natassamarkidou.com

Two civilians have died in an attack on a police station in the northern Nigerian city of Kano, police say.

On Saturday, a Boko Haram spokesman rejected Nigerian President Goodluck Jonathan's recent call for open dialogue to end the conflict.

He said it was "impossible" to hold talks, after police said they had killed 11 militants in the group's base in the north-eastern city of Maiduguri over the weekend.

He also warned that if group members who had been captured in the north-western Sokoto state were not released, Kano-style attacks would be launched there.

Boko Haram – whose name means "Western education is forbidden" – wants to establish Islamic law in Nigeria.

It stepped up its attacks in 2011, targeting police headquarters and the UN in the capital Abuja.

In recent weeks, southerners, who are mostly Christians or animists, living in the north have been the targets of deadly attacks and thousands have fled their homes.

Nigeria, Africa's most populous nation is roughly evening divided between the mainly Muslim north and the south.

Story By: by Chris Arnold and Marilyn Geewax

A sign for Freddie Mac in front of its headquarters in McLean, Va.

Several U.S. lawmakers and prominent economists on Monday said Congress and the White House should end a financial conflict of interest at the taxpayer-owned mortgage company Freddie Mac.

Freddie Mac, which has a public mission to help make home ownership affordable, also has placed multibillion-dollar bets against American homeowners being able to refinance to cheaper mortgages. NPR, in partnership with ProPublica, an independent, nonprofit newsroom, first revealed Freddie’s bets on NPR during Monday’s Morning Edition.

Later in the day, Sen. Bob Casey, D-Pa., expressed “outrage” in a letter to President Obama, calling on the White House to “to put an end to these practices.”

Freddie’s regulator, the Federal Housing Finance Agency (FHFA), late Monday issued a statement saying that last year, it began assessing Freddie Mac’s controversial investment strategy. In December, “Freddie Mac agreed that these transactions would not resume pending completion of the examination work,” it said.

However, FHFA acknowledged that Freddie continues to hold $5 billion worth of the investments, known as inverse floaters. That figure was even higher than the $3.5 billion NPR and ProPublica had tracked down.

FHFA did not say when its examination of Freddie’s practice would be completed. It said only that FHFA already had “identified concerns” about the kinds of risks Freddie Mac was taking and “the controls” it had placed over its investments.

Sen. Johnny Isakson, R-Ga., told NPR that having a financial stake in blocking mortgage refinancings means Freddie Mac officials “would be in conflict with themselves, and that wouldn’t be the right thing to do.”

For months, Isakson has been promoting legislation to make it easier to refinance mortgages backed by Freddie Mac and Fannie Mae, another government-sponsored enterprise in the mortgage industry. The bill, written with Sen. Barbara Boxer, D-Calif., is intended to help some eight million homeowners with mortgage rates exceeding 6 percent to refinance at today’s lower interest rates, below 4 percent.

Columbia University economist Chris Mayer has long been urging Congress and the White House to promote a large-scale refinancing strategy. He says that dropping the typical mortgage down to today’s rates could save each homeowner roughly $3,000 a year.

That would help the U.S. economy by “putting tens of billions of dollars back in consumers’ pockets, the equivalent of a very long-term tax cut,” Mayer said.

Not all economists agree. Anthony Sanders, an economist at George Mason University, said lowering mortgage payments wouldn’t be a quick cure for the housing crisis.

“That’s wishful thinking,” Sanders said. “The primary causes of mortgage default are job loss, or job curtailment, health problems where they get excessive bills, or believe it or not, divorce.”

Still, Sanders says Freddie Mac should not be structured in such a way that it has two goals: 1) to help make home ownership affordable and 2) to run up financial gains in its own portfolio through the use of risky investments — especially those that run counter to the interests of homeowners.

He says his email inbox has been getting filled with messages from other economists and policy experts reacting to the investigation into Freddie Mac’s investment strategies. “Everyone is in various degrees in rage,” Sanders said. His correspondents have been saying this is “a terrible public-policy debacle by Freddie Mac.”

Public documents, checked by NPR and ProPublica, show that in 2010 and 2011, Freddie Mac set out to make gains for its own investment portfolio by using complex mortgage securities that brought in more money for Freddie Mac when homeowners in higher interest-rate loans were unable to qualify for a refinancing.

Freddie’s trades came at a time when mortgage rates were falling to record lows.

This is the conflict: Millions of homeowners wish they could refinance, but their lenders tell them they can’t qualify for today’s low rates because of tight rules. Freddie Mac is one of the gatekeepers with the power to set those rules, and lately, it has been saying no more often to homeowners.

“Freddie Mac prevented households from being able to take advantage of today’s mortgage rates — and then bet on it,” Alan Boyce told NPR. He is a former bond trader who has been involved in efforts to push for more refinancing of home loans.

Freddie officials repeatedly declined to comment on the specific transactions, but Freddie did say that its employees who make investment decisions are “walled off” from those who decide the rules for homeowners. No evidence to the contrary has emerged.

More about the reaction to the NPR/ProPublica report was on today’s edition of All Thing Considered and is planned for Tuesday’s Morning Edition.

[NPR bios: Chris Arnold and Marilyn Geewax.]

ATHENS Jan 30 (Reuters) – Greece’s third-largets
lender Alpha Bank said on Monday it will wait for the
finalisation of a bond swap deal before deciding whether to
proceed with a merger with second-largest peer Eurobank
.

“The bank intends to await the definite terms of the private
sector involvement (PSI) before calling a general assembly to
inform shareholders and make a decision,” Alpha Bank said in a
bourse filing.

<span class="articleLocation”>(Reuters) – U.S. safety regulators have upgraded an investigation into almost 387,000 Jeep Liberty sport utility vehicles for potential inadvertent airbag deployment, increasing the possibility of a recall.

The National Highway Traffic Safety Administration said it was upgrading its investigation of the 386,873 Chrysler SUVs from model years 2002 and 2003 to an engineering analysis, a step in a process that could lead to a recall if regulators determine that a manufacturer needs to address a safety issue.

In two separate other NHTSA filings, Mazda Motor Corp Motor Corp is recalling more than 52,000 older Tribute SUVs for potential brake fluid leaks, and Daimler AG’s Mercedes-Benz has begun investigating consumer complaints of fuel odor that may be a leak in about 8,000 older E55 AMG sedans and wagons.

For the Chrysler issue, NHTSA said it had identified 87 reports of inadvertent driver or passenger front airbag deployment, resulting in 50 alleged injuries, including burns, cuts and bruises to the upper body, according to documents filed online.

Forty-two of the 87 incidents involved the driver front airbag deploying without a crash, occurring at vehicle startup and while driving on the road, according to NHTSA. The remaining 45 involved both the driver and passenger front airbags, NHTSA said.

Some drivers noted that the airbag warning light had illuminated just prior to airbag deployment, while others did not observe one, NHTSA said.

An inspection conducted by Chrysler indicates an internal electronic chip that controls airbag deployment failed, possibly due to a voltage spike. The automaker, which is controlled by Fiat, is in the process of identifying possible root causes, NHTSA said.

NHTSA initially opened a probe into the Jeep SUVs in September after receiving seven consumer complaints.

A Chrysler spokesman said the U.S. automaker was cooperating with the investigation.

In separate documents, NHTSA said Mazda is recalling more than 52,000 Tribute SUVs for potential brake fluid leak that could lead to a fire.

Mazda is notifying owners this week of 52,390 Tributes from model years 2001 and 2002 about the potential brake fluid leaks that could come into contact with the anti-lock brake system module wiring harness, according to documents NHTSA.

A Mazda spokesman said no injuries or accidents have been reported related to this issue.

In the case of a leak, corrosion could develop and lead to melting, smoking or fire, according NHTSA.

The affected vehicles were built at Ford Motor Co Kansas City Assembly Plant in Missouri, according to NHTSA. Until the repairs are made, owners are being told to park their vehicles outside, according to NHTSA.

The Mercedes-Benz issue covers about 8,100 E55 AMG sedans and wagons in model years 2003-2006.

NHTSA documents show that 20 consumers have complained about the odor of gasoline inside or outside of the car. Several of them suggested the issue may be related to a 2008 recall that involved possible cracking of a fuel filter module in vehicles exposed to high ambient temperatures.

(Reporting by Ben Klayman and Bernie Woodall in Detroit; Editing by Lisa Von Ahn)

Story By: by Don Gonyea

Florida’s Republican primary is Tuesday. If Mitt Romney wins, it’s a potentially decisive state for the former Massachusetts governor’s bid for the nomination. But a victory by Newt Gingrich would all but guarantee a long battle ahead. NPR’s Don Gonyea reports on the mounting attacks.

US President Barack Obama has announced a new body to investigate unfair trade practices in countries such as China.

''I will not stand by when our competitors don't play by the rules,'' he said.

He was speaking in his third State of the Union address on Tuesday night in Washington DC.

During his presidency, he added, the US had ''brought trade cases against China at nearly twice the rate'' of the previous administration.

''Over 1,000 Americans are working today because we stopped a surge in Chinese tyres,'' he said.

But he said more needed to be done to ensure that foreign companies did not get an unfair advantage over US manufacturers, and to stop piracy of US content and products.

"Tonight, I'm announcing the creation of a Trade Enforcement Unit that will be charged with investigating unfair trade practices in countries like China," he said.

There would be more inspections to stop ''counterfeit or unsafe goods'' from entering the US, he added.

''Our workers are the most productive on Earth, and if the playing field is level, I promise you – America will always win,'' he said.

The annual, nationally televised State of the Union speech is one of the most watched events in US politics, in which the president lays out policies for the year.

Mr Obama will be seeking re-election in the upcoming presidential race in November.

His announcement of the trade enforcement unit comes weeks before China's leader-in-waiting, Xi Jinping, is scheduled to visit the White House.

Delicate issues involving trade and security are expected to surface in the 14 February meeting.

Mr Xi is widely expected to to take over the Communist Party leadership role from President Hu Jintao at the end of this year, and become president when Mr Hu retires next year.

The two leaders will discuss "a broad range of bilateral, regional, and global issues", said an earlier statement from the White House.

Washington has been putting pressure on China over the value of its currency and observers expect Mr Obama to reiterate the call for Beijing to allow the yuan to appreciate.

China, on the other hand, has voiced concern over the US military presence in the Asia-Pacific region and displeasure over arms sales to Taiwan, which it still claims as a province.

''We have made it clear that America is a Pacific power,'' said Mr Obama in the part of his speech touching on foreign policy.

He was unequivocal about the position of the US as a global power.

''Anyone who tells you that America is in decline or that our influence has waned, doesn't know what they're talking about,'' he said.

American TV star Chelsea Handler says it was funny to date rapper 50 Cent.

The 36-year-old, who was romantically involved with 50 Cent last year, insists the rapper is very different from his on-stage persona.

"He’s actually a lot different than you would think. He’s really sweet. I thought it was kind of amusing that I would even be with 50 Cent; I thought it was funny," showbizspy.com quoted Handler as saying.

"My friends all loved him, my friends fell in love with him. [Jennifer Aniston and Reese Witherspoon] loved that I was dating him. They were like, ‘Chelsea, come on.’ They were both laughing really hard at it… I mean, everyone was."

Article continues below

NEW YORK (Reuters) – As the fast-casual restaurant buzz whets appetites across the nation, the recipe for success is anyone’s guess, from Five Guys Burger and Fries to Chipotle and Panera Bread.

But the quickly-expanding Smashburger chain appears to have got it: a model that translates well to different regions and customer bases.

“Consumers customize apps on their smart phones and they want their burger their way,” says Ron Paul, president of Technomic, a Chicago, IL.-based restaurant consultant.

It’s a sentiment espoused by Smashburger, the five-year-old conduit to a better burger.

Now with 143 locations in 25 states, Smashburger offers burgers freshly made from Angus beef, uniquely accessorized with diverse toppings, and the meal is brought fresh to the table by a server. Nothing is pre-cooked.

But the showpiece at Smashburger is how it adapts its product to local tastes.

In Denver, where it’s headquartered, the Smashburger is garnished with mild green chilies and pepper jack cheese, just the way Coloradans prefer it. In Brooklyn, the Smashburger can be served like a Reuben sandwich replete with pastrami and Swiss cheese and served on a pretzel bun.

Dave Prokupek, CEO of Smashburger, says the market was screaming for better burger choices back when he started the company, despite spending $70 billion of the $100 billion market on McDonalds, Burger King and Wendy’s.

“It was an a-ha moment,” he said.

“The gap was creating a great tasting burger. It all starts with the food,” Prokupek said.

Smashburger established 19 distribution centers to ensure quick food delivery. Expanding helps drive down its food costs, explained Prokupek.

And the burgers are actually smashed, hence the name.

“We take a half pound meatball, smash and flatten in, cook it fast for one to three minutes on the hot grill so it becomes caramelized and crisply seared. That helps keep the juices in,” Prokupek said.

Despite the made-to-order burger, Prokupek says, “We still try to get diners in and out in 20 minutes.” And the price is low: $8 to $10 gets you a decent meal.

At Smashburger 50 percent of the locations are company-owned and 50 percent franchised. It generated $53.5 million in revenue in 2011 up from $39.5 million in 2010, a nearly 26 percent rise in a tough economy.

But the other standout feature is there is no budget for TV or radio ads and it depends on social networking for promotion.

A two-person Facebook and social marketing team respond to consumer feedback.

Smashburger is growing because of several factors including developing a “better burger,” Ron Paul said. .

Another factor has been its menu of chicken sandwiches, veggie burgers, salads, and even hot dogs. Functioning as a well-rounded restaurant more than the typical limited fast food menu makes it appeal to a wider audience, particularly those who count calories.

Smashburger has gained some recent accolades on the Internet as well. Business Insider said Smashburger was likely to shake things up in 2012 as one of Five Hot Brands to Watch in the Year of the Dragon. Forbes Magazine dubbed it “America’s Most Promising Company”.

And the numbers prove it is growing fast. In 2011, 47 new outlets opened and plans are in place to expand by 75 in 2012 including about 50 franchised. Smashburgers are also going international in 2012, including opening two in the Middle East, three in Latin America and two in Canada, with plans for 25 more in the next few years.

But Smashburger is not unique in its concept and faces intense competition from other start-up chains. For example, custom burgers are the specialty at Burgerville, with 38 eateries in Washington and Oregon and the Counter with 32 outlets including 22 in California but growing rapidly nationwide through franchising.

Andrew J. Sherman, author of “Franchising & Licensing: Two Powerful Ways to Grow Your Business in Any Economy,” said Smashburger undertook the impossible task of taking on the three heavyweight chains. Yet, he says the U.S. “has an unlimited appetite for new products and services and have had multiple successes in burger, pizza, chicken and ethnic food.”

For example, Papa John took on Pizza Hut and prospered.

It takes three factors for a franchise to succeed, Sherman says: 1) a strong and consistent brand so customers want to return, 2) hordes of evangelist customers who spread the word on the Internet, 3) systems, systems, systems, since everything must be documented to ensure consistency.

Despite the fact that franchisers invest $325,000 to $750,000 to acquire land and build the site, Paul says franchisees can expect to recoup their investment in three to five years.

Just because Smashburger is growing fast does not guarantee long-term success. In the past many franchises operated like shooting stars, sizzling for a short time and fading when they proliferated too quickly.

“It’s like getting married to 154 people at the same time and trying to keep them happy. Franchising at its core is about relationship management,” he said.

Prokupek counters that Smashburger is expanding at a manageable rate, opening 15 to 20 stores of its own, and its groups of 40 franchisers are slated to open only two or three each annually. It plans on reaching 200 outlets by the end of 2012 and about 300 by 2013.

Prokupek worries most about its growth being derailed by a significant economic slowdown and finding enough real-estate at the right price since it’s competing for sites against well-heeled chains Panera Bread and Chipotle.

Smashburger has surmounted the first hurdle of franchising: expanding to over 100 eateries. But when franchises hit 300 outlets, many “crash and burn,” Sherman said.

Whether Smashburger can move into the multi-thousand territory of McDonalds, Burger King and Wendy’s will have more to do with management expertise than the taste of its burger, he said. (Reporting by Gary M. Stern; Editing by Carla Tonelli)