01/03/2012 (3:20 pm)
India
India
Yemen’s opposition on Sunday accused outgoing President Ali Abdullah Saleh of trying to torpedo a power transfer deal by sparking a new crisis, as troops loyal to him clashed with opposition forces, killing three.
The violence was evidence that the president’s signature on a power transfer deal has not ended months of turmoil that have benefited al-Qaida-linked militants.
Sunday’s clashes followed Saleh’s decision not to leave the country, a move likely to embolden his relatives, who control key security posts.
His opponents demand the removal of all of Saleh’s relatives from top security positions. Huge crowds of protesters have called for Saleh himself to be put on trial for the killing of hundreds of protesters, though the power transfer deal gives him immunity from prosecution.
Vice President Abed Rabbo Mansour Hadi told his new national unity government on Sunday, in their first official session, that the power transfer agreement, engineered by Yemen’s powerful Gulf Arab neighbors, must be implemented soon.
“We need to move vigorously and effectively to implement the Gulf initiative and its mechanisms,” he said.
The new government’s first task is to push through the law shielding Saleh from prosecution for alleged corruption and for violence against protesters. Saleh made that a condition for signing the deal to relinquish power after 33 years of rule over the Arab world’s poorest nation.
Yet more than a month after Saleh signed, and after the possibility of his flying to the U.S. was raised, Saleh is still in Yemen, still wielding significant power and showing few, if any, signs of giving in.
Ten months of mass protests and armed clashes between forces loyal to Saleh and his opponents, including army units that followed powerful tribal leaders siding with the opposition, have left a power vacuum. The Yemen branch of al-Qaida, considered one of the world’s most dangerous, has taken advantage of that to dig in to positions in the country’s south, taking over towns and villages.
Yemen’s military fights frequent battles with the Islamist militants but has failed to dislodge them no checking account payday advance.
In the latest skirmish between Saleh backers and opponents, anti-government tribesmen in el-Fardha Nehem region, about 50 miles (80 kilometers) northeast of the capital Sanaa, said two people were killed and two others wounded when Saleh’s Republican Guards, led by his son, shelled their homes.
Opposition spokesman Mohamed Sabri accused Saleh of undercutting security as a way of arguing that he must stay in power.
“This man does not respect his commitments with others,” Sabri said. “Saleh is creating a new crisis.”
In the capital, a civilian bystander was killed when Republican Guard troops clashed with supporters of tribal chief Sadeq al-Ahmar, who was once a regime ally, but defected to the opposition in March, activists said.
Supporters of al-Ahmar and Saleh’s troops exchanged fire in Sanaa’s northern district of Hassaba, according to a security official and witnesses, resulting in the death of the bystander. The official spoke on condition of anonymity because he was not authorized to release the information.
The fighting Sunday ended after the vice president held talks with both sides. He was also able to quell violence in el-Fardha Nehem region.
Large crowds of Yemenis rallied in major cities Sunday, demanding the outgoing president be put on trial for the deaths of protesters.
The U.N. estimates that hundreds of protesters have been killed and thousands wounded since last February, when anti-government protests erupted across major cities.
Tens of thousands marched in the streets of Sanaa, chanting that Saleh “must stand before a judge.” Another large crowd of marchers echoed the chant in Taiz, Yemen’s second largest city.
Activist Fathi al-Hamadi said the “only place for Saleh to go to is the court dock.”
The stock market is ending a tumultuous year right where it started.
The Standard & Poor’s 500 index closed 2011 a fraction of a point below where it started the year. The S&P closed at 1,257.60, up 5.42 points or 0.4 percent. It ended 2010 at nearly the exact same level, at 1,257.64. Its loss for the year is 0.04 point.
The Dow Jones industrial average lost 69 points, or 0.6 percent, at 12,218. The Dow is up 5.5 percent for the year. The Nasdaq composite index fell 9 points, or 0.3 percent, to 2,605. It lost 1.8 percent for the year.
McDonald’s Corp. was the biggest winner in the Dow this year with a gain of 31 percent. Bank of America Corp. was the worst, down 58 percent.
The conventional wisdom is the more risk, the greater the potential rewards. But the opposite is proving true this year: Investors playing it safe have gained the most.
The most dull and conservative of stocks _ utilities _ gained 15 percent, the largest gain of the ten industry sectors in the S&P 500 index. Other winning groups are consumer staples and health care companies, up 11 percent and 10 percent in 2011 respectively.
In Europe, many of the biggest markets ended down for the year. Britain’s FTSE 100 lost 5.6 percent, Germany’s DAX 14.7 percent.
Trading has been quiet this week with many investors away on vacation. Volume on the New York Stock Exchange has been about half of its daily average pay day loans. Markets will be closed Monday in observance of New Year’s Day.
Better news on the job market and home sales lifted stocks Thursday, pushing the Dow up 135 points. On Friday Ford reported that its sales topped 2 million this year for the first time since 2007. Ford fell 0.1 percent.
Rising and falling stocks were about even on the New York Stock Exchange. Volume was just 2.2 billion shares, about half of the recent daily average.
In other corporate news:
_ Sears Holdings Corp. fell 3 percent to $31.78 after Fitch Ratings downgraded the company’s credit rating to “junk.” Sears has plunged 30 percent this week after disclosing that it would close more than 100 Sears and Kmart stores because of weak holiday sales.
_ Diamond Foods Inc. jumped 2.4 percent to $32.27. Rumors have been circulating that the hedge fund manager David Einhorn has acquired a stake in the food company that makes Emerald Nuts.
_ AMR Corp., the parent company of American Airlines, fell 17 cents to 35 cents. The company filed for bankruptcy protection last month. Late Thursday the company said its stock would be delisted from the New York Stock Exchange next week.
Valley Beef LLC, a franchisee of five St. Louis area Lion’s Choice restaurants, has filed for bankruptcy.
Clayton-based Valley Beef, led by Thomas Ginos, filed the Chapter 11 bankruptcy petition Thursday in St. Louis federal court and listed between $500,000 and $1 million in liabilities and assets of $50,000 or less. Its largest creditors holding unsecured claims are US Foods, which is owed $117,850, and Pulaski Bank, which has claims totaling $195,205.
Valley Beef’s Lion’s Choice locations in Chesterfield, St. Louis, Fenton, Wentzville and on Mid Rivers Mall Drive in St. Peters have 84 employees. Valley Beef shuttered a Lion’s Choice in downtown St. Louis in 2009.
Ginos became a franchisee of the restaurant chain that specializes in roast beef sandwiches in 2001. He plans to keep the five remaining restaurants open during the bankruptcy reorganization, according to his attorney, Robert Eggmann of Clayton-based law firm Desai Eggmann Mason. Eggmann said his client filed the bankruptcy to restructure debt and expects to emerge from bankruptcy within six months.
Lion’s Choice was founded in Ballwin in 1967 as Brittany Beef and has 15 company-owned restaurants in the St. Louis area that are not included in the bankruptcy. Jim Tobias, president of Lion’s Choice Restaurant Corp., said he did not expect the bankruptcy filing to interrupt operations at the five St. Louis area franchise restaurants. “We don’t expect any change in business,” Tobias said.
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Japan’s response to the nuclear crisis that followed the March 11 tsunami was confused and riddled with problems, including an erroneous assumption an emergency cooling system was working and a delay in disclosing dangerous radiation leaks, a report revealed Monday.
The disturbing picture of harried and bumbling workers and government officials scrambling to respond to the problems at Fukushima Dai-ichi nuclear power plant was depicted in the report detailing a government investigation.
The 507-page interim report, compiled by interviewing more than 400 people, including utility workers and government officials, found authorities had grossly underestimated tsunami risks, assuming the highest wave would be 6 meters (20 feet). The tsunami hit at more than double those levels.
The report criticized the use of the term “soteigai,” meaning “outside our imagination,” which it said implied authorities were shirking responsibility for what had happened. It said by labeling the events as beyond what could have been expected, officials had invited public distrust.
“This accident has taught us an important lesson on how we must be ready for soteigai,” it said.
The report, set to be finished by mid-2012, found workers at Tokyo Electric Power Co., the utility that ran Fukushima Dai-ichi, were untrained to handle emergencies like the power shutdown that struck when the tsunami destroyed backup generators _ setting off the world’s worst nuclear disaster since Chernobyl.
There was no clear manual to follow, and the workers failed to communicate, not only with the government but also among themselves, it said.
Finding alternative ways to bring sorely needed water to the reactors was delayed for hours because of the mishandling of an emergency cooling system, the report said. Workers assumed the system was working, despite several warning signs it had failed and was sending the nuclear core into meltdown.
The report acknowledged that even if the system had kicked in properly, the tsunami damage may have been so great that meltdowns would have happened anyway.
But a better response might have reduced the core damage, radiation leaks and the hydrogen explosions that followed at two reactors and sent plumes of radiation into the air, according to the report.
Sadder still was how the government dallied in relaying information to the public, such as using evasive language to avoid admitting serious meltdowns at the reactors, the report said.
The government also delayed disclosure of radiation data in the area, unnecessarily exposing entire towns to radiation when they could have evacuated, the report found.
The government recommended changes so utilities will respond properly to serious accidents.
It recommended separating the nuclear regulators from the unit that promotes atomic energy, echoing frequent criticism since the disaster.
Japan’s nuclear regulators were in the same ministry that promotes the industry, but they will be moved to the environment ministry next year to ensure more independence.
The report acknowledged people were still living in fear of radiation spewed into the air and water, as well as radiation in the food they eat. Thousands have been forced to evacuate and have suffered monetary damage from radiation contamination, it said.
“The nuclear disaster is far from over,” the report said.
The earthquake and tsunami left 20,000 people dead or missing.
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For the St. Louis economy, this year looked a lot like the previous 20 or 30, and it’s a rut we really need to get out of.
Job growth lagged the nation. Well-known local companies succumbed to takeovers, without enough new businesses to take their place. Officials argued about strategy while failing to address the region’s deep-seated problems.
Denny Coleman, the president of the St. Louis County Economic Council, has been sounding the alarm about these issues recently, ever since the council commissioned a report on the region’s economic strategy.
One headline from the report, written by consulting firm AECOM, is that within two decades, because of slow population growth, we’ll no longer be one of the 20 largest U.S. metropolitan areas. We’re currently No. 18.
That top-20 ranking automatically confers big-city status. National retail chains want to have a presence in the top 20 markets; advertisers target their messages there. Cities in the next tier are important, but they have to fight harder for attention.
Coleman believes AECOM’s warning should be a wake-up call.
“We have been living off the wealth creation from select legacy companies here for some time,” he said. “While we’ve created some new, significant wealth, the competition in other metro areas is outpacing us.”
Want to talk legacy companies? Savvis, Smurfit Stone Container, LaBarge and Rehabcare were all acquired this year. St. Louis ranks poorly on indicators of the entrepreneurial activity that can replace them with new firms.
Or should we talk jobs? Metro St. Louis officially added 7,800 jobs between October 2010 and October 2011, an increase of 0.6 percent. Howard Wall, an economist at Lindenwood University, thinks that number will be revised to show a loss of 3,900 jobs make quick cash.
Either way, St. Louis is a laggard. Nationally, employment grew by 1.2 percent in the same 12 months, twice as fast as the optimistic St. Louis estimate.
“Don’t we have this conversation every year?” Wall said when I asked about the sluggish local job market.
Yes, we do. And how do St. Louis’ leaders try to break out of this rut? For one thing, they spent years pursuing the “big idea” of a hub for Chinese cargo planes, only to have the Missouri Legislature shoot down the incentives that the plan required. It’s not a good precedent.
Recently, other rifts have been exposed. Mayor Francis Slay called for the Regional Chamber and Growth Association, a private-sector group, to cede its economic development duties to a joint city-county agency.
Coleman hasn’t gone quite so far, but he does accuse the RCGA of “mission creep.” As he sees it, the RCGA should concentrate on marketing the region and recruiting companies that want to expand or relocate.
The jobs of retaining local employers, encouraging startups and improving the work force, Coleman believes, should fall to agencies in each city or county. He says he was surprised when those showed up as objectives in the RCGA’s latest strategic plan. Coleman says he’s encouraged by the appointment of Joe Reagan as the new RCGA president. The region’s economic development structure “can work, but it’s a matter of making sure you have a clear separation of responsibilities,” Coleman says.
Slay, Reagan, Coleman and others clearly have plenty to discuss. Let’s hope they quickly get beyond turf wars.
A federal judge on Friday dismissed a Utah company’s $1 billion federal antitrust lawsuit against Microsoft Corp. after a jury failed to reach a unanimous verdict.
Novell claims Microsoft duped it into developing the once-popular WordPerfect writing program for Windows 95 only to pull the plug so Microsoft could gain market share with its own product. Novell says it was later forced to sell WordPerfect for a $1.2 billion loss.
The trial has been ongoing in Salt Lake City for two months. Jurors got the case Wednesday morning, but by Friday told the judge they were “hopelessly deadlocked.”
They had expressed confusion to the judge about the complicated case throughout deliberations, even bringing one question to the court that could not be answered. The judge told jurors to simply disregard the question.
Earlier Friday, the judge denied a request from one juror to be removed from the case.
Microsoft lawyers have argued that Novell’s loss of market share was its own doing because the company didn’t develop a compatible WordPerfect program until long after the rollout of Windows 95. WordPerfect once had nearly 50 percent of the market for word processing, but its share quickly plummeted to less than 10 percent as Microsoft’s own Office programs took hold.
Microsoft co-founder Bill Gates testified last month that he had no idea his decision to drop a tool for outside developers would sidetrack Novell. Gates said he was acting to protect Windows 95 and future versions from crashing.
Novell could have worked around the problem but failed to react quickly, he said.
Novell has argued that Gates ordered Microsoft engineers to reject WordPerfect as a Windows 95 word processing application because he feared it was too good.
Novell’s lawsuit is the last major private antitrust case to follow the settlement of a federal antitrust enforcement action against Microsoft more than eight years ago. The trial began in October in federal court in Salt Lake City.
Novell is now a wholly owned subsidiary of The Attachmate Group, the result of a merger that was completed earlier this year.