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Wall Street Week Ahead: Earnings, money flows to push stocks higher

Labels: World

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.

The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.

Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.

Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.

"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.

Major technology companies also report next week, but the bar for the sector has been lowered even further.

Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.

Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.

Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.

CASH POURING IN, HOUSING DATA COULD HELP

Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.

The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.

"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.

"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."

Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.

Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.

The new home sales report on Friday is expected to show a 2.1 percent increase.

The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.

Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.

The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.

"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.

"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)

Armstrong's enemies find vindication, sadness

Labels: Technology

First shunned, then vilified by Lance Armstrong, Mike Anderson had to move to the other side of the world to get his life back.

Now running a bike shop outside of Wellington, New Zealand, Armstrong's former assistant watched news reports about his former boss confessing to performance-enhancing drug use with only mild interest. If Anderson never hears Armstrong's voice again, it would be too soon.

"He gave me the firm, hard push and a shove," Anderson said in a telephone interview with The Associated Press. "Made my life very, very unpleasant. It was an embarrassment for me and my family to be portrayed as liars, to be called a disgruntled employee, implying there was some impropriety on my part. It just hurt. It was completely uncalled for."

Anderson is among the dozens, maybe hundreds, of former teammates, opponents and associates to receive the Armstrong treatment, presumably for not going along with the party line — that the now-disgraced, seven-time Tour de France cyclist didn't need to cheat to win.

The penalties for failing to play along were punitive, often humiliating, and now that Armstrong has admitted in an interview with Oprah Winfrey that he's a doper, a liar and a bully, many of those who saw their lives changed, sometime ruined, are going through a gamut of emotions.

Some feel vindicated, others remain vengeful. Some are sad, while many others are simply wrung out.

"He's damaged a lot of people's lives," said Betsy Andreu, whose husband, Frankie, was culled from Armstrong's team for not agreeing to dope. "He has damaged the sport of cycling. Frankie was fired for not getting on the program. I never thought this day would come but it's so incredibly sad."

Before his interview with Winfrey aired, Armstrong reached out to the Andreus to apologize but the planned reconciliation did not work. In fact, Armstrong's interview only made things worse, when he refused to confirm what the Andreus testified to under oath — that they had heard the cyclist admit to doping while meeting with doctors treating him for cancer at an Indiana hospital in 1996.

Regardless of whether Armstrong says more about that, there's no denying that life for the Andreus changed when they refused to go along.

"Frankie's career was definitely cut short. His career was ruined early," Betsy Andreu said. "You have riders out there whose careers never happened" because of Armstrong.

And some whose careers were cut short.

Filippo Simeoni was a talented, young rider who dared admit to doping and told authorities he received his instructions from physician Michele Ferrari, who also advised Armstrong during his career. After that 2002 testimony, Armstrong branded Simeoni a liar. He went so far as to humiliate Simeoni at the 2004 Tour de France, when he chased down the Italian rider during a breakaway and more or less ordered him to fall back in line. Later in the race, and with a TV camera in his face, Armstrong put his finger to his lips in a "silence" gesture. After the stage, he said he was simply protecting the interests of the peloton.

Simeoni received a different message.

"When a rider like me brushed up against a cyclist of his caliber, his fame and his worth — when I clashed with the boss — all doors were closed to me," Simeoni said. "I was humiliated, offended, and marginalized for the rest of my career. Only I know what that feels like. It's difficult to explain."

Anderson certainly can.

In a story he wrote for Outside Magazine last August, Anderson detailed a business relationship with Armstrong that began in 2002 with an email from Armstrong promising he would finance Anderson's bike shop when their work together was done. Anderson, a bike mechanic working in Armstrong's hometown of Austin, Texas, essentially became the cyclist's personal assistant, his responsibilities growing as the years passed. One of his tasks was making advance trips to Armstrong's apartment in Spain to prepare it for his arrival.

Anderson says the relationship began to sour after he came upon a box in Armstrong's bathroom labeled "Androstenedione," the banned substance most famously linked to Mark McGwire. The box, Anderson wrote, was mysteriously gone the next time he entered the apartment.

Time passed. Anderson bore witness to more and more things that didn't feel right. Armstrong, sensing his employee's discomfort, became more and more distant. Finally, Anderson wrote, Armstrong severed ties, asking Anderson to sign a nondisclosure agreement "that would have made me liable for a large sum of money if I even mentioned ever having worked for Armstrong."

Anderson's refusal to do that led to lawyers and lawsuits — with Armstrong accusing Anderson of extortion and Anderson accusing Armstrong of wrongful dismissal, breach of contract, and defamation. The cases were eventually settled for undisclosed terms.

But Anderson took his share of hits along the way.

"Austin was not a comfortable place for me after that," he said. "It had been my home for some years. I had enjoyed a very good reputation. I couldn't get a job in the bicycle business, certainly not one that was a fair placement for my skill and experience."

He ended up in New Zealand, where his wife's brother has roots, and is doing fine, now.

"I got a fair shake from some local investors who believe in me and we've been at it for four years," Anderson said. "The kids are clothed and fed and I don't really have any complaints."

Stories such as these — about the havoc Armstrong unleashed on people's lives — come from seemingly every corner: bike mechanics, multimillionaire businessmen, trainers, masseuses, wives, cyclists both at the front and back of the peloton.

Tyler Hamilton was among Armstrong's key teammates during his first three Tour de France victories. His tell-all interview on "60 Minutes" in 2011, combined with his testimony and a book he wrote last year, played a key part in the unraveling of the Armstrong myth.

Hamilton watched Armstrong's confession with little emotion but with a modicum of hope.

"It's been a sad story for a lot of people," Hamilton said. "But I think we'll look back on this period and, hopefully not too far down the road, we can say it was, in the end, a good thing for the sport of cycling."

___

AP Sports Writer Jerome Pugmire contributed to this report.

Latest Inaugural Forecast: Bit Warmer Than in 2009

Labels: World

Consider it the first fact check of a Barack Obama campaign pledge for his second term: Will he, or Mother Nature, deliver on promised warmer Inauguration Day weather?

It’s shaping up as a close call.

In September, while campaigning in Colorado, Obama was talking to a potential voter who mentioned he had been one of the hundreds of thousands of people outdoors at Obama‘s bone-chilling first inaugural in 2009, when the noontime temperature was 28 degrees. Obama promised: “This one is going to be warmer.”

Scientifically, the president doesn’t have control of day-to-day weather. While his policies can lessen or worsen future projected global warming on a large scale, they cannot do anything about Washington‘s daily temperature on Jan. 21.

Still, it’s a promise that for a long time looked close to a sure thing. The history of local weather was on Obama’s side.

On average, the normal high is 43 degrees and the normal low is 28, but that’s just around dawn. There have been 19 traditional January inaugurations and only two were colder. Ronald Reagan‘s second in 1985 was a frigid 7 with subzero wind chills and John F. Kennedy‘s in 1961 was a snow-covered 22. Jimmy Carter’s 1977 inauguration also was 28.

Then there was the general warming trend Washington had been stuck in. The last time the nation’s capital stayed below freezing all day was Jan. 22, 2011. The city has gone a record 700-plus days since it had 2 inches or more of snow.

An Arctic cold front looks to be racing toward the mid-Atlantic, so it will be cooler than normal on Monday, but probably not cooler than 2009, said Nikole Listemaa, a senior forecaster at the National Weather Service office in Sterling, Va., that oversees forecasts for the capital area.

Look for highs around 40 degrees with noon temperatures in the mid- to upper 30s, Listemaa said Saturday. That would keep Obama’s pledge.

There’s also a 30 percent chance of light snow showers for Monday. But the Arctic cold front won’t arrive until Monday night into Tuesday, Listemaa added.

Extreme cold on Inauguration Day, folklore says, can be a killer.

In 1841, newly elected president William Henry Harrison stood outside without a coat or hat as he spoke for an hour and 40 minutes. He caught a cold that day and it became pneumonia and he died one month after being sworn in.

Twelve years later, outgoing first lady Abigail Fillmore got sick from sitting outside on a cold wet platform as Franklin Pierce was inaugurated and she died of pneumonia at the end of the month. Doctors now know that pneumonia is caused by germs, but prolonged exposure to extreme cold weather may hurt the airways and make someone more susceptible to getting sick.

There’s one thing Washington‘s history shows. Bad weather generally creates bad traffic jams.

Kennedy found that out in his 1961 inauguration when 8 inches of snow fell overnight and crippled the city for what at that time was Washington‘s worst traffic jam. Thousands of cars were abandoned in the snow.

———

Seth Borenstein can be followed at http://twitter.com/borenbears

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Why Africa backs French in Mali

Labels: Lifestyle

French-led Mali offensive

STORY HIGHLIGHTS

French intervention in Mali could be turning point in relationship with Africa, writes Lansana Gberie

France's meddling to bolster puppet regimes in the past has outraged Africans, he argues

He says few in Africa would label the French action in Mali as 'neo-colonial mission creep'

Lansana: 'Africa's weakness has been exposed by the might of a foreign power'

Editor's note: Dr. Lansana Gberie is a specialist on African peace and security issues. He is the author of "A Dirty War in West Africa: The RUF and the Destruction of Sierra Leone." He is from Sierra Leone and lives in New York.

(CNN) -- Operation Serval, France's swift military intervention to roll back advances made by Jihadist elements who had hijacked a separatist movement in northern Mali, could be a turning point in the ex-colonialist's relationship with Africa.

It is not, after all, every day that you hear a senior official of the African Union (AU) refer to a former European colonial power in Africa as "a brotherly nation," as Ambroise Niyonsaba, the African Union's special representative in Ivory Coast, described France on 14 January, while hailing the European nation's military strikes in Mali.

France's persistent meddling to bolster puppet regimes or unseat inconvenient ones was often the cause of much outrage among African leaders and intellectuals. But by robustly taking on the Islamist forces that for many months now have imposed a regime of terror in northern Mali, France is doing exactly what African governments would like to have done.

Lansana Gberie

This is because the Movement for Unity and Jihad in West Africa (MUJAO), Ansar Dine and al Qaeda in the Islamic Maghreb (AQIM) are a far greater threat to many African states than they ever would be to France or Europe.

See also: What's behind Mali instability?

Moreover, the main underlying issues that led to this situation -- the separatist rebellion by Mali's Tuareg, under the banner of the National Movement for the Liberation of Azawad (MNLA), who seized the northern half of the country and declared it independent of Mali shortly after a most ill-timed military coup on 22 March 2012 -- is anathema to the African Union and the Economic Community of West African States (ECOWAS).

Successful separatism by an ethnic minority, it is believed, would only encourage the emergence of more separatist movements in a continent where many of the countries were cobbled together from disparate groups by Europeans not so long ago.

But the foreign Islamists who had been allies to the Tuaregs at the start of their rebellion had effectively sidelined the MNLA by July last year, and have since been exercising tomcatting powers over the peasants in the area, to whom the puritanical brand of Islam being promoted by the Islamists is alien.

ECOWAS, which is dominated by Nigeria -- formerly France's chief hegemonic foe in West Africa -- in August last year submitted a note verbale with a "strategic concept" to the U.N. Security Council, detailing plans for an intervention force to defeat the Islamists in Mali and reunify the country.

ECOWAS wanted the U.N. to bankroll the operation, which would include the deployment a 3,245-strong force -- to which Nigeria (694), Togo (581), Niger (541) and Senegal (350) would be the biggest contributors -- at a cost of $410 million a year. The note stated that the objective of the Islamists in northern Mali was to "create a safe haven" in that country from which to coordinate "continental terrorist networks, including AQIM, MUJAO, Boko Haram [in Nigeria] and Al-Shabaab [in Somalia]."

Despite compelling evidence of the threat the Islamists pose to international peace and security, the U.N. has not been able to agree on funding what essentially would be a military offensive. U.N. Security Council resolution 2085, passed on 20 December last year, only agreed to a voluntary contribution and the setting up of a trust fund, and requested the secretary-general "develop and refine options within 30 days" in this regard. The deadline should be 20 January.

See also: Six reasons events in Mali matter

It is partly because of this U.N. inaction that few in Africa would label the French action in Mali as another neo-colonial mission creep.

If the Islamists had been allowed to capture the very strategic town of Sevaré, as they seemed intent on doing, they would have captured the only airstrip in Mali (apart from the airport in Bamako) capable of handling heavy cargo planes, and they would have been poised to attack the more populated south of the country.

Africa's weakness has, once again, been exposed by the might of a foreign power.
Lansana Gberie

Those Africans who would be critical of the French are probably stunned to embarrassment: Africa's weakness has, once again, been exposed by the might of a foreign power.

Watch video: French troops welcomed in Mali

Africans, however, can perhaps take consolation in the fact that the current situation in Mali was partially created by the NATO action in Libya in 2010, which France spearheaded. A large number of the well-armed Islamists and Tuareg separatists had fought in the forces of former Libyan leader Moammar Gadhafi, and then left to join the MNLA in northern Mali after Gadhafi fell.

They brought with them advanced weapons, including shoulder-launched anti-aircraft missiles from Libya; and two new Jihadist terrorist groups active in northern Mali right now, Ansar Dine and MUJAO, were formed out of these forces.

Many African states had an ambivalent attitude towards Gadhafi, but few rejoiced when he was ousted and killed in the most squalid condition.

A number of African countries, Nigeria included, have started to deploy troops in Mali alongside the French, and ECOWAS has stated the objective as the complete liberation of the north from the Islamists.

The Islamists are clearly not a pushover; though they number between 2,000 and 3,000 they are battle-hardened and fanatically driven, and will likely hold on for some time to come.

The question now is: what happens after, as is almost certain, France begins to wind down its forces, leaving the African troops in Mali?

Nigeria, which almost single-handedly funded previous ECOWAS interventions (in Liberia and Sierra Leone in the 1990s, costing billions of dollars and hundreds of Nigerian troops), has been reluctant to fund such expensive missions since it became democratic.

See also: Nigerians waiting for 'African Spring'

Its civilian regimes have to be more accountable to their citizens than the military regimes of the 1990s, and Nigeria has pressing domestic challenges. Foreign military intervention is no longer popular in the country, though the links between the northern Mali Islamists and the destructive Boko Haram could be used as a strategic justification for intervention in Mali.

The funding issue, however, will become more and more urgent in the coming weeks and months, and the U.N. must find a sustainable solution beyond a call for voluntary contributions by member states.

The opinions expressed in this commentary are solely those of Lansana Gberie.

Ricketts: Cubs will fund renovation if city eases Wrigley restrictions

Labels: Health

Cubs Chairman Tom Ricketts discusses Sammy Sosa and the renovation of Wrigley Field.

Cubs Chairman Tom Ricketts said the team is willing to pay for an ambitious $300 million, five-year renovation plan if the city will ease some of the restrictions surrounding Wrigley Field.

“The fact is that when you look at all of the limitations that we have, whether that’s signage in the outfield, which we are not allowed to do, or what kind of stuff we do in the park or around the park, I think we’d just like a little more flexibility to have some options on that stuff,” Ricketts said after a question-and-answers session with fans at the Cubs Convention.

“We have an opportunity cost there that’s tremendous. Just give us some relief on some of these restrictions, and we’ll take care of (renovating) Wrigley Field.”

Among the proposed improvements are larger concourses, restaurants, more bathroom and concession areas, expanded suites and amenities for the players, including a larger home clubhouse, batting cages and additional training facilities. A new roof would replace the wooden roof, new seats would be installed and the façade would return to its 1930s-era luster.

The project would be done during off-seasons over a five-year period, in what business president Crane Kenney termed “the greatest (stadium) restoration project ever.”

The Cubs hope the city will ease what they believe are unfair restrictions on the team by allowing more signage, an increased schedule of night games-- including Saturday night games-- concerts and the use of Sheffield Avenue for street-fests during games.

Kenney said the improvements would not lead to personal seat licenses for season ticket holders.

Ricketts said the team is looking at “other alternatives” to fund the renovations after a proposal to try and use future revenues from their amusement tax contributions fell flat.

“We’re not talking about (the plan) right now,’ he said. “We’re looking at other things instead. One of the ways we look at it is ‘treat us like a private institution and let us go about doing our business and then we’ll take care of ourselves.'”

Due to a landmarking ordinance, the Cubs have to ask for city approval for signage, which was granted for the Toyota sign in the left field bleachers.

Asked if he was aware of the landmarking restrictions when he bought the team, Ricketts replied: “When we bought the team we kind of understood some of the restrictions. What I didn’t understand was we were the only team in baseball to have these restrictions.”

Ricketts said the team has been in discussions with Mayor Rahm Emanuel and feels they’re close to an agreement after talks stalled last year. Emanuel reportedly wouldn’t return Ricketts’ calls after a New York Times report that a PAC run by family patriarch Joe Ricketts considered funding an inflammatory ad campaign against President Obama.

“I hope (we’re close),” Tom Ricketts said. “I think everyone has an incentive. We lost a year this year. We want to get the project rolling. It’s a big economic development for the city. It’s a lot of jobs. It’s something everyone should have incentive to want to get done.”

Kenney said the Cubs understand Emanuel “wants to save the taxpayers.”

“This can not have a negative impact on taxpayers, and it has to create substantial jobs,” he said.

Ricketts told fans the Cubs pay the second-highest taxes among major league teams, suggesting an easing of restrictions would be only fair.

“Just let us run our own business,” he said. “We’re not a museum.”

Ricketts said they’d like to open up Sheffield Avenue to a street-fest before games, as the Red Sox have with Yawkey Way outside Fenway Park.

“We think it’s a good idea,” he said. “We think it can really add to the fan experience. We’ve been to Yawkey Way and we think we can do something comparable. (Sheffield) is already closed. Why can’t we put something on it that’s nice for families or for fans coming to games?”

In another shift, the much-hyped triangle building plan has been shelved for an open area that can be used for things like movies, an ice rink, and a farmer’s market. The plan to add parking was also shelved, since polls told the Cubs they didn’t want more congestion next to the ballpark.

Kenney said the Cubs wouldn’t need to remove the landmark status for the proposed changes, adding “the marquee, the ivy, the scoreboard, we’d be the last ones who would want to touch those. The landmark ordinance really isn’t our problem. It’s just the ability to add some of the marketing elements we need and to host games when we feel like it.”

The Cubs are limited to 30 night games under the city ordinance. They would like to have at least a 40-game night schedule, sources said, including occasional Saturday night games, which are currently prohibited unless it’s a nationally televised game.

While a Jumbotron is not in the works yet, the Cubs are open to the possibility, while maintaining the hand-operated scoreboard. Kenney said polls show Cubs fans will support a Jumbotron, a shift in attitude from what they used to say.

“All of our focus groups have swung the other way, if it’s done right,” Kenney said, adding “the key question for them is where, how big, and whether the programming is right.”

In other words, no Kiss Cam.

The Cubs are taking the LED board off the centerfield scoreboard because fan surveys suggested “it’s not fitting” with the old one, Kenney said.

All the renovation proposals need city approval, which the Cubs believe should be forthcoming due to the economic impact of the project.

“We need the city’s support to get this off the ground,” Kenney said. “Thousands of jobs are waiting. We expect to get a lot of support from the city because certainly we could all use a little more employment in the city.”

psullivan@tribune.com

Algeria ends desert siege with 23 hostages dead

Labels: Business

ALGIERS/IN AMENAS, Algeria (Reuters) - Algerian troops ended a siege by Islamist militants at a gas plant in the Sahara desert where 23 hostages died, with a final assault which killed all the remaining hostage-takers.

Believed to be among the 32 dead militants was their leader, Abdul Rahman al-Nigeri, a Nigerien close to al Qaeda-linked commander Mokhtar Belmokhtar, presumed mastermind of the raid.

An Algerian interior ministry statement on the death toll gave no breakdown of the number of foreigners among hostages killed since the plant was seized before dawn on Wednesday.

Details are only slowly emerging on what happened during the siege, which marked a serious escalation of unrest in northwestern Africa, where French forces are ratcheting up a war against Islamist militants in neighboring Mali.

Algeria's interior ministry said on Saturday that 107 foreign hostages and 685 Algerian hostages had survived, but did not give a detailed breakdown of those who died.

"We feel a deep and growing unease ... we fear that over the next few days we will receive bad news," said Helge Lund, Chief Executive of Norway's Statoil, which ran the plant along with Britain's BP and Algeria's state oil company.

"People we have spoken to describe unbelievable, horrible experiences," he said.

British Prime Minister David Cameron said he feared for the lives of five British citizens unaccounted for at the gas plant near the town of In Amenas, which was also home to expatriate workers from Japanese engineering firm JGC Corp and others.

One American and one British citizen have been confirmed dead. Statoil said five of its workers, all Norwegian nationals, were still missing. Japanese and American workers are also unaccounted for.

The Islamists' attack has tested Algeria's relations with the outside world, exposed the vulnerability of multinational oil operations in the Sahara and pushed Islamist radicalism in northern Africa to center stage.

Some Western governments expressed frustration at not being informed of the Algerian authorities' plans to storm the complex. Algeria, scarred by a civil war with Islamist insurgents in the 1990s which claimed 200,000 lives, had insisted there would be no negotiation in the face of terrorism.

President Barack Obama said on Saturday the United States was seeking from Algerian authorities a fuller understanding of what took place, but said "the blame for this tragedy rests with the terrorists who carried it out."

Official sources had no immediate confirmation of newspaper reports suggesting some of the hostages may have been executed by their captors as the Algerian army closed in for the final assault on Saturday.

One source close to the crisis said 16 foreign hostages were freed, including two Americans and one Portuguese.

BP's chief executive Bob Dudley said on Saturday four of its 18 workers at the site were missing. The remaining 14 were safe.

PLANNED BEFORE FRENCH LANDED IN MALI

The attack on the heavily fortified gas compound was one of the most audacious in recent years and almost certainly planned long before French troops launched a military operation in Mali this month to stem an advance by Islamist fighters.

Hundreds of hostages escaped on Thursday when the army launched a rescue operation, but many hostages were killed.

Before the interior ministry released its provisional death toll, an Algerian security source said eight Algerians and at least seven foreigners were among the victims, including two Japanese, two Britons and a French national. One British citizen was killed when the gunmen seized the hostages on Wednesday.

The U.S. State Department said on Friday one American, Frederick Buttaccio, had died but gave no further details.

U.S. Defense Secretary Leon Panetta said nobody was going to attack the United States and get away with it.

"We have made a commitment that we're going to go after al Qaeda wherever they are and wherever they try to hide," he said during a visit to London. "We have done that obviously in Afghanistan, Pakistan, we've done it in Somalia, in Yemen and we will do it in North Africa as well."

Earlier on Saturday, Algerian special forces found 15 unidentified burned bodies at the plant, a source told Reuters.

Mauritanian news agencies identified the field commander of the group that attacked the plant as Nigeri, a fighter from one of the Arab tribes in Niger who had joined the Algerian Salafist Group for Preaching and Combat (GSPC) in early-2005.

That group eventually joined up with al Qaeda to become Al Qaeda in the Islamic Maghreb (AQIM). It and allied groups are the targets of the French military operation in Mali.

The news agencies described him as "one of the closest people" to Belmokhtar, who fought in Afghanistan and then in Algeria's civil war of the 1990s. Nigeri was known as a man for "difficult missions", having carried out attacks in Mauritania, Mali and Niger.

NO NEGOTIATION

Britain, Japan and other countries have expressed irritation that the Algerian army assault was ordered without consultation.

But French President Francois Hollande said the Algerian military's response seemed to have been the best option given that negotiation was not possible.

"When you have people taken hostage in such large number by terrorists with such cold determination and ready to kill those hostages - as they did - Algeria has an approach which to me, as I see it, is the most appropriate because there could be no negotiation," Hollande said.

The apparent ease with which the fighters swooped in from the dunes to take control of an important energy facility, which produces some 10 percent of the natural gas on which Algeria depends for its export income, has raised questions over the country's outwardly tough security measures.

Algerian officials said the attackers may have had inside help from among the hundreds of Algerians employed at the site.

Security in the half-dozen countries around the Sahara desert has long been a preoccupation of the West. Smugglers and militants have earned millions in ransom from kidnappings.

The most powerful Islamist groups operating in the Sahara were severely weakened by Algeria's secularist military in the civil war in the 1990s. But in the past two years the regional wing of al Qaeda gained fighters and arms as a result of the civil war in Libya, when arsenals were looted from Muammar Gaddafi's army.

(Additional reporting by Balazs Koranyi in Oslo, Estelle Shirbon and David Alexander in London, Brian Love in Paris; Writing by Giles Elgood and Myra MacDonald)