African Union Summit Ends Monday

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An official with the African Union (AU) says heads of state and government will make a decision today (Monday) on expediting an agreement to enhance commerce and trade among African countries.

¡°[Leaders] are going to make specific decisions on the specific areas that will hasten intra-African trade,¡± said AU adviser Keizire Boaz. ¡°It looks very likely that they will really want to unblock some of the binding constraints in each of the countries. [They want] each member state ¡­to allow it¡¯s very strong roads and rail infrastructure to connect to the other [in order] to have a bigger connection.¡±

The two-day African Union summit of heads of state and government officially ends Monday in Ethiopia¡¯s capital, Addis Ababa.

Boaz says the African leaders are committed to the objective of this year¡¯s summit, which is finding ways to promote intra-African trade on a continental level.

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He says the leaders discussed using sub-regional blocs as a catalyst to promoting trade and commerce in Africa.

¡°Another very key decision they will be making today is to ensure that they fast track the East Africa [Community], the COMESA [The Common Market for Eastern and Southern Africa] and the SADC [Southern African Development Community] tripartite agreement,¡± continued Boaz. ¡°[It¡¯s] a combination of three regional economic communities to demonstrate ¡­that you can open a free trade agreement within that particular community to be able to move on a bigger picture of the continent.¡±

The African leaders expressed concerns about making trading among African countries as easy as trading with Europe or China. The leaders agree measures must be put in place to remove challenges to trade between and among African states.

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¡°They were almost coming to the same agreement that they need to unblock those constraints at the regional level. They have re-affirmed their efforts to strengthen their regional economic communities to be able to have a bigger trading partner,¡± said Boaz.

Some observers say they expected to hear more about the extent to which the leaders will go to implement measures and institutional mechanisms to surmount the constraints to greater trade.  Boaz expressed hope the commitment shows by the heads of state will translate into putting in measures to enhance trade on the continent.

¡°They realized that to have a much stronger trading community they would need to create a heads of state committee of around six heads of state to agree towards leading to a bigger decision to transform the continent into a trading bloc. So, it¡¯s a big commitment and we expect them to abide by this commitment,¡± said Boaz.

metal wall art

Facebook Readies IPO Filing

Chinese calligraphy supplies Facebook Inc. could file papers for its initial public offering as early as this coming week, people familiar with the matter said, as anticipation mounts for what is likely to be one of the biggest debuts for a U.S. company.

The deal, seen as defining moment for the latest Web investing boom, could raise as much as $10 billion and value the social network between $75 billion and $100 billion, said people familiar with the matter. A valuation of $75 billion would be below earlier expectations.

The website, which in less than eight years has attracted more than 800 million members, has changed the way people across the globe communicate, from organizing political protests to sharing baby pictures.

The Internet giant is close to picking Morgan Stanley to lead the deal, these people said. Wall Street banks, many of them struggling amid a crimp in trading profits, have been jostling for a leading role in the deal, which could yield them tens of millions of dollars in banker fees, potential new business and bragging rights.

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A nod for Morgan Stanley would mark a disappointment for rival Goldman Sachs Group Inc., which a year ago was viewed as having an edge to lead the deal. One person familiar with the matter said that while Morgan Stanley would likely land the coveted "lead-left" spot on an IPO financial filing, Goldman would also likely play a significant role.

Spokespeople for Facebook, Morgan Stanley and Goldman Sachs declined to comment.

Facebook could file documents with the Securities and Exchange Commission as early as this coming Wednesday, said one person familiar with the matter. But that timing is just one scenario Facebook executives are considering, the person said. Executives are also considering filing a few weeks later, the person said.

People familiar with the matter have said the company is targeting an IPO sometime between April and June.

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A $10 billion Facebook offering would rank fourth among IPOs for U.S. companies, behind Visa Inc., General Motors Co. and AT&T Wireless, according to Dealogic. It would rank Facebook as the biggest U.S. Internet offering ever, replacing Google Inc., which raised $1.9 billion in 2004 at a $23 billion valuation.

At a $100 billion valuation, Facebook would be worth about the same as McDonald's Corp. and nearly half of Google.

Facebook's revenue is driven by its advertising business, as big brands rush to the site to interact with consumers through display ads and fan pages. Facebook has been able to increase its world-wide advertising revenue from $738 million in 2009 to $3.8 billion in 2011, according to estimates from research firm eMarketer. It isn't known if Facebook is profitable.

Facebook's final valuation will be determined by a variety of factors, people familiar with the matter said, such as investor demand for social media, the IPO market and the health of the European economy.

abstract wall art

Europe Faces New Challenges on Bonds

metal wall art After being battered by bond investors in 2011, European governments and banks may need to gird themselves for 2012.

Their biggest challenge: Convincing investors to help roll over more than €1.7 trillion ($2.2 trillion) in debt.

According to research from investment banks Deutsche Bank and Barclays Capital, the refinancing needs are split fairly evenly between European banks and governments, with much of the heavy borrowing early in the year.

Europe dominated the bond market in 2011 as investors fixated on the growing crisis. After beginning with Greece, worries bled to Ireland and Portugal. By the end of the year the turmoil had ensnared Italy and Spain and was moving toward France. Cash flooded into safe havens such as U.S. Treasurys and German bonds, driving prices sharply higher and yields lower.

cheap wall art

For now, the efforts of the European Central Bank to ease strains may be bearing fruit. On Wednesday, Italian borrowing costs dropped sharply as the country successfully auctioned more than €10 billion of short-term debt.

But there's plenty more to come. Italy holds another debt auction Thursday, and will ask creditors to help it refinance more than €300 billion of debt next year.

The market remains suspicious of European banks. U.S. money-market funds¡ªtraditionally large suppliers of short-term funding to financial institutions across the pond¡ªremain leery of lending. The U.S. market for short-term loans to foreign banks known as commercial paper has shrunk by more than 40% since late June, according to Federal Reserve data.

Banks are even wary of each other. Instead of lending out their excess cash to other banks European banks have socked it away in deposits at the ECB.

framed art

Europe Faces New Challenges on Bonds

metal wall art After being battered by bond investors in 2011, European governments and banks may need to gird themselves for 2012.

Their biggest challenge: Convincing investors to help roll over more than €1.7 trillion ($2.2 trillion) in debt.

According to research from investment banks Deutsche Bank and Barclays Capital, the refinancing needs are split fairly evenly between European banks and governments, with much of the heavy borrowing early in the year.

Europe dominated the bond market in 2011 as investors fixated on the growing crisis. After beginning with Greece, worries bled to Ireland and Portugal. By the end of the year the turmoil had ensnared Italy and Spain and was moving toward France. Cash flooded into safe havens such as U.S. Treasurys and German bonds, driving prices sharply higher and yields lower.

cheap wall art

For now, the efforts of the European Central Bank to ease strains may be bearing fruit. On Wednesday, Italian borrowing costs dropped sharply as the country successfully auctioned more than €10 billion of short-term debt.

But there's plenty more to come. Italy holds another debt auction Thursday, and will ask creditors to help it refinance more than €300 billion of debt next year.

The market remains suspicious of European banks. U.S. money-market funds¡ªtraditionally large suppliers of short-term funding to financial institutions across the pond¡ªremain leery of lending. The U.S. market for short-term loans to foreign banks known as commercial paper has shrunk by more than 40% since late June, according to Federal Reserve data.

Banks are even wary of each other. Instead of lending out their excess cash to other banks European banks have socked it away in deposits at the ECB.

framed art

Europe Faces New Challenges on Bonds

metal wall art After being battered by bond investors in 2011, European governments and banks may need to gird themselves for 2012.

Their biggest challenge: Convincing investors to help roll over more than €1.7 trillion ($2.2 trillion) in debt.

According to research from investment banks Deutsche Bank and Barclays Capital, the refinancing needs are split fairly evenly between European banks and governments, with much of the heavy borrowing early in the year.

Europe dominated the bond market in 2011 as investors fixated on the growing crisis. After beginning with Greece, worries bled to Ireland and Portugal. By the end of the year the turmoil had ensnared Italy and Spain and was moving toward France. Cash flooded into safe havens such as U.S. Treasurys and German bonds, driving prices sharply higher and yields lower.

cheap wall art

For now, the efforts of the European Central Bank to ease strains may be bearing fruit. On Wednesday, Italian borrowing costs dropped sharply as the country successfully auctioned more than €10 billion of short-term debt.

But there's plenty more to come. Italy holds another debt auction Thursday, and will ask creditors to help it refinance more than €300 billion of debt next year.

The market remains suspicious of European banks. U.S. money-market funds¡ªtraditionally large suppliers of short-term funding to financial institutions across the pond¡ªremain leery of lending. The U.S. market for short-term loans to foreign banks known as commercial paper has shrunk by more than 40% since late June, according to Federal Reserve data.

Banks are even wary of each other. Instead of lending out their excess cash to other banks European banks have socked it away in deposits at the ECB.

framed art

Europe Faces New Challenges on Bonds

metal wall art After being battered by bond investors in 2011, European governments and banks may need to gird themselves for 2012.

Their biggest challenge: Convincing investors to help roll over more than €1.7 trillion ($2.2 trillion) in debt.

According to research from investment banks Deutsche Bank and Barclays Capital, the refinancing needs are split fairly evenly between European banks and governments, with much of the heavy borrowing early in the year.

Europe dominated the bond market in 2011 as investors fixated on the growing crisis. After beginning with Greece, worries bled to Ireland and Portugal. By the end of the year the turmoil had ensnared Italy and Spain and was moving toward France. Cash flooded into safe havens such as U.S. Treasurys and German bonds, driving prices sharply higher and yields lower.

cheap wall art

For now, the efforts of the European Central Bank to ease strains may be bearing fruit. On Wednesday, Italian borrowing costs dropped sharply as the country successfully auctioned more than €10 billion of short-term debt.

But there's plenty more to come. Italy holds another debt auction Thursday, and will ask creditors to help it refinance more than €300 billion of debt next year.

The market remains suspicious of European banks. U.S. money-market funds¡ªtraditionally large suppliers of short-term funding to financial institutions across the pond¡ªremain leery of lending. The U.S. market for short-term loans to foreign banks known as commercial paper has shrunk by more than 40% since late June, according to Federal Reserve data.

Banks are even wary of each other. Instead of lending out their excess cash to other banks European banks have socked it away in deposits at the ECB.

framed art

Europe Faces New Challenges on Bonds

metal wall art After being battered by bond investors in 2011, European governments and banks may need to gird themselves for 2012.

Their biggest challenge: Convincing investors to help roll over more than €1.7 trillion ($2.2 trillion) in debt.

According to research from investment banks Deutsche Bank and Barclays Capital, the refinancing needs are split fairly evenly between European banks and governments, with much of the heavy borrowing early in the year.

Europe dominated the bond market in 2011 as investors fixated on the growing crisis. After beginning with Greece, worries bled to Ireland and Portugal. By the end of the year the turmoil had ensnared Italy and Spain and was moving toward France. Cash flooded into safe havens such as U.S. Treasurys and German bonds, driving prices sharply higher and yields lower.

cheap wall art

For now, the efforts of the European Central Bank to ease strains may be bearing fruit. On Wednesday, Italian borrowing costs dropped sharply as the country successfully auctioned more than €10 billion of short-term debt.

But there's plenty more to come. Italy holds another debt auction Thursday, and will ask creditors to help it refinance more than €300 billion of debt next year.

The market remains suspicious of European banks. U.S. money-market funds¡ªtraditionally large suppliers of short-term funding to financial institutions across the pond¡ªremain leery of lending. The U.S. market for short-term loans to foreign banks known as commercial paper has shrunk by more than 40% since late June, according to Federal Reserve data.

Banks are even wary of each other. Instead of lending out their excess cash to other banks European banks have socked it away in deposits at the ECB.

framed art

Europe Faces New Challenges on Bonds

metal wall art After being battered by bond investors in 2011, European governments and banks may need to gird themselves for 2012.

Their biggest challenge: Convincing investors to help roll over more than €1.7 trillion ($2.2 trillion) in debt.

According to research from investment banks Deutsche Bank and Barclays Capital, the refinancing needs are split fairly evenly between European banks and governments, with much of the heavy borrowing early in the year.

Europe dominated the bond market in 2011 as investors fixated on the growing crisis. After beginning with Greece, worries bled to Ireland and Portugal. By the end of the year the turmoil had ensnared Italy and Spain and was moving toward France. Cash flooded into safe havens such as U.S. Treasurys and German bonds, driving prices sharply higher and yields lower.

cheap wall art

For now, the efforts of the European Central Bank to ease strains may be bearing fruit. On Wednesday, Italian borrowing costs dropped sharply as the country successfully auctioned more than €10 billion of short-term debt.

But there's plenty more to come. Italy holds another debt auction Thursday, and will ask creditors to help it refinance more than €300 billion of debt next year.

The market remains suspicious of European banks. U.S. money-market funds¡ªtraditionally large suppliers of short-term funding to financial institutions across the pond¡ªremain leery of lending. The U.S. market for short-term loans to foreign banks known as commercial paper has shrunk by more than 40% since late June, according to Federal Reserve data.

Banks are even wary of each other. Instead of lending out their excess cash to other banks European banks have socked it away in deposits at the ECB.

framed art

skeptical of any olive branch

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At least one lawmaker is skeptical of any olive branch extended by car manufacturers. Rep. Garrett Bradley, D-Hingham, who filed the legislation that became the initial framework for the ballot proposal, said he¡¯s reached out to manufacturers before to ask them to suggest compromise language but never heard back.

¡°I felt that was sort of a delay tactic,¡± he said. ¡°It may be a little bit of the four-corner offense.¡±

Kennedy, too, said he¡¯s awaiting the industry¡¯s reply to his request.

Aaron Lowe, vice president of government affairs for the Automotive Aftermarket Industry Association, said aftermarket dealers are open to a compromise.

¡°Whatever gets us there, we¡¯d be more than willing to support,¡± he said. ¡°There¡¯s no deal at this point, there¡¯s no compromise that¡¯s been drafted. Could there be? Sure.¡±

Lowe said that although the fight between car dealers, repair shops and manufacturers has been waged across the country, other states are eying Massachusetts ¨C and the proposed ballot question ¨C as a potential bellwether.

¡°Right now, I think Massachusetts is leading the country on this issue. I think a lot of other states are looking for guidance and leadership on this issue,¡± he said. ¡°I think it¡¯ll create maybe a model.¡±

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sympathizes with manufacturers argument

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Kennedy said he sympathizes with manufacturers¡¯ argument that the wholesale release of their codes could make it easier for foreign automakers to undermine the American car industry, jeopardizing jobs at a time when the economy is struggling.

A spokesman for the manufacturers said they intend to submit language to Kennedy early in 2012.

¡°Our side is very hopeful that we will find a legislative solution. We think that the proper form to resolve these issues is through a legislative compromise, not a ballot initiative,¡± said Dan Gage, spokesman for the Alliance of Automobile Manufacturers. By early next year, he added, ¡°we would hopefully have something to [the committee] that addresses some of the concerns or most of the concerns that the aftermarket industry presented in their initial legislation.¡±

Gage described the ballot proposal as an ¡°improved¡± version of legislation pending in committee but he said concerns still exist for manufacturers, organized labor and other Massachusetts businesses.

¡°We hope and we expect that at the beginning of next year, we will have the information, the language that Senator Kennedy, Representative Speliotis have asked for ¡­ so hopefully they can move forward,¡± he said.

Noting that his committee helped broker an industry-wide compromise on efforts to increase the availability of alcohol in grocery stores earlier this year, Speliotis said it will be more important for the opposing sides to negotiate with each other than through the committee.

¡°Our role is to make sure that there¡¯s a fair agreement that both dealers and repair ships are treated fairly,¡± he said.

Gage, the spokesman for the auto manufacturers, said conversations were taking place on a national level.

¡°This dialogue has helped us understand what the low-hanging fruit is,¡± he said. ¡°We are trying to work those through with the other side and are very, very thankful that the Legislature has been patient on this and not moved forward on the bill.¡±

home decorators

sympathizes with manufacturers argument

Tags: craft stores

Kennedy said he sympathizes with manufacturers¡¯ argument that the wholesale release of their codes could make it easier for foreign automakers to undermine the American car industry, jeopardizing jobs at a time when the economy is struggling.

A spokesman for the manufacturers said they intend to submit language to Kennedy early in 2012.

¡°Our side is very hopeful that we will find a legislative solution. We think that the proper form to resolve these issues is through a legislative compromise, not a ballot initiative,¡± said Dan Gage, spokesman for the Alliance of Automobile Manufacturers. By early next year, he added, ¡°we would hopefully have something to [the committee] that addresses some of the concerns or most of the concerns that the aftermarket industry presented in their initial legislation.¡±

Gage described the ballot proposal as an ¡°improved¡± version of legislation pending in committee but he said concerns still exist for manufacturers, organized labor and other Massachusetts businesses.

¡°We hope and we expect that at the beginning of next year, we will have the information, the language that Senator Kennedy, Representative Speliotis have asked for ¡­ so hopefully they can move forward,¡± he said.

Noting that his committee helped broker an industry-wide compromise on efforts to increase the availability of alcohol in grocery stores earlier this year, Speliotis said it will be more important for the opposing sides to negotiate with each other than through the committee.

¡°Our role is to make sure that there¡¯s a fair agreement that both dealers and repair ships are treated fairly,¡± he said.

Gage, the spokesman for the auto manufacturers, said conversations were taking place on a national level.

¡°This dialogue has helped us understand what the low-hanging fruit is,¡± he said. ¡°We are trying to work those through with the other side and are very, very thankful that the Legislature has been patient on this and not moved forward on the bill.¡±

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Deal may be brewing on Massachusetts automobile repair legislation

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BOSTON - After years of ferocious and expensive lobbying by major auto dealers, aftermarket parts sellers and independent repair shops, a deal could be taking shape to settle one of Beacon Hill¡¯s thorniest issues.

A key lawmaker has quietly reached out to feuding stakeholders to see whether they can somehow agree on legislation that would require manufacturers to share additional repair codes with repair shops and parts dealers.

Sen. Thomas Kennedy, co-chairman of the Legislature¡¯s Consumer Protection Committee, said Thursday that he¡¯s reached out to the trade group representing major car manufacturers like Ford, General Motors, and BMW ¨C and requested that they submit legislative language they feel would adequately protect their trade secrets while ensuring that repair shops have access to the information they need to do their jobs.

Manufacturers argue that they already share essential diagnostic information with repair shops and that the effort is largely driven by aftermarket parts dealers seeking proprietary data in order to manufacture less expensive knock-offs. But repair shops say without access to additional repair codes, they can¡¯t perform basic fixes on increasingly computerized cars.

A petition favored by repair shops and aftermarket parts companies is hurtling toward the 2012 ballot and could subject voters to a long, expensive advertising campaign during an already crowded election year. But Kennedy said he and his co-chair, Rep. Theodore Speliotis, believe a compromise is within reach and that the committee is expending a lot of energy on that effort.

¡°We¡¯re working together, the good House chair and myself, with some of our experts to try to pass the best bill possible,¡± he said, noting that lawmakers have until May to craft a compromise and preclude a ballot question. ¡°We¡¯re hopeful that we¡¯ll be able to pass a bill we¡¯re both comfortable with. There¡¯s a lot of rhetoric ¡­ It¡¯s very hard to determine what is and what isn¡¯t. It¡¯s a complicated issue. I said to Teddy, I wish we had the wisdom of Solomon.¡±

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UH to hire Tony Levine as head football coach

craft stores The University of Houston has found its next head coach and they didn't have to go far to find him.

UH interim head coach and special teams coordinator Tony Levine will be named the Cougars' 13th head coach in school history, people with knowledge of the situation confirmed to the Chronicle.

A team meeting scheduled for tonight to introduce Levine as the next head coach. A formal announcement is expected on Thursday.

Levine has been with the Cougars since 2008, joining the school as part of former coach Kevin Sumlin's staff and also is UH's assistant head coach and inside receivers coach. He was named interim head coach on Dec. 10, the day Sumlin accepted the head coaching job at Texas A&M.

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Under his watch, receiver and return specialist Tyron Carrier tied the NCAA record for kickoff returns for touchdowns, also held by former Clemson running back C.J. Spiller. Levine has coached at the high school, college and NFL levels, serving as an assistant special teams coach for the Carolina Panthers before joining UH in 2008.

The 39-year-old, St. Paul, Minn., will lead the Cougars into their matchup with Penn State in the TicketCity Bowl on Jan. 2 at the Cotton Bowl in Dallas.

The Cougars interviewed or expressed interest in several candidates in their 12-day national search, including UH co-offensive coordinator and receivers coach Jason Phillips, Louisiana Tech head coach Sonny Dykes, Oklahoma State assistant head coach and special teams coordinator Joe DeForest and Boise State offensive coordinator Brent Pease.

American Airlines parent firm files for bankruptcy

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 Facing staggering labor costs, rising fuel prices and an uncertain economy, the parent company of American Airlines filed for bankruptcy protection and moved to reorganize the struggling operation.

Even as Fort Worth-based AMR Corp.'s bankruptcy filing Tuesday left its 88,000 employees worried about their salaries and pensions, American sought to reassure passengers that it would not affect regular operations.

American, the largest carrier at Los Angeles International Airport, said all tickets, reservations and frequent-flier reward points would be honored.

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"American Airlines remains open for business," said Craig Kreeger, the airline's vice president for customer experience. "It's business as usual."

Until it filed for Chapter 11 protection in New York, AMR represented the last major network carrier in the U.S. to avoid bankruptcy in the tumultuous decade since the Sept. 11, 2001, terrorist attacks that included two American jets ¡ª one flown into the World Trade Center and another into the Pentagon.

The AMR board of directors also announced that it had promoted Thomas W. Horton, 50, to be chairman and chief executive officer of the company, to replace Gerard Arpey, who informed the board of his plans to retire. Arpey, 53, had been chief executive officer since 2003 and chairman since 2004.

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Arpey chose to resign because "he believes it's in the best interest of the company for a change of leadership," Kreeger said.

As of Sept. 30, AMR reported assets of $24.9 billion and liabilities of $29.5 billion, according to its bankruptcy filing. Still, the company said it had about $4.1 billion in cash and short-term investments that could be used to pay vendors and suppliers.

AMR shares plunged more than 80% in trading Tuesday to close at 26 cents a share, down from $1.26 on Monday.

American Airlines parent firm files for bankruptcy

  home decorators

 Facing staggering labor costs, rising fuel prices and an uncertain economy, the parent company of American Airlines filed for bankruptcy protection and moved to reorganize the struggling operation.

Even as Fort Worth-based AMR Corp.'s bankruptcy filing Tuesday left its 88,000 employees worried about their salaries and pensions, American sought to reassure passengers that it would not affect regular operations.

American, the largest carrier at Los Angeles International Airport, said all tickets, reservations and frequent-flier reward points would be honored.

craft supplies

"American Airlines remains open for business," said Craig Kreeger, the airline's vice president for customer experience. "It's business as usual."

Until it filed for Chapter 11 protection in New York, AMR represented the last major network carrier in the U.S. to avoid bankruptcy in the tumultuous decade since the Sept. 11, 2001, terrorist attacks that included two American jets ¡ª one flown into the World Trade Center and another into the Pentagon.

The AMR board of directors also announced that it had promoted Thomas W. Horton, 50, to be chairman and chief executive officer of the company, to replace Gerard Arpey, who informed the board of his plans to retire. Arpey, 53, had been chief executive officer since 2003 and chairman since 2004.

craft stores

Arpey chose to resign because "he believes it's in the best interest of the company for a change of leadership," Kreeger said.

As of Sept. 30, AMR reported assets of $24.9 billion and liabilities of $29.5 billion, according to its bankruptcy filing. Still, the company said it had about $4.1 billion in cash and short-term investments that could be used to pay vendors and suppliers.

AMR shares plunged more than 80% in trading Tuesday to close at 26 cents a share, down from $1.26 on Monday.

into a British diplomatic compound

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Other protesters forced their way into a British diplomatic compound in the north of the city, where they seized documents and staged a sit-in, according to a report by the semiofficial Fars news agency.

Iranian riot police appeared slow to respond, but regained control of both compounds within hours.

Fars said police had secured the release of six embassy employees taken hostage by protesters and arrested 12 people. But the official Islamic Republic News Agency said the demonstrators had been protecting the employees. The conflicting accounts could not be immediately reconciled.

British Foreign Secretary William Hague said it appeared all embassy staff and their dependents were accounted for but said officials were "urgently establishing the whereabouts of our locally engaged security staff."

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"I spoke to the Iranian foreign minister this afternoon, to protest in the strongest terms about these events and to demand immediate steps to ensure the safety of our staff and of both embassy compounds," Hague said. "While he said that he was sorry for what had happened and that action would be taken in response, this remains a very serious failure by the Iranian government."

He warned British nationals against all but essential travel to Iran and advised the small number in the country to stay indoors.

The demonstrators were angry about British support for stepped-up Western sanctions after the International Atomic Energy Agency released a report saying Iran may be secretly working to develop a nuclear weapon.

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Chancellor of the Exchequer George Osborne announced last week that Britain was severing financial ties with Iranian banks, which British officials accuse of facilitating Tehran's nuclear program. Iran says the program is only for civilian purposes.

Iran's Guardian Council, which vets legislation from parliament, approved a bill Monday calling for a downgrading of diplomatic relations with Britain and the expulsion of its ambassador.

Britain called the move "regrettable" and promised to "respond robustly" if Iran follows through on the threat.

In their ideal world

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In their ideal world, women are covered from head to toe, only learn how to cook and clean to take care of their husbands, and rarely venture outside the home.

Pakistani men would all grow beards, and the government would cut off all ties with the West and impose an austere system of Islamic law at home where those deemed immoral would be executed or whipped in public.

The campaign to bomb girls schools gathered pace several years ago in the former tourist destination of Swat Valley, about a three hour drive from Swabi.

The regional faction of the Taliban, led by Maulvi Fazlullah -- dubbed FM Mullah for his fiery radio broadcasts -- was fighting to impose its version of Islam.

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It was able to do so after reaching a widely criticized peace deal with the government in 2009 which U.S. Secretary of State Hillary Clinton called an abdication to the Taliban.

An army offensive in Swat forced Fazlullah to rebase across the border in Afghanistan. Yet he and his fighters have regrouped, started launching cross-border attacks on Pakistani troops, and have vowed to rule Swat again.

Sympathizers with Fazlullah and other Taliban leaders, meanwhile, frequently attack girls schools.

"I WANT TO BE A FIGHTER PILOT"

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That doesn't keep students like Sana Khan, 8, from walking several kilometers to School No. 3.

She is well aware of how ruthless the Taliban can be, often overhearing her parents speak of how the Taliban kidnap and behead people.

"I want to be a doctor and help people. I want to go outside and see the world," said Sana.

Pakistan needs as many qualified students to enter the work force as possible to help its struggling economy, which is heavily dependent on foreign aid.

"Women have to be educated because they have to be part of the economy too," said teacher Mohammad Arif. "Pakistan can't develop if its women do not learn." home decorators collection

In their ideal world

craft stores

In their ideal world, women are covered from head to toe, only learn how to cook and clean to take care of their husbands, and rarely venture outside the home.

Pakistani men would all grow beards, and the government would cut off all ties with the West and impose an austere system of Islamic law at home where those deemed immoral would be executed or whipped in public.

The campaign to bomb girls schools gathered pace several years ago in the former tourist destination of Swat Valley, about a three hour drive from Swabi.

The regional faction of the Taliban, led by Maulvi Fazlullah -- dubbed FM Mullah for his fiery radio broadcasts -- was fighting to impose its version of Islam.

home decorators

It was able to do so after reaching a widely criticized peace deal with the government in 2009 which U.S. Secretary of State Hillary Clinton called an abdication to the Taliban.

An army offensive in Swat forced Fazlullah to rebase across the border in Afghanistan. Yet he and his fighters have regrouped, started launching cross-border attacks on Pakistani troops, and have vowed to rule Swat again.

Sympathizers with Fazlullah and other Taliban leaders, meanwhile, frequently attack girls schools.

"I WANT TO BE A FIGHTER PILOT"

craft supplies

That doesn't keep students like Sana Khan, 8, from walking several kilometers to School No. 3.

She is well aware of how ruthless the Taliban can be, often overhearing her parents speak of how the Taliban kidnap and behead people.

"I want to be a doctor and help people. I want to go outside and see the world," said Sana.

Pakistan needs as many qualified students to enter the work force as possible to help its struggling economy, which is heavily dependent on foreign aid.

"Women have to be educated because they have to be part of the economy too," said teacher Mohammad Arif. "Pakistan can't develop if its women do not learn." home decorators collection

In their ideal world

craft stores

In their ideal world, women are covered from head to toe, only learn how to cook and clean to take care of their husbands, and rarely venture outside the home.

Pakistani men would all grow beards, and the government would cut off all ties with the West and impose an austere system of Islamic law at home where those deemed immoral would be executed or whipped in public.

The campaign to bomb girls schools gathered pace several years ago in the former tourist destination of Swat Valley, about a three hour drive from Swabi.

The regional faction of the Taliban, led by Maulvi Fazlullah -- dubbed FM Mullah for his fiery radio broadcasts -- was fighting to impose its version of Islam.

home decorators

It was able to do so after reaching a widely criticized peace deal with the government in 2009 which U.S. Secretary of State Hillary Clinton called an abdication to the Taliban.

An army offensive in Swat forced Fazlullah to rebase across the border in Afghanistan. Yet he and his fighters have regrouped, started launching cross-border attacks on Pakistani troops, and have vowed to rule Swat again.

Sympathizers with Fazlullah and other Taliban leaders, meanwhile, frequently attack girls schools.

"I WANT TO BE A FIGHTER PILOT"

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That doesn't keep students like Sana Khan, 8, from walking several kilometers to School No. 3.

She is well aware of how ruthless the Taliban can be, often overhearing her parents speak of how the Taliban kidnap and behead people.

"I want to be a doctor and help people. I want to go outside and see the world," said Sana.

Pakistan needs as many qualified students to enter the work force as possible to help its struggling economy, which is heavily dependent on foreign aid.

"Women have to be educated because they have to be part of the economy too," said teacher Mohammad Arif. "Pakistan can't develop if its women do not learn." home decorators collection

Pakistani girls defy Taliban school bombings

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"I had to pick her up and hold her close to my chest. My worry is that we will spend our time helping the girls deal with fear instead of teaching them math and science," said head teacher Razia Begum.

"I hope the parents keep sending their children to school."

Pakistan's Taliban movement, which is close to al Qaeda, has bombed hundreds of schools since launching a campaign to topple the U.S.-backed government in 2007.

Like Taliban militants in neighboring Afghanistan, the Pakistani Taliban want girls barred from education.

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But the Taliban have failed to sell their violent philosophy to the vast majority of Pakistanis, and a campaign to terrify people into supporting militancy has had limited success, as the defiance at Government Girls Primary School No. 3 illustrates.

The students -- age 4 to 15 -- are undoubtedly scared, and disappointed about the damage to their school in the town of Swabi, 75 km (46 miles) northwest of the capital, Islamabad.

The bombs set off in the red and white brick school complex Sunday were so powerful they stopped wall clocks at the time of impact -- nineteen minutes past midnight.

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Instead of listening to lectures at their old wooden desks, the girls will be forced to sit on the grass in a courtyard until workers clean the rubble and shattered glass from classrooms pulverized by the bombs.

Still, they are determined to stay in school, hoping to become doctors or lawyers and leave sleepy Swabi for big Pakistani metropolises, or work abroad -- dreams that enrage Taliban zealots.

"We are braver than the Taliban," said Hasina Quraish, 10, who wants to be a college lecturer. "They are brutal people, not good Muslims." home decorators collection