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S.Africa’s Harmony Gold earnings weather strike storm

Labels: World

JOHANNESBURG (Reuters) – Harmony Gold, South Africa‘s third largest gold producer, said its second quarter earnings were higher despite a 9 percent fall in output after post-strike violence at one of its biggest South African mines forced it to halt the operation.

Headline earnings were 28 percent higher at 158 cents per share for the three months October to December, which beat the Reuters consensus of 102 cents.

The main measure of profit in South Africa, headline earnings strip out certain one-time items.

An interim dividend of 50 cents per share has been declared.

Production in the second quarter was 291,734 ounces after it lost 25,000 ounces to an illegal strike at its Kusasalethu operations near Carletonville.

Despite relying on South Africa for more than 95 percent of its output, the impact on Harmony from violent wildcat strikes that crippled operations at other South African gold and platinum producers was limited to one operation.

A burst of post-strike violence and intimidation spurred by inter-union rivalry at Kusasalethu prompted the company to say it would mothball the mine, which could lead to the sacking of 6,000 employees.

After discussions with trade unions and the government earlier this month, Harmony said it was one step closer to re-opening the mine.

“I am positive about the re-opening of Kusasalethu. In six weeks we could start to produce some ore with full production closer to the end of the quarter,” said chief executive Graham Briggs.

The unions and Harmony have until March 7 to decide on the future of the mine, which has historically contributed about 14 percent to the company’s annual output of roughly 1.3 million ounces.

Harmony’s shares have lost 38 percent of their value in the last year, compared with a 27 percent drop in the JSE’s Gold Mining Index.

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Should we still fear al Qaeda?

Labels: Lifestyle

Mali military battles Islamist insurgents

STORY HIGHLIGHTS

Peter Bergen: U.K. politicians called North Africa terror an existential threat

Bergen says core al Qaeda has been greatly weakened, hasn't mounted serious operations

Terror groups loosely affiliated with al Qaeda have also lost ground, he says

Bergen: Jihadist violence does continue, but it does no good to overstate threat

Editor's note: Peter Bergen is CNN's national security analyst, the author of "Manhunt: The Ten-Year Search for bin Laden -- From 9/11 to Abbottabad", and a director at the New America Foundation.

Washington (CNN) -- The attack in January on a gas facility in Algeria by an al Qaeda-linked group that resulted in at least 37 dead hostages has sparked an outpouring of dire warnings from leading Western politicians.

British Prime Minister David Cameron described a "large and existential threat" emanating from North Africa. Tony Blair, his predecessor as prime minister, agreed saying, "David Cameron is right to warn that this is a battle for our values and way of life which will take years, even decades."

Hang on chaps! Before we all get our knickers in a tremendous twist: How exactly does an attack on an undefended gas facility in the remotest depths of the Algerian desert become an "existential threat" to our "way of life"?

Across the Atlantic, American politicians also got into sky-is-falling mode. Republican Congressman Mike Rogers, who heads the House Intelligence Committee, fulminated, "This is going to get worse. You cannot allow this to become a national security issue for the United States. And I argue it's already crossed that threshold."

Peter Bergen

Previous real U.S. national security threats and their manifestations include 9/11, the doctrine of mutually assured destruction (from the potential use of nuclear weapons) with the Soviets, Pearl Harbor and Hitler's armies taking over much of Europe.

A ragtag group of jihadists roaming the North African deserts is orders of magnitude less significant than those genuine threats to the West and is more comparable to the threats posed by the bands of pirates who continue to harass shipping off the coast of Somalia. They are surely a problem, but a localized and containable one.

Western politicians and commentators who claim that the al Qaeda linked groups in North Africa are a serious threat to the West unnecessarily alarm their publics and also feed the self-image of these terrorists who aspire to attack the West, but don't have the capacity to do so. Terrorism doesn't work if folks aren't terrorized.

North African group hasn't attacked in the West

Western politicians and commentators who claim that the al Qaeda linked groups in North Africa are a serious threat to the West unnecessarily alarm their publics...
Peter Bergen

Much has been written, for instance, in recent weeks about al Qaeda in the Islamic Maghreb (AQIM), al Qaeda's North African affiliate, a splinter group of which carried out the attack on the Algerian gas facility. But according to Camille Tawil, who has authoritatively covered Islamist militant groups over the past two decades for the leading Arabic daily Al-Hayat and has written three books about al Qaeda, AQIM doesn't threaten the West: "To my knowledge no known attacks or aborted attacks in the West have been linked directly to AQIM."

AQIM was formed seven years ago so the group has had more than enough time to plot and carry out an attack in the West. By way of comparison, it took two years of serious plotting for al Qaeda to plan the 9/11 attacks.

So, what is the real level of threat now posed by al Qaeda and allied groups?

Let's start with "core al Qaeda" which attacked the United States on 9/11 and that is headquartered in Pakistan. This group hasn't, of course, been able to pull off an attack in the United States in twelve years. Nor has it been able to mount an attack anywhere in the West since the attacks on London's transportation system eight years ago.

Core al Qaeda on way to extinction

Osama bin Laden, the group's founder and charismatic leader, was buried at sea a year and half ago and despite concerns that his "martyrdom" would provoke a rash of attacks in the West or against Western interests in the Muslim world there has instead been.... nothing.

Meanwhile, CIA drone strikes in Pakistan during President Obama's tenure alone have killed 38 of al Qaeda's leaders in Pakistan, according to a count by the New America Foundation.

Those drone strikes were so effective that shortly before bin Laden died he was contemplating ordering what remained of al Qaeda to move to Kunar Province in the remote, heavily forested mountains of eastern Afghanistan, according to documents that were discovered following the SEAL assault on the compound where bin Laden was hiding in Abbottabad, Pakistan.

Core al Qaeda is going the way of the dodo.

Affiliates are no better off

And a number of the affiliates of core al Qaeda are in just as bad shape as the mother ship.

Jemaah Islamiah (JI), the virulent Southeast Asian al Qaeda affiliate that killed hundreds in the years after 9/11 is largely out of business. Why so? JI killed mostly Westerners in its first attacks on the tourist island of Bali in 2002, but the subsequent Bali attack three years later killed mostly Indonesians. So too did JI's attacks on the Marriott hotel in the capital Jakarta in 2003 and the Australian embassy in 2004. As a result, JI lost any shred of popular support it had once enjoyed.

At the same time the Indonesian government, which at one point had denied that JI even existed, mounted a sophisticated campaign to dismantle the group, capturing many of its leaders and putting them on trial.

In the Philippines, the Abu Sayyaf Group, a number of whose leaders had trained in Afghanistan in al Qaeda's camps, and which specialized in kidnapping Westerners in the years after 9/11, was effectively dismantled by the Philippine army working in tandem with a small contingent of U.S. Special Operations Forces.

In Pakistan, the Pakistani Taliban in 2009 took over the once-tranquil mountainous vacation destination of Swat, and destroyed some 180 schools and beheaded 70 policemen there. Suddenly, they were only 70 miles from the capital Islamabad and some warned that the Pakistani state was in danger. Today, the Pakistani Taliban have been rolled back to their bases along the Afghan border and 16 of their leaders have been killed by CIA drones since President Obama took office.

Al Qaeda militants based in Saudi Arabia mounted a terrorist campaign beginning in 2003 that killed dozens of Saudis, and they also attacked a number of the oil workers and oil facilities that lie at the heart of the Saudi economy. This prompted the Saudi government to mount such an effective crackdown that the few remaining al Qaeda leaders who were not killed or captured have in recent years fled south to Yemen where the remnants of al Qaeda in the Arabian Peninsula (AQAP) are now based.

From its new headquarters in Yemen AQAP has made serious efforts to attack the United States, sending the "underwear bomber" to blow up Northwest Flight 253 over Detroit on Christmas Day 2009 and also smuggling bombs on to U.S.-bound cargo shipments in October 2010.

None of these attempts were successful.

Yemen militants decimated

As a result of the threat posed by AQAP, the United States has mounted a devastating campaign against the group over the past three years. There was one American drone strike in Yemen in 2009. In 2012 there were 46. That drone campaign has killed 28 prominent members of the group, according to a count by the New America Foundation. Among them was the No. 2 in AQAP, Said al-Shihri, who was confirmed to be dead last week.

In the chaos of the multiple civil wars that gripped Yemen in 2011, AQAP seized a number of towns in southern Yemen. But AQAP has now been pushed out of those towns because of effective joint operations between U.S. Special Operations Forces, the CIA and the Yemeni government.

The Yemeni president, Abd Rabbuh Mansur Hadi, even went to the United Nations General Assembly in September where he publicly endorsed the use of CIA drones in his country, something of a first.

A couple of years ago, al Qaeda's Somali affiliate, Al- Shabaab ("the youth" in Arabic) controlled much of southern Somalia including key cities such as the capital Mogadishu.

Once in a position of power, Shaabab inflicted Taliban-like rule on a reluctant Somali population, which eroded its popular legitimacy. Shabaab was also the target of effective military operations by the military of neighboring Kenya, troops of the African Union and U.S. Special Operation Forces.

As a result, today the group controls only some rural areas and for the first time in two decades the United States has formally recognized a Somali government.

Mali conflict shows weakness of jihadist militant groups

Similarly, groups with an al Qaeda-like agenda captured most of northern Mali last year, a vast desert region the size of France. Once in power they imposed Taliban-like strictures on the population, banning smoking and music and enforcing their interpretation of Sharia law with the amputation of hands. The militants also destroyed tombs in the ancient city of Timbuktu, a UNESCO World Heritage site, on the grounds that the tombs promoted "idol worship."

None of these measures endeared the jihadist militants to the population of Mali. In the past weeks, as a relatively small force of some 2,000 French soldiers has rolled through Mali putting the militants on the run, the French have been cheered on by dancing and singing Malians.

When French soldiers are greeted as an army of liberation in an area of the world that in the past century was part of a vast French empire, you can get a sense of how much the jihadist militants had alienated the locals.

Last week the French military took the city of Timbuktu. The defeat of the al Qaeda-linked groups as effective insurgent forces in Mali is now almost complete.

What has just happened in Mali gets to the central problem that jihadist militant groups invariably have. Wherever they begin to control territory and population they create self-styled Islamic "emirates" where they then rule like the Taliban.

Over time this doesn't go down too well with the locals, who usually practice a far less austere version of Islam, and they eventually rise up against the militants, or, if they are too weak to do so themselves, they will cheer on an outside intervention to turf out the militants.

The classical example of this happened in Iraq where al Qaeda in Iraq (AQI) controlled Anbar Province, about a third of the country in 2006. AQI cadres ruled with an iron fist and imposed their ultrafundamentalist rule on their fellow Sunnis, who they killed if they felt they were deviating from their supposedly purist Islamic precepts.

This provoked the "Sunni Awakening" of Iraqi tribes that rose up against AQI. These tribes then allied with the U.S. military and by the end of 2007 AQI went from an insurgent group that controlled vast territories to a terrorist group that controlled little but was still able to pull off occasional spectacular terrorist attacks in Baghdad.

Jihadist violence still a threat

The collapse of core al Qaeda and a number of its key affiliates does not, of course, mean that jihadist violence is over. Such religiously motivated mayhem has been a feature of the Muslim world for many centuries. Recall the Assassins, a Shia sect that from its base in what is now Iran dispatched cutthroats armed with daggers to kill its enemies around the Middle East during the 12th and 13th centuries. In so doing the sect gave the world the useful noun "assassin."

And so while core al Qaeda and several of its affiliates and like-minded groups are in terrible shape, there are certainly groups with links to al Qaeda or animated by its ideology that are today enjoying something of a resurgence.

Most of these groups do not call themselves al Qaeda, which is a smart tactic, as even bin Laden himself was advising his Somali affiliate, Al Shabaab, not to use the al Qaeda name as it would turn off fundraisers because the shine had long gone off the al Qaeda brand, according to documents recovered at bin Laden's Abbottabad compound.

One such militant group is the Nigerian Boko Haram, which bombed the United Nations headquarters in Nigeria in 2011 and has also attacked a wide range of Christian targets in the country. However, the group has shown "no capability to attack the West and also has no known members outside of West Africa," according to Virginia Comolli of the London-based International Institute for Strategic Studies who tracks the group.

Ansar al-Sharia, "Supporters of Sharia," is the name taken by the militant group in Libya that carried out the attack against the U.S. consulate in Benghazi in September in which four Americans were killed. Similarly, in Yemen militants that are aligned with al Qaeda have labeled themselves Ansar al-Sharia.

But this new branding hasn't done the militants much good in either country. In Libya, shortly after the attack on the U.S. consulate, an enraged mob stormed and took over Ansar al Sharia's headquarters in Benghazi. And, as we have seen, in Yemen the jihadists have now been forced out of the towns in the south that they had once held.

One strong foothold in Syria

The one country where jihadist militants have a serious foothold and are likely to play an important role for some period in the future is in Syria. That is because of a perfect storm there that favors them. The Sunni militants in Syria are fighting the regime of Bashir al Assad, a secular dictator who is also an Alawite, which many Muslims believe to be a heretical branch of Shiism.

For the jihadists, Assad's secularism makes him an apostate and his Alawi roots also make him a heretic, while his brutal tactics make him an international pariah. This trifecta makes funding the Sunni insurgency highly attractive for donors in the Gulf.

And for the Arabs who form the heart of al Qaeda the fight against Assad is in the heart of the Arab world, a contest that happens to border also on the hated state of Israel. Also Syria was for much of the past decade the entry point for many hundreds of foreign fighters who poured into Iraq to join Al Qaeda in Iraq following the American invasion of the country. As a result, al Qaeda has long had an infrastructure both in Syria and, of course, in neighboring Iraq.

The Al Nusra Front is the name of arguably the most effective fighting force in Syria. In December the State Department publicly said that Al Nusra, which is estimated to number in the low thousands and about 10% of the fighters arrayed against Assad, was a front for Al Qaeda in Iraq (AQI).

Al Nusra certainly seems to have learned from AQI's mistakes. For starters, it doesn't call itself al Qaeda. Secondly, it hasn't launched a campaign to crack down on social issues such as smoking or listening to music and so has not alienated the local Sunni population as AQI did in Iraq.

Barak Barfi, a journalist and fellow at the New America Foundation who has spent several months on the ground in Aleppo in northwestern Syria reporting on the opposition to Assad, says Nusra fighters stand out for their bravery and discipline: "They are winning over the hearts and minds of Aleppo residents who see them as straight shooters. There is a regimented recruiting process that weeds out the chaff. Their bases are highly organized with each person given specific responsibilities."

Arab Spring countries seen as an opportunity

The chaotic conditions of several of the countries of the "Arab Spring" are certainly something al Qaeda views as an opportunity. Ayman al-Zawahiri the leader of the group, has issued 27 audio and video statements since the death of bin Laden, 10 of which have focused on the Arab countries that have experienced the revolutions of the past two years.

But if history is a guide, the jihadist militants, whether in Syria or elsewhere, are likely to repeat the mistakes and failures that their fellow militants have experienced during the past decade in countries as disparate as Somalia, the Philippines, Yemen, Iraq, Indonesia, Saudi Arabia and now, Mali.

That's because encoded in the DNA of al Qaeda and like-minded groups are the seeds of their own destruction because in power they rule like the Taliban, and they also attack fellow Muslims who don't follow their dictates to the letter. This doesn't mesh very well with these organizations' claims that they are the defenders of Muslims.

These groups also have no real plans for the multiple political and economic problems that beset much of the Islamic world. And they won't engage in normal politics such as elections believing them to be "un-Islamic."

This is invariably a recipe for irrelevance or defeat. In not one nation in the Muslim world since 9/11 has a jihadist militant group seized control of a country. And al Qaeda and its allies' record of effective attacks in the West has been non-existent since 2005.

With threats like these we can all sleep soundly at night.

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Overnight snow expected to snarl morning commute

Labels: Health

Margaret Even of Rogers Park walks with her dog, Tilly, at Montrose Harbor on a chilly and sunny Sunday. Up to a half a foot of snow is expected to fall overnight, likely affecting Monday morning commuters.
(Jose M. Osorio/Chicago Tribune / February 3, 2013)

Staff report

4:21 a.m. CST, February 4, 2013

The winter's heaviest snowfall to date has arrived, and commuters could face a slow and slippery trip to work this morning.

With up to half a foot of snow possible, the National Weather Service has issued a winter weather advisory for the region that will remain in effect through noon today.

Forecasters expect the snow accumulation to range between two and five inches, with six inches possible in some places.

The city of Chicago deployed its full fleet of 284 snowplows overnight, according to the Department of Streets and Sanitation. The plows will focus first on main streets before working to clear side streets.

By 4:15 a.m., the Illinois State Police had already responded to about 15 overnight crashes, an increase due to hazardous weather conditions, Master Sgt. Jason LoCoco said.

Many of the crashes occurred on the Dan Ryan and Kennedy expressways, LoCoco said.

Officials are urging drivers to allow extra commuting time, drive slowly and leave plenty of room when passing plows and emergency vehicles.

Check back for more information.

chicagobreaking@tribune.com

Twitter: @ChicagoBreaking

Syrian opposition chief under fire for talks with Assad allies

Labels: Business

MUNICH (Reuters) - Syria's opposition leader flew back to his Cairo headquarters from Germany on Sunday to explain to skeptical allies his decision to talk with President Bashar al-Assad's main backers Russia and Iran.

The Russian and Iranian foreign ministers, and U.S. Vice-President Joe Biden, portrayed Syrian National Coalition leader Moaz Alkhatib's new willingness to talk with the Assad regime as a major step towards resolving the two-year-old war.

"If we want to stop the bloodshed we cannot continue putting the blame on one side or the other," Iran's Ali Akbar Salehi said on Sunday, welcoming Alkhatib's overtures and adding that he was ready to keep talking to the opposition. Iran is Assad's main military backer together with Russia.

"This is a very important step. Especially because the coalition was created on the basis of categorical rejection of any talks with the regime," Lavrov was quoted as saying on Sunday by Russia's Itar Tass news agency.

Russia has blocked three U.N. Security Council resolutions aimed at pushing Assad out or pressuring him to end a civil war in which more than 60,000 people have died. But Moscow has also tried to distance itself from Assad by saying it is not trying to prop him up and will not offer him asylum.

Syrian state media said Assad received a senior Iranian official and told him Syria could withstand "threats ... and aggression" like an air attack on a military base last week, which Damascus has blamed on Israel.

"USELESS" TALKING TO IRAN

Politicians from the United States, Europe and the Middle East at the Munich Security Conference praised Alkhatib's "courage". But the moderate Islamist preacher was likely to face sharp criticism from the exiled leadership back in Cairo.

Alkhatib has put his leadership on the line by saying he would be willing to talk to representatives of the Assad regime on condition they release 150,000 prisoners and issue passports to the tens of thousands of displaced people who have fled to neighboring countries but do not have documents.

Walid al-Bunni, a member of the Coalition's 12-member politburo, described Alkhatib's meeting with Iran's foreign minister as a failure.

"It was unsuccessful. The Iranians are unprepared to do anything that could help the causes of the Syrian Revolution," Bunni, a former political prisoner, told Reuters from Budapest.

Bunni said the 70-member Coalition is preparing to convene in full in Cairo, to be briefed by Alkhatib on his latest diplomatic moves and meetings in Munich.

Alkhatib, whose family are custodians of the Umayyad Mosque in the historic center of Damascus, is seen as a bulwark against Salafist forces who are a main player in the armed opposition.

He was chosen as the head of the Coalition in Qatar last year, with crucial backing from the Muslim Brotherhood.

One of Alkhatib's colleagues on the Coalition politburo, speaking on condition of anonymity, pointed to comments by Salehi and Lavrov on Sunday, a day after their meetings with Alkhatib, as evidence that they still backed Assad.

Salehi told the Munich conference where the round of talks took place that the solution was to hold elections in Syria - making no mention of Assad having to leave the country.

FIZZLE OUT?

Firm opposition backers like Qatar's Prime Minister Hamad bin Jassim al-Thani and U.S. Republican Senator John McCain voiced frustration in Munich at the international community's reluctance to intervene in the Syrian conflict.

"We consider the U.N. Security Council directly responsible for the continuing tragedy of the Syrian people, the thousands of lives that were lost, the blood that was spilled and is still flowing at the hands of the regime's forces," said al-Thani.

Moscow played down the significance of the discussions in Munich, with one diplomatic source calling the talks between Lavrov and Alkhatib "simply routine meetings".

"We have presented our views when Minister Lavrov meet Alkhatib, we have noted his comments that there is still a chance for dialogue with Syrian government. That is something we have called for," said the Russian source.

"To what extent is that realistic, that's a different matter and there are doubts about that," said the source.

One source in Khatib's delegation said the offer of dialogue would find an echo among Syrians opposed to Assad who have not taken up arms "and want to get rid of him with the minimum bloodshed".

Fawaz Tello, a veteran Syrian opposition campaigner based in Berlin, said Alkhatib had made "a calculated political maneuver to embarrass Assad".

"But it is an incomplete initiative and it will probably fizzle out," Tello told Reuters. "The Assad regime cannot implement any item in the series of initiatives we have seen lately because it would simply fall."

Russia and Iran were already beginning to use Alkhatib's initiative negatively, he said, while "the regime and its allies will only treat Alkhatib's meetings as an additional opportunity to smash the rebellion or weaken it".

Asked about the risk of his strategy being seen as a sign of weakness in the opposition or frustration at the Free Syrian Army's gains, Alkhatib told Reuters in Munich: "The fighters have high morale and they are making daily advances."

(Additional reporting by Alexandra Hudson in Munich and Gabriela Baczynska in Moscow; Writing by Stephen Brown; Editing by Andrew Roche)

"Great Rotation"- A Wall Street fairy tale?

Labels: World

NEW YORK (Reuters) - Wall Street's current jubilant narrative is that a rush into stocks by small investors has sparked a "great rotation" out of bonds and into equities that will power the bull market to new heights.

That sounds good, but there's a snag: The evidence for this is a few weeks of bullish fund flows that are hardly unusual for January.

Late-stage bull markets are typically marked by an influx of small investors coming late to the party - such as when your waiter starts giving you stock tips. For that to happen you need a good story. The "great rotation," with its monumental tone, is the perfect narrative to make you feel like you're missing out.

Even if something approaching a "great rotation" has begun, it is not necessarily bullish for markets. Those who think they are coming early to the party may actually be arriving late.

Investors pumped $20.7 billion into stocks in the first four weeks of the year, the strongest four-week run since April 2000, according to Lipper. But that pales in comparison with the $410 billion yanked from those funds since the start of 2008.

"I'm not sure you want to take a couple of weeks and extrapolate it into whatever trend you want," said Tobias Levkovich, chief U.S. equity strategist at Citigroup. "We have had instances where equity flows have picked up in the last two, three, four years when markets have picked up. They've generally not been signals of a continuation of that trend."

The S&P 500 rose 5 percent in January, its best month since October 2011 and its best January since 1997, driving speculation that retail investors were flooding back into the stock market.

Heading into another busy week of earnings, the equity market is knocking on the door of all-time highs due to positive sentiment in stocks, and that can't be ignored entirely. The Standard & Poor's 500 Index <.spx> ended the week about 4 percent from an all-time high touched in October 2007.

Next week will bring results from insurers Allstate and The Hartford , as well as from Walt Disney , Coca-Cola Enterprises and Visa .

But a comparison of flows in January, a seasonal strong month for the stock market, shows that this January, while strong, is not that unusual. In January 2011 investors moved $23.9 billion into stock funds and $28.6 billion in 2006, but neither foreshadowed massive inflows the rest of that year. Furthermore, in 2006 the market gained more than 13 percent while in 2011 it was flat.

Strong inflows in January can happen for a number of reasons. There were a lot of special dividends issued in December that need reinvesting, and some of the funds raised in December tax-selling also find their way back into the market.

During the height of the tech bubble in 2000, when retail investors were really embracing stocks, a staggering $42.7 billion flowed into equities in January of that year, double the amount that flowed in this January. That didn't end well, as stocks peaked in March of that year before dropping over the next two-plus years.

MOM AND POP STILL WARY

Arguing against a 'great rotation' is not necessarily a bearish argument against stocks. The stock market has done well since the crisis. Despite the huge outflows, the S&P 500 has risen more than 120 percent since March 2009 on a slowly improving economy and corporate earnings.

This earnings season, a majority of S&P 500 companies are beating earnings forecast. That's also the case for revenue, which is a departure from the previous two reporting periods where less than 50 percent of companies beat revenue expectations, according to Thomson Reuters data.

Meanwhile, those on the front lines say mom and pop investors are still wary of equities after the financial crisis.

"A lot of people I talk to are very reluctant to make an emotional commitment to the stock market and regardless of income activity in January, I think that's still the case," said David Joy, chief market strategist at Columbia Management Advisors in Boston, where he helps oversee $571 billion.

Joy, speaking from a conference in Phoenix, says most of the people asking him about the "great rotation" are fund management industry insiders who are interested in the extra business a flood of stock investors would bring.

He also pointed out that flows into bond funds were positive in the month of January, hardly an indication of a rotation.

Citi's Levkovich also argues that bond investors are unlikely to give up a 30-year rally in bonds so quickly. He said stocks only began to see consistent outflows 26 months after the tech bubble burst in March 2000. By that reading it could be another year before a serious rotation begins.

On top of that, substantial flows continue to make their way into bonds, even if it isn't low-yielding government debt. January 2013 was the second best January on record for the issuance of U.S. high-grade debt, with $111.725 billion issued during the month, according to International Finance Review.

Bill Gross, who runs the $285 billion Pimco Total Return Fund, the world's largest bond fund, commented on Twitter on Thursday that "January flows at Pimco show few signs of bond/stock rotation," adding that cash and money markets may be the source of inflows into stocks.

Indeed, the evidence suggests some of the money that went into stock funds in January came from money markets after a period in December when investors, worried about the budget uncertainty in Washington, started parking money in late 2012.

Data from iMoneyNet shows investors placed $123 billion in money market funds in the last two months of the year. In two weeks in January investors withdrew $31.45 billion of that, the most since March 2012. But later in the month money actually started flowing back.

(Additional reporting by Caroline Valetkevitch; Editing by Kenneth Barry)

Peterson double winner of AP NFL awards

Labels: Technology

NEW ORLEANS (AP) — Adrian Peterson called it a blessing in disguise.

Strange way to describe career-threatening major knee surgery.

The Minnesota Vikings' star came back better than ever, just missing Eric Dickerson's longstanding rushing record and closing out the season with two of the top NFL awards from The Associated Press: Most Valuable Player and Offensive Player of the Year.

As sort of an added bonus, he beat Peyton Manning for both of them Saturday night.

"My career could have easily been over, just like that," the sensational running back said. "Oh man. The things I've been through throughout my lifetime has made me mentally tough.

" I'm kind of speechless. This is amazing, " he said in accepting his awards, along with five others at the "2nd Annual NFL Honors" show on CBS saluting the NFL's best players, performances and plays from the 2012 season. The awards are based on balloting from a nationwide panel of 50 media members who regularly cover the NFL.

Manning's own sensational recovery, from four neck surgeries, earned him Comeback Player honors.

"This injury was unlike any other," said the only four-time league MVP. "There really was no bar or standard, there were no notes to copy. We were coming up with a rehab plan as we went."

Before sitting out 2011, Manning had never missed a start in his first 13 seasons with Indianapolis. But he was released by the Colts last winter because of his neck issues, signed with Denver and guided the Broncos to the AFC's best record, 13-3.

"Certainly you have double variables of coming off injury, not playing for over year and joining a new team. That certainly added a lot to my plate, so it was hard to really know what to expect," Manning said. "I can't tell you how grateful and thankful I am. I can't tell you how happy I am to be playing the game of football we all love so much."

Also honored were:

—Washington's Robert Griffin III, who beat out a strong crop of quarterbacks for the top offensive rookie award.

— Houston end J.J. Watt, who took Defensive Player of the Year, getting 49 of 50 votes.

— Bruce Arians, the first interim coach to win Coach of the Year after leading Indianapolis to a 9-3 record while head man Chuck Pagano was being treated for leukemia. Arians became Arizona's head coach last month.

—Carolina linebacker Luke Kuechly, the league's leader in tackles with 164, who won the top defensive rookie award.

Peterson returned better than ever from the left knee surgery, rushing for 2,097 yards, 9 short of breaking Dickerson's record. He also sparked the Vikings' turnaround from 3-13 to 10-6 and a wild-card playoff berth.

He received 30 1-2 votes to 19 1-2 for Manning.

"I played my heart out, every opportunity I had," Peterson said. "The result of that is not what I wanted, which is being in the Super Bowl game. But I have a couple of good pieces of hardware to bring back and (put) in my statue area. So it feels good."

Was the knee injury the toughest thing he'd ever overcome?

"Losing my brother at 7, seeing him get hit by a car right in front of me, that was the toughest," he said. "But as far as injuries, yes."

New England QB Tom Brady was the last winner of MVP and Offensive Player in 2010.

"Trying to get two or three like Peyton, trying to get to your level," Peterson said of his first MVP award. "But I won't be there to accept it because I'll be winning with my coach, the most important award, the team award, the Super Bowl."

Dickerson predicted Peterson could get back to 2,000 yards.

"I hope he does have a chance to do it again," Dickerson said, adding with a laugh, "but do I want him to break it? No, I do not."

Wearing a burgundy and gold tie in honor of his Redskins, Griffin said his goal is to be ready for the season opener.

"It's truly a blessing to be up there — to be able to stand, first and foremost," said Griffin, who underwent knee surgery last month. He added that next season "you'll see a better Robert Griffin."

Arians moved up from offensive coordinator and helped Indianapolis make the playoffs at 10-6, making him an easy winner in the balloting.

"It's hard to put into words the feelings of this past year," he said. "This was kind of the cherry on the top, whipped cream and everything else you put on top."

Watt swatted the competition as Denver's Von Miller got the only other vote in the most lopsided balloting of all the awards.

"It sets the bar for me," Watt said. He led the NFL with 20 1-2 sacks and also blocked an astounding 16 passes. "I want to go out and do even better. I want to do even bigger things."

___

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

Exxon’s 2012 profit of $44.9B just misses record

Labels: World

Exxon Mobil Corp. nearly set a record for annual profit. The oil giant reported Friday that 2012 net income was $ 44.88 billion, just $ 340 million — less than 1 percent — short of the company’s record set in 2008, when crude oil prices hit an all-time high. Exxon‘s profit for the last 10 years totals $ 343.4 billion.

— $ 44.88 billion in 2012

— $ 41.06 billion in 2011

— $ 30.46 billion in 2010

— $ 19.28 billion in 2009

— $ 45.22 billion in 2008

— $ 40.61 billion in 2007

— $ 39.50 billion in 2006

— $ 36.13 billion in 2005

— $ 25.33 billion in 2004

— $ 20.96 billion in 2003

Source: Exxon Mobil annual reports filed with the U.S. Securities and Exchange Commission

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Hillary: Secretary of empowerment

Labels: Lifestyle

Girls hug U.S. Secretary of State Hillary Clinton during a 2010 tour of a shelter run for sex trafficking victims in Cambodia.

STORY HIGHLIGHTS

Donna Brazile: Clinton stepping down as Secretary of State. Maybe she'll run for president

She says as secretary she expanded foreign policy to include effect on regular people

She says she was first secretary of state to focus on empowering women and girls

Brazile: Clinton has fought for education and inclusion in politics for women and girls

Editor's note: Donna Brazile, a CNN contributor and a Democratic strategist, is vice chairwoman for voter registration and participation at the Democratic National Committee. She is a nationally syndicated columnist, an adjunct professor at Georgetown University and author of "Cooking with Grease." She was manager for the Gore-Lieberman presidential campaign in 2000.

(CNN) -- As Secretary of State Hillary Rodham Clinton steps down from her job Friday, many are assuming she will run for president. And she may. In fact, five of the first eight presidents first served their predecessors as secretary of state.

It hasn't happened in more than a century, though that may change should Clinton decide to run. After all, she has been a game changer her entire life.

But before we look ahead, I think we should appreciate what she's done as secretary of state; it's a high profile, high pressure job. You have to deal with the routine as if it is critical and with crisis as if it's routine. You have to manage egos, protocols, customs and Congress. You have to be rhetorical and blunt, diplomatic and direct.

CNN Contributor Donna Brazile

As secretary of state you are dealing with heads of state and with we the people. And the president of the United States has to trust you -- implicitly.

On the road with Hillary Clinton

Of all Clinton's accomplishments -- and I will mention just a few -- this may be the most underappreciated. During the election, pundits were puzzled and amazed not only at how much energy former President Bill Clinton poured into Obama's campaign, but even more at how genuine and close the friendship was.

Obama was given a lot of well-deserved credit for reaching out to the Clintons by appointing then-Sen. Hillary Clinton as his secretary of state in the first place. But trust is a two-way street and has to be earned. We should not underestimate or forget how much Clinton did and how hard she worked. She deserved that trust, as she deserved to be in the war room when Osama bin Laden was killed.

By the way, is there any other leader in the last 50 years whom we routinely refer to by a first name, and do so more out of respect than familiarity? The last person I can think of was Ike -- the elder family member who we revere with affection. Hillary is Hillary.

It's not surprising that we feel we know her. She has been part of our public life for more than 20 years. She's been a model of dignity, diplomacy, empathy and toughness. She also has done something no other secretary of state has done -- including the two women who preceded her in the Cabinet post.

Rothkopf: President Hillary Clinton? If she wants it

Hillary has transformed our understanding -- no, our definition -- of foreign affairs. Diplomacy is no longer just the skill of managing relations with other countries. The big issues -- war and peace, terror, economic stability, etc. -- remain, and she has handled them with firmness and authority, with poise and confidence, and with good will, when appropriate.

But it is not the praise of diplomats or dictators that will be her legacy. She dealt with plenipotentiaries, but her focus was on people. Foreign affairs isn't just about treaties, she taught us, it's about the suffering and aspirations of those affected by the treaties, made or unmade.

Most of all, diplomacy should refocus attention on the powerless.

Of course, Hillary wasn't the first secretary of state to advocate for human rights or use the post to raise awareness of abuses or negotiate humanitarian relief or pressure oppressors. But she was the first to focus on empowerment, particularly of women and girls.

She created the first Office of Global Women's Issues. That office fought to highlight the plight of women around the world. Rape of women has been a weapon of war for centuries. Though civilized countries condemn it, the fight against it has in a sense only really begun.

Ghitis: Hillary Clinton's global legacy on gay rights

The office has worked to hold governments accountable for the systematic oppression of girls and women and fought for their education in emerging countries. As Hillary said when the office was established: "When the Security Council passed Resolution 1325, we tried to make a very clear statement, that women are still largely shut out of the negotiations that seek to end conflicts, even though women and children are the primary victims of 21st century conflict."

Hillary also included the United States in the Trafficking in Person report. Human Trafficking, a form of modern, mainly sexual, slavery, victimizes mostly women and girls. The annual report reviews the state of global efforts to eliminate the practice. "We believe it is important to keep the spotlight on ourselves," she said. "Human trafficking is not someone else's problem. Involuntary servitude is not something we can ignore or hope doesn't exist in our own communities."

She also created the office of Global Partnerships. And there is much more.

She has held her own in palaces and held the hands of hungry children in mud-hut villages, pursuing an agenda that empowers women, children, the poor and helpless.

We shouldn't have been surprised. Her book "It Takes a Village" focused on the impact that those outside the family have, for better or worse, on a child's well-being.

As secretary of state, she did all she could to make sure our impact as a nation would be for the better.

Follow us on Twitter @CNNOpinion

Join us on Facebook/CNNOpinion

The opinions expressed in this commentary are solely those of Donna Brazile.

More 911 calls won't get in-person response starting Sunday

Labels: Health

The Chicago Police Department hopes to free up the equivalent of 44 officers a day by no longer dispatching cops for certain crimes, like burglaries and car thefts in which the offender is no longer at the scene and no one is in immediate danger.

Police confirmed the change, which takes effect Sunday. Police Superintendent Garry McCarthy told aldermen last year he was considering a move in that direction.

The change is not related to plans by Mayor Rahm Emanuel and McCarthy to shift what they indicated was as many as 200 officers from administrative duties to beats so more officers can be assigned to teams that saturate crime hotspots, city spokesman Bill McCaffrey said.

The 911 dispatch changes and redeployment of officers come in the wake of the city’s most deadly January since 2002. A total of 42 people were murdered in Chicago last month, including 15-year-old band majorette Hadiya Pendleton, an innocent victim whose South Side slaying drew national attention.

Crimes that will no longer result in the dispatch of an officer to the crime scene include vehicle theft, theft, garage burglaries, criminal damage to property, the passing of bad checks, lewd or obscene phone calls, threatening phone calls that don’t pose an immediate danger and animal bites, McCaffrey said.

Officers will be dispatched if a suspect is still at the scene or is expected to return immediately, the victim is not considered safe or needs medical attention, an officer could make an immediate arrest or an officer is needed for an immediate investigation, McCaffrey added.

When no officer is sent to the crime scene, a report will be taken by phone by cops assigned to light duty. Last year, 74,000 reports were taken that way. The new rules are expected to more than double that number.

It’s hoped that the changes will free up the equivalent of 44 officers each day to respond to more serious crimes and work at crime prevention, McCaffrey said.

Ald. Howard Brookins, 21st, said he thought the change will be good, “especially if it results in a quicker response time to more serious crimes when they are happening in real time.”

Brookins said he often hears from residents who complain that response is tardy or even non-existent when they call 911 to report drug sales, fights or burglaries in progress. He said he also hopes that it results in more officers on visible patrol, which he said serves as a deterrent to crime.

During budget hearings last year, McCarthy said dispatch changes needed to be made, saying officers in Chicago responded to half of 911 calls, compared to about 30 percent in most other jurisdictions.

“I’m not joking when I tell you that we’ve handled calls that say my children are fighting over the remote control,” McCarthy told aldermen. “My daughter does not want to go to school, my son does not want to eat his mashed potatoes.

“Those are the types of calls for service quite frankly where I don’t know why we would tie up a police officer when that officer can be on patrol doing something affirmative, preventing something from happening.”

Police officers contacted by the Tribune concur that not having to respond to every call could help cops on the street respond to more serious crimes. "It's almost like you increase your manpower when you reduce the number of calls," one police supervisor said.

But he gave an example of one potential drawback, in the case of a garage burglary, saying there could be a delay in the investigation if a detective doesn’t immediately canvass the area.

Still, said one rank-and-file officer, by not responding to all the less-serious crimes, cops on the street will be able to become more "proactive," instead of running around the district and bouncing from call to call.

"It's really a drain on resources to go to every nonsense call like the dog's barking or the music's too loud," the officer said.

hdardick@tribune.com
jgorner@tribune.com

Suicide bomber, gunmen kill 33 in Iraq's Kirkuk

Labels: Business

KIRKUK, Iraq (Reuters) - A suicide bomber driving a car and gunmen disguised in police uniforms killed at least 33 people in the Iraqi city Kirkuk on Sunday when they tried to storm the police headquarters.

It was the third major attack in several weeks in or near the northern city, an ethnically mixed area of Arabs, Kurds and Turkmen at the heart of a dispute over oil and land between Baghdad's central government and the autonomous Kurdistan region.

"A suicide bomber driving a car packed with explosives hit the entrance of the headquarters and after the blast gunmen in explosive vests attacked with AK47s and grenades, but the guards killed them," a police official said.

The huge car bomb blast tore into the police directorate's concrete facade, destroyed cars outside, and left bodies under rubble at nearby government offices. Police said there were at least two gunmen.

Several armed groups are active in Kirkuk, and Sunni Islamist insurgents tied to al Qaeda often attack security forces in an attempt to undermine Shi'ite Prime Minister Nuri al-Maliki's government and stoke sectarian tensions.

Last month a suicide bomber disguised as a mourner killed at least 26 at a funeral at a Shi'ite mosque in the nearby city of Tuz Khurmato, and days earlier a suicide bomber driving a truck killed 25 in an attack on a political party headquarters in Kirkuk, 170 km (105 miles) north of the capital Baghdad.

(Reporting by Omar Mohammed and Mustafa Mahmoud in Kirkuk; Writing by Patrick Markey; Editing by Pravin Char)

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Hillary: Secretary of empowerment

More 911 calls won't get in-person response starting Sunday

Suicide bomber, gunmen kill 33 in Iraq's Kirkuk

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