AFP

Zawahiri killing boosts Biden on Afghan exit anniversary

2 Aug 2022

Weeks before the first anniversary of a retreat from Afghanistan that critics said exposed President Joe Biden’s weakness, he shrugged off both Covid and critics to announce the killing in Kabul of Al-Qaeda’s leader — an operation the Democrat says shows the US remains as strong as ever. 

“When I ended our military mission in Afghanistan almost a year ago, I made the decision that after 20 years of war, the United States no longer needed thousands of boots on the ground in Afghanistan,” Biden told the nation late Monday as he announced the death of Ayman al-Zawahiri.

“I made a promise to the American people that we’d continue to conduct effective counterterrorism operations… We’ve done just that.”

Announcing jihadist leader deaths has become a ritual — both somber and highly political — for presidents ever since the attacks of September 11, 2001.

Barack Obama’s 2011 revelation of the daring operation to kill Osama bin Laden in his home in Pakistan electrified the nation. On hearing Obama, a skilled orator, people poured into the streets, chanting “USA!”

Donald Trump took a different approach in 2019, using gory language to deliver news of a raid to kill Islamic State group leader Abu Bakr Al-Baghdadi in Syria — and to bolster his own strong man image.

“He died like a dog,” Trump said.

For Biden, the setting was inauspicious. Isolating from a case of rebound Covid-19, battered in the polls and facing the anniversary this month of the traumatic August 2021 exit of US troops from Kabul, the Democrat is in a weak position.

In a nod to Covid ventilation measures, his speech was delivered from the noisy balcony of the Blue Room. As he touted American resilience, Washington police sirens wailed in the background.

Yet the timing of the speech could not have been better for a president seeking to change the narrative.

While steering clear of triumphalism, Biden noted that Zawahiri had been on the wanted list “for years under presidents (George W.) Bush, Obama and Trump.”

The implication — that the country is safe in Biden’s hands — was clear.

“No matter how long it takes, no matter where you hide, if you are a threat to our people, the United States will find you and take you out,” Biden said.

– Afghan strategy debate –

Critics on the right and left see last year’s US withdrawal from Kabul as a show of ineptitude that, in addition to being a humiliating spectacle, will make Afghanistan a hotbed of anti-American Islamic groups, similar to the time of 9/11.

Biden argues he had the courage to pull the plug on a failed war conducted by three previous presidents and that there simply was never going to be a neat ending to the debacle.

Dismissing skeptics, he also promised that American “over the horizon” capabilities meant there’d be no more need to risk US lives on the ground.

Now with the Zawahiri killing, Biden has a golden opportunity to say that he’s been proved right.

Afghanistan “can’t be a launching pad against the United States,” Biden said in his speech. “This operation is a clear demonstration that we will, we can, and we’ll always make good on the solemn pledge.”

– Downsides –

There was instant praise from even unlikely quarters, with the anchor on the often hostile Fox News’ evening broadcast calling it “President Biden’s bin Laden moment” and “a huge, huge win for the US.”

Some experts, however, caution against the White House spin.

James Jeffrey, a former US ambassador to Iraq and now chair of the Wilson Center think tank’s Middle East Program, applauded the demonstration of “excellent intelligence, an operational strike capability and decisiveness.”

However, that expertise does not outweigh the “chaos” of last year’s Afghan withdrawal, which Jeffrey blamed on poor coordination and Biden’s “handicapping” of staff through his refusal to accept there could be any downsides to pulling out — or to plan for them.

Nathan Sales, another former diplomat who works at the Atlantic Council, said Zawahiri’s mere presence in Kabul was a failure for the United States, suggesting “as feared, the Taliban is once more granting safe haven to the leaders of Al-Qaeda.”

And it’s too early to say whether one spectacular drone strike “can be replicated against other terrorist targets,” he said.

“Until we know more, we should resist the urge to see the strike as a vindication of ‘over the horizon’ counterterrorism.”

Webb telescope captures colourful Cartwheel Galaxy

3 Aug 2022

The James Webb Space Telescope has peered through time and huge amounts of dust to capture a new image of the Cartwheel Galaxy, revealing the spinning ring of colour in unprecedented clarity, NASA and the European Space Agency said Tuesday.

Located around 500 million light-years from Earth in the constellation Sculptor, the Cartwheel gained its shape during a spectacular head-on collision between two galaxies.

The impact sent two rings expanding from the galaxy’s centre, “like ripples in a pond after a stone is tossed into it”, NASA and the ESA said in a joint statement.

A smaller white ring remains closer to the galaxy’s centre, while the outer ring, with its spokes of colour, has been expanding into the universe for around 440 million years, the statement added.

As the outer ring expands it runs into gas, sparking the formation of new stars.

The Hubble telescope had previously captured images of the rare ring galaxy, which is believed to have been a spiral galaxy like our own Milky Way before it was hit by a smaller intruder galaxy.

But the Webb telescope, which launched in December 2021 and revealed its first images to global fanfare last month, has a far greater reach.

Webb’s ability to detect infrared light allowed it to see through the “tremendous amount of hot dust” obscuring the view of the Cartwheel Galaxy, NASA and the ESA said.

This revealed new details about star formation in the galaxy, as well as the behaviour of the supermassive black hole at its heart, they said.

It was also able to detect regions rich in hydrocarbons and other chemicals, as well as dust that is similar to dust on Earth.

Behind the Cartwheel, two smaller galaxies shine brightly, while even more galaxies can be seen behind them.

The observations show that the Cartwheel Galaxy is still in “very transitory stage”, the space agencies said.

“While Webb gives us a snapshot of the current state of the Cartwheel, it also provides insight into what happened to this galaxy in the past and how it will evolve in the future.”

F1 star Hamilton takes ownership stake in NFL Broncos

3 Aug 2022

Seven-time Formula One world champion Lewis Hamilton has joined the ownership group of the NFL’s Denver Broncos, the team announced Tuesday.

The Broncos entered into a sale agreement with the Walton-Penner family in June pending ownership approval of the deal, which is expected to come next Tuesday.

“Excited to join an incredible group of owners and become a part of the @Broncos story!!” Hamilton tweeted. “Honoured to work with a world class team and serve as an example of the value of more diverse leadership across all sports.”

The 37-year-old Englishman posted a photo of his dog wearing a Broncos’ scarf and shirt and added, “Roscoe already thinks he made the team”.

Wal-Mart store heir Rob Walton, his daughter Carrie Penner and son-in-law Greg Penner paid $4.65 billion, the largest sale price for any North American sports team, to purchase the Broncos.

Former US Secretary of State Condoleezza Rice was added to the ownership group last month and Hamilton, a record 103-time F1 race winner, is the latest high-profile investor.

“We’re delighted to welcome seven-time Formula One world champion Sir Lewis Hamilton to our ownership group,” Walton said in a statement.

“He’s a champion competitor who knows what it takes to lead a winning team and a fierce advocate for global equality, including in his own sport.

“With over 100 race wins, Lewis is considered the most successful F1 driver of all time. His resilient spirit and standard of excellence will be an asset to the ownership group and the Broncos organization.”

The sale must be approved by at least 24 of the NFL’s 32 club owners to complete the purchase from the Pat Bowlen Trust. Bowlen purchased the Broncos in 1984 and died in 2019.

The vote is likely only a formality and it is scheduled for an owners’ meeting next week.

The Broncos won their third Super Bowl crown in 2016 but have not made the playoffs since. They went 7-10 last year for a fifth consecutive losing season.

Markets drop over China-US tensions

2 Aug 2022

Stock markets fell Tuesday as investors dumped risky equities on spiking China-US tensions over a visit by House Speaker Nancy Pelosi to Taiwan.

Traders were already skittish after a string of data showed economies beginning to take a hit from surging inflation and central bank interest rate hikes aimed at taming prices.

Any meeting between Pelosi and Taiwanese President Tsai Ing-wen is sure to anger Beijing, which views the island as its territory and has said the White House was playing “with fire”.

Observers do not think the move will spark a conflict but moments before her arrival in Taiwan on Tuesday, Chinese state media announced advanced Su-35 fighter jets were crossing the Taiwan Strait.

China’s defence ministry spokesman also vowed “targeted military actions”.

Heightened tensions between the world’s two superpowers have sent shivers through trading floors, compounding worries that Russia’s invasion of Ukraine could escalate into a wider war.

– Investors ‘very nervous’ –

“We’re seeing more risk aversion as Nancy Pelosi’s trip to Taiwan generates numerous unsettling headlines at a time of strained ties between the US and China,” said OANDA analyst Craig Erlam.

The trip was “making investors very nervous”, he said.

Pelosi’s visit hit US stocks, with all three main indexes dropping Tuesday in early morning trading before the tech-rich Nasdaq Composite Index and broad-based S&P 500 were up in the afternoon.

Asian stocks also fell earlier, though some markets recovered as the day wore on.

Hong Kong and Shanghai led losses, shedding more than two percent, while Taipei was off more than one percent along with Tokyo.

In Europe, Frankfurt and Paris were down at the close of trading, while only London ended the day flat after oil giant BP announced soaring profits.

“Objectively, given the potential seriousness of some kind of confrontation with China, the market is not reacting with abject fear about the outcome,” said market analyst Patrick O’Hare at Briefing.com.

The safe-haven yen jumped to a two-month high against the dollar.

The Taiwan dollar meanwhile sank to its lowest since April 2020 before bouncing back.

– Rising rates –

The flare-up in tensions comes less than a week after US President Joe Biden and Xi Jinping held telephone talks during which the Chinese leader warned the United States not to “play with fire”.

The market selloff comes as investors try to assess the outlook for the global economy as leaders try to bring down sky-high inflation by lifting rates while at the same time maintaining growth.

Australia’s central bank raised its central interest rate for a fourth time by another 50 basis points Tuesday.

The Bank of England is also under pressure to make a more aggressive rate hike of 50 basis points this Thursday.

Oil prices recouped some of Monday’s steep losses that were fuelled by falling demand expectations.

– Key figures at around 1545 GMT –

New York – Dow: DOWN 0.4 percent at 32,660.97 points

EURO STOXX 50: DOWN 0.5 percent at 3,684.63

London – FTSE 100: FLAT at 7,409.11 (close)

Frankfurt – DAX: DOWN 0.2 percent at 13,449.20 (close)

Paris – CAC 40: DOWN 0.4 percent at 6,409.80 (close)

Tokyo – Nikkei 225: DOWN 1.4 percent at 27,594.73 (close)

Hong Kong – Hang Seng Index: DOWN 2.4 percent at 19,689.21 (close)

Shanghai – Composite: DOWN 2.3 percent at 3,186.27 (close)

Taipei – TAIEX: DOWN 1.6 percent at 14,747.23 (close)

Dollar/yen: DOWN at 131.99 yen from 131.61 yen Monday

Euro/dollar: DOWN at $1.0206 from $1.0262

Pound/dollar: DOWN at $1.2222 from $1.2255

Euro/pound: DOWN at 83.48 pence from 83.70 pence

Brent North Sea crude: UP 0.6 percent at $100.69 per barrel

West Texas Intermediate: UP 0.6 percent at $94.52 per barrel

burs-raz/jm

Firefighters race to protect California town threatened by wildfire

2 Aug 2022

Rain and cooler conditions brought some relief on Tuesday to hundreds of firefighters battling a wildfire in northern California that has killed two people and threatens the 8,000-strong town of Yreka.

State fire department, CalFire, said that while the weather had “mitigated fire spread,” vegetation in the area “remains extremely dry” and in danger of being ignited by lightning strikes. 

“The continued threat of thunderstorms and the associated strong, erratic winds could result in increased fire behavior,” CalFire said.

The McKinney fire burning in the Klamath National Forest near the border with Oregon is California’s largest wildfire so far this year — though it remains much smaller than last year’s Dixie Fire, which burned nearly one million acres.

More than 55,000 acres (22,000 hectares) of the sparsely populated forest have been ravaged and the blaze is zero percent contained, according to CalFire.

Firefighters are constructing containment lines to prevent the fire from spreading, including using bulldozers to build a firebreak to protect Yreka, the county seat of Siskiyou County.

The McKinney Fire has killed two people, according to the Siskiyou County Sheriff’s Office.

Firefighters found two people dead on Sunday inside a burned-out car in the driveway of a home in the town of Klamath River.

Sheriff Jeremiah LaRue said the pair were likely caught in the swift-moving blaze as they tried to flee.

Sherri Marchetti-Perrault, who lived off of Highway 96, told the Los Angeles Times that her home had burned to the ground.

“When we left, everything was on fire,” Marchetti-Perrault told the newspaper. “It happened so fast. We left with the clothes on our back. We couldn’t breathe and we couldn’t see.”

– ‘Holding out’ – 

California, along with much of the western United States, is in the grip of its worst drought in more than 1,000 years.

The drought, exacerbated by man-made climate change, has left the countryside parched and vulnerable to the wildfires that naturally break out, making the blazes hotter, faster and more destructive.

California Governor Gavin Newsom has declared a state of emergency in Siskiyou County, and more than 2,000 residents of the rural area are under evacuation orders.

According to the Siskiyou County Sheriff’s Office, the fire has destroyed more than 100 structures — including homes, a grocery store and a community center — in the area around Yreka.

“Surrounding areas should be ready to leave if needed. Please don’t hesitate to evacuate,” the county sheriff tweeted.

“I’m holding out trying not to leave too soon because I’m helping out my mom,” said Rafael Franco, who lives in the mandatory evacuation area.

“She’s not in the best physical health to get around,” Franco told AFP.

“At the last minute if I see the fire cross the ridge where we are, we are going to head out and grab what we can and get going and hope for the best.”

Marjie Lawrence, who fled Klamath River on Friday night, said she went back to retrieve some belongings in case the fire spread to her home. 

“We are taking stuff in case the house goes, we are taking things we want, but not too many,” Lawrence said.

The McKinney Fire comes just days after the Oak Fire near Yosemite National Park destroyed dozens of buildings and forced thousands to evacuate.

California still has months of fire season ahead of it.

Other parts of the world have also faced intense wildfires this year, as scientists say climate change is making heatwaves more frequent and more intense, increasing the risk of fires.

Firefighters race to protect California town threatened by wildfire

2 Aug 2022

Rain and cooler conditions brought some relief on Tuesday to hundreds of firefighters battling a wildfire in northern California that has killed two people and threatens the 8,000-strong town of Yreka.

State fire department, CalFire, said that while the weather had “mitigated fire spread,” vegetation in the area “remains extremely dry” and in danger of being ignited by lightning strikes. 

“The continued threat of thunderstorms and the associated strong, erratic winds could result in increased fire behavior,” CalFire said.

The McKinney fire burning in the Klamath National Forest near the border with Oregon is California’s largest wildfire so far this year — though it remains much smaller than last year’s Dixie Fire, which burned nearly one million acres.

More than 55,000 acres (22,000 hectares) of the sparsely populated forest have been ravaged and the blaze is zero percent contained, according to CalFire.

Firefighters are constructing containment lines to prevent the fire from spreading, including using bulldozers to build a firebreak to protect Yreka, the county seat of Siskiyou County.

The McKinney Fire has killed two people, according to the Siskiyou County Sheriff’s Office.

Firefighters found two people dead on Sunday inside a burned-out car in the driveway of a home in the town of Klamath River.

Sheriff Jeremiah LaRue said the pair were likely caught in the swift-moving blaze as they tried to flee.

Sherri Marchetti-Perrault, who lived off of Highway 96, told the Los Angeles Times that her home had burned to the ground.

“When we left, everything was on fire,” Marchetti-Perrault told the newspaper. “It happened so fast. We left with the clothes on our back. We couldn’t breathe and we couldn’t see.”

– ‘Holding out’ – 

California, along with much of the western United States, is in the grip of its worst drought in more than 1,000 years.

The drought, exacerbated by man-made climate change, has left the countryside parched and vulnerable to the wildfires that naturally break out, making the blazes hotter, faster and more destructive.

California Governor Gavin Newsom has declared a state of emergency in Siskiyou County, and more than 2,000 residents of the rural area are under evacuation orders.

According to the Siskiyou County Sheriff’s Office, the fire has destroyed more than 100 structures — including homes, a grocery store and a community center — in the area around Yreka.

“Surrounding areas should be ready to leave if needed. Please don’t hesitate to evacuate,” the county sheriff tweeted.

“I’m holding out trying not to leave too soon because I’m helping out my mom,” said Rafael Franco, who lives in the mandatory evacuation area.

“She’s not in the best physical health to get around,” Franco told AFP.

“At the last minute if I see the fire cross the ridge where we are, we are going to head out and grab what we can and get going and hope for the best.”

Marjie Lawrence, who fled Klamath River on Friday night, said she went back to retrieve some belongings in case the fire spread to her home. 

“We are taking stuff in case the house goes, we are taking things we want, but not too many,” Lawrence said.

The McKinney Fire comes just days after the Oak Fire near Yosemite National Park destroyed dozens of buildings and forced thousands to evacuate.

California still has months of fire season ahead of it.

Other parts of the world have also faced intense wildfires this year, as scientists say climate change is making heatwaves more frequent and more intense, increasing the risk of fires.

New Liga sponsors EA Sports to 'revolutionise' Spanish football

3 Aug 2022

US video games giant Electronic Arts will replace Spanish bank Santander as the title sponsor of La Liga from summer 2023, the league announced on Tuesday. 

The sponsorship will be in the name of the company’s EA Sports division.

La Liga said in a statement that the deal would yield more than just increased revenue.

“Starting with the 23/24 season, the new agreement lays the foundations to revolutionise the football experience, seeks the integration of the physical and virtual worlds, involves improvements in broadcasting and the commitment of both companies to grassroots football,” said La Liga on its web site.

Spanish media reported that the agreement is for five years and will bring La Liga between 30 million and 40 million euros (30.6m-40.8m dollars) annually.

The deal with Santander, which began in 2016, will end after this season. It is worth 17 million euros a year. 

For the last six years, the official name of the Spanish first division has been  “LaLiga Santander”, and the second division has been “LaLiga Smartbank”, after a subsidiary of the  bank. 

“EA SPORTS represents the cutting edge of interactive football experiences, while La Liga spearheads football competitions around the world with unrivalled fan experiences on the pitch, in broadcast and digitally,” said Liga president Javier Tebas. 

La Liga’s sponsorship revenue has grown from 50m euros in 2016-17 to 155m euros last season.

Over the same period, revenue from TV rights has almost doubled from 825m euros in 2016-2017 to 1,625m euros in 2021-2022.

California-based Electronic Arts and its EA Sports franchise are the publishers of the popular video game FIFA, although the company will end its long association with the governing body of world football in 2023 and rebrand the game EA Sports FC.

Liga giants Barcelona have also recently announced two deals with tech companies saying they would add to the football experience.

On Monday, Barcelona announced the sale of 24.5 per cent of its media arm Barca Studios to internet company Socios.com “to accelerate the club’s audiovisual, blockchain, NFT and Web.3 strategy.” 

In July, Barcelona welcomed Swedish music streaming company Spotify as shirt sponsor by tweeting: “We’re partnering with Spotify to bring football and music together like you’ve never seen before.”

Caterpillar profits rise but says supply chain still messy

3 Aug 2022

Strong industrial demand in most leading markets lifted Caterpillar’s results in the latest quarter, but the US heavy equipment maker said Tuesday it faced persistent supply chain problems.

With the exception of China, where Covid-19 restrictions constrained activity, Caterpillar saw “healthy demand across most of our end markets,” Chief Executive Jim Umpleby said in a statement.

Price hikes “more than offset” elevated manufacturing costs,” Umpleby told analysts on a conference call, as the company reported higher sales across all three operating divisions: construction industries, resources and energy, and transportation. 

Profits rose 18 percent to $1.7 billion on an 11 percent increase in revenues to $14.2 billion.

Umpleby said the company still had seen no appreciable improvement in the supply chain, and the state of key materials and components remains unpredictable.

“It’s still hand-to-hand combat,” Umpleby told analysts.

“It changes from component to component. One day, it’s one issue. One day, it’s another issue. But at the macro level, we have not seen an improvement.”

And he said Caterpillar had yet to see any benefit from the pullback in metals and energy prices, which have retreated somewhat from their peaks earlier in the spring shortly after the Russian invasion of Ukraine.

“We’re still dealing with an inflationary environment and we have not seen a decrease from our suppliers as a result of commodity price reductions,” Umpleby said. “It takes a while for those kind of changes to work their way through the supply chain.”

Caterpillar’s results translated into better-than-expected earnings-per-share, but lower revenues than analysts projected.

The company’s shares fell 3.6 percent in mid-morning trading to $187.82.

Uber reports loss, but beats income expectations

2 Aug 2022

Uber reported better-than-expected revenue on Tuesday, fueled by strong demand for the San Francisco-based company’s ride-hailing and food delivery services that sent its shares upward.

Revenue more than doubled to $8.1 billion in the three months through June, a 105 percent increase, at a time when many tech companies are struggling to navigate global economic turbulence.

Still, the firm posted a net loss of $2.6 billion, but investors shrugged it off and shares were up about 13 percent in early trading on Wall Street.

Uber primarily attributed the loss to the falling value of its investments in financially-strapped companies such as Singapore’s VTC Grab, US self-driving vehicle start-up Aurora and Indian food delivery service Zomato.

The ride hailing giant posted $1.8 billion in revenue from its freight operations, and said income figures got a boost from a change in how it accounts for its rides business in Britain. 

Uber also notched gains in monthly active platform consumers, gross bookings and trips compared with a year ago, reflecting higher demand but also a higher number of drivers for its signature ride service and food delivery operations.

– Inflation attracts new drivers –

“We continue to benefit from an… increase in the on-demand transportation of people and things,” Uber CEO Dara Khosrowshahi said. “We intend to continue capitalizing on these growth tailwinds.”

Analysts noted that the relatively robust earnings were well above expectations, a relief during an earnings season buffeted by inflation, economic uncertainty and the ongoing impact of the coronavirus pandemic.

“Consumers are still moving to the Uber platform especially as travel, shifting to the office, and other post-pandemic trends take hold globally,” wrote analyst Dan Ives.

Uber reported it now has nearly five million drivers and couriers on its platform, a 31 percent increase from last year. 

“We saw an acceleration in both active and new driver growth in the quarter,” Khosrowshahi. “Against the backdrop of elevated gas prices globally, this is a resounding endorsement.”

Uber noted that some 70 percent of drivers coming to the platform said inflation played a part in their decision, as people look for additional income to offset price increases.

The latest earnings season has been marked both by investors being relieved when results weren’t as bad as feared, but also backing away from companies with less clear futures.

Facebook owner Meta and messaging app Snapchat’s parent company both saw shares fall after results showed their ad-driven models were vulnerable to the current economic uncertainty.

But giants like Apple and Amazon reassured markets last week with better than expected results on strong demand and sales.

Uber reports loss, but beats income expectations

2 Aug 2022

Uber reported better-than-expected revenue on Tuesday, fueled by strong demand for the San Francisco-based company’s ride-hailing and food delivery services that sent its shares upward.

Revenue more than doubled to $8.1 billion in the three months through June, a 105 percent increase, at a time when many tech companies are struggling to navigate global economic turbulence.

Still, the firm posted a net loss of $2.6 billion, but investors shrugged it off and shares were up about 13 percent in early trading on Wall Street.

Uber primarily attributed the loss to the falling value of its investments in financially-strapped companies such as Singapore’s VTC Grab, US self-driving vehicle start-up Aurora and Indian food delivery service Zomato.

The ride hailing giant posted $1.8 billion in revenue from its freight operations, and said income figures got a boost from a change in how it accounts for its rides business in Britain. 

Uber also notched gains in monthly active platform consumers, gross bookings and trips compared with a year ago, reflecting higher demand but also a higher number of drivers for its signature ride service and food delivery operations.

– Inflation attracts new drivers –

“We continue to benefit from an… increase in the on-demand transportation of people and things,” Uber CEO Dara Khosrowshahi said. “We intend to continue capitalizing on these growth tailwinds.”

Analysts noted that the relatively robust earnings were well above expectations, a relief during an earnings season buffeted by inflation, economic uncertainty and the ongoing impact of the coronavirus pandemic.

“Consumers are still moving to the Uber platform especially as travel, shifting to the office, and other post-pandemic trends take hold globally,” wrote analyst Dan Ives.

Uber reported it now has nearly five million drivers and couriers on its platform, a 31 percent increase from last year. 

“We saw an acceleration in both active and new driver growth in the quarter,” Khosrowshahi. “Against the backdrop of elevated gas prices globally, this is a resounding endorsement.”

Uber noted that some 70 percent of drivers coming to the platform said inflation played a part in their decision, as people look for additional income to offset price increases.

The latest earnings season has been marked both by investors being relieved when results weren’t as bad as feared, but also backing away from companies with less clear futures.

Facebook owner Meta and messaging app Snapchat’s parent company both saw shares fall after results showed their ad-driven models were vulnerable to the current economic uncertainty.

But giants like Apple and Amazon reassured markets last week with better than expected results on strong demand and sales.

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