Monday, February 28, 2011

Time-warp mansion opens after century in dark

STORY HIGHLIGHTS

  • Time-warp mansion closed for most of 20th century reopens as museum
  • House left to French town of Moulins by Louis Mantin before his death in 1905
  • Condition was it must be opened after century or ownership could revert to relatives

Moulins, France (CNN) -- One of the most eccentric dying requests has finally been fulfilled as a mansion closed for most of the 20th century reopens to the public.

Maison Mantin was left to the town of Moulins in central France by Louis Mantin, in a will written months before his death in 1905. The landowner, who had inherited several properties, died unmarried and childless aged 54, only eight years after his house was completed.

Despite rumors that Mantin had demanded the house be closed for 100 years, there was only one condition for the gift: that was that it should be opened as a museum a century after his death. If it was closed any longer, ownership could revert to any surviving relatives.

"Mantin was obsessed with the passing of time, and death," said Maud Leyoudec, assistant curator of Maison Mantin. "He wanted the house to remain unchanged, like a time-capsule for future generations, so they would know how a bourgeois gentleman lived at the turn of the 20th century."

The mansion was briefly a museum following Mantin's death, but there was little interest and it soon closed. For most of the rest of the century, even as two destructive wars raged nearby, it remained shuttered, an unchanging, mysterious presence in the shadow of Moulins' cathedral.

Mantin was obsessed with the passing of time, and death. He wanted his house to remain unchanged, like a time-capsule for future generations.
--Assistant curator Maud Leyoudec

Rumors circulated that a collection of skeletons was stored inside, but most locals simply gave a Gallic shrug to the imposing property. Even the German occupiers of France during the 1940s left it unscathed.

As the deadline for the house to reopen approached -- and with Mantin's great-niece, who could theoretically reclaim it, alive -- attention turned to the restoration.

Houses left unoccupied tend to fall apart and Maison Mantin was no exception. When Leyoudec visited in 2004, shortly before the restoration got under way, she was shocked by its dilapidated condition.

"There was woodworm and damp caused by the house not being heated, and many of the elaborate wall coverings were torn," Leyoudec told CNN. "There were insects everywhere in the house -- it was really awful."

A team of about 30 specialists were involved in the project to restore the mansion, and after four painstaking years it has now opened as a museum.

Maison Mantin is unique, Leyoudec believes, because it is exactly how it was in 1905. The house had many advanced creature comforts, including electric lighting, flushing toilets, under-floor heating and even secondary glazing, but also features period art nouveau touches such as stained glass and much carved wood.

Mantin's great-niece was supportive of the restoration, Leyoudec said, and just as well because the museum opened more than five years after the centenary of his death. The relative did not interpret her ancestor's will too literally, and so luckily for the townspeople of Moulins the unique house remains theirs.

While Louis Mantin's unusual gift may have been philanthropic it was also egocentric, as Leyoudec pointed out. "Now everyone in Moulins knows his name."

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Wolf Appliance rolls out 54-inch grill

Wolf Appliance's latest grill.

Madison, Wis.-based Wolf Appliance introduced its largest grill to date -- a 54-inch, 51,000 Btu unit with five stainless steel burners.�

An optional side burner for high heat and preparing side dishes is available and packs 25,000 Btu into the outdoor configuration.

The company says the product is a response to consumer demand for more variety in outdoor grills.�

Completing the full-scale outdoor cooking experience, the 54-inch grill comes equipped with a hood assist system, LED-lit control knobs, a two-position electric rotisserie (that puts out 14,000 Btu), a three-position warming rack, dual halogen interior lighting, an external thermometer and hot surface ignition.

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Spending Showdown: Hubbard Sees Budget Solutions, ?But We Have to Act Now?

Congress was closed for business this week for an extended President?s Day recess. The government could face a real shutdown one week from today if Democrats and Republicans cannot find middle ground on how to fund the government for the rest of this year.

Most Americans do not want the lights turned off in Washington, according to a new USA Today/Gallup Poll. Sixty percent of people want the parties to pass some plan, even if it is not perfect for either side. Thirty-two percent of people want their party to stand strong and not compromise.

Glenn Hubbard, dean of Columbia?s Business School, is hopeful there will not be a shutdown like we saw during the Clinton years. ?I think the two sides are far apart,? he says. ?But there is a real sense of compromise that there should be spending restraint and I think they will pull it off.?

The newly elected Tea Party candidates have a lot to do with the divide and debate in Congress over the budget.� The fiscally conservative candidates campaigned on a promise to slash $100 billion from this year?s budget.� The GOP fell a little short on that promise, yet was able to get $61 billion in cuts passed last Saturday in the House.

That proposal, or anything similar, has little chance of passing a Senate led by Democrats, who agree the budget needs to be reigned in, but do not agree with level of austerity proposed by the GOP.

A new report by Goldman Sachs seems to side with the Democrats' perspective. ?The Republican plan to slash government spending by $61B in 2011 could reduce U.S. economic growth by 1.5 to 2 percentage points in the second and third quarters of the year,? The Financial Times reports.

Senator Charles Schumer (D-NY) says that's evidence enough that the ?House Republicans? proposal is a recipe for a double-dip recession.?

Fear the Long-term

Hubbard definitely believes the time for change -- as it relates to the U.S. budget -- is now, but says both sides and President Obama are looking in all the wrong places.

?The longer we wait to change, the bigger the change has to be,? he tells Aaron in the accompanying interview. ?[Washington] is focused only on the near-term [while] the really big issues for the country have to do with our long-term fiscal challenges, principally in Social Security and Medicare.?

The U.S. faces a $1.5 trillion budget shortfall this year, according to Congressional Budget Office estimates.� If Congress does not act to stop the country?s spiraling deficits, by 2021 our total debt load will reach $18 trillion and account for 77 percent of Gross Domestic Product.

Baby steps are all it would take to help us now, says Hubbard, who was President George W. Bush top economic advisor in his first term.

Small measures like increasing the retirement age and means testing Social Security benefits would go along way to fixing our long-term issues and helping our economy in short-term, Hubbard says.

?We could do it gradually, and we could make sure that no body but upper middle income and higher income people feel the pain,? he says. ?We can do that, but we have to act now.?

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Royal Wedding Package Features Tours Led by Royal Associates

Just in time for the Royal Wedding, the Mandarin Oriental Hyde Park in London has put together an exclusive vacation package that includes tours led by associates of the royal family, exclusive access to world-class museums and restaurants, and a front-row seat for the Royal Wedding parade.

The seven-day itinerary includes deluxe accommodations at the hotel; tours of famous sites such as Kensington Palace, Chartwell, Spencer House, Althorp and Westminster Abbey; and visits to famous institutions such as The British Museum, The Wallace Collection and Institute of Contemporary Art.

A member of Winston Churchill's famous will lead a tour of Chartwell, Sir Winston Churchill's family home in Kent since 1924. At Althorp, the ancestral home of Diane Princess of Wales' family since 1508, a member of the Spencer family -- one of Britain's aristocratic dynasties that have been in residence at Althorp since 1469 -- will host lunch.

On April 29, the day of the Royal Wedding, guests will visit the Institute of Contemporary Art on The Mall and have exclusive access to the roof terrace that will lend unrestricted views of the Royal Wedding parade route. Guests will toast the new bride and room with a glass of champagne before being served a three course lunch in the gallery.

Directors and curators of other famous places and museums on the itinerary will lead private tours of the properties and collections.

The hotel where guests will stay comes with its share of royal history as well. Long the setting for royal visits, society balls and official engagements, the ballroom is also where Her Majesty Queen Elizabeth II and the late Princess Margaret first learned to dance. Prince Charles and Princess Anne visited the tearooms as children and more recently, Baroness Margaret Thatcher's 80th birthday party was held at the hotel and attended by Her Majesty Queen Elizabeth II and Prince Phillip.

Prices for the Royal Wedding Tour package start at $18,120 per person or $30,146 double occupancy. The tour is valid between April 26 and May 1 only.

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Menards plans biggest store yet

Menards is hoping to expand an existing mega store in Tinley Park, Ill.� according to an article in the TribLocal, adding 110,000-square feet to its 202,000-square foot building and 148,000-square-foot lumberyard. The grand total ? 360,000 square feet ? would make the store the largest unit in the Midwestern home improvement chain.

The deal is dependent on a $1 million incentive deal from the Village of Tinley Park, which would allow the retailer to purchase a nine-acre parcel, including the Southtown Star building.�Aaron Morrissey, a real estate representative with Menards, said the company plans to use the building and extra space to expand its lumber yard and create a new garden center to attract more business.

The cost of the expansion project is estimated to be $4 million.�

Eau Claire, Wis.-based Menards is requesting a new sales tax incentive agreement from Tinley Park� that would allow it to collect half of any new sales tax revenues each year for the next 10 years with a ceiling of $1 million. The sharing agreement would only apply to sales tax revenues above the base amount of $288,000, which will all still go to municipal coffers.

The retailer has already gained approval from the Finance and Economic Development Committee, according to the news report. It must now go before the full board of Tinley Park for a vote next week.

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Shape of new Irish govt yet to emerge

, On Sunday February 27, 2011, 3:17 pm EST

DUBLIN (AP) -- Ireland's opposition parties have made big gains in a general election focussed on the country's economic woes, but the shape of the next government is hanging in the balance as counting continues for a second day on Sunday.

The Fine Gael party was leading the pack as voters angry about Ireland's battered economy ended the 80-year dominance of Fianna Fail.

"This was a democratic revolution at the ballot box," Fine Gael leader Enda Kenny told supporters Saturday night.

By Sunday noon, 60 seats had been won by Fine Gael, 32 by Labour, 14 by Fianna Fail, 13 by Sinn Fein and 14 by smaller parties and independents. It takes 83 seats for a majority in the Dail, the lower house of the parliament.

Ireland's complicated proportional representation system produced extended suspense in the remaining races. Eamon O Cuiv of Fianna Fail, for instance, clinched his re-election on the eighth round of counting in the Galway West constituency, and Labour's Gerald Nash secured his seat in the 12th count in Louth.

Fine Gael was widely expected to form a coalition government with Labour. But with Fine Gael sensing that it might win nearly 80 seats, party leaders also talked about forming alliances with independent candidates. Kenny, destined to become prime minister, pledged to move quickly to form a government.

"We stand on the brink of fundamental change in how we regard ourselves, in how we regard our economy, and in how we regard our society," Kenny said.

Fine Gael polled 36.1 percent support with the first round of counting completed in all 43 constituencies. Labour, Fine Gael's possible coalition partner, was running second at 19 percent while Fianna Fail polled a historic low of 17 percent.

The Green Party, which had six seats in the Dail and was Fianna Fail's junior partner in government, lost all its seats.

Sinn Fein president Gerry Adams, who resigned his seat in the British parliament to run for the Dail, was among the winners.

Irish voters punished Fianna Fail for 13 percent unemployment, tax hikes, wage cuts and a humiliating bailout that Ireland had to accept from the European Union and the International Monetary Fund. In elections going back to 1932, Fianna Fail had never won less than 39 percent of the vote and had always been the largest party in the Dail.

Fine Gael ("tribe of the Irish") and Fianna Fail ("soldiers of destiny") were born from opposing sides in Ireland's civil war of the 1920s, and many see little difference between them on the issues. Fianna Fail, however, was leading the government when the property boom collapsed in 2007, and it put taxpayers on the hook to bail out Ireland's failing banks.

Brian Cowen, the outgoing prime minister, had fallen to record low popularity and resigned as Fianna Fail party leader even before the campaign. He had wanted to hold the election in March, but agreed to hold it early in a deal to win confirmation of the hated EU-IMF bailout.

"Fianna Fail will come back," said new party leader Micheal Martin, who bucked the tide to hold his seat.

The new government, like the last, will be constrained by the terms negotiated for the euro67.5 billion ($92 billion) credit line from the European Central Bank and the IMF. The loan is contingent on Ireland cutting euro15 billion ($20.6 billion) from its deficit spending over the coming four years and imposing the harshest cuts this year.

Kenny has pledged to try to negotiate easier terms for repaying the loan. He has also promised to create 100,000 new jobs in five years and to make holders of senior bonds in Ireland's nationalized banks shoulder some of the losses.

Fine Gael said it would seek to balance public finances mainly through cuts, not tax hikes; it would also reform the health service and abolish 150 public bodies.

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Royal Wedding Package Features Tours Led by Royal Associates

Just in time for the Royal Wedding, the Mandarin Oriental Hyde Park in London has put together an exclusive vacation package that includes tours led by associates of the royal family, exclusive access to world-class museums and restaurants, and a front-row seat for the Royal Wedding parade.

The seven-day itinerary includes deluxe accommodations at the hotel; tours of famous sites such as Kensington Palace, Chartwell, Spencer House, Althorp and Westminster Abbey; and visits to famous institutions such as The British Museum, The Wallace Collection and Institute of Contemporary Art.

A member of Winston Churchill's famous will lead a tour of Chartwell, Sir Winston Churchill's family home in Kent since 1924. At Althorp, the ancestral home of Diane Princess of Wales' family since 1508, a member of the Spencer family -- one of Britain's aristocratic dynasties that have been in residence at Althorp since 1469 -- will host lunch.

On April 29, the day of the Royal Wedding, guests will visit the Institute of Contemporary Art on The Mall and have exclusive access to the roof terrace that will lend unrestricted views of the Royal Wedding parade route. Guests will toast the new bride and room with a glass of champagne before being served a three course lunch in the gallery.

Directors and curators of other famous places and museums on the itinerary will lead private tours of the properties and collections.

The hotel where guests will stay comes with its share of royal history as well. Long the setting for royal visits, society balls and official engagements, the ballroom is also where Her Majesty Queen Elizabeth II and the late Princess Margaret first learned to dance. Prince Charles and Princess Anne visited the tearooms as children and more recently, Baroness Margaret Thatcher's 80th birthday party was held at the hotel and attended by Her Majesty Queen Elizabeth II and Prince Phillip.

Prices for the Royal Wedding Tour package start at $18,120 per person or $30,146 double occupancy. The tour is valid between April 26 and May 1 only.

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Wolf Appliance rolls out 54-inch grill

Wolf Appliance's latest grill.

Madison, Wis.-based Wolf Appliance introduced its largest grill to date -- a 54-inch, 51,000 Btu unit with five stainless steel burners.�

An optional side burner for high heat and preparing side dishes is available and packs 25,000 Btu into the outdoor configuration.

The company says the product is a response to consumer demand for more variety in outdoor grills.�

Completing the full-scale outdoor cooking experience, the 54-inch grill comes equipped with a hood assist system, LED-lit control knobs, a two-position electric rotisserie (that puts out 14,000 Btu), a three-position warming rack, dual halogen interior lighting, an external thermometer and hot surface ignition.

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Oil: No Sign of Price Drop

[unable to retrieve full-text content]Feb. 28 (Bloomberg) -- Julian Lee, a senior analyst at the Centre for Global Energy Studies, talks about the outlook for oil supply and prices.

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Dishwashers pull ahead in appliances sales

A study on major home appliances by The NPD Group showed overall growth in the category in 2010, with an 11% increase in dollar sales compared to 2009.

Although sales for most appliances did not reach pre-recession levels, dishwashers were one exception, showing a 22% increase in dollar sales over 2009, putting them on level with 2007.�

Full-sized refrigerators and range hoods both experienced double-digit unit and dollar growth, with laundry appliances coming in just under 10% in dollar growth.�

One of the smallest categories, ovens, showed significant growth in 2010, up 42% in dollars compared to 2009.

Peterman Goldman, president of NPD?s home division, attributed some of the gains to government rebate incentives and the abundance of promotional offers early in the year.

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Tour Company Begins Sending Tourists Back to Egypt

Egypt Sphinx Pyramid

Corbis

The revolution in Egypt has just happened, but already a well-established tour packager for Egyptian vacations, Florida-based Sunny Land Tours, is sending customers back to the country on regular package itineraries.

The thought of visiting the scene of recent headlines wont appeal to everyone, though, so the company has halved the regular price of its trips to induce business. What cost $2,598 two months ago is now being sold for $1,299 including hotels, meals, and airfare from the United States. That's the equivalent of spending just $162 a night, before taxes, and it's the lowest price travelers are likely to see to Egypt for years to come.

Sunny Land Travel's tour, called the Grand Nile Cruise, spends only one out of eight touring days in Cairo itself. Most of the trip is occupied by a seven-night cruise up the Nile to Luxor, which has been a popular tourist activity in Egypt for well over a century. Other companies have told AOL Travel News that they don't intend to return to the north African country until the fall.

Are they crazy? Probably not. The mob-fueled mayhem has subsided, people have gone back to their daily lives, ancient sites have been reopened, and full control of the government has been handed to the military. Considering this was the same military that served as ousted President Mubarek's foot-soldiers, that means the same people who were policing the country before are policing it now.

And the military, which knows perfectly well that tourism is one of the country's most important industries, has a long record of ferociously protecting the security of foreign visitors. In 1997, when gunmen opened fire on coach tourists at Luxor's Temple of Queen Hatshepsut, killing 58 people, the Egyptian government sprang into action, crushing the perpetrators to protect the tourism industry against further damage. Tourists were safely back at the site within days.

The U.S. government continues to warn against travel to Egypt, mostly on the basis of the fact its government is currently undergoing restructuring and not because of any specific incidents involving American tourists. Plenty of travelers, though, take government warnings with a grain of salt and evaluate destinations on their own.

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Police allow protesters to remain at Wis. Capitol

, On Sunday February 27, 2011, 10:00 pm EST

MADISON, Wis. (AP) -- The occupation of the Wisconsin Capitol by protesters fighting efforts to strip public workers of union bargaining rights carried on Sunday after police decided not to forcibly remove demonstrators and end a nearly two-week-long sit-in.

Roughly three hours after a deadline to vacate the building had passed and as police officers continued to look on quietly, protest coordinator Erika Wolf took to a microphone and announced: "There's really awesomely good news -- that we're going to be able to stay here tonight."

A cheer went up from the several hundred protesters who had ignored a request from the state agency that oversees the Capitol to leave by 4 p.m. so that the normally immaculate building could get a thorough cleaning.

"If you want to leave -- it's totally cool, because the doors will be open around 8 a.m." on Monday, said Wolf, 25, who works with the United Council of University of Wisconsin Students.

But many said they would stay and again sleep inside the Capitol, which protesters have filled with chants, catcalls and song since their demonstration began on Feb. 15.

"It was a victory for peace. It was a victory for democracy," said Kara Randall, 46, a massage therapist from Middleton who had already spent five nights at the Capitol.

Demonstrators began camping out inside the Capitol two weeks ago in an effort to fight legislation proposed by Wisconsin's new Republican governor, Scott Walker, that would strip most of the state's public employees of the right to collectively bargain.

Labor leaders and Democratic lawmakers say the bill is intended to undermine the unions and weaken a key base of Democratic Party voters.

Walker argues the Republican-backed measure would help close a projected $3.6 billion deficit in the 2011-13 budget, and that freeing local governments from having to collectively bargain with public employee unions would give them the flexibility needed to deal with forthcoming budget cuts.

Wisconsin Capitol Police Chief Charles Tubbs said demonstrators who had occupied all three floors of the Capitol would have to relocate to the ground floor overnight. Anyone who left the building was barred from returning until Monday morning, although police did allow union officials to bring food into the building for the protesters.

No demonstrators would be arrested as long as they continue to obey the law, Tubbs said. By late evening, the air smelled of pizza and lemon-scented disinfectant as demonstrators quietly ate dinner and several janitors worked around them to clean the Capitol's marble floors.

"People here have acted lawfully and responsibly," Tubbs said. "There's no reason to consider arrests."

Walker's spokesman declined late Sunday to comment on the police decision to keep the Capitol open to the demonstrators. In an interview earlier in the day on NBC's "Meet the Press," Walker said the lengthy protests haven't eroded his resolve to push forward with his legislative agenda.

"Year after year, governors and legislators before us have kicked the can down the road," Walker said. "We can't do that. We're broke. It's about time someone stood up and told the truth in our state and said here's our problem, here's the solution and let's do this."

Walker's proposal stalled in the state Senate when its 14 Democratic lawmakers fled the state for Illinois, leaving the legislative body one vote short of a quorum. The Democratic senators have vowed to stay away from Wisconsin for as long as it takes.

One of the Democrats, Sen. Lena Taylor, tweeted her support to the protesters who remained: "Thank you for exercising your 1st amend right - I'm glad my actions give you opportunity to stand/sit/express yourself!"

Sue Knetsch, 53, of Waupaca, said she stayed away from the Capitol throughout the nearly two weeks of protests, but that she brought her 21-year-old son, Taylor, to the Capitol on Sunday as a lesson in democracy.

"I just want him to know you can do something -- his generation is walking around passively saying, `It doesn't matter,'" said Knetsch, who said she had been arrested at age 17 while protesting the Vietnam War. "This is awesome. I'm a little nostalgic."

As the deadline to leave the building arrived at 4 p.m., organizers who commanded a microphone on the ground floor urged people to remain until police physically tapped them on the shoulder and asked them to leave. Some individuals left in groups of 10 or 20, while most remained behind. Hundreds of other protesters watched from one floor above, the informal gathering place for those who expected to be arrested.

After the deadline passed, hundreds of protesters on the Capitol's upper floors picked up their energy level, chanting "peaceful protest," and "Whose house is this? Our house." At one point, the crowd sang the national anthem.

Others decided to leave once it became clear police were not going to force anyone to go. Rusty Johnson, 35, of Arena, said after nearly two-days straight inside the Capitol, he needed to get home to see his two kids and get ready for work on Monday.

"If I had expected us to be able to maintain this occupation, I would have made different arrangements," Johnson said. "This didn't come down like we were expecting."

Associated Press writer Patrick Condon contributed to this report.

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East Coast Tile and StonePeak Ceramics sign deal

East Coast Tile Group signed an exclusive master distribution arrangement with StonePeak Ceramics in the Eastern United States.�

Under terms of the deal, East Coast Tile divisions Best Tile and Tile America will use their infrastructure to supply commercial-grade porcelain tiles to customers and prospects in the states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Delaware, Pennsylvania, Maryland, District of Columbia, Virginia, North Carolina and South Carolina.

Made in America at StonePeak?s facility with a strong commitment to produce sustainable, environmentally-friendly porcelain tile, StonePeak porcelains offer Best Tile and Tile America customers highly marketable tile materials.�

?StonePeak Ceramics is a recognized leader in the production of green, sustainable porcelain tile in the U.S.,? said Ben Mednick, Vice President of East Coast Tile. ?It?s a brand that has proven to be very well received by the architectural and design communities."

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Vatican warns of papal ticket scams

Huge crowds are expected in St. Peter's Square for John Paul II's beatification in May.

STORY HIGHLIGHTS

  • Some tour operators are claiming to sell tickets for the beatification of John Paul II
  • No tickets are needed to attend the ceremony May 1, Vatican emphasizes
  • 2 million pilgrims are expected to flock to St. Peter's Square for the ceremony

(CNN) -- The Vatican is warning people who plan to travel to the beatification of Pope John Paul II to look out for scammers claiming to sell tickets for the ceremony.

"It is very important to make as clear as possible that no tickets are needed to attend the beatification of John Paul II," said monsignor Guido Marini, master of Papal Liturgical Celebrations, according to Vatican Radio.

As in life, John Paul is drawing huge crowds after his death. Two million pilgrims are expected to flock to the Vatican for the special Mass, which will be presided over by Pope Benedict XVI and take place in St. Peter's Square on May 1 -- the first Sunday after Easter.

But officials became concerned after hearing about "unauthorized offers by some tour operators, especially on the Internet," asking people to pay fees for access to the event, the Catholic News Service reported.

No tickets are required for the beatification Mass of Pope John Paul II, and any papal events that do require tickets are always free, the Vatican emphasized.

There has been huge interest in John Paul's road to sainthood, with his beatification -- the first step in the process -- coming six years after his death. (That timetable is very fast in Vatican terms. Pope Benedict XVI dispensed with rules that normally impose a five-year waiting period before beatification can even start.)

Born Karol Wojtyla in Poland, the charismatic John Paul spent more than a quarter-century as the head of the Catholic Church. He spoke more than a dozen languages and visited more than 100 countries, setting an unheard-of pattern of pastoral travel.

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Britain freezes UK assets of Gadhafi and family

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, On Sunday February 27, 2011, 7:08 pm EST

LONDON (AP) -- Britain on Sunday froze the U.K.-based assets of Libyan ruler Moammar Gadhafi, members of his family and their representatives in accordance with U.N. sanctions imposed on Libya.

Those affected include Gadhafi's four sons and one daughter, the Foreign Office said.

"I decided to implement this UN resolution in the U.K. as quickly as possible, before the financial markets reopened," Treasury chief George Osborne said. "This is a strong message for the Libyan regime that violence against its own people is not acceptable."

No immediate figure was put on the value of the assets, which banks and other financial institutions are now under an obligation to track down and freeze. Cash, shares, bonds and property are among the items affected.

The Times newspaper reported this weekend that Gadhafi deposited 3 billion pounds ($4.8 billion) with a London private wealth manager last week. The report did not cite sources.

The U.K. also banned the unlicensed export of any uncirculated Libyan banknotes from Britain. All existing export licenses for goods and technology that could be used for internal repression have been revoked and future licenses will be subject to the U.N. embargo.

President Barack Obama said Friday the U.S. was freezing the assets of the Gadhafi regime, and Switzerland has imposed similar measures.

It was also unclear what Gadhafi-linked funds were still in Swiss banks. Libya withdrew almost $6 billion from Swiss banks in 2008 after the two countries became embroiled in a spat over the arrest of Gadhafi's son Hannibal in a Geneva hotel.

The withdrawal of the funds illustrates the blurred lines between Gadhafi's personal assets and those belonging to the Libyan state.

Libya's sovereign wealth fund is worth about $70 billion thanks to the country's oil and gas wealth. But much of that money is controlled by Gadhafi and his family, who are believed to have investments throughout Europe, including in Italy, Britain and the Netherlands.

The Libyan Investment Authority owns several properties in London's financial district and other upscale locations, and has a stake in the U.K.-based publishing company Pearson PLC, which own the Financial Times. One of the leader's sons, Saif al-Islam, reportedly owns a 10-million-pound ($16 million) mansion in London.

Earlier Sunday, Britain revoked the diplomatic immunity of Gadhafi and his family, effectively banning his entry into the country, and called on the autocratic leader to step down.

Foreign Secretary William Hague also said former Prime Minister Tony Blair has spoken to Gadhafi in the past few days, but did not disclose what was discussed. Hague defended Blair's friendly relations with Gadhafi's regime in the past and British trade dealings with the Libyan ruler.

He dismissed suggestions that Britain was complicit in the repression in Libya by selling it arms and trading in oil, and said it was right for Blair's government to establish commercial relations with Libya.

"It was right to be able to establish a relation ... that took Libya away from pursuing weapons of mass destruction programs and the state sponsorship of international terrorism," Hague told the BBC in an interview. "If we hadn't done, that we might be in a worse situation now."

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'Buy Local' campaigns may help small independents

A large number of small retailers in the U.S. believe that there is a ?buy local? sentiment afoot in the United States, and it is helping their businesses, according to a survey by American Express.�

The survey, which polled small retail business owners with storefront locations, found that 55% believe that ?buy local? campaigns can help small businesses compete in challenging economic times. Another 57% said they are planning local campaigns in 2011.�

More than one third (36%) of small retailers surveyed said the biggest incentive for consumers to buy at local, independent businesses is ?better customer service.? The second biggest incentive is supporting the community by creating local jobs (16%).�

Approximately half of the respondents (51%) believe there is a growing ?buy local? sentiment in the U.S.

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AirAsia X to Appoint Y.B. Tan Sri Rafidah Aziz as Chairman

AirAsia X is expected to appoint Y.B. Tan Sri Rafidah Aziz as the company's new non-executive, independent chairman this week.

The Board of Directors of AirAsia X Sdn Bhd will convene on Thursday, 3rd March 2011, to formalise the appointment.

Y.B. Tan Sri Rafidah Aziz, the former Minister of International Trade and Industry, had earlier accepted an offer for the post extended by AirAsia X board.

Currently, the AirAsia X Board is chaired by Dato? Kamarudin Meranun, AirAsia Berhad?s Deputy Group Chief Executive Officer.

?It is an honour and privilege for me to hand over and make way for someone of Y.B. Tan Sri Rafidah Aziz?s stature, and we are confident that under her chairmanship, AirAsia X will continue to grow into a Malaysian Global Champion in aviation,? said Dato? Kamarudin.

AirAsia X intends to capitalise on Y.B. Tan Sri Rafidah?s extensive international expertise, as Malaysia?s longest serving Minister of International Trade & Industry and her world-renown skills as a tough, no-nonsense, pragmatic and articulate international trade negotiator who completed many bilateral and multilateral trade agreements, as well as dealing with top-level executives of global multinational corporations to convince them to invest in Malaysia.

Her independent status will also strengthen the corporate governance of AirAsia X, which is considering an Initial Public Offering exercise in the near future.

Her previous role at MITI also provided Y.B. Tan Sri Rafidah with extensive experience with the Malaysian IPO process and dealing with major institutional investors.

The current Board of Directors of AirAsia X Sdn Bhd comprises seven directors representing the shareholders of the company, namely AeroVentures Sdn Bhd (52%), AirAsia Bhd (16%), Corvina Holdings (10%), Orix Corp (11%), and Manara Malaysia Ltd (11%). The Board is presently chaired by Dato? Kamarudin Meranun, AirAsia Bhd?s Deputy Group Chief Executive Officer.

AirAsia X is the long-haul, low cost affiliate of AirAsia.

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'Cash Rebate Card' Text Messages Too Good to Be True, Says BBB

cell phone scam text messageTechnology is giving scam artists new ways to target consumers. This time, it's fake rebate cards offered through text messages.

A Texas resident received a text message saying "You have been chosen to receive a $100 cash rebate card" and given a phone number to call.

Officials at the Better Business Bureau in Texas called the number, which turned out to be a Las Vegas company called "New Line Awards." They said that the consumer won a certificate as part of the company's "consumer stimulus plan." The company representative said that people who received the text messages had done business with Target and Walmart.


But in order to receive the rebate, people would have to hand over their name, address and credit card in order to pay a $4.95 shipping fee.

That's a red flag to Better Business Bureau officials, who say those fees often turn into a monthly service that's nearly impossible to cancel.

"This is not the kind of deal you are looking for," officials said in a statement sent to warn consumers.

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Sunday, February 27, 2011

'Buy Local' campaigns may help small independents

A large number of small retailers in the U.S. believe that there is a ?buy local? sentiment afoot in the United States, and it is helping their businesses, according to a survey by American Express.�

The survey, which polled small retail business owners with storefront locations, found that 55% believe that ?buy local? campaigns can help small businesses compete in challenging economic times. Another 57% said they are planning local campaigns in 2011.�

More than one third (36%) of small retailers surveyed said the biggest incentive for consumers to buy at local, independent businesses is ?better customer service.? The second biggest incentive is supporting the community by creating local jobs (16%).�

Approximately half of the respondents (51%) believe there is a growing ?buy local? sentiment in the U.S.

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Is the 'ugly American' label fading?

Natalie and David McCraigh relax in Thailand. For a while, they kept quiet about being American while traveling.

STORY HIGHLIGHTS

  • "Ugly American" label brands U.S. tourists as loud, demanding and unversed in local culture
  • Some U.S. travelers say they have downplayed their nationality while abroad
  • Commentator: "I do think the 'ugly American' is really dead"
  • More diverse U.S. population, weak dollar are helping end the stereotype, he says

(CNN) -- Each year, Natalie McCraigh and her husband grab their passports and escape for a three-week adventure somewhere far away from their Salt Lake City home.

They've been to Thailand, Taiwan, New Zealand and Guatemala. Next month, they're off to Cambodia.

The McCraighs love exploring new cultures and meeting the locals, but at one point during their travels, they were keeping a secret.

"When we first started traveling, closer to 2001, we were a bit nervous to reveal that we were American. We were more willing to say that we were Canadian until we warmed up to people," McCraigh said. The couple was concerned by growing anti-American sentiment at the time, she explained.

When they did reveal their nationality, they would often be told they couldn't possibly be American, said McCraigh, a 33-year-old telecom service executive.

"How come you are skinny?" the locals would ask, expecting plumper U.S. tourists. "How come you don't shout?"

It's not always easy being an American abroad.

Over the years, many U.S. travelers have worried about what kind of welcome they might receive when they leave home -- whether because U.S. culture and foreign policy are disliked in some parts of the world or because of the stereotype that brands U.S. visitors as loud, demanding, too casually dressed and unversed in local culture.

Valid or not, the "ugly American" label has stuck in many countries where U.S. tourists flock.

But things may be changing.

"I do think the 'ugly American' is really dead," said Gregory Rodriguez, executive director of the Center for Social Cohesion at Arizona State University.

Negotiating differences

Rodriguez recently spent three weeks in Europe and was struck by how unexceptional the American has become there -- in a good way.

I do think the 'ugly American' is really dead.
--Gregory Rodriguez, Center for Social Cohesion

There are plenty of travelers from other parts of the world, so U.S. visitors blend in with the many other groups of sightseers, Rodriguez said. He also sensed a self-consciousness among Americans not to come across as the "ugly American."

Rodriguez wrote about his experience in a commentary last month for the Los Angeles Times titled, "From ugly to just plain American," in which he argues that a more diverse U.S. population, the weak dollar and the emergence of other global powers have all contributed to the demise of the "ugly" stereotype.

"Americans negotiate ethnic, racial and cultural and religious differences on a daily basis more than just about anyone you can think of ... therefore we're pretty adept at doing it when we travel," Rodriguez said.

He also noted a willingness to try something new.

U.S. visitors have sometimes been criticized for expecting things to be exactly as they are at home and getting upset if they couldn't find an air-conditioned hotel room or ice in their soft drink or someone who speaks English.

But an American expat living in Spain told Rodriguez that U.S. tourists these days aren't seeking the familiar. Instead, they want "something other than America."

From indifferent to friendly

David Cohen is one of those travelers, but it was a process that took time. He still remembers feeling indifference and bare tolerance the first time he and his wife traveled to Paris in the mid-1990s.

"We were sort of like a necessary evil. We weren't the kind of people that they liked to interact with. We were overly familiar perhaps; we didn't do the absolutely required 'bonjour' when you enter a shop and 'merci' and 'au revoir' when you leave," recalled Cohen, 68, a retired university professor who lives in San Diego.

A waiter once shooed him away when he asked for some ice cubes for his drink.

But that attitude changed remarkably when the couple made an effort to improve their French and learn more about the culture.

Cohen now knows, for instance, that at an outdoor Parisian market, you don't just pick up an apple but rather tell the vendor when you plan to eat the fruit so he can pick out the one that will be exactly the correct ripeness for eating at that time.

The Cohens have been to France five times now, and these days, they get a friendly response, Cohen said.

Europe, in turn, seems to have adapted to visitors.

In a cringe-inducing experiment staged by ABC's "What Would You Do?" program not long ago, two actors pretending to be obnoxious American tourists were unleashed on Paris while hidden cameras recorded the reactions they received.

The couple talked in loud voices, made no attempt to speak French and pestered strangers for photos. But even after trying to pressure a couple at a restaurant to give up their table and attempting to sample another diner's meal, the faux U.S. tourists were treated mostly with amused politeness.

In fact, the most outraged reactions came from other Americans who were horrified by the spectacle.

Global image improves

U.S. tourists may be benefiting from the more positive global image of the United States recently.

Ratings of America were once again overwhelmingly favorable in Western Europe in 2010 after dipping in the mid-2000s when opposition to the war in Iraq was at its loudest, according to the Pew Research Center's annual survey of how other nations view the United States.

About 73 percent of the people in France and 65 percent of Britons now have a favorable view of the U.S., compared with 39 percent and 51 percent, respectively, in 2007.

Meanwhile, ratings of America have improved sharply in Russia, China and Japan since 2009.

Traveling through Asia -- their favorite destination -- the McCraighs have never had a negative reaction when they've told people they're American, Natalie McCraigh said.

"Neither my husband or myself are nervous to reveal our American citizenship any longer," she said. "For the most part, the United States is still looked upon favorably as a place where dreams come true."

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Japanese stocks rise again

, On Sunday February 27, 2011, 3:26 pm EST

NEW YORK (AP) -- Japanese stocks have disappointed investors since 1990. No longer.

Japan's Nikkei 225 index has climbed 15 percent since Nov. 1. The increase means Japanese stocks have done better over the past four months than they have in 17 of the last 21 calendar years. They are also beating the major indexes in the U.S. and other countries. It's new ground for the Nikkei 225, which has done worse than U.S. stocks in all but four years over the past two decades. Even with the gains, the Japanese index is still 73 percent below its peak, set on Dec. 29, 1989.

"I don't think this is just a one-time event," said Taizo Ishida, a portfolio manager who runs the $76.6 million Matthews Japan Fund and the $340.4 million Matthews Asia Pacific Fund. "I'm not bold enough to say this time is different, but it may be. The next 10 years won't be like the 1980s, but it will be up."

To be sure, Ishida said investing in Japan can appear daunting to someone looking at Japan's demographic or economic data. Its population is aging, and Standard & Poor's last month downgraded its credit rating. Last year, Japan ceded the title of world's No. 2 economy to China.

But Ishida said Japanese corporate executives he talks with now are focused on growth, when a few years ago they cared more about keeping employment steady.

Among other reasons to be optimistic:

. Price: Japanese stocks are some of the world's cheapest, when measured against their book values. A company's book value shows how much it is worth after subtracting its debt and other liabilities from its assets. A lower price-to-book ratio indicates investors are getting ownership of the company's assets more cheaply. Japanese stocks at the end of January traded at an average of 1.2 times their book value, according to investment analysis company MSCI. That's nearly 50 percent cheaper than U.S. stocks, which traded at 2.3 times their book value.

Japanese stocks don't look that cheap when measured against their profits: They trade at an average of 17 times their earnings over the prior year, about the same as U.S. stocks. But that's much cheaper than their average price-earnings ratio over the past 20 years, of 27 times.

"People are saying, 'Wow, this might be too cheap for the type of growth we might be seeing,'" said Deborah Medenica, who runs the Alger Emerging Markets Fund, which launched at the end of last year.

. Economic strength: Economies are strengthening around the world. Deutsche Bank earlier this month raised its forecast for full-year 2011 U.S. economic growth to 4.3 percent from 3.3 percent. Investors can benefit from stronger-than-expected U.S. growth in several ways, but "Japan is the best way," Credit Suisse strategists wrote in a recent report. U.S. stocks may seem like the logical way, but Japanese companies that export to the U.S. will also benefit from stronger U.S. spending. And the Japanese stocks are cheaper than U.S. ones.

Japanese exporters also benefit from strong growth across Asia. Four of Japan's top five export markets are in Asia, including No. 1 China. Trade to such countries means Japanese companies can sell their products in yen more often, Ishida said. That shields them from the yen's strength against the dollar: A stronger yen makes Japanese-made cars and cameras more expensive to customers paying in dollars.

. Safety: Stock markets in China, India and other developing countries have sunk in recent months on worries that inflation will hurt growth. Protests in the Middle East have also highlighted the risks of investing in emerging markets. That has pushed investors to yank money out of emerging market stock funds. In search of safety, many have turned to Japanese and other developed market stock funds. Investors poured more new money into Japanese stock funds during the week through Feb. 16 than in any other week in nearly four years, according to fund-tracker EPFR Global.

Consider Toshiba Corp., a maker of everything from nuclear reactors to televisions to vacuum cleaners. Its stock dropped 80 percent between the end of 1989 and early 2009. But it said earlier this month that strong growth in China helped it to a profit of 12.4 billion yen ($152.7 million) last quarter, reversing a loss of 10.6 billion yen from a year earlier. Its stock has climbed 31 percent since Nov. 1.

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East Coast Tile and StonePeak Ceramics sign deal

East Coast Tile Group signed an exclusive master distribution arrangement with StonePeak Ceramics in the Eastern United States.�

Under terms of the deal, East Coast Tile divisions Best Tile and Tile America will use their infrastructure to supply commercial-grade porcelain tiles to customers and prospects in the states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Delaware, Pennsylvania, Maryland, District of Columbia, Virginia, North Carolina and South Carolina.

Made in America at StonePeak?s facility with a strong commitment to produce sustainable, environmentally-friendly porcelain tile, StonePeak porcelains offer Best Tile and Tile America customers highly marketable tile materials.�

?StonePeak Ceramics is a recognized leader in the production of green, sustainable porcelain tile in the U.S.,? said Ben Mednick, Vice President of East Coast Tile. ?It?s a brand that has proven to be very well received by the architectural and design communities."

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Delta places elderly woman on wrong flight

By Danielle Paquette, Special to CNN

Delta Air Lines is investigating how a woman boarded the wrong plane.

STORY HIGHLIGHTS

  • An 80-year-old woman boarded the wrong Delta flight
  • She landed in Charlotte, North Carolina, instead of Chantilly, Virginia
  • Delta and TSA are investigating the incident

(CNN) -- Security measures and airline agents didn't prevent an 80-year-old woman from boarding the wrong plane.

Nefissa Yesuf, who was scheduled to fly from Atlanta to Dulles Airport in Chantilly, Virginia, on Sunday, allegedly received someone else's boarding pass from a Delta Air Lines employee.

She landed in Charlotte, North Carolina, after airline and airport employees failed to catch the mix-up.

"We got a phone call at 4:30 from the airport saying, 'Your grandmother was in baggage claim. Where are you guys?' " Melika Adem, her granddaughter, told CNN affiliate WUSA 9. "She was crying."

Adem told WUSA that Delta gave her grandmother someone else's ticket. An airline employee wheeled Yesuf through security in a wheelchair with the wrong ticket, WUSA reported.

Transportation Security Administration representative Greg Soule said circumstances surrounding Yesuf's screening are under investigation.

"Every day TSA screens nearly 2 million passengers and utilizes many layers of security to keep our nation's transportation systems secure," he said. "Every passenger passes through multiple layers of security to include thorough screening at the checkpoint."

Screening requires TSA officers to match boarding passes with a traveler's driver's license or other photo identification.

Delta is also investigating how Yesuf inadvertently slipped through the system, an airline representative said.

She reunited with her granddaughter Sunday evening.

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Credexx Settles Accusations It Sold Worthless Service Contracts

Used cars - CredexxCredexx, a nation-wide company accused of blitzing consumers with deceptive junk mail, illegal robocalls and misleading TV ads, signed a settlement that bans it and former owner David J. Tabb from doing business in Washington state.

"Credexx was one of several companies that tricked consumers nationwide into buying expensive auto service contracts by claiming to extend manufacturer-provided warranties," Washington Attorney General Rob McKenna said in a statement.

The attorney general's lawsuit alleged that Credexx, doing business as Auto One Warranty Specialists, sold at least 1,340 vehicle service contracts and protection products to Washington consumers, who apparently didn't receive the "bumper to bumper" coverage promised.

One consumer said she paid $1,833 for coverage for a 2007 Prius, only to discover the contract didn't cover the cost of replacing the battery pack, the Washington Attorney General's Office said.

Another consumer was sold a plan that would cover his truck, but discovered in the fine print that his vehicle was exempted because of its trailer hitch and other towing modifications. A third consumer with transmission problems said the company failed to disclose significant limits on the cost of repairs.

Credexx also was accused of calling consumers on the national Do Not Call registry, making "robocalls," bypassing caller ID, refusing to allow consumers an opportunity to review contracts, denying valid refund requests, improperly obtaining consumers' personal information and violating state licensing and registration laws.

Tabb will pay $5,000 to reimburse the state for its investigation and legal costs. A $70,000 penalty will be suspended if he complies with the settlement. McKenna said the payment is small because Credexx is defunct and Tabb is broke. He agreed not to do business in Washington again, McKenna added.

Tabb's attorney did not respond to calls for comment.

Washington is among five states that have sued Credexx over its business practices.

Under federal law, a "factory warranty" or "extended warranty" can only be offered and sold by an automobile manufacturer. Other plans are called service contracts.

When buying an auto service contract, the Federal Trade Commission warns consumers to find out who backs the service contract, how much it costs, what's covered, how claims are handled, what kind of parts will be used, and the contract's length. For more information, see the FTC's "Auto Service Contracts."

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East Coast Tile and StonePeak Ceramics sign deal

East Coast Tile Group signed an exclusive master distribution arrangement with StonePeak Ceramics in the Eastern United States.�

Under terms of the deal, East Coast Tile divisions Best Tile and Tile America will use their infrastructure to supply commercial-grade porcelain tiles to customers and prospects in the states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Delaware, Pennsylvania, Maryland, District of Columbia, Virginia, North Carolina and South Carolina.

Made in America at StonePeak?s facility with a strong commitment to produce sustainable, environmentally-friendly porcelain tile, StonePeak porcelains offer Best Tile and Tile America customers highly marketable tile materials.�

?StonePeak Ceramics is a recognized leader in the production of green, sustainable porcelain tile in the U.S.,? said Ben Mednick, Vice President of East Coast Tile. ?It?s a brand that has proven to be very well received by the architectural and design communities."

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Tourist Killed By Elephant in Thailand

An angry elephant threw a 63-year-old Swiss tourist to the ground and trampled her to death during an eco-tour in Thailand. Four other tourists were also injured.

The incident happened during a jungle trek in Khao Sok National Park about 100 miles from the resort of Phuket.

Two elephants carrying the Swiss women and the other tourists crossed paths in the jungle and began fighting, officials say.

"It happened because the elephants quarreled with each other. One lifted its feet so the tourists fell on the ground and it stamped on her," Lieutenant Colonel Apidej Chuaykuar, the police officer in charge of the case, tells AFP.

The Swiss foreign ministry confirmed the Swiss woman's "tragic death."

A British woman was also reportedly in serious condition with 12 broken ribs at a Phuket hospital. The other injuries were believed to be minor.

Elephant rides are a popular activity for tourists visiting Thailand.

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Saudi Stocks Slump to 9-Month Low on Libya, Lead Mideast Decline

February 27, 2011, 9:53 AM EST

By Zahra Hankir and Alaa Shahine

Feb. 27 (Bloomberg) -- Saudi Arabia?s benchmark stock index plunged to a nine-month low, leading a drop in Middle East markets, on concern clashes in Libya that caused oil prices to surge to a more than two-year high will stall a global recovery.

Al-Rajhi Bank, the kingdom?s largest publicly traded lender by market value, dropped 5.2 percent and Saudi Basic Industries Corp., the world?s largest petrochemicals maker, tumbled to the lowest since October. Saudi Arabia?s Tadawul All Share Index slid a 10th day, slumping 5 percent to 5,950.64, the lowest since June 6, at the 3:30 p.m. close in Riyadh. The measure has lost 11 percent since Tunisia?s former president Zine El Abidine Ben Ali fled the country amid protests that spurred similar uprisings in nations across the region. Oman?s measure decreased 2.8 percent as protests erupted in the sultanate.

?With no clear end to the geo-political turmoil in the region, local investors are erring on the side of caution,? said Amro Halwani, senior equity sales trader at Shuaa Capital PSC in Riyadh. ?The regional uncertainty, with Libya this week?s reason to sell, has pushed fundamentals out of the picture. The surge in oil is an ongoing threat of a possible derailing in the global economic recovery, and gave investors a reason to move away from riskier assets.?

The United Nations Security Council voted to freeze the foreign assets of Libyan leader Muammar Qaddafi and four aides and to bar them from traveling, in the broadest international effort to halt the attacks. Protests calling for the ouster of Qaddafi have been met with a violent crackdown. Qaddafi has bolstered defenses in the capital, Tripoli, and launched counter-strikes against opponents who have seized much of the rest of the country.

Oil?s Surge

Crude for April delivery surged as much as 5.4 percent to $103.41 a barrel on Feb. 24, the highest intraday price since September 2008, on estimates that Libya has lost as much as two- thirds of its oil output. Libya is the largest holder of crude oil reserves on the African continent.

Al-Rajhi fell the most since May 25 to 73 riyals and Sabic decreased 3.4 percent to 93 riyals, the lowest since Oct. 23. About 237 million shares traded on Saudi Arabia?s bourse today, compared with a one-year daily average of about 137 million.

In Oman, police fired tear gas at stone-throwing protesters in the industrial city of Sohar, Reuters reported, citing unidentified witnesses. The protesters were demanding political reforms, it said. Demonstrations were also taking place in the southern town of Salalah.

Oman?s benchmark MSM 30 Index dropped to 6,458.37, the lowest since September, led by Renaissance Services SAOG. The provider of services to the oil and gas industry slumped 6.8 percent to 1.085 rials, the lowest since Dec. 21.

Volatility

Egypt?s exchange, closed since the end of trading on Jan. 27, will resume operations on March 1, the Cabinet said today. The head of the Egyptian Financial Supervisory Authority Ziad Bahaa El-Din has resigned and will be replaced temporarily by Ashraf El Sharkawy, the Cabinet said. The EGX 30 Index lost 16 percent in the week before trading was halted. An 18-day popular revolt forced Egyptian leader Hosni Mubarak out on Feb. 11.

Dubai?s DFM General Index fell 0.9 percent after earlier rising as much as 1.9 percent. Emaar Properties PJSC, builder of the world?s tallest skyscraper, dropped to the lowest since February 2010, losing 2.4 percent to 2.85 dirhams. The shares had gained as much as 2.1 percent earlier today and are down 20 percent so far this year. Abu Dhabi?s General Index climbed 0.6 percent.

Israel?s Gain

?We will see heightened volatility until we see a clear resolution to the unrest in the region,? said Omair Ansari, equity strategist at Gulfmena Alternative Investments in Dubai. ?With lack of market participation by many institutional investors, spikes are occurring on low volumes led by retail.?

Bahrain?s BB All Share Index advanced 0.3 percent, while Qatar?s QE Index slipped 0.2 percent. Kuwait?s bourse was closed for a national holiday.

In Israel, the TA-25 Index of stocks rose 1.7 percent, the most this year, at the close in Tel Aviv. Israeli bonds gained, with the yield on the benchmark 5 percent Mimshal Shiklit note maturing January 2020 declining 6 basis points to 5.04 percent.

--With assistance from David Wainer in Tel Aviv. Editors: Claudia Maedler, Shaji Mathew

To contact the reporters on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net; Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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Lowe's posts solid results

Fourth-quarter earnings at Lowe's increased 39.0% to $285 million, as sales increased for the quarter and the year.�

The earnings exceeded previous guidance, as the company increased comp-store sales and gross margins.

The Mooresville, N.C.-based home improvement giant reported fourth quarter sales of $10.5 billion, up 2.9% from the prior-year quarter. For the full year ended Jan. 28, sales increased 3.4% to $48.8 billion.

Comparable store sales were up 1.1% in the quarter, and up 1.3% for the full year.�

"While uncertainty in the market remains, the economic recovery is continuing," Niblock added. "We are committed to delivering better customer experiences and expect to grow market share in 2011 as we make continued progress on our key initiatives."

For the full year, Lowe's net earnings increased 12.7% to $2.0 billion.�

The results came the day after rival Home Depot posted its fourth quarter and full year earnings, which also showed significant gains. Sales for Home Depot were up 2.8% for the year, and up 3.8% in the quarter.�

During the quarter, Lowe's opened 17 stores and closed two. At the end of the quarter, Lowe's operated 1,749 stores in the United States, Canada and Mexico representing 197.1 million square feet of retail selling space, a 2.0% increase over last year.

In fiscal 2011, a year in which the company will enjoy an extra week of business, total sales are expected to increase approximately 5%, including the 53rd week. Lowe's expects comparable store sales to increase 1% to 2%.

Also looking forward, the company expects to open 25 to 30 stores in 2011 reflecting total square footage growth of approximately 1.5%.

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Airline miles: It's upgrades that matter

Upgrades are a huge perk of elite frequent flier status.

STORY HIGHLIGHTS

  • Road warriors who rack up lots of miles often have more than they can burn for award travel
  • Upgrades to first class are the true benefit for elite fliers
  • Airlines with premium economy class offer more options for lower-tier frequent fliers

Editor's note: Brett Snyder writes a weekly CNN.com travel column. Snyder is the founder of air travel assistance site Cranky Concierge, and he writes the consumer air travel blog, The Cranky Flier.

(CNN) -- For most road warriors, frequent flier mileage redemption is a minor perk. The real benefit is the upgrade.

Delta's announcement last week eliminating the expiration date on its SkyMiles program means nothing to anyone who flew the airline at least once a year since any activity within a two-year period kept the miles from expiring anyway. In fact, if you're a frequent flier, it might even make things worse by keeping more miles in the system to compete against you when you look to redeem yours.

But frequent fliers know that if miles were issued in paper, they'd be able to fill a swimming pool with them. When you fly a lot, you earn a lot, and you usually earn more than you can burn. Besides, if you're always on the road, your idea of a vacation is often just staying home for seven consecutive days instead of using miles to go anywhere. So why bother to keep flying one airline over the others? Two words: elite status.

Elite status has become so powerful that even formerly-egalitarian Southwest has created its own status levels to treat its most frequent fliers better. On most airlines, once you fly more than 25,000 miles in a year, you get into the elite program. This entitles you to premium check-in and security lines, access to the most desirable seats, and on nearly every airline with a first class cabin (save American), unlimited free domestic upgrades.

The upgrade is the primary motivation for nearly every frequent flier. Flying in the pointy end of the plane makes grueling business trips a lot less painful. The only problem is that there are only a certain number of first class seats on each airplane. Airlines have given out lower level elite status like candy, so it can make getting upgrades difficult for all but the highest fliers.

How can you get around that? There are a couple strategies to consider.

This may sound counterintuitive, but if you live in a hub, don't fly the hub airline unless you're a top frequent flier. Let's say you live in San Francisco, for example. United rules the roost at SFO and it has the most nonstop flights to the most destinations from the airport. Because of the convenience factor, United has built a very large following of elite travelers.

Try showing up on a Monday morning. The elite security lines can sometimes be longer than the regular ones. And look at the upgrade list for that early flight to Chicago. It's a long one. If you're not a top tier elite flier, you aren't getting that cushy seat. But try flying on one of the airlines without as large of a presence in your city, and you're likely competing with fewer people for that upgrade.

Of course, there's a tradeoff there. Would you rather go nonstop in coach or connect in first class? That's something each traveler has to decide on his own.

United realizes upgrades can be elusive, so it offers a different proposition. Elite travelers get free access to its premium economy section, Economy Plus, with a few extra inches of legroom. So if you have no chance of a first-class upgrade, then flying United will at least get you more room for your legs to breathe. The airline's recent announcement that Economy Plus will survive the merger with Continental means this should continue to be a successful strategy.

But there is a tradeoff when you fly United. The airline often has fewer first class seats than its competitors, so that might make you want to look elsewhere in order to score that upgrade. United puts 12 first class seats on its mid-size A320 aircraft. On American's and Delta's similarly-sized 737, however, there are 16 first class seats. It's also not uncommon to see United using smaller 70-seat jets with only six first class seats.

But at least those airplanes have any first class offering at all. While United has aggressively added first class to the 70-seaters that are operated for the airline, not everyone has followed that strategy. US Airways has no first class on its airplanes with fewer than 100 seats. Delta has committed to having first class on its 70 seaters, as has American, but American has very few of those in the network.

And nobody offers first class on those 50-seat regional jets. Do your homework to see what kind of airplanes are being flown on the routes you fly most to get an idea of what your upgrade chances will be.

You've earned the right to get that upgrade, but you'll need a strategy to compete with the other frequent fliers jockeying for those seats.

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Indexed Annuities Can Yield Surprises

Some investors choosing indexed annuities to limit the downside are finding the upside limited, too?along with high fees and long lock-up periods

When Helen Siswein, a retired teacher, heard about an investment that might earn as much as 8 percent a year and never lose money, she was sold. "I thought, 'Boy, if the market surges, I could make a lot,'" says Siswein, 82. In the summer of 2003, she put about $1 million into four annuities linked to stock market indexes on the advice of an insurance agent who visited the widow at her former home in Bucks County, Pa.

Siswein says the agent didn't tell her she would be locking up most of her money until her 87th birthday. Or that there were caps on how much the investments could earn. Siswein was charged fees as high as 15 percent of her account balances to cash out early, in 2008, the contracts show. She says one annuity earned an average of about 3 percent a year after the penalties. The index it tracked, the Standard & Poor's 500-stock index, returned 6.3 percent including dividends in the same period.

Equity-indexed annuities have been around since 1995, and their popularity has spiked in the wake of the market rout of 2008. Insurers led by Allianz Life (AZ) and Aviva sold a record $32.1 billion of indexed annuities last year, up 7 percent from 2009, according to trade group Limra, in Windsor, Conn.

The contracts, which earn money based on the performance of stock indexes, don't decline in value if held to maturity, which appeals to conservative investors. Their terms are complex, however, and often include caps on returns that insurers can change at will, as well as lockup periods that can stretch to 16 years. Then there are the embedded fees, which do not have to be disclosed as they must with mutual funds. Salespeople, who earn commissions as high as 12 percent, typically downplay such factors when pitching the annuities. Barbara Roper, director of investor protection for the Consumer Federation of America, a lobbying group based in Washington, D.C., calls them "one of the most abusively sold products on the market today."

Eric Thomes, senior vice-president of sales at Allianz Life Insurance Company of North America in Minneapolis, the largest seller of indexed annuities in the U.S., acknowledges there's a trade-off for investors. "You will never get all of the upside" of the stock market because returns are capped, he says. "You also don't need to worry about the downside, and with what happened in 2008, this type of benefit will no doubt interest a lot of people." Allianz Life is the target of a class action in which investors allege that the firm misled them into buying indexed annuities. Siswein, who bought an annuity from Allianz, joined the suit after she closed her accounts. Allianz Life denies the allegations of the case, company spokeswoman Laurie Bauer said in an e-mail. Bauer said she could not comment on Siswein's contract because Siswein wouldn't sign a release.

MetLife (MET) and Prudential (PRU), the two largest insurers in the U.S., don't offer indexed annuities but do permit agents to sell contracts issued by third parties. TIAA-CREF, the retirement company that manages more than $400 billion, doesn't offer them. "Very few people understand what the product is," says Dan Keady, the company's director of financial planning.

Unlike the stocks they track, indexed annuities generally aren't subject to securities laws and are regulated by state insurance departments. An amendment introduced by Senator Tom Harkin (D-Iowa) to the Dodd-Frank financial overhaul law passed by Congress in July blocked the U.S. Securities and Exchange Commission from regulating the market. State insurance regulations aren't strict enough to prevent salespeople from taking advantage of the elderly with indexed annuities, says Roper of the Consumer Federation. Jim Mumford, first deputy commissioner for Iowa's insurance division, maintains that oversight of the industry is adequate. In Iowa, which is home to several insurance firms, agents have to gather information from buyers such as their income and age to ensure the product is suitable for them.

Not all buyers of indexed annuities have soured on them. Ron Smythe, a former chief executive officer of Meineke Car Care Centers who's now retired and living in Longboat Key, Fla., says he started moving money into indexed annuities about a year ago. Smythe, 76, bought a contract from Allianz Life because of the principal protection and potential for higher yields than other annuities. He says he's unconcerned about the early withdrawal penalties because he's holding them "for the long range."

The bottom line: Some investors are buying annuities whose performance is linked to stock market indexes. Many do not grasp their complexity.

Faux is a reporter for Bloomberg News. Collins is a reporter for Bloomberg News.

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Existing-home sales increase in January

Existing home sales estimates began 2011 on a positive note: up 2.7% to a seasonally adjusted annual rate of 5.36 million. That's up from a downwardly revised 5.22 million in December.

According to the estimate from the National Association of Realtors (NAR) released Wednesday morning, existing home sales are 5.3% ahead of the 5.09 million place in January 2010.

"The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence,? said Lawrence Yun, NAR chief economist. ?The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.?

The housing inventory situation is improving, according to the report. Total housing inventory at the end of January fell 5.1% to 3.38 million existing homes available for sale, which represents a 7.6-month supply at the current sales pace, down from an 8.2-month supply in December. The inventory supply is at the lowest level since December 2009 when there was a 7.3-month supply.

Meanwhile, the prices of homes are slipping. The national median existing-home price for all housing types was $158,800 in January, down 3.7% from January 2010, according to the NAR. Distressed homes edged up to a 37% market share in January from 36% in December. The figure stood at 38% in January 2010.

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Vatican warns of papal ticket scams

Huge crowds are expected in St. Peter's Square for John Paul II's beatification in May.

STORY HIGHLIGHTS

  • Some tour operators are claiming to sell tickets for the beatification of John Paul II
  • No tickets are needed to attend the ceremony May 1, Vatican emphasizes
  • 2 million pilgrims are expected to flock to St. Peter's Square for the ceremony

(CNN) -- The Vatican is warning people who plan to travel to the beatification of Pope John Paul II to look out for scammers claiming to sell tickets for the ceremony.

"It is very important to make as clear as possible that no tickets are needed to attend the beatification of John Paul II," said monsignor Guido Marini, master of Papal Liturgical Celebrations, according to Vatican Radio.

As in life, John Paul is drawing huge crowds after his death. Two million pilgrims are expected to flock to the Vatican for the special Mass, which will be presided over by Pope Benedict XVI and take place in St. Peter's Square on May 1 -- the first Sunday after Easter.

But officials became concerned after hearing about "unauthorized offers by some tour operators, especially on the Internet," asking people to pay fees for access to the event, the Catholic News Service reported.

No tickets are required for the beatification Mass of Pope John Paul II, and any papal events that do require tickets are always free, the Vatican emphasized.

There has been huge interest in John Paul's road to sainthood, with his beatification -- the first step in the process -- coming six years after his death. (That timetable is very fast in Vatican terms. Pope Benedict XVI dispensed with rules that normally impose a five-year waiting period before beatification can even start.)

Born Karol Wojtyla in Poland, the charismatic John Paul spent more than a quarter-century as the head of the Catholic Church. He spoke more than a dozen languages and visited more than 100 countries, setting an unheard-of pattern of pastoral travel.

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Cat Litter: Is It 'Green' If You Flush It?

cat litter green flushableFlushable cat litter is sometimes marketed as green, but here's the rest of the story: It's not if you flush it down the toilet.

That's right. Don't flush "flushable" cat litter, scientists say. Double bag it and send it to a sanitary landfill.

By flushing cat poop, pet owners unwittingly may contribute to the deaths of Hawaiian monk seals and California sea otters and otherwise spread a hardy parasite linked to cats. As a result, a California law actually requires kitty litter to bear warnings such as this excerpt: "Please do not flush cat litter in toilets or dispose of it outdoors in gutters or storm drains."

Here's the deal: What flushes down the toilet or languishes outdoors can eventually reach waterways and oceans, "putting wildlife at risk for infection, including sea otters," states the Companion Animal Parasite Council (see here -- (PDF). Only cats and other members of the cat family shed in their feces a parasite that can live for months or years in soil and can be carried long distances in water.

So much for a "green" flushable litter. Researchers have found the cat parasite in question, Toxoplasma gondii, in dolphins and a humpback whale. So while flushable kitty litter is environmentally friendly in terms of being made of, say, recycled newspaper instead of clay, which must be mined from land, it isn't eco-friendly in terms of spreading a harmful parasite when flushed.

"There is no cat litter that can inactivate Toxoplasma," Patricia Conrad, DVM, a parasitology professor and co-director of University of California Global Health Institute's One Health Center, told me via email. On a hunt to figure out a way to kill the parasite's eggs, she and her colleagues conducted a series of experiments. No luck.

"They are amazingly tough," Dr. Conrad says. The experiments "really convinced us" that the procedures being used at most sewage treatment plants to treat wastewater from toilets "will not reliably kill" the parasite's eggs. (The exception is if the sewage treatment plant is able to filter out particles smaller than 10 microns.)

What is a green cat lover to do?

  • Don't compost cat litter. Compost doesn't get hot enough to kill the parasite's eggs, Dr. Conrad says.
  • Don't bury cat poop. Toxoplasma eggs can stay alive in soil for months to years depending on the temperature and humidity. So they can percolate down to the groundwater, where they could contaminate drinking water used by humans or animals, Dr. Conrad cautions, or flow into receiving water bodies and eventually reach coastal areas where marine mammals could become infected.
  • Don't assume that your cat doesn't carry the parasite just because he lives indoors. While an indoor cat has a much lower risk, Dr. Conrad says "the risk is not zero."
  • Do bag up cat poop and send it to a sanitary landfill. "We would like to reduce the burden on landfills," Dr. Conrad says, but "we don't yet have a good alternative."

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