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Apple sold close to 1 million iPad 2s in weekend: analysts

Published by in Uncategorized on March 14th, 2011 | Comments Off

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Apple sold close to 1 million iPad 2s in weekend: analysts



Russia wants more information on Libya no-fly zone (Reuters)

Published by in Uncategorized on March 14th, 2011 | Comments Off

MOSCOW (Reuters) – Russia wants more information on the Arab League’s call for a no-fly zone over Libya and will consider any proposal put before the U.N. Security Council, Foreign Minister Sergei Lavrov said on Monday.

“We need to understand specifically what the Arab States want to see,” Lavrov said at a news conference with his Dutch counterpart.

He said Arab League leaders had indicated a no-fly zone could be imposed “with some restrictions, primarily with full respect for the sovereignty of Libya and without the use of weaponry to suppress air-defense facilities.”

Lavrov said Russia would “closely study” any proposal put before the U.N. Security Council and emphasized that a no-fly zone could not be imposed without the council’s approval.

Russia, a veto-wielding permanent Security Council member, has said that military intervention in Libya was “unacceptable” but has not ruled out imposing a no-fly zone.

Lavrov’s remarks suggested Russia might approve a no-fly zone if its concerns about Libya’s sovereignty and the safety of civilians were addressed.

(Reporting by Steve Gutternman; Editing by Amie Ferris-Rotman)

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Berkshire Hathaway to buy Lubrizol for $9 billion

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BANGALORE |
Mon Mar 14, 2011 6:41am EDT

BANGALORE (Reuters) – Billionaire Warren Buffett’s Berkshire Hathaway Inc agreed to buy chemical and lubricant maker Lubrizol Corp for $9 billion in cash, two weeks after he revealed the company’s plans to use its huge cash pile on deals.

“Lubrizol is exactly the sort of company with which we love to partner,” said the legendary investor.

Last month, Buffett, in his annual letter to Berkshire Hathaway shareholders, said he is looking for acquisitions as an outlet to deploy his $38 billion cash pile.

Berkshire will acquire Lubrizol for $135 per share, about a 28 percent premium to Lubrizol’s closing price on Friday.

The deal, which is the largest by Berkshire in nearly six years, includes the assumption of $0.7 billion of debt.

In February, Lubrizol posted strong quarterly profit and issued a bullish forecast for 2011, signaling the demand for chemicals needed to operate engines and other machinery continues to recover with the economy.

Lubrizol will continue to be led by its current management team, Berkshire said.

Citi and Evercore Partners are acting as financial advisers to Lubrizol.

Shares of Lubrizol closed at $105.44 on Friday on the New York Stock Exchange.

(Reporting by Thyagaraju Adinarayan; Editing by Gopakumar Warrier)

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Berkshire Hathaway to buy Lubrizol for $9 billion



Bahrain lawmakers ask king to impose martial law (AP)

Published by in Uncategorized on March 14th, 2011 | Comments Off

MANAMA, Bahrain – Pro-government lawmakers urged Bahrain’s king on Monday to impose martial law to put an end to a month of unrest that has left the Gulf nation sharply divided between minority Sunni Muslims backing the ruling system and Shiites demanding sweeping changes.

There was no immediate response from Bahrain’s monarch, but media outlets close to the rulers said plans were under way to bring reinforcements from neighboring Gulf states to bolster Bahraini forces.

The reports — which could not be independently verified — could be the prelude to a more aggressive push against the daily protests that show no signs of easing. Bahrain’s leaders also have expressed increasing frustration that opposition groups have not accepted offers to open dialogue aimed at resolving the crisis.

A military-run clampdown would risk further polarizing the strategic island kingdom — home to the U.S. Navy’s 5th Fleet — and send a chill through the many international banking and financial companies that use Bahrain as their Gulf hub.

The parliament bloc’s statement, carried by the state-run Bahrain News Agency, asked for a three-month declaration of martial law and claimed “extremist movements” were trying to disrupt the country and push it toward sectarian conflict. The appeal also seeks a curfew and the dispatch of army units around the country.

The Alayam newspaper, which is closely aligned with the royal family, reported on its website Monday that forces from neighboring Gulf nations were expected to send units to Bahrain to bolster security forces. The Gulf Daily News, another paper close to the rulers, said the outside forces would protect key sites such as electricity stations and oil facilities.

No other details were given on which nations could contribute troops from the six-nation Gulf Cooperation Council, which includes Bahrain, but Saudi Arabia is the only one connected to Bahrain by a causeway.

Bahrain’s prime minister, Sheik Khalifa bin Salman Al Khalifa, dodged a question about the reports of outside forces offering help, saying in a Twitter message that an “official announcement” could come.

But he did not mince words about the Shiite-led protesters. “What we are witnessing in Manama is no peaceful protest,” he wrote in a Twitter post. “It’s wanton, gangster style takeover of people’s lives.”

Shiites, who account for 70 percent of the population, have long complained of systematic discrimination by the Sunni dynasty that has ruled for more than two centuries.

The grievances include allegations of being blackballed from key government and security posts. They also strongly object to government policies that give citizenship and jobs to Sunnis from other Arab countries and South Asia as a way to offset the Shiites’ demographic edge.

The main opposition groups have called for the Sunni rulers to give up most of their powers to the elected parliament. But, as violence has deepened, many protesters now say they want to topple the entire royal family.

Bahrain’s leadership is under intense pressure from other Gulf neighbors, particularly powerful Saudi Arabia, not to give ground.

The Gulf Sunni dynasties are fearful for their own fate as the Arab push for change rumbles through the oil-rich region. They also see any gains by Bahrain’s Shiites as a potential foothold for Shiite heavyweight Iran to increase influence, including with Saudi Arabia’s restive Shiite minority in areas just over the causeway from Bahrain.

The parliament appeal comes a day after protesters blocked main highways to Bahrain’s financial district and battles erupted on the campus of the main university, which has suspended classes indefinitely.

U.S. Defense Secretary Robert Gates visited Bahrain on Saturday and urged leaders to quickly move on reforms. On the same day, Bahrain’s Interior Ministry said the sectarian strife was threatening the “social fabric” of the nation.

It was not immediately clear whether Bahrain’s parliament would hold a session to discuss the appeal. The 40-seat chamber is left with only pro-government lawmakers after 18 opposition members resigned to protest violence against demonstrators.

The statement urged King Hamad bin Isa Al Khalifa to take action “at this critical moment after the opposition parties refused all calls to restore calm and defuse tensions and engage in a multiparty national dialogue.”

On Sunday, Bahrain’s Crown Prince Salman bin Hamad Al Khalifa suggested authorities could consider harsher measures.

He said the nation has “witnessed tragic events” during a month of unprecedented political unrest. But he warned, “the right to security and safety is above all else.”

“Any legitimate claims must not be made at the expense of security and stability,” Salman said in a televised speech.

The British and U.S. governments issued notices urging their citizens in Bahrain to remain at home or try to avoid protest areas when traveling.

“Spontaneous demonstrations and violence are expected throughout the next several days,” said the U.S. advisory.

___

Associated Press writer Brian Murphy in Dubai, United Arab Emirates, contributed to this report.

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Hacker group releases BofA employee correspondence

Published by in Uncategorized on March 14th, 2011 | Comments Off


By Joe Rauch

CHARLOTTE, North Carolina |
Mon Mar 14, 2011 6:30am EDT

CHARLOTTE, North Carolina (Reuters) – Anonymous, a hacker group sympathetic to WikiLeaks, released on Monday emails that it obtained from someone who said he is a former Bank of America Corp employee.

In the emails dating from November 2010, people that appear to be employees of a Balboa Insurance, a Bank of America insurance unit, discuss removing documents from loan files for a group of insured properties.

Neither the emails nor correspondence released by Anonymous indicate the reason behind the electronic record keeping discussion.

A representative of Anonymous told Reuters on Sunday the documents relate to the issue of whether Bank of America has improperly foreclosed on homes. The representative added that he had not seen the documents, but he has been briefed on their contents.

Consumer groups have accused major U.S. lenders of foreclosing on many homes without having proper documentation in place.

A BofA spokesman said on Sunday the documents were clerical and administrative documents stolen by a former Balboa Insurance employee, and were not related to foreclosures.

“We are confident that his extravagant assertions are untrue,” the spokesman said.

The group’s email release also includes correspondence between Anonymous and the former employee, in which the former employee described the bank as a “cult” and said the company is now intent on destroying his career.

“I’m well known throughout Bank of America,” the former employee said in one email. “They saw to that when they showed everyone my picture and labeled me as a terrorist.”

The documents are available at bankofamericasuck.com/, a website that was working intermittently early on Monday morning.

(Reporting by Joe Rauch; Additional reporting by Mark Hosenball in Washington, D.C.; Editing by Jon Loades-Carter)

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