12/30/2011 (7:51 pm)

Gov. Nixon to name new Missouri economic development czar

Filed under: credit, online |

Missouri Gov. Jay Nixon will name the state’s new top job creation official on Friday, his office said Thursday.

The new director of the Department of Economic Development will replace David Kerr, who’s stepping down this month after a little more than two years in the post.

The former AT&T executive and Kansas Commerce Secretary worked to significantly boost Missouri’s exports and led an overhaul of the state’s strategic economic development plan. He also played a key role in negotiations with both Ford and General Motors about plant expansions in the state.

But his tenure was also marked by sluggish job growth and, in recent months, controversy over a sugar plant deal gone awry in Moberly. Meanwhile, efforts by the Nixon administration to re-tool Missouri’s menu of economic incentives largely stalled in the General Assembly. Kerr replaced Nixon’s first economic development chief, St. Louis attorney Linda Martinez, who lasted less than a year in the job.

Whoever takes the seat next will do so ahead of a re-election campaign in which the economy is expected to be a major issue. They will also take the seat on the eve of a Legislative session where tax credits will, again, likely see much debate.

Nixon will visit Kansas City and Springfield (though not St. Louis) to make the announcement.

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12/27/2011 (7:43 am)

Verizon’s 4G service suffers yet another outage

Filed under: credit, money |

Verizon Wireless was working to get its 4G network back up and running on Wednesday, following a nationwide outage that began in the early morning hours.

Customers across the country, from California to Ohio to Virginia, took to Verizon’s forums to complain that service was knocked out, though gripes were mostly limited to the new 4G LTE data network, which Verizon began to roll out a year ago. Voice calls, texts and 3G data were unaffected, according to the company.

Verizon (, Fortune 500) spokesman Tom Pica confirmed that service returned to normal at around 2 p.m. ET after engineers worked all morning to fix the issue. He did not comment on the cause of the problem.

It was the second nationwide outage in as many weeks for Verizon’s 4G network, and the third since April. That’s a tough pill to swallow for Verizon, which has built its brand on network reliability.

The bad news for Verizon and its customers is that wireless infrastructure experts expect this isn’t the last time the 4G network will go down. Since Verizon was the first company in the world to deploy a 4G LTE network at any great scale, it is dealing with the usual early adopter growing pains.

"Verizon is a pioneer, and it’s suffering the fate that all pioneers face," said Ken Rehbehn, analyst at Yankee Group.

Indeed, each new wave of network technology involves some degree of pain. When the last next-generation network (3G) first deployed, it was brought down by widespread capacity constraints that the carriers had not anticipated. Most notably, AT&T’s (, Fortune 500) 3G network became close to unusable in New York and San Francisco following Apple’s (, Fortune 500) launch of the iPhone 3G in 2008.

4G is a myth (and a confusing mess)

So what’s the trouble with Verizon’s 4G network? Verizon isn’t saying, and it would be very unusual for a network operator to reveal specifics about why it’s having a problem. But experts believe it has to do with the complexities of LTE, which is a much more intricate technology than its predecessors cash advance.

Unlike previous systems that use switches to control traffic, 4G uses "cores," that act like large, centralized command-and-control centers. Switches covered city blocks, but 4G cores are now serving multiple states. If one goes out, entire regions could lose service.

Since it’s a nationwide event, experts believe all the cores may have been affected by a software or hardware issue.

"This is truly indicative of a larger problem," said Robert Laracuente, vice president of business development at Telenetworks in Puerto Rico. "Best case scenario, some routing isn’t programmed as it should be. The worst case scenario is an undetected hardware fault that systemically disrupts the network under certain conditions."

Because this has happened three times now, Laracuente said it would be surprising if Verizon faced a software problem, since the company prides itself on its scrutiny of its engineering. If it is a hardware malfunction, that can be very hard to detect and prevent in the future.

"This is a whole new paradigm of network technology, so I expect that issues will continue to occur," said Akshay Sharma, analyst at Gartner.

Next-generation networks are based end-to-end on Internet Protocol, which routes packets of information over the Internet rather through circuits. That makes 4G about 10 times faster and gives it significantly more capacity for data traffic than 3G, but it also brings a new host of issues to the table.

"IP by its nature is not resilient from day one," Sharma said. "You don’t get resiliency and quality of service for free — you have to engineer that in. That’s a new wrinkle that adds to the challenge."

Verizon’s 4G customers may have to get used to a few bumps as their first-of-its-kind technology gets all the glitches smoothed out. It’s the price pioneers always pay.  

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07/24/2011 (1:32 am)

Paz leads Express Scripts through consensus

Filed under: credit, finance |

The nameplate outside George Paz’s windlowless office, no bigger than any other at Express Scripts, carries his name, but no title.

The mustachioed chairman and chief executive eats in the company cafeteria, and parks his Audi sedan in an unreserved, lower-level spot. He knows a surprising number of his employees on a first-name basis, stopping occasionally to chat them up.

Even with Thursday’s announcement that Express Scripts plans to buy a leading rival, Medco Health Solutions, Paz eschews the spotlight

07/20/2011 (4:32 pm)

Second RIM executive moves to Samsung

Filed under: credit, term |

CALGARY

06/24/2011 (1:14 am)

McCarthy Building Cos. completing Mount Vernon, Ill., hospital projects

Filed under: credit, term |

Ladue-based McCarthy Building Cos. Inc. topped out a new 134-bed, 359,000-square-foot replacement hospital and broke ground on a 141,000-square-foot medical office building for Good Samaritan Regional Health Center in Mount Vernon, Ill.

The $140 million hospital project doubles the size of the existing facility and is about 30 percent complete. It also includes eight observation beds, and all rooms are private. The medical office building is connected to the hospital and includes a surgery center and outpatient diagnostic services instant credit report. Both buildings are scheduled to be ready for use late next year.

McCarthy and Jefferson County-based partner Shores Builders and Lipps Construction broke ground on the hospital project in April 2010. McCarthy broke ground on the medical office building March 15.

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06/19/2011 (10:42 am)

Talks underway on second Greek bailout package, PM confirms

Filed under: business, credit |

ATHENS, GREECE

06/14/2011 (8:26 am)

Deals buoy stocks as US retail sales loom

Filed under: credit, loans |

A round of confidence-building corporate deals supported global stocks Tuesday, despite fresh tightening measures in China as inflation there jumped to a three-year high and another savage credit rating downgrade of Greece.

Over the past two months, the economic news flow has turned distinctly negative, particularly from the U.S., and many investors think the surge in share prices in the early part of the year may have been overdone.

Some relief came from corporate deals that prompted investors to look for potential takeover targets. In particular, news that Avis Budget has agreed to buy its European counterpart Avis Europe in a $1 billion deal has helped fuel hopes that further corporate activity will emerge in the days to come, especially now that many companies have shored up their cash positions following the recession.

“Companies with healthy balance sheets are clearly looking for sound investments,” said Will Hedden, sales trader at IG Index.

Though Avis Europe is not part of the FTSE 100 of leading British shares, its takeover helped buoy sentiment and the index was up 0.4 percent at 5,797. Germany’s DAX was 1.6 percent higher at 7,197 while the CAC-40 in France rose 1 percent to 3,846.

Wall Street was poised for a solid opening, too _ Dow futures were up 0.6 percent at 11,954, while the Standard & Poor’s 500 futures rose 0.8 percent to 1,276.

How the U.S. opens could well hinge on retail sales figures, which are released an hour before the bell. U.S. retail sales figures for May will provide an insight into the state of the U.S. economic recovery _ consumer spending accounts for around 70 percent of the U.S. economy.

Expectations are not rosy. The headline figure is expected to show a monthly 0.4 percent decline, which if true would represent the first decline since last June. However, when car sales are stripped out, U.S. retail sales are expected to rise by 0.3 percent.

In currency markets, investors continue to monitor developments surrounding the Greek debt crisis ahead of next week’s meeting of eurozone finance ministers in Brussels, where a fresh Greek bailout is on the agenda.

An unscheduled meeting of the eurogroup ministers Tuesday has stoked speculation that they are preparing to work out a way for the private sector to increase its share in helping Greece, a move the European Central Bank has so far opposed. The meeting takes place just a day after Standard & Poor’s downgraded its rating on Greece’s debt to triple C, the lowest of any sovereign in the world.

Tuesday’s meeting takes place amid signs that policymakers in Europe have divergent views on how to deal with the Greek crisis, with the European Central Bank and the German government, in particular, at odds on getting Greece’s bondholders to share the burden of the bailout.

By late morning London time, the euro was 0.2 percent firmer at $1.4439.

Earlier in Asia, Japan’s Nikkei 225 index rose 1.1 percent to close at 9,547.79 while South Korea’s Kospi rose 1.4 percent to 2,076.83. Hong Kong’s Hang Seng fell less than 0.1 percent to 22,496.

In mainland China, shares advanced after the government announced that inflation in May was 5.5 percent. Though that was the highest in almost three years, it was not as high as some forecasts had suggested. The benchmark Shanghai Composite Index gained 1.1 percent to 2,730.04, while the Shenzhen Composite Index of China gained 1.6 percent to 1,128.42.

Even though headline inflation did not rise as much as anticipated, China’s central bank increased the reserves banks are required to hold by a further 0.5 percentage point to a record 21.5 percent of deposits. The sixth increase this year is designed to help keep a lid on inflation.

There was some relief in the markets that China did not raise interest rates though that is expected to happen again soon.

“Although Chinese tightening is not generally welcomed by the markets, a gradual slowdown in the economy is a far better scenario than a hard-landing,” said Jane Foley, an analyst at Rabobank International.

Oil prices recouped some recent lost ground though fears over the pace of the global recovery remain.

Benchmark crude for July delivery was up 99 cents to $97.39 in electronic trading on the New York Mercantile Exchange.

____

Pamela Sampson in Bangkok contributed to this report.

Source

06/10/2011 (10:46 pm)

World markets mostly down on growth doubts

Filed under: Uncategorized, credit |

World stock markets moved lower Friday over concerns global economic growth is slowing, despite news of a narrower U.S. trade deficit that sent Wall Street up after a weeklong slump.

Oil prices hovered near $102 per barrel, while the dollar rose against the euro and fell against the yen.

In early European trading, Britain’s FTSE 100 dipped 0.2 percent to 5,844.60, Germany’s DAX lost 0.2 percent to 7,1456.01 and France’s CAC-40 dropped 0.7 percent to 3,853.49.

Shares in New York appeared headed for more losses as Dow Jones industrial futures lost 25 points to 12,019 and S&P 500 futures dipped less than 3 points to 1,279.10.

Trading was slightly less somber in Asia. Japan’s Nikkei 224 index rose 0.5 percent to close at 9,514.44, with vehicle makers posting gains. Toyota Motor Corp., the world’s No. 1 auto maker, rose 0.9 percent. Smaller rival Honda Motor Co. gained 1.1 percent and Nissan Motor Corp. was up 1.8 percent.

Shares of microchip maker Renesas Electronics Corp. gained 0.6 percent. The company said production at a plant damaged by the March 11 earthquake would return to pre-disaster levels in late September, one month earlier than anticipated, Kyodo News agency reported.

Elsewhere, though, markets were dragged down by fears of a global economic slowdown.

“I think it’s just the lingering caution that’s been pervading the market the last few weeks. There’s nervousness that the global economy is slowing down,” said David Cohen, an economist with Action Economics in Singapore.

“The Japanese are turning it around, and the market is still looking for a rebound of growth from the second half of the year in Japan,” Cohen said. “But I think people are still concerned about the U.S., and maybe that China is less of an engine than it was previously.”

South Korea’s Kospi index slid 1.2 percent to 2,046.67 after the Bank of Korea raised its key interest rate for the fifth time in less than a year amid a bid to fight inflation. At a monthly monetary policy meeting, the central bank lifted the benchmark base rate to 3.25 percent from 3 percent.

The action dampened investment sentiment, because traders _ believing that rate hikes discourage growth and hurt stock prices _ often take fright.

Hong Kong’s Hang Seng was 1.3 percent down to 22,315.47 as banking shares dropped.

The Bank of China Ltd., one of the country’s four major state-owned commercial lenders, lost 0.5 percent. Agricultural Bank of China Ltd., the country’s biggest rural lender, lost 0.2 percent. Industrial and Commercial Bank of China, the world’s biggest bank by market value, was down 0.2 percent.

Australia’s ASX/S&P 200 rose 0.3 percent to 4,562.10. Benchmarks in Singapore, Taiwan and the Philippines fell, while those in New Zealand, Thailand and mainland China rose.

The Shanghai Composite Index edged up less than 0.1 percent to 2,705.14, while the Shenzhen Composite Index gained marginally to 1,113.32. Shares in chemicals and heavy industries led the gains.

“The market is weak, gains are hard to come by but losses come easily. Investors also are expecting a rise in the consumer price index when it is released next week, fearing that could bring more monetary tightening measures,” said Liu Kan, an analyst at Guoyuan Securities, based in Shanghai.

Petrochina, the country’s biggest oil and gas company and the Shanghai benchmark’s biggest component, gained a mere 0.2 percent. Huaneng Power International, one of several big state-owned electricity generators, gained 6.2 percent.

On Wall Street, a report that U.S. exports hit a record in April sent stocks sharply higher Thursday as investors hoped the economic recovery may not be as sluggish as grim economic reports in the past week have suggested.

Stocks have been slipping since mid-April as investors become concerned that the U.S. economy has hit a soft patch. Rising oil prices, Japan’s tsunami and nuclear disaster and the risk that Greece might default on its debt have led investors to lower their forecasts for U.S. growth this year.

The Dow Jones industrial average rose 0.6 percent to close at 12,124.36. The Standard & Poor’s 500 index rose 0.7 percent to 1,289.00. The Nasdaq composite rose 0.4 percent to 2,684.87.

Thursday’s gains broke a six-day losing streak and marked the first time stocks rose in June. Stocks had dropped following poor reports on manufacturing, home sales, hiring and consumer confidence.

Benchmark crude for July delivery was down 36 cents to $101.56 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.19 to settle at $101.93 a barrel on Nymex on Thursday.

In currencies, the euro slipped to $1.4483 from $1.4509 in late trading Thursday in New York. The dollar fell to 80.07 yen from 80.26 Japanese yen.

Source

05/24/2011 (12:55 am)

Purchases of New Homes in U.S. Probably Stagnated in April Near Record Low - Bloomberg

Filed under: credit, legal |

Purchases of new houses probably held close to a record low in April, showing the real-estate market remains a weak link in the U.S. expansion, economists said before a report today.

New homes sold at a 300,000 annual pace last month, the same as in March, according to the median forecast of 75 economists surveyed by Bloomberg News. Purchases sank to a 270,000 pace in February, the weakest in 48 years of data.

The prospect that foreclosures will keep driving down property values means that buyers may continue to shun new houses in favor of previously owned dwellings, hurting builders like D.R. Horton Inc. Unemployment at 9 percent, stagnant wages and credit restrictions add to the headwinds, signaling a housing recovery will take years to unfold.

“Until that overhang of existing homes works its way down, new-home sales will remain depressed and construction as well,” said Steve Blitz, a senior economist at ITG Investment Research Inc. in New York.

The Commerce Department’s report is due at 10 a.m. in Washington. Estimates in the Bloomberg survey ranged from 280,000 to 320,000.

Stocks of homebuilders have underperformed the broader market. The Standard & Poor’s Supercomposite Homebuilders Index has fallen 1.4 percent so far this year, compared with a 4.7 percent gain for the S&P 500 Index. (SPX)

‘Struggle’ Through 2012

Demand for new houses will remain weak into next year, said Bill Wheat, chief financial officer of Fort Worth, Texas-based D.R. Horton, the second-largest U.S. homebuilder by revenue. “We feel it could still be a struggle in 2012.”

Builders are cutting back as a result. Housing starts fell 11 percent in April to a 523,000 annual pace, the second-weakest reading since April 2009’s record low, figures from the Commerce Department showed last week.

One reason for the slump is growing interest from investors in buying distressed properties. Previously owned homes sold at a 5.05 million annual rate in April, down 0.8 percent from the prior month, data from the National Association of Realtors showed May 19. All-cash deals accounted for 31 percent of transactions, and distressed properties, including foreclosures and short sales, made up 37 percent, the group said.

The supply of existing houses will probably remain an issue for builders. CoreLogic Inc. in March estimated about 1.8 million homes were more than 90 days delinquent, in foreclosure or bank-owned, a so-called “shadow inventory” set to add to the unsold supply of 3.87 million previously owned homes already on the market.

Sinking Share

As distressed transactions have played a bigger role, new- home sales have shrunk as a share of total sales. They accounted for 5.6 percent of the market in March, down from 16 percent at their peak in July 2005.

Foreclosures have weighed on home prices. The S&P/Case- Shiller index of property values in 20 cities fell 3.3 percent in February from a year earlier, the biggest 12-month decrease since November 2009, the group said last month. The gauge is down 33 percent from its July 2006 peak.

In addition to the drop in values, persistent joblessness may be keeping potential buyers away. The 9 percent unemployment rate last month, almost two years into an economic recovery, compares with an average of 4.8 percent in the three years before the recession began.

That’s helping damp wages. Average hourly earnings for all workers rose 1.9 percent in April from a year earlier compared with a 3.4 percent gain in the 12 months through December 2007, when the recession began, according to Labor Department data.

Douglas Yearley Jr., chief executive officer at Toll Brothers Inc. (TOL), the largest U.S. luxury-home builder, last week said the spring home-selling season has been “disappointing” and that “people are still scared.”

Bloomberg Survey ==================================================== New Home New Home Richmond Sales Sales Fed ,000’s MOM% Index ==================================================== Date of Release 05/24 05/24 05/24 Observation Period April April May —————————————————- Median 300 0.0% 9 Average 301 0.2% 8 High Forecast 320 6.7% 11 Low Forecast 280 -6.7% 1 Number of Participants 75 75 11 Previous 300 11.1% 10 —————————————————- 4CAST Ltd. 303 1.0% — ABN Amro 306 2.0% — Action Economics 295 -1.7% — Aletti Gestielle 310 3.3% — Ameriprise Financial 305 1.7% 6 Banesto 300 0.0% — Bank of Tokyo- Mitsubishi 310 3.3% — Bantleon Bank AG 310 3.3% — Barclays Capital 305 1.7% — BBVA 295 -1.7% 11 BMO Capital Markets 300 0.0% 10 BNP Paribas 310 3.3% — BofA Merrill Lynch 315 5.0% — Briefing.com 290 -3.3% — Capital Economics 300 0.0% — CIBC World Markets 300 0.0% — Citi 290 -3.3% — ClearView Economics 300 0.0% — Commerzbank AG 300 0.0% — Credit Agricole CIB 303 1.0% — Credit Suisse 290 -3.3% — Daiwa Securities America 320 6.7% — DekaBank 290 -3.3% — Desjardins Group 290 -3.3% — Deutsche Bank Securities 300 0.0% — DZ Bank 280 -6.7% — Exane 310 3.3% — Fact & Opinion Economics 300 0.0% 8 First Trust Advisors 310 3.3% — FTN Financial 295 -1.7% — Goldman, Sachs & Co. 285 -5.0% — Helaba 295 -1.7% — HSBC Markets 300 0.0% — Hugh Johnson Advisors 280 -6.7% — Ibersecurities — — 1 IDEAglobal 310 3.3% — IHS Global Insight 286 -4.7% — Informa Global Markets 295 -1.7% — ING Financial Markets 300 0.0% 8 Insight Economics 300 0.0% — Intesa-SanPaulo 310 3.3% — J.P. Morgan Chase 305 1.7% — Janney Montgomery Scott 300 0.0% — Jefferies & Co. 295 -1.7% — Landesbank BW 290 -3.3% — Manulife Asset Management 305 1.7% — Maria Fiorini Ramirez 305 1.7% — MET Capital Advisors 310 3.3% — MF Global 285 -5.0% — Mizuho Securities 303 1.0% — Moody’s Analytics 290 -3.3% — Morgan Keegan & Co. 310 3.3% — Morgan Stanley & Co. 310 3.3% — National Bank Financial 300 0.0% — Natixis 307 2.3% — Nomura Securities 305 1.7% — OSK Group/DMG 300 0.0% — Parthenon Group 295 -1.7% — Pierpont Securities 315 5.0% — PineBridge Investments 312 4.0% 11 PNC Bank 295 -1.7% — Raymond James 305 1.7% — RBC Capital Markets 310 3.3% — RBS Securities 300 0.0% — Scotia Capital 310 3.3% — Societe Generale 287 -4.3% — Standard Chartered 310 3.3% — State Street Global Markets 300 0.0% 9 Stone & McCarthy Research 305 1.7% — TD Securities 290 -3.3% 5 UBS 280 -6.7% — University of Maryland 300 0.0% — Wells Fargo & Co. 310 3.3% — WestLB AG 306 2.0% — Westpac Banking Co. 300 0.0% 10 Wrightson ICAP 300 0.0% 10 ====================================================

To contact the reporters on this story: Bob Willis in Washington at sbwillis@bloomberg.net

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05/09/2011 (6:24 pm)

Pakistan suspected of retaliating after US raid

Filed under: credit, management |

Suspicion rose Monday that Pakistan’s intelligence service leaked the name of the CIA chief in Islamabad to local media in anger over the raid that killed Osama bin Laden _ the second outing of an American covert operative here in six months.

The U.S. said it has no plans to pull the spy chief, but the incident is likely to exacerbate an already troubled relationship between the two countries a week after Navy SEALs in helicopters swooped down on bin Laden’s compound without first telling the Pakistanis. The CIA and Pakistan’s spy agency have long viewed each other with suspicion, which the death of the terror leader has laid bare.

The Pakistani military and intelligence services have suffered withering criticism at home for failing to stop the U.S. operation. Many Pakistanis view the raid as a violation of their sovereignty _ even if they were pleased that bin Laden was killed.

U.S. officials have said they didn’t tell Pakistanis in advance because they were worried someone might tip off bin Laden. American forces also used helicopters with radar-evading technology so the Pakistanis couldn’t track them.

Pakistani Prime Minister Yousuf Raza Gilani defended the military and intelligence services Monday, telling parliament it was “disingenuous for anyone to blame Pakistan … for being in cahoots with al-Qaida.”

He acknowledged his nation’s failure to track bin Laden but said the failure wasn’t Pakistan’s alone.

“Yes, there has been an intelligence failure,” Gilani said. “It is not only ours but of all the intelligence agencies of the world.”

U.S. officials have said they see no evidence that anyone in the upper echelons of Pakistan’s military and intelligence establishment was complicit in hiding bin Laden in Abbottabad, an army town only 35 miles from the capital. But suspicions remain, and members of Congress have threatened to cut off U.S. aid if evidence is found.

President Barack Obama said the U.S. believes bin Laden must have had a support network inside Pakistan.

“But we don’t know who or what that support network was,” Obama said in an interview broadcast Sunday on CBS’ “60 Minutes.” “We don’t know whether there might have been some people inside of government, people outside of government, and that’s something that we have to investigate, and more importantly, the Pakistani government has to investigate.”

Gilani proclaimed the death of bin Laden as “indeed justice done” since al-Qaida has launched many attacks inside Pakistan. But he warned the U.S. not to try a similar covert raid in the future.

“Unilateralism runs the inherent risk of serious consequences,” Gilani said. “Pakistan reserves the right to retaliate with full force. … No one should underestimate the resolve and capability of our nation and armed forces to defend our sacred homeland.”

At the same time, however, he stressed the importance of Pakistan-U.S. ties and insisted the relationship was still strong.

“Our communications at the official and diplomatic levels with the U.S., during this phase, have been good, productive and straightforward,” said Gilani.

Gilani’s speech and the suspected leak of the CIA station chief’s name illustrate the balancing act that Pakistani officials seem to be trying to achieve in responding to the bin Laden raid.

Civilian and military leaders must placate a domestic population that is upset at the U.S. for violating the country’s sovereignty and outraged at the country’s army and intelligence agency for allowing it to happen. But they must also worry about preserving their relationship with the U.S., which provides billions of dollars in military and civilian aid for cooperation on the war in Afghanistan.

“Gilani’s statement and the leak of the name of the name of the supposed CIA station chief appear to be in keeping with Islamabad’s need to maintain relations with the United States and at the same time try and counter growing U.S. pressure in the wake of the Osama bin Laden killing,” said Kamran Bokhari, an analyst with STRATFOR, a private security think tank in Austin, Texas.

Even before the discovery of bin Laden, many U.S. officials accused Pakistan of playing a double game by taking American aid, promising its support and then failing to target key Islamist militants wanted by the U.S., including Taliban chief Mullah Mohammed Omar.

But the U.S. is in a difficult position because it is reliant on Pakistan’s help to go after Taliban militants on its territory and ships a large percentage of its non-lethal goods to its forces in Afghanistan through the country. Pakistan also allows the CIA drones to carry out missile strikes on militant targets in the border regions. Pushing Pakistan too hard could jeopardize the relationship with the critical, if fickle, ally.

On Friday, the private TV channel ARY broadcast what it said was the current CIA station chief’s name. The Nation, a right-wing newspaper, picked up the story Saturday.

Although the name was misspelled, the publication of any alleged identity of the U.S. spy agency’s top official in this country could be push-back from Pakistan’s powerful military and spy agency in retaliation for the American raid.

The Associated Press is not publishing the station chief’s name because he is undercover and his identity is classified. A spokesman for Pakistani intelligence declined to comment.

ARY’s news director, Mazhar Abbas, said the television station’s reporter gleaned the name from a source. He defended the broadcast, saying it was “based on fact” and rejected suggestions the name was leaked to the television channel by an official with a motive.

A U.S. official, speaking on condition of anonymity because of the sensitivity of discussing CIA personnel issues, told the AP that there are no plans to remove the station chief from Pakistan.

Asad Munir, a former intelligence chief with responsibility for Pakistan’s militant-populated tribal areas, said very few people know the name of the CIA station chief in Islamabad. But he said that releasing it would not necessarily jeopardize the American’s safety.

“Normally people in intelligence have cover names,” Munir said. “Only if there is a photograph to identify him could it put his life in danger.”

In December, the CIA pulled its then-station chief out of Pakistan after a name alleged to be his surfaced in public and his safety was deemed at risk. That name hit the local presses after it was mentioned by a lawyer who planned a lawsuit on behalf of victims of U.S. drone strikes in Pakistan’s tribal belt.

Suspicions have lingered that that outing was orchestrated by Pakistan’s spy agency to avenge an American lawsuit that named its chief over the 2008 terror attacks on the Indian city of Mumbai. The Pakistani agency denied leaking the CIA operative’s name.

Source

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