The US has maintained a presence at Manas International Airport near the Kyrgyz capital Bishkek since 2001. The base has been a key logistical transport hub for US troops in Afghanistan. In 2009, Kyrgyzstan’s then-President Bakiev nearly closed the airport down, but backpedaled at the last moment after the US offered more than triple what it previously paid.If adopted by the Kyrgyz parliament and signed into law, the bill would close the Manas air base – or the Manas Transit Center, as it was re-branded in 2009 – on July 11, 2014. Bishkek must inform Washington that it does not intend to renew the lease at least six months ahead of the deadline.“My deep conviction is that there is no place for a military base at a civilian airport,” President Almazbek Atambayev told reporters on Tuesday. Shortly after being elected in 2011, Atambayev voiced his intent to close Manas after the contract expires, and has reaffirmed his position several times in the past two years. Kyrgyzstan will seek ways to replace the lost revenue, President Atambayev assured: “We need to simply work to do that. We have reserves to compensate that money by implementing other projects.”With the US base gone and money for servicing its needs cut, the airport is expected to lose half of its revenue, according to its First Vice President Nurlan Mamyrov. The company plans to compensate for the losses by optimizing operational costs and seeking new investors.The US air base has witnessed several scandals, including the fatal shooting of a local man by a US soldier at a checkpoint. Public opposition has mounted over those incidents as well as environmental concerns and potential threats from enemies of the US.The latest spate of criticism came in early May after a transport plane operating out of the base crashed. Opponents claimed there was no guarantee that the next US aircraft would not fall on a populated area, and demanded that the base be closed immediately rather than in 2014. … Read More
The ‘absolute truth’ about tacos in Stockholm
Unable to find good Mexican food after moving to Stockholm to study in 2008, Monterrey native David Licona now finds himself running La Neta, one of the most popular Mexican eateries in the Swedish capital. The Local finds out more. … Read More
VTB finds ‘tricky’ main SPO buyer: Qatar
The Sovereign Fund of Qatar is aiming to secure a business partnership in order to develop new joint projects. After the purchase it will control 5 percent of the bank’s shares, according to Financial Times, which stated sources close to the deal.The Russian government currently holds 75.5 percent of the bank, and has mandated that its stake remains above 60 percent. VTB expects the Kremlin stake to fall to 60.93 percent.Some Russian analysts are skeptical about business relations with the Qatar Foundation, which has a reputation for being a difficult banking partner.A former manager at JP Morgan told FT that the sovereign fund is ‘the worst customer of any bank’ because they are used to receiving big discounts and ‘love to knock down the price’“They are the most difficult customer, which is known by all banking professionals” said the source.The sale will be finalized on May 24th, when the two sides will discuss joint investments, including private equity, mergers, and acquisitions.The Qatar Investment Authority was founded by the government in 2005 to strengthen the country’s economy through diversified international assets. They have partnerships with some of the biggest names in banking – Credit Suisse, Barclays UK, and Deutsche Bank.The Norwegian Government Pension Fund (assets of $720 billion) and the State Oil Fund of Azerbaijan (assets of $33 billion) have also agreed to buy shares in the SPO, each for about $500 million.Norway already holds a 0.21 percent stake in the bank.In an effort to increase its capital, VTB announced its secondary public offering at the end of April. The first phase of the SPO – open to existing shareholders only- ended on Monday.1245 shareholders bought up 14 percent of the available shares in the 14 billion rouble sale, leaving 102 billion roubles worth of shares for non-existing shareholders.The share sale will increase its Tier 1 capital ratio to 11.9 percent from 10.3 percent, VTB said.VTB first estimated the sale of 2.5 trillion new shares to be priced at 4.1 kopeks a piece, but on Monday’s floor they traded at 4.6 kopeks. In their May 2007 public offering shares were sold at 13.6 kopeks.The stock climbed 3.5 percent on the Moscow stock market.The sale is part of the bank’s drive to privatize state assets and reduce state influence in business. … Read More
Yahoo poised to buy Tumblr for $1.1 billion – report
A source close to the deal told The Wall Street Journal that the agreement was approved in a meeting by telephone on Friday. He said the deal could be announced as early as Monday. Tumblr climbed to success shortly after launching in 2007 by making it easy for people to post blogs and photos, follow other people on Tumblr, and receive updates. It is continuing to grow at a rapid pace – the site had reached about 117 million unique users worldwide in March, up from around 58 million a year earlier, according to comScore. Upon acquiring Tumblr, Yahoo would gain a social media site which hosts communication and blogging for millions of people. However, the site generates little profit. Tumblr, which began placing ads on its site just last year, generated $13 million in revenue last year, Tumblr Chief Executive David Karp said in a recent statement. Yahoo believes it could help the blogging site bring in more money by selling ads and boosting its own revenue in the process, sources said. Yahoo Chief Executive Marissa Mayer, who joined the company last summer, became interested in Tumblr a couple of months ago, a source said. Acquisitions were expected to be part of Mayer’s strategy although she has only acquired small companies in the past. In the fall of 2011, Tumblr’s $85 million venture-capital investment valued the company at $800 million. Yahoo is also expected to deliver an update about its Flickr photo-sharing site on Monday, according to a source. … Read More
City rivals prepare for showdown
http://www.youtube.com/v/3UOrRU6sIuE?version=3&f=videos&app=youtube_gdata Taken from: City rivals prepare for showdown
Deadly bombings hit Baghdad
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A car bomb exploded in Sadr, a Shiite neighbourhood of the Iraqi capital Baghdad, killing at least five people.
More than a dozen people were wounded by the blast, which struck a bus and a taxi rank.
Abu Ali, whose house was hit, said: “I wasn’t at home, but I heard an explosion, so I came back here and was told that my children were in hospital. You can see the destruction.”
The May 16 bombing in Sadr followed a wave of attacks on May 15 that killed more than 30 people.
No-one has claimed responsibility for the blasts.
The violence comes amid growing tensions between Iraq’s Shiite-led government and the country’s Sunni minority.
More about: Baghdad, Car bomb, Death, Iraq, Urban violence
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