| Al Qaeda in Northern Africa Has Become Pipeline for New Iraq Recruits
According to an intelligence report, Al Qaeda has smuggled up to 800 AK-47s into the region over the past two years to supply training camps. "They train in the desert, return to Morocco and then plan attacks," said a senior intelligence official who asked not to be named. "One hundred percent of new recruits go straight to Iraq." .
Vat woes: Gold loses lustre in Punjab
The Punjab governments decision making it compulsory for all gold traders to declare the quantity of gold being brought in the state, has curtailed the inflow of gold in Punjab. Winter being the main season for gold sales, especially in the wake of the marriage season and with NRIs flocking home, the sales have been hit hard. Gold traders in Punjab said ever since the government made it compulsory to declare all gold being brought in or taken out of the state, under Section 51, VAT, at the information collection centres (ICCs), the sales have been hit hard. Because of security concerns, traders are not ready to declare their gold at the 32 ICCs in the state. So, they are not ready to get the yellow metal in the state and supply is restricted. Devinder Khanna, secretary, Punjab Sarafa Association, said as a result of their compulsory declaration, the availability is down by over 40 per cent.
Right to save Afflecks?
AFFLECKS Palace was good to David Mallon. It gave the streetwear supremo, from Stretford, an affordable base to start his career in fashion, selling rock band T-shirts. Like many who set out their stalls in Afflecks in the late 1980s early 1990s, Mallon, the man behind trendy fashion labels Ringspun and Elvis Jesus, reflects fondly on the time when it was synonymous with all that was cool about Manchester. "Those were the halcyon days. That was the time when Manchester was at its most influential thanks to the Hacienda and the music scene. You had a huge influx of people visiting from all over the country because they'd heard Manchester was the place to be and Afflecks was a symbol of that moment." But now as he looks across at the eclectic shopping emporium from his offices in Oldham Street he sees something faded, ramshackle, increasingly irrelevant.
Main Street Pain Trumps Fed
On a day when the Fed's extraordinary 75-basis-point rate cut could not inspire a positive day in the U.S. stock markets, Apple AAPL reminded investors that more pain is in store from the economic fallout of a national downturn in the housing market. Apple, the king of gadgetry that has been a longtime Wall Street star for its ability to woo American consumers with iPods and iPhones, reported a 57% jump in first-quarter profits that blew away analysts' estimates. That said, its sales and earnings outlook for its second quarter was well below expectations. The company forecast a profit of 94 cents a share for the current quarter, far short of the $1.09 a share that analysts were expecting. Its revenue forecast also fell short, coming in around $6.8 billion, compared with the $6.99 billion analysts had predicted.
Microsoft's Yahoo bid sends Softbank's stock into orbit
Japan's retail investors didn't waste too much time mulling over the likely impact of Microsoft's huge $44.6 billion bid for Yahoo. In Monday morning trading in Tokyo, stock in Softbank, a tech conglomerate which has a 41% share in Yahoo Japan and a 3.9% in Yahoo in the US, soared 13% to $20.30, its biggest daily gain in nearly two years. Trade in Yahoo Japan, which Yahoo has a 33% stake, though, was nonexistent but only because a glut of "buy" orders halted dealing. Making sense of Softbank stock price movements isn't always easy. Softbank, headed by charismatic CEO Masayoshi Son, has long been a favorite of retail investors even when analysts have raised questions over the company's accounting policies and strategy. It's likely that a large part of today's stock rise is individuals piling in hoping for a quick profit rather than backing for the deal.
Shining a light on winter depression
Symptoms include sleepiness, carbohydrate cravings and low moods, and typically lift when the light returns in the spring. After years of controversy, the psychiatric establishment is acknowledging that exposure to bright light alleviates these winter symptoms. But now, as stores stock more kinds of special lamps to treat the condition, research is piling up that indicates the most effective kind is a light box emitting at 10,000 lux, a measure of light intensity. A Canadian study found last year that this type of light therapy worked just as well as the anti-depressant drug Prozac, or fluoxetine. The study, conducted over three years, was led by two of the world's experts on winter depression, University of British Columbia psychiatrist Raymond Lam and University of Toronto psychiatrist Anthony Levitt.
Strong Session Ends Near Highs
The 7% stumble drove shares well-below their 200-day moving average. CVS Caremark (CVS) staged a powerful gap up, adding 2.60 to 38.62 in fast trade. The pharmacy chain reported Q4 earnings above views, boosted by widening margins on both its pharmacy and retail sides. The company also cited benefits of scale from its acquisition last year of heavyweight Caremark. Management also halved its original estimates for a $2 billion loss in government contracts in 2008 related to the Caremark acquisition. The 7% jump pushed the stock above its 200-day line, and now is trying to regain its 50-day line. 11:15 a.m. Update: Stocks Rise Off Lows After Early Sled Ride By ALAN R. ELLIOTT Stocks climbed off their early lows as investors digested a heavy dose of earnings reports and economic data.
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