A blast at a shopping complex in Kenya's capital, Nairobi, that injured 33 people on Monday was caused by an explosive device, the police have said.
There had been confusion over its cause - officers first blamed it on an electrical fault, but the prime minister said it had a terrorist link.
Police now say they are hunting for two male suspects one of whom may be a German or Turkish national.
The police spokesman said one suspect may have entered Kenya from Somalia.
The militant group al-Shabab has repeatedly threatened to stage revenge attacks after Kenya sent troops to Somalia in October 2011.
In recent months, al-Shabab has claimed responsibility for a string of grenade and bomb blasts across Kenya, that have killed several people.
Monday's explosion tore apart a shopping centre on Moi Avenue at lunchtime.
One witness said a bag was abandoned next to her just before the explosion.
In Tuesday's statement, Kenya police spokesman Eric Kiraithe said the blast was "caused by an improvised explosive device planted in the building by criminal elements".
"The team has been able to recover several materials from the scene of the explosion which has been sent for forensic analysis to determine the composition of the explosive and its method of initiation," he said.
Mr Kiraithe appealed for the public to come forward with information and said one of the suspects may have entered Kenya through the border town of Garissa.
Prime Minister Raila Odinga visited the bomb site on Monday and said it the explosion had been a "heinous act of terrorism".
"We are under threat, but we will not be cowed," he said.
Earlier this year, the African Union force backing Somalia's interim government was boosted from 12,000 troops to nearly 18,000 to incorporate Kenyan troops which entered Somalia last October in pursuit of al-Shabab militants.
They accuse the Islamist fighters of being behind various kidnappings on Kenyan soil and of destabilising the border region.
Wholesale Electricity Surges in New York - Businessweek
Wholesale electricity jumped in New York as hot, humid weather from Massachusetts to Maryland prompted households and businesses to crank up their air conditioners.
Spot power in New York City rose to an average of $706.33 a megawatt-hour for the hour ended at 12 p.m., after soaring as high as $1,647.56 at 10:55 a.m., according to the New York Independent System Operator Inc., which manages the state grid. Electricity traded yesterday for delivery in the 10 a.m.-to-noon period today was priced in the $50-range.
The high in New York today may be 88 degrees Fahrenheit (31 Celsius), 14 above normal, with humidity rising to as high as 87 percent, according to AccuWeather Inc. in State College, Pennsylvania. Baltimore’s high will be 12 above normal at 91 degrees.
“Today’s demand is expected to be up with the heat and humidity, but power supplies are more than adequate to meet that demand,” Michael Clendenin, a spokesman for Consolidated Edison Inc. in New York, said in an e-mail. A cold front expected to move in later today and tomorrow will “bring temperatures back to normal by the end of the week,” he said.
Most power for a given day is purchased the previous day in what is known as the day-ahead market. Spot prices can jump when demand exceeds the amount secured in trading a day earlier.
New York Grid
Hourly prices across the New York state grid have been above $100 a megawatt-hour since 7 a.m., when demand climbed with the start of the work day. Electricity use on the grid was 28,009 megawatts as of noon, 14 percent above yesterday’s forecast for that time.
Thunderstorms predicted for later today may result in transmission disruptions and surging prices at around 3 p.m. to 4 p.m., said Brendyn Brooks-Stocking, a Boston-based Northeast power analyst with Genscape Inc., which tracks real-time data at power plants.
Today’s spot-market price gains won’t affect bills for Con Ed customers, according to Clendenin. The utility has more than three million customers in New York City and Westchester County.
The high in Worcester, Massachusetts, may be 83 degrees, 13 above normal.
Spot power across New England was $205.81 a megawatt-hour as of 12:40 p.m., based on gains in Connecticut and Western Massachusetts, compared with the day-ahead price of $43.74 for the grid, according to the region’s grid operator. Electricity on the grid averaged $151.65 from 9 a.m. to 11 a.m., according to data from ISO New England Inc.
Mid-Atlantic
Demand on the mid-Atlantic grid operated by PJM Interconnection LLC, which spans 13 states from New Jersey to North Carolina and as far west as Illinois, was 120,911 megawatts as of 11:30 a.m., 4.8 percent more than the day-ahead forecast.
Prices have traded from lows that were mostly in the $20s and $30s per megawatt-hour to more than $400 in some of the more densely populated areas where transmission bottlenecks aren’t unusual, according to PJM data.
Public Service Enterprise Group (PEG) (PEG)’s territory in New Jersey averaged $278.58 a megawatt-hour for the hour ended at noon, after rising to a high today of $451.75. Spot power at Baltimore Gas & Electric Co.’s zone in Maryland averaged $314.68 for the same hour after rising as high as $431.58. Day-ahead prices were in the high $40s for both areas.
To contact the reporter on this story: Naureen S. Malik in New York at nmalik28@bloomberg.net
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net
Costco’s Target Boosted at JP Morgan (COST) - NASDAQ
Membership warehouse operator Costco Wholesale Corporation ( COST ) on Tuesday caught some positive commentary from analysts at JP Morgan.
The firm maintained its "Overweight" rating on COST and lifted its price target from $94 to $96. That new target suggests a nearly 14% upside to the stock's Friday closing price of $84.48.
Last week, analysts at Goldman Sachs made a similar move on COST.
Costco shares were mostly flat in premarket trading Tuesday.
The Bottom Line
Shares of Costco ( COST ) have a 1.30% dividend yield, based on Friday's closing stock price of $$84.48. The stock has technical support in the $79-$80 price area. If the shares can firm up, we see overhead resistance around the $87-$88 price levels.
Costco Wholesale Corporation ( COST ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .
US wholesale prices fell 0.2 percent in April - Yahoo Finance
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Yahoo! - ABC News Network
Our culture of consumption glorifies compulsive shopping. It is time to treat the shopaholic like any other addict - Daily Mail
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Shopaholic. Even the word itself sounds faintly ridiculous, doesn’t it? It is a word frequently bandied affectionately by the most generous husband about a wife who has been on a spree, for as we all know it is usually women who feel most compelled to shop till they drop, don’t we?
It is a word which carries no particular stigma in our buy-with-one-click age of pile-it-high, throwaway fashion, next-day delivery and celebrity-endorsed and media-fuelled clamour for the next, must-have handbag, to-die-for designer sunglasses, or perfect pair of shoes. To say nothing of the coolest designer gadgets and top of the range tech which is practically obsolete the minute you take it out of the immaculate packaging and plug it in.
Consumer culture: Boxing Day sales crowds at the vast Westfield Stratford shopping centre
Yet compulsive shopping, or oniomania, to use its medical name, is as potentially devastating for the individual and their family as alcoholism, compulsive gambling or other addictions such as anorexia and related eating disorders, with which it shares many characteristics.
Aggravated by the rampant consumerism of the last decades, the problem is on the rise and I suspect we are now finally going to have to stop poking fun at the shopaholics and take their problem seriously.
Compulsive shoppers suffer from an inexplicable preoccupation with shopping and spending. They are generally thought to get a dopamine-related high or hit from their purchases. Yet few are ever even used or worn and, once they have their booty home, the post-purchase shopper often collapses in self-recrimination and anxiety about how they are going to pay for their next fix. Around 5.8 per cent of British adults are thought to be affected and cases are on the rise.
Treatment: Scientists have discovered that an Alzheimer's drug can help allay some symptoms of shopaholics
Now, psychiatrists have established that a drug called memantine, originally designed for patients with Alzheimers, may have a significant benefit for shopaholics. Clinical tests have shown improvement in many key symptoms, such as impulsive buying, anxiety and improvements in brain function linked to the impulsive urges and behaviour.
Speaking as someone who has witnessed the pernicious effects of a shopping addiction from extremely close quarters, I am pleased to hear about this breakthrough and equally glad to see the problem being treated seriously for a change, instead of being seen as a bit of a joke and used as a faintly misogynistic put-down.
What worries me is how and why we seem suddenly to be seeing so many cases of this kind of extreme addiction, from apparently simple shopping to the kind of horrific eating disorder which trapped 63 stone teenager Georgia Davis in her own home. Prescribing dementia medication to compulsive shoppers may indeed help, but aren't we simply replacing one addiction with another?
Shopaholic: Star Thompson, who spends 1,000 a week on clothes
Last week, the Daily Mail reported on another 19 year old, Star Thompson, from Wakefield, who had turned to glamour modelling and escort work to support her out of control shopping habit. The teenager spends 1,000 per week on clothes, although she already has wardrobes full of unworn garments, including 200 bras and 15 pairs of 250 Ugg boots.
She was recently given an extraordinary 6,000 as a birthday gift by her family, but she had spent 4,000 of the windfall within hours. 'You only live once', said Star, showing off her crammed cupboards to a tabloid newspaper. True, but what kind of a life can this really be?
Miss Thompson readily admitted that her shopping and spending makes her 'feel better'. Yet like every addict, it seems that she is caught in a tragic cycle of euphoric highs and guilt-ridden lows. Compulsive shopping is reportedly highly addictive, given that the rush and satisfaction of the purchase can disappear as soon as they leave the shop, meaning that they need to make yet another impulsive purchase or locate another trophy buy or bargain to maintain their good mood.
Extraordinarily, the problem was first documented more than 100 years ago but has only been seriously identified and acknowledged as a valid subject for psychiatric research in the last 15 years. Hardly a surprise when you consider the tandem rise of ever-multiplying possibilities for us to buy a whole new range of things we don’t really need and can often barely afford. We can now all shop in ever bigger mega-malls, we can shop on-line, we can even watch television shopping channels all through the night and we can now pay for it all with a swish of our smart phones.
Our culture revolves around consumption. Despite our straitened economic times, we are still surrounded, 24/7, by potent and relentless marketing and advertising which promotes impossibly high material aspirations, creating utterly artificial wants and needs, making young women like Star Thompson feel she is not valid or worthy if she does not possess a particular pair of shoes.
Perhaps Miss Thompson would respond well to the proposed new treatment with Alzheimers medication? She certainly needs some sort of intervention, not least from her parents who appear to be content, and certainly wealthy enough, to continue to underwrite her addiction. But for how much longer?
The sooner the Thompsons, and the rest of society, recognise that shopping in this way and on this scale constitutes a serious psychological problem, the sooner the sufferers will get the help they so clearly need.
DFA offices in shopping centers to follow mall hours - gmanetwork.com
Gold ATM machine at Westfield: meet the first customer - Daily Telegraph
"It has not even started. The buying power of the smart money has moved into gold, but we didn't see the normal consumer buying gold. We have yet to hit the record price from the 1980s," said Mr Geissler.
The Gold to Go machine was unveiled at the Westfield shopping centre, in a rather gloomy corner next to a Barclays cash machine, a fizzy drinks vending machine and the lifts down to the underground car park.
The machine attracted a small crowd of curious shoppers, but in the first 40 minutes only one paying customer.
Mr McCleary said he had followed the gold market for some time, but this was the first time he had invested in any. "I am confident it will hold its value. You've got to be a mad man not to have realised what's happening in the market. People in Egypt are going to the bank, taking out their money and converting it into gold."
The machine follows 17 others around the world, most of them in Germany and Dubai. The company said it had an annual turnover of €36m (£32.6m) from these machines, with the average machine receiving about 500 transactions each month.
Mr Geissler said half the customers were ordinary consumers looking for gifts, pointing out that a 1g piece of gold was more interesting than a bunch of flowers "and would last for 4,000 years longer". The other half were serious investors.
Not everyone in the shopping centre was impressed. Sarah O'Malley said: "I'm not interested. I sold my gold jewellery for money not that long ago." Asked if she thought the company had missed the market, she answered: "Yes, I think they have".
The price of the gold is taken from the world market and updated every 10 minutes, with Gold to Go placing a mark-up to pay for its costs, especially the production costs of very small coins and ingots. Within a few minutes of Mr McCleary making his purchase the price had fallen from £100 to £99 for 2.5g.
Gold to Go, and its bullion supplier Zen Gold, insisted the mark-up was in line with what banks and other retail outlets charge. But ATS Bullion, a long-standing gold shop on The Strand in London, charges £40 for 1g compared with the machine's £47, and £115 for a one-tenth ounce Krugerrand coin, compared with Gold to Go's price of £121.
Sandra Conway, the managing director at ATS, said: "Anything that promotes gold has got to be good, but I think this is mainly going to attract novelty buyers, not serious investors."
The machine takes cash and credit cards, and anyone who wants to buy more than £2,500-worth needs to scan in their passport to satisfy British anti-money laundering rules.
The machine currently stocks a variety of weights of gold, but most worth less than £1,000. It intends to start offering 250g, worth about £8,000, in the next few weeks.
Masterplan will boost shopping centre trade - Grimsby Telegraph
A MAJOR retailer is waiting for the opportunity to set up shop in Grimsby, according to a report.
Repositioning the town's bus station could allow for the expansion of Freshney Place shopping precinct and create a further eight outlets.
Precinct owners Grosvenor said they supported the masterplan for the area because it would boost trade.
Nearly 40 per cent of the shoppers heading to Freshney Place shopping centre come by bus, according to the precinct's owners.
Grosvenor's projects director, Simon Armstrong, said his firm supported North East Lincolnshire Council's bid for funding because it would bring in further investment and shoppers.
Mr Armstrong said: "At present, the bus station provides a hostile environment for pedestrian shoppers at the western end of the shopping centre and the proposals to upgrade the quality of the public realm and pedestrian amenities are welcomed."
He said his firm was committed to bringing further investment to Grimsby following relocation of the bus station, adding: "Our initial studies suggest there is potential to create a large new store of about 70,000 sq ft and stimulate an investment of £12 million with the creation of 100 jobs.
"In setting out our support for these proposals, we would emphasise the need for a high-quality replacement bus facility."
The new bus station would have to be convenient and provide easy access to the shopping centre, he said.
North East Lincolnshire Council's head of development, Jason Longhurst, said: "This successful bid, alongside the significant benefits for public transport and enabling access to employment, further provides the opportunity to expand the retail offer in Grimsby town centre, as we know that Grosvenor, the owners of Freshney Place, are keen to extend.
"The bid was prepared in partnership with our regeneration partner Balfour Beatty and a number of local businesses and community groups.
"This funding will allow us to make significant improvements to the public and sustainable transport networks, which will help to encourage development, create jobs and improve levels of accessibility."
What do you think?
E-mail your thoughts to viewpoint@grimsbytelegraph.co.uk
Take pleasure from the things you have rather than yearning for things you have not. Be the ad- man's nightmare 'a self confident human being.
- ron, Cumbria, 30/5/2012 03:09
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