Chelsea's Deco to quit Portugal after 2010 World Cup

　　

　　

　　Chelsea's Portuguese playmaker Deco is to retire from international football after this summer's World Cup finals in South Africa.

　　The 32-year-old told Radio Globo: "I will end my cycle after the World Cup.

　　"For my age and because it is tiring, I will say goodbye to the national team after the World Cup."

　　Deco won titles in Portugal and Spain with FC Porto and Barcelona respectively before moving to Chelsea in a deal worth £8 million in 2008.

　　The midfielder, who has enjoyed a successful career for both club and country, added that the prospect of winning the Premier League this season would be his "professional fulfilment.".

　　

　　He scored on his international debut as Portugal beat the country of his birth, Brazil, 2-1 in 2002 and has won 71 caps to date, playing a key part in helping Portugal reach the Euro 2004 final and the semi-finals of the 2006 World Cup.

Owner Al-Faraj may challenge latest Portsmouth takeover

　　

　　

　　Defeat at Fulham on Wednesday left Portsmouth rooted to the foot of the table

　　Portsmouth have been taken over by their fourth different owner of the season but his ownership could be subject to a legal dispute.

　　Hong Kong-based businessman Balram Chainrai has taken 90% of the club's shares after the existing owners defaulted on loan payments due to him.

　　He says he is only looking after the club until yet more new owners come in.

　　But a lawyer for the club's previous owner, Ali Al Faraj, will challenge whether such a takeover can go through.

　　Chainrai and any directors he wants to appoint must now pass the Premier League's fit and proper persons test, but there is every likelihood his tenure will be brief.

　　

　　"He is understood not to be interested in a long-term ownership, just averting the current crisis," said BBC sports news correspondent Gordon Farquhar.

　　A Pompey spokesman stated: "Portpin (Chainrai's company) have exercised a clause in their contractual agreement to take a controlling interest. They are taking control on a temporary basis to allow new owners to be found.

　　"Portpin's aim is to come in and stabilise the club, sort out the business with the winding up order from HM Revenue and Customs and sell it on to new owners."

　　Portsmouth chief executive Peter Storrie previously admitted his position at the cash-strapped club was "probably" untenable after learning that transfer deals were being done behind his back.

　　However, Storrie will retain his position under the club's new ownership.

　　"New directors will be appointed to the board and Peter Storrie will remain as chief executive and will be running the club," said a Portsmouth spokesman.

　　Pompey have lurched from one crisis to the next in recent months, with the Premier League club facing a winding-up petition from HMRC at the High Court on 10 February for unpaid taxes.

　　They have also been late paying wages four times this season, while Storrie appeared before a crown court accused of tax evasion in January.

　　Now Chainrai, 51, has taken charge after his company took over Al Faraj's 90% shareholding in the south-coast club.

　　"Chainrai has invoked a clause in a loan contract he struck with the club's third owner this year, Ali Al Faraj, giving him the right to take over 90% of the shares should they default on repayments to him," added Farquhar.

　　"He recently loaned the club £15m to £20m to help get them through their current financial crisis, which still isn't resolved.

　　"Now the loans have not been repaid, he's the new owner of the club."

　　Had Chainrai simply stood back and allowed Portsmouth to founder and enter liquidation, he would have lost the money he had invested.

　　"That's the real risk for them, so they need to keep the club afloat by doing whatever they can," added Farquhar.

　　Chainrai's loans were secured against Al Faraj's 90% shareholding, Fratton Park stadium and future TV revenue.

　　The businessman told the Portsmouth News newspaper: "Portpin has made substantial loans to Portsmouth to try and ensure the club's future. Portpin will continue to work for the best interests of the club."

　　Meanwhile, Pompey manager Avram Grant said he will continue to try to save the Premier League strugglers but remains non-committal about his long-term future.

　　The club remain rooted to the bottom of the table after a 1-0 defeat by Fulham on Wednesday.

　　Key players Asmir Begovic and Younes Kaboul were sold against Grant's wishes in January.

　　But Grant stated: "As long as I am here, I will keep fighting."

　　As well as the delays in paying player wages, Portsmouth have debts of £60m.

　　But, for the moment, Grant is committed to trying to keep Portsmouth in the top flight, with a trip to Manchester United the next challenge on Saturday.

　　"I think that we need to do our best all the time and, as long as we have a chance, we have to fight," he added.

　　"It's very hard times off the pitch but I'm very proud of the players. I think if everything was a little bit more calm the results would be even better."

　　Pompey and England goalkeeper David James told BBC Radio 5 live of the "frustration" felt by the players.

　　"You try and tell the lads that you do get paid even if it's a week late, 10 days or whatever - we are getting paid one way or the other," said James.

　　"We're not sure if we've got anyone else to sell to get paid.

　　"The fact is we do get paid and there are other clubs with players who aren't getting paid and historically there have been other clubs that players haven't got paid, so it could be worse."

DUP backs power-sharing deal with Sinn Fein

　　

　　Peter Robinson said the decision had been "unanimous"

　　The DUP says it has agreed a deal with Sinn Fein over the devolution of policing and justice powers from Westminster to Northern Ireland.

　　Party leader Peter Robinson said just before 0000 GMT that the decision to back the deal had been "unanimous" among the party's 35 assembly members.

　　Sinn Fein president Gerry Adams has welcomed the DUP's decision.

　　PM Gordon Brown is expected to go to Northern Ireland later, along with his Irish counterpart, Brian Cowen.

　　"We have had a very constructive meeting of our assembly group and I had the opportunity to put to them proposals which we have been working on," said Mr Robinson.

　　

　　"Everyone present believes that this is consistent with our election manifesto and pledges we have made to the people.

　　"We look forward to going tomorrow to Hillsborough and the document should be published."

　　Mr Adams said the DUP's decision had followed "a lengthy stretch of negotiations".

　　Commending his own party's negotiating team, he added: "I believe that the Assembly and political institutions can now proceed on the basis of equality, fairness and partnership.

　　"They also have to deliver for all citizens, that is the collective responsibility of all the political parties."

　　On Thursday night Mr Robinson said there was a basis for a deal which he could recommend to his party and to the community.

　　DUP assembly members gathered at Stormont at about 2200 GMT.

　　"An essential element of the Democratic Unionist manifesto is the requirement for community confidence and we believe that this can be the basis of gaining that confidence," Mr Robinson said.

　　"It does more than dealing with devolving further powers. It deals with how we deal with the powers that we have."

　　The DUP decision has been welcomed by Alliance Party leader David Ford, who is widely tipped to be the new justice minister.

　　He said: "This is what the people of Northern Ireland have waited so long to hear and it means that the Executive can get back to the real work of providing quality services and strengthening our economy.

　　"We may face a few challenges in the coming months as regards the justice devolution process, but I am very hopeful that this will signal a new, more positive era for Northern Ireland."

　　Snowmen

　　However Traditional Unionist Voice, which opposes mandatory coalition with Sinn Fein, described the DUP as "snowmen who had melted".

　　Its leader Jim Allister said: "The DUP MLAs who buckled tonight not only let themselves down, but, more importantly, let their country down."

　　Referring to the fact that 14 DUP assembly members reportedly voted against a deal on the table on Monday, he added: "The deal the DUP so meekly accepted tonight is the same deal they rejected.

　　"The deal hasn't changed, only the snowmen of the DUP who melted once the heat came on."

　　Earlier on Thursday it emerged that policing and justice powers could be transferred to Northern Ireland in April if the DUP and Sinn Fein were able to reach a deal.

　　Talks between the British and Irish governments, Sinn Fein and the DUP have been going on for the last 10 days.

　　The relationship between Sinn Fein and the DUP - Northern Ireland's two biggest political parties - has been strained for some time because they disagreed about the timetable for the transfer of policing and justice powers from Westminster to Stormont.

Brittany Murphy's death caused by pneumonia

　　

　　

　　Murphy collapsed at her Los Angeles home on 20 December

　　US actress Brittany Murphy died of pneumonia, a Los Angeles coroner has ruled.

　　Coroner's spokesman Craig Harvey added that iron-deficiency anaemia and "multiple drug intoxication" were secondary factors in her death.

　　The drugs were all prescription medicines. More details are due in two weeks when a complete report is ready.

　　Murphy collapsed at her Los Angeles home and was pronounced dead in hospital on 20 December, aged 32.

　　The coroner ruled the death was accidental.

　　The actress had been taken to hospital after the Los Angeles Fire Department responded to a call at her home.

　　Murphy's husband, Simon Monjack and mother, Sharon Murphy, said the actress had been experiencing flu-like symptoms in the days before she died.

　　Monjack told The Associated Press last month that his wife had several prescriptions, including one for an anti-seizure drug, but did not abuse her medication.

　　He added she had also been taking over-the-counter remedies for her ailments.

　　Murphy was best known for her roles in Clueless, Sin City and 8 Mile and also provided the voice of Luanne Platter in more than 200 episodes of the animated US sitcom King Of The Hill.

Iraq election campaigning delayed

　　

　　

　　Sunni groups have felt particularly targeted by the ban

　　Iraq's electoral commission has said it will delay the start of campaigning for next month's parliamentary elections.

　　The move follows a court decision to overturn a ban on candidates barred because of alleged affiliations with Saddam Hussein's outlawed Baath party.

　　An appeals panel ruled the ban should be overturned, but the government wants it to remain in place.

　　The political campaign, due to start on Sunday, will now begin next Friday to allow time for the row to be resolved.

　　"The start of election campaigning has been postponed from 7 February to 12 February to give time to the federal court to look into our inquiry," Hamdiya al-Husseini, an official with the Independent High Electoral Commission said.

　　The delay will allow time for an emergency parliamentary debate, to be held on Sunday, on the court ruling, which the government has called "illegal and unconstitutional".

　　The election is regarded as a crucial test for Iraq's national reconciliation process ahead of a planned US military withdrawal.

　　On Wednesday, the appeals panel ruling overturned a ban on some 500 politicians from running for public office.

　　The BBC's Gabriel Gatehouse in Baghdad says that although the list of names straddles the sectarian divide, it is Sunni groups who have felt most targeted by the exclusions, and whose voices of protest have been heard loudest.

　　Post-polls investigations

　　Baathism is a form of secular Arab nationalism and was the ideology espoused by Saddam Hussein when he came to power.

　　Although a minority, Sunni Muslims were dominant under Saddam Hussein's rule but have since complained of being marginalised under the post-Saddam Shia-led government.

　　The ruling would allow the candidates to stand for election, and be subject to investigation only after the polls.

　　US officials had voiced concerns about the ban, fearing that it could inflame sectarian tensions and undermine confidence in the electoral process.

　　There are still more than a 100,000 American troops in Iraq and the Pentagon's exit strategy depends in large part on a peaceful and credible election, our correspondent says.

Afghan security better, says US commander McChrystal

　　

　　

　　Security in Afghanistan remains serious but is no longer deteriorating, the Nato commander in the country has said.

　　At a meeting of Nato defence ministers in Turkey, General Stanley McChrystal told media the situation in Afghanistan had improved since last summer.

　　While US President Barack Obama was considering a troop surge last October, Gen McChrystal warned in a UK speech that Afghanistan was deteriorating.

　　His more upbeat assessment comes as Nato prepares a big Helmand offensive.

　　Gen McChrystal told reporters on the sidelines of Thursday's meeting in Istanbul: "I still will tell you that I believe the situation in Afghanistan is serious.

　　

　　"I do not say now that I think it's deteriorating. I think and I said that last summer, and I believed that that was correct. I feel differently now."

　　He said changes introduced last year, including better co-operation with Afghan troops, had begun to yield results.

　　But the American commander cautioned: "I'm not prepared to say that we've turned the corner, so I am saying that the situation is serious but I think we have made significant progress and set the conditions in 2009 and we'll make new progress in 2010."

　　His remarks come as coalition and Afghan troops prepare an offensive to capture the central Helmand town of Marja from Taliban militants.

　　Unlike past operations, plans for this one have been widely publicised - although no start date has been released - in the hope that civilians will stay out of the way.

　　Operation 'Together'

　　It will be the first major military action since President Obama announced his surge of 30,000 extra US troops for Afghanistan in December.

　　

　　The Pentagon has said the next 18 months could prove crucial for the international mission in Afghanistan, after more than eight years of efforts to stabilise the country.

　　A reminder of the challenge facing the coalition came on Thursday when a suicide car bomber killed three people near a hotel in the southern Afghan city of Kandahar.

　　The opening stages of the Helmand offensive - codenamed Moshtarak, which means "together" in the Pashtun language of southern Afghanistan - have been under way for several weeks.

　　The UK defence ministry said on Thursday the action had moved into a new phase over the last 36 hours.

　　Nato forces had taken part in an air and ground operation to clear insurgents from strongholds west of the Helmand province capital, Lashkar Gah, the ministry told journalists.

　　As well as British and American forces, the operation will include 2,700 Afghan troops.

　　While British troops target militants in the area of Helmand between Nad Ali and Lashkar Gah, US forces are expected to focus on Marja, the UK defence ministry said.

　　

 

US to probe Toyota Prius brake problems

　　

　　

　　

　　The US Transportation Department has opened an investigation into brake problems in the 2010 Toyota Prius.

　　The move follows an admission from Toyota that it had had a problem with the brake system in the hybrid, which the carmaker said was fixed in January.

　　The National Highway Traffic Safety Administration has received 124 reports from drivers about the issue, including four of crashes.

　　There have been no reports of any such accidents in the UK.

　　The investigation will look into allegations of momentary loss of braking capability while travelling over uneven road surfaces, potholes or bumps. However it will not suspend sales.

　　This latest alarm for the beleaguered carmaker - the world's number one - follows worldwide recalls of almost eight million cars due to separate floor mat and pedal problems.

　　No Prius recall

　　

　　Toyota vehicles made and sold in South Africa are the latest to be recalled, a company spokesman has told the BBC.

　　The Japanese government has also ordered Toyota to investigate brake problems but the company says it was "alleviated" at the end of last month by making changes to the software in the braking system.

　　Toyota's managing officer, Hiroyuki Yokoyama, said although the company had found a clash between the anti-lock brake system (ABS) and regenerative braking, more investigation needed to be done before deciding on whether to issue a recall on the Prius.

　　Earlier, he told a press conference in Japan: "As for whether this will mean a recall, we are currently looking into what we can do as soon as possible for our customers to buy our vehicles. However, we hope for a bit more time before deciding on specific measures."

　　As depressing the brakes further activated normal braking, Toyota said the glitch was not legally a safety hazard and said it had received no reports of any accidents related to it.

　　Mr Yokoyama said Toyota was listening and responding to its customers' concerns: "When we've been told something by our customers, our goal is to respond as soon as possible, and we have already changed the design for the Prius from January."

　　Toyota's admission follows 200 reports of complaints from drivers in the US and Japan. There have been no braking problems reported in Europe, the carmaker said.

　　In the UK, it confirmed that it would be nearly a week before it could start repairs on cars with defective accelerator pedals.

　　Profits surge

　　Earlier, Toyota reported a huge swing back into profit in the last quarter of 2009.

　　Its net income was 153 billion yen ($1.68bn; £1.06bn) after a loss of 164 billion yen a year earlier.

　　Toyota confirmed its estimate that it would lose about $2bn (£1.23bn) in costs and lost sales from its worldwide recall of potentially faulty vehicles.

　　It added it had not yet worked out the cost of the latest reports of brake problems with the new Prius.

　　Still growing

　　However, the firm said it still expected higher sales and to make a profit this year, despite the heavy blow to the company's reputation.

　　

　　Shares in Toyota hit their lowest level for 10 months on the Tokyo Stock Exchange on Thursday, with continuing concern about the safety of the company's vehicles.

　　Its eight million recall total includes 1.8 million cars across Europe - 180,865 of those in the UK.

　　The seven models being recalled in Europe are the Aygo, iQ, Yaris, Auris, Corolla, Verso, and Avensis, and cover manufacturing dates going back to February 2005.

　　In the US, they are the RAV4, Corollas, Matrix, Avalons, Camrys, Highlander, Tundra, and Sequoia, and cover dates going back to October 2005.

　　The parts needed to repair the cars will not arrive in the UK until next week, with the first repairs scheduled for Wednesday. Toyota says the process, which should only be carried out by its dealers, takes about half an hour.

　　The carmaker said it was not aware of any accidents resulting from the issue and that only 26 incidents involving accelerator pedals had been reported in Europe.

　　In a separate development, Ford said on Thursday it would repair up to 17,600 of its Ford Fusion and Mercury Milan hybrids built before mid-October that could suffer braking problems

 

Bank of America sued over Merrill Lynch bailout

　　

　　

　　Legal action has begun against Bank of America and its former bosses, accusing them of duping investors and taxpayers during the takeover of Merrill Lynch.

　　The defendants are accused of intentionally withholding details of huge losses Merrill was suffering.

　　New York state officials have filed the action against the bank, former chief executive Kenneth Lewis and former chief financial officer Joseph Price.

　　Bank of America said the charges were "regrettable" and lacked merit.

　　"The evidence demonstrates that Bank of America and its executives, including Ken Lewis and Joe Price, at all times acted in good faith and consistent with their legal and fiduciary obligations," a spokesman said.

　　He added that US financial watchdog the Securities and Exchange Commission (SEC) had access to the same evidence as New York state officials and had found no basis to bring charges.

　　After the Merrill bailout, Bank of America received $45bn (£28.5bn) in government funds.

　　'Arrogant scheme'

　　According to the lawsuit, the accused withheld the full details of Merrill's financial strife in order that its shareholders would approve the merger.

　　They had then "manipulated" the federal government by claiming they would back out of the deal unless US bailout funds were received, it was alleged.

　　"This merger is a classic example of how the actions of our nation's largest financial institutions led to the near-collapse of our financial system," said New York State attorney general Andrew Cuomo.

　　"Bank of America, through its top management, engaged in a concerted effort to deceive shareholders and American taxpayers at large.

　　"This was an arrogant scheme hatched by the bank's top executives who believed they could play by their own set of rules. In the end, they committed an enormous fraud and American taxpayers ended up paying billions for Bank of America's misdeeds."

　　Earlier on Thursday, the SEC said Bank of America had agreed to pay $150m to settle complaints over its handling of the merger.

　　Last month Bank of America reported a net loss of $194m in the last three months of 2009. That compared with a loss of $1.8bn in the same period a year earlier.

　　It added that it had repaid the $45bn government bailout money it had received but, taking the impact of this into account, it made a loss of $5.2bn.

 

Economy and job worries hit stock markets and oil

　　

　　

　　Concerns about the US economy and the potential spread of debt problems in Europe led to large stock market falls.

　　On Wall Street, shares suffered their worst losses in nine months. Key European markets lost more than 2% Spain and Portugal fell about 5%.

　　In the US, worse-than-expected levels of unemployment benefit claims added to worries about the pace of recovery.

　　Analysts said the negative sentiment was largely behind the price of US crude oil falling sharply.

　　Brent crude fell by $3.83 to $73.14 a barrel in New York having gone as low as $71.47. In London, Brent crude slipped by $3.79 to $72.13 a barrel.

　　The discouraging jobs news had dampened hopes of a near-term economic recovery, said Fadel Gheit, an oil analyst at Oppenheimer & Co.

　　"When people say there's a light at the end of the tunnel, it's getting to be a very dim light and a very long tunnel," he said.

　　Psychological barrier

　　European markets suffered as a lack of demand for government bonds in Portugal re-ignited concerns that countries such as Portugal and Greece would not be able to fund their national deficits without a bail-out.

　　Investors moving out of the euro saw it slide to its lowest level against the dollar in more than eight months.

　　However Jean-Claude Juncker, head of the eurogroup of finance ministers, said on Thursday that neither Spain nor Portugal posed risks to eurozone stability.

　　In the US, where claims for unemployment benefits rose by 8,000 to 480,000 last week according to Labor Department figures, markets reacted badly. It was the fourth increase in the past five weeks and the number of lost jobs was the highest in two months.

　　The Dow Jones index fell by 268.4 points, 2.6%, to close at 10,002.2 points having briefly dipped below the psychological 10,000 points barrier in late trading for the first time since November last year.

　　Meanwhile the Nasdaq index slid 3% to 2,125.43.

　　Investors had been "spoiled" by almost non-stop gains since March last year said Bob Doll, global chief investment officer for equities at BlackRock.

　　"The consolidation or corrective phase is probably not over," he added.

　　In London, the FTSE 100 index closed at its lowest level in three months, shedding 2.2%, 113.8 points to 5,139.31.

　　Meanwhile France's Cac-40 index slipped 2.8% and Germany's Dax-30 lost 2.5%.

　　The falls in European and US markets were similar to those experienced in mid-January, when China's attempts to curb its growth brought concerns that other world economies would feel the impact.

Shell profits fall sharply on weak oil demand

　　

　　

　　Anglo-Dutch oil giant Royal Dutch Shell has reported a sharp fall in profits due to falling demand for oil from a weak global economy.

　　Profits between October and December last year were $1.2bn (£755m), down by 75% from the $4.8bn the company made a year earlier.

　　For the full year, Shell made $9.8bn, compared with $31.4bn in 2008.

　　Earlier this month, rival BP reported fourth quarter profits of $3.45bn, up by a third from a year earlier.

　　Shell also announced plans to cut 1,000 jobs as a part of a $1bn cost-cutting programme in 2010.

　　The disappointing results pushed Shell shares down 2.1% in early trading in London, more than any other stock.

　　"Our fourth-quarter 2009 results were impacted by the weak global economy," said Shell's chief executive Peter Voser.

　　"Oil prices have increased compared with a year ago, but gas prices and refining margins have declined sharply, because of weaker demand and high industry inventory levels."

　　He added that the outlook for 2010 was uncertain.

Bank of England's time-out for quantitative easing plan_By BBC

　　

　　

　　The Bank of England has decided against further quantitative easing (QE), the policy designed to stimulate growth in the UK economy.

　　Under QE, the Bank has pumped new money into the economy by buying assets such as government bonds, as a way to boost lending by commercial banks.

　　Last week, it revealed it had spent all of the £200bn it created for QE.

　　The Bank also kept interest rates on hold at a record low 0.5% for the 11th consecutive month.

　　'Further purchases'

　　

　　While halting QE, the Bank said the £200bn already injected into the economy through the programme would "continue to impart a substantial monetary stimulus to the economy for some time to come".

　　But it did not close the door on further spending.

　　"[The Bank] will continue to monitor the appropriate scale of the asset purchase programme and further purchases would be made should the outlook warrant them."

　　One area that it will be looking at is banks' lending to businesses and consumers, as QE was designed to help boost lending.

　　"Conditions for lending in this country, especially to small and medium-sized businesses, are still much weaker than [the bank] would have wanted," said the BBC's economics editor Stephanie Flanders.

　　

　　Analysts said concerns about rising inflation were one factor in the Bank's decision to suspend QE.

　　"Inflation is considerably stronger than the Bank had expected and there are concerns that it won't get back within target [if QE continued]," Jason Simpson from Royal Bank of Scotland told the BBC.

　　Weak growth

　　Official figures in January showed that UK consumer prices rose in December by 2.9%, their fastest annual pace for nine months and above the Bank's 2% target.

　　Bank Governor Mervyn King warned last month inflation was "likely to rise to over 3% for a while", and could go even higher if energy prices and indirect taxes were to increase further, but added that it "should return to target in the medium term".

　　Although the UK did officially come out of recession in the fourth quarter of 2009 - ending six consecutive quarters of economic decline - the growth was just 0.1%, much less than expected.

　　For that reason, most analysts expect rates to stay at 0.5% until at least the second half of 2010 for fear of the UK falling back into recession.

　　Quantitative Easing

　　

　　First, with the permission of the Treasury, the Bank of England creates lots of money. It does this by just crediting its own bank account. It has created £200bn in this way.