Tag Archives: North American

Official: Honda reports $1.9 billion profit in first quarter despite sales lag at home

By Brandon Turkus

2013 Honda Civic badge

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Ford, General Motors and Chrysler have been living in a world of sunshine and buttercups after their April-through-June financials hit the newswire, and Toyota is doing pretty good as well. Honda? Not so much.

While Japan’s third-largest manufacturer saw $1.9 billion in profits, the 5.1-percent jump was lower than expected thanks to a drop in its home-market sales. US sales also took a sting, as Honda hasn’t been able to match the SUV and truck demand that are currently permeating the American market, despite an uptick in Accord sales.

Honda’s initial forecasts targeted a take of 209.3 billion yen ($2.1 billion at today’s rates), and while a $200 million shortfall is nothing to sniff at, we’d hardly take this as Honda being in trouble. And even with the dip, Honda hasn’t adjusted its forecast for the fiscal year, which remains at 780 billion yen ($7.9 billion).

Still, the cause of the problem for Honda isn’t one that’s easily solvable. Accord sales were strong, helping the brand move 745,578 vehicles during the first half of 2013, which is a six-percent improvement in year-over-year sales. Yet, Honda’s market share shrunk by 0.1 percent, and the Japanese manufacturer’s lack of competitive SUVs and pickups is worrying. In the short term, though, the arrival of the new Acura MDX in North American dealerships should deliver a small shot in the arm.

Honda’s home-market issues are also troubling, with Reuters reporting a 24-percent drop in sales, thanks to the discontinuation of government subsidies. All told, this isn’t the rosy outlook we’ve gotten used to since the latest batch of earnings came out.

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Honda reports $1.9 billion profit in first quarter despite sales lag at home originally appeared on Autoblog on Wed, 31 Jul 2013 16:00:00 EST. Please see our terms for use of feeds.

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Source: FULL ARTICLE at Autoblog

Mobile POS Will Surpass $2 Billion in 2013, iPad As Cash Register

By TJ McCue, Contributor

When Apple began using mobile devices in their stores, people in retail started paying attention. According to a recent study from research firm IHL Group, 28 percent of North American retailers plan to adopt Mobile POS in some form by the end of 2013. The Mobile POS market will surpass $2 Billion in hardware/software sales in North America this year. …read more

Source: FULL ARTICLE at Forbes Latest

Can Algerian Energy Buck Downward Trend With EU Help?

By Christopher Coats, Contributor

Even before North Africa’s recent political earthquake, Algeria’s vital energy sector was on the rocks. Despite substantial hydrocarbon reserves, the country’s production had steadily declined in recent years due to dwindling interest from foreign firms. A mix of industry instability, unfavorable revenue agreements and institutional corruption had made it difficult to justify the risks of operating in the country. Making matters worse, European demand for natural gas was declining with the financial crisis and U.S. purchases were wavering amid the North American shale boom. By the time political movements ousted long-standing leaders in neighboring Libya and Tunisia, putting pressure on the country’s leadership, Algeria was already fighting a dangerous narrative of industry decline. For a country so completely dependent on energy revenue and exports for every level of government spending, this wasn’t just bad news – it was destabilizing. While Algeria largely avoided the kind of violence and instability that forced leadership changes in Tripoli, Tunis and Cairo, their post-Arab Spring experience has not been without challenges. In addition to domestic pressure for labor and political reforms, mostly in the form of targeted protests, the country’s energy industry has faced pressure from outside its own borders. In January, militants from Mali crossed the border and targeted a BP and Statoil gas facility near the Libyan border. Touted as a response to Algeria’s support for European action against a Mali-based separatist movement in the north of the county, the raid and ensuing government response left scores dead, including dozens of foreign workers. Coupled with concerns about the country’s energy industry, including wide-spread corruption allegations at state firm Sonatrach, the raid chipped away at the confidence in Algeria’s already beleaguered energy sector. So, it would seem that recent news of a fresh agreement with the EU that, “establishes a framework for co-operation, which covers… oil and gas, renewable energy, energy efficiency, legal and regulatory reform, progressive energy markets, infrastructure development and technology transfer”, could not come at a better time. For Algeria, the new agreement means a vote of confidence from one of its largest customers, despite declining gas demand that is not expected to return for another two to three years. For Europe, it means a further step towards stabilizing a resource line from North Africa and meeting long-term goals of reducing dependence on less favorable resources, most notably Russia. Further, by casting Algerian reserves as “a priority area” for Europe’s strategic energy interests and security, it helps pave the way for EU infrastructure funding that has become increasingly elusive in recent months. Five years in the making, the new agreement is welcome news for both sides of the Mediterranean. Still, details of the new partnership remain vague and it is unclear whether EU support will mean more enthusiasm from European firms that have expressed concern about operating in Algerian in recent years. Six months on from the gas facility attack, both BP and Statoil have resisted sending foreign workers back to the project site. Earlier calls for policy reforms and …read more

Source: FULL ARTICLE at Forbes Latest

These Are the Newest PlayStation Plus Perks

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Today, Sony revealed the newest PlayStation Plus perks for North American gamers. These perks go into effect after the PlayStation Store update on Tuesday, July 30th.

For starters, Dokuro is free. For those unfamiliar with Dokuro, it’s a charming puzzle-platformer that also happens to be – very easily — one of PS Vita’s best games. PixelJunk Monsters: Ultimate HD, also on Vita, will be 20% off for PS+ users, bringing the price down to $11.99 (from $14.99).

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Source: FULL ARTICLE at IGN Video Games

New Report: Forbes No. 1 Mainstream Media Source For Digital Marketers In Q2

By Cheryl Conner, Contributor

Online marketing and social media company LeadTail has just issued its newest research report: Social Media Insights: How Digital Marketers Engage on Twitter, Q2 2013. In an exclusive agreement, CEO Carter Hostelley offered me a look at the data several days in advance of the report, which is available now. The study examined 515 North American digital marketers from April 1 through June 30, 2013. This is the first year LeadTail has conducted this survey. The company conducted a similar report on marketing executives in May. Of the insights the new report offers, here was the piece of data that immediately caught my eye – Forty-five percent of the material digital marketers share comes from mainstream media. The top mainstream media source, based on the number of unique marketers who shared each source is Forbes. That data aligns with Forbes’ Editor Lewis Dvorkin’s note that Forbes is the Business audience leader as measured by the MRI 2012 report in July 2012, and passed 45 million unique visitors in January 2013, as measured by Omniture. According to the digital marketers surveyed, their top 25 mainstream media choices are as follows: …read more

Source: FULL ARTICLE at Forbes Latest

Earnings Estimates Rise For Kinder Morgan Management

By Zacks.com, Contributor

Management offers investors a way to participate in the North American energy revolution. The company manages and controls the affairs of Kinder Morgan Energy Partners, which operates approximately 46,000 pipelines and 180 terminals dedicated to the transport of energy products. Over the past four weeks, U.S. oil production rose 18.4% year over year to 7.35 mbd. Production has displayed solid growth in recent years and is up from the 5.0 to 5.5 mbd level in the mid 2000’s. In its Annual Energy Outlook and under a favorable scenario analysis, the U.S. Energy Information Agency (EIA) projected that U.S. oil production could reach 10 mbd by 2030. Likewise, U.S. natural gas production could rise from 23.0 trln cubic feet in 2011 to as much as 36.1 trln cubic feet in 2035 with most of the gain occurring between 2011 and 2025. Three earnings estimates for 2013 and 2014 have been raised in the past 30 days, while the 2013 and 2014 Zacks Consensus Estimate for earnings per share have worked higher over the same period. The 2013 Zacks Consensus EPS Estimate has risen $0.17 to $2.67, while the 2014 Zacks Consensus EPS Estimate has jumped $0.20 to $2.90.  The price and consensus chart highlights the recent upswing in earnings estimates. …read more

Source: FULL ARTICLE at Forbes Latest

Spy Shots: Jaguar's XFR-S Sportbrake looks to be one hot kinschlepper

By Brandon Turkus

Jaguar XFR-S Sportbrake -spy shot - front three-quarter

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This is the Jaguar XFR-S Sportbrake, which is too cool for North American sale (the Sportbrake, not the XFR-S sedan, which we’re getting soon). Like the XFR-S four-door, it has a 5.0-liter, supercharged V8 pumping out around 550 horsepower.

Our spy photographer’s x-ray vision is saying that a ZF eight-speed automatic will be the gearbox of choice for the XFR-S wagon, which fits with the sedan, as well. The Sportbrake also has the usual high-performance touches, with huge air intakes in the front fascia, big wheels wrapped in low-profile tires, a dropped suspension and a rear end that’s wearing a diffuser and a pair of meaty, quad exhausts. We’re happy to see that the XFR-S Sedan’s rear spoiler – or some iteration thereof – isn’t here to mangle the Sportbrake’s beautiful shape.

Where the this super-fast hauler will debut remains a question. There’s virtually zero chance of it arriving at an American auto show (although we do endorse that, and any other decision that brings this wagon to our shores), which likely means it’ll be in Europe. The Frankfurt Motor Show and Geneva Motor Show seem like the leading contenders, but we’ll just have to wait and see.

Jaguar’s XFR-S Sportbrake looks to be one hot kinschlepper originally appeared on Autoblog on Tue, 23 Jul 2013 09:58:00 EST. Please see our terms for use of feeds.

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Source: FULL ARTICLE at Autoblog

‘R.I.P.D.’ Box Office Disappoints As ‘The Conjuring’ Wins The Weekend

By The Huffington Post News Editors

SAN DIEGO — Moviegoers were ready for a fright this weekend, sending “The Conjuring” into first place at the box office.

The Warner Bros. haunted-house horror – based on a true story – debuted with $41.5 million in North American ticket sales, according to studio estimates Sunday. Starring Vera Farmiga, Lili Taylor, Patrick Wilson and Ron Livingston, “The Conjuring” unseated three-week box-office champ, “Despicable Me 2,” which dropped to second place with $25 million.

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Source: FULL ARTICLE at Huffington Post

If You Haven't Seen A Windows Phone Lately, It's Because They're Practically Disappearing

By Mark Rogowsky, Contributor Neither Microsoft nor Nokia can hide from the very, very ugly truth. Windows Phone is failing miserably to gain any important traction despite tremendous marketing support. It’s true that globally, Nokia’s Lumia line set a record with 7.4 million units sold in the quarter. But those numbers mask the grim reality. First, North American sales actually fell to just 500,000 units. Second, average selling prices actually fell almost 20% from the prior quarter. To boost sales, Nokia has become a low-end smartphone maker. …read more

Source: FULL ARTICLE at Forbes Latest

Report: Hyundai mulling new small CUV under Tucson

By Chris Paukert

2013 Hyundai Tucson - front three-quarter view, silver

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Hyundai maintains it can barely build enough of its core models to satisfy North American consumers, but that doesn’t mean it isn’t keen to expand its offerings to capture developing segments of the market. According to Edmunds, one of those expanding niches could be the burgeoning subcompact crossover segment. The website quotes Hyundai North America president and CEO John Krafcik as acknowledging his company is “very under-represented” in crossovers, the market’s hottest vehicle type.

With the discontinuation of the Veracruz, Hyundai is down to two CUV nameplates, Tucson (pictured) and Santa Fe, the latter of which covers two segments with a two-row Sport and long-wheelbase three-row model. And while Hyundai commands seven percent of the US sedan market, the company estimates it only has two percent of the truck segment.

And while Krafcik stops short of confirming a new model, he acknowledges “a new segment is emerging” underneath the Tucson and says, “I think it’s something to look at.” At the moment, the subcompact softroader segment remains small and somewhat amorphous, with tiny CUV offerings like the Buick Encore, Nissan Juke, and now-discontinued Suzuki SX4 illustrating that there are a lot of different ways to package and market such a vehicle.

Edmunds expects a new Tucson sometime around 2015, so with Krafcik admitting that the company has no firm plans but is starting to look into the matter, it’s likely that we won’t see a smaller CUV from Hyundai until sometime after that.

Hyundai mulling new small CUV under Tucson originally appeared on Autoblog on Wed, 17 Jul 2013 15:30:00 EST. Please see our terms for use of feeds.

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Source: FULL ARTICLE at Autoblog

Report: Mercedes considering Mexico for CLA production

By Brandon Turkus

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Would you buy a Mercedes-Benz if it were made in Mexico? That’s what the German outfit is wondering, as it considers localizing production of the its new budget model at a factory operated by Nissan, of which the automaker is a joint-venture partner.

According to a report from Automotive News, moving production of American-spec CLAs from Hungary to Mexico would protect Mercedes from currency fluctuations. “Mexico is the best location for the United States,” Daimler Chairman Dieter Zetsche told AN. The CLA is also expected to become the brand’s volume model in the US market, which makes North American production a logical move.

In the event that Mercedes approves the plan, Nissan would expand the capabilities at its Aguascalientes, Mexico plant, allowing production to begin in 2018.

Mercedes considering Mexico for CLA production originally appeared on Autoblog on Tue, 16 Jul 2013 16:29:00 EST. Please see our terms for use of feeds.

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Source: FULL ARTICLE at Autoblog

Hurricanes could increase over western Europe as climate warms

Damaging hurricanes are familiar along the North American east coast but are relatively rare in western Europe. That could change as Earth’s climate warms over the next century, according to a new study. Western European coastal areas do occasionally experience hurricane force storms in the current climate, but these occur mainly in winter and are formed not as tropical cyclones but by the midlatitude atmospheric baroclinic instability, which is driven by the north-south atmospheric temperature gradient. …read more

Source: FULL ARTICLE at Phys.org

Do You Know What Fracking Is? Most People Don't.

By Taylor Muckerman, The Motley Fool

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Hydraulic fracturing, or fracking, has been around for a long time. However, it wasn’t until the last couple of years that it became truly revolutionary in terms of oil and natural gas production. The shale boom, and those profiting from it, have fracking to thank for the record levels of production that are currently being achieved.

So with a technology that is having such a dramatic impact on the energy landscape in North America, one would expect that the majority of the population would have some understanding of what is taking place. However, if that was your assumption, you would be drastically wrong, according to the Pew Research Center

So who understands and who doesn’t?
A recent poll the company conducted found that only 51% of those polled chose natural gas from a multiple-choice list that included coal, diamonds, and silicon when asked which was associated with fracking. Folks older than 50 years of age were far more aware of the current oil and natural gas industry than their under-30 counterparts were. 

For those of you on the outside — or if you just aren’t 100% sure what fracking is — tune into the following video, where Motley Fool analyst Taylor Muckerman highlights the technology, the industry, and some key players making it all possible.

A growing international presence anchored by North American market share
Domestic oil and gas service companies have taken a hit in the recent past because of a slowdown in the natural gas drilling boom of the past couple of years. As this market looks to rebound, investors would be wise to consider Halliburton, one of the top companies in the business and one of those most in tune with the domestic market. To access The Motley Fool‘s new premium research report on this industry stalwart, simply click here now and learn everything you need to know about how Halliburton is positioning itself both at home and abroad.

var FoolAnalyticsData = FoolAnalyticsData || []; FoolAnalyticsData.push({ eventType: “TickerReportPitch”, contentByline: “Taylor Muckerman“, contentId:

Source: FULL ARTICLE at DailyFinance

National Oilwell Varco's Welcomed Pause

By David Smith, The Motley Fool

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One of my favorite expressions (admittedly homemade) is that almost nothing in life is ever linear. No matter how ineluctable a trend appears to be, it’s likely to be characterized by a two-steps-forward-one-back, or vice versa, tendency.

So it appears to be with National Oilwell Varco , of late the darling of the oilfield services sector. On Friday, however, it was the purveyor of news that its first-quarter 2013 results had fallen well below the consensus expectations of those who watch it most closely.

For the quarter, the company checked in with per-share earnings — excluding one-time baggage — of $1.29 per share. The analysts had pegged the number at about $1.36 or $1.37 a share, depending on whose assessment you’re monitoring. Perhaps even more importantly, the number was $0.15 below the comparable year-ago metric. At $5.31 billion, revenues also slid in under expectations, which had lined up at $5.42 billion.

A mixed quarter
These shortfalls did not occur in a quarter in which the services group has languished and generally disappointed at earnings time. Indeed, the figurative chieftain of the group, Schlumberger , reported precisely a week earlier that it not only had topped the forecasts of the Wall Street seers, but in fact had also outdone the prior year’s results. Baker Hughes didn’t accomplish the latter feat, but it topped the analysts’ prognostications and even managed to radiate an air of optimism about the North American onshore picture, recently the bane of the group’s existence.

Does this mean National Oilwell Varco is done for? Washed up? Hardly. We’re still talking about a company that sits amid a vital portion of the energy industry and that will continue to enjoy bright prospects unless mankind summarily discontinues the production and consumption of oil and natural gas. The company’s simply displaying the two-steps-forward-one-back thing.

The individual units
Turning to the company’s three operating units, rig technology recorded more than a 16% revenue increase, year over year. At the same time, its operating profit was up a minuscule 1.1% from the first quarter of 2012. As such, the operating profit for the segment slid to 21.2%, from the year-ago 24.4%.

Revenues for the petroleum services and supplies segment were virtually flat, while its operating profit dipped by just under 25%. That combination caused its operating margin to tumble to 18.8%, from 22.8% as recently as the last year’s initial quarter.

The smallest of the three units, distribution and transmission, turned in a more than doubling of its revenues — 118%, to be precise — thanks to bevy of completed acquisitions, while its contribution to operating income was up slightly by more than 50%. As a result, that metric was about 43% lower year over year.

The metric that really counts
Now, having regurgitated all of those numbers for you, I’ll venture that they’re all of far less importance — except as they imply long-term trends, which they

Source: FULL ARTICLE at DailyFinance

Friday Box Office: Michael Bay's 'Pain And Gain' Earns Ok $7.5m, 'The Big Wedding' Earns $2.5m

By Scott Mendelson, Contributor

$7.5 million for Michael Bay‘s Pain and Gain isn’t a terrible opening day by any stretch, but it also doesn’t offer any strong reactions.  The weekend should be over/under $20 million, which is about what was projected.  The Mark Wahlberg/Dwayne Johnson/Anthony Mackie true-crime comedy cost just $26 million to produce, with its director and two of its stars forgoing salary in exchange for back-end deals.  It’s a small film that will likely earn its budget back in five days or so, meaning even if it has no legs it’ll break even before overseas and home video receipts roll in.  This was Michael Bay‘s official ‘one for me’ project, and it stands as a perfect testament to the limits of star power.  It’s an R-rated, 2 hour+ crime comedy, heavily marketed as something that only stereotypical male fans would enjoy, yet it still will likely open to around $20 million.  The only other new release was the much-delayed and somewhat dumped Lionsgate release The Big Wedding.  Originally scheduled to open in late 2012, the film was pushed back in a clear sign of trouble.  The all-star wedding comedy (De Niro, Sarandon, Williams, Heigl, Seyfried, Keaton, etc.) couldn’t draw audiences to a film that looked like a painful sit, along with the poster with the entire cast giving the kind of fake smile that screams insincerity.  The picture cost Millennium $35 million but Lionsgate picked up  North American distribution rights for just $10 million, so its likely $6 million opening weekend and under-$15 million total will be more of an embarrassment than a financial disaster for the House That Jigsaw Built (with all of those big names, it will likely be a popular casual rental for awhile).  The holdovers mostly took a dive.  Oblivion earned $5.1 million, or a drop of around 60% from last Friday’s debut, but it should finish the weekend with around $15.5 million and $64 million total.  42 earned $2.95 million and should around $9 million for the weekend, which would still be a 48% drop although its projected $68 million cume is still impressive. The good news is that The Place Beyond the Pines will likely match its $16 million production budget by the end of the weekend, so kudos for eventually taking that one into semi-wide release.  A more detailed rundown will follow tomorrow’s weekend estimates, along with Iron Man 3’s opening week totals for overseas play.

Source: FULL ARTICLE at Forbes Latest

Ford's Pickups Drive Big Profits

By John Rosevear, The Motley Fool

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Ford’s F-150 and its heavy-duty siblings aren’t just America’s best-sellers; they may be Ford’s biggest profit generators. Photo credit: Ford Motor Co.

Ford posted a first-quarter profit of $1.6 billion on Wednesday, a good result that was better than Wall Street expected. That profit was driven by very strong earnings in the company’s North American division. Ford North America is hitting on all cylinders right now, as recent models like the Fusion and Escape are doing very well with buyers.

But as always with Ford, its F-Series pickups are a big part of the story.

Ford’s cars are better than ever, but its pickups might still be its most important products
In the U.S., Ford sells more of its F-Series pickups — the popular F-150 and its heavier-duty siblings — than any other vehicle. In fact, it’s the best-selling vehicle in America and has been for decades.

Lots of people will tell you that Ford builds a good truck. And while its No. 1 sales ranking occasionally benefits from rival General Motors‘ insistence on splitting its full-sized pickup sales between the Chevrolet and GMC brands, there’s no doubt that it’s an exceptionally popular and successful product.

What is somewhat less well known is that it’s a very profitable product as well. Some of that profit comes from sheer numbers: Ford sold 168,843 F-Series pickups in the U.S. in the first quarter of 2013, a 17.4% increase over the first quarter of last year. That’s almost as many sales as all of Ford’s popular SUVs managed — when added together.

But it’s also true that pickups in general have very good profit margins. Ford’s exact profit per pickup sold is a closely guarded secret. But there’s little doubt that it’s good: One leading Wall Street analyst said last year that the F-Series might represent as much as 90% of Ford’s global profit.

Ford made $2.4 billion in North America in the first quarter. (Ford’s total profit was lower because of losses and spending overseas, where Ford is still restructuring and expanding.) Clearly, a lot of those dollars came from pickup sales.

But here’s the interesting thing about Ford: As good as that North America profit number was — and it was Ford’s best in more than a decade — it could have been even higher.

Investing more of Ford’s profits for future growth
Ford’s North American profit was very strong, and its profit margin was also very good at 11%, a big number for a mass-market automaker. But some analysts had expected a slightly higher profit, and a slightly higher margin — in part because of Ford’s strong pickup sales.

Ford could have arranged to post a higher profit. But its costs were up in the quarter, because the company is plowing more of its money into developing new vehicles.

Ford CEO Alan Mulally is in the midst of a multiyear push to build more vehicles off shared

Source: FULL ARTICLE at DailyFinance

The 3 Silliest Company Name Changes Ever

By Dan Caplinger, The Motley Fool

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The best companies in the world invest huge amounts of money and energy into building name awareness. The right name can be worth tens of billions of dollars to a company, making it all the more important for companies to make the best choice.

Often, though, companies pick what seem on the surface to be ill-considered new names. Inspired by Thursday’s announcement from Coinstar to seek shareholder approval to change its name to Outerwall, here’s a list of five company name changes that earned criticism and even outright mockery when they were first proposed.

2001: Altria
In late 2001, the company then known as Philip Morris made a proposal to change its name to Altria. The origin of the name was founded in the Latin word “altus,” meaning “high,” and was meant to associate the company with peak performance. The “tri” embedded in the name also emphasized the fact that the company at the time had three distinct divisions: domestic tobacco, international tobacco, and its Kraft Foods beverage and food division.

Image copyright Altria Group.

The name change reflected the company’s wish to have consumers and investors see beyond its tobacco business, which at the time was plagued by more substantial legal battles with billions in potential liability hanging in the balance. Shareholders approved the name change in 2002. The irony, of course, is that Altria has since spun off both Kraft and its Philip Morris International global tobacco divisions, leaving Altria holding the old core Philip Morris USA division.

2011: Qwikster
Fortunately, this name change never actually took place, but for the short period that Netflix considered it, Qwikster caused both an uproar among customers and a crisis of confidence for Netflix investors. The idea was to separate out Netflix’s legacy DVD business from its faster-growing, higher-potential video streaming business and rename the DVD-delivery company Qwikster, with the streaming business keeping the Netflix name.

Image: Wikimedia Commons, photographed by user Coolcaesar.

But coming on the heels of a bungled rate-increase announcement that sent costs up as much as 60% for users who wanted to keep both services, the proposed Qwikster name became closely affiliated with the misstep. The stock also plunged, losing half its value — more than $100 per share — in less than a month from the time of the rate increase to the time Netflix backed away from the proposal.

2012: Mondelez International
Kraft has been associated with two different name-change controversies. Last year, the company broke into two parts, with its North American grocery division keeping the legacy Kraft name while its global snack-food business changed its name to Mondelez International . In explaining the change, the company said that Mondelez “is a newly coined word that evokes the idea of a world of ‘delicious products.'”

The company helped come up with the idea by having an

Source: FULL ARTICLE at DailyFinance

Trinidad opposition seeks Jack Warner resignation

The leader of Trinidad’s main opposition party is seeking the resignation of former world soccer vice president Jack Warner, who currently serves as the island’s national security minister.

Opposition leader Keith Rowley said late Friday that he will present the issue for debate in Parliament next week.

His comments came just hours after CONCACAF‘s ethics and integrity committee released a report stating Warner and the former secretary general of the Confederation of North and Central American and Caribbean Football enriched themselves through fraud during their terms with the organization.

Warner is a former vice president of the world soccer body FIFA who oversaw North American and Caribbean soccer for almost 30 years. He resigned in June 2011 to avoid investigation into a bribery scandal.

From: http://feeds.foxnews.com/~r/foxnews/world/~3/fyUbn9Mwb0Q/