May 25, 2013

Ex-Virginia bank executives guilty in financial crisis case

20130523 7383923920130523172006 Ex Virginia bank executives guilty in financial crisis case

() – The former chief executive of a failed U.S. bank in Norfolk, Virginia, and three others were convicted Friday of conspiracy to commit and other charges in connection with a scheme to conceal that contributed to the bank’s in 2011.

Edward Woodard, the former chief executive of Bank of the Commonwealth, was found guilty along with two other executives by a federal jury in Norfolk following a multi-week trial, the U.S. Justice Department said.

are pursuing several cases stemming from the U.S. financial crisis, which battered large and small banks alike.

Bank of the Commonwealth, which at one time had $1.3 billion in assets, cost the Corp an estimated $268 million when it failed, prosecutors said. The bank’s assets were acquired by Southern Bank and Trust Co at the time of the 2011 failure.

Prosecutors secured the indictment against Bank of the Commonwealth’s former executives in July 2012.

Neil MacBride, the U.S. Attorney for the , said in a statement that the verdict “sends a clear message to top executives and insiders in the financial services industry.”

“The brazen greed and of these four defendants toppled one of Virginia’s largest and intensified the impact of the 2008 financial crisis on the public during the height of the fiscal storm,” MacBride said.

According to prosecutors, Bank of the Commonwealth began an in 2006 beyond its historical focus of Norfolk and Virginia Beach.

Many of its loans were funded without regard to industry standards, prosecutors said. By 2008, losses mounted as loans soured.

From 2008 to 2011, Woodard and Stephen Fields, a former executive vice president and commercial loan officer at the bank, hid the bank’s financial condition, authorities said. Bank insiders also gave preferential financing to troubled borrowers to buy properties Bank of the Commonwealth owned, prosecutors said.

Woodard, 70, was convicted of charges, including conspiracy to commit bank fraud, bank fraud and false entry in a bank record.

Other defendants convicted on conspiracy to commit bank fraud and other charges included Fields, Troy Brandon Woodard, Woodard’s son and an employee of a mortgage loan specialist at a bank subsidiary, and Dwight Etheridge, a bank customer.

Simon Hounslow, an executive vice president and chief lending officer until the bank’s closing, was acquitted of all charges, the Justice Department said.

“We have long believed he never should have been charged in this case and, after careful deliberation, it is clear the jury came to that view,” John Adams, a lawyer for Hounslow at McGuireWoods, said in an email.

Lawyers for the others defendants did not immediately respond to requests for comment.

A separate lawsuit filed in January by the U.S. Securities and Exchange commission against Woodward, Fields and another executive remains pending.

The case is U.S. v. Woodard, et al, U.S. District Court, Eastern District of Virginia, No. 12-cr-00105.

(Reporting by Nate Raymond in New York.; Editing by Andrew Hay and Andre Grenon)

Syria opposition struggles to forge transition plan before talks

e4cc1d2ecae067d8c5414c0513a871e7 Syria opposition struggles to forge transition plan before talks

(Reuters) – Syria’s divided have failed to back a plan by their outgoing leader for al-Assad to cede power gradually to end the country’s , highlighting the obstacles to talks expected next month.

The 16-point plan proposed by Moaz Alkhatib, who resigned as head of the Western-backed opposition in March, urges Assad to hand power to his deputy or prime minister and then go abroad with 500 members of his entourage.

Alkhatib’s proposal appeared to win little support from other Syrian opposition figures at a three-day meeting in to decide how to respond to a U.S.-Russian proposal to convene peace talks involving Assad’s government next month.

The coalition is under international pressure to resolve ahead of a conference Washington and Moscow see as crucial to hopes of ending two years of civil war which has allowed al-Qaeda linked militants a growing role in Syria.

Looming large over the Istanbul meeting, which began on Thursday, is the shadow of , the main Arab backer of the opposition, which according to coalition sources is pushing to have the transfer of power in Syria top the agenda in .

“Saudi Arabia is not happy that Geneva does not look like it will lead with the exit of Assad on day one,” a senior coalition source said.

Opposition leaders said the coalition was likely to attend the planned , which could take part in Geneva in the coming weeks, but doubted it would produce any immediate deal on Assad’s departure.

Coalition spokesman Khaled Saleh said the 60-member body supports “any conference that helps transition the situation into an elective government away from the dictatorship” but would not go without indications Assad is on his way out.

Assad, who has defied Western and Arab calls for him to go, has not confirmed his government would attend the peace talks, although Russia said on Friday his administration had agreed in principle to attend.

NEW LEADERSHIP

Syria’s opposition in exile also aims to elect a coherent leadership during the talks in Istanbul.

It has been rudderless since the resignation in March of Alkhatib, a respected Damascene cleric, who had floated two initiatives for Assad to leave power peacefully.

His latest plan, posted on his page, calls on Assad to step down in favor of Prime Minister Wael al-Halki or Vice-President Farouq al-Shara, a veteran politician who has kept a low profile since the revolt began in March 2011, prompting opposition claims last year that he planned to defect.

Alkhatib said Assad should respond within 20 days and that he should then be given a month to dissolve parliament. Once Assad had ceded power, his government should stay in office for 100 days and restructure the military before handing over to a transitional government “which should be agreed upon and negotiated within the framework of international assurances”.

Opposition figures in Istanbul were dismissive.

“He has the right to submit papers to the meeting like any other member but his paper is heading directly to the dustbin of history. It is a repeat of his previous initiative which went nowhere,” a senior coalition official said.

Assad and his father before him have ruled Syria for four decades. He has vowed to defeat what he calls the “terrorists” behind an uprising that began with months of peaceful protests. His violent response eventually ignited an armed revolt.

More than 80,000 people have been killed in what is now a full-scale civil war that has dragged in Lebanon’s Hezbollah guerrillas and is spilling into other neighboring countries.

Washington has pressured the opposition coalition to resolve its divisions and to expand to include more liberals who can act independently of Islamists.

“The international community is walking a little faster than the opposition. It wants to see a complete list of participants from the Syrian side for Geneva and this means that the coalition has to sort its affairs,” a European diplomat said.

Burhan Ghalioun, a strong candidate to become the new head of the opposition, said the coalition was likely to agree to go to Geneva because it did not want Assad to gain political advantage from the meeting, although, he said, it was unlikely to produce any deal for a transition of power.

Other possible candidates include Ahmed Tumeh Kheder, a prominent opposition campaigner from the eastern province of Deir al-Zor, which borders Iraq’s Sunni Muslim heartland; Louay al-Safi, a professor who has taught in the United States; and acting coalition president George Sabra, a Christian who led pro-democracy demonstrations early in the uprising.

(Additional reporting by Oliver Holmes in Beirut, Thomas Grove in Moscow; editing by Nick Tattersall and Philippa Fletcher)

Google faces new federal antitrust probe: source

 Google faces new federal antitrust probe: source

() – U.S. regulators are in the early stages of an antitrust probe into whether Inc, the top player in Web display advertising, breaks antitrust law in how it handles some advertising sales, a source told on Thursday.

The source said that it was unlikely that the had sent out civil investigative demands in relation to the probe, which would be the sign of a formal and more serious investigation.

The new line of inquiry focuses on tools acquired when Google bought display ad company DoubleClick in 2007; other firms which specialize in helping Web publishers sell ads to put on their websites are complaining to the FTC, the source said.

The firms have accused Google of leveraging some of its most popular DoubleClick products, such as the ad managing system which has an estimated 80 percent of the market, to push websites to use other products, including Ad Exchange where websites swap ads, the source said.

According to a second source familiar with the situation, Google has not been notified of any antitrust investigation so far. Google and the Federal Trade Commission declined comment on the matter.

The sources did not want to be named in order to protect their business relationships.

The FTC wrapped up an earlier investigation into Google just ago, concluding that the search giant had not manipulated its Web search results to hurt rivals.

Google was the number one player in the $15 billion U.S. display ad market in 2012, with a 15.1 percent , compared with Inc’s 14.6 percent share, according to industry research firm eMarketer. Google is expected to widen its lead to 20.7 percent of the market in 2014.

Google is currently trying to convince European antitrust investigators to wrap up a separate antitrust probe, and has offered to change some search pages to give more space to rivals in order to satisfy their concerns.

In that case, Google is accused of hiding links to rival shopping, travel and other websites to protect its ad revenues. On April 11, it said it would offer consumers links to three rival sites in some searches and would label its products.

(Reporting by Diane Bartz in Washington; Additional reporting by Alexei Oreskovic in San Francisco; Editing by Ros Krasny and Phil Berlowitz)

Golf: Analysis – Has the anchor ban come too late?

f79200db9f395bb571ecbc5f65396515 Golf: Analysis – Has the anchor ban come too late?

() – The royal and ancient game of , renowned for its etiquette and self-imposed penalties, has undergone many changes to the rules over its 600-year history but few issues have triggered as much debate as the proposal to the anchoring of .

In a genteel sport where an inadvertent on a can create controversy, the announcement by golf’s rule-makers on Tuesday that anchoring would be banned from 2016 has sparked fiery, impassioned division.

Bottom line, the awkward looking practice of anchoring ‘belly’ or ‘broomstick’ to the body should never have been permitted by the Royal and Ancient (R&A) and the United (), and a ban is long overdue.

However, the fact that it has taken more than 40 years to reach this decision is unfortunate. Generations have benefited from anchoring, and given a new lease of golfing life to many ageing players suffering from the ‘yips’.

For many critics, the horse has long bolted the stable and golf’s should not now be introducing a rule which could have been implemented almost a half-century ago.

“This thing has been around way too long,” twice former Masters champion told Reuters.

“If it was an advantage or illegal, then they should have made it illegal a long time ago. That’s a cop-out. It doesn’t make sense,” added the German, who uses the technique.

American Ryder Cup player , a nine-times winner on the , does not anchor his putter but he agreed with Langer.

“I don’t see the need for it, I don’t understand the rationale,” he told reporters on Wednesday while preparing for his title defense at this week’s Invitational in Fort Worth, Texas.

“I think in the long run it hurts the game and if it was going to be done it should have been done a long time ago. We are so far into it now that it just doesn’t need to be touched.”

The controversial ban was first proposed by the R&A and USGA in November, and the global golfing community was then given 90 days in which to discuss the idea.

The European Tour expressed its support for the idea but both the U.S. and PGA of America voiced emphatic opposition, raising the ugly specter of a possible split in the game once the dust has settled.

Neither the PGA Tour nor the PGA of America believes that anchored putting hurts golf. With no perceived advantage to the technique based on all the available evidence, it could be argued that banning the practice will damage the game’s growth.

“We are disappointed with this outcome,” said PGA of America President Ted Bishop, who was one of the most outspoken critics of the proposed ban, termed ’14-1b’, during the 90-day discussion phase.

“We do not believe 14-1b is in the best interest of recreational golfers and we are concerned about the negative impact it may have on both the enjoyment and growth of the game.”

NERVOUS HANDS

of the anchoring style have said it is not a genuine golf stroke and that hinging the putter against the body can give users an advantage to combat nervous hands, what golfers often describe as the yips.

, a 14-times major champion and a brilliant exponent of the short game, has long been opposed to anchored putting.

“Anchoring should not be a part of the game,” the American world number one said earlier this week. “I’ve always felt that in golf you should have to swing the club, control your nerves and swing all 14 clubs, not just 13.”

The new rule does not ban belly or broomstick putters, only the practice of anchoring them against a player’s body for the putting stroke.

Consequently, players such as American Matt Kuchar, who uses a mid-length putter hinged against his left arm and not against his chest, stomach or chin, would be permitted to continue with that technique from January 1, 2016 onwards.

Four of the last six major champions have employed the anchoring method for putting but golf’s said they were prompted to change the rule mainly because of the increasing number of youngsters swiftly adopting the style.

“The trend over the last two decades is toward remarkably increased use of anchoring, a trend that’s particularly worrisome given that beginners and juniors are now being taught anchored strokes,” said USGA President Glen Nager.

“The bottom line is that anchoring has generated serious division within the game and among players about whether those who anchor play the same game and face the same challenges.”

Nager refuted the argument that the ban on anchored putters was being introduced far too late, saying: “We respectfully disagree.

“The notion that a rules change must be made soon after an issue is identified or else be considered forever foreclosed, regardless of negative effects on the game, is contrary to the history and the needs of the game.

“Many rules revisions have occurred only long after an issue was first identified, such as the changes related to croquet-style putting, the 14-club maximum and the stymie.

“The passage of time cannot bar us from addressing these issues if the game is to thrive, for it often takes time to refine the issues, assess potential solutions and build a consensus needed for change.”

While golf’s rule-makers have the game’s best interests at heart, the issue of anchored putting probably comes way down the list when it comes to the biggest problems facing modern golf.

A proposal to eradicate slow play, both at professional and amateur level, would undoubtedly find universal support.

(Editing by Peter Rutherford)

Golf: Analysis – Has the anchor ban come too late? is a post from: PhatzRadio.com

 Golf: Analysis – Has the anchor ban come too late?  Golf: Analysis – Has the anchor ban come too late?  Golf: Analysis – Has the anchor ban come too late?  Golf: Analysis – Has the anchor ban come too late?  Golf: Analysis – Has the anchor ban come too late?

 Golf: Analysis – Has the anchor ban come too late?

Court rules bin Laden death photos can stay secret / Karzai: U.S. can have 9 Afghan bases after 2014

ec315150f3b62c90b1987d1233700d83 Court rules bin Laden death photos can stay secret / Karzai: U.S. can have 9 Afghan bases after 2014
President Obama and aides follow the raid by U.S. special forces on Osama bin Laden’s compound in Pakistan in May 2011.(Photo: , The White House)

(PhatzNewsRoom / AP) — WASHINGTON — A said Tuesday that the government does not have to release photos of Osama bin Laden taken after his death in May 2011.

In a unanimous ruling, a three- with the U.S. Court of Appeals in Washington echoed the Obama administration’s argument that release of the photos might inflame anti-U.S. sentiment among .

“It is undisputed that the government is withholding the images not to shield wrongdoing or avoid embarrassment, but rather to prevent the killing of Americans and violence against ,” the opinion said.

, a non-profit conservative watchdog group, had sued the government, seeking release of the .

From :

“Judicial Watch sued for photographs and video from the May 2011 raid in which U.S. special forces killed bin Laden in Abbottabad, Pakistan, after more than a decade of searching.

“The organization’s lawsuit relied on the , a 1966 law that guarantees public access to some government documents.

“In an unsigned opinion, the appeals court accepted an assertion from President ’s administration that the images are so potent that releasing them could cause riots that would put Americans abroad at risk. …

“The images show a dead bin Laden at his compound in Pakistan, the transportation of his body to a U.S. ship and his burial at sea, the government has said.”

Karzai: U.S. can have 9 Afghan bases after 2014

Story Highlights

Will Afghans support U.S. military footprint after 12 years of war?
Afghanistan wants the U.S. to strengthen Afghan armed forces and provide
About 66,000 U.S. troops are currently in Afghanistan

KABUL, Afghanistan (AP) — Afghan President Hamid Karzai, who has irked Washington with his frequent criticism of American military operations in his country, said Thursday that his government is now ready to let the U.S. have nine bases across Afghanistan after most foreign troops withdraw in 2014.

A border spat with Pakistan and a desire to test public opinion led Karzai to break months of public silence on this issue, according to Afghan analysts. They said Karzai is concerned that Pakistan is using the Taliban to give it greater leverage, and that he wants to find out if Afghans, tired of 12 years of war, will support that size of a U.S. military footprint.

White House spokesman Jay Carney said Thursday that the U.S. “does not seek permanent military bases in Afghanistan.” The U.S. military presence in Afghanistan after 2014 would be “only at the request of the Afghan government,” Carney said.

Carney wouldn’t say whether the U.S. was perhaps seeking a temporary presence on nine bases. An American defense official, speaking on condition of anonymity because he was not authorized to discuss the negotiations with the media, said earlier that he had not heard the number nine mentioned previously.

But Karzai said that’s how many bases the Americans had requested.

“We are giving the bases, nine bases they want from Afghanistan — in all of Afghanistan,” he said.

Karzai said the U.S. wants bases in Kabul; Bagram Air Field, north of the capital; Mazar-e-Sharif in the north; Jalalabad and Gardez near the eastern border with Pakistan; Kandahar and Helmand provinces, which are Taliban strongholds in the south; and Shindand and Herat in western Afghanistan.

In return, Afghanistan wants a U.S. commitment to boost Afghan security, strengthen its armed forces and provide long-term economic development assistance.

“It is our condition that they bring security and bring it quickly and strengthen the Afghan forces and the economy,” he said. “When they (the Americans) do this, we are ready to sign” a partnership agreement.

The Pentagon has said very little about how and where it would position the troops it keeps in Afghanistan after the international military coalition ends its combat mission in December 2014, mainly because the arrangements must be negotiated with the Afghan government. President Barack Obama has not yet announced how many troops he wants to keep in the country beyond 2014, but officials have said it may be in the range of 10,000.

About 66,000 U.S. troops are currently in Afghanistan, down from a peak of about 100,000 in 2010. Germany is the only country to commit its troops after 2014, promising 800.

Gen. Joseph Dunford, the top American commander in Kabul, said recently that he hopes the U.S. and its NATO partners can be partnered with Afghan forces after 2014 in “the four corners” of the country, as well as in Kabul. His comment suggested that the U.S. would have military advisers on at least five bases. Washington also wants to keep some number of special operations forces in the country, and they also would require bases, although the number has never been discussed publicly.

As of May, there were 180 coalition bases in Afghanistan, down from a high of more than 425. The bulk of those are U.S. bases. Altogether, the U.S. and its allies had about 800 installations across Afghanistan in October 2011, including small combat outposts and checkpoints. That number has dropped to about 167.

U.S. leaders have repeatedly said that the U.S. does not want to keep permanent bases in Afghanistan, but would want access to Afghan bases based on the number of American troops that remain in the country after 2014.

A senior U.S. official familiar with the talks told The Associated Press earlier that the U.S. and Karzai are at odds over his request that the United States guarantee that it would side with Afghanistan if neighboring Pakistan poses a threat. So far, the U.S. is refusing, the official said, speaking on condition of anonymity because he was not authorized to brief reporters.

Karzai seemed to surprise his audience of students, diplomats and Afghan politicians attending a ceremony to mark the 80th anniversary of Kabul University when he segued from the value of education to negotiations with the U.S. and NATO. He then finished with a warning to Pakistan against testing Afghanistan’s resolve to resist any attempt at turning the Durand Line —the 19th century demarcation between present-day Afghanistan and Pakistan — into an international border.

“We want a civilized relationship with Pakistan, but if any neighbor wants Afghanistan under its shadow … it is not possible,” Karzai said. “If there is any attack or any violation to force Afghanistan to accept the Durand Line, the Afghan nation will never accept it and will never recognize the Durand Line. Impossible.”

The uneasy relations between Afghanistan and Pakistan took a turn for the worse last week when each country accused the other of carrying out unprovoked attacks.

Analyst Nader Nadery, chairman of the Free and Fair Elections Foundation of Afghanistan, said Karzai’s revelation about a U.S. interest in maintaining nine bases is linked to the deteriorating relationship with Pakistan.

Most Afghans want international forces to stay in Afghanistan “for a number of reasons, but first and foremost it is because of Pakistan,” Nadery said. “Karzai is trying to test the waters, to see if those sentiments are true or not, if people are going to support him or not. If there is no reaction and people are supporting him, he can go ahead and sign the agreement.”

Karzai’s government thinks Pakistan harbors Afghan Taliban fighters to give it more sway not just in the border dispute but in other areas of contention. Pakistan denies the allegations and has lost thousands of its soldiers fighting Taliban on its territory.

The Taliban reacted swiftly to Karzai’s remarks. Zabiullah Mujahed, the religious movement’s spokesman, warned that the longer U.S. forces stay in Afghanistan the longer it will be before peace is achieved.

“The longer the occupiers are here, the longer it will take to find peace,” he said in an e-mailed statement. “Afghans want an independent Afghanistan. We will never make any deal on our independence.”

The negotiations over a security agreement have been protracted and at times acrimonious. In March, when it appeared that an accord was about to be signed, Karzai suggested that the U.S. and the Taliban were benefiting each other — and even in collusion — to keep U.S. troops in the country, though the U.S. has been fighting Taliban insurgents in Afghanistan for more than a decade. As a result, the U.S. put the agreement on hold.

Another undecided issue involves the future activities of non-U.S. forces in the NATO-led military coalition. Karzai questioned NATO’s intentions post-2014 and set out Afghanistan’s demands.

“First NATO told us they are all leaving. Now they are coming and saying ‘No we are not going. We are staying,’” he said. “We know they are not going.”

But before Afghanistan accepts NATO soldiers, Karzai said he wants each of NATO’s 28 member countries to negotiate directly with his government about how many soldiers it wants to keep in Afghanistan, where they will be deployed and how it will benefit the country.

Moreover, Karzai said he wants each NATO country to disclose its plan for providing assistance to Afghanistan, including the kind of aid, how many civilians would be involved and — again — how the aid would benefit his nation.

“We want each NATO country to have a direct relationship with us,” Karzai said.

___

AP Writers Robert Burns, Lolita C. Baldor and Julie Pace in Washington and Amir Shah in Kabul contributed to this report.

___

Kathy Gannon is AP Special Regional Correspondent for Afghanistan. Follow her at www.twitter.com/kathygannon

North Korea sends top Kim Jong-un aide to Beijing and begins talks with Japan

8066583740e60dd8baef21af9e810361 North Korea sends top Kim Jong un aide to Beijing and begins talks with Japan

() – sent one of its top military officials as a “special envoy” from its leader -un to Beijing on Wednesday, accompanied by a high-powered delegation in what appeared to be a bid to mend frayed relations with its most important ally.

The delegation led by Choe Ryong-hae, vice chairman of the country’s top , was the most senior to visit China since Kim’s kingmaker uncle Jang Song-thaek made the trip in August 2012.

Ties between and Beijing have been hurt by the North’s third nuclear test, carried out in February, and by China agreeing to U.N. sanctions on the North and starting to put a squeeze on North .

North Korean state news agency KCNA said China’s ambassador to Pyongyang, who is seen as the closest of all foreign envoys to Kim Jong-un, saw the delegation off at the airport.

Choe’s first meeting in Beijing was with Wang Jiarui, head of the ruling ’s International Department, China’s said, without providing details.

The diplomatic move by North Korea came after Japan reached out to Pyongyang last week by sending a special envoy to to hold talks over abducted by the isolated and impoverished state.

Choe is one of the tight coterie of officials around Kim Jong-un, who has been in power for just over a year after succeeding his father.

He is a long-time political administrator and was surprisingly made a vice marshal in the army last year despite having no military background.

Jang’s trip in 2012 had been aimed at securing a visit for Kim to Beijing and to win investment for the North’s shattered economy, although it appeared to have failed, according to diplomats. Jang is seen as the most powerful official in North Korea after Kim.

“It is an important visit as he (Choe) is both a high-ranked official and coming as a special envoy of Kim Jong-un, and there have been no high level contacts between the two countries for such a long time,” said Jin Canrong, associate dean of the School of International Studies at Renmin University in Beijing.

BEIJING LIKELY TO SEEK RETURN TO NUCLEAR TALKS

Jin, a specialist on China-North Korea relations, said Beijing would once again urge Pyongyang to return to the so-called “Six Party Talks” process, aimed at denuclearization.

The talks included the North, China, the United States, South Korea, Japan and Russia and have been stalled since 2009 when North Korea conducted its second nuclear test.

“The Chinese people have been angered by North Korea’s provocations. Certainly one of China’s demands will be for North Korea to stop doing this,” said Jin.

As well as staging the country’s third nuclear test, Kim Jong-un presided over the launch of two long range rockets. These are banned by the United Nations due to concerns Pyongyang is testing technology to use in a long-range nuclear missile.

North Korea is almost entirely reliant on China for imports of fuel and food and since it closed an industrial zone on the border with South Korea, has few other outlets for its exports.

The North has traditionally attempted to play China off against the United States and appeared to be open to the possibility of a deal with Japan that irked both Seoul and Washington when Abe’s aide visited Pyongyang last week.

Yoshihide Suga, Abe’s cabinet secretary, told a news conference on Wednesday that Japan aimed to resume talks with North Korea as part of attempts to resolve the abduction issue.

“Since we are probing all the possibilities, that is naturally included,” Suga said.

Japan and North Korea last held government talks in November 2012, before the North’s last long-range missile launch in December and nuclear test in February.

Given the spike in tensions between Beijing and Pyongyang in the wake of the February nuclear test, it appeared Choe’s visit was unlikely to produce a meaningful accord.

A visit to Beijing for Kim Jong-un would be a major prize for the young leader.

“Jang Song-thaek came back with nothing from China. Since then not only has North Korea not changed, things have become worse,” said Lee Ji-sue, a North Korea expert at Myongji University in Seoul.

Japan has started looking into resuming inter-governmental talks with North Korea after a surprise visit to Pyongyang by an aide to Japan’s prime minister, the Asahi Shimbun and other newspapers said on Wednesday.

Such talks, intended to discuss North Korea’s abduction of Japanese citizens decades ago and other issues, were last held in November 2012, but have been halted due to the North’s missile launch in December and nuclear test in February.

“The Abe government on (May) 21st started preparatory work to restart inter-governmental negotiations with North Korea,” the Asahi said, without citing sources.

Through the inter-governmental talks, Japan aims to not only solve the abduction issue but also address North Korea’s nuclear and missile programs, the Asahi said.

Isao Iijima’s visit last week to the North Korean capital and his talks with senior officials there irritated South Korea and prompted Glyn Davies, a U.S. envoy for North Korea, to stress the importance of close coordination among countries.

Davies said he had received no advance notice of Iijima’s trip, details of which have not been made public.

Asked about the negative responses to Iijima’s visit to North Korea, Abe told parliament on Monday that Japan must take leadership in solving the abduction problem.

Japan’s ties with North Korea have long been fraught due to Pyongyang’s bitterness over Japan’s 1910-1945 occupation of the Korean peninsula, Tokyo’s worries about North Korea’s missile and nuclear programs, and Japanese anger over the abduction of its citizens by North Korean agents decades ago.

(Reporting by Kiyoshi Takenaka; Editing by Michael Perry)

Many children among 91 feared dead in tornado-hit Oklahoma

a8de116905c8de2776c62fe4a5402268 Many children among 91 feared dead in tornado hit Oklahoma

() – At least 91 people, including 20 children, were feared killed when a 2 mile wide tornado tore through an Oklahoma City suburb, trapping victims beneath the rubble as one elementary school took a and another was destroyed.

President declared a area in Oklahoma, ordering federal aid to supplement state and local efforts in Moore after the deadliest U.S. tornado since one killed 161 people in Joplin, Missouri, two years ago.

were desperately searching the wreckage of Plaza that took a direct hit from the tornado on Monday afternoon, Oklahoma Lieutenant Governor Todd Lamb told .

There was an outpouring of grief on the school’s page, with messages from around the country including one pleading simply: “Please find those little children.”

Another elementary school, homes and a hospital were among the buildings leveled, leaving residents of the town of about 50,000 people stunned at the devastation and loss of life.

The Oklahoma medical examiner said 20 of the 91 expected to have been killed were children. The office had already confirmed 51 dead and had been told by emergency services to expect 40 more bodies found in the debris, but had not yet received them.

At least 60 of the 240 people injured were children, area hospitals said.

“We thought we died because we were inside the cellar door … It ripped open the door and just glass and debris started slamming on us and we thought we were dead to be honest,” Ricky Stover said while surveying the devastated remains of his home.

Moore was devastated with debris everywhere, street signs gone, lights out, houses destroyed and vehicles tossed about as if they were toys.

Rescuers were searching for survivors throughout the swath of devastation into the early hours of Tuesday, while the dangerous threatened several southern with more twisters. Severe weather was expected through the night from the Great Lakes south to Texas.

STORM ALERTS

Speaking outside Norman Regional Hospital Ninia Lay, 48, said she huddled in a closet through two storm alerts and the tornado hit on the third.

“I was hiding in the closet and I heard something like a train coming,” she said under skies still flashing with lightning. The house was flattened and Lay was buried in the rubble for two hours until her husband Kevin, 50, and rescuers dug her out.

“I thank God for my cell phone, I called me husband for help.”

Her daughter Catherine, seven, a first-grader at Plaza Towers Elementary School, took shelter with classmates and teachers in a bathroom when the tornado hit and destroyed the school. She escaped with scrapes and cuts.

The National Weather Service assigned the twister a preliminary ranking of EF4 on the Enhanced Fujita Scale, meaning the second most powerful category of tornado with winds up to 200 mph.

Witnesses said Monday’s tornado appeared more fierce than the giant twister that was among the dozens that tore up the area on May 3, 1999, killing more than 40 people and destroying thousands of homes. That tornado ranked as an EF5, meaning it had winds over 200 mph.

The 1999 event in Oklahoma ranks as the third-costliest tornado in U.S. history, having caused more than $1 billion in damage at the time, or more than $1.3 billion in today’s dollars. Only the devastating Joplin and Tuscaloosa tornadoes in 2011 were more costly.

SCHOOL DESTROYED

The National Weather Service Storm Prediction Center provided the town with a warning 16 minutes before the tornado touched down at 3:01 p.m. (4.01 p.m. EDT), which is greater than the average eight to 10 minutes of warning, said Keli Pirtle, a spokeswoman for the center in Norman, Oklahoma.

The notice was upgraded to emergency warning with “heightened language” at 2:56 p.m., or five minutes before the tornado touched down, Pirtle said.

Television media measured the tornado at more than 2 miles wide, with images showing entire neighborhoods flattened.

The U.S. Federal Aviation Administration (FAA) imposed a temporary flight restriction that allowed only relief aircraft in the area, saying it was at the request of police who needed quiet to search for buried survivors.

Oklahoma activated the National Guard, and the U.S. Federal Emergency Management Agency activated teams to support recovery operations and coordinate responses for multiple agencies.

Briarwood Elementary School, which also stood in the storm’s path, was all but destroyed. On the first floor, sections of walls had been peeled away, giving clear views into the building; while in other areas, cars hurled by the storm winds were lodged in the walls.

Across the street, people picked through the remains of their homes.

The number of injured as reported by several hospitals rose rapidly throughout the afternoon.

Oklahoma University Medical Center alone was treating 65 patients, 45 of them children, though it was no longer expecting a further mass influx of casualties, spokesman Scott Coppenbarger said.

Moore Medical Center itself sustained significant damage.

“The whole city looks like a debris field,” Glenn Lewis, the mayor of Moore, told NBC.

“It looks like we have lost our hospital. I drove by there a while ago and it’s pretty much destroyed,” Lewis said.

The massive twister struck at the height of tornado season, and more were forecast. On Sunday, tornadoes killed two people and injured 39 in Oklahoma.

(Additional reporting by Lindsay Morris, Carey Gillam, Nick Carey, Brendan O’Brien and Greg McCune; Writing by Daniel Trotta and Nick Carey; Editing by )

Israel fires back at Syria after gunshots at its troops

9e457e0f8efd6bfc4c380f1dd814ab9b Israel fires back at Syria after gunshots at its troops

() – shot at a target across the Syrian frontier on Tuesday in response to gunfire that struck its forces in the , the Israeli military said.

A statement said a was damaged by shots fired from Syria but that there were no injuries. It said that soldiers “returned precise fire”.

Gunfire incidents across the frontier from Syria have recurred in past months during an escalating a civil war there in which rebels have sought to topple al-Assad. Israel’s Army Radio said Tuesday’s was the third consecutive cross-border shooting this week.

The Israeli military added in its statement that it viewed these incidents “with concern”.

Israel captured the Golan territory from Syria in a and later annexed the area. Negotiations aimed at resolving that conflict ran aground in 2000.

Israel has not taken sides in Syria’s internal conflict, but has been worried about the involvement of its Iranian-backed foe, , in the fighting.

Prime Minister held out the prospect on Sunday of Israeli strikes inside Syria to stop Hezbollah and other of Israel getting advanced weapons.

Netanyahu said Israel was “preparing for every scenario” in Syria. He added “we will act to ensure the of Israel’s citizens in the future as well”.

Israel has neither denied nor confirmed reports it attacked Iranian-supplied missiles stored near this month that it believed were waiting delivery to Hezbollah, which fought a war with Israel in 2006 and is allied with Assad.

(Writing by Allyn Fisher-Ilan; Editing by Alison Williams)

Vodafone keeps Verizon payout after European weakness

 Vodafone keeps Verizon payout after European weakness

(Reuters) – Vodafone posted the largest ever fall in its main revenue measure on Tuesday, forcing it to keep a dividend from its healthy U.S. arm to compensate for a slump in .

The world’s second largest , at the center of as to whether it will sell its stake in U.S. business Verizon Wireless in one of the world’s largest deals, said it had also been hit hard by regulatory cuts and the timing of last year’s leap year.

Rapid growth in Verizon, a solid performance in emerging markets and cost cuts however helped the group to offset some of the weakness and report slightly better than expected profit and .

Shares in the group were flat in early trading.

“We have faced headwinds from a combination of continued tough economic conditions, particularly in Southern Europe, and an adverse European regulatory environment,” Chief Executive said.

“Thanks to further strong progress this year in our of strategic focus … and an excellent performance from Verizon Wireless, we have achieved good growth in adjusted operating profit and adjusted earnings per share.”

The company will keep a 2.1 billion pound dividend payment from Verizon rather than returning it to .

Colao declined to comment on whether he would consider a sale of his 45 percent stake in the Verizon , merely saying that he had nothing new to report on a transaction that could total $120 billion.

, which has made little secret of its wish to buy out its British partner, has ramped up the pressure in recent months, saying that it believed it could buy the asset in a tax-efficient way.

The full-year results highlighted the dilemma for Colao, with Verizon growing at a rapid rate compared with assets in the core that have now struggled for several years.

Vodafone posted a 4.2 percent quarterly fall in organic service revenue, broadly in line with forecasts but significantly worse than the 2.6 percent it recorded in the third quarter and the largest quarterly drop since the company started using the measurement in 2003.

The steepest falls came from southern Europe, where operators are cutting prices to win business from struggling consumers. In Italy service revenue fell 12.8 percent, while in Spain it was down 11.5 percent.

The group also took a 1.8 billion pounds impairment charge on its business in Italy, taking the total writedowns for Spain and Italy for the year to 7.7 billion pounds.

Having completed a three year dividend program that guaranteed 7 percent growth per year, Vodafone said it now aims at least to maintain the ordinary dividend per share at current levels.

Full year margins on core earnings were down 0.5 percentage points on an organic basis to 29.9 percent, from 33.1 percent just three years ago.

“The situation in southern Europe remains one of disappointment, where a service revenue decline was compounded by a writedown in both Spain and Italy,” said Richard Hunter, head of Equities at Hargreaves Lansdown Stockbrokers.

“The question of the Verizon stake remains at the top of the agenda for investors, although Vodafone’s decision hitherto to stay put continues to reap measurable rewards, quite apart from the value of its stake appreciating by the year.”

Overall the group posted its first fall in full-year sales since 2005, down 4.2 percent to 44.4 billion pounds ($67.6 billion), while core earnings fell 3.1 percent to 13.3 billion pounds.

Its adjusted operating profit however was above guidance, up 9.3 percent to 12 billion pounds. ($1 = 0.6570 British pounds)

(Editing by Anna Willard)

Sprint receives SoftBank waiver to consider Dish offer

 Sprint receives SoftBank waiver to consider Dish offer

(Reuters) – Corp said its Japanese suitor granted it a waiver allowing it to consider a $25.5 billion rival bid by Corp, as pressure mounts on SoftBank to sweeten its offer for the No. 3 U.S. .

Sprint said its recommendation in favor of the SoftBank agreement had not changed, although some major Sprint shareholders including Paulson & Co and Omega Advisors have publicly said the Dish offer looks better than SoftBank’s deal.

SoftBank, which agreed last October to pay $20.1 billion for a 70 percent stake in Sprint, said it was confident its bid would prevail. It also announced in a separate filing on Tuesday that it would issue 400 billion yen ($3.9 billion) in bonds in June, the largest ever by a non-financial , to help pay for the Sprint deal.

Softbank President and Dish’s founder are fighting a public battle for control of Sprint after Dish offered to trump the ’s bid last month.

Son traveled to the United States this month to sell his offer to Sprint shareholders.

The waiver from SoftBank on various provisions of their merger agreement, filed in New York on Monday, permits Sprint and its representatives to furnish Dish with non-public information and to engage in negotiations on Dish’s offer.

On April 30, SoftBank waived some terms of its Sprint agreement so Sprint could seek more info from Dish but said at the time that the waiver did not allow Sprint to disclose non-public information or to negotiate with Dish.

SoftBank had come under pressure to grant the waivers and to consider improving its bid with some major Sprint shareholders continuing to show support for Dish’s offer.

Sprint said on Monday it “has not determined that the Dish proposal in fact constitutes a superior offer under the existing merger agreement (with SoftBank).” It added that there could be no assurance the Dish proposal would ultimately lead to a superior offer. Sprint has set a shareholder meeting for June 12 to vote on the SoftBank proposal.

Dish said it welcomed the waiver, which will allow full due diligence with Sprint. “We remain confident that this process will confirm the superiority of our proposal,” Dish’s Ergen said in a statement.

Dish is working with Barclays Plc, Macquarie Group, Jefferies and the Royal Bank of Canada to help finance around $9 billion in debt needed for its offer.

SoftBank’s Son has said Dish would cripple Sprint with debt and is ill-prepared to run a wireless service. Son ruled out raising its bid for Sprint earlier this month.

The Japanese company raised $3.3 billion last month in a dual-tranche bond issued in dollars and euros to help fund the planned Sprint acquisition. It also issued 300 billion yen in bonds to retail investors in March.

SoftBank said on Monday it remained committed to completing its transaction on the terms previously disclosed and expected the deal to close on July 1 or as soon as possible thereafter.

SoftBank shares fell 3.3 percent to 5,880 yen in Tuesday afternoon trade, compared with a 0.1 percent fall in Tokyo’s benchmark Nikkei. Its shares have more than doubled since news emerged of its bid for Sprint, compared with the Nikkei’s 80 percent rise.

($1 = 102.4650 Japanese yen)

(Additional reporting by Chris Peters and Sakthi Prasad in Bangalore, Ben Berkowitz in New York and Naoyuki Katayama in Tokyo; Editing by Stephen Coates and Edmund Klamann)