Zee News editor seeks video-recording of police statement

NEW DELHI: Zee News editor Sudhir Chaudhary, whom police has sent notice to join investigations after the channel aired the interview of December 16 rape victim's friend, on Saturday moved court seeking his statement be video-recorded but the order was silent on his request.

The court asked the city police to proceed the case "in accordance with the law" and did not specially mention in its order whether Chaudhary's statement would be recorded or not.

Metropolitan Magistrate Namrita Aggarwal said: "I have heard the counsel for the accused. SHO police station Vasant Vihar is directed to proceed as per law."

Chaudhary has moved the application saying he has been asked to join the investigation and a case has already been registered against him.

Advocate Vijay Aggarwal, appearing for Chaudhary, submitted that police has sent notice to his client to attend investigation.

"The applicant has received notice for attending investigation at Vasant Vihar police station. He prays that his statement made under section 161 (3) CrPC (Criminal Procedure Code) be recorded by audio video electronic means."

"The interview of the male friend had highlighted the irresponsible attitude of police towards the victims, so how can the same police register the case again the channel and also investigate it. It cannot be a fair investigation," said Aggarwal.

Delhi Police have filed a case against Zee News for revealing the identity of the gang-rape victim by carrying an interview of her male friend who was the only witness in the case.

The case was filed against at Vasant Vihar Police Station under Section 228 (A) of the Indian Penal Code. The interview of male friend would lead to the identification of the victim in breach of a law entitling her to anonymity, police said.

Read More..

FDA: New rules will make food safer


WASHINGTON (AP) — The Food and Drug Administration says its new guidelines would make the food Americans eat safer and help prevent the kinds of foodborne disease outbreaks that sicken or kill thousands of consumers each year.


The rules, the most sweeping food safety guidelines in decades, would require farmers to take new precautions against contamination, to include making sure workers' hands are washed, irrigation water is clean, and that animals stay out of fields. Food manufacturers will have to submit food safety plans to the government to show they are keeping their operations clean.


The long-overdue regulations could cost businesses close to half a billion dollars a year to implement, but are expected to reduce the estimated 3,000 deaths a year from foodborne illness. The new guidelines were announced Friday.


Just since last summer, outbreaks of listeria in cheese and salmonella in peanut butter, mangoes and cantaloupe have been linked to more than 400 illnesses and as many as seven deaths, according to the federal Centers for Disease Control and Prevention. The actual number of those sickened is likely much higher.


Many responsible food companies and farmers are already following the steps that the FDA would now require them to take. But officials say the requirements could have saved lives and prevented illnesses in several of the large-scale outbreaks that have hit the country in recent years.


In a 2011 outbreak of listeria in cantaloupe that claimed 33 lives, for example, FDA inspectors found pools of dirty water on the floor and old, dirty processing equipment at Jensen Farms in Colorado where the cantaloupes were grown. In a peanut butter outbreak this year linked to 42 salmonella illnesses, inspectors found samples of salmonella throughout Sunland Inc.'s peanut processing plant in New Mexico and multiple obvious safety problems, such as birds flying over uncovered trailers of peanuts and employees not washing their hands.


Under the new rules, companies would have to lay out plans for preventing those sorts of problems, monitor their own progress and explain to the FDA how they would correct them.


"The rules go very directly to preventing the types of outbreaks we have seen," said Michael Taylor, FDA's deputy commissioner for foods.


The FDA estimates the new rules could prevent almost 2 million illnesses annually, but it could be several years before the rules are actually preventing outbreaks. Taylor said it could take the agency another year to craft the rules after a four-month comment period, and farms would have at least two years to comply — meaning the farm rules are at least three years away from taking effect. Smaller farms would have even longer to comply.


The new rules, which come exactly two years to the day President Barack Obama's signed food safety legislation passed by Congress, were already delayed. The 2011 law required the agency to propose a first installment of the rules a year ago, but the Obama administration held them until after the election. Food safety advocates sued the administration to win their release.


The produce rule would mark the first time the FDA has had real authority to regulate food on farms. In an effort to stave off protests from farmers, the farm rules are tailored to apply only to certain fruits and vegetables that pose the greatest risk, like berries, melons, leafy greens and other foods that are usually eaten raw. A farm that produces green beans that will be canned and cooked, for example, would not be regulated.


Such flexibility, along with the growing realization that outbreaks are bad for business, has brought the produce industry and much of the rest of the food industry on board as Congress and FDA has worked to make food safer.


In a statement Friday, Pamela Bailey, president of the Grocery Manufacturers Association, which represents the country's biggest food companies, said the food safety law "can serve as a role model for what can be achieved when the private and public sectors work together to achieve a common goal."


The new rules could cost large farms $30,000 a year, according to the FDA. The agency did not break down the costs for individual processing plants, but said the rules could cost manufacturers up to $475 million annually.


FDA Commissioner Margaret Hamburg said the success of the rules will also depend on how much money Congress gives the chronically underfunded agency to put them in place. "Resources remain an ongoing concern," she said.


The farm and manufacturing rules are only one part of the food safety law. The bill also authorized more surprise inspections by the FDA and gave the agency additional powers to shut down food facilities. In addition, the law required stricter standards on imported foods. The agency said it will soon propose other overdue rules to ensure that importers verify overseas food is safe and to improve food safety audits overseas.


Food safety advocates frustrated over the last year as the rules stalled praised the proposed action.


"The new law should transform the FDA from an agency that tracks down outbreaks after the fact, to an agency focused on preventing food contamination in the first place," said Caroline Smith DeWaal of the Center for Science in the Public Interest.


Read More..

Pharmacy Blames Cleaners in Meningitis Outbreak


Jan 4, 2013 11:41am







ap meningitis door vial nt 130104 wblog Meningitis Outbreak: NECC Blames Cleaners

Credit: Minnesota Department of Health/AP Photo


The pharmacy at the heart of the fungal meningitis outbreak says a cleaning company it hired should share the blame for the tainted steroid injections that caused more than 600 illnesses in 19 states, killing 39 people.


Click here to read about the road to recovery for fungal meningitis victims.


The New England Compounding Pharmacy, which made the fungus-tainted drugs, sent a letter to UniFirst Corp., which provided once-a month cleaning services to the Framingham, Mass., lab, “demanding” it indemnify NECC for the meningitis outbreak, according to a UniFirst filing with the Securities and Exchange Commission.


“Based on its preliminary review of this matter, the company believes that NECC’s claims are without merit,” UniFirst wrote in its quarterly filing.


The New England Compounding Center recalled 17,000 vials of tainted steroid injections on Sept. 26 before recalling all drugs and shutting down on Oct. 6.


The Food and Drug Administration investigated NECC’s lab and found that a quarter of the steroid injections in one bin contained “greenish black foreign matter,” according to the report.  The FDA also identified several cleanrooms that had bacterial or mold overgrowths.


UniFirst’s UniClean business cleaned portions of the NECC cleanrooms to NECC’s specifications and using NECC’s cleansing solutions, UniFirst spokesman Adam Soreoff said in a statement. It provided two technicians once a month for about an hour and a half.


“UniClean was not in any way responsible for NECC’s day-to-day operations, its overall facility cleanliness, or the integrity of the products they produced,” Soreoff said. “Therefore, based on what we know, we believe any NECC claims against UniFirst or UniClean are unfounded and without merit. ”


Click here for our fungal meningitis outbreak timeline, “Anatomy of an Outbreak.”


NECC was not immediately available for comment.


The House of Representatives subpoenaed Barry Cadden, who owns NECC,  to a hearing in Washington, D.C. on Nov. 14. He declined to testify when members of Congress pressed him on his role in ensuring that the drugs his company produced were safe and sterile.


“On advice of counsel, I respectfully decline to answer on the basis of my constitutional rights and privileges including the Fifth Amendment of the Constitution of the United States,” he said at the hearing.


Members of Congress also questioned whether the FDA could have prevented the outbreak.


Compounding pharmacies, which are intended to tailor drugs to individuals with a single prescription from a single doctor, are typically overseen by state pharmacy boards rather than the FDA because they are so small. However, in 2006, the FDA issued a warning letter to NECC, accusing it of mass-producing a topical anesthetic cream, and jeopardizing another drug’s sterility by repackaging it.




SHOWS: World News







Read More..

Abbas sees Palestinian unity as Fatah rallies in Gaza


GAZA (Reuters) - President Mahmoud Abbas predicted the end of a five-year split between the two big Palestinian factions as his Fatah movement staged its first mass rally in Gaza with the blessing of Hamas Islamists who rule the enclave.


"Soon we will regain our unity," Abbas, whose authority has been limited to the Israeli-occupied West Bank since the 2007 civil war between the two factions, said in a televised address to hundreds of thousands of followers marching in Gaza on Friday, with yellow Fatah flags instead of the green of Hamas.


The hardline Hamas movement, which does not recognize Israel's right to exist, expelled secular Fatah from Gaza during the war. It gave permission for the rally after the deadlock in peace talks between Abbas's administration and Israel narrowed the two factions' ideological differences.


The Palestinian rivals have drawn closer since Israel's assault on Gaza assault in November, in which Hamas, though battered, claimed victory.


Egypt has long tried to broker Hamas-Fatah reconciliation, but past efforts have foundered over questions of power-sharing, control of weaponry, and to what extent Israel and other powers would accept a Palestinian administration including Hamas.


An Egyptian official told Reuters Cairo was preparing to invite the factions for new negotiations within two weeks.


Israel fears grassroots support for Hamas could eventually topple Abbas's Palestinian Authority (PA) in the West Bank.


"Hamas could seize control of the PA any day," Israeli Prime Minister Benjamin Netanyahu said on Thursday.


The demonstration marked 48 years since Fatah's founding as the spearhead of the Palestinians' fight against Israel. Its longtime leader Yasser Arafat signed an interim 1993 peace accord that won Palestinians a measure of self rule.


Hamas, which rejected the 1993 deal, fought and won a Palestinian parliamentary election in 2006. It formed an uneasy coalition with Fatah until their violent split a year later.


Though shunned by the West, Hamas feels bolstered by electoral gains for Islamist movements in neighboring Egypt and elsewhere in the region - a confidence reflected in the fact Friday's Fatah demonstration was allowed to take place.


"The success of the rally is a success for Fatah, and for Hamas too," said Hamas spokesman Sami Abu Zuhri. "The positive atmosphere is a step on the way to regain national unity."


Fatah, meanwhile, has been riven by dissent about the credibility of Abbas's statesmanship, especially given Israel's continued settlement-building on West Bank land. The Israelis quit Gaza unilaterally in 2005 after 38 years of occupation.


"The message today is that Fatah cannot be wiped out," said Amal Hamad, a member of the group's ruling body, referring to the demonstration attended by several Abbas advisers. "Fatah lives, no one can exclude it and it seeks to end the division."


In his speech, Abbas promised to return to Gaza soon and said Palestinian unification would be "a step on the way to ending the (Israeli) occupation".


(Editing by Dan Williams, Alistair Lyon and Jason Webb)



Read More..

Oil prices mixed; WTI up on US crude supply drop






NEW YORK: Oil prices were mixed Friday, with the New York WTI higher on data showing crude supplies unexpectedly shrank sharply in the United States, the world's biggest oil consumer.

New York's main West Texas Intermediate contract, light sweet crude for delivery in February, rose 17 cents from Thursday to close at US$93.09 a barrel.

In London trade, Brent North Sea crude for February settled at US$111.31 a barrel, down 83 cents.

The New York market found support after the US Department of Energy's weekly petroleum inventories statement, said Bill Baruch of iiTrader.com.

"The crude inventories was a big draw; however the gasoline was a big build," Baruch said.

Crude supplies dived by 11.1 million barrels in the week ended December 28, much more than the 1.0 million consensus estimate of analysts polled by Dow Jones Newswires.

Still, US crude supplies were 9.2 per cent higher than their year-ago level.

Gasoline supplies rose by a stronger-than-expected 2.6 million barrels, and distillates, which include diesel and heating oil, climbed by 4.6 million barrels.

Investors also digested an in-line US jobs report for December that showed job growth remained too slow to significantly reduce unemployment.

The jobless rate was unchanged at 7.8 per cent and a modest 155,000 were added last month, according to the US Labor Department.

Earlier, WTI and Brent prices were sharply lower after minutes of the December US Federal Reserve policy meeting, released Thursday, showed central bank officials were divided over the duration of asset purchases, signalling they could end as early as this year.

"Prices were... driven down following the move by the US Federal Reserve to signal a possible end to fiscal stimulus this year, which has raised concern that the economic recovery may falter," said Inenco energy analyst Gary Hornby.

- AFP/jc



Read More..

Aruna Roy objects to direct cash transfer

NEW DELHI: National Advisory Council (NAC) member and MKSS leader Aruna Roy on Friday shot off a scathing letter to the finance ministry objecting to "talk" of subsidy cuts for the poor while funding programmes like Aadhar that have no legislative backing. She also suggested that pre-budget consultations for business and social sector should be held jointly in a more democratic fashion.

Expressing "shock" at subsidy cuts Roy, who did not attend Friday's meeting with the finance ministry, said, " In a country that has fuelled its economic growth through exploitation of common property resources and the labour of the poor, to not have a tax to GDP ratio that is substantially higher only makes it clear that for India's unorganized sector the candle is burning on both ends. Enough has already been said about the undiminished tax subsidies to the corporate sector, which will I am sure will be meeting you with increased demands."

Suggesting that the business and social sector be met with jointly rather than "pigeon-holed" Roy said that banking heavily on cash transfers through the Aadhar scheme was a "huge mistake". "The government is making a huge mistake in pushing Aadhaar and making it mandatory, without ensuring its viability. Glaring mismatches have already begun at the grass root level and the system being imposed is undemocratic and injudicious. Any further investment without proper and complete examination will undoubtedly lead to confirmed disaster," she added.

Stressing that NREGS, food security bill and old age pension required the priority of the government, Roy said that the government was "steam rolling" opposition. "Yours was a government that empowered people to monitor government through the right to information act. Instead of showing the political will to act on demands for accountability, this government is proceeding on the assumption that technology will be the "game changer." It is not that we oppose technology or even blindly oppose the use of technology for monitoring of welfare programmes. Many of us feel that it is not been adequately discussed, or rationally evaluated; instead all opposition and even questions are being steam rolled."

She added that she was "extremely distressed" the food security bill has been pushed into cold storage and the contrary path of cash transfers is being relentlessly pursued.

Read More..

FDA proposes sweeping new food safety rules


WASHINGTON (AP) — The Food and Drug Administration on Friday proposed the most sweeping food safety rules in decades, requiring farmers and food companies to be more vigilant in the wake of deadly outbreaks in peanuts, cantaloupe and leafy greens.


The long-overdue regulations are aimed at reducing the estimated 3,000 deaths a year from foodborne illness. Just since last summer, outbreaks of listeria in cheese and salmonella in peanut butter, mangoes and cantaloupe have been linked to more than 400 illnesses and as many as seven deaths, according to the Centers for Disease Control. The actual number of those sickened is likely much higher.


The FDA's proposed rules would require farmers to take new precautions against contamination, to include making sure workers' hands are washed, irrigation water is clean, and that animals stay out of fields. Food manufacturers will have to submit food safety plans to the government to show they are keeping their operations clean.


Many responsible food companies and farmers are already following the steps that the FDA would now require them to take. But officials say the requirements could have saved lives and prevented illnesses in several of the large-scale outbreaks that have hit the country in recent years.


In a 2011 outbreak of listeria in cantaloupe that claimed 33 lives, for example, FDA inspectors found pools of dirty water on the floor and old, dirty processing equipment at Jensen Farms in Colorado where the cantaloupes were grown. In a peanut butter outbreak this year linked to 42 salmonella illnesses, inspectors found samples of salmonella throughout Sunland Inc.'s peanut processing plant in New Mexico and multiple obvious safety problems, such as birds flying over uncovered trailers of peanuts and employees not washing their hands.


Under the new rules, companies would have to lay out plans for preventing those sorts of problems, monitor their own progress on those safety efforts and explain to the FDA how they would correct them.


"The rules go very directly to preventing the types of outbreaks we have seen," said Michael Taylor, FDA's deputy commissioner for foods.


The FDA estimates the new rules could prevent almost 2 million illnesses annually, but it could be several years before the rules are actually preventing outbreaks. Taylor said it could take the agency another year to craft the rules after a four-month comment period, and farms would have at least two years to comply — meaning the farm rules are at least three years away from taking effect. Smaller farms would have even longer to comply.


The new rules, which come exactly two years to the day President Barack Obama's signed food safety legislation passed by Congress, were already delayed. The 2011 law required the agency to propose a first installment of the rules a year ago, but the Obama administration held them until after the election. Food safety advocates sued the administration to win their release.


The produce rule would mark the first time the FDA has had real authority to regulate food on farms. In an effort to stave off protests from farmers, the farm rules are tailored to apply only to certain fruits and vegetables that pose the greatest risk, like berries, melons, leafy greens and other foods that are usually eaten raw. A farm that produces green beans that will be canned and cooked, for example, would not be regulated.


Such flexibility, along with the growing realization that outbreaks are bad for business, has brought the produce industry and much of the rest of the food industry on board as Congress and FDA has worked to make food safer.


In a statement Friday, Pamela Bailey, president of the Grocery Manufacturers Association, which represents the country's biggest food companies, said the food safety law "can serve as a role model for what can be achieved when the private and public sectors work together to achieve a common goal."


The farm and manufacturing rules are only one part of the food safety law. The bill also authorized more surprise inspections by the FDA and gave the agency additional powers to shut down food facilities. In addition, the law required stricter standards on imported foods. The agency said it will soon propose other overdue rules to ensure that importers verify overseas food is safe and to improve food safety audits overseas.


Food safety advocates frustrated over the last year as the rules stalled praised the proposed action.


"The new law should transform the FDA from an agency that tracks down outbreaks after the fact, to an agency focused on preventing food contamination in the first place," said Caroline Smith DeWaal of the Center for Science in the Public Interest.


Read More..

Sandy Hook Parents Cope With Students' Return













Sandy Hook parents put their children on school buses this morning and waved goodbye as the yellow bus rolled away, but this first day back since the pre-Christmas massacre is anything but normal for the families of Sandy Hook Elementary School.


Erin Milgram, the mother of a first grader and a fourth grader at Sandy Hook, told "Good Morning America" that she was going to drive behind the bus and stay with her 7-year-old Lauren for the entire school day.


"I haven't gotten that far yet, about not being with them," Milgram said. "I just need to stay with them for a while."


Today is "Opening Day" for Sandy Hook Elementary School, which is re-opening about six miles away in the former Chalk Hill school in Monroe, Conn.


Lauren was in teacher Kaitlin Roig's first grade class on Dec. 14 when gunman Adam Lanza forced his way into the school and killed 20 students and six staffers.


Roig has been hailed a hero for barricading her students in a classroom bathroom and refusing to open the door until authorities could find a key to open the door.


The 20 students killed were first-graders and the Milgrams have struggled to explain to Lauren why so many of her friends will never return to school.


"She knows her friends and she'll also see on the bus... there will be some missing on the bus," Milgram said. "We look at yearbook pictures. We try to focus on the happy times because we really don't know what we're doing."








Sandy Hook Elementary School: Ready to Return Watch Video









Newtown, Conn. Students Return to New Sandy Hook Watch Video









Kidnapped American Journalist's Parents Plea for His Release Watch Video





"How could someone be so angry?" Lauren's father Eric Milgram wondered before a long pause. "We don't know."


The school has a lecture room available for parents to stay as long as they wish and they are also allowed to accompany their children to the classroom to help them adjust. Counselors will be available throughout the day for parents, staff and students, according to the school's website.


The first few days will be a delicate balancing act between assessing the children's needs and trying to get them back to a normal routine.


"We don't want to avoid memories of a trauma," Dr. Jamie Howard told "Good Morning America." "And so by getting back to school and by engaging in your routines, we're helping kids to do that, we're helping them to have a natural, healthy recovery to a trauma."


Connecticut Gov. Dannel Malloy announced at a news conference today that he has created a 15-member Sandy Hook Advisory Commission, which will be led by Hamden Mayor Scott Jackson. The commission will review gun control laws and regulations, school safety and mental health issues.


"It would be stupid for us not to have this conversation," Malloy said, speaking from the State Capitol in Hartford.


Security is paramount in everyone's mind. There is a police presence on campus and drivers of every vehicle that comes onto campus are being interviewed.


"Our goal is to make it a safe and secure learning environment for these kids to return to, and the teachers also," Monroe police Lt. Keith White said at a news conference on Wednesday.


A "state-of-the-art" security system is in place, but authorities will not go into detail about the system saying only that the school will probably be "the safest school in America."


White said at a news conference today that the security presence would be evaluated on a day-by-day and week-by-week basis moving forward.


"We are trying to keep a balance," he said. "We don't want them [the students] to think that this is a police state. This is a school and a school first."


Every adult in the school who is not immediately recognizable will be required to wear a badge as identification, parent and school volunteer Karen Dryer told ABCNews.com.


"They want to know exactly who you are at sight, whether or not you should be there," Dryer said.


Despite the precautions and preparations, parents will still be coping with the anxiety of parting with their children.


"Rationally, something like this is a very improbable event, but that still doesn't change the emotional side of the way you feel," Eric Milgram said.



Read More..

Syria rebels in push to capture air base


AZAZ, Syria (Reuters) - Rebels battled on Thursday to seize an air base in northern Syria, part of a campaign to fight back against the air power that has given President Bashar al-Assad's forces free rein to bomb rebel-held towns.


More than 60,000 people have been killed in the 21-month-old uprising and civil war, the United Nations said this week, sharply raising the death toll estimate in a conflict that shows no sign of ending.


After dramatic advances over the second half of 2012, the rebels now hold wide swathes of territory in the north and east, but are limited in exerting control because they cannot protect towns and villages from Assad's helicopters and jets.


Hundreds of fighters from rebel groups were attempting to storm the Taftanaz air base, near the northern highway that links Syria's two main cities, Aleppo and the capital Damascus.


Rebels have been besieging air bases across the north in recent weeks, in the hope this will reduce the government's power to carry out air strikes and resupply loyalist-held areas.


A rebel fighter speaking from near the Taftanaz base overnight said the base's main sections were still in loyalist hands but insurgents had managed to infiltrate and destroy a helicopter and a fighter jet on the ground.


The northern rebel Idlib Coordination Committee said the rebels had detonated a car bomb inside the base.


The government's SANA news agency said the base had not fallen and that the military had "strongly confronted an attempt by the terrorists to attack the airport from several axes, inflicting heavy losses among them and destroying their weapons and munitions".


Rami Abdulrahman, head of the opposition-aligned Syrian Observatory for Human Rights which monitors the conflict from Britain, said as many as 800 fighters were involved in the assault, including Islamists from Jabhat al-Nusra, a powerful group that Washington considers terrorists.


Taftanaz is mainly a helicopter base, used for missions to resupply army positions in the north, many of which are cut off by road because of rebel gains, as well as for dropping crude "barrel bombs" of explosives on rebel-controlled areas.


"WHAT IS THE FAULT OF THE CHILDREN?"


Near Minakh, another northern air base that rebels have surrounded, government forces have retaliated by regularly shelling and bombing nearby towns.


In the town of Azaz, where the bombardment has become a near nightly occurrence, shells hit a family house overnight. Zeinab Hammadi said her two wounded daughters, aged 10 and 12, had been rushed across the border to Turkey, one with her brain exposed.


"We were sleeping and it just landed on us in the blink of an eye," she said, weeping as she surveyed the damage.


Family members tried to salvage possessions from the wreckage, men lifting out furniture and children carrying out their belongings in tubs.


"He (Assad) wants revenge against the people," said Abu Hassan, 33, working at a garage near the destroyed house. "What is the fault of the children? Are they the ones fighting?"


Opposition activists said warplanes struck a residential building in another rebel-held northern town, Hayyan, killing at least eight civilians.


Video footage showed men carrying dismembered bodies of children and dozens of people searching for victims in the rubble of the destroyed building, shouting "God is greatest". The provenance of the video could not be independently confirmed.


In addition to their tenuous grip on the north, the rebels also hold a crescent of suburbs on the edge of Damascus, which have come under bombardment by government forces that control the center of the capital.


On Wednesday, according to opposition activists, dozens of people were incinerated in an inferno caused by an air strike on a petrol station in a Damascus suburb where residents were lining up for precious fuel.


The civil war in Syria has become the longest and bloodiest of the conflicts that rose out of uprisings across the Arab world in the past two years.


Assad's family has ruled for 42 years since his father seized power in a coup. The war pits rebels, mainly from the Sunni Muslim majority, against a government supported by members of Assad's Shi'ite-derived Alawite minority sect and some members of other minorities who fear revenge if he falls.


The West, most Sunni-ruled Arab states and Turkey have called for Assad to leave power. He is supported by Russia and Shi'ite Iran.


(Additional reporting by Khaled Yacoub Oweis in Amman and Dominic Evans in Beirut; Writing by Peter Graff; Editing by Ruth Pitchford)



Read More..

Fiat says to boost stake in Chrysler to 65.17%






ROME: Italian auto giant Fiat on Thursday said it was exercising its option to increase by 3.3 percentage points its stake in US automaker Chrysler to 65.17 per cent for US$198 million.

Fiat said the value of the purchase from a trust run by the US auto union UAW to pay health care benefits for Chrysler retirees was its estimate, which still had to be determined by a US court.

In July, the Italian company said it was exercising its option to purchase another 3.3-percent tranche from the Voluntary Employee Beneficiary Association (VEBA) trust.

"Following the consummation of both purchases, Fiat will hold 65.17 per cent of the outstanding equity in Chrysler," the company said in a statement.

Fiat took over operational command of the ailing US automaker in June 2009, when Chrysler emerged from a government-supported bankruptcy following a collapse in sales amid the financial crisis.

In June 2011, Fiat took a majority stake of the company and Fiat boss Sergio Marchionne is now also chief executive of the Chrysler Group, though the two groups still operate independently.

Marchionne does not foresee a full merger before 2015.

- AFP/jc



Read More..