Nintendo’s amazing triumph in Japan may doom the company

According to Japanese gaming bible Famitsu, Nintendo 3DS sold 333,000 units in the week ending December 16. Sony’s PS Vita limped along at 13’000 units. The new Wii U did an OK 130,000 units and PS3 managed 46,000 units.  The utter hardware domination of the 3DS is reshaping the Japanese software market. Franchises that were thought to be fading have been revitalized in their portable versions. The 3DS version of the ancient “Animal Crossing” series, famed for being the game where nothing happens, hit a staggering 1.7 million units last week in Japan. “Inazuma Eleven” sold 170,000 units in its launch week, up from 140’000 units its DS version managed in 2011.

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Nintendo’s portable console 3DS had a muted start in its home market in the spring of 2011. Many thought that Sony would have a fair shot at competing with Nintendo once Playstation Vita launched at the end of 2011. But once Nintendo executed an aggressive price cut for 3DS in the summer of 2011 and then launched a large-screen version of the console in mid-2012, the gadget has grown into a godzilla in Japan, demolishing both Sony Vita and aging tabletop console competition.

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3DS is doing well also in America, where its lifetime sales are moving close to the 6 million unit mark this holiday season. According to NPD, the 3DS sales in the US market topped 500,000 units in November. That’s a decent number, though far from the torrid volume the portable is racking up in its home market. The US November video game software chart was dominated by massive home console juggernauts: new installments of Call of Duty, Halo and Assassin’s Creed franchises  shifted more than 13 million units in retail. At the same time, the Japanese software chart remains in a Nineties time warp,  dominated by Nintendo’s musty masterpieces: Super Mario Brothers, Pokemon, Animal Crossing, etc.

Japanese and American tastes have always been different. But what we are witnessing now is a particularly fascinating divergence. American consumers are spending more of their time and money on smartphone and tablet games, while console game spending is increasingly focusing on massive, graphically stunning blockbuster titles on Xbox360 and PS3. The casual gamers are shifting to mobile games, while hardcore gamers remain attracted to sprawling epics on home consoles. The overall video game spending in America keeps declining month after month, as casual titles and mid-list games slide. But the Triple A whales like Call of Duty series are doing better than ever.

In Japan, Nintendo has been able to battle back iPhone and Android game invasion with a nostalgic series of portable games that basically recycle the biggest hits of Eighties and early Nineties. Mario, Pokemons and other portable heroes are slowly losing their grip on US and European consumers. But in Japan, some form of national nostalgia is keeping Nintendo on track.

The problem here is that the Japanese success of the 3DS may now be convincing Nintendo that it does not have to rethink its business strategy. The smartphone and tablet game spending continues growing explosively across the world. Unlike console games, mobile game sales in China are legal. The global gaming spending is shifting towards new hardware platforms even as console mammoths like Halo still reign in America. At this critical juncture, Nintendo has managed to cocoon its home market in a web of nostalgia, turning the 3DS console and its Eighties left-over franchises into epic bestsellers yet again.

This means that there is no sense of urgency to push Nintendo into rethinking its long-term plans. The company may continue simply ignoring the smartphone and tablet challenge, designing new portable consoles and the 28th Mario game to support it. 20 years ago, Japan’s insularity doomed its chances to succeed in the mobile phone business. Ithe idiosyncratic nature of Japan may now be leading its biggest entertainment industry success astray.

This article was originally published by BGR

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Michael Kors replaced by Zac Posen as “Project Runway” judge

LOS ANGELES (TheWrap.com) – Michael Kors is out at “Project Runway.”

Fashion designer Kors will not be a judge on the Lifetime reality competition when it returns for its 11th season on January 24, Lifetime said Tuesday. Instead, designer Zac Posen will join Heidi Klum, Nina Garcia and Tim Gunn as a featured judge.

Lifetime told TheWrap that Kors is vacating his judge‘s position due to scheduling conflicts.

“Due to the back-to-back film schedule for seasons 10 and seasons 11 this summer, Michael was not able to commit to all the dates required for filming season 11,” a Lifetime spokeswoman said in a statement. “Always part of the ‘Project Runway‘ family, Michael will be seen in the future on the show, and we are excited to confirm that Michael will be back as a judge for the season 11 finale.”

Kors’ departure isn’t the only change that’s coming to “Project Runway” for its upcoming season. This cycle, the competing designers will be made to work together for every challenge, where they will have to work together while ensuring that their creations stand out on the runway. It’s hoped this will lead to riveting combination of collaboration and backbiting.

Guests judges for the upcoming season include Bette Midler, Susan Sarandon, Miranda Lambert, John Legend, Emmy Rossum, Kristin Davis and others.

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Nutra Pharma Introduces Nyloxin(TM) Military Strength

CORAL SPRINGS, Fla., Dec. 19, 2012 (GLOBE NEWSWIRE) — Nutra Pharma Corp. (NPHC), a biotechnology company that is developing treatments for Adrenomyeloneuropathy (AMN), HIV and Multiple Sclerosis (MS), has announced today that it will be introducing a stronger version of its over-the-counter (OTC) pain reliever, Nyloxin(TM). The new product will be called Nyloxin(TM) Military Strength.

Over the past few years, the U.S. Department of Defense has been reporting an increase in the use and abuse of prescription medications, particularly opiates. In 2009, close to 3.8 million prescriptions for pain relievers were written in the military. This staggering number was more than a 400% increase from the number of prescriptions written in the military in 2001. But prescription drugs are not the only issue. The most common and seemingly harmless way to treat pain is with non steroidal, anti-inflammatory drugs (NSAIDS). But there are risks. Overuse can cause nausea, vomiting, diarrhea, heartburn, ulcers and internal bleeding. In severe cases chest pain, heart failure, kidney dysfunction and life-threatening allergic reactions can occur. It is reported that approximately 7,600 people in America die from NSAID use and some 78,000 are hospitalized.

Ibuprofen, also an NSAID has been of particular concern in the military. The terms “Ranger Candy” and “Military Candy” refer to the service men and women who are said to use 800mg doses of Ibuprofen to control their pain. But when taking anti-inflammatory Ibuprofen in high doses for chronic pain, there is potential for critical health risks; abuse can lead to serious stomach problems, internal bleeding and even kidney failure. There are significantly greater health risks when abuse of this drug is combined with alcohol intake.

“Our hope is that with Nyloxin, we can greatly reduce the instances of opiate abuse and overuse of NSAIDS in high risk groups like the US military,” said Rik J Deitsch, Chairman and CEO of Nutra Pharma Corporation. “Our goal for Nyloxin over the next several years is to be the number one choice that people turn to for chronic pain relief,” he concluded.

Nyloxin(TM) is an over-the-counter (OTC) pain reliever clinically proven to treat moderate to severe (Stage 2) chronic pain. Nyloxin(TM) is currently available in the United States as an oral spray for treating back pain, neck aches, headaches, joint pain, migraines, and neuralgia, and as a topical gel for treating joint pain, neck pain, arthritis pain, and pain from repetitive stress. In addition to its everyday strength formulation, Nyloxin(TM) is also offered in an extra strength formula for more advanced, Stage 3, chronic pain. The new Nyloxin(TM) Military Strength represents the strongest version of Nyloxin(TM) available.

About Nutra Pharma Corp.

Nutra Pharma Corporation operates as a biotechnology company specializing in the acquisition, licensing, and commercialization of pharmaceutical products and technologies for the management of neurological disorders, cancer, autoimmune, and infectious diseases, including Multiple Sclerosis (MS), Human Immunodeficiency Virus (HIV), Adrenomyeloneuropathy (AMN) and Pain. Additionally, the Company markets several drug products for sale for the treatment of pain under the brands Cobroxin(R) and Nyloxin(TM). For additional information about Nutra Pharma, visit: http://www.NutraPharma.com

SEC Disclaimer

This press release contains forward-looking statements. The words or phrases “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” or similar expressions are intended to identify “forward-looking statements.” Actual results could differ materially from those projected in Nutra Pharma’s (“the Company”) business plan. The introduction of Nyloxin(TM) Military Strength should not be construed as an indication in any way whatsoever of the future value of the Company’s common stock or its financial value. The Company‘s filings may be accessed at the SEC’s Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.

Contact:
Nutra Pharma Corp.
Nina Goldstein
877-895-5647
[email protected]

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The $60 Billion Federal Bailout Named Sandy

In the immediate aftermath of Hurricane Sandy, federal lawmakers from both parties were quick to heap words of compassion upon the storm victims. Now those politicians are debating how much taxpayer money to put behind their rhetoric. The Federal Emergency Management Agency’s disaster relief fund barely adds up to $ 6 billion. So the Senate and the White House are each proposing to give New York, New Jersey, and Connecticut a combined $ 60.4 billion in emergency funding for disaster aid, about $ 20 billion less than what the states have requested.

The money in the Senate’s bill, being debated this week, would pay for everything from FEMA trailers to reconstruction of U.S. Coast Guard facilities. The U.S. Department of Veterans Affairs would get $ 236 million to renovate the flood-damaged Manhattan Medical Center, and another $ 1 million to fix up three national cemeteries in New York and New Jersey. There’s $ 412 million for restoring coastal ecosystems and a pot of money to help disaster victims pay for child care. People with damaged homes or businesses would be able to apply for $ 812 million in loans for rebuilding their properties. Senator Chuck Schumer (D-N.Y.) estimates that Sandy damaged or destroyed 305,000 homes and that 270,000 small businesses were shuttered in New York alone.

In some cases, the Senate wants to be a lot more generous than the Obama administration. Senate Democrats would give $ 336 million to Amtrak. Schumer says that’s how much the perennially cash-strapped railway needs to repair damage wrought by Sandy. It’s 10 times as much as the White House is requesting. For road and bridge repairs, the amount of money the Senate wants to set aside is three times the White House’s ask.

Some conservative groups are crying pork. They say the federal government risks a repeat of what happened after Hurricane Katrina, when public funds fell into the wrong hands. President Obama’s aid request is an “act of willful fiscal negligence,” reads a post on the website of Heritage Action for America. “Much of the funding goes toward superfluous programs that have no direct relation to Hurricane Sandy.” According to the group, the majority of the emergency funds being requested aren’t going to be spent until 2014.

While there’s certainly an opportunity for waste and abuse in an aid package as big as this one, it’s worth noting that not all the taxpayer money would be spent just to put things back the way they were before disaster struck—which is actually the standard under current rules for receiving FEMA funding. Democrats want to spend billions of dollars upgrading infrastructure so it can withstand a future superstorm. The Senate proposes $ 3.5 billion, an amount disaster experts say is a fraction of what it would take to hurricane-proof a large metropolitan area. The debate over these particular funds could be the most difficult for lawmakers, and its outcome the most lasting.

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State Department security chief leaves post over Benghazi

WASHINGTON (Reuters) – The U.S. State Department said on Wednesday its security chief had resigned from his post and three other officials had been relieved of their duties following a scathing official inquiry into the September 11 attack on the U.S. mission in Benghazi.

Eric Boswell has resigned effective immediately as assistant secretary of state for diplomatic security, State Department spokeswoman Victoria Nuland said in a terse statement. A second official, speaking on condition of anonymity, said Boswell had not left the department entirely and remained a career official.

Nuland said that Boswell, and the three other officials, had all been put on administrative leave “pending further action.”

An official panel that investigated the incident concluded that the Benghazi mission was completely unprepared to deal with the attack, which killed U.S. Ambassador Christopher Stevens and three other Americans.

The unclassified version of the report, which was released on Tuesday, cited “leadership and management” deficiencies, poor coordination among officials and “real confusion” in Washington and in the field over who had the authority to make decisions on policy and security concerns.

“The ARB identified the performance of four officials, three in the Bureau of the Diplomatic Security and one in the Bureau of (Near Eastern) Affairs,” Nuland said in her statement, referring to the panel known as an Accountability Review Board.

Secretary of State Hillary Clinton accepted Boswell’s decision to resign effective immediately, the spokeswoman said.

Earlier, a U.S. official who spoke on condition of anonymity said Boswell, one of his deputies, Charlene Lamb, and a third unnamed official has been asked to resign. The Associated Press first reported that three officials had resigned.

PANEL STOPS SHORT OF BLAMING CLINTON

The Benghazi incident appeared likely to tarnish Clinton’s four-year tenure as secretary of state but the report did not fault her specifically and the officials who led the review stopped short of blaming her.

“We did conclude that certain State Department bureau-level senior officials in critical positions of authority and responsibility in Washington demonstrated a lack of leadership and management ability appropriate for senior ranks,” retired Admiral Michael Mullen, one of the leaders of the inquiry, told reporters on Wednesday.

The panel’s chair, retired Ambassador Thomas Pickering, said it had determined that responsibility for security shortcomings in Benghazi belonged at levels lower than Clinton’s office.

“We fixed (responsibility) at the assistant secretary level, which is, in our view, the appropriate place to look for where the decision-making in fact takes place, where – if you like – the rubber hits the road,” Pickering said after closed-door meetings with congressional committees.

The panel’s report and the comments by its two lead authors suggested that Clinton, who accepted responsibility for the incident in a television interview about a month after the Benghazi attack, would not be held personally culpable.

Pickering and Mullen spoke to the media after briefing members of the House of Representatives Foreign Affairs Committee and Senate Foreign Relations Committee behind closed doors on classified elements of their report.

Clinton had been expected to appear at an open hearing on Benghazi on Thursday, but is recuperating after suffering a concussion, dehydration and a stomach bug last week. She will instead be represented by her two top deputies.

Clinton, who intends to step down in January, said in a letter accompanying the review that she would adopt all of its recommendations, which include stepping up security staffing and requesting more money to fortify U.S. facilities.

The National Defense Authorization Act for 2013, which is expected to go to Congress for final approval this week, includes a measure directing the Pentagon to increase the Marine Corps presence at diplomatic facilities by up to 1,000 Marines.

Some Capitol Hill Republicans who had criticized the Obama administration’s handling of the Benghazi attacks said they were impressed by the report.

“It was very thorough,” said Senator Johnny Isakson. Senator John Barrasso said: “It was very, very critical of major failures at the State Department at very high levels.” Both spoke after the closed-door briefing.

Others, however, took a harsher line and called for Clinton to testify as soon as she is able.

“The report makes clear the massive failure of the State Department at all levels, including senior leadership, to take action to protect our government employees abroad,” Representative Mike Rogers, the Republican chairman of the House Intelligence Committee, said in a statement.

Senator Bob Corker, who will be the top Republican on the Senate Foreign Relations Committee when the new Congress is seated early next year, said Clinton should testify about Benghazi before her replacement is confirmed by the Senate.

Republicans have focused much of their firepower on U.S. Ambassador to the United Nations Susan Rice, who appeared on TV talk shows after the attack and suggested it was the result of a spontaneous protest rather than a premeditated attack.

The report concluded that there was no such protest.

Rice, widely seen as President Barack Obama’s top pick to succeed Clinton, withdrew her name from consideration last week.

(Additional reporting by Tabassum Zakaria and Susan Cornwell; Editing by Christopher Wilson)

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Google to sell part of Motorola for $2.35 billion

SAN FRANCISCO (AP) — Google is selling Motorola Mobility‘s TV set-top business for $ 2.35 billion, lightening the load that the Internet search leader took on earlier this year when it completed the biggest acquisition in its history.

The cash-and-stock deal announced late Wednesday will turn over Motorola‘s set-top division to Arris Group Inc., a relatively small provider of high-speed Internet equipment that is looking to become a bigger player in the delivery of video. Investors applauded the move, driving up Arris‘ stock by nearly 17 percent.

Google‘s decision to jettison the set-top boxes comes seven months after the Mountain View, Calif., company took control of Motorola Mobility Holdings in a $ 12.4 billion purchase.

The set-top boxes were never a big allure for Google, although the company is interested in finding ways to pipe its service on to TVs so it can sell more advertising.

Google prized Motorola for its portfolio of more than 17,000 mobile patents. Those form an arsenal that it can use in a fierce battle that has broken out over intellectual property as smartphones and tablet computers have emerged as hot commodities in recent years.

Motorola also makes smartphones and tablets, a manufacturing business that Google will retain, despite lingering concerns on Wall Street about the hardware shrinking Google‘s profit margins and possibly alienating other device makers that use the company’s Android software.

Besides not being a natural fit for Google, Motorola‘s set-top box also has become a potentially expensive liability. Digital video recorder pioneer TiVo Inc. is seeking billions of dollars in damages in a lawsuit alleging that Motorola‘s boxes infringed on its patents. Those claims are scheduled to go to trial next year in federal court in Texas.

Although they declined to provide specifics, Arris Group executives told analysts in a Wednesday conference call that Google still must cover most of the bill for any damages or settlement that TiVo might win.

TiVo already has negotiated about $ 1 billion in combined settlements in other patent-infringement cases it has brought against other companies, including Dish Network Corp., AT&T Inc. and Verizon Communications.

The proposed sale of Motorola‘s set-top division calls for Google to receive $ 2.05 billion in cash and $ 300 million worth of Arris stock. If the deal wins regulatory approval, Arris Group expects to take over the division before the end of June.

Google will also pare its expenses, something likely to please investors concerned about Motorola being a drag on the company’s earnings. Arris said about 7,000 people work in Motorola‘s set-top division. Google ended September with about 53,500 employees, including 17,400 who worked on the Motorola side of its operations. More than 20,000 people worked at Motorola Mobility when Google became the owner in late May, but the payroll was slashed as part of an effort to pare the losses that have been piling up within Motorola as its once popular cellphones lost market share to Apple Inc. and Samsung Electronics.

But Motorola‘s set-top business had been making money, according to Google, though the company didn’t say how much.

In the past year ending in September, Motorola‘s set-top operations generated $ 3.4 billion in revenue. That makes it twice as big as Arris Group, whose revenue totaled $ 1.3 billion during the same period. Arris Group, which is based Suwanee, Ga., had earned $ 39 million through the nine months of last year after suffering a loss of nearly $ 13 million for all of 2011.

“This represents a great leap forward for Arris,” CEO Bob Stanzione said during Wednesday’s conference call.

Arris’ stock surged $ 2.46 to $ 17 in extended trading Wednesday while Google‘s stock dipped $ 2.61 to $ 717.50.

The other half of the old Motorola Inc., Motorola Solutions Inc., remains an independent company. Based in Schaumburg, Ill., it sells communications equipment to government and corporate customers.

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Claire Danes and Hugh Dancy welcome a baby boy

NEW YORK (AP) — Claire Danes and Hugh Dancy‘s “Homeland” just got bigger.

Danes’ rep confirms the couple welcomed a baby boy named Cyrus Michael Christopher.

People.com first reported Monday’s birth.

It’s the first child for 33-year old Danes and 37-year-old Dancy. They were married in 2009.

There’s no word yet whether the new mom will attend the Golden Globe Awards on Jan. 13. She’s nominated for Best Performance by an Actress in a Television Series for her work on Showtime’s “Homeland.”

Up next, Dancy stars in NBC’s “Hannibal,” an adaptation of Thomas Harris’ novel “Red Dragon.”

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NationalIncontinence.com Offers 3 New Incontinence Products for Winter

For individuals experiencing urinary incontinence, National Incontinence, a major retailer of bladder control products, is offering three new incontinence products to help people better manage their bladder problems during the colder season.

Ashton, MD (PRWEB) December 20, 2012

Winter is finally here, and with that, comes hot chocolate and holiday fun. However, for people experiencing urinary incontinence, the colder season can make bladder control problems worse.

“From drier skin to increased bladder irritation, the winter season can be a nightmare for those with incontinence. This is the perfect time to highlight three new products that will help with better bladder control and skin care,” said Renee Mercer, president of National Incontinence, a leading retailer of incontinence supplies.

Pressure sores become a bigger threat during the winter as the skin gets extra dry and sensitive. The Attends CairPad is a popular option for caregivers who are caring for bedridden loved ones, as these individuals are most at risk for skin breakdown. The disposable underpad features a highly absorbent material that locks in urine, keeping painful bedsores from developing. Not only does the breathable pad help prevent skin rashes, but it also protects the bed from adult bedwetting.

Diaper rashes and incontinence often come hand-in-hand, especially for elderly adults with fragile skin. The Aloe Vesta Protective Ointment is a barrier cream that moisturizes dry winter skin and forms a protective layer between the skin and damp conditions. Adult diaper creams are an essential in keeping the perineal area clean and free from skin irritations.

Along with colds and runny noses, cooler temperatures can lead to increased bladder spasms and sudden urges to urinate. The new Tena Stretch Briefs provides full protection against heavy incontinence in both a diaper and pull up underwear style. This Tena brief uses special micro-beads that help lock in liquids and reduce urine odor, so that users remain dry and comfortable. The Tena Stretch also features stretchable sides for a better fit and leakage protection.

For more information on how to manage incontinence, visit National Incontinence’s blog and Tips and Advice Center.

About NationalIncontinence.com

National Incontinence provides products throughout the United States for people of all ages with bladder control problems. They have helped more than 100,000 patients with bladder issues. Their pediatric division, the Bedwetting Store, is now the largest distributor of pediatric enuresis products in the United States. National Incontinence is proud to serve the millions of families who seek information and practical solutions to bladder control problems and want the best products at the lowest prices.

Nancy Pham
National Incontinence
1-800-998-1745
Email Information

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After Ghana vote, investors turn to economy

JOHANNESBURG (Reuters) – A closely fought but peaceful election in Ghana this month has burnished the international image of the west African oil, gold and cocoa producer as “the Switzerland of Africa.”

But to win economic bragging rights too, Ghana’s new government will have to convince investors that it can tame a swelling fiscal deficit, stabilize a volatile currency and rebuild foreign exchange reserves that have declined this year while those of other African economies have grown.

Elected President John Dramani Mahama‘s administration will have to confront these challenges while economic growth slows – albeit to a robust 7.8 percent projected for 2013, from a blistering 14.5 percent last year.

Then there is the pressure of high expectations from ordinary Ghanaians impatient to see the benefits of oil production, which started in 2010.

Investors say they would also like more opportunities to participate in Ghana’s capital markets, but the main constraints are a bond yield curve that ends at five years and a small and illiquid stock market with just 34 listed companies.

“Ghana is one of our favorite places,” said Sven Richter, head of frontier markets at Renaissance Asset Managers. “We would have more in Ghana if there was more liquidity. We have less than one percent of our fund there and we’d quite happily have 10 percent.”

Despite a legal challenge by the opposition to Mahama’s narrow victory earlier this month, the largely incident-free election in a region known for coups and civil wars has given foreign investors comfort.

“Someone described Ghana to us as the Switzerland of Africa. I think that’s an apt description,” said Ayo Salami, chief investment officer of asset manager Duet Group’s Africa Opportunities Fund. “There seems to be a continuing commitment on the part of the government to institutional reform, to embedding democratic culture. All these are things we like.”

But the government has to show it is serious about cutting Ghana’s twin deficits – on its budget and current account – which are putting pressure on the currency, Salami said, echoing the concerns of credit rating agencies.

Continuing an election year trend, heavy public spending forced the government to revise its 2012 budget deficit target to 6.7 percent of gross domestic product (GDP), from the original 4.8 percent. Some analysts think it could end up in double digits when figures are published next year.

Fitch, which affirmed Ghana’s B+ rating in September, said the gap reflects a combination of repayment of arrears, public sector wage increases and higher energy subsidies.

OIL HOPES

Finance Minister Kwabena Duffuor said last week the country would pursue a fourth year of fiscal consolidation in 2013, expecting oil, agriculture and an infrastructure program to underpin economic growth.

Salami at Duet Group warns, however, against relying too much on oil, even if output is set to increase to 120,000 barrels per day next year, from around 90,000 bpd now.

“I know the government is hoping or waiting for oil revenues to come as the cavalry over the hill to sort this out for them,” he said. “What usually happens is that when governments get a new source of revenue they find a new way to spend it.”

Ghana’s current account deficit is likely to hit 14 percent this year, from 11 percent last year, due to infrastructure spending and demand for imports from local businesses and a growing middle class.

The deficit contributed to a near 20 percent depreciation in the local cedi currency in the first half of the year before the central bank intervened.

But its efforts to shore up the cedi have hit Ghana’s foreign exchange reserves, now at $ 5.2 billion or 2.9 months of imports, just below the traditional 3-month benchmark. Ghana also bucks a sub-Saharan African trend as Nigeria, Kenya, Mozambique and others have built up their reserves this year.

DEBT CONCERNS

While the smooth elections may have allowed investors “to cut the country a bit more slack”, the worsening fiscal picture means they will not do so for long, said Giulia Pellegrini, JP Morgan strategist for sub-Saharan Africa.

She expects the cedi to lose another 5-8 percent in the new year. “Investors will increasingly be monitoring the fiscal and current account situation,” she said.

“People are taking in the full picture rather than simply saying ‘it’s stable, it’s looking good, let’s just go for it’. They’re becoming more discerning if anything.”

The country’s rapid accumulation of debt since debt relief is also a cause for concern, Pellegrini said, with external debt currently at $ 7.8 billion, nearly double its 2008 levels.

Finance Minister Duffuor said Ghana would issue a second Eurobond next year, which should help to lower borrowing costs. Ghana’s 2017 bond is trading at a yield of 4.9 percent, much lower than the 21 percent investors demanded for a 3-year domestic bond sold in October.

Given high liquidity globally and the success of previous Eurobonds from African sovereigns, the issue should do well. But investors could make Ghana pay if it does not work on its budget. “Investors would still show quite a bit of interest but would want to be compensated for that,” Pellegrini said.

(Reporting by Tosin Sulaiman; Editing by Pascal Fletcher/Ruth Pitchford)

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Canada serial killer inquiry finds “systemic bias” by police

(Reuters) – Police made critical errors in pursuing Canadian serial killer Robert Pickton partly because of “systemic bias” against his victims, sex trade workers from a rough Vancouver neighborhood, according to the final report from a public inquiry released on Monday.

Commissioner Wally Oppal was asked by the British Columbia government to investigate, in effect, why Pickton was not caught sooner. Women disappeared from the Downtown Eastside neighborhood for more than a decade before the pig farmer’s 2002 arrest.

“The investigations of missing and murdered women were characterized by blatant police failures, and by public indifference,” Oppal said at a press conference in Vancouver that was frequently interrupted by protesters.

Pickton was convicted of six murders, but prosecutors believe he killed many more – 20 other charges were stayed after he received the maximum possible sentence.

Oppal outlined a string of police errors, from failing to take proper reports when women went missing and communicate adequately with families, to ineffective coordination across jurisdictions. He called his more than 1,200-page report, which is based on eight months of hearings, “Forsaken”.

“After reviewing the evidence of the investigations, I have come to the conclusion that there was systemic bias by the police,” he said.

Oppal recommended that the provincial government establish a compensation fund for the children of the victims and consider creating a regional police force for Vancouver, instead of the patchwork of jurisdictions currently in place.

After Oppal’s announcement, B.C. Minister of Justice Shirley Bond wiped away tears as she spoke to victims’ families.

“I want you to know that, however inadequate these words sound, we are sorry for your loss,” she said. “We will work hard to prevent these circumstances from being repeated in our province.”

She announced the appointment of a former lieutenant governor, Steven Point, to serve as the report’s “champion”, guiding implementation. Bond said the government would immediately give new funding to WISH, a drop-in center for women who work in the Downtown Eastside’s sex trade.

POLICE RESPOND

The Vancouver Police Department said in a short statement that it is committed to learning from its mistakes and will study the report.

“We know that nothing can ever truly heal the wounds of grief and loss but if we can, we want to assure the families that the Vancouver Police Department deeply regrets anything we did that may have delayed the eventual solving of these murders,” it said.

Deputy Commissioner Craig Callens, who commands the Royal Canadian Mounted Police in British Columbia, said in a statement that his force will review the report.

Oppal said many individual police officers were diligent, and he commended several by name. But he said that as a system, the authorities failed because of bias against Pickton’s victims, many of whom were poor and addicted to drugs.

“Would the reaction of the police and the public have been any different if the missing women had come from Vancouver’s (more affluent) west side? The answer is obvious,” he said.

Aboriginal women were overrepresented among the victims, and Oppal repeatedly referred to the broader “marginalization” of aboriginal people in Canada.

“There has to be community responsibility for what has taken place,” he said, highlighting poverty and the conditions on the Downtown Eastside. “The social reality is that racism and gender bias are prevalent within Canadian society, and we must do something to eradicate those.”

Victims’ families and activists were on hand for Oppal’s press conference, and he stopped speaking several times as audience members shouted criticism, chanted and played drums.

The provincial government did not offer funding to a number of community organizations that said they needed support to participate in the lengthy and complex inquiry. In protest, other groups boycotted the process.

In November, several organizations, including the B.C. Civil Liberties Association, released their own report, criticizing the inquiry for, among other things, excluding too many aboriginal women, sex trade workers and drug users.

Bond, the justice minister, said she did not regret the decision not to fund those groups, but said she saw them participating in the future. “I think going forward this is room for us to include other voices.” (Reporting by Allison Martell; Editing by Eric Beech)

Canada News Headlines – Yahoo! News

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