Harbaugh brothers take 49ers, Ravens to Super Bowl


This Super Bowl will be filled with firsts — and one significant last.


The Harbaughs, San Francisco's Jim and Baltimore's John, will be the first pair of brothers to coach against each other in the NFL title game.


Quarterbacks Colin Kaepernick of the 49ers and Joe Flacco of the Ravens each will be playing in his first Super Bowl — where success is the ultimate measure of elite QBs.


It'll be Baltimore's first crack at a championship in a dozen years, San Francisco's first in 18. They are a combined 6-0 in Super Bowls (the 49ers own five of those victories), so one club will lose the big game for the first time.


And middle linebacker Ray Lewis, Baltimore's emotional leader and top tackler, will be playing in the final game of his 17-year career before heading into retirement.


"This is our time," Lewis pronounced.


For all of those story lines, none is expected to command as much attention as Harbaugh vs. Harbaugh. The game in New Orleans on Feb. 3 was quickly given all manner of nicknames: The Brother Bowl. The Harbaugh Bowl. The Har-Bowl. The Super-Baugh.


The Harbaughs' sister, Joani Crean, wrote in a text to The Associated Press: "Overwhelmed with pride for John, Jim and their families! They deserve all that has come their way! Team Harbaugh!"


As John prepared to coach the Ravens in the AFC championship game Sunday night, he watched on the stadium's big video screen as Jim's 49ers wrapped up the NFC championship.


John looked into a nearby TV camera, smiled broadly and said: "Hey, Jim, congratulations. You did it. You're a great coach. Love you."


Less than four hours later, the Ravens won, too. Some siblings try to beat each other in backyard games. These guys will do it in the biggest game of all.


Who's a parent to cheer for?


During the 2011 regular season, the Harbaughs became the only brothers to coach against each other in any NFL game (the Ravens beat the 49ers 16-6 on Thanksgiving Day that year).


The NFC West champion 49ers (13-4-1) opened as 5-point favorites, seeking a record-tying sixth Super Bowl title to add to those won by Hall of Fame quarterbacks Joe Montana and Steve Young.


Lewis was the MVP when the AFC North champion Ravens (13-6) beat the New York Giants in 2001.


With Kaepernick's terrific passing — he was 16 of 21 for 233 yards and a touchdown in only his ninth career NFL start — and two TD runs by Frank Gore, San Francisco erased a 17-point deficit to beat the Atlanta Falcons 28-24 Sunday.


Baltimore then fashioned a comeback of its own, scoring the last 21 points to defeat the New England Patriots 28-13, thanks in large part to Flacco's three second-half touchdown tosses, two to Anquan Boldin. Lewis and the rest of Baltimore's defense limited the high-scoring Patriots to one touchdown.


In the often risk-averse NFL, each Harbaugh made a critical change late in the regular season in a bid to boost his team's postseason chances. Clearly, both moves worked.


After 49ers quarterback Alex Smith, the starter in last season's overtime NFC title game loss to the Giants, got a concussion, Jim switched to Kaepernick for Week 11 — and never switched back. Now San Francisco has its first three-game winning streak of the season, at precisely the right time.


Baltimore, meanwhile, was in the midst of a three-game losing streak when John fired offensive coordinator Cam Cameron and promoted quarterbacks coach Jim Caldwell to replace him.


The 50-year-old John is 15 months older than Jim and generally the less demonstrative of the pair, although John certainly did not lack intensity while making his case with officials a couple of times Sunday.


The ever-excitable Jim — who was treated for an irregular heartbeat in November — was up to his usual sideline antics in Atlanta.


He spun around and sent his headset flying when the original call stood after he threw his red challenge flag on a catch by the Falcons. He hopped and yelled at his defense to get off the field after their key fourth-down stop with less than 1½ minutes left. He made an emphatic-as-can-be timeout signal with 13 seconds remaining.


Expect CBS to fill plenty of time during its Super Bowl broadcast with shots of Jim, that trademark red pen dangling in front of his chest, and John, who usually wears a black Ravens hat. That is sure to be a focal point, right up until they meet for a postgame handshake in two weeks' time.


___


AP Sports Writer Janie McCauley in San Francisco contributed to this report.


___


Follow Howard Fendrich on Twitter at http://twitter.com/HowardFendrich


___


Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL


Read More..

Mali war turns musicians into military



































French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive


French-led Mali offensive





<<


<





1




2




3




4




5




6




7




8




9




10




11




12




13




14




15




16




17




18




19




20




21




22




23




24




25




26




27




28



>


>>







STORY HIGHLIGHTS


  • Until recently, Mali was better known for its music, mosques and manuscripts than for conflict

  • Andy Morgan: Music and culture are Mali's shop-window to the world, its primary asset

  • Conflict turns musicians, artists and writers into frontline soldiers, says Morgan

  • Morgan: In Mali they're still singing, still writing, still fighting




Editor's note: Andy Morgan recently ended a seven-year stint as manager of Touareg rockers Tinariwen, leaving the music industry after 29 years to concentrate on writing. He has contributed features and reviews to The Independent, fRoots, Songlines, NME and Rolling Stone, and is currently working on books about the Sahara and West Africa.


(CNN) -- It's safe to assume that most people outside West Africa had never even heard of Mali until a few weeks ago. If they had, there's a good chance it was thanks to some beautifully flowing song or instrumental by one of the country's many world-renowned musicians: Salif Keita, Tinariwen, Oumou Sangare, Toumani Diabate, Rokia Traore... the list is long.


If it wasn't music then it might have been Mali's priceless medieval manuscripts that drew their attention, or its majestic mud-built mosques, its filmmakers, poets, photographers and writers.


Like Jamaica or Ireland, Mali's music and culture are its primary asset, its shop-window to the world, its "gold and cotton" as one famous musician put it.



Andy Morgan is a world music journalist and former manager of Touareg band Tinariwen.

Andy Morgan is a world music journalist and former manager of Touareg band Tinariwen.



Certainly, very few people would have included the words "Mali" and "Islamism" in the same sentence before April last year, when Islamist militia took control of over two thirds of the country and started amputating the hands of thieves, stoning adulterers and whipping women who happened to venture out into the streets 'improperly' dressed.


With the arrival of French forces and the mass hostage seizure at the Algerian oil facility of In Amenas, Mali and Islamism are two words that now appear not only to be inextricably linked but on the front page.


Six reasons why Mali matters








Of course, the association goes back much further than April 2012.


Al Qaeda and the Islamic Maghreb (AQIM) moved south from Algeria and into Mali's remote northern deserts over a decade ago. It proceeded to amass a fortune from kidnapping, smuggling and money laundering whilst undermining the local economy, disrupting social relations and destroying the local tourist industry.


It brought along a hardcore form of Islam inspired by Wahabism and a hatred of the West that was previously almost unheard of in Mali, a country which has long contented itself with gentler and more tolerant brands of Sufism richly tinted by local pre-Islamic beliefs.


AQIM also managed to hijack a rebellion against the central government in Bamako by the nomadic Touareg people of the north that had been grinding on and off for the best part of fifty years.


This conflict, which first erupted in 1963, was always about power, influence and the self-determination of a marginalized people. It was also about preserving the Touareg's unique Berber culture. It had never been about imposing hard line Islam on anyone. But from round 2006 onwards, Touareg nationalism and Islamic terrorism became inextricably confused with each other.


Why Africa backs French in Mali


Indeed, there's a widespread theory, confirmed by the word of just a few bit-players in the drama but lacking any more conclusive evidence, that certain parties who were utterly averse to the idea of an independent Touareg state -- the Malian government, Algeria and others -- either deliberately implanted AQIM in the region, or at the very least tolerated its presence there.


It was hoped that the strategy would attract military aid and doom the Touareg nationalist project to failure. The theory might seem strange given the damage that terrorism has wrought in both Mali and Algeria but most Touareg I know accept it as gospel. We'll probably never know the whole truth.








What's certain is that the Sahara is one of the hardest places on earth for an outsider to understand. Its interlocking cogs of power and influence -- geopolitical, regional, governmental, tribal, mineral, criminal, spiritual, clan and family -- are fiendishly complex.


No foreign intervention can hope to achieve any long-term benefits if it cannot get to grips with the underlying political and social mechanism of this vast region.


2011 brought the Arab Spring and the end of Muammar Gadhafi, who had long been a stabilizing force in the Sahel, and both a promoter and a hinderer of Touareg nationalist ambitious. His weapons arsenals were opened up to armed groups of every stripe and in January 2012, the Touareg used this opportunity to reignite their rebellion in northern Mali. But it was al Qaeda in the Islamic Maghreb who eventually took control, either directly or through a network of alliances.


Now Mali's hopes lie with the French, who intervened on Friday January 11, after months of diplomatic wrangling at the U.N. and elsewhere.


France 'not a pacifist nation'


So the world has a new front on the global war on terror and France has a new battle to fight in Africa.


Within northern Mali itself, however, and throughout the Muslim world, this is not seen as a war on terror but as a cultural conflict, one that pits a group of people who feel that the future of their society will be best served by rejecting Western liberal values and returning to the core tenets of Islam against another group who believe in religious tolerance, secularism, democracy and music.


This conflict turns musicians, artists and writers into frontline soldiers.


Saudi Arabia destroyed its mausoleums and silenced its musicians decades, even centuries, ago. In the Algerian civil war of the 1990s, many musicians, writers and cultural figures were killed, prompting others to flee overseas.


In Mali they're still singing, still writing, still fighting, for the time being at least.


In this new battleground in the cultural wars of the Muslim world, a distant mirror of the religious wars that shook Europe in the 15th and 16th centuries, Malian musicians are taking a stand. That's why music matters. That's why Mali matters.


The opinions expressed in this commentary are solely those of Andy Morgan.






Read More..

Dan Lin, Roy Lee Counter Sue Legendary over ‘Godzilla’






LOS ANGELES (TheWrap.com) – Producers Dan Lin, Roy Lee and Doug Davison have hit back at Legendary Pictures over “Godzilla,” filing a cross complaint Thursday in L.A. Superior Court seeking millions in damages and credit for their contributions to the upcoming movie.


Lin, Lee and Davison allege breach of contract and mistreatment, rehashing the history of how they came to work with Legendary. They began work in 2009 and helped Legendary secure the rights because they were assured they’d be treated well.






“Apparently, Legendary’s idea of treating the producers who brought them ‘Godzilla’ well included concocting a scheme to try to force them off the project, and depriving them of their screen credit and substantial fixed and backend compensation in order to keep more of the money and to aggrandize themselves,” the suit claims.


Legendary preemptively sued the producers last week to kick them off of the movie, anticipating a restraining order that could impede the looming production. Legendary unveiled its plans for the movie at Comic-Con last July, and has slated it for a 2014 release. It would begin production in Spring with Gareth Edward directing.


Legendary alleged that it had entered an agreement in March 2011 that gave the producers $ 25,000 in development money but no right to the intellectual property. In order to receive credit as a producer or backend money from the movie’s profits, their early work would need to be the basis for the movie.


Lin, Lee and Davison say they were responsible for bringing the rights to Legendary and never signed a written agreement because Legendary changed the terms of the deal. However, they say, Legendary had orally agreed to pay $ 1.3 million and three percent of first dollar cross receipts in addition to the development money.


Legendary has since hired a new writer, Frank Darabont, and sought other producers.


The producers are all based at Warner Bros., Legendary’s main partner – Lin at Lin Pictures and Lee and Davison for Vertigo Entertainment. Their suit against Legendary places most of the blame with president and chief creative officer Jon Jashni rather than CEO Thomas Tull.


However, they are still pointed in their claims, explaining that they “seek substantial punitive damages to make an example of Legendary so that it and no other studio will in the future treat their producers in this outrageous manner.”


Legendary had no comment on the suit.


(Pamela Chelin contributed to this report)


Movies News Headlines – Yahoo! News





Title Post: Dan Lin, Roy Lee Counter Sue Legendary over ‘Godzilla’
Url Post: http://www.news.fluser.com/dan-lin-roy-lee-counter-sue-legendary-over-godzilla/
Link To Post : Dan Lin, Roy Lee Counter Sue Legendary over ‘Godzilla’
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Dotcom starts new file-sharing site







Megaupload boss Kim Dotcom has set up a new cloud storage and file-sharing site.






Mega, a web-based service that lets people upload and store files of any kind, is a sequel to the Megaupload system that was shut down last January.


Police raids on the offices and home of Kim Dotcom led to the closure of Megaupload.


The Mega site went online at dawn on Sunday, with Mr Dotcom due to hold a gala at his New Zealand mansion later.


Mr Dotcom has said the new site complies with the law and warned that attempts to take it down would be futile.


“This is not some kind of finger to the US government or to Hollywood,” he told Reuters on Saturday.


“Legally, there’s just nothing there that could be used to shut us down. This site is just as legitimate and has the right to exist as Dropbox, Boxnet and other competitors.”


Extradition hearing


Hours after the site was launched, Mr Dotcom tweeted that it had received 250,000 user registrations, although limited server capacity meant Mega was unreachable to many.


In a series of earlier tweets Mr Dotcom said every customer would have 50 gigabytes of free storage – far more than is offered by rival services such as Dropbox or Microsoft’s SkyDrive.


Mega will be encrypted so only those who upload data have access to it.


Data is also being held in the cloud to make it easy for users to get and share files.


The 2012 raids on Megaupload were carried out because, said US law enforcement, many users of Megaupload were engaged in pirating content and illegally sharing it.


They accused Mr Dotcom and other managers at Megaupload of profiting from piracy.


Mr Dotcom, who was born Kim Schmitz, has rebuffed the accusations and is fighting a legal battle to stay in New Zealand from where he ran Megaupload.


A hearing on whether he can be extradited to the US is due to be held in March.


The case has generated controversy in New Zealand over the way the police and intelligence services gathered evidence before the raid and won an apology to Mr Dotcom from the country’s prime minister.


Mr Dotcom has also won support from prominent computer pioneers such as Apple co-founder Steve Wozniak.


The raid on Megaupload put 25 petabytes of data uploaded to it by its 50 million members into a legal limbo.


In one message, Mr Dotcom said he was working with lawyers and the Electronic Frontier Foundation, which campaigns on digital rights issues, to get access to that seized data and return it to users.


BBC News – Business





Title Post: Dotcom starts new file-sharing site
Url Post: http://www.news.fluser.com/dotcom-starts-new-file-sharing-site/
Link To Post : Dotcom starts new file-sharing site
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Minister Paradis to Talk Manufacturing, Innovation and Investment in Germany






OTTAWA, ONTARIO–(Marketwire – Jan 20, 2013) – From January 20 to January 24, the Honourable Christian Paradis, Minister of Industry, will visit Berlin as well as Munich, Germany to discuss Canadian and German approaches to manufacturing and innovation and to promote greater investment ties.


“Germany”s economic success demonstrates the importance of a strong and modern manufacturing sector – something we have long understood in Canada,” said Minister Paradis. “We know that innovation is the best way for high-wage economies like Canada and Germany”s to compete with low-wage countries around the world. Our two countries have much in common, and much to gain through greater dialogue, cooperation, and investment.”






As two innovation-driven economies, Canada and Germany have a long and successful trading relationship. Several major Canadian companies have significant operations in Germany, allowing them to capitalize on opportunities throughout the European Union. Similarly, with over 800 German subsidiaries in Canada, Germany is Canada”s tenth largest foreign direct investor. In addition to these economic ties, Canada and Germany have closely collaborated on scientific research for more than 41 years. During this time, over 500 projects in more than a dozen fields have been undertaken, with approximately 100 ongoing at any given time. This collaboration has helped fuel innovation in both countries.


“Manufacturing lies at the intersection of innovation and fabrication, where creative ideas are turned into commercial opportunities. Today”s manufacturing is not about bigger factories but about smarter ones driven by digital technologies,” added Minister Paradis. “Globalization means that manufacturing is spreading across borders and around the world. Advanced economies have to become leaders in the high-value-added stages of production. Canada and Germany are crucial players in the global supply chain and must remain so if we are to succeed.”


The Minister will then travel to Davos, Switzerland on January 25 to attend the World Economic Forum.


Marketwire News Archive – Yahoo! Finance





Title Post: Minister Paradis to Talk Manufacturing, Innovation and Investment in Germany
Url Post: http://www.news.fluser.com/minister-paradis-to-talk-manufacturing-innovation-and-investment-in-germany/
Link To Post : Minister Paradis to Talk Manufacturing, Innovation and Investment in Germany
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.


The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.


Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.


Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.


"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.


Major technology companies also report next week, but the bar for the sector has been lowered even further.


Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.


Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.


Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.


CASH POURING IN, HOUSING DATA COULD HELP


Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.


The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.


"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.


"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."


Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.


Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.


The new home sales report on Friday is expected to show a 2.1 percent increase.


The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.


Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.


The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.


"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.


"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."


(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)



Read More..

Djokovic survives to advance at Australian Open


MELBOURNE, Australia (AP) — Novak Djokovic got a huge scare from 15th-seeded Stanislas Wawrinka before hanging on to win in the 22nd game of the fifth set to advance to the quarterfinals of the Australian Open.


The top-seeded Djokovic needed 5 hours, 2 minutes for a 1-6, 7-5, 6-4, 6-7 (5), 12-10 victory that ended early Monday morning.


Djokovic broke Wawrinka's serve in the final game to clinch the win on his third match point with a cross-court backhand.


Djokovic is the two-time defending champion and has an 18-match winning streak at Melbourne Park. He is trying to become the first man in the Open era to win the tournament three times in a row.


Read More..

Joshua Tree spider species named for U2′s Bono






JOSHUA TREE NATIONAL PARK, Calif. (AP) — It appeared Bono and arachnids didn’t mix when his “Spider-Man” musical had a rough Broadway run, but that didn’t keep a biologist from naming an actual spider species after the U2 singer.


Jason Bond of Alabama’s Auburn University has identified 33 new species of trapdoor spider, including three of them in the California desert at Joshua Tree National Park. The park’s namesake is featured in the title and cover of U2′s 1987 album, “The Joshua Tree.”






The Riverside Press-Enterprise (http://bit.ly/UWsRjW ) reports that Bond named two of the spiders after Indian tribes and one, A. bonoi, after Bono.


Bond has named other spider species after Angelina Jolie, Cesar Chavez and Stephen Colbert.


The trapdoor spider, found in the Southwestern U.S., is so-named because it makes a hatch to hide from prey.


___


Information from: The Press-Enterprise, http://www.pe.com


Entertainment News Headlines – Yahoo! News





Title Post: Joshua Tree spider species named for U2′s Bono
Url Post: http://www.news.fluser.com/joshua-tree-spider-species-named-for-u2s-bono/
Link To Post : Joshua Tree spider species named for U2′s Bono
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Caterpillar writes off most of China deal after fraud






(Reuters) – Caterpillar Inc uncovered “deliberate, multi-year, coordinated accounting misconduct” at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal and wiping out more than half its expected earnings for the fourth quarter of 2012.


Shares of Caterpillar fell 1.5 percent in afterhours trading following news of the fraud, which was discovered after problems were found with the Chinese company’s inventory.






Caterpillar, the world’s largest maker of tractors and excavators, said on Friday it would take a non-cash goodwill impairment charge of $ 580 million, or 87 cents per share, in the quarter.


Analysts had expected the company to report $ 1.70 per share when it reports its results on January 28, according to Thomson Reuters I/B/E/S.


Caterpillar closed the purchase of ERA Mining Machinery Ltd and its subsidiary Siwei, China‘s fourth-largest maker of hydraulic roof supports, last June, paying HK$ 5.06 billion, or $ 653.4 million. ERA had been publicly traded in Hong Kong, doing business through Siwei, which is known for making equipment to support roofs in mines.


A member of the Caterpillar board during the course of the Siwei deal told Reuters the board was distracted at the time by a larger transaction and paid relatively little attention to the Siwei acquisition.


“It came as a complete surprise to us,” the former board member said of the fraud, speaking on condition of anonymity because of the sensitivity of the situation. “It was presented to us as a pretty straightforward transaction. It’s a shame. It should have been investigated further.”


The source said the driving force behind the deal was Ed Rapp, the former Caterpillar chief financial officer who now serves as a group president with responsibility for China, among other operations. The source said it was Rapp who presented the deal to the board and pushed for its completion.


A Caterpillar spokesman declined to comment on Rapp’s role in the deal. Rapp could not be immediately located for comment.


REVERSE TAKEOVER


At the time of the Caterpillar purchase, ERA Mining was listed in the Growth Enterprise Market (GEM) of the Hong Kong stock exchange, which is “designed to accommodate companies to which a higher investment risk may be attached,” according to the offering circular filed by Caterpillar last year in Hong Kong.


The company was previously known as ERA Holdings Global Ltd. and provided “corporate secretarial services” before being acquired by Siwei in September 2010 through a reverse takeover.


Caterpillar’s write-off could revive concerns over accounting scandals and corporate governance issues of Chinese companies voiced by investors including Muddy Waters founder Carson Block.


Reverse takeovers have been of particular concern, since most of the recent accounting scandals in the United States have come from small Chinese companies who went public via a reverse takeover, including China MediaExpress Holdings Inc. A Hong Kong arbitration panel on Wednesday ruled China MediaExpress was a “fraudulent enterprise.”


‘COMPLETELY UNACCEPTABLE’


In a statement, Caterpillar said an ongoing investigation launched after the deal closed “determined several Siwei senior managers engaged in deliberate misconduct beginning several years prior to Caterpillar’s acquisition of Siwei.”


According to a question-and-answer dialog Caterpillar included in its statement, the company found discrepancies in November between the inventory in Siwei’s books and its actual physical inventory, triggering the probe.


The company also said it had replaced several senior managers at Siwei, adding that their conduct was “offensive and completely unacceptable.”


Representatives for Siwei didn’t respond to calls and requests for comment on the Caterpillar announcement. The company employs about 4,000 people in Zhengzhou and produces hydraulic roof supports used to prevent rocks from falling into a coal mine’s working area.


Siwei competes with market leader Zhengzhou Coal Mining Machinery, according to Zhengzhou Coal’s IPO prospectus filed in November.


Citigroup and law firm Freshfields Bruckhaus Deringer LLP served as financial and legal advisers to Caterpillar on the transaction. Blackstone and DLA Piper acted as ERA’s financial and legal advisers.


Freshfields said in an emailed statement that it wasn’t able to comment on client matters. Representatives for Blackstone, Citigroup and DLA Piper didn’t respond to requests for comment on Saturday.


CHINA AMBITIONS


The Siwei deal came as part of Caterpillar’s larger ambitions in China. In early 2012, it added Jon Huntsman, the former U.S. ambassador to China, to its board of directors.


The company, which already has 23 manufacturing facilities in China and four more under construction, said the Siwei episode would not change its strategy in the country.


Caterpillar’s experience with Siwei may also renew focus on the standoff between the U.S. Securities and Exchange Commission and audit firms over access to accounting documents of U.S.-listed Chinese companies suspected of fraud.


While Siwei was not U.S.-listed, the broader accounting question has been a thorny one for U.S. companies looking to grow their business in China.


($ 1=HK$ 7.75)


(Reporting by Ernest Scheyder; Additional reporting by Soyoung Kim in New York, Elzio Barreto in Hong Kong and Kevin Yao in Beijing; Writing by Ben Berkowitz; Editing by Gary Hill, Tim Dobbyn and Susan Fenton)


Business News Headlines – Yahoo! News





Title Post: Caterpillar writes off most of China deal after fraud
Url Post: http://www.news.fluser.com/caterpillar-writes-off-most-of-china-deal-after-fraud/
Link To Post : Caterpillar writes off most of China deal after fraud
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Beyond Politics, Food and Fashion at the Presidential Inauguration






Jacqueline Kennedy had Oleg Cassini, Nancy Reagan James Galanos—fashion designers that dressed them for the presidential inauguration and throughout their time in the White House. Michelle Obama also wears designer clothes but she’s probably best known for popularizing the J. Crew label, wearing its sweaters and skirts and, most notably, its moss green leather gloves to accompany the lemongrass yellow outfit she wore at President Obama’s first inauguration.


No one knows yet what Michelle Obama will wear at the second inauguration but many will be watching, not only for its fashion statement but also for its potential business impact.






Michelle Obama is “probably the greatest rainmaker in the history of fashion,” says Bloomberg BusinessWeek reporter Ira Boudway. He tells The Daily Ticker that the J. Crew web site crashed from the extra traffic that followed after shoppers saw the green leather gloves Michelle Obama wore at the inauguration. J. Crew stock surged 25% the week after the event. (The company is now privately held.)


NYU Finance Professor David Yermack has calculated that the first lady’s public appearances has added $ 5 billion to the stock price of various publicly traded clothing companies.


“People will be paying attention” to what the Obamas wear at the inauguration,” says Boudway, including whether it was made in America.


Allen Edmonds is one of the few shoe companies still operating in the U.S. and it has provided shoes for every inauguration since at least Ronald Reagan’s. Boudway says the Wisconsin-based company doesn’t think President Obama wore its shoes at his first inauguration and no word yet if he’ll wear them this time around.


“The president tries to stay out of even the appearance of an endorsement,” says Boudway.


That’s not the case with New York Senator Chuck Schumer. He’s chairman of the Joint Congressional Committee on Inaugural Ceremonies which overseas the inaugural luncheon and he’s stacking the luncheon with many New York-made products, including cheese from the Cooperstown Cheese Company, in Milford, New York; Seaway Trail Honey from Rochester and several wines from the Finger Lakes Region.


Businesses will play another role in the inauguration besides product placement. Along with individuals, companies for the first time will help finance President Obama’s inauguration activities. He hopes to raise $ 50 million altogether. Among the corporate donors listed on Presidential Inauguration Committee 2013 web site are AT&T (T), Microsoft (MSFT) and Southern Company (SO).


Tell Us What You Think!


Got a topic you’d like covered? Have a guest you’d like to see interviewed? We’d love to hear from you! Send us an email at [email protected]


You can also look us up on Twitter and Facebook.


More from The Daily Ticker


“The Yen Is Doomed”: For Japan, This Time Really Is Different, Merk Says


The Best Performing Cities in 2012: Milken Institute


America Should Declare Bankruptcy: Doug Casey


Business & Finance News – Yahoo! Finance





Title Post: Beyond Politics, Food and Fashion at the Presidential Inauguration
Url Post: http://www.news.fluser.com/beyond-politics-food-and-fashion-at-the-presidential-inauguration/
Link To Post : Beyond Politics, Food and Fashion at the Presidential Inauguration
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..