.O) unnerved investors late on Thursday with a large jump in first-quarter spending. The Internet company also reported an adjusted profit slightly under expectations. Its stock sank 8.3 percent to $530.70.
Also hurting technology stocks, Infosys Technologies Ltd (INFY.NS)(INFY.O), India's No. 2 software services exporter, sparked worries about the sector's growth after it forecast annual sales lower than expected on slower client spending. Its U.S.-traded shares fell 13.4 percent to $63.21.
Information technology .GSPT was the sole S&P sector to fall. The IT sector's index fell 0.4 percent.
Charles Schwab Corp (SCHW.N) reported first-quarter earnings that beat expectations by a penny. The broker also said clients had reduced the percentage of their cash assets held in Schwab to pre-crisis levels. The stock rose 2.1 percent to $18.61.
Bond insurer Assured Guaranty Ltd (AGO.N) surged 24.2 percent to $17.60 on heavy volume after the company announced an agreement with Bank of America on mortgage repurchase claims. Among other companies in the sector, MBIA Inc (MBI.N) climbed 17.4 percent to $10.48, also on heavy volume.
About 7.1 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, below last year's estimated daily average of 8.47 billion.
Advancing stocks outnumbered declining ones on the NYSE by a ratio of more than 2 to 1, while on the Nasdaq, more than nine stocks rose for every five that fell.
(Reporting by Rodrigo Campos; Additional reporting by Ryan Vlastelica; Editing by Jan Paschal)
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Gold hits record, silver surges on inflation fear
Fri, Apr 15 2011
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BAC.N
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Economic leaders seek balance
Fri, Apr 15 2011
The Dow Jones industrial average gained 56.68 points, or 0.46 percent, to end unofficially at 12,341.83. REUTERS/Graphic
By Rodrigo Campos
NEW YORK | Fri Apr 15, 2011 7:16pm EDT
(Reuters) - Encouraging economic indicators sent U.S. stocks higher on Friday, but the market's recent struggles are set to continue into next week when more than one-fifth of S&P 500 companies report results.
The S&P 500 fell for a second straight week, and some in the market pointed to strong resistance building around 1,340. The daily chart shows a bearish double top near that level.
In another worrisome sign, investors again favored defensive stocks, which tend to do better in times of waning growth. Utilities .GSPU and healthcare .GSPA were the S&P 500's top-performing sectors.
Disappointing results from Google and Infosys weighed on technology shares, while financials were pressured by Bank of America's results.
"Even while some of the earnings (were not) exactly what the market hoped for, the macro economic data was actually pretty good this morning," said Paul Zemsky, head of asset allocation at ING in New York.
Consumer price inflation remained contained in March while industrial production increased. A separate survey showed improvement in consumer sentiment in April.
Investors have been concerned that higher energy and food costs would slow consumer spending, while at the same time force the Federal Reserve to tighten its very loose monetary policy earlier that anticipated.
The Dow Jones industrial average .DJI gained 56.68 points, or 0.46 percent, to 12,341.83. The Standard & Poor's 500 Index .SPX rose 5.16 points, or 0.39 percent, to 1,319.68. The Nasdaq Composite Index .IXIC added 4.43 points, or 0.16 percent, to 2,764.65.
For the week, the Dow fell 0.3 percent while the S&P 500 and the Nasdaq each lost 0.6 percent.
The CBOE Volatility Index or VIX .VIX dropped 5.8 percent to close at 15.82, its lowest level since July 2007.
The first week of earnings has been a mixed bag, with some bellwether companies unable to excite the market despite some cases of stronger-than-expected profits. Investors have been disappointed with companies' revenues or outlooks.
"If this theme of discouraging reports continues, I'll become more bearish on the season," said Randall Warren, chief investment officer of Warren Financial Service in Exton, Pennsylvania. "But right now, it could go either way, and it looks like the market wants to go up."
Bank of America Corp (BAC.N) reported a steeper-than-expected decline of 37.5 percent in profit and named a new chief financial officer. The stock fell 2.4 percent to $12.82 and was the Dow's bigger percentage loser.
Google Inc (GOOG.O) unnerved investors late on Thursday with a large jump in first-quarter spending. The Internet company also reported an adjusted profit slightly under expectations. Its stock sank 8.3 percent to $530.70.
Also hurting technology stocks, Infosys Technologies Ltd (INFY.NS)(INFY.O), India's No. 2 software services exporter, sparked worries about the sector's growth after it forecast annual sales lower than expected on slower client spending. Its U.S.-traded shares fell 13.4 percent to $63.21.
Information technology .GSPT was the sole S&P sector to fall. The IT sector's index fell 0.4 percent.
Charles Schwab Corp (SCHW.N) reported first-quarter earnings that beat expectations by a penny. The broker also said clients had reduced the percentage of their cash assets held in Schwab to pre-crisis levels. The stock rose 2.1 percent to $18.61.
Bond insurer Assured Guaranty Ltd (AGO.N) surged 24.2 percent to $17.60 on heavy volume after the company announced an agreement with Bank of America on mortgage repurchase claims. Among other companies in the sector, MBIA Inc (MBI.N) climbed 17.4 percent to $10.48, also on heavy volume.
About 7.1 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, below last year's estimated daily average of 8.47 billion.
Advancing stocks outnumbered declining ones on the NYSE by a ratio of more than 2 to 1, while on the Nasdaq, more than nine stocks rose for every five that fell.
(Reporting by Rodrigo Campos; Additional reporting by Ryan Vlastelica; Editing by Jan Paschal)
Earnings stumbles could awaken bears
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Traders work on the floor of the New York Stock Exchange March 22, 2011. REUTERS/Brendan McDermid
By Caroline Valetkevitch
NEW YORK | Fri Apr 15, 2011 8:45pm EDT
(Reuters) - Earnings could make for a bumpy ride in U.S. stocks next week if more key companies undershoot expectations, possibly causing a spike in volatility.
Disappointments from Alcoa (AA.N) , Google (GOOG.O) and others in the first week of earnings have dampened some of the enthusiasm about results, ensuring that eyes will be glued to reports in the coming days.
These include top technology and financial company results, including Yahoo (YHOO.O), Intel (INTC.O), IBM (IBM.N), Texas Instruments (TXN.N), Goldman Sachs (GS.N) and Citigroup (C.N). This blitz of numbers will come during a holiday-shortened week. U.S. financial markets will be closed on April 22nd in observance of Good Friday.
Market watchers also will be anxious to hear how much tech companies may have been affected by the disaster in Japan.
"We've all been lulled to sleep here lately. This earnings season will hopefully be a telling point to try to give people conviction to go one way or the other," said Mike Gibbs, managing director and chief market strategist at Morgan Keegan in Memphis.
"There are potential land mines out there that could create a little bit more volatile trading," he said.
The CBOE Volatility Index, a barometer of investor anxiety known as the VIX .VIX, briefly fell on Friday to its lowest level since July 2007. It ended at 15.32, well below its mid-March high of 31.28.
Others agreed that further disappointments could stir up volatility.
"If earnings disappoint greatly from any of the major players next week in the financials or technical sector, this could be a catalyst for a return of volatility into the market," said Joe Kinahan, TD Ameritrade chief derivatives strategist, in Chicago.
For the week, the Dow Jones industrial average .DJI slipped 0.3 percent, while the Standard & Poor's 500 Index .SPX and the Nasdaq Composite Index .IXIC each shed 0.6 percent.
BEWARE OF "DUAL HEADWINDS"
Whether the earnings season will be strong enough to propel the market higher is the question on investors' minds.
The Standard & Poor's 500 index .SPX is up 25.8 percent since the start of September, roughly when the recent rally began.
But sharp gains in the price of oil and other commodities, especially in the first quarter, have fueled worries about the impact on consumers and companies. Moreover, Japan's massive earthquake and tsunami, which triggered a nuclear crisis, have prompted other concerns.
Equity strategists at JPMorgan Chase cut their U.S. earnings estimates by $1 -- but for second-quarter and full-year results -- because of these "dual headwinds."
One popular view is that the market stays in sideways motion during earnings season.
"Earnings are just going to be enough to keep this market bipolar," said Mark Lamkin, CEO and chief investment strategist of Louisville,Kentucky-based Lamkin Wealth Management, with more than $200 million in assets under management.
They "are going to be good enough to keep this market toward the high end of this trading range, but they're not going to be good enough to break out of a range and set the next big leg higher."
FINANCIALS' FORECAST REVISED DOWN
In aggregate, analysts' mean earnings forecast for the S&P financial sector for the first quarter is down 3.4 percent in the past 14 days, according to Thomson Reuters StarMine data.
It was the biggest negative change for any S&P 500 sector, while energy has seen the biggest positive change, the data showed.
The mean change in earnings estimates for Goldman Sachs (GS.N) is down 42.8 percent in the last two weeks, while the mean change in estimates for Citigroup Inc (C.N) is down 6 percent in the last 14 days, it showed.
Analysts' mean earnings forecast for the S&P information technology sector is down 0.1 percent in the past 14 days.
Among other tech disappointments, Infosys Technologies Ltd (INFY.O), India's No. 2 software services exporter, on Friday forecast annual sales lower than expected.
BEARS CIRCLE THE OIL PATCH
Among others expected to report next week are several oil services companies.
Data suggests those stocks could be vulnerable to more declines as earnings expectations have come down and bearish options bets have increased lately, according to Reuters Insider quantitative analyst Mike Tarsala. Deepwater projects in the Gulf of Mexico are being approved at a slow pace.
Earnings sentiment for the group is waning, he said. Two of the sector's biggest names, Halliburton Co. (HAL.N) and Schlumberger Ltd. (SLB.N) are due to report next week.
To be sure, many analysts still see many upside surprises ahead in this earnings reporting period, repeating the trend of recent earnings seasons.
"What's happened is the global macro noise has overshadowed the fundamental earnings stories ... beneath the covers, things are actually better than people believe," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.
Based on his own research model, he ranks industrials .GSPI at the top of his earnings expectations among the S&P 500's 10 sectors, followed by telecommunications.
Thomson Reuters data shows S&P 500 earnings are expected to have risen 11.7 percent from a year earlier. That estimate is roughly unchanged in recent weeks.
(Reporting by Caroline Valetkevitch in New York, with additional reporting by Doris Frankel in Chicago; Editing by Jan Paschal)
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Wall Street rises on economic data but minefields loom
Fri, Apr 15 2011
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Traders work on the floor of the New York Stock Exchange March 22, 2011. REUTERS/Brendan McDermid
By Caroline Valetkevitch
NEW YORK | Fri Apr 15, 2011 8:45pm EDT
(Reuters) - Earnings could make for a bumpy ride in U.S. stocks next week if more key companies undershoot expectations, possibly causing a spike in volatility.
Disappointments from Alcoa (AA.N) , Google (GOOG.O) and others in the first week of earnings have dampened some of the enthusiasm about results, ensuring that eyes will be glued to reports in the coming days.
These include top technology and financial company results, including Yahoo (YHOO.O), Intel (INTC.O), IBM (IBM.N), Texas Instruments (TXN.N), Goldman Sachs (GS.N) and Citigroup (C.N). This blitz of numbers will come during a holiday-shortened week. U.S. financial markets will be closed on April 22nd in observance of Good Friday.
Market watchers also will be anxious to hear how much tech companies may have been affected by the disaster in Japan.
"We've all been lulled to sleep here lately. This earnings season will hopefully be a telling point to try to give people conviction to go one way or the other," said Mike Gibbs, managing director and chief market strategist at Morgan Keegan in Memphis.
"There are potential land mines out there that could create a little bit more volatile trading," he said.
The CBOE Volatility Index, a barometer of investor anxiety known as the VIX .VIX, briefly fell on Friday to its lowest level since July 2007. It ended at 15.32, well below its mid-March high of 31.28.
Others agreed that further disappointments could stir up volatility.
"If earnings disappoint greatly from any of the major players next week in the financials or technical sector, this could be a catalyst for a return of volatility into the market," said Joe Kinahan, TD Ameritrade chief derivatives strategist, in Chicago.
For the week, the Dow Jones industrial average .DJI slipped 0.3 percent, while the Standard & Poor's 500 Index .SPX and the Nasdaq Composite Index .IXIC each shed 0.6 percent.
BEWARE OF "DUAL HEADWINDS"
Whether the earnings season will be strong enough to propel the market higher is the question on investors' minds.
The Standard & Poor's 500 index .SPX is up 25.8 percent since the start of September, roughly when the recent rally began.
But sharp gains in the price of oil and other commodities, especially in the first quarter, have fueled worries about the impact on consumers and companies. Moreover, Japan's massive earthquake and tsunami, which triggered a nuclear crisis, have prompted other concerns.
Equity strategists at JPMorgan Chase cut their U.S. earnings estimates by $1 -- but for second-quarter and full-year results -- because of these "dual headwinds."
One popular view is that the market stays in sideways motion during earnings season.
"Earnings are just going to be enough to keep this market bipolar," said Mark Lamkin, CEO and chief investment strategist of Louisville,Kentucky-based Lamkin Wealth Management, with more than $200 million in assets under management.
They "are going to be good enough to keep this market toward the high end of this trading range, but they're not going to be good enough to break out of a range and set the next big leg higher."
FINANCIALS' FORECAST REVISED DOWN
In aggregate, analysts' mean earnings forecast for the S&P financial sector for the first quarter is down 3.4 percent in the past 14 days, according to Thomson Reuters StarMine data.
It was the biggest negative change for any S&P 500 sector, while energy has seen the biggest positive change, the data showed.
The mean change in earnings estimates for Goldman Sachs (GS.N) is down 42.8 percent in the last two weeks, while the mean change in estimates for Citigroup Inc (C.N) is down 6 percent in the last 14 days, it showed.
Analysts' mean earnings forecast for the S&P information technology sector is down 0.1 percent in the past 14 days.
Among other tech disappointments, Infosys Technologies Ltd (INFY.O), India's No. 2 software services exporter, on Friday forecast annual sales lower than expected.
BEARS CIRCLE THE OIL PATCH
Among others expected to report next week are several oil services companies.
Data suggests those stocks could be vulnerable to more declines as earnings expectations have come down and bearish options bets have increased lately, according to Reuters Insider quantitative analyst Mike Tarsala. Deepwater projects in the Gulf of Mexico are being approved at a slow pace.
Earnings sentiment for the group is waning, he said. Two of the sector's biggest names, Halliburton Co. (HAL.N) and Schlumberger Ltd. (SLB.N) are due to report next week.
To be sure, many analysts still see many upside surprises ahead in this earnings reporting period, repeating the trend of recent earnings seasons.
"What's happened is the global macro noise has overshadowed the fundamental earnings stories ... beneath the covers, things are actually better than people believe," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.
Based on his own research model, he ranks industrials .GSPI at the top of his earnings expectations among the S&P 500's 10 sectors, followed by telecommunications.
Thomson Reuters data shows S&P 500 earnings are expected to have risen 11.7 percent from a year earlier. That estimate is roughly unchanged in recent weeks.
(Reporting by Caroline Valetkevitch in New York, with additional reporting by Doris Frankel in Chicago; Editing by Jan Paschal)
Big Pharma backs deal to boost flu pandemic readiness
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A woman receives a H1N1 influenza vaccine shot from a medical staff at a hospital in Nonthaburi province, on the outskirts of Bangkok January 11, 2010. REUTERS/Chaiwat Subprasom
By Stephanie Nebehay
GENEVA | Sat Apr 16, 2011 10:42am EDT
(Reuters) - Virus samples will be shared globally in exchange for vaccines produced from them under a landmark deal to improve preparedness for a flu pandemic, diplomats at the World Health Organization said on Saturday.
In a statement to Reuters, the International Federation of Pharmaceutical Manufacturers and Associations, which represents 26 research-based drugmakers, welcomed the plan and confirmed the commitments its members had undertaken as part of it.
Negotiators ended an all-night session with a draft agreement accepted by all countries, including the United States, the last to join the consensus, diplomats said.
"The negotiations are finished. The framework was agreed," an aide to Mexico's ambassador Juan Jose Gomez Camacho, co-chairman of the closed-door talks, told Reuters.
Health ministers were expected to adopt the framework deal, which lays down participation by the drug industry, at the WHO's annual meeting being held May 16-24.
Countries would share virus samples with the WHO's network of laboratories in return for affordable vaccines derived from them. The industry has pledged to donate drugs and know-how, covering half of the $58 million annual cost of boosting defenses in the poorest nations, according to senior envoys.
Negotiations began four years ago among the WHO's 193 members after the deadly H5N1 bird flu virus emerged in southeast Asia. A year later, Indonesia stopped sharing flu virus samples with the WHO, demanding its share of vaccines.
Indonesia joined in the consensus reached, diplomats said.
SECURING THE WORLD
The IFPMA, whose Big Pharma members span Europe, Japan and the United States, said it was studying the plan that would need "fine-tuning" in the coming year.
GlaxoSmithKline, Novartis and Sanofi-Aventis, are among major flu vaccine makers, and along with Tamiflu-maker Roche, are IFPMA members.
But negotiators appeared to have "reached a decision that will result in an effective global system to prepare for potential future influenza pandemics, recognizing a shared responsibility to help secure the world against future pandemic influenza outbreaks," the Geneva-based IFPMA said in a statement sent to Reuters by an authorized industry source.
In talks with negotiators, its members had pledged to "reserve at least 10 percent of pandemic vaccine manufacturing capacity on a real-time basis, for donation to the WHO and/or supply at tiered prices, to developing countries," it said.
They would also reserve at least 10 percent of antiviral manufacturing capacity for donation on the same basis.
"It is crucial that the system allow for rapid access to pandemic viruses and for benefits to be allocated to those countries most in need," the IFPMA said.
"IFPMA members will continue to ensure that intellectual property rights do not present a barrier at the next pandemic."
During the H1N1 swine flu pandemic in 2009-2010, many developing countries complained they had no life-saving antivirals or vaccines to combat the new virus.
The WHO helped distribute 78 million vaccines, donated by rich nations and drugmakers, to 77 developing countries, but regulatory and other hurdles slowed the process.
The pharmaceutical industry has pledged to step up its role.
"Industry agreed what its role will be. They will be able to choose between donations and intellectual property," a diplomatic source told Reuters early on Saturday.
This meant drug companies could donate significant amounts of vaccines or antivirals, or transfer technology, he said.
Drug companies say current production capacity for pandemic flu vaccine is 1.1 billion doses.
(Editing by Sophie Hares)
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Drug industry, states near deal on pandemic vaccine
Fri, Apr 15 2011
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A woman receives a H1N1 influenza vaccine shot from a medical staff at a hospital in Nonthaburi province, on the outskirts of Bangkok January 11, 2010. REUTERS/Chaiwat Subprasom
By Stephanie Nebehay
GENEVA | Sat Apr 16, 2011 10:42am EDT
(Reuters) - Virus samples will be shared globally in exchange for vaccines produced from them under a landmark deal to improve preparedness for a flu pandemic, diplomats at the World Health Organization said on Saturday.
In a statement to Reuters, the International Federation of Pharmaceutical Manufacturers and Associations, which represents 26 research-based drugmakers, welcomed the plan and confirmed the commitments its members had undertaken as part of it.
Negotiators ended an all-night session with a draft agreement accepted by all countries, including the United States, the last to join the consensus, diplomats said.
"The negotiations are finished. The framework was agreed," an aide to Mexico's ambassador Juan Jose Gomez Camacho, co-chairman of the closed-door talks, told Reuters.
Health ministers were expected to adopt the framework deal, which lays down participation by the drug industry, at the WHO's annual meeting being held May 16-24.
Countries would share virus samples with the WHO's network of laboratories in return for affordable vaccines derived from them. The industry has pledged to donate drugs and know-how, covering half of the $58 million annual cost of boosting defenses in the poorest nations, according to senior envoys.
Negotiations began four years ago among the WHO's 193 members after the deadly H5N1 bird flu virus emerged in southeast Asia. A year later, Indonesia stopped sharing flu virus samples with the WHO, demanding its share of vaccines.
Indonesia joined in the consensus reached, diplomats said.
SECURING THE WORLD
The IFPMA, whose Big Pharma members span Europe, Japan and the United States, said it was studying the plan that would need "fine-tuning" in the coming year.
GlaxoSmithKline, Novartis and Sanofi-Aventis, are among major flu vaccine makers, and along with Tamiflu-maker Roche, are IFPMA members.
But negotiators appeared to have "reached a decision that will result in an effective global system to prepare for potential future influenza pandemics, recognizing a shared responsibility to help secure the world against future pandemic influenza outbreaks," the Geneva-based IFPMA said in a statement sent to Reuters by an authorized industry source.
In talks with negotiators, its members had pledged to "reserve at least 10 percent of pandemic vaccine manufacturing capacity on a real-time basis, for donation to the WHO and/or supply at tiered prices, to developing countries," it said.
They would also reserve at least 10 percent of antiviral manufacturing capacity for donation on the same basis.
"It is crucial that the system allow for rapid access to pandemic viruses and for benefits to be allocated to those countries most in need," the IFPMA said.
"IFPMA members will continue to ensure that intellectual property rights do not present a barrier at the next pandemic."
During the H1N1 swine flu pandemic in 2009-2010, many developing countries complained they had no life-saving antivirals or vaccines to combat the new virus.
The WHO helped distribute 78 million vaccines, donated by rich nations and drugmakers, to 77 developing countries, but regulatory and other hurdles slowed the process.
The pharmaceutical industry has pledged to step up its role.
"Industry agreed what its role will be. They will be able to choose between donations and intellectual property," a diplomatic source told Reuters early on Saturday.
This meant drug companies could donate significant amounts of vaccines or antivirals, or transfer technology, he said.
Drug companies say current production capacity for pandemic flu vaccine is 1.1 billion doses.
(Editing by Sophie Hares)
UAE to curb BlackBerry usage for individuals: report
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Women walk past a Blackberry booth at the Gulf Information and Technology Exhibition (GITEX) in Dubai October 17, 2010. REUTERS/Ahmed Jadallah
DUBAI | Sat Apr 16, 2011 10:39am EDT
(Reuters) - The United Arab Emirates will stop individuals and small businesses accessing the most private data services offered by BlackBerry, a newspaper said, but email and web access will not be disrupted, said the government.
Only businesses with 20 or more subscriptions will be allowed to use high security accounts on the BlackBerry Enterprise Server, which allows for services such as highly secure corporate email, the National newspaper reported on Saturday.
The move comes months after the UAE dropped a threat to suspend BlackBerry services after resolving a dispute over access.
It also coincides with efforts by Arab states to stem rolling pro-democracy revolts, largely organized on social media, that have hit all but two Gulf states, the UAE and Qatar.
Citing a ruling by the UAE's telecoms regulator, The National said that small businesses would still be able to use the BlackBerry Internet Service, which does not rely on private servers, as well as encrypted messaging.
UAE officials had no immediate comment but the telecoms regulator said on its website that BlackBerry services including messenger, email and internet browsing would continue without disruption to all customers.
It said it would clarify "any confusion" in the coming week, but gave no further details including what server the services would use.
BlackBerry maker Research In Motion encrypts email messages as they travel between a BlackBerry device and a computer known as BlackBerry Enterprise Server (BES).
"Enterprise Services are to be made available to qualifying organizations only and not to private individuals," The National quoted the Telecommunications Regulatory Authority as saying. The paper said the ruling would come into effect on May 1.
Last year, the UAE threatened to suspend BlackBerry Messenger, email and web browser services unless RIM worked out a way to locate its encrypted computer servers in the country so the state could get access to email and other data -- the same access it says the United States, Russia and other states have.
The UAE, which like many Gulf states has little tolerance for dissent, had voiced concerns over its inability to access information legally, citing security and sovereignty issues.
But it resolved its dispute with Canada's RIM days ahead of an October 11 deadline. The UAE gave no details of what RIM had agreed beyond stating that BlackBerry services had become compliant with UAE telecoms regulations.
That dispute and others in the region highlighted growing nervousness at the time over regional security threats, ranging al Qaeda militancy to worries over Iran's nuclear work.
(Writing by Cynthia Johnston; Editing by Andrew Heavens)
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Women walk past a Blackberry booth at the Gulf Information and Technology Exhibition (GITEX) in Dubai October 17, 2010. REUTERS/Ahmed Jadallah
DUBAI | Sat Apr 16, 2011 10:39am EDT
(Reuters) - The United Arab Emirates will stop individuals and small businesses accessing the most private data services offered by BlackBerry, a newspaper said, but email and web access will not be disrupted, said the government.
Only businesses with 20 or more subscriptions will be allowed to use high security accounts on the BlackBerry Enterprise Server, which allows for services such as highly secure corporate email, the National newspaper reported on Saturday.
The move comes months after the UAE dropped a threat to suspend BlackBerry services after resolving a dispute over access.
It also coincides with efforts by Arab states to stem rolling pro-democracy revolts, largely organized on social media, that have hit all but two Gulf states, the UAE and Qatar.
Citing a ruling by the UAE's telecoms regulator, The National said that small businesses would still be able to use the BlackBerry Internet Service, which does not rely on private servers, as well as encrypted messaging.
UAE officials had no immediate comment but the telecoms regulator said on its website that BlackBerry services including messenger, email and internet browsing would continue without disruption to all customers.
It said it would clarify "any confusion" in the coming week, but gave no further details including what server the services would use.
BlackBerry maker Research In Motion encrypts email messages as they travel between a BlackBerry device and a computer known as BlackBerry Enterprise Server (BES).
"Enterprise Services are to be made available to qualifying organizations only and not to private individuals," The National quoted the Telecommunications Regulatory Authority as saying. The paper said the ruling would come into effect on May 1.
Last year, the UAE threatened to suspend BlackBerry Messenger, email and web browser services unless RIM worked out a way to locate its encrypted computer servers in the country so the state could get access to email and other data -- the same access it says the United States, Russia and other states have.
The UAE, which like many Gulf states has little tolerance for dissent, had voiced concerns over its inability to access information legally, citing security and sovereignty issues.
But it resolved its dispute with Canada's RIM days ahead of an October 11 deadline. The UAE gave no details of what RIM had agreed beyond stating that BlackBerry services had become compliant with UAE telecoms regulations.
That dispute and others in the region highlighted growing nervousness at the time over regional security threats, ranging al Qaeda militancy to worries over Iran's nuclear work.
(Writing by Cynthia Johnston; Editing by Andrew Heavens)
China central bank chief: tightening to continue with yuan
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An employee seals a stack of yuan banknotes at a branch of Industrial and Commercial Bank of China in Huaibei, Anhui province April 6, 2011. REUTERS/Stringer
By Zhou Xin and Ben Blanchard
BOAO, China | Sat Apr 16, 2011 11:24am EDT
(Reuters) - China's monetary policy tightening will continue for some time as inflation remains higher than the government is comfortable with, and the yuan will be one of the tools used to fight it, the central bank governor said on Saturday.
Zhou Xiaochuan, head of the People's Bank of China, said China was using the yuan as a tool in fighting inflation and will make the currency more flexible over time.
"The shift from a moderately loose monetary stance to a prudent one means tightening, and this stance will continue for a while," Zhou told a press briefing on the sidelines of the Boao Forum for Asia on the tropical Chinese island of Hainan.
The yuan has risen 4.5 percent against the dollar since the end of a de facto peg last June, but it has fallen by 4.3 percent since that time against a trade-weighted basket on account of dollar weakness, data from the Bank for International Settlements show.
Zhou said China did not have pre-set targets for the yuan's value. Instead, Beijing would respect the role of market demand and supply in deciding the yuan's exchange rate.
He noted that international calls for a stronger yuan were in line with China's own efforts to adjust its economic structure and boost incomes, but said there was still no timetable for when the currency would become fully convertible.
China could not accept accusations that the yuan was a cause of global financial turmoil, he added.
"If you regard China's yuan issue as the key cause of the international financial crisis and want to use the yuan as the key solution to overcome the crisis, then we can't agree with that," he said.
NO UPPER LIMIT FOR RESERVE RATIOS
Zhou said the March inflation reading of 5.4 percent from a year earlier was higher than the government target, meaning the central bank had to take further measures to ease price increases.
But he said China would be cautious in raising borrowing costs further, out of concern for attracting inflows of speculative capital seeking returns not only from yuan appreciation but higher interest rates.
The PBOC has increased benchmark interest rates four times since last October, bringing its rates much higher than in economies such as the United States.
"The international market has excessive liquidity, and if we raise interest rates in an excessive or aggressive manner, we may attract big hot money inflows," Zhou said.
The PBOC has increasingly relied on quantitative tools to mop up excess cash in the financial system, now requiring the country's big banks to set aside a record-high 20.0 percent of their deposits as reserves.
Asked whether there was a ceiling for the reserve ratio, Zhou said there was no absolute upper limit, leaving open the possibility of further increases.
As the deposit reserve ratio is a tool designed to soak up liquidity, Beijing would use it when necessary, he said, noting that banks still received interest on the required reserves from the central bank.
Zhou said China's rare trade deficit in the first quarter was mainly caused by commodity price increases, and that China does not welcome a deficit for such a reason, or higher commodity prices.
He said the yuan would be used by companies more often for settling trade in future if the dollar proves "unstable."
G20
Leading world economies agreed on Friday to put the policies of seven major nations under a microscope as part of a plan to prevent a repeat of the global financial crisis.
Under the deal, the International Monetary Fund will look at national levels of debt, budget deficits and trade balances to determine whether a nation's policies are putting the global economy at risk and should be changed.
Zhou said these indicators would provide a handy reference point for China in managing its economy.
"For China, it is like a test, and you don't expect to achieve full marks right away at the beginning," he said.
With or without external indicators, China has been working hard to achieve sustainable development, Zhou noted.
"In this regard, (the new indicators) will provide us with a new perspective," Zhou said, adding he had not looked at the details of the new pact agreed in Washington.
He also reiterated the view that China was still under-represented at the International Monetary Fund and World Bank in terms of the size of the Chinese economy.
"For China, the adjustment (of voting rights) is still not enough, at least in terms of GDP size," Zhou said.
(Editing by Jason Subler)
Share this
inShare
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G20 backs early-warning plan against future crises
Fri, Apr 15 2011
Euro lower but seen resilient next week
Fri, Apr 15 2011
U.S. inflation contained, bucks global price trend
Fri, Apr 15 2011
Interest rates back to fixate investors
Fri, Apr 15 2011
China growth sizzles, inflation bubbles
Fri, Apr 15 2011
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Five years from U.S. housing peak, still no bottom
U.S. vs China: which economy is bigger, better?
Related Topics
China »
An employee seals a stack of yuan banknotes at a branch of Industrial and Commercial Bank of China in Huaibei, Anhui province April 6, 2011. REUTERS/Stringer
By Zhou Xin and Ben Blanchard
BOAO, China | Sat Apr 16, 2011 11:24am EDT
(Reuters) - China's monetary policy tightening will continue for some time as inflation remains higher than the government is comfortable with, and the yuan will be one of the tools used to fight it, the central bank governor said on Saturday.
Zhou Xiaochuan, head of the People's Bank of China, said China was using the yuan as a tool in fighting inflation and will make the currency more flexible over time.
"The shift from a moderately loose monetary stance to a prudent one means tightening, and this stance will continue for a while," Zhou told a press briefing on the sidelines of the Boao Forum for Asia on the tropical Chinese island of Hainan.
The yuan has risen 4.5 percent against the dollar since the end of a de facto peg last June, but it has fallen by 4.3 percent since that time against a trade-weighted basket on account of dollar weakness, data from the Bank for International Settlements show.
Zhou said China did not have pre-set targets for the yuan's value. Instead, Beijing would respect the role of market demand and supply in deciding the yuan's exchange rate.
He noted that international calls for a stronger yuan were in line with China's own efforts to adjust its economic structure and boost incomes, but said there was still no timetable for when the currency would become fully convertible.
China could not accept accusations that the yuan was a cause of global financial turmoil, he added.
"If you regard China's yuan issue as the key cause of the international financial crisis and want to use the yuan as the key solution to overcome the crisis, then we can't agree with that," he said.
NO UPPER LIMIT FOR RESERVE RATIOS
Zhou said the March inflation reading of 5.4 percent from a year earlier was higher than the government target, meaning the central bank had to take further measures to ease price increases.
But he said China would be cautious in raising borrowing costs further, out of concern for attracting inflows of speculative capital seeking returns not only from yuan appreciation but higher interest rates.
The PBOC has increased benchmark interest rates four times since last October, bringing its rates much higher than in economies such as the United States.
"The international market has excessive liquidity, and if we raise interest rates in an excessive or aggressive manner, we may attract big hot money inflows," Zhou said.
The PBOC has increasingly relied on quantitative tools to mop up excess cash in the financial system, now requiring the country's big banks to set aside a record-high 20.0 percent of their deposits as reserves.
Asked whether there was a ceiling for the reserve ratio, Zhou said there was no absolute upper limit, leaving open the possibility of further increases.
As the deposit reserve ratio is a tool designed to soak up liquidity, Beijing would use it when necessary, he said, noting that banks still received interest on the required reserves from the central bank.
Zhou said China's rare trade deficit in the first quarter was mainly caused by commodity price increases, and that China does not welcome a deficit for such a reason, or higher commodity prices.
He said the yuan would be used by companies more often for settling trade in future if the dollar proves "unstable."
G20
Leading world economies agreed on Friday to put the policies of seven major nations under a microscope as part of a plan to prevent a repeat of the global financial crisis.
Under the deal, the International Monetary Fund will look at national levels of debt, budget deficits and trade balances to determine whether a nation's policies are putting the global economy at risk and should be changed.
Zhou said these indicators would provide a handy reference point for China in managing its economy.
"For China, it is like a test, and you don't expect to achieve full marks right away at the beginning," he said.
With or without external indicators, China has been working hard to achieve sustainable development, Zhou noted.
"In this regard, (the new indicators) will provide us with a new perspective," Zhou said, adding he had not looked at the details of the new pact agreed in Washington.
He also reiterated the view that China was still under-represented at the International Monetary Fund and World Bank in terms of the size of the Chinese economy.
"For China, the adjustment (of voting rights) is still not enough, at least in terms of GDP size," Zhou said.
(Editing by Jason Subler)
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