TSX may open higher on “fiscal cliff” hopes






(Reuters) – Toronto’s main stock index looked set to open higher on Tuesday, tracking global markets, fueled by expectation that U.S. lawmakers might reach an agreement to avoid looming tax increases and spending cuts that threaten to hurt the world’s biggest economy.


TOP STORIES






* The differences over how to resolve the “fiscal cliff” narrowed significantly Monday night as President Barack Obama made a counter-offer to Republicans that included a major change in position on tax hikes for the wealthy, according to a source familiar with the talks.


* Knight Capital Group’s board was split between two competing offers for the firm after a meeting on Monday where suitors Getco Holding Company LLC and Virtu Financial LLC presented their sweetened bids to Knight’s directors, sources involved in the talks said.


* British inflation defied forecasts in November to hold at its highest rate since May, reducing the scope for the Bank of England to inject more cash into the struggling economy.


* Germany’s government is considering cutting its forecast for growth in Europe’s largest economy next year from its current estimate of 1 percent due to a weak half year over the winter, Deputy Economy Minister Bernhard Heitzer told Reuters.


MARKET SNAPSHOT


* Canada stock futures traded up 0.26 percent


* U.S. stock futures,, were up around 0.40 percent <.n></.n>


* European shares <.fteu3>, <.stoxx> were up <.eu></.eu></.stoxx></.fteu3>


COMMODITY PRICE MOVES


* Thomson Reuters-Jefferies CRB Index <.trjcrbtr>: 295.92; was up 0.13 percent</.trjcrbtr>


* Gold Futures: $ 1,699.3; up 0.06 percent


* US Crude: $ 87.70; up 0.54 percent


* Brent Crude: $ 108.23; up 0.55 percent


* LME 3-month Copper: $ 8,028.25; fell -0.43 percent


ANALYST RECOMMENDATIONS


Following is a summary of research actions on Canadian companies reported by Reuters.


* AuRico Gold Inc. : BMO resumes coverage with market perform rating, raises price target to C$ 9.50 from C$ 9, after the company completed the sale of its Ocampo project and announced a share buyback program


* First Majestic Silver : Raymond James cuts target price to C$ 26 from C$ 26.75 after the company said it would acquire Orko Silver Corp in a share and cash deal worth C$ 345 million


* Kirkland Lake Gold Inc. : CIBC cuts target to C$ 9 from C$ 15 citing the challenges at the company’s Macassa operations and its greater-than-expected outlook cuts


* Primero Mining Corp.


: RBC cuts target to $ 8.50 from $ 9 after the company said it would acquire Cerro Resources, giving it an element of growth in 2015


* Sun Life Financial Inc. : Canaccord Genuity cuts to sell rating on valuation while CIBC ups target to C$ 26 from C$ 25 after the company said it would sell its U.S. annuities business for $ 1.35 billion


ON THE CALENDAR


* No Major Canadian economic data scheduled for release


* Major U.S. events and data includes Redbook, NAHB index and SEMI book/bill


(Reporting by Kishan Nair)


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Syrian rebels take control of Damascus Palestinian camp






BEIRUT (Reuters) – Syrian rebels took full control of the Yarmouk Palestinian refugee camp on Monday after fighting raged for days in the district on the southern edge of President Bashar al-Assad‘s Damascus powerbase, rebel and Palestinian sources said.


The battle had pitted rebels, backed by some Palestinians, against Palestinian fighters of the pro-Assad Popular Front for the Liberation of Palestine-General Command (PFLP-GC). Many PFLP-GC fighters defected to the rebel side and their leader Ahmed Jibril left the camp two days ago, rebel sources said.






“All of the camp is under the control of the (rebel) Free Syrian Army,” said a Palestinian activist in Yarmouk. He said clashes had stopped and the remaining PFLP fighters retreated to join Assad‘s forces massed on the northern edge of the camp.


The battle in Yarmouk is one of a series of conflicts on the southern fringes of Assad’s capital, as rebels try to choke the power of the 47-year-old leader after a 21-month-old uprising in which 40,000 people have been killed.


Government forces have used jets and artillery to try to dislodge the fighters but the violence has crept into the heart of the city and activists say rebels overran three army stations in a new offensive in the central province of Hama on Monday.


On the border with Lebanon, hundreds of Palestinian families fled across the frontier following the weekend violence in Yarmouk, a Reuters witness said.


Syria hosts half a million Palestinian refugees, most living in Yarmouk, descendants of those admitted after the creation of Israel in 1948, and has always cast itself as a champion of the Palestinian struggle, sponsoring several guerrilla factions.


Both Assad’s government and the mainly Sunni Muslim Syrian rebels have enlisted and armed divided Palestinian factions as the uprising has developed into a civil war.


“NEITHER SIDE CAN WIN”


Syrian Vice President Farouq al-Sharaa said in a newspaper interview published on Monday that neither Assad’s forces nor rebels seeking to overthrow him can win the war.


Sharaa, a Sunni Muslim in a power structure dominated by Assad’s Alawite minority, has rarely been seen since the revolt erupted in March 2011 and is not part of the president’s inner circle directing the fight against Sunni rebels. But he is the most prominent figure to say in public that Assad will not win.


Sharaa said the situation in Syria was deteriorating and a “historic settlement” was needed to end the conflict, involving regional powers and the U.N. Security Council and the formation of a national unity government “with broad powers”.


“With every passing day the political and military solutions are becoming more distant. We should be in a position defending the existence of Syria. We are not in a battle for an individual or a regime,” Sharaa was quoted as telling Al-Akhbar newspaper.


“The opposition cannot decisively settle the battle and what the security forces and army units are doing will not achieve a decisive settlement,” he said, adding that insurgents fighting to topple Syria’s leadership could plunge it into “anarchy and an unending spiral of violence”.


Sources close to the Syrian government say Sharaa had pushed for dialogue with the opposition and objected to the military response to an uprising that began peacefully.


In a veiled criticism of the crackdown, he said there was a difference between the state’s duty to provide security to its citizens, and “pursuing a security solution to the crisis”.


He said even Assad could not be certain where events in Syria were leading, but that anyone who met him would hear that “this is a long struggle…and he does not hide his desire to settle matters militarily to reach a final solution.”


In Hama province, rebels and the army clashed in a new campaign launched on Sunday by rebels to block off the country’s north, activists said.


The Syrian Observatory for Human Rights, an opposition-linked violence monitor, said fighting raged through the provincial towns of Karnaz, Kafar Weeta, Halfayeh and Mahardeh.


It said there were no clashes reported in Hama city, which lies on the main north-south highway connecting the capital with Aleppo, Syria’s second city.


Qassem Saadeddine, a member of the newly established rebel military command, said on Sunday fighters had been ordered to surround and attack army positions across the province. He said Assad’s forces were given 48 hours to surrender or be killed.


In 1982 Hafez al-Assad, father of the current ruler, crushed an uprising in Hama city, killing up to 30,000 civilians.


Qatiba al-Naasan, a rebel from Hama, said the offensive would bring retaliatory air strikes from the government but that the situation is “already getting miserable”.


(Additional reporting by Oliver Holmes, Erika Solomon and Dominic Evans in Beirut, Afif Diab at Masnaa, Lebanon; editing by Philippa Fletcher)


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Enzon Pharma to explore sale of company






(Reuters) – Biotechnology company Enzon Pharmaceuticals Inc said it would explore a possible sale of the company or its corporate assets.


The company also said that based on clinical data it plans to suspend development of its prostate cancer program, which is being tested in an early-stage trial, to conserve capital.






Enzon had total cash, cash equivalents and marketable securities of $ 288.7 million as of September 30.


The company said it has retained Lazard as financial adviser for the review of the potential sale of one or more corporate assets or the entire company.


Enzon, in which activist investor Carl Icahn has a 13.29 percent stake, has two drugs in mid-stage trials and a number of others in early-stage studies.


Shares of Enzon, which has a market capitalization of about $ 200 million, closed at $ 4.57 on Friday on the Nasdaq. The stock has lost a third of its value so far this year.


(Reporting By Vrinda Manocha in Bangalore; Editing by Roshni Menon)


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Oil below $87 as US fiscal concerns drag on






The price of oil hovered below $ 87 a barrel Monday as uncertainty over a deal on the U.S. budget overshadowed expectations of economic stimulus in Japan and China.


By early afternoon in Europe, benchmark oil for January delivery was down 7 cents to $ 86.66 a barrel in electronic trading on the New York Mercantile Exchange. The contract ended up 84 cents Friday at $ 86.73.






In London, Brent crude was down 36 cents at $ 107.82 on the ICE Futures exchange.


Oil prices were kept in check by the lack of agreement in Washington on the U.S. budget, as concerns grew that tax increases and spending cuts that will take effect next year if no deal is reached will hinder economic growth and demand for crude.


Analysts, however, said that if the “fiscal cliff” can be avoided, commodities like oil could make gains.


“If U.S. fiscal cliff issues can be resolved soon, a strong and broad-based rally across commodities is possible, as investors are under-exposed,” said a report from Barclays in London.


Meanwhile, hopes grew that Japan’s new government would offer stimulus to boost growth. Weekend elections delivered a resounding victory to the Liberal Democratic Party, returning it to power after a three-year hiatus. Leader Shinzo Abe has called for aggressive steps to break Japan out of its 20-year economic decline.


In China, new Communist Party leaders are promising reforms aimed at reducing reliance on exports and more spending, if needed, to prop up a shaky economic recovery. In the first statement of their economic goals since taking power in November, the new party leaders pledged continuity Sunday with long-term plans aimed at nurturing self-sustaining growth and raising income.


In other energy futures trading on Nymex:


— Wholesale gasoline was down 0.23 cent to $ 2.6585 a gallon.


— Heating oil retreated 0.42 cent to $ 2.9727 a gallon.


— Natural gas added 4.4 cents to $ 3.358 per 1,000 cubic feet.


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Iran media: Son of ex-president released on bail






TEHRAN, Iran (AP) — Iranian media say the son of influential former President Akbar Hashemi Rafsanjani has been released on bail.


Several papers, including the pro-reform Etemad daily, say Mahdi Hashemi was released late Sunday and immediately went to his father’s home.






Authorities arrested the younger Hashemi in late September, a day after he returned to Iran from Britain.


He is held on charges of fomenting unrest in the aftermath of Iran’s disputed 2009 presidential election that brought President Mahmoud Ahmadinejad a second term in office. Hashemi also faced corruption charges.


His arrest came days after his sister, Faezeh, was taken into custody to serve a six-month sentence on charges of making propaganda against Iran’s ruling system.


Since Rafsanjani backed Ahmadinejad’s reformist challenger in 2009, his family has come under pressure from hardliners.


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The Surface might be even more overpriced than the iPad






Everyone knows that Apple (AAPL) gets away with charging a premium for its wares because its fans have shown they’re willing to pay more money for their favorite products than fans of, say, Samsung (005930) and Amazon (AMZN) are willing to pay. This practice has led to enormous gross margins for Apple products but has not spawned many imitators because few companies command the sort of loyalty that Apple does. But Microsoft (MSFT) apparently believes it can pull off the trick with its Surface tablet, which is actually priced higher relative to its component costs than Apple’s iPad.


[More from BGR: Has the iPhone peaked? Apple’s iPhone 4S seen outselling iPhone 5]






Fortune uses some data from IHS iSuppli to show that the 32GB Surface’s screen, processor, battery, RAM and storage cost $ 271, or $ 22 less than the same components of a 32GB version of the new iPad. What this means is that based solely on the cost of its components, the Surface would haul in a profit of $ 315 for every 32GB Surface sold while Apple would make $ 296 for every new iPad sold. This doesn’t take into account manufacturing and marketing costs, of course, so we can’t look at it as a definitive count of each tablet’s gross margin.


[More from BGR: Sony’s PlayStation 4 could lose to the next Xbox before it’s even released]


All the same, Microsoft’s belief that it can grab iPad-like margins for the Surface stands in stark contrast with Amazon and Google (GOOG), who are making little if any money selling the Kindle Fire HD and the Nexus 7, respectively.


This article was originally published by BGR


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Actor Depardieu hits back at French PM over tax exile






PARIS (Reuters) – Actor Gerard Depardieu, accused by French government leaders of trying to dodge taxes by buying a house over the border in Belgium, retorted that he was leaving because “success” was now being punished in his homeland.


A popular and colourful figure in France, the 63-year-old Depardieu is the latest wealthy Frenchman to seek shelter outside his native country after tax increases by Socialist President Francois Hollande.






Prime Minister Jean-Marc Ayrault described Depardieu’s behavior as “pathetic” and unpatriotic at a time when the French are being asked to pay higher taxes to reduce a bloated national debt.


“Pathetic, you said pathetic? How pathetic is that?” Depardieu said in a letter distributed to the media.


“I am leaving because you believe that success, creation, talent, anything different must be sanctioned,” he said.


An angry member of parliament has proposed that France adopt a U.S.-inspired law that would force Depardieu or anyone trying to escape full tax dues to forego their nationality.


The “Cyrano de Bergerac” star recently bought a house in Nechin, a Belgian village a short walk from the border with France, where 27 percent of residents are French nationals, and put up his sumptuous Parisian home up for sale.


Depardieu, who has also inquired about procedures for acquiring Belgian residency, said he was handing in his passport and social security card.


Culture Minister Aurelie Filippetti said she was outraged by Depardieu’s letter, adding that he had for years been supported financially by public money for the film industry.


“When we abandon the ship and desert in the middle of an economic war, you don’t then come back and give morality lessons,” she told BFM-TV. “One can only regret that Gerard Depardieu doesn’t make a comeback in silent movies.”


He said he had paid 145 million euros ($ 190.08 million) in taxes since beginning work as a printer at the age of 14.


“People more illustrious than me have gone into (tax) exile. Of all those that have left none have been insulted as I have.”


The actor’s move comes three months after Bernard Arnault, chief executive of luxury giant LVMH and France’s richest man, caused an uproar by seeking to establish residency in Belgium – a move he said was not for tax reasons.


Belgian residents do not pay wealth tax, which in France is now levied on those with assets over 1.3 million euros ($ 1.7 million). Nor do they pay capital gains tax on share sales.


“We no longer have the same homeland,” Depardieu said. “I sadly no longer have a reason to stay here. I’ll continue to love the French and this public that I have shared so much emotion with.”


Hollande is pressing ahead too with plans to impose a 75-percent supertax on income over 1 million euros.


“Who are you to judge me, I ask you Mr. Ayrault, prime minister of Mr. Hollande? Despite my excesses, my appetite and my love of life, I remain a free man.”


(Reporting by John Irish; Editing by Mark Heinrich)


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Child deaths and bitter cold in Syrian refugee camps






ZAATARI, Jordan (Reuters) – One-year-old Ali Ghazawi, born with a heart defect, faced a battle for survival even before his family fled Syria‘s civil war. It was a struggle he lost two weeks ago in the bitter winter cold of a tented refugee camp in north Jordan.


Ali died two days after undergoing a heart operation in Zaatari camp, which houses at least 32,000 refugees who escaped fierce bombardment in Syria’s rebellious southern province of Deraa, cradle of the uprising against President Bashar al-Assad.






“I covered my son with two blankets, but he was not warming up, and he turned blue before he passed away in my hands,” said his sobbing 22-year-old mother, alone with a three-year-old daughter after she left her husband in Deraa and crossed the border in November.


Ali was the fourth baby to die in three weeks in the windswept camp. United Nations aid workers say none of the deaths were the direct result of conditions in Zaatari, yet they highlight the challenge facing relief agencies scrambling to provide basic shelter for half a million refugees in the region.


“These deaths are a result of cumulative factors, some related to shortage in needs and natural causes. But on top of that, the reality that conditions are harsh cannot be ignored,” said Saba Mobaslat, program director at Save the Children.


Jordan, Lebanon and Turkey each host more than 130,000 registered refugees, and relief workers predict the numbers will only increase as violence escalates around the capital Damascus.


Mirroring Syria’s youthful population, almost 65 percent of Jordan’s camp residents are newborns and young children.


“Every night we are getting children as young as four days old, six days old, one week, two weeks old, and it’s a real struggle to try to make sure that everyone survives,” said Andrew Harper, Jordan head of the United Nations High Commissioner for Refugees (UNHCR).


“Women are giving birth on the border, and people are coming across pregnant. It’s a situation where we just need to redouble efforts, particularly as we move into winter, because you have hundreds of pregnant women who cross the border,” Harper said.


Families often send the most vulnerable to safety, he added, so alongside the very young in Zaatari are many older refugees. “Last night we had a couple who were 97 years old,” he said.


“CHILDREN’S CAMP”


Along the main road in the middle of the camp’s muddy and gravel streets, children of all ages race around the makeshift market place that sprang up after the camp opened in July.


Many families join in, out of enterprise or necessity, selling everything from hot falafel to household goods, old clothing and fresh vegetables.


“It’s a children’s camp. You walk into it and there are children everywhere. It’s in your face. The male adults are staying behind, and a woman comes with 10 children without her bread earner,” Mobaslat added.


In one of several UNICEF-run playgrounds, among seesaws, swings and volunteers giving music lessons, the scars of war are fresh in the minds of most children.


“I long for my home, and I hope Bashar falls to get back to my home. It’s much better than here, where we are humiliated,” said Mohammad Ghazawi, 12, who came to play after a break from selling cheap cigarettes.


Their elders complain that two thin blankets per refugee distributed in recent weeks were not enough to warm them in tents that let in rain water despite zinc reinforcements and waterproof layers that have helped insulate them.


“Kids are dying from cold and lack of blankets. My kids shiver at night, and one has constant diarrhea,” said Mohammad Samara, 46, who fled heavy shelling in the southern Syrian town of Busr al-Sham in October with his wife and four children.


Carsten Hansen, country director for the Norwegian Refugee Council (NRC), which has set up a heated tent that receives families on arrival, says much progress has been made to help distribute aid.


“Everybody is trying to mobilize resources … in order to react to bigger numbers and a huge influx,” Hansen said, adding that 6,000 gas heaters had been airlifted to Jordan to help heat the tent camp.


FROM CRISIS TO DISASTER?


Harper said UNHCR was working to prevent “this humanitarian crisis becoming a major disaster”. But he said that while aid teams were racing to improve conditions at Zaatari, there were 100,000 other registered refugees living outside the camp and probably another 100,000 unregistered, whose living conditions were not improving.


In Lebanon, too, host to 154,000 refugees, many face a bleak winter, and aid workers expect their numbers to more than double by the middle of next year.


In the Bekaa Valley town of Bar Elias, a woman from the northern Syria province of Idlib says her home for the last year has been a wooden shack with only plastic sheeting to protect from the rain. Plastic bags are stuffed into the roof as extra insurance against leaks. “There is no water, no electricity, no school for my kids,” she said in a croaky voice.


“My husband is sick. The situation is very bad.”


Mads Almaas, NRC country director in Lebanon, said many more may flee Syria over the winter to escape worsening conditions there, putting even greater strain on relief efforts.


“The violence will not only continue but also get worse. And even in the increasingly likely event of the fall of Assad, we don’t think the violence will end,” he said.


Almaas said the United Nations would launch a regional response plan on Wednesday anticipating a total of 300,000 registered refugees in Lebanon by mid-2013. “At first we thought it was too high. Now we are concerned it is too low,” he said.


In Turkey, which hosts 136,000 refugees, camps for the most part have facilities such as portable electric heaters, and refugees receive three hot meals a day from the Red Crescent. But temperatures can plunge below freezing in the rugged terrain along the 900 kilometer (560 mile) border with Syria during the winter months, and rain can be torrential and cause flooding.


Overcrowding remains a concern, with extended families cramped in single tents and ever more refugees arriving as fighting across the border drags on.


Across the region, aid workers fear an explosion in violence could leave them seriously overstretched.


“Right now funds are sufficient. What is a challenge is if we get any shocks, something like 5,000-10,000 refugees arriving (in Lebanon) in a matter of hours,” Almaas said.


If fighting swept through the center of Damascus, thousands of Syrians could flee to the Lebanese border in a matter of hours. “For that, we are not prepared as the NRC. I also question the international community’s capacity.”


(Additional reporting by Oliver Holmes in Beirut and Nick Tattersall in Ankara; Editing by Dominic Evans and Will Waterman)


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Cinnabon in Tripoli: Libya Opens Up to Foreign Business






After 42 years, the country formerly known as the Great Socialist People’s Libyan Arab Jamahiriya is getting its first taste of consumer capitalism in an unlikely form: sweet, sticky cinnamon rolls. Cinnabon, the Atlanta-based bakery chain, is at the vanguard of a potential business boom in the North African country, which deposed dictator Muammar Qaddafi last year in a bloody civil war. In July the unit of Focus Brands became the first U.S. franchise to open since the revolution, with a two-level Tripoli outlet. It’s become a popular destination in a city with few diversions for residents.


7aca0  comp cinnabon51  01  405 Cinnabon in Tripoli: Libya Opens Up to Foreign BusinessThe shop on Tripoli’s version of Fifth Avenue






Cinnabon’s bet on Libya—it plans to open at least 10 new locations over the next five years—shows the perils and potential of this wealthy new consumer market, which is being eyed by a growing number of foreign companies. Yes, Libya has a rickety electricity grid and few formal property rights. And due to ongoing sectarian violence, it remains a dangerous place. But the country sits atop Africa’s biggest oil reserves, which may generate as much as $ 55 billion for the state oil company this year. That means there are plenty of well-off locals and expats who can afford to pay for a Western-style sweet.


7aca0  comp cinnabon51  01  202 Cinnabon in Tripoli: Libya Opens Up to Foreign BusinessPhoto illustration by 731; Photograph by Getty Images


The country is a less incongruous place for Cinnabon than one might expect. Syrupy treats like baklava are beloved in Libya, as in other Arab countries, so local palates are ready-made for the chain, explains Mike Shattuck, president of Focus Brands International. What’s more, in a Muslim country where bars are almost nonexistent, young people need places to hang out. Finally, an influx of investment from Persian Gulf property developers means “down the road there’s no question there will be a big mall culture,” providing the natural habitat for future Cinnabon outlets.


For now the Tripoli store is very much a foreign oddity. Positioned as more upscale than the chain’s food court roots in the U.S., the shop has become a fixture on Gargaresh Road, Libya’s Fifth Avenue, where it attracts an affluent clientele. The prices are First World as well: A cinnamon bun and a regular coffee cost 6.50 dinars, or about $ 5.15, close to the price in the U.S.


The franchise owners, brothers Arief and Ahmed Swaidek, first planned to open Cinnabon in 2008, but bureaucracy delayed completion of the store until January 2011. A splashy grand opening was abandoned when revolution broke out that February. Nonetheless, news of the shop spread quickly after its opening this July.


On a recent evening the store was busy with young customers, about two-thirds of them women, who tend to avoid the traditionally male-dominated coffeehouses. Unlike at most Western restaurants, all of the staff are male. In addition to the chain’s signature pastries, it serves Carvel ice cream (another Focus Brands product), sandwiches, salads, and cakes. An upstairs lounge caters to patrons who want to linger, and the shop stays open until about 11 p.m. to accommodate the local preference for late-night snacking. All that activity can push Libya’s patchy infrastructure to the limit: The utility in Tripoli can’t always cope with two floors of full-blast air conditioning. The franchise relied on a generator to keep things cool during the busy Ramadan season, says store manager Ehab Abdelo-Meged.


7aca0  comp cinnabon51  02  202 Cinnabon in Tripoli: Libya Opens Up to Foreign Business


Serving Middle Eastern customers isn’t new for Cinnabon, whose portfolio of 900 worldwide locations includes outlets in Kuwait, Jordan, and Egypt. It also has experience operating in less-than-salubrious locales such as Pakistan and El Salvador. Still, Libya presents particular challenges. Security in Tripoli is shaky. In August, Salafi Muslim militants demolished a downtown mosque of the more moderate Sufi sect with bulldozers. Libya has yet to charge anyone with the murders of U.S. Ambassador Chris Stevens and three of his officials, killed when the Benghazi consulate was stormed in September. Kidnappings, including that of the head of Libya’s Olympic Committee in July, are a fact of life. And gunfire can be heard most nights in the capital.


Shattuck points to more mundane concerns, such as sourcing ingredients (the majority are imported from the U.S. on a quarterly basis) and finding a reliable way to pay suppliers in a country that still lacks a modern banking system. “There are a lot of institutional needs still, from our perspective. But we feel things are moving in the right direction,” he says.


Others are optimistic as well. Companies from France Télécom (FTE) to Qatar National Bank (QNRK) are looking to invest in Libya as Prime Minister Ali Zaidan’s new government plans to kick-start asset sales, privatize state companies, and break up monopolies. “I’m 10 times more bullish on Libya than I was at the end of 2010,” says Abdulla Boulsien, a former Merrill Lynch (BAC) investment banker who helps run Tuareg Capital, a Libya-focused private equity firm. So Cinnabon is unlikely to be the sole refuge for Libyans craving an American-style dining experience for long. “It’s a virgin land,” manager Abdelo-Meged says of the country. “Any franchise coming here will be a success.”


The bottom line: Libya, with 6 million citizens and $ 55 billion in state oil revenue this year, is attracting Western investments like Tripoli’s new Cinnabon cafe.


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Nigeria governor, 5 others die in helicopter crash






LAGOS, Nigeria (AP) — A navy helicopter crashed Saturday in the country’s oil-rich southern delta, killing a state governor and five other people, in the latest air disaster to hit Africa’s most populous nation, officials said.


Nigeria‘s ruling party said in a statement that the governor of the central Nigerian state of Kaduna, Patrick Yakowa, died in the helicopter crash in Bayelsa state in the Niger Delta. The People’s Democratic Party’s statement described Yakowa’s death as a “colossal loss.”






The statement said the former national security adviser, General Andrew Azazi, also died in the crash. Azazi was fired in June amid growing sectarian violence in Nigeria, but maintained close ties with the government.


Yushau Shuaib, a spokesman for Nigeria’s National Emergency Management Agency, said four other bodies had been found, but he could not immediately give their identities.


The crash occurred at about 3:30 p.m. after the navy helicopter took off from the village of Okoroba in Bayelsa state where officials had gathered to attend the burial of the father of a presidential aide, said Commodore Kabir Aliyu. He said that the helicopter was headed for Nigeria’s oil capital of Port Harcourt when it crashed in the Nembe area of Bayelsa state.


Aviation disasters remain common in Nigeria, despite efforts in recent years to improve air safety.


In October, a plane made a crash landing in central Nigeria. A state governor and five others sustained injuries but survived.


In June, a Dana Air MD-83 passenger plane crashed into a neighborhood in the commercial capital of Lagos, killing 153 people onboard and at least 10 people on the ground. It was Nigeria’s worst air crash in nearly two decades.


In March, a police helicopter carrying a high-ranking police official crashed in the central Nigerian city of Jos, killing four people.


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