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UPDATE 3-Third Avenue parts with CEO soon after collapse of junk bond fund -WSJ

The collapse of Third Avenue’s Focused Credit Fund jolted Wall Street and renewed worries about the difficulty of trading securities on the U.S. bond marketplace. New York-primarily based Third Avenue is a relatively modest investment manager with fund assets that totaled $ ten billion at the beginning of the year.

A security guard at Third Avenue’s headquarters said on Sunday that Barse had been let go and was not allowed back in the creating, the Wall Street Journal reported.

A Third Avenue representative declined to comment. Barse did not respond to calls. His function e mail bounced back with the message “undeliverable”.

Third Avenue’s Focused Credit Fund was overwhelmed with heavy losses and surging investor net withdrawals, forcing Barse to abruptly liquidate the fund and block redemptions.

The redemptions and losses more than the previous year cut the size of the Third Avenue Focused Credit Fund to $ 789 million from almost $ three billion. Run by Tom Lapointe, the fund bet on distressed situations, such as the bankruptcy-related claims of Lehman Brothers. In a letter to investors last year, Lapointe, who could not immediately be reached for comment, stated distressed assets in his portfolio had been not necessarily illiquid or hard to trade.

The fund’s collapse is a blow to the reputation of Third Avenue Founder Marty Whitman, regarded the dean of American vulture investing. He hired Barse in 1991 to oversee the firm’s operations so he could spend much more time pursuing his own investment techniques.

Whitman could not be reached for comment.

The blow-up of the Focused Credit Fund was the most significant mutual fund failure considering that the economic crisis. The fund’s collapse shows the dangers of loading up on risky assets that are tough to trade even in excellent instances.

Just before Barse, 53, joined Third Avenue, he worked as a bankruptcy attorney defending the rights of creditors. He had been CEO of Third Avenue because 2003.

Whitman was a leader in a strategy that includes bets on the outcomes of businesses going via bankruptcy and other distressed conditions. The 91-year-old’s book titled “Distress Investing” distills decades of understanding about the ins and outs of bankruptcy restructuring.

In 2002, Affiliated Managers Group Inc purchased a majority equity stake in Third Avenue, with the remaining portion held by a broad group of workers that incorporated Whitman and Barse. Third Avenue, nonetheless, continued to operate autonomously from AMG, which holds stakes in a quantity of boutique asset management firms. AMG could not quickly be reached for comment.

(Reporting by Sam Forgione, Tim McLaughlin and Ross Kerber editing by Grant McCool)

Two charged with conspiracy to commit ‘terrorism’ in Australia soon after police raids

SYDNEY Australian police mentioned they had charged a 20-year-old man and a 15-year-old boy with conspiracy to conduct an act of terrorism soon after they had been arrested in the course of early-morning raids in Sydney on Thursday.

Police told a news conference the plots could have integrated attacks on government buildings, like the headquarters of the Australian Federal Police in Sydney, and attacks on random civilians.

Three other males, all of them already in custody on terrorism-related offences, will also be charged in connection with the raids.

The arrests on Thursday resulted partly from proof seized for the duration of police raids in December 2014, a police statement stated.

The guys arrested on Thursday were involved in “formulating documents connected with preparations to facilitate, help or engage a particular person to undertake a terrorist act”, it stated.

Australia, a staunch ally of the United States and its battle against Islamist militants in Iraq and Syria, has been on heightened alert for attacks by residence-grown radicals given that final year.

“It is disturbing that we continue to deal with teenaged kids in this environment,” New South Wales state Police Deputy Commissioner Catherine Burn said.

“To be putting a 15-year-old before the courts on very severe charges that carry a maximum penalty of life imprisonment demonstrates the issues law enforcement face,” she stated.

In September 2014, police shot dead a Melbourne teenager after he stabbed two counter-terrorism officers. Final December, two hostages have been killed when police stormed a central Sydney cafe to finish a 17-hour siege by a lone gunman, who was also killed.

A 15-year-old boy shot and killed accountant Curtis Cheng at police headquarters in the Sydney suburb of Parramatta in October and was then killed in a gunfight with police outdoors the constructing.

(Reporting by Matt Siegel Editing by Paul Tait)

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VIDEO: Brown straddles post soon after touchdown

Brown straddles post following touchdown

Antonio Brown celebrates a touchdown for the Pittsburgh Steelers against the Indianapolis Colts by throwing himself on to the goalposts.

It was Brown’s third touchdown of the game, but the officials had been unimpressed by his selection of celebration, handing him an unsportsmanlike penalty for “using the goalpost as a prop.”

The Steelers won the game 45-ten.

Watch BBC Sport’s Race to Superbowl 50 – NFL week 12 highlights here.

Offered to UK users only.

Paris bar reopens 3 weeks soon after attacks

PARIS A single of the Paris cafes where drinkers died in a hail of bullets on Nov. 13 reopened on Friday, 3 weeks to the day right after the Islamist militant attacks that killed 130 men and women.

“It’s time to get collectively once again, united, to move on and not overlook,” said a message on the menu-board at the cafe, A La Bonne Biere, where 5 men and women died.

Audrey Bily, manager of the 1st attacked cafe to reopen its doors, stated the walls of the premises had been repainted and the “stigmata of this nightmare” removed.

Speaking in front of dozens of early-day consumers and Tv cameras, she said it was time to “bounce back”.

The cafe is one particular of six where Friday evening drinkers died when gunmen opened fire with AK-47 rifles as portion of a multi-pronged attack involving gunmen and suicide bombers.

At the Bataclan rock concert venue where three gunmen killed 90 of the 130 total, the managers stated earlier this week that they hoped to reopen the nicely-identified venue by the finish of subsequent year.

A number of other eastern Paris cafes and restaurants hit in the attacks hope to reopen sooner as the most visited city in the planet seeks to resume regular life.

Finance Minister Michel Sapin mentioned earlier this week that the attackers almost certainly spent in the variety of 20,000 euros to 30,000 euros ($ 22,000-33,000) on organization and gear, illustrating how inexpensive it is to inflict enormous harm.

Beyond the human toll, the quick-term influence on economic life in the French capital heading into the year-finish festive period, has been substantial, though the French central bank said in a report on Friday it was “most likely to be transitory”.

Hotel revenues in the Paris area fell by 50 % in the week following the attacks, according the Chamber of Commerce enterprise association.

(Reporting By Brian Enjoy Editing by Andrew Callus)

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Soon after leaders’ rhetoric, climate negotiators start operate on deal

PARIS With encouragement from 150 globe leaders ringing in their ears, government negotiators in Paris sought on Tuesday to turn that rhetoric of unity into the text of a worldwide deal to slow climate modify.

But as the leaders departed Paris, it became apparent that disagreements which have blocked a deal over 4 years of lead-up negotiations remain unresolved.

Negotiators from the 195 nations with a place at the table resumed work on a draft text that nevertheless runs to much more than 50 pages and is riddled with sticky concerns to be settled.

The biggest obstacle is cash: how to come up with the billions of dollars building nations need to shift from fossil fuels and adapt to the impacts of climate alter.

At Tuesday’s technical talks, countries restated their nicely-known negotiating positions on the query with few hints of compromise.

China’s delegate Su Wei “noted with concern” what he known as a lack of commitment by the rich to make deep cuts in greenhouse gas emissions and help establishing nations with new finance to tackle global warming.

And the group of the 48 least developed nations urged far tougher action to limit rising temperatures.

“It is back to the nitty gritty,” mentioned Alden Meyer, of the Union of Concerned Scientists, adding the opening day was “all good but that does not resolve the crunch concerns.”

Undoubtedly there was nevertheless some hangover of goodwill from Monday, when a parade of leaders stepped to the podium to assert the imperative of acquiring a deal.

A lot of delegates stated the huge turnout of leaders, almost all expressing sympathy for the French individuals after attacks by Islamic State militants killed 130 in Paris this month, set a much less hostile tone than the a single that prevailed in the final talks in Copenhagen in 2009.

French President Francois Hollande said he was encouraged by the commence of a conference that is planned to run till Dec. 11. “It’s set off properly but it has to arrive too,” he told reporters.

The mood had also been brightened by main spending announcements, such as a strategy by India and France to mobilize $ 1 trillion for solar energy for some of the world’s poorest people and a private sector initiative led by Microsoft co-founder Bill Gates to mobilize billions of dollars for new power investigation and development.


A deal in Paris would be by far the strongest ever agreed to bind both wealthy and poor nations to limit greenhouse gas emissions, which scientists say have blanketed the earth, raised international temperatures and begun upending the planet’s climate method.

But Tuesday showed that the Paris talks are nonetheless taking spot below the shadow of politics-as-usual back home.

In the United States, Republicans have signaled they will oppose authorizing the billions of dollars that President Barack Obama has pledged to support establishing nations adapt to climate adjust.

In response, Obama told reporters just before boarding Air Force One particular to return to the United States that the impacts of climate modify will force any future U.S. president — Democrat or Republican — to act.

“Everybody else is taking climate change really seriously,” he mentioned of globe leaders in Paris, adding: “Individuals need to be confident that we’ll meet our commitments on this.”

Developing nations want the rich to pledge rising amounts beyond the existing goal of $ one hundred billion a year by 2020 to aid them acquire clean power sources and adapt to the effects of climate change, ranging from a lot more floods to droughts and intense storms.

Other disputes concern how to define a long-term goal for lowering or phasing out fossil fuels this century.

So far, pledges produced by 184 nations to curb greenhouse gas emissions beyond 2020, created in the run-up to the Paris summit, are too weak to limit increasing international temperatures to 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial times. That is widely viewed as a threshold for hazardous and potentially catastrophic alterations in the planet’s climate method.

As negotiators grapple with the details, they also seem motivated by the fearful consequences of failing to get an agreement.

“Leaders nonetheless have the scars of Copenhagen on their hearts and brains,” said Yvo de Boer, who was the U.N.’s climate chief in Copenhagen.

De Boer, who performs for the Global Green Growth Institute, mentioned Monday’s huge turnout was encouraging for a deal – but acknowledged the challenge ahead.

“The elephant in the area is nevertheless finance,” he stated.

(Writing by Alister Doyle Added reporting by Bate Felix and Emmanuel Jarry Editing by Bruce Wallace and Janet Lawrence)

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Decades soon after Nigeria’s war, new Biafra movement grows

ENUGU, Nigeria Nearly half a century right after a civil war in which a million individuals died, 27-year-old Okoli Ikedi is element of a new protest movement in southeastern Nigeria calling for an independent state of Biafra.

Such calls have turn out to be typical considering that the leader of the group Ikedi represents in Enugu, the region’s major city, was arrested in October, prompting thousands in the oil-making southeast to join demonstrations in recent weeks calling for his release.

It really is an additional challenge for President Muhammadu Buhari, who is grappling with a sharp slowdown in Africa’s largest economy, the bloody Boko Haram insurgency in the northeast and fears that militancy could resume in the oil-rich southern Delta area when an amnesty ends in December.

Like numerous in the surge of southeastern secessionist sentiment, Ikedi was born long right after the war ended.

Displaying absolutely nothing that would betray his pro-Biafran leanings such as a flag or campaign T-shirt, to steer clear of unwanted police consideration, the diminutive baker stated poverty and high unemployment in the region have been symptoms of government neglect.

“They want to make us economically poor. They think the only way to handle us is to increase our suffering,” mentioned Ikedi in a trembling voice, adding that his group, the Indigenous Individuals of Biafra (IPOB), wants a referendum.

The group points to fundamental difficulties to help its demands for an independent Biafra, on which presidential spokesman Garba Shehu declined to comment, adding that he was not conscious that the government was undertaking something on the problem.


The highways that connect southeastern cities are a source of frustration for enterprise men and women in the area who say the partially tarmaced roads, punctuated by potholes, must be arteries of commerce but are dangerous to navigate.

And the refuse strewn by roadsides, combined with the acrid stench of open sewers, hints at the dilapidation that has fomented discontent in the 45 years since the civil war ended.

The 1967-70 conflict followed a secessionist attempt by the eastern Igbo people. Most of the million who lost their lives died from starvation and illness rather than violence.

Now, like then, Igbos say they have been marginalized – excluded from essential government posts and denied important funding for infrastructure improvement, schools and hospitals.

IPOB leader Nnamdi Kanu – an activist who divides his time among the UK and Nigeria, spreading his ethos on social media and Radio Biafra – was arrested last month on charges of criminal conspiracy and belonging to an illegal society.

Political analyst Okereke Chukwunolye said the selection to arrest Kanu, previously a little known figure whose social media following outweighed actual help on the ground, was a error because it “enhanced his recognition and made him much more visible”.

The sight of the red, black, green and yellow Biafran flag at largely peaceful protests in the southeastern cities of Port Harcourt and Aba, and the capital, Abuja, has prompted secessionist debates in newspapers, on radio and social media.

“The troubles that brought about the Biafran-Nigerian civil war have remained unresolved,” stated Chukwunolye.

In the 1960s, Enugu – which was the capital of Biafra – became recognized for its coal production which designed jobs, as did steel, cement and gas industries.


When the civil war ended, Yakubu Gowon, the basic who led the government side to victory more than Biafra, declared that there should be “no victor, no vanquished”, in a pledge of reconciliation. But the Igbos feel left behind.

Nearby individuals say the demise of Enugu’s industries, a decline that coincided with the oil boom in Africa’s best crude producer, led to widespread unemployment and was a consequence of the federal government failing to fund projects in the region.

At a industry in Asata, an impoverished city center district of Enugu, it is difficult to discover anybody who supports the government.

“Why cannot you leave a slave to go?” asked vegetable stall holder Victoria Emelue in response to the query of secession, raising her voice above the cacophony of traders, shoppers and blaring music.

She mentioned her three kids – all graduates in their twenties – had been unable to uncover perform, prompting her to be fearful about the future.

“Of course I’m in support of Biafra,” said 28-year-old wholesale food trader Uchenna Ede. “If we are freed, the eastern portion of Nigeria would have a enormous turnaround.”

A widespread complaint is that Nigeria’s presidents have tended to come from the north or southwest – areas dominated by Hausa and Yoruba individuals – which, some say, has led to Igbos not being appointed to influential government positions.

The constitution says there have to be a minister from every of Nigeria’s 36 states, but the presence of a Muslim northerner as president with a Yoruba vice-president, Yemi Osinbajo, has been cited as evidence that the north and southwest stay dominant.

It’s a reminder of the complicated alchemy that brings together 170 million individuals in Africa’s most populous nation, split roughly equally amongst Christians and Muslims across around 250 ethnic groups, who mostly co-exist peacefully.

Tensions are rising. IPOB campaigners say they are committed to peaceful protests, but their demonstrations prompted the military to concern an “unequivocal warning” that efforts to bring about the “dismemberment of the country” would be crushed.

Chukwunolye mentioned it was unlikely that Igbo anger would outcome in bloodshed, in stark contrast to Boko Haram militants who have killed thousands and displaced two.1 million men and women since 2009 in an try to set up an Islamic state in the northeast.

“There is no separatist movement – it is just an agitation by some youth elements,” he mentioned. “Those who had been involved in the thick of the Biafran struggle will never want to see war once again.”

(Writing by Alexis Akwagyiram Further reporting by Anamesere Igboeroteonwu, Camillus Eboh, Felix Onuah and Buhari Bello Editing by Ulf Laessing and Giles Elgood)

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Vatican leaks trial postponed till Dec. 7 soon after defendant changes lawyer

VATICAN CITY A higher profile Vatican trial into the theft of confidential Holy See documents was postponed on Monday till Dec. 7 right after a single of the five defendants changed their lawyers, a court official stated.

The trial of a senior Spanish priest, his aide, an Italian consultant and two reporters opened final week and the court had hoped to reach a verdict before the start off of the Roman Catholic Holy Year, which kicks off on Dec. 8.

Nonetheless, PR consultant Francesca Chaouqui has hired a new lawyer, who asked the court for a lot more time to prepare her defense. The panel of three non-clerical judges hearing the case agreed to the request.

(Reporting by Antonio Denti Writing by Crispian Balmer Editing by Andrew Heavens)

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HP Inc plunges soon after printer business underwhelms

HP Inc’s revenue from each its printer and Computer businesses fell 14 % each and every in the fourth quarter, their worst functionality in the year ended Oct. 31, and forecast existing-quarter profit below industry expectations.

“Factors got worse. Not only did they not get far better – they got worse,” mentioned Shebly Seyrafi, an analyst at FBN Securities.

HP Inc Chief Executive Dion Weisler referred to as the printing business a “considerably higher challenge” than the Pc organization.

The company has been cutting printer costs to tackle stiff competitors, specifically from Japanese printer makers Canon and Epson.

Even so, the value cuts, coupled with the effect of a stronger dollar, have reduced the worth of revenue from overseas markets.

“The unintended outcome is that we are not getting the yield per unit we would have expected,” Weisler said.

Income from HP Inc’s printer supplies such as ink cartridges and laser toner fell 10 % this quarter. Supplies account for most of the earnings for HP Inc.

HP Inc’s Computer unit has been suffering as sales have been falling worldwide for several quarters and the launch of Windows ten has so far failed to rekindle the business.

Meg Whitman, who heads Hewlett Packard Enterprise Co , told CNBC on Thursday that the Computer organization will rebound in the next year or year-and-a-half.

Whitman, who previously headed the 76-year-old Hewlett-Packard Co, engineered the split of the quicker increasing corporate hardware and services organizations from the Computer and printer business in October 2014.

“In the end I feel (HP Inc), the way it’s structured, it really is going to be a lot more of a sort of dividend yield play,” said Jeffrey Fidacaro, an analyst at Monness, Crespi, Hardt, & Co Inc.

HP Inc’s sibling, Hewlett Packard Enterprise, saw its shares rise as much as eight.five % on Wednesday, soon after it maintained its profit forecast for fiscal 2016. (Reporting by Anya George Tharakan and Sai Sachin R in Bengaluru Editing by Anil D’Silva)

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UPDATE 1-Desmond fights on soon after Ladbrokes shareholders back Gala Coral deal

(Adds additional Desmond comments, board response, shares)

By Paul Sandle

LONDON Nov 24 Shareholders in British bookmaker Ladbrokes strongly backed its planned merger with rival Gala Coral on Tuesday but rebel investor Dermot Desmond vowed to fight on.

Ladbrokes agreed the two.3 billion pound ($ 3.five billion) all-share merger in July to give it the clout to make a larger splash on the internet, exactly where it has been outgunned by rivals.

It is one particular of a series of offers in the gaming sector, which has been hit by higher taxes and tighter regulation.

The holders of 96 % of Ladbrokes shares voted to approve the deal at a meeting on Tuesday.

But Desmond, the Irish billionaire owner of Celtic soccer club, argues it is not the answer to Ladbrokes’ online troubles and will as an alternative saddle the group with debt and outcome in lower payouts to shareholders.

The tycoon, who holds a two.eight percent stake, was sharply critical of the betting group’s management at the meeting.

“I believe there is widespread acceptance that the Ladbrokes board and management are not excellent sufficient and that efficiency over the final five years has been abysmal,” he mentioned.

He voiced issues about a 75 million pound payment it had agreed to make to Playtech, the company providing its on-line platform, as a outcome of the deal.

He also said there was no clarity on the benefits the tie-up would create, till regulators had decided how many of the combined group’s around 4,000 shops would want to be sold.

Chairman Peter Erskine acknowledged “there had been things we could have completed differently”, but he stated the Coral merger was the very best way to obtain the scale required to succeed on the internet.

Soon after the meeting, Desmond called the board’s method “a slap in the face to the shareholders” and mentioned he would continue the fight. “This is only the very first round of 15 rounds,” he stated.

Desmond stated one particular alternative would be to convene an additional shareholders meeting, for which he would need the support of the holders of 5 percent of the shares.

Ladbrokes announced the terms of the deal with Coral, owned by group of private equity companies which includes Apollo, Anchorage and Cerberus, in July.

Desmond, who said he had bought his stake about nine years ago at around 3 pounds a share, did not make his issues public till a week ago.

The shares were trading down .5 percent at 110 pence at 1500 GMT. ($ 1 = .6630 pounds) (Editing by Jason Neely and Keith Weir)

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Turkish President Erdogan approves new cabinet soon after election

World | Tue Nov 24, 2015 six:41am EST


ANKARA Turkish President Tayyip Erdogan approved on Tuesday a new cabinet led by Prime Minister Ahmet Davutoglu following the Nov. 1 parliamentary election exactly where the AK Party regained the single-party rule it had lost in a June 7 vote.

The announcement was created in a statement from Erdogan’s workplace.

(Reporting by Ercan Gurses Writing by Daren Butler editing by David Dolan)

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