Thursday, 24 July 2014

Starwood Hotels 2Q profit rises 12 percent


Starwood Hotels & Resorts Worldwide Inc. (HOT) on Thursday reported profit that climbed by 12 percent in its second quarter, and topped analysts' expectations.


The Stamford, Connecticut-based company said net income increased to $153 million, or 80 cents per share, from $137 million, or 71 cents per share, in the same quarter a year earlier.


Earnings, adjusted for non-recurring gains and restructuring gains, came to 77 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.


The company said revenue decreased 1.5 percent to $1.54 billion from $1.56 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $1.55 billion, according to Zacks.


Starwood Hotels shares have increased $4.29, or 5.4 percent, to $83.74 since the beginning of the year, while the Standard & Poor's 500 index has climbed 7.5 percent. The stock has risen $20.42, or 32 percent, in the last 12 months.


This story was generated automatically by Automated Insights (http://bit.ly/1jX8LIs) using data from Zacks Investment Research. Full HOT report: http://bit.ly/1pfVFF7



After much movement, stocks end where they began


Only Wall Street could make the buying and selling of more than 3 billion shares look like nothing happened.


Major U.S. stock indexes ended roughly where they began Thursday, despite investors having to work through a busy day of corporate earnings and two economic reports.


Underneath the flat surface, there was a lot of movement in individual companies. "It's a stock-specific market right now," said Ryan Larson, head of equity trading at RBC Global Asset Management.


Facebook's stock rose 5 percent while Caterpillar's fell 3 percent after the companies each reported quarterly results.


The Dow Jones industrial average edged down 2.83 points, or 0.02 percent, to close at 17,083.80. It was the fourth-smallest point move in the blue chips this year. The Nasdaq fell 1.59 points, or 0.4 percent, to 4,472.11.


The Standard & Poor's 500 index managed to rise 0.97 of a point, or 0.05 percent, to 1,987.98 — a record, though barely. The day before, the S&P 500 closed at 1,987.01.


Three billion shares changed hands on the New York Stock Exchange Thursday, a quieter-than-average day.


Facebook rose $3.69 to $74.98 after announcing a profit that trounced investors' expectations. The company reported an adjusted profit of 42 cents per share versus the 33 cents analysts were looking for, according to a poll by Zacks Investment Research. Mobile advertising, a crucial business for the world's largest social media company, saw major growth.


"It was a very impressive quarter on top of what we believe were very high Street expectations," said Paul Vogel, an analyst with Barclays Capital, in a note to investors.


Dow member Caterpillar fell $3.34 to $105.04, making it the biggest decliner among the 30 companies that make up the average. The equipment maker's quarterly revenue fell short of forecasts.


Homebuilder stocks slid after the government reported that new home sales sagged 8.1 percent last month. The report also revised down the May sales rate. Shares of Pulte Homes and KB Home fell 3 percent while Toll Brothers fell 4 percent. D.R. Horton quarterly results also dragged down homebuilders. Its profit dropped, and the stock price fell $2.86, or 12 percent, to $21.94.


Another industry that got a lot of attention was autos. Ford rose 6 cents, or 0.3 percent, to $17.84 after reporting a 6 percent increase in second-quarter profit. The automaker was helped by increased sales in Europe. General Motors fell $1.67, or 4.5 percent, to $35.74 after announcing an 85-percent drop in quarterly earnings. The company is in the midst of the worst recall crisis in its history.


Investors got some good news about jobs. The Labor Department reported weekly applications for unemployment aid dropped 19,000 to a seasonally adjusted 284,000 claims. That's the lowest reading since February 2006, nearly two years before the Great Recession began.


In other markets, the yield on the 10-year Treasury note nudged up to 2.51 percent from 2.47 percent late Wednesday. Bond yields rise when prices fall. U.S. crude oil fell $1.05, or 1 percent, to $102.07 a barrel in New York.



Ravens RB Rice receives 2-game suspension from NFL


Baltimore Ravens running back Ray Rice received a two-game suspension from the NFL on Thursday following his offseason arrest for domestic violence.


Rice will miss the season opener against AFC North champion Cincinnati on Sept. 7 and the Sept. 11 game on Thursday night against the Pittsburgh Steelers.


The six-year veteran was arrested following a Feb. 15 altercation in Atlantic City, New Jersey, in which he allegedly struck then-fiancee Janay Palmer. The 27-year-old Rice has been accepted into a diversion program, which upon completion could lead to the charges being expunged.


Rice met with NFL Commissioner Roger Goodell last month after joining the diversion program. Goodell ultimately decided to suspend the running back for two games without pay and fine him an additional game check "for conduct detrimental to the NFL in violation of the league's Personal Conduct Policy."


Despite the court's decision not to impose criminal punishment, "the Commissioner determined, as he advised Rice, that the conduct was incompatible with NFL policies and warranted disciplinary action."


In a letter to Rice, Goodell wrote: "As you acknowledged during our meeting, your conduct was unquestionably inconsistent with league polices and the standard of behavior required of everyone who is part of the NFL. The league is an entity that depends on integrity and in the confidence of the public and we simply cannot tolerate conduct that endangers others or reflects negatively on our game. This is particularly true with respect to domestic violence and other forms of violence against women."


Rice's suspension will begin on Aug. 30. He will be eligible for reinstatement Sept. 12 after the Pittsburgh game. Rice may participate in all aspects of training camp and preseason games.


"It is disappointing that I will not be with my teammates for the first two games of the season, but that's my fault," Rice said in a statement issued by the Ravens. "As I said earlier, I failed in many ways. But, Janay and I have learned from this. We have become better as a couple and as parents. I am better because of everything we have experienced since that night. The counseling has helped tremendously."


Rice is the team's career leader in total scrimmage yards and ranks behind only Jamal Lewis in total yards rushing.


Bernard Pierce is expected to start for Rice in Baltimore's first two games.


Ravens general manager Ozzie Newsome said in a statement: "We appreciate the thorough process the league office used to evaluate the incident with Ray Rice. The time the Commissioner spent with Ray and Janay is typical of the extra steps the NFL takes when making decisions regarding discipline issues. While not having Ray for the first two games is significant to our team, we respect the league's decision and believe it is fair."


He added, "We also respect the efforts Ray has made to become the best partner and father he can be. That night was not typical of the Ray Rice we know and respect. We believe that he will not let that one night define who he is, and he is determined to make sure something like this never happens again."


Rice's teammates were not stunned by the news of the suspension.


"You knew something was going to happen," wide receiver Torrey Smith said. "I'll be glad when those two games are up."


Coach John Harbaugh said, "It's part of the process. There are consequences when you make a mistake; we'll move forward."


Rice participated Thursday in Baltimore's first full-squad practice. Before that session began, the Ravens lost cornerback Aaron Ross for the season with a torn Achilles tendon, a mishap that occurred during his conditioning test.



Obama wants limits on US company mergers abroad


Staking out a populist stand ahead of the midterm elections, President Barack Obama on Thursday demanded "economic patriotism" from U.S. corporations that use legal means to avoid U.S. taxes through overseas mergers.


"I don't care if it's legal," Obama declared. "It's wrong."


Obama and congressional Democrats are pushing to severely limit such deals, a move resisted by Republicans who argue the entire corporate tax code needs an overhaul. At issue are companies that enter into arrangements with foreign companies, shifting their tax addresses overseas while retaining their U.S. headquarters.


"They're technically renouncing their U.S. citizenship. They're declaring they are based someplace else even though most of their operations are here," Obama said at a technical college in Los Angeles. "You know, some people are calling these companies corporate deserters."


He also charged that such companies are "cherry-picking the rules."


Though Obama included a proposal to rein in such mergers and acquisitions in his 2015 budget, his speech marked a new, more aggressive focus on the subject.


The push came amid a developing trend by companies to reorganize with foreign entities through deals called "inversions" partly to reduce their tax payments in the U.S.


It also came ahead of the fall political campaign as Democrats seek to draw sharp contrasts with Republicans by portraying them as defenders of corporate loopholes. Sen. Elizabeth Warren, D-Mass., and others have been drawing praise from liberal arms of the Democratic Party for their overtly populist positions.


The growth of inversions has also concerned Republicans, but by and large they have called for a broader tax overhaul that would reduce corporate rates.


A total of 47 U.S.-based companies have merged with or acquired foreign businesses over the past decade in inversions, according to the Congressional Research Service. The issue gained attention earlier this year when Pfizer made an unsuccessful attempt to take over British drugmaker AstraZeneca. The deal would have allowed Pfizer to incorporate in Britain and thus limit its exposure to higher U.S. corporate tax rates


Most recently, Walgreen Co., the drug store chain that promotes itself as "America's premier pharmacy," is considering a similar move with Swiss health and beauty retailer Alliance Boots.


Obama, speaking in shirt sleeves under a hot sun in a campaign rally atmosphere, sought to shame companies seeking such deals even though he mentioned none by name.


"You don't get to pick the tax rate you pay," Obama told a crowd of about 2,000. "Folks, if you are secretary or a construction worker you don't say, 'You know, I feel like paying a little less so let me do that.' You don't get a chance to do that. These companies shouldn't either."


He added: "You shouldn't get to call yourself an American company only when you want a handout from American taxpayers."


The speech came at the end of a three-day West Coast fundraising tour. Obama employed many of the same partisan themes in his speech at the college that he did exhorting donors to help the Democratic Party.


"What really is going on is the Republicans in Congress are directly blocking policies that would help millions of Americans," he said.


The Obama administration began to ramp up attention to inversion transactions last week with a letter from Treasury Secretary Jacob Lew to House and Senate leaders. Lew said such deals "hollow out the U.S. corporate income tax base."


Obama is calling on Congress to enact legislation that is retroactive to May, arguing that will stop companies from rushing into deals to avoid the law.


Senate Democrats picked up the call this week, with Sen. Dick Durbin of Illinois, the second-ranking Democratic leader, sending a letter to Walgreen President and CEO Gregory Wasson urging him and his board to reconsider the overseas deal.


"I believe you will find that your customers are deeply patriotic and will not support Walgreen's decision to turn its back on the United States," Durbin wrote.


On Wednesday, Senate Majority Leader Harry Reid weighed in with a floor speech that called inversions a "corporate citizenship scam."


Walgreen's spokesman Michael Polzin said the company is evaluating where to take its partnership with Alliance Boots. "We will do what is in the best long-term interests of our customers, employees and shareholders," he said.


Under such inversion deals, U.S.-based, multinational companies can lower their tax bills in part by combining with a foreign company and reorganizing in a country with a lower tax rate. The United States has a 35 percent income tax rate, the highest in the industrialized world, and unlike many other countries it also taxes income earned overseas and then brought home.


Under current law, shareholders of a U.S. company that merged with an offshore entity would have to own less than 80 percent of the combined entity to take advantage of a lower foreign tax rate. Obama's budget proposes slashing that cutoff to 50 percent and making the restriction retroactive to last May.


Republicans such as Sen. Orrin Hatch of Utah say the U.S. first must change its policy of taxing income earned abroad. But in a hearing this week, Hatch also said he was open to addressing the issue directly provided it was not retroactive and did not generate additional revenue.


"Ultimately, the best way to solve this problem will be to reform our corporate and international tax system in a manner that will make our multinationals competitive against their foreign counterparts," he said.


Administration officials estimate the deals, if allowed to continue, will cost the U.S. Treasury $17 billion in lost revenue over the next decade.



The “80/20 Rule” Is Saving Americans a Lot of Money. But What Exactly Is It?

Chances are you’ve heard of the Affordable Care Act – President Obama’s landmark health reform law that’s holding insurance companies accountable, lowering health care costs, giving Americans more freedom and control in their health care choices, and improving the quality of care.


One part of the act that you may not be as familiar with, however, is the “80/20 rule” – also known as the Medical Loss Ratio (MLR) rule – which went into effect in 2011.


The rule generally requires health insurance companies in the individual and small group markets to spend at least 80% of the premium dollars they collect on medical care or activities to improve health care quality. And that increases to 85% for insurance companies in the large group market.


Today, the Department of Health and Human Services released some new numbers showing just how much this rule has saved consumers over the last few years.


read more


Wednesday Sports In Brief


Poland's Rafal Majka led a late breakaway on the last of four tough climbs in the Pyrenees to win the 17th stage of the Tour de France on Wednesday, as Vincenzo Nibali took another step toward overall victory.


Nibali, who has earned the yellow jersey in every stage but two this year, made his latest case to take it home to Sicily and become the first Italian to win cycling's showcase race in 16 years. He finished third and gained valuable seconds on four of his closest rivals.


Majka tapped his chest, thrust his arms skyward, and shouted in joy after giving his Tinkoff Saxo-Bank squad its second straight stage victory after Tuesday's win by Australian Michael Rogers.


Wednesday's 77-mile trek was the shortest stage in this year's Tour, and the second of three days in the mountains along France's border with Spain.


Italy's Giovanni Visconti, whose solo breakaway with about 5-1/2 miles left failed to hold off Majka, was second, 29 seconds back. Nibali was third, 46 seconds behind.


BASEBALL


CHICAGO (AP) — San Diego Padres outfielder Cameron Maybin was suspended 25 games by Major League Baseball on Wednesday for testing positive for an amphetamine.


Maybin said in a statement released by the Major League Baseball Players Association the failed test was the result of a change in the medication he was using to treat Attention Deficit Disorder.


Under the drug agreement between MLB and its players' union, 25 games is the penalty for a second positive amphetamine test. A first positive results only in six unannounced follow-up tests over the next year.


The 27-year-old Maybin was batting .247 with one home run and nine RBIs in 62 games this season.


WNBA


SAN ANTONIO (AP) — Stars veteran guard Becky Hammon said Wednesday that she will retire at the end of the season, her 16th in the WNBA.


The team announced her decision Wednesday.


Hammon is the Stars' career leader in assists, points per game, and 3-pointers made. The 37-year-old Hammon is a six-time All-Star who ranks seventh in WNBA history in points (5,756), second in three-point field goals made (817), fourth in assists (1,663), sixth in games played (440) and first in free-throw percentage (89.6 percent, minimum 300 attempts).


Hammon said she'd like to go into coaching or television. She spent some time this past winter, while rehabbing a knee injury, with the NBA champion San Antonio Spurs and coach Gregg Popovich.


The former Colorado State star signed with the New York Liberty after going unpicked in the 1999 WNBA Draft. She helped guide New York to six playoff appearances. She reached the finals with San Antonio in 2008.


TENNIS


ATLANTA (AP) — Fourth-seeded Vasek Pospisil of Canada advanced to the Atlanta Open quarterfinals, beating Ukrainian qualifier Illya Marchenko 7-5, 6-3 on Wednesday.


In other second-round matches, Slovakia's Lukas Lacko beat sixth-seeded Denis Istomin of Uzbekistan 5-7, 6-1, 6-4; Israel's Dudi Sela topped ninth-seeded Sam Querrey of the United States 6-2, 6-4; and American Jack Sock beat New Zealand's Michael Venus 6-4, 6-2. Seventh-seeded Yen-hsun Lu of Taiwan beat American Alex Kuznetsov 6-4, 6-4 in a first-round match.


Defending champion John Isner, the No. 1 seed, will open play Thursday against wild-card entry Robby Ginepri of Atlanta. Ginepri beat Ukraine's Sergiy Stakhovsky on Tuesday.


South Africa's Kevin Anderson, the No. 2 seed who lost to Isner in the final last year, will start play on Thursday against qualifier Thiemo de Bakker of the Netherlands.


GSTAAD, Switzerland (AP) — Juan Monaco of Argentina beat third-seeded Guillermo Garcia-Lopez of Spain 6-2, 2-6, 6-4 in the Swiss Open second round on Wednesday.


Monaco, who was a top-10 player in 2012, has won seven of his eight career titles on outdoor clay courts. He will play Thomaz Bellucci of Brazil, a two-time Gstaad champion, in the quarterfinals.


Bellucci won 6-4, 6-4 against fellow left-hander Federico Delbonis, the fifth-seeded Argentine.


Second-seeded Marcel Granollers of Spain reached the quarterfinals with a 6-1, 6-4 victory over Switzerland's Yann Marti. Granollers next faces countryman Pablo Andujar, who beat Blaz Rola of Slovenia 6-3, 6-3.


Completing the first-round matches, wild card Henri Laaksonen of Switzerland beat qualifier Gianni Mina of France, 7-6 (5), 7-6 (3).


FOOTBALL


NEW YORK (AP) — Hall of Fame football star Jim Brown — running out of time to retrieve his 1964 NFL championship ring — has sued a memorabilia dealer.


The 78-year-old Los Angeles resident filed the lawsuit Tuesday in Manhattan federal court against Lelands.com and Lelands Collectibles Inc.


The lawsuit seeks to halt the sale of the ring in an online auction that ends Friday. It also seeks unspecified damages over broadcast remarks that Lelands' founder, Joshua Evans, made about Brown.


Evans said Wednesday that Brown's claims "are entirely without merit and we intend to vigorously defend against them."


According to the lawsuit, the ring was stolen from Brown's Cleveland home in the late 1960s and the robbery was reported to police.


The lawsuit also accuses Evans of making statements in print and broadcast interviews in recent weeks that implied Brown has diminished mental capacity as a result of taking thousands of hits as a football player. On at least one broadcast, though, Evans could be heard describing Brown as the greatest football player of all time and saying Brown was aware that a family member had sold the ring in the 1990s.


The lawsuit said the ring is priceless to the former Cleveland Browns player. The highest bid was $58,948 Wednesday afternoon.


Evans said Lelands' position is the paperwork over the ownership of the ring is "indisputable" and anyone who bought it would get a 100 percent guarantee.


SOCCER


PASADENA, Calif. (AP) — Manchester United made an impressive debut under coach Louis van Gaal on Wednesday night, with Wayne Rooney scoring twice late in the first half of a 7-0 victory over the LA Galaxy.


Ashley Young and unsung defender Reece James scored two second-half goals apiece as United opened its summer tour with a surprisingly polished win over MLS' overmatched Galaxy in the Guinness International Champions Cup.


Danny Welbeck scored the first goal for Van Gaal, who has had limited work with his new club after leading the Netherlands to a third-place finish at the World Cup earlier this month. United still outclassed the Galaxy in the meeting of David Beckham's two former clubs.


Luke Shaw and Ander Herrera also made their United debuts at the Rose Bowl.


OLYMPICS


COLORADO SPRINGS, Colo. (AP) — Leaders from the four U.S. cities in the running to bid for the 2024 Summer Games will meet with U.S. Olympic Committee leadership Friday in the first gathering to include representatives from all the major interested parties.


The USOC has asked teams from Los Angeles, Boston, Washington and San Francisco to send up to four people each for what it is billing as a low-key informative session about the finances and other details about bidding for the Olympics.


USOC CEO Scott Blackmun told The Associated Press the list of representatives was still being completed as of Wednesday. Though the USOC wasn't gearing this toward city and state leaders, Blackmun said all the cities were welcome to bring whoever they wanted.



Hermes names new womenswear designer


French luxury powerhouse Hermes has named Nadege Vanhee-Cybulski as its new womenswear designer.


The low-profile, 36-year-old French designer will replace Christophe Lemaire, whose departure was announced earlier this week and who will take his final bow in October.


Though Vanhee-Cybulski is not a big name, she was previously women's design director at Ashley Olsen and Mary-Kate Olsen's The Row, and has worked in important behind-the-scenes roles at Martin Margiela and Celine in Paris.


She said Thursday in a statement she was "overjoyed to join the Hermes house, which I admire and share all my values with."


Hermes head Axel Dumas, meanwhile, sang her praises, saying that "her talent and creative process will be assets in developing female ready-to-wear."


Vanhee-Cybulski will show her first collection in March 2015.



AmerisourceBergen reports 3Q loss


After landing some major partnerships, the drug distributor AmerisourceBergen reported that its revenue spiked 39 percent and shares hit an all-time high.


The Chesterbrook company reported a loss of $12.8 million, or 6 cents per share, as its sales costs climbed nearly 40 percent. Removing one-time costs, however, including paying off debt, per-share earnings were $1.01. That's much better than the 92 cents that analysts were looking for, according to a poll by Zacks Investment Research.


Profit during the same period last year was $168.4 million, or 71 cents per share.


In March 2013, Walgreens announced it was taking an ownership stake in AmerisourceBergen and extending its contract through a 10-year deal. Under that arrangement, AmerisourceBergen replaced Cardinal Health in supplying Walgreens with pharmaceuticals.


It also cut a deal with Europe's Alliance Boots GmbH.


Revenue climbed to $30.35 billion from $21.91 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $29.21 billion, according to Zacks.


In midday trading on Thursday, shares of AmerisourceBergen Corp. rose $1.67 to $75.74 after setting a new company record at $79.13.



Hyundai Motor's 2Q profit dips due to strong won


Hyundai Motor Co. says its second-quarter profit fell 7 percent as the appreciation of South Korean diluted its overseas earnings.


The South Korean automaker said Thursday it earned 2.3 trillion won ($2.2 billion) for the April-June period, compared with 2.5 trillion won a year earlier. The figure was in line with expectations.


Operating income dropped 13 percent to 2.1 trillion won while sales declined 2 percent to 22.8 trillion won.


It sold 2.5 million vehicles during the first six months of this year, up 4 percent from the previous year.


Despite selling more cars, Hyundai said its bottom line was hit by the sharp rise of the South Korean won.



Air Algerie flight 'probably crashed' in Mali


An Air Algerie flight carrying 116 people from Burkina Faso to Algeria's capital disappeared from radar early Thursday over northern Mali during a rainstorm, officials said. France deployed fighter jets to search for wreckage and the country's president said the plane most likely crashed.


The MD-83 vanished less than an hour after takeoff from Ouagadougou, the capital of Burkina Faso. Air Algerie Flight 5017 was operated by Spanish airline Swiftair, which owns the plane.


"Everything allows us to believe this plane crashed in Mali," French President Francois Hollande said in a statement after an emergency meeting in Paris with senior officials, adding the crew changed its flight path because of "particularly difficult weather conditions."


Earlier, French Foreign Minister Laurent Fabius told reporters in Paris the plane "probably crashed" and no "trace of the aircraft has been found."


Two French fighter jets are among aircraft scouring the rugged north of Mali for the plane, which was traveling from Burkina Faso's capital, Ouagadougou, to Algiers, the Algerian capital.


Hollande said "all military means we have in Mali" were being activated for the search, through the night if needed. France has considerable military means in Mali, because of its intervention in the country in January 2013 to rout Islamic extremists who were controlling the north.


The U.N. peacekeeping mission in Mali, known as MINUSMA, was also helping in the search, U.N. deputy spokesman Farhan Haq said.


More than 50 French were onboard the plane along with 27 Burkina Faso nationals and passengers from a dozen other countries. The flight crew was Spanish.


Before vanishing, the pilots sent a final message to ask Niger air control to change its route because of heavy rain in the area, Burkina Faso Transport Minister Jean Bertin Ouedraogo said.


A resident who lives in a village in Mali about 80 kilometers (60 miles) southeast of the town of Gossi said he saw a plane coming down early Thursday, according to Gen. Gilbert Diendere, heading the crisis committee set up in Burkina Faso.


"We think that it is a reliable source because it corresponds to the latest radar images of the plane before it lost contact with air controllers," Diendere said.


Radar images show the plane deviated from its route, Diendere said. Gossi is nearly 200 kilometers (175 miles) southwest of Gao. The vast deserts and mountains of northern Mali have been the scene of unrest by both Tuareg separatists and Islamist radicals.


The disappearance of the Air Algerie plane comes after a spate of aviation disasters. Fliers around the globe have been on edge ever since Malaysia Airlines Flight 370 disappeared in March on its way to Beijing. Searchers have yet to find a single piece of wreckage from the jet with 239 people on board.


Last week, a Malaysia Airlines flight was shot down by a surface-to-air missile while flying over a war-torn section of Ukraine. The back-to-back disasters involving Boeing 777s flown by the same airline were too much of a coincidence for many fliers.


Then this week, U.S. and European airlines started canceling flights to Tel Aviv after a rocket landed near the city's airport. Finally, on Wednesday, a Taiwanese plane crashed during a storm, killing 48 people.


It's easy to see why fliers are jittery, but air travel is relatively safe.


There have been two deaths for every 100 million passengers on commercial flights in the last decade, excluding acts of terrorism. Travelers are much more likely to die driving to the airport than stepping on a plane. There are more than 30,000 motor-vehicle deaths in the U.S. each year, a mortality rate eight times greater than that in planes.


Algerian Prime Minister Abdelmalek Sellal said on state television that 10 minutes before disappearing, it was in contact with air traffic controllers in Gao, a city under the control of the Malian government, though it has seen lingering separatist violence.


The plane had been missing for hours before the news was made public. It wasn't immediately clear why airline or government officials didn't release information earlier.


Ouagadougou is in a nearly straight line south of Algiers, passing over Mali.


Northern Mali fell under control of ethnic Tuareg separatists and then al-Qaida-linked Islamic extremists following a military coup in 2012. A French-led intervention last year scattered the extremists, but the Tuaregs have pushed back against the authority of the Bamako-based government.


A senior French official said it seems unlikely that fighters in Mali had the kind of weaponry that could shoot down a plane.


The official, not authorized to speak publicly, said on condition of anonymity that they primarily have shoulder-fired weapons - not enough to hit a passenger plane flying at cruising altitude.


Swiftair, a private Spanish airline, said the plane was carrying 110 passengers and six crew, and left Burkina Faso for Algiers at 0117 GMT Thursday (9:17 p.m. EDT Wednesday), but had not arrived at the scheduled time of 0510 GMT (1:10 a.m. EDT Thursday).


Swiftair said it has not been possible to make contact with the plane and was trying to ascertain what had happened. It said the crew included two pilots and four flight attendants.


Later, Swiftair said the plane was built in 1996 and has two Pratt & Whitney JT8D-219 PW engines. It can carry 165 passengers.


Swiftair took ownership of the plane on Oct. 24, 2012, after it spent nearly 10 months unused in storage, according to Flightglobal's Ascend Online Fleets, which sells and tracks information about aircraft. It has more than 37,800 hours of flight time and has made more than 32,100 takeoffs and landings. The plane has had several owners over the years, including Avianca and Austral Lineas Aereas.


If confirmed as a crash, this would be the fifth one — and the second with fatalities — for Swiftair since its founding in 1986, according to the Flight Safety Foundation. The only other fatal crash for the airline came on July 28, 1998, when the two pilots died on a cargo flight to Barcelona.


Algerian aircraft were also overflying the region around Gao to try to locate wreckage, said Houaoui Zoheir, spokesman for the Algerian crisis center. He provided no details on the type or number of aircraft.


"As long as we haven't found the wreckage, we can't talk of a crash," he said. "We talk of loss of contact."


The passengers include 51 French, 27 Burkina Faso nationals, eight Lebanese, six Algerians, five Canadians, four Germans, two Luxemburg nationals, one Swiss, one Belgium, one Egyptian, one Ukrainian, one Nigerian, one Cameroonian and one Malian, Ouedraogo said. The six crew members are Spanish, according to the Spanish pilots' union.


The MD-83 is part of a series of jets built since the early 1980s by McDonnell Douglas, a U.S. plane maker now owned by Boeing Co. The MD-80s are single-aisle planes that were a workhorse of the airline industry for short and medium-range flights for nearly two decades. As jet fuel prices spiked in recent years, airlines have rapidly being replacing the jets with newer, fuel-efficient models such as Boeing 737s and Airbus A320s.


There are 496 other MD-80s being flown by airlines around the world, according to Ascend.


"We're aware of reports on Air Algerie Flight AH5017," Boeing spokesman Wilson Chow said. "Our team is gathering more information."



Brahima Ouedraogo reported from Ouagadougou, Burkina Faso. AP journalists Ciaran Giles in Madrid, Spain, Elaine Ganley, Thomas Adamson and Sylvie Corbet in Paris, and Edith M. Lederer at the United Nations contributed to this report.


PulteGroup 2Q profit climbs 15 percent


PulteGroup Inc. (PHM) on Thursday reported profit that rose by 15 percent in its second quarter, and fell short of analysts' expectations.


The Bloomfield Hills, Michigan-based company said net income increased to $41.9 million, or 11 cents per share, from $36.4 million, or 9 cents per share, in the same quarter a year ago.


Earnings, adjusted for non-recurring costs, were 25 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 26 cents.


The homebuilder posted revenue of $1.29 billion compared with $1.28 billion in the same quarter a year earlier, and missed Wall Street estimates. Analysts expected $1.34 billion, according to Zacks.


PulteGroup shares have dropped 53 cents, or 2.6 percent, to $19.84 since the beginning of the year, while the Standard & Poor's 500 index has increased 7.5 percent. However, the stock has risen $1.39, or 7.5 percent, in the last 12 months.


This story was generated automatically by Automated Insights (http://bit.ly/1jX8LIs) using data from Zacks Investment Research. Full PHM report: http://bit.ly/1tGZrIY



Nokia sees brighter future without handset unit


Telecommunications and wireless equipment maker Nokia Corp. saw its shares surge on Thursday after it reported higher profits and an improved earnings outlook in the wake of its sale to Microsoft of its troubled handset division.


The Finnish company said its second-quarter profit rose 20 percent to 213 million euros ($285 million) on the back of improved profitability of its key networks unit. Net sales in the April to June period fell to 2.9 billion euros from 3.2 billion euros in the same period last year, mainly due to divestments and currency fluctuations at the networks gear unit.


Nokia's stock jumped over 7 percent to 6.13 euros on the Helsinki Stock Exchange.


Chief Executive Rajeev Suri said the result "shows the strength of the company today" as the Finnish firm has restructured and adopted a new business strategy after completing the sale of its mobile phone unit to Microsoft in April.


Suri gave an upbeat outlook for the core networks unit which now accounts for around 90 percent of Nokia's revenue. He said the unit's full-year 2014 operating margin was expected to be "at or slightly above" the long-term target of 5-10 percent, an update to the previous forecast.


"Our expectations for the full year 2014 have improved," said Suri, who took over as Nokia's CEO on May 1.


Suri, who has worked at Nokia since 1995, has been largely credited with a turnaround of the company as the former head of the Nokia Solutions and Networks unit. He reiterated that the revenue of the Networks unit was expected to grow during the second-half of the year.


Chief Financial Officer Timo Ihamuotila said in an interview with Finnish national broadcaster YLE that the networks unit — a major provider of the next generation 4G wireless networks — has done particularly well in boosting market share in China, Japan, South Korea and the United States.


"Nokia is now a strong and a profitable company," Ihamuotila said, pointing to the company's net cash reserves of 6.5 billion euros, which more than tripled from the end of March, before the closing of the 5.44 billion-euro handset unit deal with Microsoft.


Nokia is determined to grow also in two of its other remaining businesses — software and maps. The company said it was seeing particularly good growth in the automotive business for the HERE location-services and map unit.



SuperValu 1Q profit falls 49 percent


SuperValu Inc. (SVU) on Thursday reported profit that decreased by 49 percent in its fiscal first quarter after receiving a large tax benefit a year ago.


Shares of the grocery store operator fell more than 6 percent in premarket trading.


The Eden Prairie, Minnesota-based company said net income declined to $43 million, or 17 cents per share, from $85 million, or 34 cents per share, in the same quarter a year earlier.


Earnings, adjusted to account for discontinued operations and non-recurring costs, were 18 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.


The company said revenue slipped to $5.23 billion from $5.24 billion in the same quarter a year ago, but beat Wall Street forecasts. Analysts expected $5.17 billion, according to Zacks.


SuperValu shares fell 58 cents, or 6.5 percent, to $8.30 before the stock market open Thursday. As of Wednesday's close, the stock has increased 12 percent in the past 12 months.



Air Canada resumes flights to Tel Aviv


Air Canada is resuming flights to Tel Aviv after a two-day halt prompted by security concerns over rocket attacks near Israel's main airport.


The airline says Flight AC84 is leaving Toronto for Tel Aviv at 6:10 EST p.m. (2210 GMT) Thursday as scheduled.


Air Canada spokeswoman Isabelle Arthur says the decision to resume flights to Tel Aviv is based on the airline's "own assessment" and that of "regulators of the situation."


She says Air Canada has also consulted others in the airline community.


Flights to Tel Aviv were suspended Tuesday after a rocket landed one mile (1.6 kilometers) from the city's Ben Gurion International Airport.


The Federal Aviation Administration also lifted its ban on U.S. flights in and out of Israel late last night.



Oil drifts down despite China manufacturing bounce


The price of oil fell Thursday, giving back part of its sizeable jump the day before, despite improvement in Chinese manufacturing.


Benchmark U.S. crude for September delivery was down 16 cents at $102.96 a barrel at 0650 GMT in electronic trading on the New York Mercantile Exchange.


The contract gained delivery gained 73 cents to $103.12 on Wednesday after data released by the Energy Department Wednesday showed a drop in U.S. crude inventories that was more than double what analysts had expected.


A manufacturing survey from China showed a rise in factory activity in July to its highest level in 18 months, a sign that Beijing's stimulus measures were having a positive effect.


Brent crude for September delivery, a benchmark for international oils, was down 14 cents to $107.89 on the ICE Futures exchange in London.


The price of oil has stayed above $100 a barrel after a civilian jetliner was shot out of the sky last week over a part of eastern Ukraine controlled by pro-Russian separatists and as Israel's invasion of the Gaza Strip added to risks of instability in the Middle East.


The U.S. data Wednesday showed oil supplies fell by 7.5 million barrels for the week ended July 11. Analysts had expected a drop of 3 million barrels, according to a survey by Platts.


In other Nymex trading:


— Wholesale gasoline was little changed at $2.841 a gallon.


— Heating oil was steady at $2.887 a gallon.


— Natural gas was down 0.1 cent at $3.761 per 1,000 cubic feet.



W.Va. man sues GM over wife's crash death


A West Virginia man has filed a lawsuit against General Motors Corp., claiming a defective ignition switch in a Chevrolet Cobalt caused a 2006 accident that killed his pregnant wife.


The Charleston Daily Mail (http://bit.ly/1nvktcn) reports Jason Vest of Princeton filed the lawsuit last week in Mercer County Circuit Court. It also names a parts manufacturer and a Princeton car dealership.


The lawsuit says 26-year-old Keisha Vest's car failed to stop at an intersection and collided with a tractor-trailer in Mount Airy, North Carolina. The vehicle's airbags didn't deploy.


Earlier this year, GM began recalling older small cars such as the Cobalt and Saturn Ion to fix faulty ignition switches. GM says the switches have caused more than 13 deaths, although lawmakers say the death toll is closer to 100.



Dunkin' pushing cashiers to 'upsell' in afternoons


If an iced coffee from Dunkin' Donuts is part of your afternoon routine, expect a nudge to buy a cookie or doughnut you didn't plan on.


Dunkin' Brands CEO Nigel Travis said in a phone interview Thursday that the company is pushing to get its cashiers to "upsell" to afternoon customers. It's part of an effort to increase sales after stores have emptied out after the morning rush. In the afternoon, customers who do come in are mostly just searching for a drink.


Upselling of this kind — often called "suggestive selling" in the fast-food world — is common. Who hasn't been asked "Would you like fries with that?" But it's not a strategy Dunkin' has aggressively pushed in the past, because most the chain's business is in the morning when customers are in a rush and speed is the top priority.


"People tend to be in a slightly different mode in the afternoon," Travis said. "In the afternoon, they tend to be more relaxed."


For Dunkin', that means cashiers can take the extra few seconds to ask customers if they want a doughnut, cookie or even a sandwich along with that coffee. Travis said the need to upsell would be emphasized in an upcoming talk with U.S. franchisees.


As an extra temptation, the company has also been rolling out small cases in some stores to display items like cookies and Danishes more prominently at the counter.


"Franchisees are kind of excited about it, Travis said. "It's a way to push various items."


It's a tried-and-true strategy. The head of the U.S. division for McDonald's Corp., Jeff Stratton, has said in a past interview with the AP that keeping the chain's apple pie dispensers visible to customers right behind the cashier helps drive sales. If McDonald's were to put the dispensers in the back kitchen area, he said apple pie orders would probably be cut by half.


Some people may think they're not susceptible to such tactics, but Travis says the evidence shows otherwise. He cited an example of a company where he previously worked that used video cameras to study the eye motions of customers while they waited in line. Customers would look up at the menu board to decide what they wanted while in line. But once they reached the counter, they'd look up at the menu board again, he said.


That second glance at the menu suggested people are susceptible to changing their minds, Travis said.


Attracting more customers in the afternoons — and getting them to buy more when they visit — is critical for Dunkin' Donuts, with convenience stores, fast-food chains and packaged food companies all pushing into the breakfast business. Dunkin' Brands Group Inc., based in Canton, Massachusetts, cited that intensifying competition Thursday as one of the reasons for its underwhelming sales increase of 1.8 percent at established U.S. locations in the latest quarter.


The disappointing results prompted Dunkin' to trim its U.S. sales forecast for the year. It now expects growth of 2 to 3 percent at domestic Dunkin' Donuts locations, down from the 3 percent to 4 percent increase it previously forecast.



UN human development report faults inequality


Improvements in life spans, education and incomes are slowing due to natural disasters, misguided government policies and worsening inequality in a world where the 85 richest people have as much wealth as the 3.5 billion poorest people, the United Nations said Thursday in its annual human development report.


With nearly a third of humanity poor or vulnerable to poverty, governments need to put a higher priority on creating jobs and providing basic social services, the United Nations Development Program said in the report, launched in Tokyo.


It warned that improvements in longevity, education and income, which are the three main components of the UNDP's influential index of human development, are slowing due to worsening inequality and economic disruptions, to droughts and other natural disasters and to poor government policies. But the agency also said the solutions are not complicated.


"As this report says, it's not rocket science," UNDP head Helen Clark said in an interview before the report's release.


"Where people do address these things, development can come along very, very nicely. Where they haven't addressed a lot of vulnerabilities and development deficits, as in Syria, it all comes spectacularly unstuck."


Eradicating poverty is not just about "getting to zero," Clark said, "but about staying there."


Most people in most countries are doing better than ever before thanks to advances in education, technology and incomes, the report said. But it notes a "widespread sense of precariousness in the world today in livelihoods, the environment, personal security and politics."


Nearly half of all workers are in insecure or informal employment while some 842 million, or about 12 percent, of all people go hungry, it said.


The report ranks Norway at the top of the Human Development Index, followed by Australia, Switzerland, the Netherlands and the United States. Among Asian countries, Singapore leads at No. 9, followed by Hong Kong and South Korea at 15. Despite its lead in longevity, Japan is ranked 17th due to its lower income and schooling measures.


The report reflects the growing conviction among many working in global policymaking and poverty alleviation that the gains made in the late 20th century risk being eroded by climate change, a global "race to the bottom" by big corporations that is forcing more and more workers to live on less and government budgets "balanced on the backs of the poor," said Khalid Malik, a lead author of the report.


The UNDP report, published annually since 1990, is intended to inform and influence policy makers. Governments watch the rankings carefully, and "When they don't do well they put a lot of pressure on us to change the rankings," Malik said.


It cites exhaustive data to illustrate the costs both within countries and on a global scale of growing inequality, at a time when the 85 richest people in the world have as much wealth as the 3.5 billion poorest people.


"Most problems are due to inadequate policies and poor institutions," Malik said. "It's not innate that people have to suffer so much."


Such issues apply not just to the poorest countries but to some of the wealthiest. When the index is adjusted for internal inequalities in health, education and income, some of the wealthiest nations drop out of the UNDP's top 20.


The U.S. falls from 5 to 28 on that list, South Korea drops from 15 to 35, and Japan falls from 17 to 23.


Concerns over inequality and job insecurity are rising in Japan despite its emergence from years of economic doldrums as welfare rolls reach record levels and the poverty among its children has surged past 16 percent for the first time since the government began keeping track 30 years ago.


Income support, job creation policies and equitable access to health, education and other services, are investments in "human capital" that can secure faster, more sustainable growth in the long run, the report says.


"If you invest in people, if you upgrade your infrastructure and increase the choices available to all you will have a more stable society," Malik said.



Lilly 2Q profit falls 39 percent


Eli Lilly and Co. (LLY) on Thursday reported profit that declined by 39 percent in its second quarter, and beat analysts' expectations.


The Indianapolis-based company said earnings declined to $733.5 million, or 68 cents per share, from $1.21 billion, or $1.11 per share, in the same quarter a year earlier. The average per-share estimate of analysts surveyed by Zacks Investment Research was for earnings of 66 cents.


The drugmaker said revenue dropped 17 percent to $4.94 billion from $5.93 billion in the same quarter a year earlier, and topped Wall Street forecasts. Analysts expected $4.83 billion, according to Zacks.


Eli Lilly shares have risen $13.25, or 26 percent, to $64.25 since the beginning of the year, while the Standard & Poor's 500 index has climbed 7.5 percent. The stock has increased $11.70, or 22 percent, in the last 12 months.


This story was generated automatically by Automated Insights (http://bit.ly/1jX8LIs) using data from Zacks Investment Research. Full LLY report: http://bit.ly/1oiz5fU



Work continues on insurance network rules


Network adequacy requirements for health plans should focus on making sure consumers have adequate access to different types of services rather than providers, a state Insurance Department official said Thursday.


The state's network adequacy standards have been in the spotlight since the department approved Anthem Blue Cross and Blue Shield's narrow network for individual health plans sold through the Affordable Care Act.


More companies will be offering plans next year, likely easing some concerns, but officials have said the rules were ripe for revision given how much health care has changed since they were enacted in 2001. The department put together a working group this spring to develop possible updates, and at a meeting Thursday, outlined the progress made in the past few months.


Tyler Brannen, the department's health policy analyst, said focusing on access to services versus providers better reflects changes in health care delivery, for example, nurse practioners provide a lot of primary care in addition to doctors. The standards also should recognize advances in telemedicine by allowing some services to be provided remotely, he said.


"We're hoping this will give people in rural parts of the state renewed access to health care services they wouldn't otherwise get," he said. "To the extent medicine develops along these lines, the Insurance Department and our network adequacy rules should not be a barrier."


Under the framework Brannen described, consumers would be guaranteed adequate access to "core services" such as primary care, pediatrics, urgent care, mental health care and substance abuse treatment within their community, though what constitutes a community has yet to be determined. "Common services" such as radiation oncology, vision care and rehabilitation would be available within "moderate proximity," while services such as heart surgery would be available within the state or near the border. The most specialized services, such as transplants, would be available within New England.


The current law says patients must have access to care "without unreasonable delay" but doesn't get specific. Brannen said the new rules could end up referring to specific wait-time guidelines developed by National Committee for Quality Assurance. Officials also are looking at whether they should change what consequences insurers face for non-compliance. Under current law, those that don't meet requirements can't market their plans in the deficient areas, he said.


Consumers, health care providers, insurers and other stakeholders are encouraged to submit comments to the department by Aug. 21. Depending on that feedback, the department may hold another meeting for discussion or may draft new rules that will be presented to the Legislature for approval. The goal is to have new standards in place by next spring, so they will be applicable to 2016 health plans.



Ford 2Q net profit up 6 percent to $1.3 billion


Ford Motor Co. beat Wall Street's expectations in the second quarter as it chalked up a record profit in North America and made money in Europe for the first time in three years.


But things will get leaner in the second half as Ford closes one of its U.S. pickup truck plants to prepare for the launch of its new aluminum-sided F-150. Marketing expenses for new products, like the truck and the Ford Edge in the U.S. and the Mondeo and Focus sedans in Europe, will also take a bite out of earnings.


Ford, which earned $3.9 billion before taxes in the first half of this year, confirmed it expects full-year earnings of $7 billion to $8 billion. That's down from $8.6 billion in 2013.


"It's really a set-up year for a step up in the business in 2015 and beyond,"Chief Financial Officer Bob Shanks told media Thursday morning at Ford's Dearborn headquarters.


For the April-June period, Ford's net income rose 6 percent to $1.3 billion. The profit, of 32 cents per share, was up from 30 cents per share in the same period a year ago.


Excluding separation costs in Europe and a $329 million impairment charge for its money-losing joint venture in Russia, Ford earned 40 cents per share. That beat analysts' forecast of 36 cents, according to FactSet.


Ford's revenue fell 1 percent to $37.4 billion, but topped analysts' expectation of $36.2 billion.


Ford shares crossed $18 for the first time since early 2011 in morning trading, and were up 20 cents to $17.98 at midday.


Mark Fields, a company veteran who became Ford's CEO on July 1, told analysts and media on a conference call that he intends to continue the strategy he helped develop with former CEO Alan Mulally. That means focusing on profitable growth, working closely between regions and speeding up vehicle development time.


"My message to our team internally, and now externally, is one of continuity but also acceleration of the plan," Fields said.


The results were less rosy at Ford's crosstown rival, General Motors Co., which posted a net profit of $190 million after absorbing $1.5 billion in recall-related costs. GM's shares fell nearly 4 percent to $35.96 in midday trading.


Ford's worldwide sales fell 1 percent to nearly 1.7 million. Sales were down in every region except Asia Pacific, where they jumped 21 percent thanks to strong demand for new vehicles like the Kuga SUV in China. Ford made up for that by limiting production and commanding higher prices.


Ford reported its highest-ever pretax profit of $2.4 billion in North America. The company's U.S. sales fell, but Shanks said that was offset by lower costs for materials such as steel and increases in sales of parts and accessories.


Ford plans to close its Dearborn truck plant for eight weeks beginning in August. The new F-150, with aluminum sides that shave 700 pounds off the truck's weight, is scheduled to go on sale in the fourth quarter.


In Europe, Ford made $14 million, its first quarterly profit since 2011. Ford expects Europe to be profitable for the full year in 2015.


In Asia, Ford's profit jumped 22 percent to $159 million. Ford said its market share in the Asia Pacific region hit a record 3.7 percent.


Ford lost $295 million in South America, where its sales were down 23 percent.



US new-home sales plummet in June


Sales of new U.S. homes plunged in June, a sign that real estate continues to be a weak spot in the economy.


New home sales fell 8.1 percent last month to a seasonally adjusted annual rate of 406,000, the Commerce Department said Thursday. The report also revised down the May sales rate to 442,000 from 504,000.


Buying of new homes fell 20 percent in the Northeast, followed by less extreme declines in the Midwest, South and West. The modest sales caused the inventory of new homes on the market to increase to 5.8 months, the highest since October 2011.


The median sales price was $273,500, up 5.3 percent over the past 12 months.


"Today's report underscores" Federal Reserve Chair Janet Yellen's "observation in testimony last week that housing sector data still are 'disappointing,'" said Dana Saporta, director of economic research at the bank Credit Suisse.


Home sales had been improving through the middle of 2013, only to stumble over the past 12 months due to a mix of rising prices, higher mortgage rates and meager wage growth.


The pressures from mortgage rates have eased since the start of 2014 and the pace of price increases have slowed. Still, other indicators suggest that home-buying has stalled after rebounding from lows reached during the Great Recession.


The National Association of Realtors reported that sales of existing homes increased 2.6 percent in June to a seasonally adjusted annual rate of 5.04 million homes. It marked the first time that sales have been above the 5 million-mark since October.


Economists were encouraged by the second straight monthly gain in existing home sales, though those sales are still hovering below the recent peak of 5.38 million sales hit last July.


Nasty winter storms weighed on sales of both existing and new homes in late 2013 and early 2014, making it unlikely that sales can match last year's pace. Sales of existing homes are expected to be below the 5.1 million homes bought last year and the 5.5 million annual sales that would be consistent with a healthy housing market.


Still, there are indications that sales could pick up.


Along with the arrival of spring, average mortgage rates have dropped to 4.13 percent, from 4.53 percent at the beginning of this year, according to Freddie Mac. The rate of price gains has slowed as the inventory of homes for sale has improved. But wage growth has barely kept pace with inflation, reducing how much income people have to spend and save for down payments.



Barefoot Carriers expanding operations in Ripley


Barefoot Carriers is expanding its operations in Ripley.


Officials say in a news release Thursday that the project represents a $2 million corporate investment and will create 25 new jobs.


The expansion involves the addition of 12 trucks and trailers, new equipment, and the extension of the company's truck and trailer parking and lay-down area.


Established in 2001, Barefoot Carriers is a family-owned and operated company that primarily provides over-the-road trucking and long-haul service throughout the United States.


The company's customers range from medical suppliers to the furniture manufacturers, with its largest customer being Ashely Furniture. Barefoot Carriers currently operates 44 over the road and four local trucks.


---


Online:


Barefoot Carriers, http://bit.ly/1oiyQkU



Rai calls for dialogue with ISIS



BEIRUT: Maronite Patriarch Beshara Rai has called the Islamic State of Iraq and Greater Syria to a dialogue.


"Humanity is the only thing we share with you. Come let’s talk and reach an understanding on this basis ... you rely on the language of arms, terrorism, violence and influence, but we rely on the language of dialogue, understanding and respect for others,” Rai addressed ISIS during a speech Wednesday at a dinner of the Episcopal Media Committee.


“What have the Christians in Mosul and Iraq done in order for them to be treated with such hatred and abuse?" he asked.


His comments were published Thursday by the local daily An-Nahar.


Iraqi Christians living in Mosul fled to the Kurdish autonomous region last week, ending a presence stretching back nearly 2,000 years, after ISIS militants set a deadline or them to submit to Islamist rule or leave.


ISIS has strengthened its control over Iraq’s second largest city by imposing Shariah law and threatening Christians who won’t convert, forcing thousands to flee Mosul.


Lebanese politicians from across the divide condemned the persecution of Christians by ISIS and Speaker Nabih Berri has called a parliamentary session on July 26 in solidarity with Christians in Mosul.



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