Arms embargo imposed against Ivory Coast
U.N. Security Council gives government, rebels
one month to fix peace process or set more bans
BY NICK WADHAMS
THE ASSOCIATED PRESS
UNITED NATIONS — The U.N.
Security Council voted unanimously
Monday to impose an immediate
arms embargo against Ivory Coast
and gave the country’s warring
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sides one month to revive a
shattered peace process or face
more sanctions.
The resolution is the council’s at
tempt to rein in chaos that began
Nov. 4 in Ivory Coast when govern
ment forces launched a new
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offensive against rebels in the north.
Three days later, President
Laurent Gbagbo’s air force bombed
a French military post, killing
nine French peacekeepers and an
American aid worker. That touched
off violent demonstrations that led
to the evacuation of more than
5,000 foreigners.
The resolution, drafted by France,
imposes an immediate 13-month
arms embargo against Ivory Coast.
The resolution would also give
the government and the rebels a
month — until Dec. 15 — to get the
peace process back on track or im
pose travel ban and asset freeze
against those blocking peace, violat
ing human rights, and preventing
the disarmament of combatants.
Also included in the ban would
be anyone who incites public hatred
or violence, a reference to hate mes
sages on television and radio that
have been stirring up anti-French
anger.
Those sanctions would last for a
year if the peace process isn’t restart
ed. The council would then review
Ivory Coast’s progress and decide
whether to continue the sanctions.
In particular, the draft resolution
seeks enforcement of a July disar
mament agreement and demands
the government and the rebels re
turn to a French-brokered peace deal
from January 2003 that established
a unity government.
The resolution had been ready to
go Friday, but the Security Council
agreed to hold off voting after getting
a request for delay from South
African President Thabo Mbeki. He
wanted to give time for mediation ef
forts by the African Union.
At a meeting in the Nigerian capi
tal Abuja on Sunday, African lead
ers backed the embargo and other
sanctions.
About 6,000 U.N. peacekeepers and
4,000 French troops are deployed in
Ivory Coast, a former French colony, to
try to monitor and promote peace in
the wake of a civil war begun in Sep
tember 2002. Maintaining peace there
is seen as vital to regional efforts to re
cover from 1990s civil wars.
Stocks mixed on smattering
of mergers, lower oil prices
Stocks market experiences
quiet trading, pullbacks,
pickups encourage analysts
BY MEG RICHARDS
THE ASSOCIATED PRESS
NEW YORK — Stocks were mixed
in quiet trading Monday, with blue
chip and tech shares rising only
modestly despite lower oil prices
and several mergers and acquisi
tions, including Wm. Wrigley Jr.
Co.’s $1.5 billion bid for several can
dy brands from Kraft Foods Inc.
The pullback in energy prices and
pickup in M&A activity were encour
aging to analysts, who were not dis
tressed by the day’s lackluster trad
ing. After three solid weeks of gains,
and in the absence of any new eco
nomic data, it’s natural for investors
to take a step back.
“People are trying to figure out
what’s next for the market,” said
Dean Junkans, chief investment of
ficer for Wells Fargo Private Client
Services. “We’ve had a nice run,
post-election ... 1 think people are
looking for that year-end rally, and
wondering whether we’ve already
gotten a bunch of it or if we’ve
got more to run. I think we’ve got
more to run.”
The Dow Jones industrial average
finished up 11.23, or 0.11 percent, at
10,550.24, after a gain of 1.46 per
cent last week.
The broader gauges were narrow
ly mixed. The Standard & Poor’s
500 index was down 0.36, or 0.03
percent, at 1,183.81, following a
1.54 percent rise. The Nasdaq com
posite added 8.75, or 0.42 percent,
to 2,094.09, after a weekly gain of
2.28 percent.
Oil prices dropped, continuing a
three-week trend that has taken
crude futures down from their
record $55-per-barrel level. Light,
sweet crude for December delivery
Microsoft stock
Wall Street adjusted Microsoft
Corp.’s share price by $3 Monday
to reflect the company’s special
dividend, payable on Dec. 3.
JUNE JULY AUG. SEPT OCT. NOV
SOURCE: Telerate
shed 52 cents to $46.87 on the New
York Mercantile Exchange.
Investors were also weighing the
resignations of four members of
President Bush’s cabinet following
the election, including Secretary of
State Colin Powell and Energy Secre
tary Spencer Abraham. Including
the latest resignations, six members
of the president’s 15-member Cabi
net have announced plans to step
down for his second term.
The day’s news seemed to have
little impact on trading, as institu
tional investors focused on technical
levels after equities jumped 8 per
cent over the last three weeks. Still
analysts noted that the market is en
tering a seasonally strong period,
which may help keep stocks aloft
through the end of the year.
“We’re due to kind of settle in on
a short-term basis,” said Steven
Goldman, chief market strategist at
Weeden & Co. in Greenwich, Conn.
“Three weeks ago we were at the
lower end of the move over the past
year and now we’re at the upper
end. So we’ve completed the lows to
the highs in a matter of three weeks.
But historically it’s a lot easier to get
a market going this time of year.”
General Electric Co. fell 15 cents
to $36.10 after announcing plans to
buy SPX Corp.’s Edwards Systems
Technology fire-and-security unit for
nearly $1.4 billion in an all-cash
deal, both companies said Monday.
SPX Corp. rose $1.22, or 2.8 percent,
to $44.21, on the news.
Dow Jones & Co., publisher of
The Wall Street Journal, added 10
cents to $45.10 after announcing
plans to buy MarketWatch Inc. for
about $519 million in a deal that
would end a month-long bidding
war for the online financial news
and information provider. Market
Watch, which operates two Web
sites, CBS.MarketWatch.com and
BigCharts.com, closed up $1.33, 7.9
percent, at $18.12.
Lowe’s Cos. Inc. was down $1,
1.7 percent, at $59.25, despite re
porting a 15.5 percent rise in third
quarter earnings, beating Wall Street
expectations by 6 cents a share. The
nation’s second-largest home im
provement chain also reiterated its
forecast, which may have disap
pointed investors who were expect
ing a boost.
Microsoft Corp. was up 42 cents
at $27.39 as Wall Street adjusted its
price to reflect the company’s spe
cial $3 dividend, payable Dec. 3.
While the stock has gone up since
the dividend was announced in July,
the company still faces questions
about profit growth and a dearth of
large software launches in the com
ing year.
Declining shares slightly outnum
bered advancers on the New York
Stock Exchange. Consolidated volume
came to 1.91 billion shares, compared
with 2 billion shares on Friday.
The Russell 2000 index, which
tracks smaller company stocks, was
up 1.88, or 0.30 percent, at 623.86.
Overseas, Japan’s Nikkei stock av
erage surged 1.88 percent. In Eu
rope, France’s CAC-40 lost 0.37 per
cent, Britain’s FTSE 100 added 0.19
percent and Germany’s DAX index
declined 0.22 percent.
Winter Recreation
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