WASHINGTON (AP) — Wholesale companies added to their stockpiles of autos, machinery and computers in June. Inventories rose for the 18th consecutive month and sales rebounded after a May decline.
The Commerce Department says wholesale inventories increased 0.6 percent in June after a 1.7 percent gain in May.
Sales at the wholesale level rose 0.6 percent …
To European officials, financial derivatives are dangerous weapons that worsened Greece's debt crisis and should be curbed.
To Wall Street, they're tools that reduce risk and generate profits and should be left alone.
Now, regulators on both sides of the Atlantic are trying to figure out who's right and what to do about it. At stake are billions in profits that banks say would be threatened by too much regulation. Yet supporters of tougher rules say the global financial system is at risk as long as derivatives remain largely unregulated.
Derivatives are instruments whose value depends on an underlying asset, such as mortgages or stocks. They can …
"Skinny Joe" Basinski pleaded guilty Monday to helping formerChicago detective chief William Hanhardt run a national jewelry theftring.
Basinski tailed a Park Ridge jewelry salesman who lived near oneof his in-laws for months, worked with Hanhardt to get amanufacturer's key to the trunk of the salesman's Lincoln Town Carand used it to lift a bag containing $58,000 worth of watches fromthe trunk as the salesman ate at an Indian restaurant, Basinski saidin his plea.
That was just one of many heists Basinski, Hanhardt and the restof the defendants pulled off around the country, adding up to $5million to $40 million in stolen jewelry, prosecutors said.
Basinski is …
BEIJING (AP) — Chinese lawmakers on Thursday touted the country's legal system as the best way to protect the rights of citizens, despite the widespread detention and intimidation of political critics that is fueling a small but growing movement for greater civil liberties.
The system reflects rapid social changes since China instituted economic reforms three decades ago, two deputy directors of the national legislature's legal affairs committee told reporters at a government briefing.
But they refused to address concerns over the illegal harassment and detention of government critics, including Liu Xia, the wife of imprisoned Nobel Peace Prize winner Liu Xiaobo, and Chen …
Shares in Irish banks surged Tuesday after the government issued a sweeping guarantee to insure deposits and bank borrowings against a potential collapse.
The government unveiled an unlimited guarantee on deposits at six banks one day after the Irish Stock Exchange suffered its greatest fall in history _ and rumors spread that millionaire depositors were withdrawing their savings from Irish institutions.
Investors embraced the government's dramatic intervention and Irish bank shares jumped, reclaiming most of Monday's losses.
Finance Minister Brian Lenihan said all deposits in Ireland's six domestically owned banks would be taxpayer-guaranteed if …
A Street man with "a very bad record" of offending has been givena chance to mend his ways after a probation report described him asa likeable person.
Ryan Thrower, 27, of Brooks Road, was arrested after a CCTVcamera filmed him trying doors and a window at the back of anursery premises in Glastonbury which was being renovated. A windowwas broken and repairs cost Pounds 120, Taunton Crown Court wastold.
Some time earlier, on August 13, he was stopped along with twoother men in a car in Glastonbury and admitted ownership of a smallamount of cannabis, worth about Pounds 5, which was found on thedashboard, said Janice Eagles, prosecuting.
It was …
WASHINGTON - The Justice Department is investigating whether its former White House liaison used political affiliations in deciding whom to hire as entry-level prosecutors in some U.S. attorney offices around the country, The Associated Press has learned.
Such consideration would be a violation of federal law.
The inquiry involving Monica Goodling, a conservative Republican who recently quit as counsel and White House liaison for Attorney General Alberto Gonzales, raises new concerns that politics have cast a shadow over the independence of trial prosecutors who enforce U.S. laws.
Justice spokesman Dean Boyd confirmed Wednesday that the department's inspector …
The European Commission has proposed the creation of an EU asylum support agency to ensure fairer treatment of refugees across the 27-nation EU.
Jacques Barrot, the EU's justice and interior affairs commissioner says "it is essential" EU governments move to unblock efforts to align their national immigration rules and practices to better deal with …
The barn movers say the barns are dilapidated victims ofneglect, and finding other uses is better than losing themcompletely.
"Even if it goes out of state, people will see what an old barnwas," said Ken Epworth, a founder of Barn People of Woodstock, whichhas been dismantling barns for more than a decade. "You can't see itif it's disappeared."
Preservationists like Eric Gilbertson say every barn that's torndown makes it more difficult to …
MANILA, Philippines (AP) — The Philippine president Monday spared top police and security officials from criminal prosecution for a bungled hostage rescue in which eight Hong Kong tourists died, drawing criticism from a survivor.
President Benigno Aquino III said seven officials instead would face administrative actions. The National Police Commission and the Interior Department would investigate them for administrative lapses including gross incompetence, neglect of duty and misconduct. Possible sanctions include dismissal without pay.
A fired police officer, Rolando Mendoza, took dozens of Hong Kong tourists hostage on a bus in August to push his demand that he be …
A game in Italy's Serie B Saturday featured a rare instance of fair play, with Ascoli allowing Reggina to score uncontested.
It started when Reggina defender Carlos Valdez was injured and booted the ball toward the sideline …
STRUCTURAL, CORROSION CONSIDERATIONS
There are a variety of corrosion resistant options for enclosed composting facilities, where the harsh environment shows no mercy to exposed metal surfaces.
MOISTURE is no stranger in Canada's Maritime provinces, so when the Fundy Region Solid Waste Commission (FRSWC) in Saint John, New Brunswick embarked on a composting program, putting the operation indoors was a practical choice. The facility is located at the Crane Mountain Landfill, which opened in 1997. "The government of New Brunswick ordered all the open burning pit dumps closed and opened six municipal solid waste landfills around the province," says Chris Harned, Waste Diversion Supervisor for the Commission. "One of our 13 operating conditions was to have a composting facility in place to conserve landfill capacity."
Drop-off recycling depots were opened around the region in 2000. Municipal governments within the region initiated biweekly collection of source separated household organics at about the same time. The FRSWC purchased 40,000 60-gallon Rehrig Pacific aerated carts, which were supplied free-of-charge to households. A 2.5 gallon countertop container was provided as well. Residents are permitted to use compostable plastic bags, but they need to be approved by the Commission. "Right now, we've approved the Bio-Solo bag, Al-Pack and Ralston's Bio-Sac," says Harned. "They are used to line the kitchen buckets. Households have to purchase these."
Participation in the source separated organics program is voluntary, but haulers have an incentive to encourage the households and commercial accounts they service to participate. "Our tipping fee at the landfill is $108/metric ton for MSW; the price for organics is $45/metric ton, which is more than half the cost," he adds. "That's a good incentive and in the case of their commercial accounts, haulers are passing on some of the savings they get from the lower tipping fee."
About 35,000 metric tons of residential solid waste are generated annually. Of that amount, roughly 7,500 metric tons/year of organics are diverted to the composting facility. As more commercial generators come on line, Harned expects that volume to increase significantly.
The composting operation is housed in three Cover-All Titan buildings fabricated from epoxy-coated galvanized steel frames and Dura Weave fabric. The buildings are positioned on 4-feet thick by 5-feet high push wall foundations. The receiving hall is 120-feet wide by 60-feet long. Trucks unload on the floor and large contaminants are removed. Next the organic materials are loaded into an infeed hopper and conveyed through a sorting line to pick out contaminants. An electromagnetic separator removes metals, then the feedstocks are shredded, along with yard trimmings, to a 2-inch minus fraction in a Shred-Tech unit.
After size reduction, materials are conveyed to two composting buildings (80-feet by 180-feet). "Because we are on well water here, we opted for two composting halls so that we weren't required to install sprinkler systems to meet the fire codes," says Harned. "We decided to use the Cover-All buildings because when you bring composting inside, the environment is very harsh from the acidic process. Determining what structures to go with took a fair amount of research. We visited a number of other sites where the structures were deteriorating rapidly. The fabric on the Cover-All buildings is not affected by the corrosive environment and the steel tube framing requires minimal maintenance." He adds that for housecleaning purposes, the inside of the buildings are hosed down twice a year with a pressure washer. "Very little maintenance is required for these structures, which helps with our budget."
When the composting halls were constructed, aeration trenches were built into the floors to provide positive aeration to the piles. To date, the aeration system hasn't been needed, notes Harned, because the "windrows are very manageable by just turning with a loader." Residence time in the composting halls is 60 to 90 days - with materials transferred from one hall to the other about halfway through - after which material is taken to an asphalt pad and turned with a KW windrow turner. "We do additional composting on the pad for about 40 days, then move the material to a dirt pad for about nine months of curing," he says. "The whole process, from raw feedstocks through finished compost, takes 12 to 15 months."
Compost is screened in a McCloskey trommel to three-quarter-inch minus. The overs are used as daily landfill cover. The compost is tested and then sold to residents at a fairly low price. "The compost is the fruits of their labor because we have a voluntary system and they are choosing to take the time to source separate," explains Harned. "One customer said, 'never in 100 years did I ever think I'd buy my garbage back.' We also offer the municipalities a 'buy one load, get one free' offer. We want them to use the compost and promote it. Hopefully that helps build participation in the voluntary system as well."
While the fabric structures have held up well, the original overhead doors were victims of the corrosive environment. The doors, rollers and chains corroded in all the buildings, causing safety issues with the doors seizing up and odor issues because they would not shut properly. Additionally, the metal plates over the aeration trenches deteriorated quickly. They were replaced with three-quarter-inch clear stone, which is holding up well. As for the doors, the situation was resolved by going with "old-fashioned wooden-style barn doors" that, Harned notes, are working very well. "The price was one-third the cost of a standard overhead door. We looked at rubber doors that were $20,000 to $30,000. Ultimately, we hired a contractor to build the barn doors."
EVALUATING STRUCTURAL OPTIONS
After years of indoor composting - and many reports of significant corrosion problems - design engineers and composting practitioners are very aware of the choices they need to make when enclosing an operation. There are a variety of building and corrosion prevention options. Which direction to go in is dictated by whether the building is new or undergoing a retrofit, cost and climate. Stainless steel is most resistant to corrosion. "Nothing equals it in terms of corrosion prevention," says Charles Alix, Senior Engineer with MWH Americas, Inc. "It can be dinged and banged and still not corrode. The next best option is probably encapsulation of the interior of the building with a product like Stayflex from Preferred Solutions, Inc. (PSI), assuming it is applied properly. Last is probably an epoxy paint system on steel."
He adds that the fabric-covered buildings resist corrosion well, but aren't insulated, which can be an issue in colder climates given the amount of moisture released during composting. "Those structures are reasonably inexpensive unless a lot of attachments are added. They hold up great and are easy to install."
The challenge with epoxy paint systems on steel is that the application of the paint has to be done well. The surface has to be cleaned properly, and the paint applied at the right temperature and relative humidity. "If those conditions aren't met, it shortens the life of the paint system," notes Alix. "But even with proper cleaning and application, those structures won't last forever in a corrosive environment." Corrosion can begin with dust settling on the flat surfaces of the steel. As the dust gets wet from the high moisture environment, it leaves a small pile of mud-like material that wears away at the epoxy paint. Proper building ventilation can slow down the rate of corrosion, but it still is likely to occur, he adds. Open-sided steel buildings coated with epoxy paint systems are less vulnerable to corrosion and could be the most economical choice for covered, outdoor operations.
Recently, Alix was part of an engineering team working on a large-scale enclosed composting facility in California. Two public agencies, the Inland Empire Utilities Agency and the Los Angeles County Sanitation District, formed a joint powers authority called the Inland Empire Regional Composting Authority. The facility processes biosolids, manure and green waste in enclosed aerated static piles (see "Supersized Indoor Composting Facility," March 2006). Located in an industrial area of Rancho Cucamonga, the composting operation is housed in a 410,000 sq. ft. building that previously was home to a furniture warehouse. "The building has a wooden truss roof that was 32-feet high," he explains. "Not only was that way too much airspace to contend with, we didn't want to expose the wood and galvanized connectors to corrosion and moisture."
The solution was to install a drop ceiling (21-feet high) made from galvanized steel panels. New interior walls were fabricated from poured concrete and concrete blocks (up to 14-feet high) topped with gypsum wallboard held in by metal studs. Next, the Stayflex corrosion control and thermal insulation system was applied to the ceiling and gypsum board walls (not the concrete), starting with an insulating foam and covered with a polyester coat that is chemical resistant and acts as an air and moisture barrier. "Basically, we completely encapsulated the inside of the building, essentially creating a building within a building," says Alix.
For building retrofits, especially structures made from epoxy paint systems on steel, the Stayflex product is commonly used. Alix cited biosolids composting facilities in Rockland County, New York and Davenport, Iowa as examples. John Stahl, President of Preferred Solutions, Inc., notes that the installed cost of the Stayflex System used to thermally insulate and prevent corrosion on the underside of metal roofs and supporting steel in preengineered steel buildings is under $25/sq.ft. The company has worked with about 10 composting operations around the country, including new buildings and retrofits.
Universal Fabric Structures, Inc. markets buildings to the composting market under the All-Site brand. The structure is made from extruded aluminum and a heavyweight PVC-coated polyester fabric that is corrosion resistant. The structures are manufactured in widths from 70-feet to 161-feet and whatever length the customer orders. The mixed waste composting site on Nantucket Island in Massachusetts uses a Universal Fabric building for its active composting phase.
INNOVATIONS IN CORROSION CONTROL
Much of the focus on corrosion control is protecting the metal surfaces in composting structures. A line of products from Cortec Corporation, Inc., however, addresses both the metal and the concrete surrounding it. Almost 30 years ago, Cortec developed the VpCI� (vapor phase corrosion inhibitor) technology based on carboxylated amine salts, explains Bob Boyle, a Technical Sales Manager with the company. Applied in a vapor form, it can protect multiple types of metals. Perhaps more directly applicable to composting structures, however, is the company's Migratory Corrosion Inhibitors (MCI�), designed to protect the metal inside concrete. "On existing concrete surfaces, it is drawn in initially by capillary action, moves through the pore structure of the concrete as a vapor, and then ultimately, forms a film due to its ionic attraction to the metal," explains Rae Jean Nicholl of S.M.A.R.T., N.A. (Structural Materials and Restoration Technologies) in Ohio, a Cortec distributor. "Basically, it forms a monomolecular film on the steel, protecting it from corrosion due to carbonation and chloride contamination."
A common application of migrating corrosion inhibitors is restoration of building facades that have steel reinforced concrete with corrosion evident on the exterior. But Nicholl has also used the product in a small, outdoor composting project at Xavier University in Cincinnati. "They built a composting bin with steel reinforced concrete," she says. "We applied the corrosion inhibitor on the concrete before the bin was loaded."
With new construction, the MCI 2005 NS (normal set) is actually mixed in with the concrete at the ready-mix plant. "It is part of the concrete from the get-go," adds Nicholl. "It is designed to protect the structure immediately, not just extending its overall life, but extending the time before the first repair."
The corrosion inhibitor products can even be applied along with epoxy coated reinforcement, or when nicks or pinholes appear. Migrating corrosion inhibitor molecules are attraced to any place where there is exposed metal. "It forms a film where the nick or pit is in the paint," she notes. The admixture product was used with epoxy coated rebar in a salt storage dome owned by Hennepin County, Minnesota. Five years after the corrosion inhibitor was applied to the interior of the dome, Cortec hired an engineering firm to find a rebar for field testing. Core holes were drilled and readings, as well as a visual inspection, were done on the metal embedded in the concrete. "Visual inspection of the bar over the course of the testing confirmed that there was no corrosion occurring on the steel at this time, even though chloride levels at the bar far exceeded the accepted values for corrosion initiation," stated the engineer's report. It concluded that the facility had no active corrosion and minimal potential for corrosion to occur. Nicholl says that the cost for MCI application is about .50 cents/sq.ft. when surface applied, or about $12 to $15/cubic yard if used for new construction in an admixture. - N.G.
[Sidebar]
Metal beams and support structures in buildings housing composting operations are subject to corrosion (examples above) from the moisture and acidic emissions released from the process.
[Sidebar]
At the Fundy Region indoor composting facility, source separated organics are fed into a hopper (above left) and conveyed to a sorting line to remove contaminants. The original overhead doors on the fabric buildings corroded and were replaced with "old-fashioned sliding wooden barn doors," says Chris Horned, standing next to one of the doors (above).
[Sidebar]
While the fabric structures at the Fundy Region composting facility have held up well, the overhead doors were victims of the corrosive environment. The solution was old-fashioned, wooden-style barn doors.
The mixed waste composting facility on the Island of Nantucket, Massachusetts houses its active composting windrows in a fabric structure.
Any exposed metal surfaces in this preengineered steel composting building were sprayed with insulating foam and covered with a polyester coat that is chemical resistant and acts as an air and moisture barrier.
Britain on Wednesday praised Pakistan's increased dialogue with Afghanistan and India, saying the new "zeal" in its foreign policy was vital as the region struggles with Islamist terrorism.
Pakistan's young government is under pressure from the U.S. and its allies to clamp down on al-Qaida and Taliban militants nested along its western border who are blamed for rising violence in Afghanistan.
Islamabad has responded by launching an unprecedented military operation against insurgents along the Afghan frontier and making diplomatic overtures to both Delhi and Kabul.
Visiting British Foreign Secretary David Miliband said the "reforming zeal and instinct of the government is coming to the fore in a positive way and gaining the confidence of the international community."
He said it was "very important in turning Pakistan outwards and making clear that it sees itself as a cooperative force for stability in the region."
Pakistan in the past has harnessed Islamic militancy to exert influence in Afghanistan and put pressure on India in the disputed territory of Kashmir.
Afghan President Hamid Karzai has accused Pakistan's top spy agency of covertly supporting the Taliban. However, his tone has eased since Asif Ali Zardari replaced Pervez Musharraf as Pakistan's president in September.
Miliband declined to confirm reports by Pakistani intelligence officers that British militant suspect Rashid Rauf was killed in a weekend U.S. missile attack in the border region.
"Until we clarify what has happened to him, I would be wrong to comment," he said during a dialogue with students at an Islamic university.
Rauf, who is of Pakistani origin, has been on the run since last December, when he escaped from police escorting him back to jail after an extradition hearing in Islamabad. He is linked to a plot to blow up jetliners flying across the Atlantic.
Washington has carried out a surge of missile attacks in the border region since August, angering Pakistan's government and many of its 170 million people.
In the city of Lahore on Wednesday, about 1,000 members of an Islamist political party marched against the attacks, which U.S. officials say are putting pressure on al-Qaida.
"America's graveyard: Afghanistan, Afghanistan," they shouted. "America's graveyard: Pakistan, Pakistan."
Ecuador's Deportivo Cuenca drew 0-0 with Uruguay's Danubio on Thursday in their Copa Libertadores group match.
Cuenca is currently leading Group 2 with four points after it beat Argentina's Estudiantes 1-0 in last week's opener. Danubio was defeated by Argentina's Lanus 3-1 two days later.
Danubio and Cuenca both played with impenetrable defenses, failing to score, at Cuenca's Alejandro Serrano Stadium, 2,560 meters (8,500 feet) above sea level.
The next match in the group will see Estudiantes host compatriots Lanus on Feb. 26.
Stung by accusations that it helped rich foreigners engage in tax evasion, Liechtenstein's LGT Group said Tuesday it is exiting the trust and fiduciary businesses for good.
The tiny country's biggest bank sold its LGT Treuhand unit to First Advisory Group, also based in the principality. The Basel-based unit LGT Swiss Trust Co. has been sold to former employees, it said.
The bank declined to say how much the sale was worth.
LGT announced last year that it would abide by the tax rules of its clients' home countries. Previously the bank had worked under the assumption that it was up to clients to keep their tax affairs in order.
The decision came after LGT, which is owned by the Alpine principality's royal family, came under pressure from the United States, Germany and other European countries for allegedly helping tax evaders.
One of its former employees, Heinrich Kieber, is alleged to have sold the names of hundreds of LGT clients to German authorities, prompting a large-scale tax evasion probe that snared high-profile figures including the former CEO of Deutsche Post AG, Klaus Zumwinkel.
Germany has since passed the data to other countries, including the United States.
The U.S. Senate subcommittee on investigations issued a report last July criticizing LGT as one of the offshore banks that are helping Americans evade an estimated $100 billion in U.S. taxes a year.
MELBOURNE, Australia (AP) — BHP Billiton says it will invest almost $10 billion on expanding iron ore and coal mining operations in Australia.
The Anglo-Australian giant said in statements to the Australian Securities Exchange on Friday it will spend $6.6 billion on expanding its iron ore operations in Western Australia state, $2.5 billion on expanding three metallurgical coal projects in Queensland state and $400 million on an energy coal project in New South Wales state.
The world's biggest miner is cashed up after reporting a new Australian record first half net profit in February of $10.5 billion for the six months through December last year.
PARIS (AP) — Paying the price for not being a glamorous enough name, Antoine Kombouare was replaced as Paris Saint-Germain coach to herald a major break from the French club's traditions.
A club stalwart largely unknown outside of France, Kombouare was a highly respected former PSG player, a fans' favorite, someone who knew the club inside out and had a bond with it that ran deep.
Just as important, he had helped to lift PSG out of the doldrums and within sight of a first French title since 1994. It sits top of the league at the winter break.
That wasn't enough for the club's ambitious new owners from Qatar, however.
Kombouare left as coach of PSG on Friday, hours before Carlo Ancelotti — one of the most highly-rated managers in European football after successful spells at Juventus, AC Milan and Chelsea — was unveiled as his replacement and entrusted with taking the club into another dimension.
Loyalty and ties to PSG's past were not enough for a new-look club with lofty ambitions.
"Antoine Kombouare expressed his gratitude to PSG for the faith it showed in him over the years," PSG said in a statement. "He remains the club's biggest fan and has no doubt it will continue to have success in the years to come."
PSG's sporting director would comment further on why Kombouare was replaced.
"It's not the day to be talking about (it) ... we'll talk about it calmly later," Leonardo replied bluntly. "It's important to thank Antoine Kombouare, we tried to do things in the most exemplary and amicable fashion."
Kombouare had helped bring stability to an oft-troubled club once riddled with problems of football violence and a long-standing racist element among some fans that nearly brought the club to its knees. Two PSG fans died in separate incidents of hooliganism outside the Parc des Princes stadium in November, 2006 and early last year.
"I find it scandalous to sack Kombouare, a coach who was liked so much by the players," former France forward Christophe Dugarry said recently on Infosport television.
Not only that, Kombouare was bringing long-overdue success to PSG.
After replacing Paul Le Guen in 2009 and leading PSG to the French Cup the following year, Kombouare guided the club to the top of the French standings.
Former France goalkeeper Gregory Coupet, who played the previous two seasons under Kombouare's stewardship, was not surprised by the news.
"It was rather predictable, given all the talk about Ancelotti, and the meetings Leonardo had with him," Coupet said on RMC radio station. "The winter break was the ideal moment (to announce) it, although it's all happened pretty quickly."
The shakeup seems unlikely to end there. After Ancelotti's arrival, former England captain David Beckham could follow when the transfer window opens on Sunday.
Although QSI has already spent €82 million ($116 million) on players this season, Ancelotti should have plenty more funds available if he wants them.
As well as QSI's need for a renowned manager to help broaden its global appeal, PSG's elimination from the Europa League and League Cup did not sit well with the owners, who took over the club in July, and that may ultimately have cost Kombouare his job.
QSI stipulated at the start of the season that the team should set its sights on winning three trophies.
"This was always going to happen, ever since the Qatari owners took charge of the club," former PSG president Charles Villeneuve said. "The only thing is they should probably have done it at the start of the season."
Ancelotti can still repeat his feat at Chelsea by winning the domestic double in his first season, although Kombouare will get some of the credit if PSG does win the league for the first time in 17 years.
A stalwart defender for PSG during the club's heyday from 1990-95, Kombouare was part of the PSG team which reached the Champions League semifinals in 1995.
A tough-tackling defender with a fiery temperament, PSG's fans adored him and nicknamed him "Golden Helmet" because of his ability to score headed goals from corners.
In the return leg of the UEFA Cup quarterfinal against Real Madrid in 1993, Kombouare charged up the field deep into injury time to score the goal that knocked Real Madrid out and put PSG into the semifinals.
However, given the huge spending spree at the start of this season — including a French record €42 million ($60 million) on the 22-year-old Argentina midfielder Javier Pastore — fans expected to watch entertaining football every week.
This has not been the case, with Kombouare's team often eking out wins rather than tearing teams apart.
A poor run of form in November sealed Kombouare's fate as PSG lost 1-0 at home to Nancy, then 3-0 away to bitter rival Marseille and 2-0 at Salzburg in the Europa League.
By the time PSG turned things around, Ancelotti was in the frame and it was too late for Kombouare.
A free Neighborhood Block Party will be celebrated on Sunday atthe Chicago Historical Society.
The histories of Douglas/Grand Boulevard, the Near West Side,East Garfield Park, Pilsen, Little Village, Rogers Park and WestRidge will be honored.
The day will feature musicians, dancers, storytellers anddemonstrations.
The free Neighborhood Block Party will be from 11 a.m. to 8 p.m.Complimentary transportation will be provided from designatedlocations to the museum in each of the honored neighborhoods.
Also, the free Lincoln Park Trolley will shuttle between themuseum, the Lincoln Park Zoo, nearby L stops, Pipers Alley garage,Grant Hospital and Children's Memorial Hospital. The shuttle runsevery 20 minutes between 11 a.m. and 7 p.m. Neighborhood Block Party. Chicago Historical Society, Clark andNorth, (312) 642-5035, ext. 8.
KANDAHAR Afghanistan - Afghan troops backed by NATO-led forces clashed with suspected Taliban fighters in southern Afghanistan, leaving 20 militants dead, a provincial police chief said Thursday.
The authorities recovered three dead bodies of the militants alongside numerous weapons after the clash in Shah Wali Kot district in Kandahar province late Wednesday, said Kandahar police chief Sayed Agha Saqib. There were no injuries among Afghan and NATO troops.
Retreating militants took 17 bodies off the battlefield, Saqib said.
NATO officials could not immediately confirm Saqib's account, and said they were checking the report. The clash could not be independently verified due to the remoteness of the area where it took place.
In a separate incident, militants attacked a police checkpoint in Arghistan district, also in Kandahar province, wounding three officers on Wednesday, Saqib said. There were no report of militant casualties from that clash.
Violence in Afghanistan has peaked this year, with nearly 5,100 people killed in suicide bombings, gun battles, airstrikes, and roadside bombs around the country through the first nine months of the year, according to an AP count based on figures from Afghan, U.S. and NATO officials.
The number represents a 55 percent increase over the first nine months of 2006, when the AP count recorded 3,288 insurgency-related deaths. The AP count recorded 4,019 deaths in all of 2006.
Most of the violence occurred in the country's south, the center of the resurgent Taliban movement that was ousted from power in the U.S.-led invasion in late 2001.
A commuter train engineer who ran a stop signal was blamed Saturday for the nation's deadliest rail disaster in 15 years, a wreck that killed 25 people and left such a mass of smoldering, twisted metal that it took nearly a day to recover all the bodies.
A preliminary investigation found that "it was a Metrolink engineer that failed to stop at a red signal and that was the probable cause" of Friday's collision with a freight train in Los Angeles' San Fernando Valley, Metrolink spokeswoman Denise Tyrrell said.
"When two trains are in the same place at the same time somebody's made a terrible mistake," said Tyrrell, who was shaking and near tears as she spoke with reporters.
The engineer was among the dead, said National Transportation Safety Board member Kitty Higgins, who later cautioned that it was too early to establish the cause of the accident.
The engineer's name had not been released late Saturday.
Many of the 25 people killed had been in the front car of the Metrolink train, which was crushed like an accordion in the wreck.
A total of 135 people were injured, with 81 transported to hospitals in serious or critical condition. There was no overall condition update available Saturday, but a telephone survey of five hospitals found nine of 34 patients still critical. Many were described as having crush injuries. An engineer and a conductor aboard one of two freight train locomotives also were injured.
Firefighter Searcy Jackson III, a 20-year veteran and one of the first to pull bodies from the wreckage, said he had never seen such devastation. The 50-year-old said his team pulled one living passenger from the train and cut the mangled metal to remove about a half-dozen bodies.
"We saw bodies where the metal had been pushed together and ... we cut them out piece by piece. They were trapped in the metal," said Jackson, 50, who was back at the scene Saturday afternoon.
Firefighters who extricated the dead from the wreck were rotated in and out of the scene to prevent emotional exhaustion.
"There are some things we are trained for, there are some things I don't care what kind of training you have, you don't always prepare for," fire Capt. Armando Hogan said. "This situation, particularly early on, with people inside the train, with the injuries, and with people moaning and crying and screaming, it was a traumatic experience."
The collision occurred on a horseshoe-shaped section of track in Chatsworth at the west end of the San Fernando Valley, near a 500-foot-long tunnel underneath Stoney Point Park. There is a siding at one end of the tunnel where one train can wait for another to pass.
"Even if the train is on the main track, it must go through a series of signals and each one of the signals must be obeyed," Tyrrell said. "What we believe happened, barring any new information from the NTSB, is we believe that our engineer failed to stop ... and that was the cause of the accident.
"We don't know how the error happened," she said, adding that Metrolink determined the cause by reviewing dispatch records and computers.
At an NTSB press conference late Saturday, Higgins said it was too early to determine the cause of the crash but noted that a pair of "switches" that control whether a train goes into a siding were open. One of them should have been closed, Higgins said.
"The indication is that it was forced open," possibly by the Metrolink train, Higgins said of one of the switches.
Higgins said rescue crews on Saturday recovered two data recorders from the Metrolink train and one data recorder and one video recorder from the freight train. The video has pictures from forward-looking cameras and the data recorders have information on speed, braking patterns and whether the horn was used.
Investigators also will test the signals on the track and the brakes on the trains as well as interview Metrolink dispatchers.
Some were puzzled, even dubious, that Metrolink pointed the finger at the engineer so quickly.
"It is a rush to judgment," said Ray Garcia, who until 2006 was a conductor on the same Metrolink 111 train.
Garcia, who now works for Amtrak, ticked off several scenarios in which initial evidence could turn out to be misleading, such as if a central computer showed that a signal was red when on the tracks it was not.
"Just because Metrolink says it was the fault of the engineer, it doesn't mean it's true," said Garcia, who knew the engineer through work. "It's just way too early in the game to point the finger."
Los Angeles County Supervisor and Metrolink board member Don Knabe also said it's premature to blame the engineer.
"There could always be a technical malfunction where ... there was a green light both ways," he said.
A local teenager told CBS2-TV that he had exchanged a brief text message with the engineer shortly before the crash. The station reported that the teen, Nick Williams, was among a group of kids who befriended the engineer and asked him questions about his work.
Tyrrell said before the report aired that she would find it "unbelievable" that an engineer would be text messaging while operating a train. Using a cell phone on duty is against Metrolink rules, former conductor Garcia said.
The NTSB hopes to complete its final report within a year. Tyrrell said Metrolink was stepping ahead of the agency with its findings because "we want to have an honest dialogue with our community."
The Metrolink train, heading from Union Station in downtown Los Angeles to Ventura County, was carrying 220 passengers, one engineer and one conductor when it collided with the Union Pacific freight, with a crew of three, about 4:30 p.m. Friday. It is common in California for freight and commuter trains to use one track.
The crash forced the Metrolink engine well back into the first passenger car, and both toppled over. Two other passenger cars remained upright. The passenger train was believed to have been traveling about 40 mph.
"It's the worst feeling in the world because you know what you're going to find," said fire Capt. Alex Arriola, who had crawled into the bottom of the smashed passenger car. "You have to put aside the fact that it's someone's husband, daughter or friend."
Police set up what they called a unification center at a local high school to try to connect worried people with information about friends or relatives who they believed were aboard the train.
Families of eight of the dead had been notified and two women who were pronounced dead at hospitals were unidentified, coroner's Assistant Chief Ed Winter said.
Authorities released the names of 20 of the victims Saturday. They include Los Angeles police Officer Spree Desha, 35, of Simi Valley, who was riding the train home.
Veronica Gonzalez spent a frantic night and day searching local hospitals for her niece Maria Elena Villalobos before learning she was among the dead.
"She was just the sweetest, kindest, always-trying-to-help-everyone person you would ever meet," Gonzalez said of the 18-year-old, who had just started her first semester at the Fashion Institute of Design & Merchandising in downtown Los Angeles.
Tyrrell, the Metrolink spokeswoman, said the engineer had driven the agency's trains since 1996 and worked for a subcontractor, Veolia, since 1998. She said she didn't know if the engineer ever had any previous problems operating trains or had any disciplinary issues.
Veolia issued a statement Saturday calling the collision a "tragic incident." The company said it is cooperating with NTSB's investigation.
Garcia, the former Metrolink conductor, said he knew the engineer involved in the crash for nine years and called him qualified and talented.
Garcia said he knows the stretch of track where the collision occurred and believes engineers are warned twice with yellow lights before reaching a red light at the end of a siding.
Tim Smith, state chairman of the Brotherhood of Locomotive Engineers and Trainmen, a union representing engineers and conductors, said issues that could factor into the crash investigation could be faulty signals along the track or engineer fatigue.
He said engineers in California are limited to 12 hours a day running a train, although that can be broken up over a stretch as long as 18 hours.
It was not immediately clear how many hours the train's engineer had worked.
Until Friday, Metrolink's worst disaster was on Jan. 26, 2005, in suburban Glendale, where a man parked a gasoline-soaked SUV on railroad tracks. A Metrolink train struck the SUV and derailed, striking another Metrolink train traveling the other way, killing 11 people and injuring about 180 others. Juan Alvarez was convicted this year of murder for causing the crash.
Friday's train crash was the deadliest since Sept. 22, 1993, when the Sunset Limited, an Amtrak train, plunged off a trestle into a bayou near Mobile, Ala., moments after the trestle was damaged by a towboat; 47 people were killed.
___
Associated Press writers Thomas Watkins, Raquel Maria Dillon, Greg Risling, Denise Petski, Josh Dickey, James Beltran, John Rogers, Justin Pritchard and Michael R. Blood contributed to this report.
Asked if it's the toughest thing he has ever played through, Konerko said, "If it is, I don't even want to go into it. Does it really matter? Listen, I'm playing. If there is anything else to report, I'll let you know. That's all I got for you.''
Konerko, the team captain, is leading by example. The Sox desperately need his bat as they try to chase down the Detroit Tigers and Cleveland Indians.
"It's impressive,'' A.J. Pierzynski said. "I know how much pain he's in because we talk about it a lot. We all know that. It would be nice if he was healthy so he could play first base. But he's doing whatever he can now to help us win games. He doesn't have to be out there, but he is. It's something you admire.''
Almost everyone is playing through some physical issue at this time of year, but Konerko's merits an excused absence.
"Everyone — the manager, coaches, players, fans, front-office people — should tip their hat to him,'' manager Ozzie Guillen said. "He's playing with a lot of pain. It's very uncomfortable to see him running.''
Konerko labored to second base with a stand-up double in the first inning, then to home on a double by Carlos Quentin.
"He wants to play and help us, and that's why Konerko is a very special guy in this organization.''
Cooper makes impression
Zach Stewart, who makes his second start for the Sox on Friday, has adapted quickly to pitching coach Don Cooper.
"Oh, he's awesome,'' the 24-year-old Stewart said. "He's straightforward and positive. He made it clear he's not trying to change you, which is always nice to hear because so many times you run into guys who want to put a stamp on you or change you. He's not like that.''
A home-cooked deal
The Sox are 24-32 at U.S. Cellular Field, and they open a nine-game homestand against the Kansas City Royals on Friday. The Indians and Texas Rangers follow.
"We have to go there and relax, start playing better and start winning games there,'' Guillen said.
Lillibridge to first
Guillen said Brent Lillibridge will play first base Friday in place of Adam Dunn against soft-tossing lefty Bruce Chen, who bedazzled the Sox on July 6 and 20.
Oil prices dropped more than US$1 a barrel Wednesday after jumping higher in the previous session on the expectation that another cut in U.S. Federal Reserve interest rates would further weaken a battered dollar.
The Fed said Tuesday it was lowering its key federal funds rate by three-quarters of a percentage point as it tries to stave off a severe economic crisis. Many investors expected a full point cut, but the Fed indicated it was concerned about higher inflation even as it was trying to shore up the economy.
"With (Tuesday's) 75-basis-point reduction in key short-term interest rates, the Fed continues its eight month trend of loosening credit which will, in turn, continue the downtrend in the value of the dollar," wrote Platts Chief Economist Larry G. Chorn in a research note.
In the past several months, rate cuts have fed oil price rallies as investors have bought crude futures to hedge against inflation and the declining dollar. Also, oil futures are priced in dollars, which makes them cheaper for foreign investors as the greenback falls.
The rate reduction by the Fed "could result in oil prices rising to the US$112 to US$115 (a barrel) range over the course of the next weeks, assuming the other (Group of 10 industrial nations') central banks hold their rates constant," Chorn wrote.
Light, sweet crude for April delivery dropped US$1.12 a barrel to US$108.30 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore. The contract rose US$3.74 to settle at US$109.42 a barrel on Tuesday.
On Monday, oil hit a record trading high for a front-month futures contract at US$111.80.
Crude has posted a series of records in recent weeks despite rising supplies and forecasts calling for lower demand growth this year. Later Wednesday, the U.S. Energy Department's Energy Information Administration was expected to report that the nation's crude supplies grew again last week.
The EIA was expected to say that U.S. crude oil inventories rose 2.3 million barrels last week, according to a survey of analysts by Platts, the energy research arm of McGraw-Hill Cos.
Gasoline stocks were projected to fall 200,000 barrels. Inventories of distillates, which include heating oil and diesel, were expected to drop 1.6 million barrels.
In other Nymex trading, heating oil fell 1.59 cents to US$3.122 a gallon (3.8 liters) while gasoline prices lost 2.4 cents to US$2.636 a gallon. Natural gas futures fell 0.6 cent to US$9.408 per 1,000 cubic feet.
In London, Brent crude futures fell 87 cents to US$104.69 a barrel on the ICE Futures exchange.
LAGOS, Nigeria (AP) — U.S. President Barack Obama is congratulating Nigeria's leader on his election win that was marred by deadly religious riots.
A statement issued by the White House said Obama called President Goodluck Jonathan on Wednesday.
Obama gave credit to Nigeria's Independent National Electoral Commission and its youth workers for conducting the April 16 election in Africa's most populous nation.
However, Obama called the riots that occurred across Nigeria's Muslim north after the vote "deplorable." At least 500 people died in the violence.
Muslim rioters were upset that Jonathan, who is Christian, had won the presidency. Christians in the area also carried out reprisal attacks.
Cheech without Chong is like the sound of one hand clapping, orone comic yapping. And one hand is about all you'll need to applaudCheech Marin's debut as writer-director-star of "Born in East L.A."Cheech, however, could have used a few more manos.
"Born in East L.A." is his first solo project after breaking upwith his longtime comedy partner, Tommy Chong, more than a year ago.The movie, which opened Friday at local theaters, is a spin-off oftheir two-year-old parody of Bruce Springsteen's "Born in the U.S.A."Marin based that record and video on the experience of a HispanicAmerican who was seized and deported in 1985.
He plays Rudy Robles, an American Hispanic auto mechanic in EastL. A. who gets a one-way ticket South o' the Border courtesy of theU.S. Immigration and Naturalization Service. Once in Tijuana, hestruggles to find a way back. Because this is Cheech, there has tobe comedy.
Perhaps the best gag involves his bewildered Mexican cousinJavier, (Paul Rodriguez), who arrives at Rudy's house speaking noEnglish and hears the voice of Jesus, which comes from a telephonebehind the diety's picture.
The biggest problem of the movie is tone. Part of the reasonmay be because this film was shot only last March and hurried intotheaters, influenced no doubt by the success of "La Bamba," a moviesome claim has changed Hollywood's approach to Hispanics. But where"La Bamba" attempted to show Hispanic life and the pursuit of theAmerican, old cheecharon seems to want to make a statement about whatit means to be a minority citizen of U.S. while still employing allhis satiric exaggerations of Hispanics.
Rudy spends much of the opening of the film ogling a statuesqueredhead. He shadows her in a pink Volkswagen and shouts juvenileremarks like, "Do you give fries with those shakes?" It serves nopurpose other than a few cheap laughs. Later, he gives someOrientals lessons on how to walk cool and impersonate East L. A.chicanos.
The sad thing is that once in Mexico, and his Cheech-isms winddown, he constructs an appealing portrait of a desperate man withouta country. Speaking little Spanish, he must cope with Jimmy (DanielStern), an opportunistic outcast American and assorted thugs. Thereare some sweet scenes in which deflated Rudy shows a common humanityto less fortunate refugees. Gradually, he melts Salvadoran refugeeDolores (Kamala Lopez) who finds him appealing despite someAmericanisms.
This film shows a bit of what a Cheech might feel aboutimmigration, but answers no questions. Not even, how good Cheech isalone.
DEAR ELLIE: My same-sex partner and I bought a condo -- we move innext year. I'm worried how to tell my parents I'm in a committedrelationship. The last time we discussed my sexuality, I was 16 --now I'm 24. My parents' religious beliefs prevent them from fullyaccepting me. They're supportive and loving in all other facets of mylife, but we sidestep the topic of partners or marriage.
I'd like to win their support (maybe even their enthusiasm), eventhough they may not agree with how I live. I thought to discussthings one at a time -- first, I have a partner; six months later, webought a house. My partner hasn't even "come out" to his parents yet.
Help us keep this problem from eclipsing the excitement of havingour first home.
NEW HOMEOWNERS
DEAR NEW HOMEOWNERS: Talk about pressure on me! The excitement isfor you to maintain -- planning the move, buying furniture, etc. Butyour parents need to absorb the reality. Each of you has to talk withyour own parents in the same adult manner with which you bought thishouse. In your case, it's got to be the whole story -- no moreholding back. You know they want you to be happy, and you've foundsomeone who makes that possible. You want to live a responsible,committed life together, so you now have a solid home base.
They may be shocked, disappointed or worried about your finances;give them time to adjust. Show confidence that this is right for you.Your partner needs to be straightforward about the news his parentsmay already suspect: He's gay, he's found a loving partner, you twoare creating a stable home life. They'll need even more time todigest all this, and he should understand, but show conviction.
Both of you should introduce your families to the excellentliterature and support groups available for parents of gay andlesbian couples.
DEAR ELLIE: I'm increasingly uncomfortable about a co-worker'snegative attitude within our large office. Each time she's approachedto do work for someone, she criticizes the giver or the material.It's too short notice or not clear enough or not part of her duties.My patience is wearing so thin I'm thinking of leaving.
I'm not sure what's caused her negativity, but other co-workersare also walking on eggshells around her.
DRAINED AT WORK
DEAR DRAINED: Unlike a liquid wine, the human whine gets worseover time. And they're everywhere -- whiners, that is -- so workingelsewhere is no guarantee of avoidance. Enjoy your other co-workersand try to ignore this complainer as much as possible. When you haveto approach her, arm yourself with humor and anticipation: "Yes, it'sshort notice again, but this still needs doing and it's your turn."
If you can muster some kindness, find out if anyone knows whyshe's become this way. It may not change her, but understanding mayhelp you accept it better.
DEAR ELLIE: Is it a good idea to go to seniors' Internet sites tofind a companion? Everywhere I go there are women only; swimming,choir, book club, etc. I've been volunteering for many years and amactive but cannot even find a male friend, never mind a companion.Where are the men? Many never returned from World War II, and that'swhy so many of us are alone now. Which Internet site to choose? Thereare so many, and I don't want to give my credit card number when onehas to join for "membership." Also, they seem to be for youngerpeople.
WEARY OF OWN COMPANY
DEAR WEARY: Having just heard my cousin, at 90, say he and hisgirlfriend, 88, are in love, I know that where there's life, there'shope. So you go, girl! I won't endorse any one Internet site but I'lltell you about them: Many do boast senior members, and some seniors'associations offer networking on their sites.
I recommend you use online contacts as introductions only, and setup face-to-face meetings soon into the correspondence. But just aswith younger people using dating sites, safety is key. Don't give outyour address or phone number before meeting personally. Meet in apublic location; tell someone where you'll be and that you'll callwhen you get home. Take a cell phone along.
The American Association for Retired People, a not-for-profitorganization, provides an online community to meet people:www.aarp.org.
Tip of the Day: Parental approval of relationships comes moreeasily when a couple's maturity and conviction are apparent.
Ellie's column runs Monday through Friday. Send e-mail toaskellie@suntimes.com
Florida Chief Financial Officer Alex Sink is running for governor.
Sink released a statement Wednesday saying she will seek the office Republican Charlie Crist is giving up to run for the U.S. Senate. She is seen as the Democrats' best hope of taking over the governor's mansion for the first time in more than a decade.
Sink is a former bank president and the only Democrat in the state Cabinet. She's seen as conservative on financial issues. She recently criticized Republicans for a proposal to open Florida's coastline to offshore oil drilling.
If she wins, she would be Florida's first female governor.
Her announcement comes a day after Crist said he won't seek a second term.
Serbia's police say they have launched a major search for war crimes fugitive Gen. Ratko Mladic in a western Serbian town.
The office of Serbia's police minister says the search is being conducted Monday in the region of the town of Valjevo under orders from Serbia's war crimes prosecutors.
Mladic, the wartime Bosnian Serb military commander, has been on the run since he was indicted in 1995 for genocide by the U.N. war crimes court for former Yugoslavia on charges that he has masterminded the slaughter of about 8,000 Bosnian Muslim men and boys in Srebrenica, and an armed siege of the Bosnian capital, Sarajevo, during the 1992-95 Bosnian war.
OMAHA, Neb. - With no major catastrophes in this year's third quarter, Berkshire Hathaway Inc. reported an almost fivefold increase in income Friday from a year earlier when hurricanes Katrina, Rita and Wilma struck.
Berkshire earned $2.77 billion, or $1,797 per share, for the quarter ended Sept. 30, versus $586 million, or $381 per share, in the year-ago period, according to Berkshire's news release.
The Omaha-based company, with holdings that include the GEICO insurance company, has posted strong results throughout the first nine months of the year with net earnings of $7.43 billion, or $4,821 per share. During the first three quarters of 2005, the company earned $3.4 billion, or $2,207 per share.
"Clearly, these are highly satisfactory three-month and nine-month earnings for Berkshire," the company said in its release. "Just as clearly, our insurance business has benefited in a major way from the absence of catastrophe losses. This is due not to managerial brilliance but rather to good luck. Last year, conversely, we got clobbered by a spate of hurricanes, more of which we will surely see in the future."
Officials at Berkshire, which is led by billionaire Warren Buffett, typically do not comment on quarterly earnings reports. They did not return calls seeking comment Friday.
Berkshire previously estimated its losses to hurricanes Katrina, Rita and Wilma at $3.4 billion with about $3 billion of those losses occurring during last year's third quarter.
While some other insurers this year shied away from writing insurance policies on catastrophic events like hurricanes, Berkshire's companies continued writing those policies, though at higher rates than in 2005.
And the 2006 hurricane season was milder than predicted.
Berkshire's insurance group, which includes GEICO, reinsurance giant General Re and several other firms, reported pretax profits of $2.53 billion in the third quarter, compared to a pretax loss of $897 million in the year-ago period.
Berkshire said General Re subsidiary Cologne Re has been ordered by the German Federal Financial Supervisory Authority to produce certain documents, according to Berkshire's Securities and Exchange Commission filing.
Reinsurance companies sell backup coverage to other insurers, spreading risk so the system can handle huge losses from major disasters. Cologne Re writes property, casualty, life and health reinsurance for Berkshire in international markets.
German authorities told Cologne Re on Oct. 24 that the company - and possibly one or more senior executives - was suspected of violating laws governing financial reinsurance agreements. Previously, Berkshire had said German authorities were scrutinizing some of Cologne Re's reinsurance transactions with New York-based AIG.
Berkshire owns more than 60 companies including insurance, clothing, furniture, jewelry and candy companies, restaurants, natural gas and corporate jet firms and has major investments in such companies as Coca-Cola Co., Anheuser-Busch Cos. and Wells Fargo & Co.
The company's revenue grew 23.5 percent over last year to $25.36 billion during the quarter. So far this year, Berkshire has brought in $72.31 billion revenue, up from $56.30 billion in 2005.
Berkshire had $42.25 billion cash on hand at the end of the quarter, up slightly from $42.07 billion at the end of the second quarter.
Berkshire said its non-insurance businesses are also doing well, and the company singled out the performance of its fractional private jet ownership business, NetJets. Berkshire's flight services businesses, which includes NetJets and the FlightSafety training division, reported pretax earnings of $103 million, up from $42 million last year.
Berkshire's utility business, MidAmerican Energy Holdings Co., earned $261 million before taxes during the quarter on revenue of $2.85 billion.
The holding company's utility profits are up significantly over last year, mainly because of this year's acquisition of the utility PacifiCorp. In last year's third quarter, Berkshire's utility business reported $141 million in pretax profits on $1.79 billion revenue.
Class A shares of Berkshire stock climbed above $100,000 a share for the first time during the third quarter. On Friday, they gained $894 to close at $105,000 before the company released its earnings report.
Berkshire's Class B shares gained $28 Friday to close at $3,501.
---
On the Net:
Berkshire Hathaway Inc.: http://www.berkshirehathaway.com
Berkshire's Profit Up Nearly FivefoldOMAHA, Neb. - With no major catastrophes in this year's third quarter, Berkshire Hathaway Inc. reported an almost fivefold increase in income Friday from a year earlier when hurricanes Katrina, Rita and Wilma struck.
Berkshire earned $2.77 billion, or $1,797 per share, for the quarter ended Sept. 30, versus $586 million, or $381 per share, in the year-ago period, according to Berkshire's news release.
The Omaha-based company, with holdings that include the GEICO insurance company, has posted strong results throughout the first nine months of the year with net earnings of $7.43 billion, or $4,821 per share. During the first three quarters of 2005, the company earned $3.4 billion, or $2,207 per share.
"Clearly, these are highly satisfactory three-month and nine-month earnings for Berkshire," the company said in its release. "Just as clearly, our insurance business has benefited in a major way from the absence of catastrophe losses. This is due not to managerial brilliance but rather to good luck. Last year, conversely, we got clobbered by a spate of hurricanes, more of which we will surely see in the future."
Officials at Berkshire, which is led by billionaire Warren Buffett, typically do not comment on quarterly earnings reports. They did not return calls seeking comment Friday.
Berkshire previously estimated its losses to hurricanes Katrina, Rita and Wilma at $3.4 billion with about $3 billion of those losses occurring during last year's third quarter.
While some other insurers this year shied away from writing insurance policies on catastrophic events like hurricanes, Berkshire's companies continued writing those policies, though at higher rates than in 2005.
And the 2006 hurricane season was milder than predicted.
Berkshire's insurance group, which includes GEICO, reinsurance giant General Re and several other firms, reported pretax profits of $2.53 billion in the third quarter, compared to a pretax loss of $897 million in the year-ago period.
Berkshire said General Re subsidiary Cologne Re has been ordered by the German Federal Financial Supervisory Authority to produce certain documents, according to Berkshire's Securities and Exchange Commission filing.
Reinsurance companies sell backup coverage to other insurers, spreading risk so the system can handle huge losses from major disasters. Cologne Re writes property, casualty, life and health reinsurance for Berkshire in international markets.
German authorities told Cologne Re on Oct. 24 that the company - and possibly one or more senior executives - was suspected of violating laws governing financial reinsurance agreements. Previously, Berkshire had said German authorities were scrutinizing some of Cologne Re's reinsurance transactions with New York-based AIG.
Berkshire owns more than 60 companies including insurance, clothing, furniture, jewelry and candy companies, restaurants, natural gas and corporate jet firms and has major investments in such companies as Coca-Cola Co., Anheuser-Busch Cos. and Wells Fargo & Co.
The company's revenue grew 23.5 percent over last year to $25.36 billion during the quarter. So far this year, Berkshire has brought in $72.31 billion revenue, up from $56.30 billion in 2005.
Berkshire had $42.25 billion cash on hand at the end of the quarter, up slightly from $42.07 billion at the end of the second quarter.
Berkshire said its non-insurance businesses are also doing well, and the company singled out the performance of its fractional private jet ownership business, NetJets. Berkshire's flight services businesses, which includes NetJets and the FlightSafety training division, reported pretax earnings of $103 million, up from $42 million last year.
Berkshire's utility business, MidAmerican Energy Holdings Co., earned $261 million before taxes during the quarter on revenue of $2.85 billion.
The holding company's utility profits are up significantly over last year, mainly because of this year's acquisition of the utility PacifiCorp. In last year's third quarter, Berkshire's utility business reported $141 million in pretax profits on $1.79 billion revenue.
Class A shares of Berkshire stock climbed above $100,000 a share for the first time during the third quarter. On Friday, they gained $894 to close at $105,000 before the company released its earnings report.
Berkshire's Class B shares gained $28 Friday to close at $3,501.
---
On the Net:
Berkshire Hathaway Inc.: http://www.berkshirehathaway.com
Always a bundle of enthusiasm and ideas, Brad Davis has cause tobe particularly bubbly as the 2011-12 season dawns. The effervescentAustralian has seen his title and responsibilities change over thesummer. With Steve Meehan having left the club as head coach, Davishas assumed the title of first-team coach (backs), and is noworchestrating all matters behind the pack.
The former rugby league half-back is a popular figure among theplayers, who already recognise the positive effect that theincreased responsibility has had on Davis. "Brad did a lot of thestuff with the backs last season anyway and he is well-respected,"said fly-half Sam Vesty. "Him having full licence …
CANNES, France (AP) — Helena Bonham Carter will star in a new adaptation of Charles Dickens' "Great Expectations" from director Mike Newell.
BBC Films announced the movie Monday at the Cannes Film Festival as part of a slate of upcoming productions.
Others include children's literature adaptations "Peter Pan in Scarlet" and "Swallows and Amazons."
Theater director Rufus Norris will make his …
Former Earth Island Journal editor Gar Smith noted that as a mountaineer, "Dave Brower learned how to balance personal daring against gravity to over come daunting obstacles." He took that courage into his life as a conservationist, working tirelessly to create national parks and seashores, keep dams out of the Grand Canyon and other wild places, establish the National Wilderness Preservation System, and more.
To honor his legacy, Earth Island Institute created the Brewer Youth Awards in 2000. The Awards recognize six exceptional young environmental and social justice leaders from North America annually.
Many of the accolades heaped on Brower by his peers are fitting descriptors for this year's Brewer Youth Award recipients. They are "full of creative ideas as well as a razor-sharp sense of what the environmental movement should be doing to stay on the cutting edge" (Brent Blackwelder). Their work to create a "powerful movement with a powerful vision" (Jerry Mander) makes them planetary heroes.
Erica Fernandez, 16, Oxnard, CA
Project: No BHP Billiton LNG Facility Off Our Coast
When Fernandez learned that a liquefied natural gas (LNG) facility was proposed for the coast of Oxnard and Malibu that would include …
Brower Youth Awards.(Earth Island News)Former Earth Island Journal editor Gar Smith noted that as a mountaineer, "Dave Brower learned how to balance personal daring against gravity to over come daunting obstacles." He took that courage into his life as a conservationist, working tirelessly to create national parks and seashores, keep dams out of the Grand Canyon and other wild places, establish the National Wilderness Preservation System, and more.
To honor his legacy, Earth Island Institute created the Brewer Youth Awards in 2000. The Awards recognize six exceptional young environmental and social justice leaders from North America annually.
Many of the accolades heaped on Brower by his peers are fitting descriptors for this year's Brewer Youth Award recipients. They are "full of creative ideas as well as a razor-sharp sense of what the environmental movement should be doing to stay on the cutting edge" (Brent Blackwelder). Their work to create a "powerful movement with a powerful vision" (Jerry Mander) makes them planetary heroes.
Erica Fernandez, 16, Oxnard, CA
Project: No BHP Billiton LNG Facility Off Our Coast
When Fernandez learned that a liquefied natural gas (LNG) facility was proposed for the coast of Oxnard and Malibu that would include …
PCs that are pre-loaded with software to meet the special needs of banks are being offered in a joint venture between two technology providers: Tactician Financial, a developer and marketer of Community Reinvestment Act (CRA) software headquartered in Northbrook, Ill., and Gateway 2000, a North Sioux City, S.D., company that markets personal computers worldwide.
"Because advances in technology are a driving force in the banking and financial services industry, we recognized a desire among our customers for a product that features powerful software to help them comply with regulatory requirements and marketing challenges in this rapidly changing environment," said Tactician's vice …
(ADPnews) - Feb 28, 2011 - German engineering group Siemens AG (ETR:SIE) considers lunching the initial public offering (IPO) of its division Osram GmbH within the next two months, news agency Bloomberg reported today citing two sources familiar with the matter.
Deutsche Bank AG (ETR:DBK) and Commerzbank AG (ETR:CBK) as well as Goldman Sachs (NYSE:GS) will be responsible for the preparation of the IPO, Bloomberg reported.
According to Morgan …
Byline: JUAN A. LOZANO Associated Press
HOUSTON - A second day of jury deliberations failed to produce a verdict Tuesday in the trial of a Schenectady man accused of driving and abandoning an airtight trailer packed with at least 75 illegal immigrants.
Jurors have deliberated 14 hours over two days in the trial of Tyrone Williams. They were scheduled to resume their work today. Williams could face the death penalty if convicted for his role in the May 2003 smuggling attempt in which 19 of the passengers died. He is charged with 58 counts of conspiracy, harboring and transporting illegal immigrants.
On Tuesday, the jury asked U.S. District Judge …
As you may have guessed, cats--with their streak of independence--don't always make very good patients. If you currently take care of your ailing cat at home, you probably know this firsthand. But there are nevertheless times when homecare is advisable for speeding up your cat's recovery from an illness or injury. Nursing a kitty at home can be a real challenge, but with the right training, equipment and monitoring, you and your cat will both do fine.
Deciding to Treat Your Cat at Home
"Cats are masters at hiding signs of illness," says Stephen Dullard, DVM of Ancare Veterinary Clinic in Mendota, Illinois. Therefore, it would be a mistake to treat your cat before you see a veterinarian to get a proper diagnosis. Then if your …
NEW YORK (AP) — The Bank of Japan's intervention to lower the yen's value against the dollar is having repercussions beyond the U.S. currency, as the euro pushed to a five-week high Thursday.
Analysts said that Japan's defense of its currency, its first intervention in six years, has made the euro a favorite bet with traders against the dollar.
Alan Ruskin, a currency strategist at Deutsche Bank, said the Japanese intervention, which curbed the yen's rise, has encouraged "negative dollar sentiment to be expressed in the euro."
Speculation that the Federal Reserve will begin buying U.S. government bonds to further drive down interest rates has weighed on the dollar this …
Even 10 years ago, an upscale Chinese restaurant would have beena contradiction in terms. In those days, Chinese meant plain,unassuming, easy on the budget.
These days we have …
