NBC News President Capus to leave network

(Reuters) – NBC News President Steve Capus will be leaving the network in the coming weeks after struggles at the unit, including lower ratings for its flagship morning TV show, “Today.”

No replacement has been named for Capus, president of NBC News since 2005, according to a company memo obtained by Reuters. In a statement, Capus said it was “now time to head in a new direction.”

Three sources close to NBC said his departure had been rumored around the halls after parent Comcast Corp reorganized the news division in July, bringing in Patricia Fili-Krushel to head the news unit’s business operations. After that change, these sources said, Capus’ departure became a matter of when, not if.

Prior to Comcast’s takeover, the three heads of NBC‘s news operations — Mark Hoffman at CNBC, Phil Griffin at MSNBC and Capus — all reported directly to Jeff Zucker, who was not only NBC’s chief executive but also well-versed in hard news.

“There was a natural flow to the news division under Zucker. They all spoke the same language,” said one of these sources. “No disrespect to Pat, but she’s not viewed as a news person.”

Indeed, both Capus and Zucker basically grew up with each other at NBC, spending about 20 years together at the network. Capus did not say what his next move would be. Zucker, the executive who promoted him seven years ago at NBC, is now the worldwide president of CNN, owned by Time Warner Inc.

The sources said it would not be a surprise if Capus eventually resurfaced in a new position under Zucker at CNN. Earlier this week, Mark Whitaker, the managing editor at CNN, announced his resignation to make room for Zucker to install his own team. Prior to his joining CNN, Whitaker worked at NBC News under both Capus and Zucker.

Fili-Krushel said in a memo to staff on Friday that until a replacement for Capus is found, NBC News will operate under an interim structure with various executives reporting to her. She will start the search for a successor in coming weeks, with Capus helping with the transition.

Two other sources said that the recent view internally has been that Antoine Sanfuentes, an executive who oversees NBC News‘ Washington bureau and the Sunday political talk program “Meet the Press,” was being groomed to replace Capus. Fili-Krushel said in her memo that Sanfuentes will report to her and serve as interim managing editor responsible for editorial decision-making.

The first three sources said they had expected Capus to announce his departure at the end of last year to coincide with the announcement that Jim Bell was leaving as executive producer of the “Today” show to assume the newly created role of full-time executive producer of the Olympics.

Ultimately, Capus decided to trigger his departure by exercising an “out” clause built into his most recent contract, according to one of the first three sources.

Capus commanded the loyalty of NBC News staff, particularly the on-air talent and producers, all of the five sources agreed. Some of the major news events he worked on included the September 11 attacks, the discovery of anthrax in the NBC newsroom, the death of Britain’s Princess Diana and the wars in Iraq and Afghanistan. His resignation came as an unexpected blow to NBC News staff, despite the apparent grooming of Sanfuentes.

Savannah Guthrie, installed by Capus as “Today” show host after the departure of Ann Curry, tweeted on Friday that Capus was “a great leader and tireless advocate for NBC News” who will be missed.

NBC News made deep job cuts in 2006 after wider layoffs at the parent company. Rivals ABC News and CBS News have also made hundreds of layoffs in the past few years.

Capus said in his memo that he “tried to shield journalists from the tough economic pressures hoping that would give each of you the running room to focus solely on a commitment to outstanding journalism.”

RECENT STRUGGLES

NBC News has been the one part of the network’s news operations to show slippage in the last year. CNBC is far and away the leading business news network, as measured in ratings. MSNBC has not only surpassed CNN to become a strong No. 2 among general cable news networks, but has also closed the gap with long-time leader Fox News, owned by News Corp.

“Pat Fili-Krushel has a strong vision of the integration that is required to make the full array of NBC programming fire on all cylinders in unison. She also understands the need to complement both the owned station and Comcast cable group goals to leverage all to best advantage,” said Magid & Associates consultant Steve Ridge.

NBC News has ranked as the leader among network news broadcasts in both the morning and evening for much of Capus’ eight-year run as president. Two of the first three sources said he deserves credit for maintaining the “Today” show as the dominant morning news program, “NBC Nightly News” as the leading evening news broadcast, and “Meet the Press” as the marquee Sunday news program. But over the last year, Capus’ fiefdom has taken a few hits, most notably at the “Today” show.

NBC News, for example, was criticized for ousting Ann Curry as “Today” co-host after only one year.

The “Today” show has been in a back-and-forth ratings war with ABC’s “Good Morning America” ever since ABC snapped NBC’s 16-year unbeaten streak last year. “NBC Nightly News” is averaging 8.76 million total viewers, ahead of “ABC World News” and “CBS Evening News.” It has seen less ratings success with the news magazine “Rock Center with Brian Williams,” which debuted in 2011 and after being bounced around the schedule, will move to Friday nights on Feb 8.

NBC News also came under fire last spring when it decided to edit a call to police from George Zimmerman, the Florida man who shot unarmed teenager Trayvon Martin. The editing made it appear that Zimmerman told police, without being prompted, that Martin was black when, in fact, the full tape revealed that the neighborhood watch captain did so only when responding to a question posed by a dispatcher.

NBC has since been sued for defamation by Zimmerman.

(Additional reporting by Mark Hosenball in Washington; Editing by Lisa Von Ahn, Andrew Hay and Matthew Lewis)

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"Great Rotation"- A Wall Street fairy tale?

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

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

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

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

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

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

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

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

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

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

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

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

MOM AND POP STILL WARY

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

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

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

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

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

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

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

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

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

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

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

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

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Ofgem wants ‘rogue’ broker powers

3 February 2013 Last updated at 07:49 ET

Energy regulator Ofgem is urging the government to give it the power to protect firms from what it calls rogue brokers, mis-selling energy deals.

Its research found that between 14% and 17% of businesses which had used brokers were not satisfied with them.

They were concerned about cold calling, high-pressure sales tactics and unprofessional behaviour from brokers.

Citizens Advice said 42% of complaints it received from small businesses about mis-selling had mentioned brokers.

Ofgem spokesman Mark Wiltsher told the BBC: “We’ve had quite outrageous behaviour; sometimes energy brokers have phoned up impersonating another company, to try and get an energy company switch, and also we’ve had brokers telling a company ‘You’ll get a cheaper deal’, and once they sign up, they find out they are paying more for their energy.”

“We don’t actually have powers over these energy brokers, because they’re independent, so what we’re asking today is for powers so we can take energy brokers that mislead business to court, and if they carry on doing that they will be in contempt of court.”

Welcoming the calls from Ofgem, Adam Scorer from Consumer Focus said: “There is a real protection gap on energy issues for small businesses.”

“Many don’t have the resource or knowledge to tackle the confusing process and high pressure tactics often encountered from energy salespeople.”

BBC News – Business

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International Development Week: Minister Statement

OTTAWA, ONTARIO–(Marketwire – Feb 3, 2013) – The Honourable Julian Fantino, Minister of International Cooperation today kicked off the beginning of the annual International Development Week held from February 3^rd to the 9^th. International Development Week features local events all across Canada that pay tribute to the thousands of Canadians who devote themselves to improving lives in the developing world. For the past 23 years, the Canadian International Development Agency (CIDA) has held International Development Week as a way to celebrate the contribution Canadians make around the world. This year, the theme is “I am making a difference”.

“Canada, as a compassionate neighbour, strives to assist the most needy around the world and seeks to bring to fruition real, tangible results,” said Minister Fantino. 

Canada, through the Canadian International Development Agency (CIDA), seeks to bolster sustainable economic growth and assist developing countries achieve lasting benefit.

International Development Week features a wide variety of events across the country.

As part of this week”s events, Minister Fantino will deliver a keynote speech at the Global Food Security Forum hosted by the Saskatchewan Trade and Export Partnership on Tuesday, February 5th. The event will bring together the United Nations World Food Programme, the Saskatchewan agricultural sector, exporters, and other businesses for discussion on food security. Minister Fantino will speak about the importance of increased partnership between Canadian businesses and foreign development as a way to grow sustainability abroad while also boosting Canada”s economy.

“Our government is committed to building a more prosperous and secure world, not only for our neighbours in developing countries but as a means to strengthen Canada as well,” added Minister Fantino. “One which espouses fundamental freedoms we enjoy every day in Canada: freedom, democracy, human rights, and the rule of law. The Government of Canada is committed to this work and will strive to maximize Canada”s investments to achieve the greatest outcomes for those most in need and for Canada”s future.”

For more information on an International Development Week event in your local community, visit: http://www.cida.gc.ca/idw2013.

Julian Fantino

Minister of International Cooperation

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Goodell: 'Absolutely' would let son play football

NEW ORLEANS (AP) — NFL Commissioner Roger Goodell would "absolutely" want his own child to play football.

After President Barack Obama recently said he'd "have to think long and hard" about allowing a son to take part in the sport, Goodell was asked the same question hours before Sunday's Super Bowl during an interview on CBS's "Face the Nation."

Like the president, Goodell has two daughters. The commissioner deflected the question about allowing a son to play football by noting the high incidence of concussions in girls soccer.

In an interview with The New Republic, Obama had said he loved football but worried about the long-term effects on players of the game's hard hits. Thousands of former players have sued the NFL, alleging that not enough was done to inform them about the dangers of concussions and not enough is being done today to take care of them.

Asked by Bob Schieffer on Sunday whether the league hid the risks of head injuries, Goodell said, "No."

Goodell declined to confirm that there is a proven connection between the sport and medical problems in retired players. He emphasized that the NFL is funding research to learn more about the risks and changing rules to make the game safer.

Goodell said he had no concerns that football could go the way of boxing, a sport now far less popular than in its heyday.

"I couldn't be more optimistic about it because the game of football has always evolved," the commissioner said. "Through the years, through the decades, we've made changes to our game, to make it safer, to make it more exciting, to make it a better game for the players, for the fans, and we have done that in a very calculated fashion."

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Filmmaker cries censorship as Italy political documentary blocked

ROME (Reuters) – A British filmmaker said on Friday he was a victim of censorship after a leading museum cancelled the Italian premiere of the documentary “Girlfriend in a Coma”, which is highly critical of Italy‘s political and economic situation.

The museum where the film was to have been shown on February 13 cancelled the showing and said it could not be held until after the country’s elections on Feb 24-25.

Former Economist magazine editor Bill Emmott, who made the film with Italian Annalisa Piras, called the decision by the Museum of 21st Century Art (MAXXI) a product of “censorship and stupidity”.

MAXXI, run by a foundation overseen by the culture ministry, said it could not be host to activity that can be seen to have political connotations ahead of the elections.

“This is not censorship,” a spokesperson said. “After the elections, the film can be shown here.” The election date has been known for nearly two months.

Emmott was for 13 years the chief editor of the Economist magazine, which published covers highly critical of former prime minister Silvio Berlusconi, including a famous 2001 cover which read: “Why Silvio Berlusconi is Unfit to Lead Italy”.

“I am shocked. I would not have been shocked if this had happened during the government of my good friend Silvio Berlusconi, but the culture ministry doing this now is astonishing,” he told Reuters by telephone from Jamaica.

The MAXXI is run by a foundation which is funded by the culture ministry.

The film, which has already shown in New York, Miami, Brussels and London, paints a picture of what the authors say is the country’s moral, social and economic decline over the past 20 years since Berlusconi came to power.

“What this decision reflects is a very cautious mentality that wants to hide the reality of the situation of Italy and seeks to stifle debate about the causes because they might be too revealing,” Emmott said.

The film addresses political corruption, media monopoly and corporate power. Among those interviewed are caretaker Prime Minister Mario Monti, filmmaker Mario Moretti, anti-Mafia writer Roberto Saviano, Fiat CEO Sergio Marchionne, former European Commissioner Emma Bonino and author Umberto Eco.

Emmott said he and the producers would lodge a protest with the culture ministry.

“If it is not shown at the MAXXI, we will arrange for it to be shown somewhere else,” he said.

(Reporting By Philip Pullella, additional reporting by Alberto Sisto; Editing by Stephen Powell)

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"Great Rotation"- A Wall Street fairy tale?

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

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

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

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

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

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

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

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

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

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

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

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

MOM AND POP STILL WARY

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

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

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

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

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

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

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

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

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

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

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

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

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China poised to control strategic Pakistani port

KARACHI, Pakistan (AP) — China is poised to take over operational control of a strategic deep-water Pakistani seaport that could serve as a vital economic hub for Beijing and perhaps a key military outpost, according to officials.

The construction of the port, in the former fishing village of Gwadar in troubled Baluchistan province, was largely funded by China at a cost of about $ 200 million. It has been a commercial failure since it opened in 2007, because Pakistan never completed the road network to link the port to the rest of the country.

Chinese control of the port would give it a foothold in one of the world’s most strategic areas and could unsettle officials in Washington, who have been concerned about Beijing’s expanding regional influence.

The port on the Arabian Sea occupies a strategic location between South Asia, Central Asia and the Middle East. It lies near the Strait of Hormuz, gateway for about 20 percent of the world’s oil.

China’s interest is driven by concerns about energy security as it seeks to fuel its booming economy. It wants a place to anchor pipelines to secure oil and gas supplies from the Gulf. Beijing also believes that helping develop Pakistan will boost economic activity in its far western province of Xinjiang and dampen a simmering, low-intensity rebellion there.

Some experts view Gwadar as the westernmost link in the “string of pearls,” a line of ports from China to the Gulf that could facilitate expansion of the Chinese Navy in the Indian Ocean. That has sparked concern in both the U.S. and India.

Pakistan’s Cabinet agreed Wednesday to a proposal for a company owned by the Chinese government, China Overseas Port Holdings Limited, to purchase control of the port from Singapore’s PSA International Pte Ltd., which won a bid in 2007 to operate the port for 40 years. The transaction has not yet occurred, a spokesman for Pakistan’s Ministry of Ports and Shipping, Mohammed Raza, said Friday.

Pakistan views China as one of its most important allies and a counterweight to the United States, which has given Islamabad billions of dollars in aid but is often viewed as a fickle taskmaster.

China is expected to pay $ 35 million for control of the port to PSA and two other groups that own an interest, said Aqeel Karim Dhedhi, one of the other shareholders. The third shareholder is the National Logistics Cell, which is controlled by the Pakistani army. The Chinese are waiting for a Pakistani court case challenging PSA’s control of the port to be dismissed to complete the transaction, Dhedhi said.

A senior Pakistani official said Beijing has agreed to spend hundreds of millions of dollars to finish a 900-kilometer (550-mile) road that would link the port with Pakistan’s north-south Indus Highway, facilitating overland transport from Gwadar to China. The Pakistani government was supposed to complete the road in 2012, but it is only 60 percent finished, said the official, speaking on condition of anonymity because he was not authorized to talk to reporters.

It will still be a tough drive, passing along the Karakorum Highway that winds through the rugged mountains of northern Pakistan and then into Xinjiang province via a border crossing point at an elevation of 4,693 meters (15,397 feet). The path is often blocked by snow in winter.

Even so, the route will cut the overland distance from China’s western provinces to the sea in half, from about 4,000 kilometers (2,500 miles) to China’s east coast, to just 2,000 (1,250 miles) south to Gwadar.

Longer-term plans also call for road and rail links from Gwadar that would pass through strife-torn Afghanistan to energy-rich Central Asian states.

Asked about the port on Thursday, Chinese Foreign Ministry spokesman Hong Lei said “as long as projects are conducive to China-Pakistan relations, the Chinese side will positively support them.”

The port is operating at only about 15 percent capacity now, and machinery originally installed by China is rusting for lack of use, said a Pakistani port worker, speaking on condition of anonymity because he was not authorized to talk to reporters.

On a purely economic basis, the level of trade through the port should be zero because of its drawbacks, but the government is spending millions of dollars in subsidies to ship fertilizer through the facility. It would be cheaper to send the shipments through the coastal city of Karachi, 700 kilometers (430 miles) to the east, the worker said.

Some government officials have claimed that violence in Baluchistan has prevented them from completing the road network. Baluch nationalists have waged a decades-long insurgency against the government, demanding greater autonomy and a larger share of the province’s natural resources.

Gunmen shot to death two Pakistani air force personnel and a shopkeeper in a town near Gwadar on Tuesday, said local police official Izat Ali.

Other officials said the ruling Pakistan People’s Party simply shifted priorities away from Baluchistan and spent the money building roads in its main areas of support in Sindh province.

“The solution to Gwadar is the Chinese, since they have shown the willingness to work in Pakistan under tough conditions,” said shareholder Dhedhi.

___

Associated Press writers Adil Jawad in Karachi, Pakistan, Munir Ahmed in Islamabad and Joe McDonald in Beijing contributed to this report.

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Touch Down! Market Watchers Hope to Score Financial Advice From the Super Bowl Outcome

TORONTO, ONTARIO–(Marketwire – Feb 2, 2013) – Investors and football fans will be tuning in to the Super Bowl this Sunday, hoping the “Super Bowl Indicator” continues its uncanny ability to predict bearish and bullish stock market trends for the year ahead. 

The Super Bowl Indicator (SBI), a calculation for stock market performance based on the winning team, has been regarded as a way to predict a bear or bull market. The formula: when the team representing the National Football Conference (NFC) wins the Super Bowl, the market goes up. When an American Football Conference (AFC) franchise wins, the market goes down. Based on movements in the S&P 500 Index, the Super Bowl indicator has being correct just under 80 per cent of the time.

Jack Ablin, Chief Investment Officer, BMO Harris Private Bank, notes the Super Bowl Indicator worked according to plan in 2012. “It held up remarkably well; the New York Giants won the Super Bowl and the S&P gained 13 per cent. 2013 is shaping up to be a strong year too, we had the best January on record since 1994 and the NFC team – the San Francisco 49ers – are favoured by more than 4.5 points. The Super Bowl indicator is lining up for another good year in the market,” he said.

BMO Financial Group has personal finance experts who can provide advice and information on a variety of topics, including:

• Investing strategies for Registered Retirement Savings Plans this season


• How to navigate markets in volatile times


• Integrating Exchange Traded Funds into your investment portfolio


• Where is the smart money going these days? Are there specific sectors you should be taking a closer look at?

BMO Ads to Air During Super Bowl

Football fans across North America will see BMO”s latest television advertisements during the broadcast of the Super Bowl on Sunday.

The Canadian advertisement for BMO Bank of Montreal will appear across the country in both languages. Meanwhile, the broadcast premiere of the U.S. advertisement for BMO Harris Bank, will appear in seven key U.S. markets: Chicago, Green Bay/Appleton, Madison, Milwaukee, Indianapolis, Minneapolis/St. Paul and Phoenix. These locations represent approximately 10 per cent of the U.S. viewing audience.

The advertisements can be viewed at the following YouTube links:

Great Feeling (Canada English): http://youtu.be/qgenK00OAKg
Profitez (Canada French): http://youtu.be/7tkhDbu3aSY
Dream Home (U.S.): http://www.youtube.com/watch?v=RvyTc4RrQN4

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $ 525 billion as at October 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.

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NFL's Goodell aims to share blame on player safety

NEW ORLEANS (AP) — NFL Commissioner Roger Goodell wants to share the blame.

"Safety," he said at his annual Super Bowl news conference, "is all of our responsibilities."

Not surprisingly, given that thousands of former players are suing the league about its handling of concussions, the topics of player health and improved safety dominated Goodell's 45-minute session Friday. And he often sounded like someone seeking to point out that players or others are at fault for some of the sport's problems — and need to help fix them.

"I'll stand up. I'll be accountable. It's part of my responsibility. I'll do everything," Goodell said. "But the players have to do it. The coaches have to do it. Our officials have to do it. Our medical professionals have to do it."

Injuries from hits to the head or to the knees, Goodell noted, can result from improper tackling techniques used by players and taught by coaches. The NFL Players Association needs to allow testing for human growth hormone to go forward so it can finally start next season, which Goodell hopes will happen. He said prices for Super Bowl tickets have soared in part because fans re-sell them above face value.

And asked what he most rues about the New Orleans Saints bounty investigation — a particularly sensitive issue around these parts, of course — Goodell replied: "My biggest regret is that we aren't all recognizing that this is a collective responsibility to get (bounties) out of the game, to make the game safer. Clearly the team, the NFL, the coaching staffs, executives and players, we all share that responsibility. That's what I regret, that I wasn't able to make that point clearly enough with the union."

He addressed other subjects, such as a "new generation of the Rooney Rule" after none of 15 recently open coach or general manager jobs went to a minority candidate, meaning "we didn't have the outcomes we wanted"; using next year's Super Bowl in New Jersey as a test for future cold-weather, outdoor championship games; and saying he welcomed President Barack Obama's recent comments expressing concern about football's violence because "we want to make sure that people understand what we're doing to make our game safer."

Also:

— New Orleans will not get back the second-round draft pick Goodell stripped in his bounty ruling;

— Goodell would not give a time frame for when the NFL could hold a game in Mexico;

— next season's games in London — 49ers-Jaguars and Steelers-Vikings — are sellouts.

Goodell mentioned some upcoming changes, including the plan to add independent neurologists to sidelines to help with concussion care during games — something players have asked for and the league opposed until now.

"The No. 1 issue is: Take the head out of the game," Goodell said. "I think we've seen in the last several decades that players are using their head more than they had when you go back several decades."

He said one tool the league can use to cut down on helmet-to-helmet hits is suspending players who keep doing it.

"We're going to have to continue to see discipline escalate, particularly on repeat offenders," Goodell said. "We're going to have to take them off the field. Suspension gets through to them."

The league will add "expanded physicals at the end of each season ... to review players from a physical, mental and life skills standpoint so that we can support them in a more comprehensive fashion," Goodell said.

With question after question about less-than-light matters, one reporter drew a chuckle from Goodell by asking how he's been treated this week in a city filled with supporters of the Saints who are angry about the way the club was punished for the bounty system the NFL said existed from 2009-11.

"My picture, as you point out, is in every restaurant. I had a float in the Mardi Gras parade. We got a voodoo doll," Goodell said.

But he added that he can "appreciate the passion" of the fans and, actually, "couldn't feel more welcome here."

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Follow Howard Fendrich on Twitter at http://twitter.com/HowardFendrich

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