U.S. stocks ended mixed Thursday as investors digested a cautious economic outlook from the chairman of the Federal Reserve one day before a key report on the job market.
The Dow Jones industrial average () fell 11 points, or 0.1%, to end at 12,705. The S&P 500 () rose 1 points, or 0.1%, to 1,324. The Nasdaq () rose 11 points, or 0.4%, to 2,860.
"It’s a quiet day," said Paul Zemsky, head of multi-asset strategies at ING Investment Management. "The market is taking a pause before payrolls."
On Friday, the government is expected to report the U.S. economy added 130,000 jobs in January, according to economists surveyed by CNNMoney.
That would mark a sharp slowdown in hiring versus December, when 200,000 jobs were created. The unemployment rate is expected to rise to 8.6%.
Speaking before Congress Thursday, Fed chairman Ben Bernanke said the economy has shown some signs of improvement recently, but described the pace of the recovery as "frustratingly slow."
The sluggish recovery leaves the economy "vulnerable to shocks," including the debt crisis in Europe, the central bank chief added.
The comments raised speculation that the Fed is willing to take additional steps to support the economy if conditions deteriorate, said Doug Roberts, chief market strategist for Channel Capital Research.
"He’s saying that if things get worse, I’m available and we’re going to ease," said Roberts. "Clearly, he’s telling the market that if you decide to bet against me you’re going to get killed."
The Fed has purchased billions of dollars worth of Treasury bonds and other assets under its quantitative easing program. Some analysts say the Fed could hold a third round of asset purchases this year, depending on how the recovery progresses.
Europe: Where things stand
Meanwhile, investors remain on the lookout for an official agreement on a debt-reduction plan and second bailout for Greece. The deal is expected to come by the end of the week, though deadlines have been missed in the past.
U.S. stocks rose Wednesday, but closed off the highs of the day, on a combination of improved economic data and easing concerns about Europe’s debt crisis.
Economy: Initial jobless claims for the week ended Jan. 28 totaled 367,000, according to the government. They were expected to total 375,000, according to a survey of analysts by Briefing.com.
Data released Thursday morning from outplacement consulting firm Challenger, Gray & Christmas shows planned job cuts surged 28% in January to 53,486 — marking the highest total since 116,000 job cuts were announced in September.
The Challenger report follows data Wednesday from payroll processor ADP saying that the private sector added 170,000 jobs in January, down sharply from 292,000 in December.
Companies: Retailers reported better-than-expected same-store sales in January, according to data from sales-tracker Thomson Reuters.
Abercrombie & Fitch’s () stock fell 13% after the clothing retailer reported weak same-store sales for the latest quarter and lowered its earnings guidance.
Zynga () shares rallied 17% following Facebook’s IPO filing. Zynga’s gaming apps and advertising contributed about 12% of Facebook revenue last year.
Facebook IPO: Morgan Stanley is big winner
Sony () shares fell 6% after the company reported disappointing earnings and revenue.
Unilever () shares slumped 3.5% after the maker of Lipton teas, Dove soaps and other consumer products said it had difficulty passing higher raw material costs on to consumers last year, and announced a gloomy outlook for 2012.
Qualcomm (, Fortune 500), a company that sells chips used in cell phones, boosted its forecast for its 2012 performance. Shares rose 2%.
Viacom (, Fortune 500) shares fell after the media giant reported better-than-expected earnings in its fiscal first quarter, but cited ratings weakness and softness in the U.S. television advertising market. Its film division swung to an operating loss in the quarter.
Green Mountain Coffee Roasters () shares jumped 24% after the company reported its first-quarter revenue soared 102% compared to a year earlier, boosted by K-Cup sales.
World markets: European stocks closed modestly higher. Britain’s The DAX () in Germany added 0.6% and France’s CAC 40 () gained 0.3%. The FTSE 100 () in London ended little changed.
Asian markets ended higher. The Shanghai Composite () climbed 2%, the Hang Seng () in Hong Kong added 2% and Japan’s Nikkei () rose 0.8%.
Currencies and commodities: The dollar rose against the euro and the British pound, but fell versus the Japanese yen.
Oil for March delivery slipped $1.25 cents to end at $96.36 a barrel.
Gold futures for April delivery added $9.80 to $1,759.30 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.85%.
When a collection agency contacted Letitia Mika in the summer of 2010 about $5,640 in credit card debt, she agreed to a settlement in which she would make monthly payments on half of it and the rest would be forgiven.
Then about a year later, a different company began calling her to try to collect that same debt. As the Chicago resident began to untangle a confusing web, she discovered that the first agency - P.N. Financial - did not have authority to collect her debt, but the second one did.
Illinois Attorney General Lisa Madigan filed suit against Skokie-based P.N. Financial last week, alleging that the company not only pursued debts it was not authorized to collect, but also broke laws by revealing information about debts to employers and family members and intimidating consumers with fake court case numbers.
Complaints about harassment from debt collectors have spiked nationally in recent years. Part of that may be a reflection of more Americans being unable to pay their debts in these shaky economic times. But consumer advocates also say that collection agencies have become more aggressive in their tactics.
Both states’ attorney generals offices in Missouri and Illinois rank complaints against debt collectors among one of the top consumer complaints they receive every year.
Madigan said she has seen a rise in brash - and illegal - techniques employed by the commission-based industry.
Of the 52 complaints her office received about PN Financial, she said, “Those were among the most egregious of violations that we’ve seen.”
An employee at P.N. Financial on Friday said no one was available to comment on the lawsuit and then hung up.
The Federal Trade Commission, which says it receives more complaints about debt collection than any other industry, logged a 17 percent increase in consumer complaints about debt collection in 2010 for a total of 140,036 complaints. The FTC hasn’t yet published the 2011 figures.
Nearly half of the complaints were about collectors harassing consumers by calling them repeatedly or continuously, which is prohibited under the Fair Debt Collection Practices Act. Another common issue was consumers being contacted about debts they did not owe or that had been discharged in a bankruptcy.
In a recent study and survey by the Better Business Bureau in St. Louis, a third of respondents said they were called at least 20 times by debt collectors.
Another problem flagged by the report was consumers often don’t show up in court to defend themselves in suits and so default judgments are often entered, leading to garnishment of the debtor’s wages payday loans.
So Michelle Corey, the BBB’s president, said it’s important that consumers show up for those court dates, even if they don’t think they owe the debt or else they risk losing some of their wages.
There are a number of collection agencies in the St. Louis region who have a mixed track record. Some of them have an A rating from the BBB all the way down to an F, Corey said.
The BBB report also notes that Missouri is one of few states in the country without its own debt collection law that mirrors the federal law, making it difficult for state law enforcement authorities to take action against debt collectors. Illinois does have such a law.
Mark Schiffman, a spokesman for the trade group Association for Credit and Collection Professionals, said it’s hard to pinpoint exactly why the number of complaints against debt collectors have been on the rise.
“There was a significant volume increase in the amount of debt defaulted on in the last 3 to 4 years through the recession,” he said. “So significantly more volume would result in a rise in complaints.”
And he cautioned that many of the numbers of logged complaints, including those with the FTC, are not verified and are not necessarily about illegal behavior.
According to his group, third-party debt collectors recovered $55 billion and employed 148,000 people in 2010. But despite an increase in volume in the last several years, the amount of recovered debt has not increased much, he added.
“Consumers are struggling with the economy,” he said. “Many don’t have the ability to pay what they owe. It’s not boom time for the collection industry as people might think. Just because there is more volume doesn’t mean you can collect it.”
Rob Swearingen, an attorney at Legal Services of Eastern Missouri, sees a steady flow of complaints come into his office about harassment by debt collectors. One company told a client that a sheriff was on the way to arrest him so he should give them access to his bank account right away, he said.
“Debt collectors will say all kinds of things - there are as many crazy things as you can imagine,” he said. “They frighten people who are the most vulnerable.”
+%3Cp%3E+As+expected%2C+BlackBerry+maker+Research+In+Motion+said+Thursday+that+it+had+a+miserable+past+three+months%2C+reporting+a+quarterly+profit+that+got+squeezed+by+slumping+sales+and+service+outages.%3C%2Fp%3E%3Cp%3EWhat+wasn%27t+expected+was+such+a+miserable+outlook+for+the+current+quarter.%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3C%2Fp%3E%3C%2Fp%3E%3Cp%3EThe+company+said+it+expects+to+earn+between+80+cents+and+95+cents+a+share+on+revenue+of+between+%244.6+billion+and+%244.9+billion.+That%27s+way%2C+way+below+analysts%27+profit+forecasts+of+%241.16+per+share+on+sales+of+%245.1+billion.+%3C%2Fp%3E%3Cp%3ERIM+also+said+it+expects+to+ship+just+11+million+to+12+million+BlackBerry+phones%2C+a+truly+disappointing+forecast+that+is+just+barely+higher+than+the+company%27s+smartphone+shipments+from+a+year+earlier.%3C%2Fp%3E%3Cp%3EMaking+matters+worse%2C+the+company+also+said+that+its+future+platform%2C+BlackBerry+OS+10+–+the+cornerstone+of+RIM%27s+turnaround+plans+–+will+be+delayed+until+late+2012.+The+company+says+it+is+waiting+on+the+development+of+a+special+chipset+for+its+new+devices.+%3C%2Fp%3E%3Cp%3EShares+fell+by+8%25+after+hours%2C+even+though+RIM+%28%29+had+already+warned+investors+two+weeks+ago+that+its+financial+results+would+fall+short+of+the+company%27s+earlier+expectations.+%3C%2Fp%3E%3Cp%3EThe+company+blamed+its+bad+third+quarter+on+lackluster+demand+for+its+new+PlayBook+tablet%2C+on+consumers+opting+for+cheaper+BlackBerry+smartphones%2C+and+on+its+three-day+service+outage.+%3C%2Fp%3E%3Cp%3E%26quot%3BThe+last+few+quarters+have+been+some+of+the+most+trying+in+the+history+of+this+company%2C%26quot%3B+said+Jim+Balsillie%2C+RIM%27s+co-CEO%2C+on+a+conference+call+with+analysts.+%26quot%3BWe+understand+shareholders+may+feel+like+we+let+them+down.+%5BCo-CEO%5D+Mike+%5BLazaridis%5D+and+I%2C+as+two+of+RIM%27s+largest+shareholders%2C+understand+that+sentiment.%26quot%3B%3C%2Fp%3E%3Cp%3EBalsillie+said+that+he+and+Lazaridis+have+decided+to+take+a+salary+of+just+%241+a+year%2C+effective+immediately.+Last+year%2C+both+made+%241.2+million+Canadian%2C+which+was+around+%241.15+million+U.S.+at+the+time.+They+also+each+took+home+a+%241.2+million+cash+performance+bonus.%3C%2Fp%3E%3Cp%3EDespite+the+terrible+results%2C+RIM%27s+co-CEOs+remained+upbeat+in+their+discussion+with+analysts.+BlackBerry%27s+user+base+grew+to+75+million%2C+up+35%25+from+a+year+ago%2C+they+pointed+out.+%3C%2Fp%3E%3Cp%3EThey+also+said+that+the+company+is+%26quot%3Bmore+determined+than+ever%26quot%3B+to+overcome+its+execution+challenges.+They+preached+continued+patience+and+said+that+RIM%27s+transition+to+new%2C+improved+BlackBerry+OS+software+will+slowly+gain+traction+–+once+it+finally+releases.%3C%2Fp%3E%3Cp%3E%26quot%3BWe+ask+for+your+patience+and+confidence%2C%26quot%3B+said+Lazaridis+on+the+call.%3C%2Fp%3E%3Cp%3EBy+the+numbers%3C%2Fp%3E%3Cp%3EThe+Waterloo%2C+Ontario-based+company+said+net+income+for+the+third+quarter%2C+which+ended+last+month%2C+fell+to+%24265+million.+That%27s+down+19%25+from+a+year+earlier.+%3C%2Fp%3E%3Cp%3ERIM%27s+results+included+a+one-time+charge+of+%24485+million+write-down+due+to+underperforming+PlayBook+sales+and+a+%2454+million+charge+for+the+outage.+Without+the+charges%2C+RIM+said+it+earned+%241.27+per+share.+Analysts+polled+by+Thomson+Reuters%2C+who+typically+exclude+one-time+items+from+their+estimates%2C+had+forecast+earnings+of+%241.19+cents+per+share.%3C%2Fp%3E%3Cp%3ERIM%27s+sales+in+the+quarter+rose+24%25+to+%245.2+billion%2C+missing+analysts%27+reduced+forecasts+of+%245.3+billion.%3C%2Fp%3E%3Cp%3ERIM+said+that+it+shipped+14.1+million+BlackBerry+phones+last+quarter.+While+RIM%27s+third-quarter+smartphones+shipments+were+in+line+with+the+company%27s+forecast+of+between+13.5+million+and+14.5+million%2C+RIM+said+phones+were+sitting+on+store+shelves%2C+as+it+sold+fewer+devices+to+end-users+than+it+had+expected.%26nbsp%3B+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fmoney.cnn.com%2F2011%2F12%2F15%2Ftechnology%2Frim_earnings%2Findex.htm%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+
The Organization for Economic Cooperation and Development is warning of a “marked slowdown” in eurozone economies next year and says the European Union needs to clarify its anti-crisis measures.
In an update Monday of economic forecasts timed to coincide with this week’s meeting of the Group of 20 major economies, the OECD says “patches of mild negative growth” are likely in the eurozone in 2012.
It says economic growth in the eurozone will stall at 0.3 percent next year, after just 1 cash advance no faxing.6 percent growth this year.
The Paris-based OECD says “detailed information is needed” on how the EU will implement the package of measures announced last week aimed at resolving the European debt crisis, to prevent a repeat of the global crisis that hammered economies three years ago.
The Belgian state will buy the national subsidiary of embattled bank Dexia for euro4 billion ($5.4 billion) as part of a wider bailout of the lender, the first banking victim of a new squeeze in European credit markets.
The part-nationalization of Franco-Belgian Dexia, announced Monday, was triggered by other banks’ increasing reluctance to lend to it due to its exposure to highly indebted eurozone states like Greece and Italy and to struggling municipalities in the United States.
Banks depend on loans to one another for a large part of their daily financing, but can quickly withhold them if they sense there is a danger that a counterpart might collapse and not repay the money. Such fears intensified last week, pushing Dexia to need rescuing from the government.
Belgium’s caretaker prime minister Yves Leterme said the nationalization was necessary to insulate the Belgian retail bank from the risks of the wider group, Dexia SA. He said support from the state ensures that all of Dexia’s clients “can be sure and certain that their money is in full security.”
On top of the nationalization, the governments of Belgium, France and Luxembourg together will provide an additional euro90 billion ($121 billion) in funding guarantees for the bank for up to 10 years.
Belgium will provide 60.5 percent of these guarantees, 36.5 percent will come from France and the remaining 3 percent from Luxembourg.
At the same time, Dexia’s board is in negotiations with French banks Caisse des Depots et Consignations and La Banque Postale to find a solution to the financing of French local authorities, in which Dexia plays an important role.
Dexia said backing from the Caisse des Depots would reduce its short-term funding requirement by almost euro10 billion.
The announcement followed marathon negotiations between the three governments and the bank’s management.
Officials were worried that a collapse of the bank would exacerbate an already tight funding environment for banks in Europe, as analysts warn of a credit crunch similar to the one that followed the collapse of Lehman Brothers.
At the same time, the Belgian and French governments were concerned that putting up more money for bank bailouts would threaten their credit rating and drive up interest rates on their bonds.
On Friday, Moody’s Investors Service placed Belgium’s Aa1 rating on review for a possible downgrade, due in part to the expected expense of guaranteeing that Dexia’s depositors will lose no money.
Belgian finance minister Didier Reynders said that the bailout would lift the country’s debt from around 97 percent of economic output to about 98 percent.
The French government, too, was under acute pressure to save Dexia as the bank is one of the country’s largest lenders to towns and cities.
France and Belgium already became part owners of the bank during a euro6.4 billion bailout in 2008.
Last week Dexia announced it was in negotiations with a group of international investors interested in buying its Luxembourg subsidiary.
At a news conference Monday, the bank’s management blamed the renewed problems on the risks that were piled up before they took over in 2008.
“We realized very quickly that we found ourselves in front of a very difficult mission,” said Chairman Jean-Luc Dehaene. Efforts to strip down Dexia’s balance sheet and shift funding from short-term to long-term were taken quickly, but management did not have enough time to get the lender back on track before it was slapped hard by the government debt crisis, Dehaene added.
The chairman insisted that Dexia faces a crisis of liquidity, not solvency _ meaning it is not bankrupt, but just doesn’t have the ready cash it needs in the short-term. That is why the bank managed to pass pan-European stress tests just this summer, Dehaene said.
Chief executive Pierre Mariani added that a threat to downgrade the bank’s credit worthiness by rating agency Moody’s last Monday, exacerbated by rumors during the week, “put some pressure on group funding.”
Dexia’s stock remained suspended Monday morning following steep losses early last week.
__
Associated Press writer Don Melvin contributed to this story.
When Don Boyes was driving up north last week, heading to a cottage where he had never been before, he brought along his iPhone.
Armed with an app that serves as a GPS device, he could manoeuvre all the right turns along the roads.
Suddenly at one point, where cellphone service became spotty, he lost his connection, and his directions. But Boyes, a senior lecturer in the geography department at the University of Toronto, wasn
British banking company HSBC said Monday it will cut 30,000 jobs worldwide by 2013 and sell almost half its bank branches in the U.S., part of a new strategy to cut back on retail operations in some parts of the world and focus instead on fast-growing emerging markets.
The bank, which reported a 3 percent increase in pretax profits to $11.5 billion in the six months to June, has already cut 5,000 jobs this year.
Bank spokesman Patrick Humphris said another 25,000 will be slashed by 2013. HSBC currently employs around 296,000 people worldwide.
Humphris declined to give details of where the job cuts would be but said the group is still hiring in emerging economies such as Brazil and Mexico.
As part of its restructuring, HSBC will sell 195 retail banking branches in the United States to First Niagara Bank for around $1 billion. Most of the branches to be sold are in upstate New York, while six are in Connecticut. Four more are northern Westchester County, and two in Putnam County.
The bank is still dealing with the legacy of bad loans in the U.S. from the 2003 acquisition of consumer lender Household International Inc. The acquisition made HSBC the biggest subprime lender in the United States at the time, which resulted in billions of losses to HSBC leading up to the financial crisis of 2008.
“I am pleased with there results, which mark a first step in the right direction on what will be a long journey,” New chief executive Stuart Gulliver said in a statement.
The bank also increased its dividend by 12.5 percent to 18 cents per share.
News of the bank’s overhaul and its profit _ earnings per share rose to 51 cents in the first half from 38 cents a year earlier, allowing for a 12.5 percent divident increase to 18 cents _ boosted the company’s share price.
By mid morning in London, shares in HSBC Holdings PLC were up 4.4 percent at 620.80 pence (10.19).
U.S. stock futures are mixed as lawmakers remain at odds over how to avoid a debt default.
House Speaker John Boehner had planned to hold a vote on his debt-limit plan on Wednesday. But that was postponed after congressional budget officials said the proposal would cut spending less than advertised. The White House had also threatened to veto Boehner’s plan.
The stalemate has put financial markets on edge. If an agreement is not reached by Aug faxless payday advance. 2, the U.S. may not have enough cash to pay all its bills.
Ahead of the opening bell, Dow Jones industrial average futures are up 6, or 0.1 percent, at 12,438. Standard & Poor’s 500 futures are down 2, or 0.1 percent, at 1,324. Nasdaq 100 futures are down 3, or 0.1 percent, at 2,420.
Gov. Nikki Haley has told a congressional committee that the National Labor Relations Board complaint against Boeing has the potential to affect workers across America.
Haley testified Friday in North Charleston before the U.S. House Committee on Oversight and Government Reform. The panel wrapped up the hearing after more than three hours of testimony.
The NLRB has sued Boeing, saying it built a $750 million assembly plant in South Carolina in retaliation against Washington state workers who went on strike three years ago.
Haley says the complaint could chill the ability of companies to expand from state to state and make foreign companies think twice before bringing jobs to America.
South Carolina Attorney General Alan Wilson told the panel the complaint is the shot heard round the business world.
Russia offered Friday to mediate the exit of Libya’s longtime leader, cranking up pressure on Moammar Gadhafi as France and Britain seek to intensify their bombing campaign.
“He should leave,” Russian President Dmitry Medvedev said of Gadhafi.
Frustration is mounting in Moscow and Western capitals that the NATO campaign has dragged into its third month with no obvious end in sight. Analysts are skeptical as to whether Russia would have any leverage over Gadhafi, and the leaders of France, Britain and Germany said there’s no point in negotiating directly with Gadhafi himself.
Medvedev, speaking at a news conference at the Group of Eight summit in Deauville, France, said he is sending envoy Mikhail Margelov to the rebel stronghold of Benghazi, Libya, immediately to start negotiating. Medvedev said talks with the Libyan government could take place later.
Medvedev said Russia will use its contacts with both Gadhafi’s government and the rebels to try to negotiate a peaceful end to the conflict.
Russian officials have been critical of Gadhafi but also complain about what they called an excessive use of force by NATO and have urged a quick end to hostilities. Russian Foreign Minister Sergey Lavrov recently held talks in Moscow with representatives of both Gadhafi’s government and the rebels.
Asked whether Russia could offer Gadhafi asylum, Medvedev gave a firm negative answer. He added that a place for Gadhafi to stay and other details could be discussed after he steps down.
Margelov told reporters earlier Friday that it’s necessary to negotiate with all “reasonable” representatives of the Libyan government, including Gadhafi’s sons.
A Libyan rebel spokesman, Abdel-Hafidh Ghoga, said Friday that Russia’s moves to persuade Gadhafi to leave power were too little, too late.
“It’s too late, and it’s not a big deal,” Ghoga, the vice-chairman of the opposition National Transitional Council, told a rally in the eastern city of Benghazi.
A Moscow-based Middle East expert expressed doubt that Gadhafi will agree to step down after Benghazi-based opposition leaders rejected a cease-fire agreement proposed by the leaders of the African Union in late March.
Gadhafi “will fight to the end with unpredictable consequences for everyone involved,” Yevgeny Satanovsky, head of the Moscow-based Middle East Institute, told The Associated Press. “He already agreed to leave, but Benghazi needs his scalp.” Satanovsky said that Gadhafi’s unpredictability leaves little room for a tangible prediction of what will happen if Russia steps in as a mediator.
Rebel fighters clashed with government forces to the south and west of the rebel-held city of Misrata on Friday. Dr. Mustafa Omar of Hikma hospital said five rebels were killed and 26 wounded. It was unclear if any government soldiers were killed.
While rebel fighters have pushed Gadhafi’s troops to the city’s outskirts, the city, Libya’s third largest, has been under siege for months, receiving food and medical supplies only by sea payday loans.
U.S. National Security Council spokesman Tommy Vietor said Russia’s suggestion that it could help mediate Gadhafi’s exit is “a positive development and further proof that the international community is becoming more united in its belief that Gadhafi must go.”
French President Nicolas Sarkozy, hosting the G-8 summit, said Friday there is “great unanimity” about an “intensification of the military intervention” to protect civilians from Gadhafi’s forces. He did not say how, but France and Britain said this week they are ready to deploy attack helicopters in the campaign.
British Prime Minister David Cameron told reporters in Deauville that the deployment of helicopters was “part of the process of turning up the pressure,” on Gadhafi. He said the campaign is entering a “new phase.”
“Now there are signs that the momentum against Gaddafi is really building,” Cameron said. “We know that we’re on the right side, we’re doing the right thing, the pressure is telling.”
On Thursday, Libya’s government for the first time said it is prepared to speak with its rebel adversaries, signaling that months of fighting and NATO bombardment may be closer to forcing some concessions. At the same time, it insisted that Gadhafi would not relinquish power.
In response, NATO spokeswoman Oana Lungescu said “words are not enough.”
The commander of NATO’s operations in Libya said Friday that French and British attack helicopters will operate in Libya under NATO’s command, rather than under separate national command.
Canadian Lt. Gen. Charles Bouchard, speaking by video link from Naples, Italy, would not say how or where the helicopters would be used, saying only that he wanted to develop “an effective, aggressive but safe” operation. He said they could help target military vehicles that are difficult to identify from higher altitudes.
So far, the NATO campaign has relied largely on strike jets dropping munitions from an altitude of about 15,000 feet (4,600 meters). The helicopters, flying much lower and slower, could more accurately identify targets in densely populated areas while risking fewer civilian lives. But such flights would also expose the helicopter crews to greater risks.
Since March 31, NATO has commanded an international operation to protect civilians and enforce a no-fly zone, as Gadhafi has sought to put down a rebellion against his rule.
Bouchard said Friday that forces loyal to Gadhafi have laid land mines near the rebel-held city of Misrata. Previously, NATO had accused the Gadhafi regime of mining the waters off the Libyan coast.
He defended the efficacy of the NATO operation against critics who believe the conflict has become a stalemate, saying that humanitarian aid is moving more freely and many civilian lives have been saved.
“I believe today that Libya is a much safer place than it was on” March 31, Bouchard said.
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