Frustrated Italians vote in crucial election for euro zone

ROME (Reuters) - Italians voted on Sunday in one of the most closely watched and unpredictable elections in years, with pent-up fury over a discredited elite adding to concern it may not produce a government strong enough to lead Italy out of an economic slump.

The election, which concludes on Monday afternoon, is being followed closely by investors; their memories are still fresh of the potentially catastrophic debt crisis that saw Mario Monti, an economics professor and former bureaucrat, summoned to serve as prime minister in place of Silvio Berlusconi 15 months ago.

A weak Italian government could, many fear, prompt a new dip in confidence in the European Union's single currency.

Opinion polls give the center-left a narrow lead but the result has been thrown completely open by the prospect of a huge protest vote against the painful austerity measures imposed by Monti's government and deep anger over a never-ending series of corruption scandals. Berlusconi's centre-right has also revived.

"I'm not confident that the government that emerges from the election will be able to solve any of our problems," said Attilio Bianchetti, a 55-year-old builder in Milan, who voted for the anti-establishment 5-Star Movement of comic and blogger Beppe Grillo.

The 64-year-old Grillo, heavily backed by a frustrated generation of young Italians hit by record unemployment, has been one of the biggest features of the last stage of the campaign, packing rallies in town squares up and down Italy.

"He's the only real new element in a political landscape where we've been seeing the same faces for too long," said Vincenzo Cannizzaro, 48, in the Sicialian capital Palermo.

Italians started voting at 8 a.m. (0700 GMT). Polling booths will remain open until 10 p.m. on Sunday and open again between 7 a.m. and 3 p.m. on Monday. Exit polls will come out soon after voting ends and official results are expected by early Tuesday.

Snow in northern regions is expected to last into Monday and could discourage some of the 47 million people eligible to vote in Italy to head out to polling stations, though the Interior Ministry has said it is fully prepared for bad weather.

Monti and his wife cast their votes at a polling booth in a Milan school on Sunday morning and centre-left leader Pier Luigi Bersani, the leader opinion polls suggest will have to form a new government, voted in his home town of Piacenza.

A small group of women's rights demonstrators greeted former prime minister Berlusconi when he voted in Milan. They bared their breasts in protest at the conservative leader, who is on trial at present for having sex with an underage prostitute.

Whichever government emerges from the election will have to tackle reforms needed to address problems that have given Italy one of the most sluggish economies in the developed world for the past two decades.

But the widespread despair over the state of the country, where a series of corruption scandals has highlighted the stark divide between a privileged political elite and millions of ordinary Italians, has left deep scars.

"It's our fault, Italian citizens. It's our closed mentality. We're just not Europeans," said Luciana Li Mandri, a 37-year-old public servant in Palermo.

"We're all about getting favors when we study, getting a protected job when we work. That's the way we are and we can only be represented by people like that as well," she said.

FRUSTRATION

Final polls published two weeks ago showed center-left leader Bersani with a 5-point lead, but analysts disagree about whether he will be able to form a stable majority that can make the economic reforms they believe Italy needs.

While the center left is still expected to gain control of the lower house, thanks to rules that guarantee a strong majority to whichever party wins the most votes nationally, a much closer battle will be fought for the Senate, which any government also needs to control to be able to pass laws.

The euro zone's third-largest economy is stuck in deep recession, struggling under a public debt burden second only to Greece in the 17-member currency bloc and with a public weary of more than a year of austerity policies.

Bersani is now thought to be just a few points ahead of media magnate Berlusconi, the four-times prime minister who has promised tax refunds and staged a media blitz in an attempt to win back voters.

Think-tank consultant Mario, 60, who was on his way to vote in Bologna, said Bersani's Democratic Party was the only serious grouping that could help solve the country's economic woes.

"They're not perfect," he said. "But they've got the organization and the union backing that will help them push through the structural reforms."

A strong fightback by Berlusconi, who has promised to repay a widely hated housing tax, the IMU, imposed by Monti last year, saw his support climb during a campaign that relentlessly attacked the "German-centric" austerity policies of the former European Union commissioner.

"I won't vote for Monti, and I don't think a lot of people will. He made a huge blunder with IMU," said 35-year-old hairdresser Marco Morando, preparing to vote in Milan.

But the populist frustration Berlusconi's campaign tapped into has also benefitted Grillo and many pollsters said his 5-Star Movement, made up of political novices, was challenging the center-right for the position as second political force.

"I'm very worried. There seems to be no way out from a political point of view, or from being able to govern," said Calogero Giallanza, a 45-year-old musician in Rome, who voted for Bersani's Democrats.

"There's bound to be a mess in the Senate because, as far as I can see, the 5-Star Movement is unstoppable."

(Additional reporting by Cristiano Corvino, Lisa Jucca, Jennifer Clark, Matthias Baehr and Sara Rossi in Milan, Stephen Jewkes in Bologna, Wladimir Pantaleone in Palermo, Stefano Bernabei and Massimiliano Di Giorgio in Rome; Editing by Robin Pomeroy and Alastair Macdonald)

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Egypt protesters block doors to Cairo administrative hub

CAIRO: Protesters on Sunday blocked the doors to Cairo's main administrative building as part of a growing campaign of civil disobedience around the country against Islamist President Mohamed Morsi.

A group of protesters closed the doors of the Mugamma, a massive labyrinth of bureaucratic offices on the edge of Tahrir Square, leaving only a side exit for employees to leave, employees told AFP.

"This is a call for civil disobedience... We want the implementation of the goals of the revolution such as social justice as well as a delay of parliamentary elections," which is set for April 22, one of the protesters told AFP, declining to give his name.

"We must break the monopoly of the state by Brotherhood," he said of the Islamist movement from which Morsi hails.

Since a November decree that pushed through an Islamist-drafted constitution, Egypt has been deeply divided between Morsi's Islamist supporters and a wide-ranging opposition that accuses the president of betraying the uprising that brought him to office and consolidating power in the hands of his Muslim Brotherhood.

Outside the Mugamma, the protesters threatened to extend their protest, adding that the next step could be to close down the television building which also houses the information ministry.

In the northern city of Kafr el-Sheikh, hundreds of quarry workers stormed the governorate headquarters to protest against working conditions and forced employees out of the building, chanting against governor Saad al-Husseini, a member of the Muslim Brotherhood.

A crippling economic crisis has also fuelled the anger.

Bakeries across Egypt have threatened to go on strike on Thursday due to rising wheat prices, a potentially devastating move in a country where many rely on subsidised bread as the main food staple.

Thousands are employed at the Mugamma, which houses passport offices, tax offices and various other government agencies.

"A small group of young people closed the main doors of the building and they are not letting anyone in," one employee told AFP from inside the building.

The protesters "did not enter the building," the employee said.

"They have left a door open and said employees who finish their shift must leave and that they won't let anyone in," a witness said.

The Mugamma has been closed before, most recently during protests marking two years since the ouster of president Hosni Mubarak in a popular uprising.

A general strike in the canal city of Port Said, meanwhile, entered its second week on Sunday, with most shops and factories closed down.

- AFP/fa

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Congress president or VP natural choice for PM's post: Tharoor

BHOPAL: Union minister Shashi Tharoor on Sunday suggested if the party is voted to power, its president or the vice-president will be the natural choice for the post.

"Everybody knows who is the president and vice president of our party and if people vote for our party, then naturally one among them would become Prime Minister of the country," he said without specifying any name.

He was suggesting that that Congress does not need to name its prime ministerial candidate before the elections.

When asked whether the Lok Sabha polls will be a contest between Gujarat chief minister Narendra Modi and Rahul Gandhi for Prime Minister's post, he dismissed the query.

"In India, we don't have a system like the US where it was a direct contest between President Barack Obama and Republican Party leader Mitt Romney. Here people vote for the party and the elected members then elect their leader," Tharoor told reporters here without taking names of Rahul Gandhi and Modi.

He was here to address a seminar on women empowerment, organised by a private educational institution.

When asked whether Modi has prime ministerial qualities, Tharoor did not to comment.

The Centre is providing lot of funds to the states for the implementation of Right to Education, Sarva Shiksha Ahbiyan and other programmes and it is the duty of the governments under federal system to utilize the money properly, the minister of state for human resource development said.

Without naming any state, Tharoor said he was aware that in some states money was not being utilised properly.

The government should also provide the facility of toilets to girls, which is a major problem, and also ramps in the schools, he said.

When asked about cases of rapes in Madhya Pradesh, he said he was not aware of the exact situation and added that it was a nationwide problem.

There is a need to change the mindset towards women to address the issue in a proper manner, he said.

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Crash at Daytona Exposes Risks to Fans

The risks of racing extend beyond the drivers.

Fans can wind up in the danger zone, too.

A horrifying crash on the last lap of a race at Daytona International Speedway injured at least 30 fans Saturday and provided another stark reminder of what can happen when a car going nearly 200 mph is suddenly launched toward the spectator areas.

The victims were sprayed with large chunks of debris — including a tire — after rookie Kyle Larson's machine careened into the fencing that is designed to protect the massive grandstands lining NASCAR's most famous track.

"I love the sport," said Shannan Devine, who witnessed the carnage from her 19th-row seat, about 250 feet away. "But no one wants to get hurt over it."

The fencing served its primary purpose, catapulting what was left of Larson's car back onto the track. But it didn't keep potentially lethal shards from flying into the stands.

"There was absolute shock," Devine said. "People were saying, 'I can't believe it, I can't believe it. I've never seen this happen, I've never seen this happen. Did the car through the fence?' It was just shock and awe. Grown men were reaching out and grabbing someone, saying, 'Oh my gosh! Oh my gosh!' It was just disbelief, absolute disbelief."

From Daytona to Le Mans to a rural road in Ireland, auto racing spectators have long been too close to the action when parts start flying. The crash in the second-tier Nationwide race follows a long list of accidents that have left fans dead or injured.

The most tragic incident occurred during the 1955 24 Hours of Le Mans, when two cars collided near the main stands. The wreck sent debris hurtling into the crowd, while one of the cars flipped upside down and exploded in a giant fireball.

Eighty-three spectators and driver Pierre Levegh were killed, and 120 fans were injured.

The Daytona crash began as the field approached the checkered flag and leader Regan Smith attempted to block Brad Keselowski. That triggered a chain reaction, and rookie Kyle Larson hit the cars in front of him and went airborne into the fence.

The entire front end was sheared off Larson's car, and his burning engine wedged through a gaping hole in the fence. Chunks of debris from the car were thrown into the stands, including a tire that cleared the top of the fence and landed midway up the spectator section closest to the track.

"I thought the car went through the fence," Devine said. "I didn't know if there was a car on top of people. I didn't know what to think. I'm an emotional person. I immediately started to cry. It was very scary, absolutely scary. I love the speed of the sport. But it's so dangerous."

The fencing used to protect seating areas and prevent cars from hurtling out of tracks has long been part of the debate over how to improve safety.

Three-time Indianapolis 500 winner Dario Franchitti lost close friend Dan Wheldon at Las Vegas in the 2011 IndyCar season finale, when Wheldon's car catapulted into the fencing and his head struck a support post. Since his death, IndyCar drivers have called for studies on how to improve the safety barriers.

Franchitti renewed the pleas on Twitter after the Daytona crash, writing "it's time (at)Indycar (at)nascar other sanctioning bodies & promoters work on an alternative to catch fencing. There has to be a better solution."

Another fan who witnessed the crash said he's long worried that sizable gaps in the fencing increase the chances of debris getting through to the stands.

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Britain clings to austerity despite AAA loss

LONDON: British finance minister George Osborne insisted Saturday that he would not abandon his deficit-cutting drive after Moody's stripped the country of its coveted triple-A debt rating.

The opposition lashed Osborne, saying his plan for the economy was shot through, while analysts said that although it was an embarrassment for him, the downgrade would have a limited impact in the markets.

In an expected rebuff to London's hopes that sharp spending cuts would both gradually eliminate the deficit and revive growth, Moody's rating agency cut Britain's grade by one notch to Aa1 on Friday.

Osborne said it was a "loud and clear message that Britain cannot let up in dealing with its debts, dealing with its problems, cannot let up in making sure that Britain can pay its way in the world.

"What is the message from the ratings agency? Britain's got a debt problem. I agree with that. I've been telling the country for years that we've got a debt problem, we've got to deal with it.

"What do they also say? That if we abandon our commitment to deal with that debt problem, then our situation would get very much worse and I'm absolutely clear that we must not do that."

Asked if he had broken his commitment to protecting Britain's credit rating, he said the true test of credibility was whether Britain could borrow money.

"At the moment, we can do that very cheaply with very low interest rates precisely because people have confidence that we have got a plan," he said.

Moody's said government debt was still mounting and that growth was too weak to reverse the trend before 2016.

It described the British economy as constrained both by turgid global growth and the drag from businesses and the government rapidly slashing their debt burdens.

Calling it a "humiliating blow", Labour opposition finance spokesman Ed Balls said Osborne had failed in his chief stated mission of retaining Britain's AAA status.

"The reality is an economy which is not growing, a deficit which is getting bigger, families in real stress and a government which is ploughing on regardless with a plan which is not working," he told BBC television.

"Saying 'the medicine is not working, let's increase the dose of the medicine' -- that is completely crazy economics."

However, Howard Archer, chief UK economist at IHS Global Insight research group, said that the market had been anticipating the downgrade for some time, though Britain's pound sterling currency may be vulnerable.

"It does focus attention on the UK economy's extended and ongoing serious problems," he said.

"The loss of the AAA rating certainly puts pressure on Mr Osborne to come up with more initiatives in the (March 20) budget to try and boost growth.

"While an embarrassment for the government and a cause for piqued pride, we suspect that the loss of the AAA rating will have only a limited negative impact for the UK economy."

Mark Littlewood, director general of the Institute of Economic Affairs free-market think-tank, said: "The damaging impact of ballooning national debt, public spending raging out of control and tax rises should not be underestimated.

"Taking immediate action to tackle the deficit must now be the priority. George Osborne should focus on making sufficient savings in public spending to implement a substantial programme of tax reductions."

Meanwhile Howard Wheeldon, senior strategist at stockbrokers BGC Partners, said the downgrade was not a reason for an economic policy change.

"Any amount of manipulation by attempted false stimulation of the economy in an attempt to create 'artificial' growth would in my view make an already bad deficit problem even worse," he said.

"We have all lived beyond our means for far too long.

"If the UK deficit is to be brought down and the task of reducing the debt mountain begun, Mr Osborne has no option but to stick to his guns.

"We are light years away from returning to growth."

- AFP/fa

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Assembly elections 2013: Meghalaya registers 88% voting, Nagaland 83%

NEW DELHI: Meghalaya recorded 88 per cent polling and Nagaland 83.27 per cent in the assembly elections held on Saturday, which passed off peacefully barring a few minor incidents in Nagaland.

The counting would be held on February 28. Meghalaya recorded a high turnout defying a bandh call by militants in some districts and came close to its last time turnout of 89.04 per cent.

Defying a bandh called by militants in seven districts, 88 per cent of the 15.03 lakh electorate cast their votes to elect 60 members from among 345 candidates in the election to the ninth Meghalaya assembly on Saturday.

State's chief election officer P Naik said voting was more intense in the Khasi Jaintia Hills region despite a 36-hour bandh called from 6pm on Friday by the banned Hynniewtrep National Liberation Council in seven districts.

Nagaland had recorded 86.19 per cent voting in the last assembly polls.

Brisk polling was recorded in Nagaland for 59 out of 60 seats of the state assembly amidst unprecendented security. Polling has been adjourned in Tuensang sadar seat following the sudden death of Congress candidate P Chuba Chang on Friday.

Enthusiasm was noticed among the electorate following calls by Nagaland Baptist Church Council and Election Commission for "one person one vote".

The sources said polling was peaceful across the state barring some skirmishes between party workers and candidates' supporters.

In the bye-elections to six assembly constituencies which were also peaceful, Chalfilh in Mizoram recorded 78 per cent voting, Bhatpar in Uttar Pradesh 50 per cent and Moga in Punjab recorded 70.33 per cent polling, deputy election commissioner Alok Shukla told reporters here.

In the bypolls to three assembly constituencies in West Bengal, Nalhati Birbhum recorded 65 per cent polling, English Bazar in Malda district 75 per cent and Rejinagar in Murshidabad district recorded 72 per cent polling.

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FDA approves new targeted breast cancer drug

WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.

The drug Kadcyla from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a potent dose of anti-tumor poison.

Cancer researchers say the drug is an important step forward because it delivers more medication while reducing the unpleasant side effects of chemotherapy.

"This antibody goes seeking out the tumor cells, gets internalized and then explodes them from within. So it's very kind and gentle on the patients — there's no hair loss, no nausea, no vomiting," said Dr. Melody Cobleigh of Rush University Medical Center. "It's a revolutionary way of treating cancer."

Cobleigh helped conduct the key studies of the drug at the Chicago facility.

The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2. Breast cancer is the second most deadly form of cancer in U.S. women, and is expected to kill more than 39,000 Americans this year, according to the National Cancer Institute.

The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.

Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.

FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.

Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.

FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug. Doctors are not required to follow FDA prescribing guidelines, and cancer researchers say the drug could have great potential in patients with earlier forms of breast cancer

Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.

Kadcyla was developed by South San Francisco-based Genentech using drug-binding technology licensed from Waltham, Mass.-based ImmunoGen. The company developed the chemical that keeps the drug cocktail together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.

Shares of ImmunoGen Inc. rose 2 cents to $14.32 in afternoon trading. The stock has ttraded in a 52-wek range of $10.85 to $18.10.

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6 Leaking Tanks Are Wash. Nuke Site's Latest Woe

Federal and state officials say six underground tanks holding a brew of radioactive and toxic waste are leaking at the country's most contaminated nuclear site in south-central Washington, raising concerns about delays for emptying the aging tanks.

The leaking materials at Hanford Nuclear Reservation pose no immediate risk to public safety or the environment because it would take perhaps years for the chemicals to reach groundwater, Washington Gov. Jay Inslee said Friday.

But the news has renewed discussion over delays for emptying the tanks, which were installed decades ago and are long past their intended 20-year life span.

"None of these tanks would be acceptable for use today. They are all beyond their design life. None of them should be in service," said Tom Carpenter of Hanford Challenge, a Hanford watchdog group. "And yet, they're holding two-thirds of the nation's high-level nuclear waste."

Just last week, state officials announced that one of Hanford's 177 tanks was leaking 150 to 300 gallons a year, posing a risk to groundwater and rivers. So far, nearby monitoring wells haven't detected higher radioactivity levels.

Inslee then traveled to Washington, D.C., to discuss the problem with federal officials, learning in meetings Friday that six tanks are leaking.

AP Photo/Shannon Dininny, File

The declining waste levels in the six tanks were missed because only a narrow band of measurements was evaluated, rather than a wider band that would have shown the levels changing over time, Inslee said.

"It's like if you're trying to determine if climate change is happening, only looking at the data for today," he said. "Perhaps human error, the protocol did not call for it. But that's not the most important thing at the moment. The important thing now is to find and address the leakers."

Department of Energy spokeswoman Lindsey Geisler said there was no immediate health risk and that federal officials would work with Washington state to address the matter.

Regardless, Sen. Ron Wyden, the new chairman of the Senate Energy and Natural Resources Committee, will ask the Government Accountability Office to investigate Hanford's tank monitoring and maintenance program, said his spokesman, Tom Towslee.

The federal government built the Hanford facility at the height of World War II as part of the Manhattan Project to build the atomic bomb. The remote site produced plutonium for the bomb dropped on Nagasaki, Japan, and continued supporting the nation's nuclear weapons arsenal for years.

Today, it is the most contaminated nuclear site in the country, still surrounded by sagebrush but with Washington's Tri-Cities of Richland, Kennewick and Pasco several miles downriver.

Several years ago, workers at Hanford completed two of three projects deemed urgent risks to the public and the environment, removing all weapons-grade plutonium from the site and emptying leaky pools that held spent nuclear fuel just 400 yards from the river.

But successes at the site often are overshadowed by delays, budget overruns and technological challenges. Nowhere have those challenges been more apparent than in Hanford's central plateau, home to the site's third most urgent project: emptying the tanks.

Hanford's tanks hold some 53 million gallons of highly radioactive waste — enough to fill dozens of Olympic-size swimming pools — and many of those tanks are known to have leaked in the past. An estimated 1 million gallons of radioactive liquid has already leaked there.

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South Africa's Pistorius awarded bail in murder case

PRETORIA (Reuters) - A South African court granted bail on Friday to Oscar Pistorius, charged with the murder of his girlfriend, after his lawyers argued the "Blade Runner" was too famous to pose a flight risk.

The decision by Magistrate Desmond Nair drew cheers from the athlete's family and supporters, although he appeared unmoved. Pistorius had broken down in tears earlier in the week-long hearing.

The court set bail at 1 million rand ($113,000) and postponed the case until June 4. Pistorius was ordered to hand over firearms and passports, avoid his home and all witnesses in the case, report to a police station twice a week and not to drink alcohol.

The decision followed a week of dramatic testimony about how the athlete shot dead Reeva Steenkamp at his luxury home near Pretoria in the early hours of February 14, Valentine's Day.

Prosecutors said Pistorius, 26, committed premeditated murder when he fired four shots into a locked bathroom door, hitting his girlfriend cowering on the other side. Steenkamp, 29, suffered gunshot wounds to her head, hip and arm.

Pistorius' defense team argued the killing was a tragic mistake, saying the athlete had mistaken Steenkamp for an intruder. They said he was too famous to pose a flight risk and deserved bail to prepare for a case that has drawn worldwide attention.

"He can never go anywhere unnoticed," his lawyer Barry Roux told the court on Friday.

The 26-year-old Olympic and Paralympic star's lower legs were amputated in infancy and he has raced on carbon fiber blades.

The Olympic and Paralympic star faces life in prison if convicted of premeditated murder.

Prosecutors had portrayed him as a cold-blooded killer.

"You cannot put yourself in the deceased's position. It must have been terrifying. It was not one shot. It was four shots," prosecutor Gerrie Nel said on Friday.

SHOTS AND SCREAMS

In an affidavit read out in court, Pistorius said he had been "deeply in love" with Steenkamp, and Roux said his client had no motive for the killing.

Pistorius contends he was acting in self-defense after mistaking Steenkamp for an intruder, and feeling vulnerable because he was unable to attach his prosthetic limbs in time to confront the perceived threat.

He said he grabbed a 9-mm pistol from under his bed and went into the bathroom. He said he fired into the locked door of the toilet, which adjoined the bathroom, in a blind panic in the mistaken belief the intruder was lurking inside.

Witnesses said they heard a gunshots and screams from the athlete's home on an upscale gated community near Pretoria. The community is surrounded by 3-metre-high stone walls and topped with an electric fence.

In a magazine interview a week before her death, published on Friday, Steenkamp, a law graduate and model, spoke about her three-month-old relationship with Pistorius.

"I absolutely adore Oscar. I respect and admire him so much," she told celebrity gossip magazine Heat. "I don't want anything to come in the way of his career."

Police pulled their lead detective off the case on Thursday after it was revealed he himself faces attempted murder charges for shooting at a minibus. He has been replaced by South Africa's top detective.

The arrest of Pistorius last week shocked those who had watched in awe last year as he reached the semi-final of the 400 meters race in the London Olympics.

The impact has been greatest in sports-mad South Africa, where Pistorius was seen as a rare hero who commanded respect from both black and white people, transcending the racial divides that persist 19 years after the end of apartheid.

(Editing by Andrew Roche)

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Volkswagen says net profit up 40% in 2012

FRANKFURT: Volkswagen, Europe's biggest car manufacturer, said on Friday that its net profit zoomed ahead by more the 40 percent last year on higher vehicle sales.

VW said in a statement its net profit soared by 40.9 percent to a record 21.7 billion euros ($28.6 billion) in 2012 as revenues rose by 20.9 percent to 192.7 billion euros and deliveries to customers were up 12.2 percent at 9.276 million vehicles.

Underlying or operating profit rose by 2.1 percent to 11.51 billion euros.

The group said it would propose an increased dividend of 3.50 euros per share for 2012 compared with 3.00 euros per share a year earlier.

Looking ahead, VW said it expected to "outperform the market as a whole in a challenging environment" and deliveries to customers would increase year-on-year.

"However, we are not completely immune to the intense competition and the impact this has on business," it cautioned.

While 2013 sales revenues were expected to exceed the 2012 level, "given the ongoing uncertainty in the economic environment, our goal for operating profit is to match the prior-year level in 2013," VW said.

Despite the car manufacturer's strong 2012 performance, analysts had been expecting an even stronger gain in profits last year.

As a result, VW shares were the biggest losers on the Frankfurt stock exchange in afternoon trading, plummeting 4.26 percent while the overall market was showing a gain of 0.81 percent.

- AFP/de

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