ConAgra to buy Ralcorp for $5 billion












(Reuters) – Long-time suitor ConAgra Foods Inc finally sealed a deal to buy Ralcorp Holdings Inc for $ 5 billion to become the biggest private label food company in North America.


Ralcorp shareholders will receive $ 90 per share in cash, representing a premium of 28.2 percent to the stock’s Monday close, ConAgra said.












Ralcorp shares were trading at $ 88.50 before the bell. They closed at $ 70.23 on the New York Stock Exchange on Monday.


The deal is valued at $ 6.8 billion including debt, ConAgra said in a statement on Tuesday.


Ralcorp last year rejected several ConAgra offers, including a $ 94 per share bid that valued the company at $ 5.2 billion, and chose instead to spin off its Post cereal business.


With Tuesday’s deal, the combined market value of Ralcorp and Post Holdings Inc is about $ 6.12 billion.


Activist investor Corvex Management, Ralcorp’s largest shareholder, in August demanded that the food manufacturer either sell itself, buy another company or change its strategy after a series of earnings disappointments.


ConAgra said the deal, which was approved by the boards of both companies, will add to earnings in the first year.


ConAgra’s shares closed at $ 28.29 on the New York Stock Exchange on Monday.


(Reporting by Siddharth Cavale in Bangalore; Editing by Sriraj Kalluvila)


(This story was refiled to correct the month to August from October in the seventh paragraph)


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Mexican beauty queen killed in shootout












CULIACAN, Mexico (AP) — A 20-year-old state beauty queen died in a gun battle between soldiers and the alleged gang of drug traffickers she was traveling with in a scene befitting the hit movie “Miss Bala,” or “Miss Bullet,” about Mexico’s not uncommon ties between narcos and beautiful pageant contestants.


The body of Maria Susana Flores Gamez was found Saturday lying near an assault rifle on a rural road in a mountainous area of the drug-plagued state of Sinaloa, the chief state prosecutor said Monday. It was unclear if she had used the weapon.












“She was with the gang of criminals, but we cannot say whether she participated in the shootout,” state prosecutor Marco Antonio Higuera said. “That’s what we’re going to have to investigate.”


The slender, 5-foot-7-inch brunette was voted the 2012 Woman of Sinaloa in a beauty pageant in February. In June, the model competed with other seven contestants for the more prestigious state beauty contest, Our Beauty Sinaloa, but didn’t win. The Our Beauty state winners compete for the Miss Mexico title, whose holder represents the country in the international Miss Universe.


Higuera said Flores Gamez was traveling in one of the vehicles that engaged soldiers in an hours-long chase and running gun battle on Saturday near her native city of Guamuchil in the state of Sinaloa, home to Mexico’s most powerful drug cartel. Higuera said two other members of the drug gang were killed and four were detained.


The shootout began when the gunmen opened fire on a Mexican army patrol. Soldiers gave chase and cornered the gang at a safe house in the town of Mocorito. The other men escaped, and the gunbattle continued along a nearby roadway, where the gang’s vehicles were eventually stopped. Six vehicles, drugs and weapons were seized following the confrontation.


It was at least the third instance in which a beauty queen or pageant contestants have been linked to Mexico’s violent drug gangs, a theme so common it was the subject of a critically acclaimed 2011 movie.


In “Miss Bala,” Mexico’s official submission to the Best Foreign Language Film category of this year’s Academy Awards, a young woman competing for Miss Baja California becomes an unwilling participant in a drug-running ring, finally getting arrested for deeds she was forced into performing.


In real life, former Miss Sinaloa Laura Zuniga was stripped of her 2008 crown in the Hispanoamerican Queen pageant after she was detained on suspicion of drug and weapons violations. She was later released without charges.


Zuniga was detained in western Mexico in late 2010 along with seven men, some of them suspected drug traffickers. Authorities found a large stash of weapons, ammunition and $ 53,300 with them inside a vehicle.


In 2011, a Colombian former model and pageant contestant was detained along with Jose Jorge Balderas, an accused drug trafficker and suspect in the 2010 bar shooting of Salvador Cabanas, a former star for Paraguay‘s national football team and Mexico’s Club America. She was also later released.


Higuera said Flores Gamez’s body has been turned over to relatives for burial.


“This is a sad situation,” Higuera told a local radio station. She had been enrolled in media courses at a local university, and had been modeling and in pageants since at least 2009.


Javier Valdez, the author of a 2009 book about narco ties to beauty pageants entitled “Miss Narco,” said “this is a recurrent story.”


“There is a relationship, sometimes pleasant and sometimes tragic, between organized crime and the beauty queens, the pageants, the beauty industry itself,” Valdez said.


“It is a question of privilege, power, money, but also a question of need,” said Valdez. “For a lot of these young women, it is easy to get involved with organized crime, in a country that doesn’t offer many opportunities for young people.”


Sometimes drug traffickers seek out beauty queens, but sometimes the models themselves look for narco boyfriends, Valdez said.


“I once wrote about a girl I knew of who was desperate to get a narco boyfriend,” he said. “She practically took out a classified ad saying ‘Looking for a Narco’.”


The stories seldom end well. In the best of cases, a beautiful woman with a tear-stained face is marched before the press in handcuffs. In the worst of cases, they simply disappear.


“They are disposable objects, the lowest link in the chain of criminal organizations, the young men recruited as gunmen and the pretty young women who are tossed away in two or three years, or are turned into police or killed,” Valdez said.


___


Associated Press Writer E. Eduardo Castillo contributed to this report


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Card firms’ block on WikiLeaks did not break rules: EU












BRUSSELS (Reuters) – A block on processing donations for WikiLeaks by Visa Europe and other credit card companies is unlikely to have violated EU anti-trust rules, the European Commission said on Tuesday.


DataCell, a company that collected donations for WikiLeaks, complained to the Commission about Visa Europe, MasterCard Europe and American Express Co after they stopped processing donations for WikiLeaks in December 2010. Their decisions followed criticism by the United States of WikiLeaks’ release of thousands of sensitive U.S. diplomatic cables.












“On the basis of the information available, the Commission considers that the complaint does not merit further investigation because it is unlikely that any infringement of EU competition rules could be established,” said a spokesman for the Commission, the EU executive.


He added, however, that the Commission would look at new information from DataCell before taking a final decision.


WikiLeaks founder Julian Assange has been staying in Ecuador’s embassy in central London since June to avoid extradition to Sweden to face rape and sexual assault allegations.


Assange said there were no lawful grounds for the card companies’ actions, which he said had cost Wikileaks 95 percent of its revenue and threatened his organization’s existence.


(Reporting by Foo Yun Chee and Adrian Croft; Editing by Louise Heavens)


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UnitedHealth forecasts 2013 profit below Wall St view












(Reuters) – UnitedHealth Group Inc , the largest U.S. private health insurer, said on Monday it expected 2013 earnings of $ 5.25 to $ 5.50 per share, below analysts‘ expectations.


Revenue should be $ 123 billion to $ 124 billion, the company said, higher than the Wall Street target. UnitedHealth gave the forecast in a statement ahead of a Tuesday meeting with analysts and investors.












Analysts had expected 2013 earnings of $ 5.58 per share on revenue of $ 119.12 billion, according to Thomson Reuters I/B/E/S.


UnitedHealth said during a quarterly conference call in October that analysts’ estimates for 2013 were too high, citing the weak economy and government efforts to rein in the deficit. At that time, the consensus was for earnings of $ 5.60 per share.


UnitedHealth has a history of exceeding its forecast, Oppenheimer analyst Michael Wiederhorn said in a research note. “Overall, we believe UNH’s outlook will prove conservative,” he wrote.


Wiederhorn said it was not immediately clear if the Wall Street consensus outlook for 2013 revenue was comparable and included sales from Brazil’s Amil Participacoes SA , which it acquired for $ 4.9 billion.


UnitedHealth also reaffirmed its 2012 outlook for earnings of $ 5.20 to $ 5.25 per share.


(Reporting by Caroline Humer; Editing by Lisa Von Ahn and Jeffrey Benkoe)


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Is Jordan Headed for an Arab Spring?












5383d  maha aziz Is Jordan Headed for an Arab Spring?


In 2011, during the first wave of the Arab Spring, Jordan stood out as an oasis of stability. Recurrent but largely peaceful protests demanding political reform led to two prime ministers being sacked by King Abdullah II in February and October. This year, in the movement’s next wave, some protesters have shifted their focus to direct criticism of the  monarch—an act that can lead to a prison sentence of up to three years in the kingdom. Could King Abdullah, an American ally in a highly unstable region, be the next casualty of popular upheaval?












That’s unlikely at this point mostly because protesters still focus mainly on reforms, both political and economic. They appear willing to give the king one more chance. Whatever he proposes, we can certainly expect a bumpy road before the monarch manages to reclaim any domestic legitimacy, especially after almost two years of significant political and economic crises. Not helping are the growing presence of jihadists —11 members of an al Qaeda-linked cell were arrested in October in an alleged local bomb plot—and the influx of more than 100,000 refugees from neighboring Syria.


In early September, thousands of protesters in nine of Jordan’s 12 provinces demanded the resignation of Prime Minister Fayez al-Tarawneh after the government decided to raise fuel prices by 10 percent. Although King Abdullah promptly suspended the government’s move, some protesters openly mocked him, leading to at least 15 arrests. In October, more than 10,000 Jordanians protested for political reforms in the capital, Amman, despite the king’s call for early elections and plans for electoral reform.


Most recently, in mid-November, thousands protested in cities and towns in more than 100 demonstrations across Jordan following the government’s decision to lower fuel subsidies once again—this time to avoid complete economic collapse by reducing the country’s budget deficit and securing a $ 2 billion loan from the International Monetary Fund. In some rallies, protesters spoke out against the king; in Dhiban, some burned pictures of him. The Islamist opposition—the Muslim Brotherhood’s Islamic Action Front (IAF) party—has been vocal about its intention to keep protests going, despite the use by riot police of water canons and tear gas on protesters. So far 17 civilians and 58 policemen have been hurt, one protester has been killed, and 158 have been arrested. The military has said it will use “an iron fist” against protesters who “harm public or private facilities or citizens.”


All this unrest exacerbates a severe political crisis. Besides the dismissal of two prime ministers in 2011, three prime ministers have already held power this year: Awn al-Khasawneh, Fayez al-Tarawneh, and the current leader, Abdullah Ensour. King Abdullah has called for elections to be held on Jan. 23, but the opposition—particularly the IAF—has announced plans to boycott the election. Despite concessions by the king that include a constitutional court and an election that will apparently produce an elected prime minister for the first time, rather than one appointed by the monarch, the unrest will probably continue until the IAF and the monarchy reach some consensus about the election.


The economic crisis is severe. Unemployment stands officially at more than 11 percent, but unofficial estimates suggest it is as high as 30 percent. Prices of such basic items as heating kerosene and cooking gas have, respectively, increased by more than 30 percent and 50 percent following the removal of government subsidies. The country faces a significant energy crisis. Much-needed aid from Saudi Arabia and other Arab nations has not yet been delivered. The monarch’s promise of “comprehensive development” clearly isn’t appeasing anyone.


There’s no question that King Abdullah’s domestic legitimacy has eroded significantly in the last two months. This growing legitimacy crisis will continue into 2013—unless there arrives some kind of political agreement involving the IAF, along with economic concessions providing immediate popular relief. If not, Jordan’s days of absolute monarchy could be numbered, despite international support from the U.S., Israel, and other Arab monarchies.


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UN climate talks open in Qatar












DOHA, Qatar (AP) — U.N. talks on a new climate pact resumed Monday in oil and gas-rich Qatar, where negotiators from nearly 200 countries will discuss fighting global warming and helping poor nations adapt to it.


The two-decade-old talks have not fulfilled their main purpose: reducing the greenhouse gas emissions that scientists say are warming the planet.












Attempts to create a new climate treaty failed in Copenhagen three years ago but countries agreed last year to try again, giving themselves a deadline of 2015 to adopt a new treaty.


A host of issues need to be resolved by then, including how to spread the burden of emissions cuts between rich and poor countries. That’s unlikely to be decided in the Qatari capital of Doha, where negotiators will focus on extending the Kyoto Protocol, an emissions deal for industrialized countries, and trying to raise billions of dollars to help developing countries adapt to a shifting climate.


“We all realize why we are here, why we keep coming back year and after year,” said South Africa Foreign Minister Maite Nkoana-Mashabane, who led last year’s talks in Durban, South Africa. “We owe it to our people, the global citizenry. We owe it to our children to give them a safer future than what they are currently facing.”


The U.N. process is often criticized, even ridiculed, both by climate activists who say the talks are too slow, and by those who challenge the scientific near-consensus that the global temperature rise is at least partly caused by human activity, primarily the burning of fossil fuels like coal and oil.


The concentration of greenhouse gases such as carbon dioxide has jumped 20 percent since 2000, according to a U.N. report released last week.


A recent projection by the World Bank showed temperatures are on track to increase by up to 4 degrees C (7.2 F) this century, compared with pre-industrial times, overshooting the 2-degree target that has been the goal of the U.N. talks.


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Facebook not so fun with a click from boss or mum












LONDON (Reuters) – Posting pictures of yourself plastered at a party and talking trash online with your Facebook friends may be more stress than it’s worth now that your boss and mum want to see it all.


A survey from Edinburgh Business School released on Monday showed Facebook users are anxious that all those self-published sins may be coming home to roost with more than half of employers claiming to have used Facebook to weed out job candidates.












“Facebook used to be like a great party for all your friends where you can dance, drink and flirt,” said Ben Marder, author of the report and fellow in marketing at the Business School.


“But now with your Mum, Dad and boss there, the party becomes an anxious event full of potential social landmines.”


On average, people are Facebook friends with seven different social circles, the report found, with real friends known to the user offline the most common.


More than four-fifths of users add extended family on Facebook, a similar number add siblings. Less than 70 percent are connected to friends of friends while more than 60 percent added their colleagues online, despite the anxiety this may cause.


Facebook has settings to control the information seen by different types of friends, but only one third use them, the report said.


“I’m not worried at all because all the really messy pics – me, drunken or worse – I detag straight away,” said Chris from London, aged 30.


People were more commonly friends with former boyfriends or girlfriends than with current ones, the report also found.


(Reporting By Dasha Afanasieva, editing by Paul Casciato)


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Bangladesh’s worst-ever factory blaze kills over 100












DHAKA (Reuters) – Fire swept through a garment factory on the outskirts of Bangladesh‘s capital killing more than 100 people, the fire brigade said on Sunday, in the country’s worst-ever factory blaze.


Working conditions at Bangladeshi factories are notoriously poor, with little enforcement of safety laws, and overcrowding and locked fire doors are common. The cause of this fire was not immediately known.












The blaze at the nine-storey Tazreen Fashion factory in the Ashulia industrial belt of Dhaka started on the ground floor late on Saturday and spread, trapping hundreds of workers.


“So far, the confirmed death toll is 109, including nine who died by jumping from the building,” Mizanur Rahman, deputy director of the fire brigade, told Reuters.


Witnesses said the workers, mostly women, ran for safety as the fire engulfed the plant but were unable to get through narrow exits.


“Many jumped out from the windows and were injured, or died on the spot,” Milon, a resident, said.


Most of the bodies were burnt beyond recognition and authorities had started burials while mourning relatives scrambled to find their loved ones, officials and witnesses said.


Unofficial sources put the number of dead at more than 120. Most of the bodies were found on the second floor, Rahman said.


Bangladesh has around 4,500 garment factories and is the world’s biggest exporter of clothing after China, with garments making up 80 percent of its $ 24 billion annual exports.


This was the highest ever death toll in a Bangladeshi factory fire. In 2006, 84 people were killed in a blaze in the southern port of Chittagong where fire exits had been blocked.


More than 300 factories near the capital shut for almost a week earlier this year as workers demanded higher wages and better working conditions.


(Editing by Nick Macfie)


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Hostess CEO: Why I’m Shutting Down Twinkies












I made the decision to liquidate Hostess last night (Nov. 15). A number of factors have contributed to this. Hostess is 93 percent unionized, and it’s been formed by a number of acquisitions over the decades; a lot of old rules were just grandfathered into contracts from companies that no longer exist. There were all these crazy work rules, like one driver can only drive cake and the other can only drive bread. Hostess went through bankruptcy in 2004 and not enough work was done in that filing to deal with these issues.


I hear that the push toward healthier food is what did us in, but that hasn’t affected us at all. Why do you have chocolate companies? How do you explain doughnut shops when doughnuts haven’t changed in 100 years? We were north of $ 2 billion a year in sales. They weren’t the problem, our cost structure was.












I came on board at Hostess in February, and I was stunned by how little had been accomplished. We managed to make a deal with the Teamsters but the bakers didn’t support what they’d agreed to. I told them that if there’s going to be a strike over the negotiations, we won’t be able to withstand it and we have to liquidate. But I don’t think they believed us. We had 36 Hostess plants when the strike started two weeks ago, but we immediately closed three, so we only had 33 left. Bakers were crossing the picket line in some numbers but not enough to keep things going. Last night I got the update: 11 plants still weren’t operating. After that I communicated with my board and made the decision. That was a difficult call to make. I had people on that call who’d been working 20 hours a day at these plants, trying to make enough product to keep them on the shelves.


I look at this as a failure. I’ve spent a lot of time wondering why we didn’t make more progress. I’m a turnaround guy, I’m a pretty optimistic guy. I don’t think this was the inevitable end. We had a shot at surviving, but we couldn’t overcome the strike. We have potential buyers for our brands and we’ll contact them, but I haven’t even thought about that yet. We sent everyone home from the plants. That’s 18,500 people out of work. — As told to Claire Suddath


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Egypt’s Mursi faces judicial revolt over decree












CAIRO (Reuters) – Egyptian President Mohamed Mursi faced a rebellion from judges who accused him on Saturday of expanding his powers at their expense, deepening a crisis that has triggered violence in the street and exposed the country’s deep divisions.


The Judges’ Club, a body representing judges across Egypt, called for a strike during a meeting interrupted with chants demanding the “downfall of the regime” – the rallying cry in the uprising that toppled Hosni Mubarak last year.












Mursi’s political opponents and supporters, representing the divide between newly empowered Islamists and their critics, called for rival demonstrations on Tuesday over a decree that has triggered concern in the West.


Issued late on Thursday, it marks an effort by Mursi to consolidate his influence after he successfully sidelined Mubarak-era generals in August. The decree defends from judicial review decisions taken by Mursi until a new parliament is elected in a vote expected early next year.


It also shields the Islamist-dominated assembly writing Egypt’s new constitution from a raft of legal challenges that have threatened the body with dissolution, and offers the same protection to the Islamist-controlled upper house of parliament.


Egypt’s highest judicial authority, the Supreme Judicial Council, said the decree was an “unprecedented attack” on the independence of the judiciary. The Judges’ Club, meeting in Cairo, called on Mursi to rescind it.


That demand was echoed by prominent opposition leader Mohamed ElBaradei. “There is no room for dialogue when a dictator imposes the most oppressive, abhorrent measures and then says ‘let us split the difference’,” he said.


“I am waiting to see, I hope soon, a very strong statement of condemnation by the U.S., by Europe and by everybody who really cares about human dignity,” he said in an interview with Reuters and the Associated Press.


More than 300 people were injured on Friday as protests against the decree turned violent. There were attacks on at least three offices belonging to the Muslim Brotherhood, the movement that propelled Mursi to power.


POLARISATION


Liberal, leftist and socialist parties called a big protest for Tuesday to force Mursi to row back on a move they say has exposed the autocratic impulses of a man once jailed by Mubarak.


In a sign of the polarization in the country, the Muslim Brotherhood called its own protests that day to support the president’s decree.


Mursi also assigned himself new authority to sack the prosecutor general, who was appointed during the Mubarak era, and appoint a new one. The dismissed prosecutor general, Abdel Maguid Mahmoud, was given a hero’s welcome at the Judges’ Club.


In open defiance of Mursi, Ahmed al-Zind, head of the club, introduced Mahmoud by his old title.


The Mursi administration has defended the decree on the grounds that it aims to speed up a protracted transition from Mubarak’s rule to a new system of democratic government.


Analysts say it reflects the Brotherhood’s suspicion towards sections of a judiciary unreformed from Mubarak’s days.


“It aims to sideline Mursi’s enemies in the judiciary and ultimately to impose and head off any legal challenges to the constitution,” said Elijah Zarwan, a fellow with The European Council on Foreign Relations.


“We are in a situation now where both sides are escalating and its getting harder and harder to see how either side can gracefully climb down.”


ADVISOR TO MURSI QUITS


Following a day of violence in Cairo, Alexandria, Port Said and Suez, the smell of tear gas hung over the capital’s Tahrir Square, the epicentre of the uprising that toppled Mubarak in 2011 and the stage for more protests on Friday.


Youths clashed sporadically with police near the square, where activists camped out for a second day on Saturday, setting up makeshift barricades to keep out traffic.


Al-Masry Al-Youm, one of Egypt’s most widely read dailies, hailed Friday’s protest as “The November 23 Intifada”, invoking the Arabic word for uprising.


But the ultra-orthodox Salafi Islamist groups that have been pushing for tighter application of Islamic law in the new constitution have rallied behind Mursi’s decree.


The Nour Party, one such group, stated its support for the Mursi decree. Al-Gama’a al-Islamiya, which carried arms against the state in the 1990s, said it would save the revolution from what it described as remnants of the Mubarak regime.


Samir Morkos, a Christian assistant to Mursi, had told the president he wanted to resign, said Yasser Ali, Mursi’s spokesman. Speaking to the London-based Asharq Al-Awsat newspaper, Morkos said: “I refuse to continue in the shadow of republican decisions that obstruct the democratic transition”.


Mursi’s decree has been criticized by Western states that earlier this week were full of praise for his role in mediating an end to the eight-day war between Israel and Palestinians.


“The decisions and declarations announced on November 22 raise concerns for many Egyptians and for the international community,” State Department spokeswoman Victoria Nuland said.


The European Union urged Mursi to respect the democratic process.


(Additional reporting by Omar Fahmy, Marwa Awad, Edmund Blair and Shaimaa Fayed and Reuters TV; Editing by Jon Hemming)


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