AOL
Time Warner announced yesterday that
Steve Case will step down as
chairman of the company following
the shareholders' meeting this
summer, he will stay on as
a director of the company with joint
responsibility for corporate
strategy.
Case,
the architect of the troubled
mega-merger of America Online and
Time Warner, in a statement said his
role as chairman had become a
"distraction" for the
world's largest media company in the
face of disappointment with its
post-merger performance.
The
company said Case notified Chief
Executive Dick Parsons and the board
of directors of his decision over
the weekend. Case will remain a
member of AOL Time Warner's board of
directors and continue as co-chair
of its strategy committee.
The
embattled executive said that under
a new leadership team AOL Time
Warner could focus on executing the
company's various strategies.
"Given
this progress and the fact that
we're moving into more of an
execution phase, this seems like an
appropriate time for me to announce
that I will step aside," Case
said
Venezuela
Alleges Oil Sabotage
Embattled
Venezuelan officials on Sunday accused
striking oil workers of sabotaging the
country's energy industry, while
assuring fellow OPEC states the
government would restore output
swiftly.
State
oil company chief Ali Rodriguez said
he would start criminal prosecutions
against workers he said had sabotaged
oil fields, refineries and computer
systems during the six-week-old strike
that has brought the industry to its
knees.
"There
are criminal and civil cases to answer
in this and of course we will apply
the law in Venezuela," Rodriguez
told a press conference after an OPEC
meeting in the Austrian capital.
Striking
executives of Petroleos de Venezuela,
many of whom have now been sacked by
Rodriguez, say incompetence by
replacement workers is to blame for a
recent spate of accidents, including
oil spills in the western Lake
Maracaibo.
The
Organization of the Petroleum
Exporting Countries met on Sunday in
emergency session to deal with the
Venezuelan stoppage, lifting quotas by
1.5 million barrels a day, seven
percent.
In
response to Venezuelan assurances that
output would resume swiftly, OPEC
included the South American country in
the production hike despite its
current inability to fill its quota.
OPEC
President Abdullah al-Attiyah said
OPEC was hopeful that Venezuela would
return to full production soon and
said the other cartel members would
reverse the hike when that happened.
Buccaneers
beat San Fran!
NEW
YORK (Reuters) - Quarterback Brad
Johnson and Mike Alstott carried hosts
Tampa Bay Buccaneers to a 31-6
divisional playoff victory over the
San Francisco 49ers on Sunday. It was
the most points ever scored by the
traditionally defensive-minded Bucs in
post-season play.
Tampa
now travels to Philadelphia for next
Sunday's NFC title game against the
top-seeded Eagles, who have knocked
the Buccaneers out of the playoffs the
past two years.
Johnson,
who handed out autographed cards of
himself as he reported to the stadium
in the morning, was more than happy to
talk to reporters after winning for
just the second time in five playoff
starts.
"I
was excited," he said.
"There was a lot of emotion out
there. It's awesome for this town.
"These players deserve so much
credit. We got a great bunch of
guys."
Johnson
masterminded a 12-play, 76-yard
scoring drive as Tampa took a 7-0
lead. With defensive tackle Warren
Sapp in as tight end to beef up the
Bucs' line, Alstott barrelled over
from two yards. Johnson then hooked up
with Joe Jurevicius in the corner of
the end zone for Tampa's second
touchdown five minutes into the second
quarter. Not yet done, he found backup
end Rickey Dudley from 12 yards for
his second TD toss of the day just
over two minutes later. Johnson was
knocked to the turf after releasing
the ball, but pumped his fist while
prone to show his delight.
The
49ers, now in a hurry-up mode, then
coughed up the ball, leading to
another Tampa score. After a big
gainer by Michael Pittman, Alstott
walked into the end zone for his
second touchdown 50 seconds from the
break.
The
49ers then squandered a chance to get
back in it when they ran out the clock
despite having good field position and
two time outs.
Jeff
Chandler accounted for all of San
Francisco's first-half scoring with
two field goals, the longer from 40
yards.
The
Niners started the second half in the
worst possible way when quarterback
Jeff Garcia was picked off for the
second time. With Johnson back in the
dressing room after sustaining a gash
to his forehead on a quarterback
keeper, the Bucs put another three
points on the board on Martin
Gramatica's chip-shot field goal to
complete the scoring. Garcia had the
ball slapped from his hand late in the
third period for another turnover,
then was intercepted again late to
complete a very forgettable day for
the Pro Bowl passer.
OPEC
Lifts Production to Tame Oil Prices
OPEC
Sunday agreed to raise production to
stave off an oil price shock
threatened by a strike in Venezuela
and war in Iraq.
The
Organization of Petroleum Exporting
Countries lifted output by seven
percent, adding 1.5 million barrels a
day for a new 10-member limit of 24.5
million bpd, at the top end of
expectations.
"We
hope the agreement will produce a
reasonable price for consumers and
send a very strong message to the
market to prevent panic," said
OPEC President Abdullah al-Attiyah.
The new
oil will only go part of the way to
compensate for an estimated
two-million-barrel-a-day stoppage from
Venezuela. That's because Caracas was
granted its share of the higher limit
and because many others in OPEC have
little, or no, spare capacity.
"Lack
of capacity means actual additional
oil will probably be less than half
that promised on paper," said
Gary Ross, chief executive of U.S.
consultancy PIRA Energy.
"OPEC
production will still be less than if
had there been no Venezuelan
disruption."
Cartel
sensitivities mean the extra oil was
divided pro-rata among all 10 with
quotas, but key to flows now will be
how quickly, and how far, leading
producer Saudi Arabia opens the taps.
Riyadh
will count Sunday's deal as a victory.
Most others in OPEC wanted an addition
of just one million bpd.
But
Saudi wants to be sure to prevent oil
spiking to heights that might harm
world economic growth and hit crude
demand. The United States made a
public appeal for more oil after U.S.
crude recently hit a two-year peak of
over $33 a barrel.
Washington
welcomed the pact.
"OPEC's
decision to increase production in
response to the protracted disruption
in oil exports from Venezuela is a
welcome step that will help increase
global energy supplies and support
global economic growth," said
U.S. Department of Energy spokeswoman
Jeanne Lopatto.
Venezuelan
Troops Halt Marchers, Chavez Plays
Tough
CARACAS,
Venezuela
Venezuelan
troops fired tear gas on Sunday to
drive back tens of thousands of
anti-government protesters as
President Hugo Chavez ordered a
crackdown against a six-week-old
opposition strike that is bleeding the
economy.
As the
demonstrators in Caracas fled the
clouds of gas, the leftist leader
sternly warned opponents he would not
let them disrupt schools, banks or
food supplies in a strike which has
already crippled shipments by the
world's No. 5 oil exporter.
"They
want to break us economically. They
are not going to do it. I swear it by
God and my mother," Chavez said
during his weekly "Hello
President" television and radio
show.
Waving
national flags, the opposition
protesters marched toward Fuerte Tiuna
military headquarters in Caracas as
part of their determined campaign to
try to force the populist president to
resign and call early elections.
They
found their path blocked by barbed
wire barricades, armored vehicles and
several hundred National Guard troops
and military police, who fired a
volley of tear gas canisters.
Several
people were carried away, apparently
overcome by the choking gas.
During
his broadcast, Chavez signed a decree
creating a special government
commission to combat a tax rebellion
announced by opposition leaders. By
urging Venezuelans not to pay taxes of
any kind, the strikers hope to cut
government revenues already drained by
the crippling oil strike.
The
president, elected in 1998, said the
strike was costing the country tens of
millions of dollars a day. "We
should prepare for difficult
times," he said, adding that
another government commission was
drawing up budget cuts.
He
condemned his opponents as
"fascists and coup mongers"
and described them as desperate.
"They don't know what to do
next," said Chavez, who survived
a brief coup in April. He himself
attempted a botched coup bid in 1992.
Chavez,
who has already sacked 2,000 striking
state oil employees, repeated threats
to send troops to take over private
factories and warehouses if they
hoarded food supplies.
He also
threatened to revoke the broadcasting
licenses of private TV stations that
criticize his rule, describing their
hostile programming as "worse
than an atomic bomb."
Mideast
Weekend Violence Leaves at Least 10
Dead
JERUSALEM
Israel's
latest crackdown against a Palestinian
uprising left at least eight
Palestinians dead in a weekend of
escalating violence throughout the
West Bank and Gaza Strip.
Two
Israelis were also killed in fighting,
as tensions rise on both sides in the
run-up to the country's January 28
election. Israel's army has stepped up
operations since back-to-back
Palestinian suicide bombings in Tel
Aviv last week that killed 22 people.
Israeli
helicopter gunships fired three
missiles into a Gaza Strip orchard on
Sunday, killing two Palestinian
teenagers and wounding a Palestinian
man, witnesses and medical officials
said.
A
senior Israeli security source
confirmed an air strike on the orchard
by the road between Khan Younis and
Rafah refugee camps in Gaza and said
"three wanted men were hit."
Palestinian hospital officials said
none of the three teenagers killed in
the missile strike, nor another youth
wounded in the attack, were known to
be members of militant groups waging
the uprising for statehood.
Two
members of the Hamas militant group
who appeared to have been the intended
target of the missile strike in the
Gaza Strip fled the scene unscathed in
a car, witnesses and medics said.
The
Israeli army had no immediate comment.
It has used helicopters to track and
kill dozens of Palestinian militants,
missions that have sometimes killed
civilian bystanders and led to revenge
attacks by militants.