Bond markets get electronics trading system next year

KARACHI: Governor State Bank Salim Raza said electronics trading for bonds markets would start working from next year.

Addressing the inaugural function of round table organized by South Asian Federation of Stock Exchanges and Karachi Stock Exchange, governor State Bank said the volume of our bond market is less than regional markets and its expansion is needed. He said Pakistani economy is traveling in a right direction and Pakistan will soon overcome economic challenges.

Salim Raza said although Pakistan is an agricultural state, development of agriculture sector is only 5 percent of GDP. He said agri business and size of national commodity exchange should be increase.


http://www.geo.tv/12-17-2009/54934.htm

Pak team arrives in Australia

HOBART: Pakistan cricket team captained by Muhammad Yousuf has reached Australia to play Test and one-day series.

Pakistan will kick off the tour with three-day match against Tasmania on December 19.

Talking to media in Hobart, Pakistani manager Abdul Raqeeb said Pakistan team is determined to perform well in the series. Replying to question about Younis Khan, he Abdul Raqeeb said he is unaware about come back of former captain. Chief selector Iqbal Qasim will decide this on the basis of Younis performance in domestic cricket.

Pakistan will play three Tests, five one-day and one Twenty20 match during Australian tour.


http://www.geo.tv/12-17-2009/54931.htm

GEO World

17 killed in S Korea bus crash

Updated at: 1023 PST, Thursday, December 17, 2009 SEOUL: Seventeen passengers have been killed and 14 injured after a bus skidded off a mountain road and rolled down a slope in South Korea's southeastern city of Gyeongju, police said Thursday. The tourist bus crashed Wednesday evening when it was carrying 31 people, mostly in their 70s, back home from a spa in the city 370 kilometers (230 miles) southeast of Seoul, local police officials said. Investigators were still looking into the cause of the accident, which left the bus almost flattened some 20 meters down from the mountain road. Police said the death toll could rise as some of the injured remain in serious condition. About 240 rescue workers rushed to the scene and took the injured to nearby hospitals. http://www.geo.tv/12-17-2009/54925.htm

Altaf calls President Zardari

Updated at: 1126 PST, Thursday, December 17, 2009
LONDON: Muttahida Qaumi Movement (MQM) Quaid Altaf Hussain has phone President Asif Ali Zardari from here on Thursday morning, Geo news reported.

According to sources, two leaders discussed issues pertaining to country’s overall law and order situation and mutually agreed upon facing Supreme Court (SC) short judgment through legal and under constitutional way, which declared revival of NRO cases against two party heads.

Altaf said MQM respects apex court’s ruling and expressed readiness to face trials of NRO cases in courts.

http://www.geo.tv/12-17-2009/54930.htm

Supreme Court declares NRO unconstitutional

ISLAMABAD: The Supreme Court (SC) on Wednesday threw the controversial National Reconciliation Ordinance (NRO) into the dustbin of history for being ultra virus of the Constitution because it ensured legal cover to corruption by the privileged class.

In its landmark and the expected judgment, a 17-member bench of the apex court headed by Chief Justice Iftikhar Muhammad Chaudhry declared the NRO an instrument void ab initio, being ultra vires and violative of various constitutional provisions including Articles 4, 8, 25, 62(f), 63(i)(p), 89, 175 and 227 of the Constitution.

Former federal minister Dr Mubashar Hassan, former bureaucrat Roedad Khan, Qazi Hussain Ahmed and Chief Minister Punjab Mian Shahbaz Sharif had challenged the NRO before the Supreme Court in 2007.

“All steps taken, actions suffered, and all orders passed by whatever authority, any orders passed by the courts of law including the orders of discharge and acquittals recorded in favour of the accused persons, are also declared never to have existed in the eyes of law and resultantly of no legal effect,” the court ruled in its short order read out by Chief Justice Iftikhar Muhammad Chaudhry.

The larger bench of the apex court ruled that all cases in which the accused persons were either discharged or acquitted under Section 2 of the NRO or where proceedings pending against the holders of public office had got terminated in view of Section 7 thereof, a list of which cases has been furnished to this Court and any other such cases/proceedings which may not have been brought to the notice of this Court, shall stand revived and relegated to the status of pre-5th of October, 2007 position.

The Court directed the concerned courts including the trial, the appellate and the review courts to summon the persons accused in such cases and then to proceed in the respective matters in accordance with law from the stage from where such proceedings had been brought to an end in pursuance of the above provisions of the NRO.

The Court directed the Federal Government, all the provincial governments and all relevant and competent authorities including the prosecutor general of NAB, the special prosecutors in various accountability courts, the prosecutors general in the four provinces and other officers or officials involved in the prosecution of criminal offenders to offer every possible assistance required by the competent courts in the said connection.

The SC ruled that all cases which were under investigation or pending enquiries and which had either been withdrawn or where the investigations or enquiries had been terminated on account of the NRO shall also stand revived and the relevant and competent authorities shall proceed in the said matters in accordance with law.

The short order clarified that any judgment, conviction or sentence recorded under Section 31-A of the NAB Ordinance shall hold the field subject to law and since the NRO stands declared as void ab initio, therefore, any benefit derived by any person in pursuance of Section 6 thereof is also declared never to have legally accrued to any such person and consequently of no legal effect.

“Since in view of the provisions of Article 100(3) of the Constitution, the attorney general for Pakistan could not have suffered any act not assigned to him by the Federal Government or not authorised by the said government and since no orderor authority had been shown to us under which the then learned attorney general namely Malik Muhammad Qayyum had been authorised to address communications to various authorities/courts in foreign countries including Switzerland, therefore, such communications addressed by him withdrawing the requests for mutual legal assistance or abandoning the status of a civil party in such proceedings abroad or which had culminated in the termination of proceedings before the competent fora in Switzerland or other countries or in abandonment of the claim of the Government of Pakistan to huge amounts of allegedly laundered moneys, are declared to be unauthorised, unconstitutional and illegal acts of the said Malik Muhammad Qayyum,” the court ruled.

The short order also ruled that since the NRO stands declared void ab initio, therefore, any actions taken or suffered under the said law are also non est in law and since the communications addressed by Malik Muhammad Qayyum to various foreign fora/authorities/courts withdrawing the requests earlier made by the Government of Pakistan for mutual legal assistance; surrendering the status of civil party; abandoning the claims to the allegedly laundered moneys lying in foreign countries including Switzerland, have also been declared by us to be unauthorized and illegal communications and consequently of no legal effect, therefore, it is declared that the initial requests for mutual legal assistance; securing the status of civil party and the claims lodged to the allegedly laundered moneys lying in foreign countries including Switzerland are declared never to have been withdrawn.

The court ordered the Federal Government and other concerned authorities to take immediate steps to seek revival of the said requests, claims and status. The court further ruled that in view of the above noticed conduct of Malik Muhammad Qayyum, the then learned attorney general for Pakistan in addressing unauthorised communications which had resulted in unlawful abandonment of claims of the Government of Pakistan, inter alia, to huge amounts of the allegedly laundered moneys lying in foreign countries including Switzerland, the Federal Government and all other competent authorities are directed to proceed against the said Malik Muhammad Qayyum in accordance with law in the said connection.

The court expressed displeasure about the conduct and lack of proper and honest assistance and cooperation on the part of the chairman of the NAB, the prosecutor general of the NAB and of the additional prosecutor general of the NAB.

“It is not possible for us to trust them with proper and diligent pursuit of the cases falling within their respective spheres of operation,” said the short order. The court suggested that the Federal Government may make fresh appointments against the said posts of persons possessing high degrees of competence and impeccable integrity in terms of Section 6 of the NAB Ordinance as also in terms of the observations of this Court made in the case of Khan Asfandyar Wali Vs Federation of Pakistan (PLD 2001 SC 607).

The Court however, ruled that till such fresh appointments are so made, the present incumbents may continue to discharge their obligations strictly in accordance with law. They shall, however, transmit periodical reports of the actions taken by them to the Monitoring Cell of this Court which is being established through the succeeding parts of this judgment.

The larger bench also ruled that a Monitoring Cell shall be established in the Supreme Court of Pakistan comprising of the chief justice of Pakistan or a judge of the Supreme Court to be nominated by him to monitor the progress and the proceedings in the noticed and other cases under the NAB Ordinance.

“Likewise similar monitoring cells shall be set up in the high courts of all the provinces comprising chief justice of the respective province or judges of the concerned high courts to be nominated by them to monitor the progress and the proceedings in cases in which the accused persons had been acquitted or discharged under Section 2 of the NRO,” the ruling added.

The court directed secretary Law Division to take immediate steps to increase the number of accountability courts to ensure expeditious disposal of cases. Earlier, during hearing of the petitions against the NRO, the chief justice said even parliament has no right to change the basic structure of the constitution.

“In accordance to oath, we are committed to safeguard the constitution,” he remarked. The chief justice warned the NAB Chairman Naveed Ahsan about stern action if something false was detected in the list. He ordered the NAB chairman to sign the list if it was correct. On the court’s order, he signed the list.

The court also summoned the summary file of directives issued for the elimination of Swiss cases. On the excuse of acting attorney general, the court summoned principal secretary and secretary law. Secretary law while presenting the file in the court said attorney general wrote the letter for withdrawal of cases on the directives of Asif Zardari’s lawyer Farooq H Naek that was opposed by the then Law Minister Zahid Hamid.

The court also expressed displeasure on acting attorney general and said he hid the truth. The principal secretary of president Salman Farooqi informed the court that cases files are not present in the Presidency but are in the president’ camp office in Rawalpindi.

Mian Allah Nawaz, amicus curie (friend of court) in his arguments termed the NRO as filthy law and said anything, which is beneficial for some individuals, is illegal. Shaiq Usmani, another amicus curie submitted before the court that there was no legal ground of giving amenity under NRO. The president could only issue the ordinance, which will convert into law by the assembly.

During the course of the proceedings, the chief justice said how the assembly could declare corruption as legal. Other members of the bench included Justice Javed Iqbal, Justice Sardar Muhammad Raza Khan, Justice Khalil-ur-Rehman Ramday, Justice Mian Shakirullah Jan, Justice Tassadduq Hussain Jillani, Justice Nasir-ul-Mulk, Justice Raja Fayyaz Ahmed, Justice Chaudhry Ijaz Ahmed, Justice Muhammad Sair Ali, Justice Mahmood Akhtar Shahid Siddiqui, Justice S Khawja, Justice Anwar Zaheer Jamali, Justice Khilji Arif Hussain, Justice Rahmat Husain Jafferi, Justice Tariq Parvez and Justice Ghulam Rabbani.

http://www.geo.tv/12-17-2009/54913.htm

Review: Netbooks meet luxury in ultra-light Sony

By PETER SVENSSON, AP Technology Writer Peter Svensson, Ap Technology Writer – Wed Dec 16, 5:14 pm ET

NEW YORK – Netbooks have been a hit among laptop buyers because they're cheap and they're easy to carry. Now there's the option to pay a lot more and get a lot less — a lot less weight, that is.

Sony's Vaio X is the runway model of netbooks: stylish, super-thin and without an ounce of weight to spare. It's expensive too: the base model is $1,300 at Sonystyle.com and Sony Style stores. The price is nearly four times as much as a standard netbook.

Its carbon-fiber body, just over half an inch thick, houses an 11.1-inch screen and weighs just 1.6 pounds. How light is that? Well, it nearly blew out of my hands one day when I was walking down the street with it opened. I'm not kidding. It makes 2.5-pound netbooks feel heavy. It makes the 3-pound MacBook Air seem like a dumbbell.

Sony says it's the world's thinnest, lightest laptop with a screen larger than 10 inches diagonally. Whatever the state of the competition may be, the light weight means that carrying the Vaio X around never really felt like a burden. It was a great companion on my commute, with a screen large enough to read comfortably on, and light enough to hold in one hand when standing, at least for short periods of time. For the ultimate in mobility, the computer has a built-in modem for Verizon Wireless' cellular broadband network. Service costs an extra $60 or so per month.

Of course, a mobile laptop isn't much good if it has poor battery life and constantly needs to be tethered to an outlet. The Vaio X does pretty well in this regard, at least if you consider the weight. On battery power, it lasted 1 hour and 47 minutes when playing high-definition video nonstop and accessing the Web via Wi-Fi. In more typical circumstances, this translates into about three hours of use.

The Vaio X also comes with a protruding extended battery with four times the capacity of the regular one. Together, you could get about 17 hours of work from them. The extended battery bumps the weight of the unit to 2.3 pounds.

The carbon fiber and aluminum frame is part of the reason the Vaio X can be so light. Like other netbooks, it uses an Intel Atom processor, which is small and doesn't run hot, so the Vaio X doesn't need a big ventilation fan or ducting to carry away heat. The unit also dispenses with the standard, disk-based hard drive. Instead, it has a "solid-state disk," or SSD, composed of flash memory chips that don't have moving parts.

The chief drawback of SSDs is that they have low capacities and high prices. The basic Vaio X has 64 gigabytes of storage. There's a model with twice as much for $1,500.

The small hard drive isn't likely to be a major impediment, however, because the Vaio X isn't capable of heavy-duty computing in any case. The Atom processor is good enough for e-mail, Web surfing and office applications, but will crawl when forced to do anything more demanding. Running the premium version of Windows 7 is already a bit of a struggle for it, and it doesn't have the processor power to play TV shows from Hulu without stuttering.

Other sacrifices to the design include feeble speakers and a somewhat flimsy feeling. The carbon-fiber cover isn't as good at repelling fingerprints as anodized metal or matte plastic, so the runway-ready looks can get grubby fast. The keys don't "give" much under the fingers, so extended typing can be uncomfortable.

The Vaio X does have a slot for SD memory cards, common in digital cameras, and an Ethernet jack for plugging into wired networks. Both are missing from the MacBook Air. The Sony model also comes with a GPS chip and navigation software, but I wasn't able to get it to work.

If you have the money and need something portable, the Vaio X is a nice choice indeed. Like most netbooks, it's best used as a backup for a standard laptop or desktop.

http://news.yahoo.com/s/ap/20091216/ap_on_hi_te/us_tec_digital_life_tech_test_vaio_x;_ylt=Ak5kPUCWbqBIuKcgV3osZQsjtBAF;_ylu=X3oDMTM1NWNkbDR2BGFzc2V0A2FwLzIwMDkxMjE2L3VzX3RlY19kaWdpdGFsX2xpZmVfdGVjaF90ZXN0X3ZhaW9feARjcG9zAzEEcG9zAzIEc2VjA3luX3RvcF9zdG9yeQRzbGsDcmV2aWV3bmV0Ym9v

Tiger Woods voted AP's top athlete of the decade

By DOUG FERGUSON, AP Golf Writer Doug Ferguson, Ap Golf Writer – Wed Dec 16, 11:10 pm ET

As sports go, it wasn't close: Tiger Woods was famous for his golf long before he became infamous for his personal life.

For 10 incomparable years, no one ruled a sport like Woods. He won 64 tournaments, including 12 major championships. He hoisted a trophy on every continent where golf is played. And those 56 titles in one decade on the PGA Tour? Consider that only four of golf's greatest players won more in their entire careers.

Even as a shocking sex scandal changed the way people look at Woods, the records he set could not be ignored.

Woods was selected Wednesday as the Athlete of the Decade by members of The Associated Press in a vote that was more about his performance on the course than the self-described transgressions as a person.

"The only reason I wouldn't vote for Tiger Woods is because of the events of the last three weeks," said Mike Strain, sports editor of the Tulsa (Okla.) World. "And I didn't think that was enough to change my vote. I thought he was a transcendent sports figure."

He received 56 of the 142 votes cast since last month by editors at U.S. newspapers that are members of the AP. More than half the ballots were returned after the Nov. 27 car accident outside his Florida home that set off sensational tales of infidelity.

Lance Armstrong, a cancer survivor who won the Tour de France six times this decade, finished second with 33 votes. He was followed by Roger Federer, who has won more Grand Slam singles titles than any other man, with 25 votes.

Record-setting Olympic swimmer Michael Phelps came in fourth with 13 votes, followed by New England quarterback Tom Brady (6) and world-record sprinter Usain Bolt (4). Five other athletes received one vote apiece.

Woods, who has not been seen since the accident and has issued only statements on his Web site, was not made available to comment about the award.

Seattle Times sports editor Don Shelton discussed the vote with his staff, which he said was torn among Woods, Armstrong and Federer. He voted for Woods in the early stages of the scandal.

"I'm not sure I would change my vote," Shelton said. "I looked at him as an athlete, I really did. I separated him a little bit. If this had happened three years ago and his performance had dropped off, that's a different factor."

Allegations of rampant affairs starting come out just 10 days after Woods won the Australian Masters before record crowds for the 82nd worldwide victory of his career. He received a $3 million appearance fee in Australia, and the government estimated a return of $20 million from the number of fans Woods attracted.

Few other athletes changed their sport, from TV ratings to galleries to prize money.

A new image emerged quickly in the days following his middle-of-the-night accident, when he ran his SUV over a fire hydrant and into a tree. He became the butt of late-night TV jokes, eventually confessed to infidelity and lost a major sponsorship from Accenture.

"Seems an unlikely time to vote for him, but he had more influence and impact on the complete decade, 2000 to 2009, than any of the other athletes," said Paul Vigna, sports editor of The (Harrisburg, Pa.) Patriot-News.

AP members found Woods' work on the golf course over the last 10 years without much of a blemish. He took an early lead in the balloting, and continued to receive roughly the same percentage of votes throughout the process.

"Despite the tsunami of negative publicity that will likely tarnish his image, there's no denying that Woods' on-the-course accomplishments set a new standard of dominance within his sport while making golf more accessible to the masses," wrote Stu Whitney, sports editor of the Sioux Falls (S.D.) Argus Leader. "The only proof needed are the television ratings when Tiger plays in a golf tournament, compared to those events when others have to carry the load."

The fall was as spectacular as his rise.

Woods won the career Grand Slam three times over in the decade, the last of his 12 majors at the 2008 U.S. Open despite playing on a mangled left leg. He twice won the British Open at St. Andrews, the home of golf, by a combined 13 shots.

"It seems like everybody has jumped on the 'slay Tiger' bandwagon," said Dan Lebowitz, executive director at the Center for the Study of Sport in Society at Northeastern University. "I understand the dynamics around that. But I'd also like people to recognize how great he operated under a microscope for a long period of time."

Woods won more than one-third of all the tournaments he played this decade, an unprecedented rate in golf. Nine of his victories were by at least eight shots. He was No. 1 in the world ranking for all but 32 weeks in the decade.

He did his best work in the biggest events. Along with his 12 majors this decade — he has 14 overall, four short of the record held by Jack Nicklaus — Woods was runner-up in six other majors. He won 14 times out of 27 appearances in the World Golf Championships.

Woods finished the decade with $81,547,410 in earnings from his PGA Tour events, an average of $482,529 per tournament.

"No athlete dominated a particular sport the way Tiger Woods did this decade," said Phil Kaplan, deputy sports editor at the Knoxille (Tenn.) News-Sentinel.

http://news.yahoo.com/s/ap/20091217/ap_on_sp_go_ne/glf_athlete_of_the_decade;_ylt=Ao1yP8HkvtvOSjiQKakrWhMLMxIF;_ylu=X3oDMTJxcWJqNmdsBGFzc2V0A2FwLzIwMDkxMjE3L2dsZl9hdGhsZXRlX29mX3RoZV9kZWNhZGUEY3BvcwMxBHBvcwMyBHNlYwN5bl90b3Bfc3RvcnkEc2xrA3RpZ2Vyd29vZHN2bw--

It Was a Family Affair at the "Nine" Premiere

New York – The star-studded cast and crew of "Nine" had plenty to celebrate at the glittery premiere held Tuesday, Dec. 15, in New York, for their flashy musical had just received five Golden Globe nominations that morning, and ten Critics' Choice nods the day before. So what better way to enjoy the moment than to bring the family along for the fun?

Leading man Daniel Day-Lewis flew solo, as did his co-stars and fellow Globe nominees Marion Cotillard and Penelope Cruz. Nicole Kidman's man, Keith Urban was in Australia playing a country concert, so she brought her best friend Naomi Watts along to see the show. Stacy "Fergie" Ferguson, who gives a sexy, sultry performance as an Italian prostitute in the story of famous Italian director Guido Contini and the women in his life, clutched her mother Terri Jackson on one arm and husband Josh Duhamel on the other.

Dame Judi Dench also has a key role in the movie, so she brought her daughter Finty Williams to check it out; and Kate Hudson, whose "Cinema Italiano" number is the most exciting moment in the film, closely hugged her mother, Oscar-winning actress Goldie Hawn.

Speaking of Hudson, Nicole Kidman said at an earlier press conference, "I came into the rehearsal room, and I saw Kate dancing like up a storm. And I went, 'Wow that's amazing!' I can't wait for people to see that part of her, and maybe she'll do a Broadway show out of this because she so deserves it."

Lots of other famous families attended the premiere to check out all the singing and dancing that the Oscar-nominated "Chicago" director Rob Marshall created in "Nine." There was Madonna and daughter Lourdes Leon, twin sisters Ashley Olsen and Mary-Kate Olsen, Djimon Hounsou and wife Kimora Lee Simmons, Tobey Maguire and wife Jennifer Meyer, and Donald Trump and wife Melania Knauss-Trump.

http://news.yahoo.com/s/fwd/20091216/en_fashion_fwd/itwasafamilyaffairattheninepremiere;_ylt=Ao5H.CDtw2R4CSd.PVPwmeJxFb8C;_ylu=X3oDMTM5YzV0cWVzBGFzc2V0A2Z3ZC8yMDA5MTIxNi9pdHdhc2FmYW1pbHlhZmZhaXJhdHRoZW5pbmVwcmVtaWVyZQRwb3MDOARzZWMDeW5fYXJ0aWNsZV9zdW1tYXJ5X2xpc3QEc2xrA2l0d2FzYWZhbWlseQ--

Lawyer: Jon & Kate divorce likely final in 2010

PHILADELPHIA – Jon and Kate Gosselin will likely ring in the new year as husband and wife as they await a final divorce decree.

A lawyer for Jon Gosselin says the reality TV couple's divorce is not likely to be finalized until early next year.

Mark Jay Heller tells The Associated Press that the arbiter's decisions on custody and finances is "a work in progress." He says the couple has not signed off on it.

The former "Jon & Kate Plus 8" stars, the parents of eight children, are divorcing after 10 years of marriage.

The divorce is pending in Pennsylvania's Montgomery County, although the family home is in neighboring Berks County.

Heller says the divorce arbiter's decisions will be final.

A spokeswoman for Kate Gosselin's lawyers did not immediately return messages Wednesday.

http://news.yahoo.com/s/ap/20091216/ap_en_tv/us_jon___kate_gosselin;_ylt=Apq07EIyswc9Zt36.2naqbRxFb8C;_ylu=X3oDMTJuZjdxb3MzBGFzc2V0A2FwLzIwMDkxMjE2L3VzX2pvbl9fX2thdGVfZ29zc2VsaW4EY3BvcwMxBHBvcwMyBHNlYwN5bl90b3Bfc3RvcnkEc2xrA2xhd3llcmpvbmthdA--

Diplomat: Pakistan holding up some US visas

By ANNE GEARAN, AP National Security Writer Anne Gearan, Ap National Security Writer – Wed Dec 16, 8:12 pm ET

ISLAMABAD – Pakistan has held up visas for U.S. diplomats, military service members and others, apparently because of hostility within the country toward the expansion of U.S. operations in Pakistan, a senior U.S. diplomat said Wednesday.

American diplomats have also been stopped repeatedly at Pakistani checkpoints as part of what U.S. officials say is a wider focus on foreigners working in Pakistan. U.S. cars are searched, although diplomats are told to open the trunk but to refuse access to the passenger compartment.

The visa holdup is the latest tangible sign of the volatility of official U.S.-Pakistani relations. The two nations have an improving military relationship but mistrust and suspicion still shadow many government interactions, including U.S. attempts to help Pakistan.

The visa clampdown seems to be a reaction to widespread anti-American sentiment, even though many of the affected workers would be doing jobs that bring aid and other help to Pakistan.

The senior U.S. official said the U.S. does not plan to do more than press Pakistani authorities to relent. The official spoke on condition of anonymity to describe sensitive interaction between the two countries.

The U.S. Embassy already is large and expanding, with plans to go from about 500 employees to more than 800 over the next 18 months. Most of the growth is related to the expansion of U.S. aid to Pakistan, some of which comes with requirements for accounting and oversight that have rankled Pakistanis.

The official said that at the embassy, several employees have gone home for Christmas leave and will be unable to return because the Pakistani authorities have not extended their visas. In all, 135 visa extensions have been denied, the official said. Other visa applications have been rejected outright, but U.S. authorities have not collected data on how many.

The official said Pakistani authorities have not provided a comprehensive response to American complaints, and that several ministries are involved.

The official said that among those whose visas were held up are mechanics who tend to a fleet of U.S. helicopters that supports Pakistani military operations in the frontier areas.

The helicopters stopped flying when there were insufficient mechanics to maintain them, the official said. Some visas were approved after Pakistani authorities inquired about the grounded helicopters.

In October, President Barack Obama signed into law a $7.5 billion aid package for Pakistan. Pakistan's military criticized the aid as American meddling in the country's internal affairs.

The measure provides $1.5 billion annually over five years for economic and social programs and comes as Pakistan faces a string of violent militant attacks and bombings as its military orchestrates an offensive into the Taliban heartland.

The law is the Obama administration's attempt to strengthen the weak civilian government in Islamabad and encourage its fight against Taliban and al-Qaida militants operating along the border with Afghanistan, where the United States is fighting an eight-year war.

Also Wednesday, the top ranked U.S. military officer toured areas of the Swat Valley reclaimed from the Taliban in recent months. Adm. Mike Mullen, chairman of the U.S. Joint Chiefs of Staff, said he gives the Pakistani military an "A" for clearing out militants and keeping them out.

Mullen, speaking to reporters on a flight from Pakistan back to Afghanistan where he visited troops this week, said he saw "almost a complete reversal" from a visit to Pakistan about two years ago when, he said, the Pakistani Frontier Corps was "getting hammered in the fight."

Mullen met twice with Pakistan's powerful army chief during a two-day visit to the country. Gen. Ashfaq Kayani has laid out a plan for attacking militants who are threatening the government, and he has stuck to it, Mullen said.

"He's got to hold on to this territory," Mullen said," and yet he's also very aware of the additional insurgents that are out there and he is likewise focused on getting at them."

That was a reference to U.S. pressure on Pakistan to do more against the largely separate militant groups that use Pakistan as a haven for their attacks on U.S. forces in Afghanistan.

Asked specifically about the Haqqani network, which the U.S. now counts as the largest single threat to its forces, Mullen said Kayani "knows it's a great concern to us. ... We've got mutual interest in that."

The U.S. appears to be making progress in persuading Pakistan to focus on Haqqani, and additional U.S. action against the network is expected with Pakistani support.

http://news.yahoo.com/s/ap/20091217/ap_on_re_as/as_us_pakistan;_ylt=Aq1H28KCFYBAd1yDHxCB9XlvaA8F;_ylu=X3oDMTJqa2kyYXE5BGFzc2V0A2FwLzIwMDkxMjE3L2FzX3VzX3Bha2lzdGFuBHBvcwMzBHNlYwN5bl9hcnRpY2xlX3N1bW1hcnlfbGlzdARzbGsDZGlwbG9tYXRwYWtp

Pakistan's president under pressure after ruling

By CHRIS BRUMMITT, Associated Press Writer Chris Brummitt, Associated Press Writer – 54 mins ago

ISLAMABAD – Pakistan's president faced fresh calls to step down Thursday after the Supreme Court struck down an amnesty that had protected the increasingly unpopular leader and several of his political allies from corruption charges.

The decision late Wednesday sharpened political tensions in the nuclear-armed nation just as the United States and its other Western allies want it to unite and fight against al-Qaida and Taliban militants based along the Afghan border.

The U.S. on Thursday was believed to have carried out another missile strike againsts militants along that border. Intelligence officials said the missiles hit a car carrying two suspected insurgents in Dosali village in North Waziristan, a Pakistani tribal area.

The two officials spoke on condition of anonymity because they were not authorized to be identified by name in the media.

While it is generally agreed that President Asif Ali Zardari has immunity from prosecution as president, his opponents now plan to challenge his eligibility to hold the post. Zardari and his aides say any corruption charges against him are politically motivated and that he will not step down.

Critics said he was morally obligated to resign, at least while the court heard any challenges to his rule.

"It will be in his own interest, it will be in the interest of his party and it will be good for the system," said Khawaja Asif, a senior leader from the opposition Pakistan Muslim League party.

The amnesty was part of a U.S.-brokered deal with former military ruler Pervez Musharraf that allowed former Prime Minister Benazir Bhutto to return home from self-exile and participate in politics without facing charges her party says were politically motivated. Zardari, Bhutto's husband, took control of the party after Bhutto was assassinated in 2007.

The amnesty, known as the National Reconciliation Ordinance, either stopped corruption investigations or probes into other alleged misdeeds or wiped away convictions in cases involving up to 8,000 ministers, bureaucrats or politicians from across the spectrum.

Civil rights activists have long argued that the amnesty unfairly protected the wealthy elite.

Zardari has long been haunted by corruption allegations dating back to governments led in the 1990s by his late wife. He spent several years in prison under previous administrations. The Supreme Court this week heard allegations he misappropriated as much as $1.5 billion.

The court on Wednesday singled out an alleged multimillion dollar money laundering case involving Zardari and his late wife that had been heard in a Swiss court until the attorney general under Musharraf withdrew proceedings against them last year as a result of the amnesty.

The court said this was illegal and ordered the government to ask Swiss authorities to reopen the case.

Pakistani papers welcomed the decision as a victory for justice. Many editorialists said it boded ill for Zardari.

"Zardari: an accused president," read the headline over a front-page story by a well-known critic in The News.

Pakistani political analyst Rasul Bakhsh Rais doubted that Cabinet ministers and other politicians affected by the ruling would simply step down. He noted that investigative and prosecuting entities in Pakistan are not really independent of the government.

"They will play all these tricks and they will stay in power," Rais said, predicting many messy court battles ahead.

Some analysts said Zardari may be able to take some of the sting out of his opponents attacks — and ultimately survive in office — if he gives up many of the powers he inherited from Musharraf.

A few weeks ago, amid mounting pressure, Zardari relinquished command of the country's nuclear arsenal and said he would give up more powers soon. But that's a promise he's made before, including in a major speech to lawmakers just days after being sworn in.

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Brian Moynihan to succeed Ken Lewis as BofA CEO

By IEVA M. AUGSTUMS, AP Business Writer Ieva M. Augstums, Ap Business Writer – 3 mins ago

CHARLOTTE, N.C. – Bank of America's new CEO says he doesn't expect to lead a major shift in strategy at the nation's largest bank when he takes over from Ken Lewis on Jan. 1. But with loan losses continuing to mount amid double-digit unemployment rates, it remains to be seen whether investors will embrace staying the course.

Bank of America's board late Wednesday named its 50-year-old consumer and small business banking chief, Brian Moynihan, as president and CEO. The promotion ended a months-long search complicated by pay restrictions imposed by government pay czar Kenneth Feinberg before the bank repaid $45 billion of federal bailout loans needed to prevent its failure over the past year.

"I am pleased that it's finally over," said Nancy Bush, managing member of NAB Research LLC in Annandale, N.J. Bush said there will be divergent opinions both on Wall Street and within the bank about Moynihan, but overall, she feels it was the smart move.

"My concern about bringing in an external candidate was that somebody would come in and feel the need to put their stamp on the company through a restructuring or through a period of turbulence," she said. "The bank just doesn't need that right now. An internal candidate who knows the players and who knows what needs to be done ... is probably a wiser choice at this point."

Analysts have said outside candidates likely would have wanted to break up the company, something Bank of America's board reportedly is reluctant to do.

"Brian's wide range of experience, his relationships inside and outside of the company, and his demonstrated ability to understand business dynamics and effect constructive change made him the best person for the position," said Bank of America Chairman Walter E. Massey, who led the CEO search. Massey said that while the bank did consider external candidates, the board decided that Moynihan's experience was as good or better, "and he offered the advantage of a smooth transition."

Bank of America didn't immediately return messages left seeking comment. But Moynihan told The Wall Street Journal Wednesday night that he doesn't plan to exit any current businesses, nor does he foresee making any major changes to the bank's strategy.

"Clearly, customers and clients have benefited from the franchise Ken Lewis, Hugh McColl and others have built over the decades. Our business model has also worked for shareholders," he said in a statement. "What we need to do now is very simple. We need to execute."

Moynihan joined the Charlotte, N.C.-based bank as part of its 2004 purchase of FleetBoston Financial Corp., where he led global wealth and investment management. Over the past year he has served as BofA general counsel, head of global corporate and investment banking and consumer banking chief. He will now join the bank's board of directors.

As the new CEO, Moynihan faces many daunting tasks. He must juggle regulatory investigations into the bank's 2008 acquisition of Merrill Lynch while trying to repair relationship with regulators and members of Congress who sharply criticized Lewis after the bank required billions in aid. Some of those lawmakers, including Maryland Democrat Rep. Elijah Cummings, had also questioned Moynihan's leadership skills during a hearing on the Merrill takeover.

Moynihan takes over at time when the bank faces continued loan losses in the billions of dollars. It lost more than $2.2 billion in the third quarter as bad debt kept rising as consumers still struggled to pay their bills. Bank of America, which has about 53 million consumer and small business customers, is considered particularly vulnerable to unemployment, which remains at double-digit levels.

Bank of America told the Treasury Department of its decision before making the announcement, and Treasury raised no objections, according to industry officials familiar with the matter. They spoke on condition of anonymity because the bank's discussions were private.

The Treasury Department declined to comment Wednesday evening.

Lewis, 62, announced his departure in September in a move that surprised Bank of America's board and left it scrambling for a replacement with no clear succession plan in place. Before then, Lewis had promised he would remain as CEO until the bank cleared up its financial problems. But the heavy regulatory scrutiny and shareholder fury that accompanied the Merrill deal drove Lewis to decide to step down early.

Lewis said Wednesday he believes Moynihan "is the right person to lead our company forward."

Edolphus Towns, D-N.Y., chairman of the House Committee on Oversight and Government Reform, said he hopes Moynihan "appreciates the debt Bank of America owes to U.S. taxpayers, and is prepared to increase lending to consumers and small businesses in order to create jobs and grow the economy."

One thing Moynihan doesn't have to worry about is repaying the government loans. The bank received $25 billion from the government's Troubled Asset Relief Program, or TARP, as part of the initial round of investments into hundreds of financial institutions when the credit crisis peaked last fall. It then received an additional $20 billion shortly after it acquired Merrill Lynch in what was a heavily scrutinized deal.

Bank of America repaid the money it received from TARP on Dec. 8. That freed the bank from the government restrictions that had hampered its search for a new CEO, including executive pay limitations. However, its negotiations with outside candidates continued to falter.

Bank of New York Mellon Corp.'s CEO Robert Kelly told employees Monday that he wasn't going anywhere, leaving BofA with one less candidate for its top job. Media reports had listed Kelly among the top choices to lead the bank.

Other candidates reportedly had included: Bob Diamond, president of British bank Barclays PLC; Larry Fink, CEO of asset manager BlackRock Inc.; and New Jersey Gov. Jon Corzine, a former Goldman Sachs chairman and CEO. Bank of America's chief risk officer, Gregory Curl, was also a top internal candidate for Lewis' job. It wasn't clear Wednesday night if Curl, 61, would remain at the bank.

By picking someone from within, "you express an ability to create a culture that can produce leaders and that's very important," said Keith Springer, president of Sacramento, Calif.-based Capital Financial Advisory Services, which owns financial stocks.

"It's important for these companies to show they have longevity," he said. "And if you can't breed leaders, then you can't survive."

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Laredo could be largest US city without bookstore

By PAUL J. WEBER, Associated Press Writer Paul J. Weber, Associated Press Writer – Wed Dec 16, 4:37 pm ET

LAREDO, Texas – The final chapter has been written for the lone bookstore on the streets of Laredo.

With a population of nearly a quarter-million people, this city could soon be the largest in the nation without a single bookseller.

The situation is so grim that schoolchildren have pleaded for a reprieve from next month's planned shutdown of the B. Dalton bookstore. After that, the nearest store will be 150 miles away in San Antonio.

The B. Dalton store was never a community destination with comfy couches and an espresso bar, but its closing will create a literary void in a city with a high illiteracy rate. Industry analysts and book associations could not name a larger American city without a single bookseller.

"Corporate America considers Laredo kind of the backwater," said the city's most prolific author, Jerry Thompson, a professor at Texas A&M University International who has written more than 20 books.

Since the closing was announced, book lovers in Laredo have flocked to the small store located between City Trendz ("Laredo's No. 1 Underground Hip Hop Shop") and a store that offers $4 indoor go-kart rides to stock up on their favorite titles.

Schoolchildren even wrote letters to the parent company, Barnes & Noble, begging for the store to stay open.

"Without that store, my life would be so sad and boring," wrote a fifth-grader named Bryanna Salinas, who signed her name with a heart.

The Laredo store is among 49 remaining B. Daltons nationwide that Barnes & Noble will close by next year.

The company believes a bookstore is viable in Laredo and has identified a location for a large-format Barnes & Noble, but the space will not be available for at least 18 months, said David Deason, Barnes & Noble vice president of development.

In the meantime, without a single independent bookseller, Laredo may be in a league of its own among big cities.

Though an independent bookstore is the only one of its kind in Newark, N.J., a city of nearly 288,000, big chains are nearby in the suburbs or New York City. Laredo is surrounded by nothing more than rural ranching towns on its side of the border.

"We suffer, but we don't suffer to the extent that a Laredo would," said Wilma Grey, director of the Newark Public Library.

Some worry that the closing could send a message that books and reading are not priorities in Laredo, a hot, steamy city of 230,000 that is choked by smog from trucks lining up at the border, which is home to the nation's biggest entry point for trucks and trains.

Nearly half of the population of Webb County, which includes Laredo, lacks basic literacy skills, according to the National Center for Education Statistics.

Fewer than 1 in 5 city residents has a college degree. And about 30 percent of the city lives below the poverty level, according to the 2000 census.

Laredo residents can still purchase books online, but civic leaders fear that without a bookstore, many residents will not have the opportunity to buy books.

Many also feel that the stigma of not having a bookstore hurts Laredo's reputation.

Outsiders, even other Texans, do not always distinguish between "los dos Laredos," the relatively peaceful city in Texas, and Nuevo Laredo, across the border in Mexico, which has been wracked by drug-war violence.

But some bookstore supporters are undaunted.

Maria Soliz, Laredo Public Library director, is leading the charge to get a bookstore back. The city's library system was already planning to open two more branches over the next two years to meet demand. That's in addition to the two-story main library painted in bold, Mexican-inspired colors that serves about 400,000 visitors annually.

"It's not reflective of the city that they're closing," Soliz said. "I know this city can support a bookstore."

Deason said the Laredo store is profitable, but its profits are not significant when factoring in the expenses of running a chain that's being phased out.

Some people also question the city's priorities. As Elaine Perry walked out of the bookstore earlier this month with a heavy bag of hardcovers, she criticized a recent proposal to build an indoor snow park.

"A snowboarding park in Laredo," Perry said. "Have you ever heard of anything so stupid?"

Bookstore customers tend to be well educated and to have disposable income, said Michael Norris, an analyst with Simba Information. But that demographic is hardly what makes or breaks the business, he said.

A bookstore is "either the cultural center in its community, or it's a pile of books with a roof over it," Norris said.

The B. Dalton in Laredo certainly skews toward the latter. It has narrow aisles, no coffee for sale and not a single chair to sit and read.

City Trendz employee Seve Perez said much of the traffic at Mall del Norte comes from Mexico, both from Nuevo Laredo and deal-seeking shoppers bused in from the country's interior.

Standing behind a rack of sale T-shirts that read "Save Texas Rap," the 66-year-old said his bookish daughters will be crushed when the bookstore leaves.

Next door, Laredo resident Misti Saenz walked out of B. Dalton with a sack of nine romance novels for her teenage daughter. She was stocking up before the store closes Jan. 16.

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Elizabeth Smart

Mary Katherine Smart, younger sister to Elizabeth Smart, center, leaves the federal courthouse in Salt Lake City Friday, Dec. 11, 2009 with her parents Ed, right, and Lois Smart after closing arguments in a competency hearing for Brian David Mitchell. Mitchell is accused of abducting Elizabeth Smart and holding her captive for nine months in 2002 and 2003.

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U.S. student found guilty in Italian murder case

Italian member of parliament Catia Polidori, speaks to journalists having left the Capanne prison, on the outskirts of Perugia Italy, after a visit to American prisoner, Amanda Knox, Sunday Dec. 13, 2009. Amanda Knox told The Associated Press in her jail cell that she is 'scared' eight days after an Italian court sentenced her to 26 years in prison for the murder of her British roommate. The American student says she is feeling 'OK' and that she is 'always hoping' as she spoke Sunday to a delegation of Italian lawmakers and two journalists.

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Pa. police chief accused of cover-up ordered held

By MICHAEL RUBINKAM, Associated Press Writer Michael Rubinkam, Associated Press Writer – Wed Dec 16, 7:55 pm ET

SHENANDOAH, Pa. – A police chief ordered held without bail on charges he tried to cover up the fatal beating of a Mexican immigrant by white teenagers was named in a 2006 lawsuit that claimed police beat to death a Hispanic teenager, then made it look like a suicide.

Police Chief Matthew Nestor was never charged, but the allegations contained in the suit, in Tuesday's indictment and in other civil claims depict a police department with pervasive hostility to minorities and a penchant for using excessive force.

Police "acted as feudal warlords in this coal town community that people were afraid of," said attorney John Karoly, who represents the parents of 18-year-old David Vega in their federal lawsuit against the borough. Karoly said he wasn't suggesting police were abusive to everyone, "but I would say the pattern certainly starts to appear that minorities took the thrust of their abuse."

The suit names Nestor and Capt. Jamie Gennarini as defendants, as well as the borough of Shenandoah. The officers have denied wrongdoing. A civil trial is scheduled for next summer.

Nestor, 33, and two other officers were charged Tuesday with orchestrating a cover-up as the FBI investigated the fatal attack on Luis Ramirez by a group of high school football players. Gennarini and Nestor were indicted separately in a scheme to extort money from illegal gambling operations.

On Wednesday, Nestor was ordered held until trial at a bail hearing in Wilkes-Barre. Judge Malachy Mannion called Nestor "clearly, unequivocally a serious danger to witnesses in this case."

At the hearing, a federal prosecutor alleged that Nestor drove a cooperating witness in the extortion investigation to an isolated area and ordered him to strip down before returning him unharmed to his home.

The officers pleaded not guilty before a federal magistrate in Wilkes-Barre and Gennarini and the other two officers were released to home confinement.

A third federal indictment charges teenagers Brandon Piekarsky and Derrick Donchak with a hate crime in connection with the July 2008 attack on Ramirez, 25, an illegal immigrant from Mexico. Donchak and Piekarsky have an initial court appearance scheduled for Tuesday. Their lawyers did not return phone messages Wednesday.

Donchak and Piekarsky were previously charged in state court with Ramirez's death.

Piekarsky was acquitted in May by an all-white jury of third-degree murder and ethnic intimidation; Donchak was acquitted of aggravated assault and ethnic intimidation. Both were convicted of simple assault. Piekarsky is scheduled to be released from jail Thursday. Donchak remains locked up.

Early in the Ramirez investigation, Schuylkill County prosecutors determined that they had a serious problem with the Shenandoah police, District Attorney James Goodman said Wednesday. No Shenandoah officers were called to testify at the trial.

"We determined the police did not do their job and they were partly involved with this cover-up," said Goodman, adding that he asked the Justice Department to investigate the force.

"It was pretty troubling and it obviously caused problems with the prosecution in the case and made the case more difficult," Goodman said.

Police in this blue-collar town of 5,000, about 80 miles northwest of Philadelphia, face other accusations of wrongdoing.

Gennarini and Capt. Raymond Nestor — the father of the police chief — arrested David Vega at his home shortly before 8:55 p.m. on Nov. 28, 2004, while responding to a report of a domestic dispute, according to court documents.

"While in police custody ... Vega was beaten to death and then hung from the bars of a holding cell to make it appear as if he had committed suicide," the lawsuit said.

Vega was pronounced dead at 10:50 p.m.

His father, Carlos Vega, said Wednesday that he had no doubt what happened to his son. Vega, a retired chef who moved to Shenandoah 19 years ago, said he's afraid to leave his own house for fear of the police.

"A big group of Spanish people moved into Shenandoah, and they didn't know how to react to that," said Vega, who was born in New York and is of Puerto Rican descent.

"Were they fair to us? No. They're fair to their own kind. The outsider always had to pay."

An autopsy conducted by the county coroner determined Vega's son committed suicide, but Karoly said the coroner accepted Matthew Nestor's explanation that Vega's bruises had come earlier as he resisted arrest. A second autopsy arranged by the family confirmed Vega "suffered extensive, massive injuries consistent with a profound beating. ... The defendant did not die of hanging," the suit said.

Vega had a new girlfriend and was meeting with military recruiters about earning money for college, Karoly said.

"He had everything to live for," he said. "The kid was on top of the world and had no reason to commit suicide."

Nestor's attorney insists otherwise, writing in court papers: "The only credible independent evidence to date establishes that David Vega committed suicide."

Nestor faces yet another lawsuit, this one filed by a Shenandoah man arrested by the chief and another officer on a drug charge March 11.

David Murphy Sr., who is also represented by Karoly, claims Nestor and another officer made him turn over his prescription blood thinner at the police station, then refused to allow him to take his evening dose. Nestor also punched Murphy in the back, where he had recently undergone spinal fusion surgery, the lawsuit said.

The officers left Murphy in a holding cell overnight. He "started to experience severe pain in his chest and arm ... but there was no one in the station to hear his cries for help," the suit said. He passed out; Karoly said he suffered a heart attack. He spent four days in a hospital.

Murphy, who is black, claims Nestor threatened to kill him if he filed suit.

The chief told Murphy he would not "make it out of the Shenandoah jail alive ... that (he) would end up like that Mexican who 'hung' himself," the suit said.

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Police treating missing Utah mom as criminal case

By BROCK VERGAKIS and JENNIFER DOBNER, Associated Press Writers Brock Vergakis And Jennifer Dobner, Associated Press Writers – Wed Dec 16, 9:41 pm ET

SALT LAKE CITY – Investigators said Wednesday that they suspect foul play was involved in the disappearance of a Utah mother of two as they grew increasingly suspicious of her husband after he demonstrated an "unusual lack of cooperation" in the case.

Susan Powell, 28, was reported missing Dec. 7. Her husband, Josh Powell, has not been named a suspect but authorities are highly interested in him, said West Valley City Asst. Police Chief Craig Black.

"Every lead we've been offered so far would leave us to believe this is out of character (for Susan) and thus suspect foul play is involved," he said.

"Josh's unusual lack of cooperation for a husband looking for his wife with the police department, you know, it certainly causes us to ask questions as to why would he do things to exclude the resources that we can bring to the table to find Susan."

Susan Powell was reported missing when she didn't show up to work and her two children were not dropped off at day care. Josh Powell said he went camping with their boys, ages 2 and 4, in subfreezing temperatures about 12:30 a.m. that day and returned in the evening.

But Josh Powell has been uncooperative in providing any details that might explain what happened to his wife, Black said.

Among other things, Josh Powell hasn't specified where he went camping or where he was all day on Dec. 7, he said.

"That would be awesome if he would be willing to cooperate on that level and take us to his camp site," Black said.

Powell has told police he went camping in Simpson Springs on the historic Pony Express Trail in Utah's west desert — an area of thousands of square miles — that is now covered in snow.

Josh Powell on Tuesday did provide a DNA sample to police, as did several other family members.

Josh Powell's attorney, Scott Williams, a defense attorney who often defends high-profile clients, described the DNA testing as routine in such cases.

"On the possibility that some DNA of some evidentiary value is ultimately obtained, the police need a DNA profile from as many people as possible," he said.

Williams disputed allegations made by police on Tuesday that Josh Powell had been uncooperative.

"Despite our continued invitation to be contacted with questions we received no contact from the police today (Wednesday) and as to the nature of prior information, we have answered all questions posed to us since Monday morning," he said. "Josh continues to favor attention on finding Susan and has been cooperating and providing information to that end."

Black reiterated that Josh Powell has given them little information of value.

"What's being represented to the media is that he is staying in touch with us and he's cooperating with us. The involvement that he's giving us is helpful if we were to come across Susan and ID who she is," Black said.

"Any reason as to why she would've disappeared either of her own accord or because of some type of other foul play, he has not been cooperative with that."

The Powell home was locked when officers initially arrived and they broke in, fearing the family had suffered from carbon monoxide poisoning.

Susan Powell's father, Charles Cox, said police found a wet spot in the home being dried by two fans, but police have declined to comment on that.

Investigators said there were no signs of forced entry at the home and they found Susan Powell's purse and cell phone there.

Susan Powell was last seen by someone other than her husband on Dec. 6 — a family friend who ate dinner with her at the couple's home following church.

Cox was traveling from Salt Lake City to his home in Puyallup, Wash., on Wednesday and was not immediately available for comment.

The family has planned a news conference in the Seattle area on Thursday, according to a posting on the Friends and Family of Susan Powell Facebook page.

Family spokeswoman Shelby Gifford said friends and family who normally speak to reporters would not comment Wednesday.

"The family will always be hopeful until we have reason not to be," she said.

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Mexican navy kills top cartel kingpin in shootout

By OSWALD ALONSO and ALEXANDRA OLSON, Associated Press Writers Oswald Alonso And Alexandra Olson, Associated Press Writers – 1 hr 1 min ago

CUERNAVACA, Mexico – Two hundred sailors raided an upscale apartment complex and killed a reputed Mexican drug cartel chief in a two-hour gunbattle, one of the biggest victories yet in President Felipe Calderon's drug war.

Arturo Beltran Leyva, the "boss of bosses," and three members of his cartel were slain in the shootout Wednesday in Cuernavaca, just south of Mexico City, according to a navy statement. A fifth cartel member committed suicide during the shootout.

Cartel gunmen hurled grenades that injured three sailors, the navy said. An Associated Press reporter at the scene heard at least 10 explosions.

During the gunbattle, sailors went door-to-door to evacuate residents of the apartment complex to the gym, according to a woman who said she was speaking by cellphone to her husband inside. She would not give her name out of fear for her safety.

Beltran Levya is the highest-ranking figure taken down under Calderon, who has deployed more than 45,000 troops across Mexico to crush the cartels since taking office in December 2006. The offensive has earned Calderon praise from Washington even as 14,000 people have been killed in a wave of drug-related violence.

The last time Mexican authorities killed a major drug lord was in 2002, when Ramon Arellano Felix of the Tijuana Cartel was shot by a police officer in the Sinaloa resort of Mazatlan.

Beltran Levya was one of five brothers who split from the Sinaloa Cartel several years ago and aligned themselves with Los Zetas, a group of former soldiers hired by the rival Gulf Cartel as hit men. The split is believed to have fueled much of the bloodshed of recent years.

One of the brothers, Alfredo Beltran Leyva, was arrested in January 2008.

The U.S. Drug Enforcement Administration says the Beltran Leyva cartel is key in the importation and distribution of tons of cocaine in the United States, as well as large quantities of heroin. Mexico considers the group one of its six major cartels.

The Mexican government had listed Arturo Beltran Leyva as one its 24 most-wanted drug lords and had offered a $2.1 million reward for his capture.

Born in the Pacific coast state of Sinaloa, the Beltran Leyva brothers worked side by side with Joaquin "El Chapo" Guzman, the leader of the Sinaloa Cartel, before they broke away after Gulf Cartel leader Osiel Cardenas was arrested in 2003. They soon seized the lucrative drug routes in northeastern Mexico.

U.S. officials say the Beltran Leyva Cartel has carried out heinous killings, including numerous beheadings. The gang also has had great success in buying off public officials, police and others to protect their business and get tips on planned military raids.

The U.S government added Beltran Leyva and his cartel to the Foreign Narcotics Kingpin Designation Act last year, a movement that denied him access to the U.S. financial system.

The state of Morelos, where Cuernavaca is located, and neighboring Guerrero have seen a spike in violence in recent months, with dozens of people killed. Some of the mutilated bodies have appeared with pieces of paper signed "boss of bosses," Beltran Leyva's nickname.

Mexican authorities have been steadily closing in on the Beltran Levya over the past year, raising lavish parties thrown by cartel leaders even while they were on the run.

In one of the biggest blows to the gang, several top federal law enforcement officials were arrested in late 2008 for allegedly protecting and leaking confidential information to the cartel. They included former Mexican drug czar Noe Ramirez.

On Friday, sailors raided a party at mansion in the mountain down of Tepotzlan, near Cuernavaca, where they killed three alleged Beltran Leyva cartel members and detained 11.

They also detained Ramon Ayala, a Texas-based norteno singer whose band was playing at the party, on suspicion of ties to organized crime. His lawyer, Adolfo Vega, denied Ayala had ties to the Beltran Leyva gang, saying the singer didn't know his clients were drug traffickers.

In May, soldiers arrested one of Beltran Leyva's lieutenants, Rodolfo Lopez Ibarra, as he stepped off a plane in the northern city of Monterrey — fresh from a baptism party hosted by Beltran Leyva himself in Acapulco.

Months earlier, soldiers had arrested the deputy police chief of the resort town of Zihuatenejo who was allegedly protecting 14 Beltran Leyva members at a cock fight.

Mexico's drug gangs have fought against Calderon's crackdown with brutal attacks against security forces.

On Wednesday, the severed heads of six state police investigators were found on a public plaza in the northern Mexican state of Durango.

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Treasury backs out of plans to sell Citi stake

By SARA LEPRO and DANIEL WAGNER, AP Business Writers Sara Lepro And Daniel Wagner, Ap Business Writers – 38 mins ago

WASHINGTON – In a striking reversal of its attempts to unwind the government's financial stakes in big banks, the Treasury Department has backed out of plans to sell its 34 percent stake in Citigroup Inc.

The move came after investors responded tepidly to a massive stock offer by the New York-based bank. Citi said Wednesday it will sell 5.4 million common shares at a steep discount to raise the cash it needs to repay $20 billion of the $45 billion in government support it received to weather the financial crisis.

Citi is the last remaining Wall Street bank in which the government still owns a major stake. Treasury's move underscores the Obama administration's halting progress in drawing back the tens of billions of dollars it invested to stabilize the banking sector.

In what it called the largest equity offering in history, Citi is selling the common stock at $3.15 apiece, an 8.7 percent discount to Wednesday's closing stock price. The bank also is selling 35 million tangible equity units, which can be converted into common stock at a later date, for $100 each.

The government converted $25 billion of its Citi bailout into a 34 percent equity ownership stake in the bank earlier this year. The government paid $3.25 a share for its stake, which means it would have lost 10 cents a share in the offering.

"Based on today's offering price, Treasury has decided not to participate in the equity offering," said a department official familiar with the matter who spoke on condition of anonymity because she wasn't authorized to discuss it.

Citigroup's shares dropped 24 cents, or nearly 7 percent, to $3.21 in after-hours trading after closing at $3.45.

The discount reflected investors' continued uncertainty about Citi's financial strength. Analysts believe the bank has benefited from one-time sales and government subsidies but may not yet have repaired its balance sheet and returned to profitability.

The Treasury Department agreed to wait 90 days after the completion of the offering to sell any of the 7.7 billion common shares that it owns. The government has said it plans to sell the entire stake next year.

Treasury Secretary Geithner reiterated this week that the U.S. does not want to be a shareholder in companies. But Treasury's decision to hold its stake shows that the government, too, believes Citi may not be strong enough to stand on its own. It also preserves one of the administration's few remaining bits of leverage in negotiations with the banks.

President Barack Obama called the CEOs of major banks to the White House Monday to press them to lend more and support his overhaul of financial regulation. He said the banks benefited from taxpayer bailouts, and should do their part to support economic recovery.

Obama and the bankers called the meeting productive, but Obama failed to extract any concrete promises on the issues he raised. A day earlier, he had gone on TV to call the bankers "fat cats" who "don't get it."

Citi was the only one of the 12 banks whose CEO did not attend the meeting. It said CEO Vikram Pandit was tied up with the announcement about repaying the first $20 billion of its bailout. Chairman Richard Parsons was to attend the meeting, but ended up dialing in from New York because of inclement weather.

Citigroup announced the offering on Monday, shortly before Wells Fargo & Co. announced plans to raise capital through a public stock offering to pay back its own government bailout loan. The San Francisco-based bank priced a $12.25 billion offering of common stock on Tuesday.

The offerings followed a share sale by Bank of America Corp. earlier this month. The Charlotte, N.C.-based bank, which named its consumer banking chief as CEO Wednesday evening, raised $19.29 billion to help pay back $45 billion in government bailout funds.

Citigroup said once the offerings are complete and it repays the $20 billion, it will no longer be deemed a recipient of "exceptional financial assistance" under TARP, and therefore won't be subject to some of the strict executive compensation rules attached to its bailout.

The repayment may boost Citigroup's image. It also will save the bank $1.7 billion a year in dividend payments. However, the capital raise significantly dilutes current shareholders' stakes.

The Washington Post reported late Tuesday that Citi had received a special tax break to help it exit the bailout. The tax change saved Citi $38 billion.

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Lepro reported from New York.

http://news.yahoo.com/s/ap/20091217/ap_on_bi_ge/us_citigroup_stock_offering