Links to Con's.

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http://www.israel-palestinenews.org/

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Teamsters Contacting YRC Noteholders;Says Goldman Not At Fault
.
By Bob Sechler
Of DOW JONES NEWSWIRES

The Teamsters union is acknowledging that it may have been misinformed when it accused Goldman Sachs Group Inc. (GS) of actions detrimental to YRC Worldwide Inc. (YRCW) that could push the trucking giant into bankruptcy protection.
But Iain Gold, a director of strategic research for the International Brotherhood of Teamsters, said the union is continuing to reach out to YRC bondholders, emphasizing that upwards of 40,000 jobs could be eliminated if YRC fails to complete a key debt-for-equity swap.
"The livelihoods of 40,000-plus people are at stake," Gold said in an interview.
YRC said Thursday that it is "critical" the swap be completed before Dec. 31, or "the company's liquidity position would become unsustainable" absent new leeway from its banks.
Teamsters president James Hoffa sent a letter to Goldman Sachs Chief Executive Lloyd Blankfein on Wednesday, accusing the firm of creating derivatives trades designed to profit in the event YRC's debt exchange is unsuccessful and the company files for bankruptcy protection.
Goldman Sachs "is actively soliciting bond trades for clients and underwriting credit-default swaps to benefit from a failed exchange and resulting bankruptcy," Hoffa said in the letter.
Bloomberg News first reported on Hoffa's letter Wednesday.
Goldman has denied that it has a position in YRC or makes a market in its bonds or credit default swaps, and Gold said Thursday that the Teamsters are willing to take the investment bank at its word, partly because certain types of derivatives are so hard to track.
"We know they exist out in the market place [but] the question of who holds what is not always clear," Gold said. "We find it very troubling" that such trading strategies exist at all.
He said the union heard of Goldman involvement through anonymous tips and other means that he didn't detail. The Teamsters have reached out to about a dozen bondholders over the last few weeks but hasn't sent out any other formal letters regarding the issue, he said.
"Giving [YRC] a chance to operate into the New Year would send a signal to the marketplace" and to freight customers that the company can survive at a time when the economy is on the mend, Gold said.
"We believe if we can get through this, those things will begin to fall into place," he added.
Regardless, YRC's crucial debt-for-equity swap appeared to be in a bit of disarray Thursday. The company announced it is angling to revise the terms, and it again extended the exchange deadline as it struggles to stay afloat.
The trucking company is seeking to cut the minimum tender amount to 70% for notes due next year, and 85% for two other series of notes. The acceptance level had been a total of 95% for all note categories.
YRC said Wednesday morning that 75% of all the noteholders had tendered, although it said Thursday that the figure has fallen to 57%.
"The company believes some bondholders have withdrawn as a result of their desire to tender in the exchange only on an expiration date," YRC said in a statement.
YRC needs lenders holding at least two-thirds of commitments under its credit agreement to agree to the revision to the exchange offer and the reduced participation threshold.
YRC said it has reached a tentative agreement-in-principal with a steering committee representing more than 67% of the commitments.
The company is aiming to consummate the debt-swap by Dec. 31, which will allow it to defer about $19 million in interest and fees. YRC said that if it were obliged to make the payment and didn't have access to a credit revolver reserve, the company's "liquidity position would become unsustainable."
Shares were up 1.98%, or 2 cents, at $1.03 in recent trading. The stock was above $3 before details of the highly dilutive debt-for-equity exchange were released last month.
Under the deal, bondholders would get a 95% equity stake in YRC for tendering the notes, which carry an aggregate face value of $536.8 million. The debt would be erased from YRC's books, and the company also would gain access to new liquidity to continue its restructuring and help it weather the downturn.

-By Bob Sechler, Dow Jones Newswires; 512-394-0285; bob.sechler@dowjones.com
(Tess Stynes contributed to this report)

(END) Dow Jones Newswires
December 17, 2009 14:44 ET (19:44 GMT)

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Arrests Ahead Of UK Flight From Pakistan

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Five Pakistani nationals who swapped boarding passes with five other travellers have been arrested at Islamabad airport. Skip related content (http://uk.news.yahoo.com/5/20100119/twl-arrests-ahead-of-uk-flight-from-paki-3fd0ae9.html#ynw-article-part2)
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http://d.yimg.com/i/ng/ne/skynews/20100119/22/1104564108-arrests-ahead-uk-flight-pakistan.jpg?x=310&y=231&q=75&wc=321&hc=240&xc=40&yc=1&sig=Q19mo1eLEeF8up5RCeUctw--#310,231 Enlarge photo (http://uk.news.yahoo.com/5/20100119/img/pwl-arrests-ahead-of-uk-fli-a211f7e3483d.html)
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Related content



Trial starts for Pakistani scientist in Afghan shooting mystery (http://uk.news.yahoo.com/18/20100119/twl-trial-starts-for-pakistani-scientist-2802f3e.html)
US missile strike kills five in Pakistan: officials (http://uk.news.yahoo.com/18/20100119/twl-us-missile-strike-kills-five-in-paki-2802f3e.html)
Pakistani soldier killed in Indian firing (http://uk.news.yahoo.com/22/20100119/tpl-uk-pakistan-india-81f3b62.html)
Related Hot Topic: Pakistan (http://uk.news.yahoo.com/fc/pakistan.html)
Have your say: Pakistan (http://uk.messages.news.yahoo.com/World/forumview?bn=UKN-WL-Pakistan&e=0Df0qUnW86NWdLL2PpomSCb47cs1g3TiPYYt5xcXDVACQHFG 03Mirzae5QEwf.nMVvfU4us17hqGDTcvy1Tq3gQy)



The Pakistanis had checked in for a flight to Dubai.
Shortly before that five men with British passports had checked in for a flight to Manchester airport.

The British nationals then took the flight to Dubai.
Meanwhile the remaining men, all Pakistani, were arrested.
Immigration (http://uk.news.yahoo.com/fc/immigration-asylum.html) officials said they were carrying fake UK visas and boarding passes with different names.
They have been named as Raja Zia Ul Haq, Raja Fizal Ul Haq, Muhammed Usman, Imran Asgher and Abid Hussain.
Sky News Asia correspondent Alex Crawford said the men were arrested. Michelle May, Sky News North of England correspondent, said the flight concerned was the Air Blue ED220.

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White House says it contacted candidate about jobs

http://l.yimg.com/a/i/us/nws/p/ap_logo_106.png (http://us.rd.yahoo.com/dailynews/ap/brand/SIG=11f589428/**http%3A%2F%2Fwww.ap.org%2Ftermsandconditions)


http://d.yimg.com/a/p/ap/20100530/videolthumb.ce70e0c9010b4ce323126e23fab570a2.jpg?x =213&y=160&xc=1&yc=1&wc=399&hc=300&q=85&sig=K3EXN_lHnI.4hmBoFA_8xw-- Play Video (http://us.rd.yahoo.com/dailynews/external/ap_av/av_ap3_us/96aab52ddc10349fd918cf29d8e2c89f/36336368;_ylt=At9MMGfhVjVcOeO8K7X1QlZh24cA;_ylu=X3 oDMTE5MHFpa3I5BHBvcwMxBHNlYwN5bl9yX3RvcF92aWRlbwRz bGsDZGVtc2dvcGRpc3B1/*http://news.yahoo.com/video/politics-15749652/20069106)AP (http://news.yahoo.com/video/us/ap) – Dems, GOP dispute attempted Sestak deal


http://d.yimg.com/a/p/ap/20100523/videolthumb.5c587a54fe2cd0bf6c028d205a166d82.jpg?x =50&y=50&xc=51&yc=1&wc=300&hc=300&q=85&sig=vg6rBWcpyPjGagEhcKXPOg-- Play Video (http://us.rd.yahoo.com/dailynews/external/ap_av/av_ap3_us/9c7a4d38d76eedd299be9b4bb0b2b235/36249672;_ylt=AjAyRAWyvOeFg3xKezN5v5lh24cA;_ylu=X3 oDMTFib3IzOWliBHBvcwMzBHNlYwN5bl9yXzNzbG90X3ZpZGVv BHNsawN2aWQtZWQtdGh1bWI-/*http://news.yahoo.com/video/politics-15749652/19953123)Video:Raw Video: Gibbs ducks questions on Sestak (http://us.rd.yahoo.com/dailynews/external/ap_av/av_ap3_us/9c7a4d38d76eedd299be9b4bb0b2b235/36249672;_ylt=Aq9vT4i2tyBXzG8BSa_YvBFh24cA;_ylu=X3 oDMTFhMWNndjh1BHBvcwM0BHNlYwN5bl9yXzNzbG90X3ZpZGVv BHNsawN2aWQtZWQtbGluaw--/*http://news.yahoo.com/video/politics-15749652/19953123) AP (http://news.yahoo.com/video/us/ap;_ylt=AoANen94vH5USQTq.iSG_Iph24cA;_ylu=X3oDMTFi czhtZHE2BHBvcwM1BHNlYwN5bl9yXzNzbG90X3ZpZGVvBHNsaw N2aWQtZWQtcHJvdmk-)
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http://d.yimg.com/a/p/austin/20100603/videolthumb.ccdf423083e7a7a35b7ab9975420caa6.jpg?x =50&y=50&xc=92&yc=1&wc=227&hc=227&q=85&sig=VtN7n1d1mumtJ6pDxGePuQ-- Play Video (http://us.rd.yahoo.com/dailynews/external/belo_austin_kvue/av_belo_austin_kvue/aa55fc2ab1f2e90d41e5d513f8a87a0c/36389978;_ylt=Ahwrtr1y3SfFIyobKyAPEyBh24cA;_ylu=X3 oDMTFiOGdiZGYyBHBvcwM5BHNlYwN5bl9yXzNzbG90X3ZpZGVv BHNsawN2aWQtZXYtdGh1bWI-/*http://news.yahoo.com/video/us-15749625/20142996)Barack Obama Video:Oil spill briefings (http://us.rd.yahoo.com/dailynews/external/belo_austin_kvue/av_belo_austin_kvue/aa55fc2ab1f2e90d41e5d513f8a87a0c/36389978;_ylt=AkpNCxQ9XGSTC9Id_X4lFSJh24cA;_ylu=X3 oDMTFia2dlcG9pBHBvcwMxMARzZWMDeW5fcl8zc2xvdF92aWRl bwRzbGsDdmlkLWV2LWxpbms-/*http://news.yahoo.com/video/us-15749625/20142996) KVUE-TV Austin (http://news.yahoo.com/i/3186;_ylt=AlDZgwgs7faxR1aaVcKDn69h24cA;_ylu=X3oDMT FjMGgwMnE1BHBvcwMxMQRzZWMDeW5fcl8zc2xvdF92aWRlbwRz bGsDdmlkLWV2LXByb3Zp)

http://d.yimg.com/a/p/ap/20100602/capt.c4016cce2c924580ac73c4aeb2e13688-c4016cce2c924580ac73c4aeb2e13688-0.jpg?x=213&y=274&xc=1&yc=1&wc=318&hc=409&q=85&sig=MFJKgrXI45nf6ennFzN7Gw-- (http://news.yahoo.com/nphotos/President-Barack-Obama-Colorado-House-Speaker-Andrew-Romanoff/photo//100602/480/urn_publicid_ap_org_c4016cce2c924580ac73c4aeb2e136 88//s:/ap/20100603/ap_on_el_se/us_colorado_senate)AP – FILE - In this Feb. 18, 2010, file photo, President Barack Obama greets Sen. Michael Bennet, D-Colo., …


By PHILIP ELLIOTT, Associated Press Writer Philip Elliott, Associated Press Writer – 41 mins ago
WASHINGTON – The White House faced fresh questions over back-room dealmaking after acknowledging that one of President Barack Obama's top advisers (http://news.yahoo.com/s/ap/20100603/ap_on_el_se/us_colorado_senate#) encouraged a Colorado Democrat to apply for an international development job instead of challenging the candidate whom the president favored in a Senate race.
The aide "wanted to determine if it was possible to avoid a costly battle between two supporters," White House Press Secretary Robert Gibbs (http://news.yahoo.com/s/ap/20100603/ap_on_el_se/us_colorado_senate#) said in a statement Thursday.
But once the aide learned former Colorado House Speaker Andrew Romanoff was determined to run against incumbent Sen. Michael Bennet, Gibbs said, "There was no offer of a job."
The situation again called into question repeated promises by Obama to run an open government that is above secret political horse-trading. In appealing to voters this election year, Republicans charge that Obama's promise (http://news.yahoo.com/s/ap/20100603/ap_on_el_se/us_colorado_senate#) to change the ways of Washington has given way to the kind of politics he campaigned against.
Just last Friday, the White House acknowledged under pressure that it had turned to former President Bill Clinton (http://news.yahoo.com/s/ap/20100603/ap_on_el_se/us_colorado_senate#) last year to approach Pennsylvania Senate candidate Joe Sestak about backing out of a Democratic primary in favor of an unpaid position on a federal advisory board.
"Clearly, Joe Sestak and Andrew Romanoff aren't isolated incidents and are indicative of a culture that embraces the politics-as-usual mentality that the American people are sick and tired of," said Rep. Darrell Issa, R-Calif., who has unsuccessfully sought a Justice Department investigation (http://news.yahoo.com/s/ap/20100603/ap_on_el_se/us_colorado_senate#) into the Sestak matter.
Romanoff on Wednesday night released a copy of an e-mail in which White House deputy chief of staff Jim Messina (http://news.yahoo.com/s/ap/20100603/ap_on_el_se/us_colorado_senate#) described three federal international development jobs that might be available to him if he were not challenging Bennet for the Democratic Senate nomination.
"He added that he could not guarantee my appointment to any of these positions," Romanoff said in a statement. "At no time was I promised a job, nor did I request Mr. Messina's assistance in obtaining one."
On Thursday, Gibbs said Romanoff had applied for a position at the U.S. Agency for International Development (http://news.yahoo.com/s/ap/20100603/ap_on_el_se/us_colorado_senate#) during the transition period before Obama took office in January 2009.
Gibbs said Messina "called and e-mailed Romanoff last September to see if he was still interested in a position at USAID, or if, as had been reported, he was running for the U.S. Senate. Months earlier, the President had endorsed Senator Michael Bennet (http://news.yahoo.com/s/ap/20100603/ap_on_el_se/us_colorado_senate#) for the Colorado seat, and Messina wanted to determine if it was possible to avoid a costly battle between two supporters.
"But Romanoff said that he was committed to the Senate race and no longer interested in working for the administration, and that ended the discussion," Gibbs said.
Sestak also declined his offer, and he defeated Sen. Arlen Specter late last month after disclosing the job discussions as evidence of his antiestablishment credentials. He said last week he had rejected Clinton's feeler in less than a minute.
In a two-page report on the Sestak case, the White House counsel said the administration did nothing illegal or unethical. Republicans weren't appeased.
"Just how deep does the Obama White House's effort to invoke Chicago-style politics for the purpose of manipulating elections really go?" Issa asked on Wednesday.
Unlike Sestak, Romanoff had ducked questions on the subject before issuing his statement Wednesday night. Also unlike Sestak, Romanoff was out of office and looking for his next act after being forced from his job because of term limits.
Romanoff had sought appointment to the Senate seat that eventually went to Bennet. Romanoff also applied to be Colorado secretary of state, a job that came open when Republican Mike Coffman was elected to Congress. Gov. Bill Ritter appointed a replacement and again passed over Romanoff.
Next, according to several Colorado Democrats (http://news.yahoo.com/s/ap/20100603/ap_on_el_se/us_colorado_senate#) speaking on condition of anonymity to discuss internal negotiations, Romanoff also approached Ritter about being Ritter's running mate for Ritter's re-election bid. It was only after that attempt failed, the Colorado Democrats said, that Romanoff joined the Senate contest.

Romanoff still wasn't settled on the Senate race. When Ritter announced in January that he wouldn't seek a second term after all, Romanoff publicly talked about leaving the Senate race to seek the governor's office, though he ended up staying in the Senate contest.
Bennet has outpaced Romanoff in fundraising and support from Washington, although party activists attending the state party assembly last month favored the challenger by a margin of 60 percent to 40 percent. The primary is Aug. 10.
Bennet was appointed by Ritter to fill out the final two years of the term of Ken Salazar, who resigned to become interior secretary.
___ Associated Press writers Kristen Wyatt and Ivan Moreno in Denver contributed to this report.

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DOW JONES NEWSWIRES

The Securities and Exchange Commission's single-stock circuit-breakers are likely to go into effect next week, possibly as early as Monday

[al_gy]

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