Top prospect Parker chooses Duke

CHICAGO (AP) — Jabari Parker still had just about everyone guessing. Then, he pulled out that blue T-shirt with a white "D," and, finally, it became clear.
The prized prospect from Chicago's Simeon Career Academy, one of the most highly touted recruits in years, is headed to Duke to play for Mike Krzyzewski. Parker made the announcement in front of a national TV audience Thursday, in his high school gym, surely delighting Blue Devils fans.
A 6-foot-8 forward with the ability to nail jumpers from just about any spot when he's not throwing down vicious dunks, Parker can't sign his letter of intent until April 17. But he made his intentions clear with one highly anticipated oral commitment.
Michigan State, Florida, Stanford and Brigham Young also made his top five and caps from each school lined a table next to the podium. But he said it really came down to three schools, with the Gators and Spartans right there with the Blue Devils.
In the end, he chose to play for Krzyzewski for at least a year before making what many believe will ultimately be a jump to the NBA.
"Duke is always going to be a team in the tournament," he said. "You can't go wrong at the program and most importantly, the long-term investment. I feel like if I go there, I can get a good degree. I can also stay close to home where it's easily accessible to my parents, my family. It's not too far away. Coach K, that's one of the best coaches ever, and I wanted to be able to experience the things that he has next year."
Parker said he might play two or three seasons in college. Either way, he vowed to get a degree. He also said he didn't decide on a school until about 1 p.m. Central, and he apparently kept his parents in the dark until just before he made his announcement.
His mom Lola said Jabari whispered his decision to her and her husband, Sonny, as they were walking into the gym. A few minutes later, he pulled out that Duke T-shirt, drawing a standing ovation from the crowd packing the bleachers behind the podium.
Parker committed to join a program next season will lose two key frontcourt players — seniors Mason Plumlee and Ryan Kelly — from a team that earlier this week rose to No. 1 for the first time since February 2011.
Parker figures to fit right in on a talented group of players that will include Quinn Cook, who's expected to be in his second year as the starting point guard, and returns pure shooter Andre Dawkins, who's expected back after redshirting this season.
Turning down the other programs, particularly Michigan State, wasn't easy, particularly after coach Tom Izzo's final pitch Wednesday.
Simeon coach Robert Smith was so impressed he said, "If he was recruiting me yesterday, I would have committed."
Parker didn't. He saw a potential for controversy with him and the Spartans' Branden Dawson playing the same position. Instead, he's headed to Duke even though he said that was his "worst" on-campus visit.
"I didn't do what I wanted to do — that's be a kid," he said. "But I know being at college, it's all business. That's what they wanted to do, to show me. I know I didn't have a good time, but they just wanted to tell me, prepare for me and give me a little bit of a taste of how it's going to be in college."
Lola Parker said she was more interested in Krzyzewski the person than the Krzyzewski the coaching icon. She mentioned his character, his discipline and his final home visit on Tuesday.
"The first time Coach K came in, he stood up and showed Jabari where his foot should be on an offensive or a defensive play," she said. "He showed Jabari where his arms should be. This guy doesn't sit down. We kind of laughed about it, and it was the same thing Tuesday. I moved my coffee table to the side to make sure he had room right there to get up."
Given Jabari Parker's skills, it's easy to see why just about every major program was interested in him.
Parker just might be the greatest prospect to come out of Simeon, and that's saying something considering Derrick Rose played there. All he did was go on to become the MVP with the hometown Bulls.
As for Parker, his credentials to this point sure are impressive.
He received the Gatorade Boys Basketball Player of the Year award after leading Simeon to its third straight state championship while averaging 19.5 points and 8.9 rebounds as a junior.
His father played six seasons with the Golden State Warriors in the NBA after starring at Chicago's Farragut Career Academy.
"He has a gift and he has what's called 'It'," Sonny Parker said.
Religion also plays a big role in Jabari's life. He is a devout Mormon, just like his mom, and he has talked about going on a mission. He's not sure if he will do that, but he did make one thing clear:
He plans to get his degree.
Now that he's made his college choice and assuming he doesn't have a change of heart, Jabari can focus on leading Simeon to another state title and getting his conditioning back after being slowed by a broken right foot.
The injury over the summer caused him to push back some recruiting trips and delay his decision rather than commit during the early signing period last month. He's also missed a game this week because he's trying to work his way back from the injury, an obstacle for a player rarely stopped on the court, but this moment was years in the making.
Lola Parker recalled in an interview at the family's house earlier this year that she could see it when Jabari, the youngest of seven children, was in the second grade going against the fourth and fifth-graders in a league run by Sonny, who established a foundation to help inner-city youth in Chicago after he retired.
Scholarship offers started rolling in when Jabari was in the sixth grade, and now, it's not uncommon for him to get mobbed by fans at games, even though they're often not from Simeon.
Usually, he'll accommodate them, but sometimes, he needs an escape.
He finds one in religion. That means rising several days a week at 5 a.m. for Bible study and heading from the family's brick bungalow on the city's South Side to worship a few miles away, near the University of Chicago.
The day of the interview at the house earlier this year, there was a reminder on Jabari's door to "put the Lord first" along with several sheets of 8-by-10 white paper. One listed the Ten Commandments, the other personal rules such as "don't be quick to judge" and "Think positive things."
For now, big things are happening for Parker. He's headed to a storied program. And then?
"His potential, the sky's the limit," Sonny Parker said.
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AP Sources: Jets could trade QBs Sanchez, Tebow

FLORHAM PARK, N.J. (AP) — Mark Sanchez is no longer the face of the New York Jets. He could soon be a former member of the team.
And Tim Tebow might even beat him out the door.
A person with knowledge of the situation told The Associated Press on Thursday that the Jets will consider all of their options regarding the two quarterbacks during the offseason. That means both Sanchez and Tebow are in limbo and trades cannot be ruled out.
The person, who requested anonymity because the team's personnel plans are private, told the AP that the Jets have not made any determinations involving Sanchez or Tebow.
The Jets could be hard-pressed to trade or cut Sanchez, who is due $8.25 million in guarantees next season after having his contract extended last offseason.
But there are no such complications with Tebow, who will likely be traded or released after just one disappointing season in New York. Tebow has two years remaining on his contract, but would cost the Jets only a little more than $1 million against the salary cap if cut.
"Anything dealing with the future past Buffalo (the regular-season finale) will be handled after that," coach Rex Ryan said.
The futures of Ryan, general manager Mike Tannenbaum and offensive coordinator Tony Sparano also are uncertain.
Parting ways with Tebow, the immensely popular but little-used backup, appears a certainty, though, after he came to New York amid lots of hype but had little impact. The final indication that Tebow will not be part of the Jets' future came when Ryan went with Greg McElroy, the third-stringer, to start at quarterback instead of him against San Diego on Sunday.
"Sometimes, things just happen out of your control," Tebow said Wednesday. "Obviously, you might not be pleased with them or happy about it, but you just try to handle it as best you can."
There are several complications that could lead to Sanchez actually sticking around in New York — whether it's as a backup or starter. Sanchez, who received a contract extension in March, would cost the Jets a $17.1 million salary cap hit next season. They could, however, spread that amount over the next two seasons if he is cut after June 1.
New York could also find it difficult to find a trading partner to unload Sanchez, who isn't likely a very attractive option at the moment after turning the ball over 50 times since the start of last season. With Tannenbaum's status unclear, teams might not be willing to even talk to him about possible trades. Teams can't make deals or sign free agents until March.
If the Jets did wind up trading Sanchez, the salary cap hit for them would still be a costly $8.9 million.
"That didn't come from me or anything else," Ryan said of the trade rumors. "We have two games to play and that's where my focus is, so, that's news to me."
The Daily News reported Thursday, according to sources, that the Jets would be interested in Michael Vick and that the Eagles quarterback would come to New York if it was clear he would be the starter. The newspaper also said Ryan "loves" Vick.
"I'll just focus on the players we have on this roster instead of somebody else's players," Ryan said while laughing.
Sanchez, whom the Jets drafted fifth overall in 2009, was benched in favor of McElroy for at least the home finale Sunday against San Diego. Sanchez threw four interceptions and fumbled away the final offensive snap — and the Jets' playoff chances — in New York's 14-10 loss at Tennessee on Monday night.
He once drew comparisons to Joe Namath after helping the Jets to consecutive AFC title games in his first two seasons, but his lack of improvement the last two years have caused him to fall out of favor. Ryan was non-committal Thursday when asked about Sanchez's long-term future.
"Whether it's not a ringing endorsement or whatever, I have absolutely zero focus on that right now," he said. "Everybody knows I've been supportive of Mark Sanchez. I think he still has the skill set to be a good quarterback in this league and we've won a lot of games with him.
"Again, that's for another day."
Tebow was supposed to be the spark that got the offense going, but instead spent most of his time on the sideline. While he has been hampered the last month by two broken ribs, his numbers were far from special even before that. For the season, he has rushed for 102 yards on 32 carries and is 6 of 8 for 39 yards, and has a stunning zero touchdowns while participating in just 72 offensive snaps.
"I think anytime you look at those things, it's a combination of things, but I wouldn't use the words 'didn't work' at all," Sparano said. "We had a plan going into this thing, but obviously the plan always, at that particular time, was that Mark was the quarterback and Tim would have a role and to what degree the role was, if I remember correctly, it was one to 20 plays in a game. Some days it was eight, some days it was one, some days it was none."
But, many fans and media have said it appears Tebow never got a true opportunity to be the playmaker everyone expected.
"I'm not going to get into that fair shake, not fair shake, all of those kinds of things," Sparano said. "Tim played his role and has done his role as well as expected right now. In other words, he's done everything we've asked him to do so far."
Tebow repeatedly said he was "excited" to be a member of the Jets when he first came from Denver in a trade in March, and he reiterated that throughout the season. But he acknowledged that he was "a little bit disappointed" that Ryan chose McElroy to start over him — at least for Sunday.
Now, Tebow could be an ex-Jet less than a year after he came to New York with lots of expectations.
"I've always, since I was a young boy, believed in myself and the abilities that God has given me and I just look forward to having an opportunity to try to show those again," Tebow said. "I'm pretty positive and I look forward to the future and what's going to happen."
It won't be in New York, though. And the inability to consistently find a way to effectively use Tebow could end up costing Sparano his job, too.
"That's not for me to assess," Sparano said. "Somebody else will do that."
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Exclusive: U.S. likely to extend Iran sanction waivers-sources

WASHINGTON (Reuters) - The United States is likely to exempt India, South Korea, Turkey and others from Iranian financial sanctions for another six months on Friday as a reward for reducing crude purchases from the Islamic republic, two U.S. government sources said.

Oil shipments by Iran have more than halved in 2012 in the face of U.S. and European Union sanctions aimed at cutting Tehran's foreign exchange earnings and funding for a nuclear program they suspect is designed for a military purpose. Iran denies that the program is for nuclear weapons.

The U.S. sanctions, which target financial transactions, have gradually tightened the noose on Iran's crude sales. But exports took a deep hit in July when EU sanctions kicked in, largely because they effectively, overnight, banned insurance cover on ships carrying Iranian crude.

The sanctions have sharply curtailed the market for Iranian crude, with Asian buyers and Turkey the only customers this month, according to shipping sources. EU sanctions included a ban on members from buying Iranian crude.

The International Energy Agency (IEA) estimates that Iranian oil exports dipped below 1 million barrels per day (bpd) over the summer as Western sanctions on Tehran tightened.

According to official Iranian government data available through the Joint Oil Data Initiative (JODI), Iran exported an average of just over 2 million bpd in 2011.

On June 11, a number of countries received their first round of reprieves from U.S. sanctions that President Barack Obama signed into law a year ago. The waivers are issued by the State Department.

Under the law, banks in countries that buy oil from Iran can be cut off from the U.S. financial system unless their purchases are reduced.

The architects of U.S. sanctions legislation, Democratic Senator Robert Menendez and Republican Senator Mark Kirk, have urged the White House to require oil importers to reduce purchases by 18 percent or more to qualify for further exemptions.

U.S. waivers for China, the top consumer of Iran's oil, and Singapore are due to expire on December 25, 180 days after they were issued. Both countries are expected to get waiver extensions because they have reduced oil purchases from Iran. Those waivers could also be issued on Friday, one of the government sources and an oil industry source said.

"There's nothing in the sanctions law that says the U.S. has to wait a full 180 days to announce exceptions for China," said the government source, who asked not to be named because of the sensitive nature of the matter.

Japan and 10 EU countries received six-month sanction reprieves from the United States in September.

SANCTIONS HIT

The West suspects that Iran's nuclear program is enriching uranium to levels that could be used in weapons. Tehran has said that the program is for the generation of electricity and medical purposes.

David Cohen, undersecretary for terrorism and financial intelligence at the U.S. Treasury Department, said this week the mix of sanctions was costing Iran up to $5 billion a month.

The United States and the EU say the sanctions are targeted at the government and not ordinary citizens, although the rial has dropped sharply in value and forced up food prices so that Iranians can not always afford even basic items.

Still, the West has been ramping up sanctions further as worries mount about Tehran's nuclear intentions and to try to calm concerns in Israel, which has threatened to attack Iranian nuclear installations if a peaceful solution is not found.

Shipping sources say Iran's crude exports are set to drop by about a quarter in December from November and to the lowest level since the sanctions were imposed this year, representing a loss of about $800 million at current prices.

EU sanctions mean that major buyers China, South Korea and India ask Iran to ship the oil to them because they are unable to secure insurance cover for vessels.

Delivery has often been delayed because the Iranian fleet is severely stretched, with an increasing number of its tankers being used as floating storage for unsold oil.

The sanction will leave Asia's 2012 Iranian crude imports at just over 1 million bpd, down roughly a quarter from a year ago, Reuters calculations show.

As Iran's biggest buyers of Iran crude, Asian countries lobbied hard for exemptions to the sanctions for fear that a loss of the crude would force prices higher and undermine economic growth. Many Asian refiners are also designed to handle Iranian crude, and would require costly reconfiguring if they were to give up the grade substantially.

China, the world's second-largest oil consumer, has also repeatedly voiced its opposition to unilateral sanctions, such as those imposed by the United States. It says measures should be multilateral and agreed through the United Nations.

Still, China's imports have fallen in recent months as Iranian tankers struggled to ship even the reduced volumes requested by importing countries. Earlier this year, China slashed imports by as much as half as the country wrangled over annual contract terms with Tehran.

China's imports from Iran are down 22 percent on the year to 426,000 bpd in January-October, the months for which official data is available.

South Korea has reduced purchases 39 percent to 148,000 bpd and Japan 41 percent to 188,000 bpd over the same period. In contrast, India has raised imports to 328,000 bpd, up 7 percent.
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Rona says looking to sell non-core assets

(Reuters) - Canadian home-improvement retailer Rona Inc , the target of a C$1.8 billion takeover proposal by U.S.-based Lowe's Cos Inc earlier this year, said it expects to dispose of non-core assets and redeploy capital to leverage core assets.
The company wants to improve its retail EBITDA (earnings before interest, tax, depreciation and amortization) margin in line with industry standards under the leadership of acting Chief Executive Dominique Boies, who joined Rona in 2011, the company said in a statement.
Lowe's withdrew its unsolicited offer buy Montreal-based Rona in mid-September in the face of stiff opposition from Quebec province politicians and many of the company's independent dealers.
Rona's longtime chief executive, Robert Dutton, stepped down last month following disappointing results, prompting speculation that the company could be back in play.

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Maintenance deals drive Micro Focus earnings beat

LONDON (Reuters) - Information technology company Micro Focus International  posted better-than-expected first-half core earnings after it moved towards more lucrative maintenance contracts, with fewer low-margin consultancy deals.

The British mainframe software specialist posted a 3 percent rise in adjusted core earnings of $92.2 million on Thursday, ahead of analysts' average forecasts of about $86 million.

Revenue at the business, which works on the large computers that crunch data for banks and retailers, slipped 5 percent to $207.3 million, broadly as expected by the market.

Executive Chairman Kevin Loosemore said it was a "solid" performance against a backdrop of weak demand in markets like Spain, Italy and Japan.

"We are cautious about the macro stuff, but not to the point where we think it will cause any great downturn," he said in an interview.

He said revenue in the second half would likely be similar to the first.

The target for the core earnings margin, however, was increased to 40-45 percent, from a previous range of 37-42 percent, reflecting the changed product mix.

Loosemore has repositioned the business to drive cash returns for shareholders rather than chasing high revenue growth.

A total $313.9 million was returned to shareholders in the previous 12 months, he said, and the board intended to return more cash in November next year and in 2014.

It also increased its interim dividend by 45 percent to 11.9 cents.

Shares in the group, which have risen by 29 percent in the last six months, were flat at 570.5 pence at 1010 GMT.
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CIBC profit rises on markets-related income

TORONTO (Reuters) - Canadian Imperial Bank of Commerce  reported a 13 percent increase in quarterly earnings, driven by higher income from its wholesale banking and wealth management businesses.

CIBC, Canada's fifth-largest bank, said on Thursday that it had earned C$852 million ($858.05 million), or C$2.02 a share, in the fourth quarter ended on October 31, compared with C$757 million, or C$1.79 a share, a year earlier.

Excluding certain items, the bank earned C$2.04 a share, ahead of the analysts' average estimate of C$1.98, according to Thomson Reuters I/B/E/S.

Toronto-based CIBC is the third of Canada's "Big Five" banks to report fourth-quarter results.

Like peers Bank of Montreal and Royal Bank of Canada , CIBC benefited from a sharp year-on-year rise in wholesale banking revenue as trading fees improved from the relatively weak year-earlier period.

Wholesale banking income, which includes trading and investment banking, rose 58 percent to C$193 million.

Income from domestic retail banking, CIBC's largest division, fell 5 percent to C$569 million, while wealth management income rose 20 percent to C$84 million.

(Reporting by Cameron French; Editing by Lisa Von Ahn)
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Sudan rules out devaluation despite black market gap

KHARTOUM (Reuters) - Sudan  plans to close the gap between official and black market exchange rates through higher earnings from resources like gold and oil instead of devaluing the pound again, a vice-president said on Wednesday.

Sudan has been in economic crisis since South Sudan seceded last year, taking with it three-quarters of the once unified nation's oil output. This had been Sudan's main source of revenues and the dollars it needs to pay for imports.

Inflation hit 45 percent in October. This week Sudan's pound fell to a historic low of 6.5 pounds against the dollar on the black market as hopes faded that Sudan would soon collect revenues from South Sudanese oil exports.

In an interview with Reuters, Second Vice President al-Haj Adam Youssef said authorities were trying to get the rate down to about 4.5 pounds to the dollar, close to the official rate of around 4.4 pounds.

"There are some efforts to have the price of the dollar around 4.5 as an average in the next few months, and that will be appropriate for our economy, for export and import as well," he said in his office in Sudan's Republican Palace on the Nile.

Youssef said the government would not devalue the pound, as it did in July when it nearly halved the official value.

Instead, it hoped the pound would get a boost from previously announced plans to increase foreign currency earnings through higher output of gold and oil from Sudan's own resources.

"We want things to be normalised by the natural mechanism," he said.

There is little foreign trade in the pound, but listed firms like cellphone operator Zain, German airline Lufthansa and Bank of Khartoum, co-owned by Dubai Islamic Bank, watch the rate closely because they sell products in pounds and then struggle to convert profits to dollars.

CUTTING SUBSIDIES

Sudanese officials blame economic problems largely on tensions with South Sudan, which was supposed to pay Khartoum fees to pipe oil through Sudanese pipelines to a Red Sea port.

But the two fell out over the fees, and South Sudan shut down its 350,000 barrel-per-day output in January. Flows have yet to resume, although the two signed economic and border security deals in September that officials say could see oil exports restart by the end of the year.

Sudan says it aims to increase oil production in its remaining fields from 115,000 barrels per day to 150,000 bpd next year. It had planned to boost output to 180,000 bpd this year but failed to reach the target.

The country's gold exports reached between 47 and 48 tonnes this year and were expected to rise above 50 tonnes annually, bringing in more than $2 billion a year, Finance Minister Ali Mahmoud said this week.

Even before South Sudan seceded - the result of a 2005 peace deal that ended decades of civil war - Sudan's economy was weakened by years of conflict, corruption and U.S. trade sanctions.

The government was forced to scale back its costly fuel subsidy programme in June to plug a budget deficit left by the loss of oil revenues, sparking small anti-government protests.

Youssef said the government still aimed to eliminate subsidies for all commodities but declined to give a timeline, saying only that subsidies would be phased out gradually.

The country's cabinet approved the country's 2013 budget on Monday, putting the budget gap at 10 billion Sudanese pounds - roughly $1.5 billion at current black market rates.

Even without earnings from the South's oil - which are not included in the budget - Youssef said the government could draw about half the deficit from the central bank and make up the rest with increased tax collection and other measures.

Support from friendly countries could also help, he said, although this was not included in the budget. "There is no problem as far as the deficit is concerned," he said.
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