Financial News

January 26, 2012

Illinois’ higher taxes lead to lower business climate ranking

Filed under: business, news — Tags: , , , — Insurancent @ 6:20 am

Last year’s big tax hike in Illinois drove the Land of Lincoln down sharply in the latest rankings of state business climates by the Tax Foundation.

The Washington thinktank - a Washington thinktank that generally advocates for lower taxes - dropped Illinois from 16th to 28th in its annual index of tax climates in the 50 states. Missouri slipped one spot, from 14th to 15th.

Early last year, Illinois lawmakers boosted personal income taxes there by two-thirds, and the corporate tax rate from 7.3 percent to 9.5 percent. That prompted other states to start trying to lure companies out of Illinois, and big-name firms ranging from Sears to Jimmy John’s have publicly mulled moving headquarters operations elsewhere - though none have as yet. Late last year, lawmakers passed a package of tax breaks to help keep some of those companies in the state payday loans guaranteed no fax.

It’s worth noting that plenty of other economists argue that quality services - the kind paid for with taxes - are also important to growing a regional economy, and that the poor fiscal health of a state like Illinois is at least as worrisome as a higher tax rate.

Expect business climate to be on the front burner in Missouri this year, too. Wealthy libertarian investor Rex Sinquefield is widely expected to push a ballot measure this spring eliminating the state’s personal income tax, and some business leaders and lawmakers are calling for cuts to corporate tax rates, too, to help spur job creation.

 

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January 24, 2012

Euro-Area Manufacturing, Services Expand - Bloomberg

Filed under: business, online — Tags: , , , — Insurancent @ 6:04 pm

European services and factory output strengthened in January, led by a ?robust? performance by Germany, as the region?s leaders work to find a solution to the debt crisis.

A euro-area composite index based on a survey of purchasing managers in both industries rose to 50.4, a five-month high, from 48.3 in December, London-based Markit Economics said in a report today. Still, incoming new business fell and the increase in output was partly due to companies reducing order backlogs.

European finance ministers continue talks today on crafting a long-term fix to the region?s debt crisis after calling yesterday on bondholders to provide greater debt relief to Greece. While the turmoil has undermined the recovery, some measures of investor and consumer confidence have improved and European Central Bank President Mario Draghi has said 2012 will be a ?much better? year.

There is ?tentative evidence suggesting that the downturn in the euro zone as a whole may be gradually bottoming out,? said Martin Van Vliet, an economist at ING Group in Amsterdam. ?However, it is premature to start talking about green shoots of recovery? and ?any return to positive growth later this year will likely be slow and gradual.?

Economists forecast that the composite PMI would rise to 48.5, according to the median of 17 estimates in a Bloomberg News survey. A reading below 50 indicates contraction.

Services Growth

A gauge of euro-region manufacturing rose to 48.7 from 46.9, Markit said. A measure of services climbed to a five-month high of 50.5 from 48.8. Indexes of new business and backlogs fell in both industries.

The euro rose against the dollar after the report was published before erasing its gain. It traded at $1.3001 as of 11:02 a.m. in London, down 0.1 percent from yesterday.

European finance ministers pushed bondholders to provide greater debt relief for Greece after a meeting in Brussels yesterday, denting newfound confidence in Europe?s strategy for coping with the debt crisis.

European stocks fell from a five-month high amid the stalemate. The Stoxx Europe 600 Index retreated 1 percent, while Germany?s DAX Index dropped 1.1 percent. Standard & Poor?s 500 Index futures lost 0.5 percent.

The decline in S&P 500 futures indicated the U.S. gauge will retreat from the highest level since July. The Richmond Federal Reserve Bank is due to release its manufacturing-sector activity survey for December at 10 a.m. New York time.

Staying Cautious

German manufacturing expanded in January for the first time in four months and services growth accelerated, according to a separate release from Markit. The composite index of both industries reached a seven-month high. In France, manufacturing contracted at a faster pace this month and services strengthened. Chris Williamson, chief economist at Markit, said while the euro-area economy ?appears to have stabilized? he remains ?cautious about the improvement.?

?If Europe incurs only a relatively mild recession that would obviously be good news for how the European debt crisis might play out,? said Stella Wang, an economist at Nomura International Plc in London. ?However, we would caution against too much optimism at this stage paydayloans.?

Elsewhere in Europe, Britain?s budget deficit narrowed more than economists forecast in December, slipping to 13.7 billion pounds from 15.9 billion pounds a year earlier. Gilts rose, with the 10-year yield falling 2 basis points to 2.14 percent. Bank of England Governor Mervyn King is scheduled to speak at 8 p.m. today in Brighton, England.

Japan?s Deficit

Japan?s government said today it will probably miss its goal of balancing the budget by 2020 even with its proposed doubling of the sales tax, as the country?s central bank cut its 2012 growth forecast. The Asian country?s primary budget deficit, which excludes the cost of servicing debt, will be the equivalent of 3.1 percent of gross domestic product for the year through March 2021, the Cabinet Office said.

The Bank of Japan cut its growth projection for the year starting April 1 to 2 percent from 2.2 percent. The central bank kept its asset-buying fund at 20 trillion yen ($260 billion), and its credit-lending program at 35 trillion yen.

Among other economic releases today, India?s central bank cut the cash reserve ratio to 5.5 percent from 6 percent and signaled future cuts. The International Monetary Fund will unveil revisions to its World Economic Outlook at 10 a.m. in Washington. Without giving specific estimates, IMF Managing Director Christine Lagarde said yesterday in Berlin that ?we will lower growth forecasts for most parts of the world.?

German ?Standstill?

Growth in Germany may have come to a ?standstill? in the fourth quarter and ?slightly negative growth can?t be ruled out,? the Bundesbank said yesterday. Germany?s statistics office said Jan. 11 the economy probably shrank about 0.25 percent in the final three months of last year. Spain?s central bank estimated yesterday that its economy shrank in the fourth quarter. Euro-area industrial orders fell 1.3 percent in November, according to a report today.

Still, consumer confidence in the euro area unexpectedly rose this month, the Brussels-based European Commission said yesterday. Germany?s Ifo index of business sentiment also probably increased, according to a Bloomberg survey of economists. The Ifo institute will publish the data tomorrow.

Alstom SA (ALO), the maker of power equipment and trains, on Jan. 19 reported quarterly sales that fell short of analyst estimates. Still, the company forecast ?marked progress? in fiscal fourth-quarter sales on growth in emerging markets.

The ECB has cut interest rates twice since November and offered banks unlimited loans for three years to prevent a credit crunch.

?I am confident that the euro will be in better shape in 2012,? Draghi said on Jan. 19. ?I look at the progress that has been achieved on the two root causes of the situation, namely lack of fiscal discipline and lack of structural reform.?

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January 23, 2012

U.K. Economy Probably Contracted for First Time in a Year, Economists Say - Bloomberg

Filed under: business, finance — Tags: , , , — Insurancent @ 5:44 am

The U.K. economy probably shrank in the fourth quarter for the first time in a year as Europe?s debt crisis curbed demand and undermined confidence, economists said.

Gross domestic product fell 0.1 percent from the third quarter, when it rose 0.6 percent, according to the median of 33 forecasts in a Bloomberg News survey. The Office for National Statistics will publish the data at 9:30 a.m. on Jan. 25 in London. Bank of England Governor Mervyn King will make his first speech of the year the previous evening in Brighton on the south coast of England.

The contraction may be the first step in a slide back into a recession, according to the Ernst & Young ITEM Club, which said this week that the U.K. is in a ?state of paralysis.? The Bank of England is in the last of a four-month round of bond purchases aimed at boosting growth, and King has said expansion may be ?broadly flat? until around the middle of 2012.

?We?ll get a recession with another contraction in the first quarter,? said Alan Clarke, an economist at Scotia Capital in London totally free credit score. ?It?ll only be mildly negative though, but it reinforces the idea that the Bank of England will do more stimulus in February.?

Clarke, along with economists at Citigroup Inc. and Royal Bank of Scotland Group Plc, forecasts that the central bank will increase its bond-purchase target from 275 billion pounds ($426 billion) at its meeting next month. Minutes of the January decision, which will include how the nine-member Monetary Policy Committee voted, will be published at the same time as the GDP data.

Out of the 33 economists in the Bloomberg survey, 25 forecast a contraction in the fourth quarter, with the Centre for Economic and Business Research and Standard Chartered projecting a 0.7 percent slump. Three economists forecast stagnation, while five expect expansion. The data on Jan. 25 are a first estimate and subject to revision as they are based on limited information.

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January 21, 2012

Intel 4Q earnings rise 6 percent

Filed under: Uncategorized, finance — Tags: , , , — Insurancent @ 9:28 am

Intel, the world’s largest chip-maker, says is profit rose 6 percent in the latest quarter even as hard-drive shortages held back computer sales.

The world’s largest chipmaker also provided a forecast for the new quarter that matched analyst expectations.

Fourth-quarter net income was $3.36 billion, or 64 cents per share, up from $3.18 billion, or 56 cents per share, a year earlier.

Excluding some one-time effects, earnings totaled 68 cents per share. Analysts polled by FactSet were expecting earnings of 61 per share on that basis guaranteed payday loan.

Revenue rose 21 percent to $13.9 billion from $11.5 billion. Analysts were expecting $13.7 billion.

The Santa Clara, Calif., company says it expects between $12.3 billion and $13.3 billion in first-quarter revenue, straddling the analyst forecast of $12.8 billion.

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January 19, 2012

Consumer prices flat for 2nd straight month

Filed under: marketing, technology — Tags: , , , — Insurancent @ 6:36 pm

Consumer prices were unchanged last month, the latest sign that inflation remains tame. Lower gas prices offset rising costs for food, medical care and housing.

The Labor Department says the consumer price index was flat in December for the second straight month. Excluding volatile food and energy costs, so-called “core” prices rose 0.1 percent.

Inflation appears to be peaking after rising steeply last year. Prices rose 3 percent in 2011, up from a 1.5 percent pace in 2010 and the most since 2007 online payday advance. But that’s down from the 12-month increase of 3.9 percent in September.

Lower inflation gives consumers more spending power, which boosts growth. It also gives the Federal Reserve more leeway to keep interest rates low and take other steps to boost the economy.

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January 18, 2012

Singapore December Exports Unexpectedly Rise on Pharmaceutical Shipments - Bloomberg

Filed under: legal, term — Tags: , , , — Insurancent @ 6:44 am

Singapore?s exports unexpectedly rose in December as pharmaceutical shipments surged, countering a drop in sales of electronics goods.

Non-oil domestic exports climbed 9 percent from a year earlier, after a revised 1.4 percent increase in November, the island?s trade promotion agency said in a statement today. The median of 14 estimates in a Bloomberg News survey was for a 1.2 percent decline.

The advance in overseas sales may be short-lived as Europe?s sovereign-debt crisis curbs demand for Asian goods, with purchasing managers? indexes in export-dependent economies including Singapore and Taiwan signaling manufacturing is still contracting. Non-oil exports from Singapore may increase 3 percent to 5 percent this year, the trade promotion board said in November.

?The export sector is facing tremendous headwinds as the malaise in Europe and the slow recovery in the U.S. are taking a toll on global demand,? Irvin Seah, an economist at DBS Group Holdings Ltd. in Singapore, said before the report. ?Asia is also feeling the chill, with China and key markets expected to report slower growth. The odds are stacking up against Singapore?s export performance.?

China is due to report gross domestic product numbers today. Asia?s largest economy probably grew the least in 10 quarters in the last three months of 2011, according to a Bloomberg News survey ahead of the release.

Electronics Decline

Singapore?s electronics shipments by companies such as contract manufacturer Venture Corp. fell 4.6 percent in December from a year earlier, after rising 0.1 percent the previous month.

Non-electronics shipments, which include petrochemicals and pharmaceuticals, increased 16.7 percent. Petrochemicals exports fell 22.4 percent, while pharmaceutical shipments climbed 38.6 percent after gaining 21.5 percent in November.

The performance of Singapore?s pharmaceutical industry is volatile as production swings by companies such as GlaxoSmithKline Plc can cause industrial output to fluctuate from month to month. Drug companies sometimes shut plants for cleaning before making different products.

Singapore?s non-oil exports gained a seasonally adjusted 16.4 percent last month from November, when they climbed a revised 5.8 percent, today?s report showed.

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January 17, 2012

World stocks up as China slows less than expected

Filed under: marketing, online — Tags: , , , — Insurancent @ 12:44 pm

Global stock markets rallied Tuesday as China’s still robust growth in the final quarter of 2011 eased fears of an abrupt slowdown in world’s second-largest economy.

Benchmark oil rose above $100 per barrel, while the dollar fell against the yen and the euro.

In early European trading, Britain’s FTSE rose 0.8 percent at 5,702.64. Germany’s DAX was 0.9 percent higher at 6,278.23 and France’s CAC-40 rose 1 percent to 3,255.78. Wall Street was also set for a higher opening after a three-day holiday. Dow Jones industrial futures rose 0.7 percent to 12,482 and S&P 500 futures gained 0.7 percent to 1,298.50.

Shares in mainland China and Hong Kong shot up after the release of government figures showing that growth in China slowed in the final quarter of 2011 to 8.9 percent, its lowest rate in 2 1/2 years.

Markets welcomed the news, as growth had been expected to settle at 8.7 percent, analysts said.

“That means China’s economy is not slowing down as quickly as expected. That gave an overall boost to market sentiment,” said Jackson Wong, vice president at Tanrich Securities in Hong Kong.

The slowdown was also in line with government plans to cool China’s overheated economy. Analysts expect Beijing to try to stimulate growth this year with an interest rate cut or other measures to free up money for lending.

Hong Kong’s Hang Seng soared 3.2 percent at 19,627.75. The benchmark Shanghai Composite Index jumped 4.2 percent, the most in over two years, closing at 2,298.38. The Shenzhen Composite Index of China’s second, smaller exchange, surged 5.1 percent to 860.25.

“The gains were mainly due to the data released today, which beat the forecasts,” said Li Jianfeng, an analyst at Caida Securities, based in Shanghai. But he said the room for further gains was limited since the general trend is toward slower growth.

The news that China’s economy expanded 8.9 percent in October-December was seen as evidence that Beijing may have staved off a “hard landing” for the economy, though it also prompted expectations authorities may act to support growth guaranteed fast personal loans.

Comments by Shanghai Mayor Han Zheng signaling the lack of any timetable for introducing an “international board” of foreign company shares in Shanghai also encouraged investors who worry such moves might put added pressure on share prices.

Japan’s Nikkei 225 index rose 1.1 percent to close at 8,466.40. South Korea’s Kospi added 1.8 percent to 1,892.74. Australia’s S&P/ASX 200 gained 1.7 percent to 4,215.60.

Investor sentiment still faces multiple headwinds _ the latest being Standard & Poor’s downgrade of the eurozone’s rescue fund by one notch to AA+.

Gains overnight in gold, copper and oil helped commodity shares. Hong Kong-listed Zijin Mining Group Co. Ltd., China’s biggest gold miner, soared 12.5 percent.

Hong Kong-listed China Petroleum and Chemical Corp., Asia’s biggest oil refiner that is also known as Sinopec, surged 4.7 percent. China National Offshore Oil Corp., or CNOOC, added 5.3 percent.

Australian mining shares were also big gainers, including uranium miner Paladin Energy, which leapt 11.8 percent after it reported record production in the three months to December and reaffirmed its full-year production targets.

U.S. markets were closed Monday for a public holiday.

In currency trading, the euro rose to $1.2756 from $1.2670 late Friday in New York. The dollar fell to 76.60 yen from 76.96 yen.

Benchmark oil for February delivery jumped $1.75 to $100.45 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 40 cents to settle at $98.70 in New York on Friday.

___

AP Business Writer Elaine Kurtenbach contributed from Shanghai.

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January 15, 2012

Bomb kills at least 53 pilgrims in south Iraq

Filed under: finance, online — Tags: , , , — Insurancent @ 6:00 am

A bomb tore through a procession of Shiite pilgrims heading toward a largely Sunni town in southern Iraq on Saturday, killing at least 53 people in the latest sign of a power struggle between rival Muslim sects that has escalated since the American military withdrawal.

Fears of more bloodshed have risen in recent weeks, with the U.S. no longer enjoying the leverage it once had to encourage the two sides to work together to rein in extremists. Most of the latest attacks appear to be aimed at Iraq’s majority Shiites, suggesting Sunni insurgents seeking to undermine the Shiite-dominated government are to blame.

Saturday’s blast happened on the last of the 40 days of Arbaeen, when hundreds of thousands of Shiite pilgrims travel to the Iraqi city of Karbala and other holy sites. The end of Arbaeen is one of the most sacred times for Shiites, and public processions to commemorate it were banned under Saddam Hussein.

The blast occurred near the town of Zubair as pilgrims marched from the nearby port city of Basra toward the Imam Ali shrine on the outskirts of the town, said Ayad al-Emarah, a spokesman for the governor of Basra province.

The shrine is an enclave within an enclave _ a Shiite site on the edge of a predominantly Sunni town in an otherwise mostly Shiite province.

There were conflicting reports of what caused the blast, with some officials saying a roadside bomb was to blame.

But witnesses at the scene described the perpetrator as a suicide bomber disguised as a volunteer handing out juice and food to pilgrims. Ali Ghanim al-Maliki, the head of the Basra provincial council, corroborated that account in an interview with Iraqiya state television.

Arbaeen marks the end of 40 days of mourning following the anniversary of the death of Imam Hussein, a revered Shiite figure who is the grandson of the Prophet Muhammad.

Pilgrims who cannot make it to Imam Hussein’s grave in the holy city of Karbala, south of Baghdad, often journey to other sacred sites such as the shrine near Zubair.

“I saw several dead bodies and wounded people, including children on the ground asking for help. There were also some baby strollers left behind at the blast site,” said Majid Hussein, a government employee, who was one of the pilgrims heading to the shrine.

At least 53 people were killed and more than 130 wounded in the blast, said Dr. Riyadh Abdul-Amir, the head of Basra Health Directorate.

The U.S. Embassy strongly condemned the attack, saying such acts of violence “tear at the fabric of Iraqi unity.”

Many pilgrims were undeterred, and continued on the bloodstained road despite the explosion. Shoes and slippers, as well as the remains of abayas, the long black cloaks most women wear in public, littered the side of the road.

The attack bore the hallmarks of Sunni extremists, who believe Shiites are not true Muslims. It was the latest in a series of deadly strikes during this year’s Arbaeen.

More than 145 people have been killed in attacks seen to be aimed at Shiites since the start of the year.

The largest of the Arbaeen attacks _ a wave of apparently coordinated bombings in Baghdad and outside the southern city of Nasiriyah _ killed at least 78 people on Jan business card. 5. It was the deadliest strike in Iraq in more than a year.

So far there has been little sign of the revenge attacks by Shiite militias that brought the country to the edge of civil war in 2006. The Shiite prime minister, Nouri al-Maliki, has tried with some success to bring the militias’ supporters into the political process, but many of their members retain their weapons and could again take up arms.

In the evening, a parked car bomb exploded near a security checkpoint in Saddam’s hometown of Tikrit, killing one policeman and wounding four, police said.

The latest violence comes at a particularly tense time.

The last U.S. combat troops left Iraq on Dec. 18. Many Iraqis resented the foreign presence, but the Americans also guaranteed the status quo.

Many of Iraq’s minority Sunnis, who dominated the government under Saddam’s dictatorship, now fear being marginalized in the now Shiite-led country following the U.S. departure. They also resent what they see as Shiite heavyweight Iran’s meddling in the country’s domestic affairs.

“The whole situation is very tense. Sectarianism is coming back in force in this country,” said Ayad Allawi, a secular Shiite who heads the Sunni-backed Iraqiya party, in an interview with CNN’s “Fareed Zakaria GPS” set to air Sunday. “Iraq is passing through the most dangerous phase through its history now,” he added.

Just as the American troops were leaving, a political crisis erupted that has paralyzed Iraq’s government, pitting the country’s mostly ethnic- and religious-based political blocs against one another.

The spat began when al-Maliki’s government called for the arrest of the country’s top Sunni politician, Vice President Tariq al-Hashemi, accusing him of running a hit squad targeting government officials. Al-Hashemi denies the allegations.

Al-Hashemi’s Iraqiya party, meanwhile, is boycotting parliament and Cabinet meetings since last month to protest what it sees as efforts by al-Maliki to consolidate power, particularly over state security forces.

On Friday, Deputy Prime Minister Saleh al-Mutlaq of Iraqiya called on al-Maliki to step down or face a parliamentary vote of no-confidence. He accuses the prime minister of creating a new dictatorship.

Iraq’s Kurdish president, Jalal Talabani, condemned the Zubair attack as an effort by terrorists to undermine efforts to “heal the rift” dividing the country’s parties.

American officials have been pushing Iraq’s squabbling factions to resolve their differences in a way that will benefit all Iraqis. But Washington’s influence has been seriously diminished now that American troops are gone.

Deputy Secretary of State William Burns and other U.S. officials met with al-Maliki on Saturday. The State Dept. had said Burns would encourage Iraqi politicians to resolve their differences.

A statement released by al-Maliki’s office about their meeting made no reference to the domestic political crisis, focusing instead on relations between the two countries and Iraq’s neighbors.

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January 13, 2012

Christians, Muslims unite at Nigeria protest

Filed under: news, online — Tags: , , , — Insurancent @ 9:28 pm

A human wave of more than 20,000 surrounded the Muslim faithful as they prayed toward Mecca Friday, as anti-government demonstrations over spiraling fuel prices and corruption showed unity among protesters despite growing sectarian tensions in Africa’s most populous nation.

While violence sparked by religious and ethnic divisions left about 1,500 people dead last year alone in Nigeria, some hope the ongoing protests gripping the oil-rich nation will bring together a country that already suffered through a bloody civil war.

“It shows that Nigeria is now coming together as one family,” said Abdullahi Idowu, 27, as he prepared to wash himself before Friday prayers.

Labor unions, meanwhile, announced Friday they would halt their five-day strike for the weekend, allowing families stuck largely inside their homes to go to markets and rest. Union leaders also plan to meet President Goodluck Jonathan and government officials on Saturday for new negotiations, just ahead of a promised labor shutdown of Nigeria’s oil industry.

Nigeria, which produces about 2.4 million barrels of crude a day, is the fifth-largest oil exporter to the U.S. While the country has a several-week stock of oil ready for export, the threatened shutdown Sunday could shake oil futures as traders remained concerns about worldwide supply.

The strike began Monday, paralyzing the nation of more than 160 million people. The root cause remains gasoline prices: President Goodluck Jonathan’s government abandoned subsidies that kept gasoline prices low Jan. 1, causing prices to spike from $1.70 per gallon (45 cents per liter) to at least $3.50 per gallon (94 cents per liter). The costs of food and transportation also largely doubled in a nation where most people live on less than $2 a day.

Anger over losing one of the few benefits average Nigerians see from being an oil-rich country, as well as disgust over government corruption, have led to demonstrations across this nation and violence that has killed at least 10 people.

Protesters say they will not accept anything other than a full restoration of the estimated $8 billion in subsidies the government spends to keep gas prices low. On Friday, the president of the Nigeria Labor Congress said the government offered a slight subsidy to lower prices during negotiations on Thursday night. However, Abdulwaheed Omar said labor organizers rejected it, saying they wanted a full return of the subsidy.

At the mass demonstration in Lagos, Pastor Tunde Bakare called in Nigeria to reject a government that “is working hard to remove the crumbs the poor people survive on,” while not providing adequate clean drinking water and electricity personal loan for poor credit.

“We have become a generator republic,” said Bakare, a one-time vice presidential candidate for the opposition party Congress for Progressive Change.

Bakare also urged those gathered in Nigeria’s predominantly Christian south not to retaliate against Muslims living in their neighborhoods over recent attacks by a radical Islamist group known as Boko Haram. The group, which wants to implement strict Shariah law across Nigeria, is blamed for killing at least 67 people so far this year alone, according to an Associated Press count.

Boko Haram also has begun specifically targeting Christians in Nigeria’s Muslim north in their attacks, causing some to flee while exploiting deep-seated ethnic suspicions in the country. Jonathan himself described the situation as worse than the nation’s 1960s civil war, which saw 1 million people killed after Nigeria’s southeast declared itself the Republic of Biafra.

“In every family in the south, there are Muslims and Christians. They are not violent people. The sect can be identified and dealt with,” Bakare told the AP.

In a show of solidarity, the protests Friday included prayers for Muslims. Several thousand gathered in the grass near an expressway off-ramp. Sheik Abdulrahman Ahmad preached to the crowd about the evils of terrorism, calling on them to shun possible reprisal attacks over the ongoing unrest.

“Because we forget ourselves, oil has become our curse,” Ahmad told the crowd. He later added: “Our problem is oppression; our problem is bad governance.”

Though Christians gathered around praying Muslims to protect them during their prayers, violence still lurks around the edges of the protest in a country where people are beginning to become hungry. A crowd suddenly ran after a suspected thief at one point, stoning him and beating him with sticks until he fell into a trash and feces-filled ditch.

The crowd continued to throw things at him, cursing.

“This is the life of a Nigerian,” a man in the crowd called out. “This is how we live.”

___

Associated Press writer Bashir Adigun in Abuja, Nigeria contributed to this report.

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January 12, 2012

Fleming Pharmaceuticals sells key brands

Filed under: management, marketing — Tags: , , , — Insurancent @ 5:08 am

A Fenton-based pharmaceutical company has sold four of its most popular brands, including Ocean nasal spray, to a Barbados drug company.

Fleming Pharmaceuticals, a privately held company, announced Wednesday that it has sold the rights to Ocean, Nephrocaps, Magonate, and Pro-Barimin QT products to Valeant International SRL.

Valeant’s affiliate, Valeant Pharmaceuticals North America LLC, will act as distributor of these products in the United States.

Fleming has retained the rights to manufacture and market ThyroShield, one of two FDA-approvided potassium idodide medicines used in nuclear emergencies to combat radiation sickness low rates payday advance. The medicine is designed to block the thyroid gland from absorbing radioactive idodine to avoid thyroid cancer.

Fleming has also retained its headquarters and contract services business for the development, testing and manufacture of specialty pharmaceutical companies.

However, the company has retained Douglas Group, a St. Louis-based private investment bank, to consider the potential merger or sale of Fleming’s remaining operations. 

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