Mexico: Dismembered Body Parts Belong to US Tourist Harry Devert

Harry Devert (Facebook)

Genetic tests have confirmed that dismembered body found off a dirt track in a part of Mexico notorious for drugs violence are the remains of New York man Harry Devert, travelling to the Brazil World Cup by motorcycle.

Stock trader Devert, 32, told a friend he was going to travel through Michoacan state en route to Zihuatanejo on the Pacific coast, before vanishing in January.

He was chronicling his journey on a blog called A New Yorker Travels.

Devert's family said that when they last heard from him he was staying in a small bed and breakfast near Mexico's monarch butterfly sanctuary.

He last texted his girlfriend on 25 January to say he was waiting for a military escort to take him through a dangerous part of the state.

He wrote: "Just got an hour and a half long escort out of some area it was too dangerous for me to be. Stopping for lunch and ... voila Internet. ... Gonna get back on the road soon.

"Apparently there's another military escort waiting for me in some other town... I'm running way late because of the crazy military stuff...hopefully get a chance to talk to you tonight when I (hopefully) finally arrive."

His green Kawasaki was found near the remains, which were in two plastic bags near the state border with Guerrero.

Unspecified amounts of marijuana and cocaine were found alongside the body.

The Mexican military and citizen militias are currently battling the Knights Templar cartel in Michoacan.

Mexican newspaper Excelsior quotes law enforcement officials working on the case claiming that a local offshoot of the Knights Templars, Los Guerreros, were involved.

The Knights Templar have been involved in a number of kidnappings and ransomings.

Jose Villanueva, spokesman for the state of Guerrero, said that the case was being investigated by federal prosecutors, an indication that gangs may be responsible, as their crimes fall under the juridstiction of federal authorities.

The US State Department advises to travel to the coastal cities in southern Guerrero "only by air".

Forbes Sells Control of Media Business to Asian Investors

A file photograph of Forbes Media Chairman and Editor-in-Chief Steve Forbes.Reuters

Forbes magazine's publisher has agreed to sell a majority stake in Forbes Media, including the namesake magazine, to a group of Asian investors for an undisclosed sum.

The deal marks the end of an eight-month hunt for a buyer.

The transaction values Forbes Media at $475m (£278m, €351m), an unnamed source told Reuters.

The buyer is a newly-formed Hong Kong-based investor group called Integrated Whale Media Investments, led by Integrated Asset Management, an investment firm that focuses on the technology, finance and telecommunications sectors, and by Wayne Hsieh, the co-founder of Asustek Computer, according to a Forbes Media statement.

Upon closing, Elevation Partners, the investment firm that bought 45% of Forbes Media for $264m eight years ago, will exit its investment.

The Forbes family, which founded the magazine 97 years ago, will retain a "significant" interest in the company and will remain an active part of management.

Steve Forbes will continue to serve as chairman and editor-in-chief, the statement added.

Forbes Media also said it will retain its operating name and remain a privately-held, independent company headquartered in the US.

Chief Executive Mike Perlis will continue to lead the company's management team. Forbes Media's Asian business will continue to be directed out of Singapore under Forbes Media's Asia CEO Will Adamopoulos.

Steve Forbes said in the statement: "This is a major milestone for the company and our family, and we're pleased to partner with a forward-looking investor group to further drive the evolution and growth of this exceptional company.

"Our partners respect our brand and values, and support our longstanding mission of championing entrepreneurship and free market capitalism through quality, independent business journalism. The best evidence of their commitment to what we stand for is their insistence on the continued involvement of the Forbes family, the current management and our highly talented editorial team. I will remain deeply involved in the future of the company."

Last year, Forbes magazine's advertising revenue slipped 5% to about $260m on a 10% drop in ad pages, according to estimates by the Publisher's Information Bureau.

Oil Futures Witness Mixed Trade as Geopolitical Tensions Fuel Supply Disruption Fears

Crude oil futures witness mixed trade as geopolitical tensions fuel supply-disruption fears.Reuters

Crude-oil futures traded marginally lower on 18 July and witnessed mixed trade for the week, as geopolitical tensions in the Middle East and Ukraine fuelled supply disruption concerns.

Brent September contract finished 65 cents lower at $107.24 a barrel on 18 July.

The European benchmark finished flat for the week as a whole, having lost less than a penny since 12 July.

US August contract finished six cents lower at $103.13 a barrel on 18 July.

The contract gained 2.2% for the week.

Oil markets this week reacted to Israel's decision to launch a ground offensive against Hamas forces in the Gaza strip and the downing of Malaysia Airlines flight MH17 over eastern Ukraine.

MH17

US intelligence agencies remained divided over whether the missile, which brought down flight MH17, was fired by the Russian military or pro-Russia separatists, who the US and Europe believe are being supported by Russia.

Both Russia and Ukraine have denied involvement in the 17 June downing of the Malaysia Airlines jet, which came a day after Washington stepped up sanctions against Moscow.

"Any interruption in Russian crude-oil or product exports off the sanctions, or possible Russian reaction to the sanctions, would certainly be a larger supply issue for Europe than the US," Citi Futures analyst Tim Evans told MarketWatch.

Brent picture.Bloomberg, ICE, Commerzbank Research

Commerzbank Corporates & Markets said in a note to clients: "Temporarily dropping below $105, the price of a barrel of Brent oil continued its correction in the first half of the week. Speculative investors, in particular, seem to have withdrawn further from the market. However, the subsequent rapid recovery to $107 suggests that supply risks were being priced out somewhat too prematurely.

"Thus, whilst Libyan oil output was recently raised rather quickly from 200k to around 550k barrels per day, the 'normal' daily production level of more than 1 million barrels is unlikely to be reached near term given current levels of violence in the country. Hence, in the weeks ahead, the price of a barrel of Brent ought to be stuck in the middle of its established trading range of $105 to $110."

Japan Hires London-Based Private Equity Expert For World's Largest Pension Fund

Government Pension Investment Fund (GPIF) Chairman Takahiro MitaniReuters

Japan's public pension, the largest in the world, has hired an executive experienced in private equity market as a member of its investment committee.

Hiromichi Mizuno, a partner at London-based Coller Capital, which invests in the private equity secondary market, has been appointed for a two-year term at the 125tn yen ($1.26tn, £750bn, €912bn) Government Pension Investment Fund (GPIF), Reuters reported.

Prior to joining Coller Capital in 2003, he held senior roles as head of private equity investment and Japanese corporate finance divisions in New York at the former Sumitomo Trust & Banking.

Mizuno replaces Kimikazu Nomi, CEO of a state-backed investment group called Innovation Network Corporation of Japan, whose term expired earlier in July.

Mizuno's appointment is unique to the eight-member committee which comprises mainly of economists and academics.

Earlier in April, the Japanese government restructured the pension fund, replacing most of the committee members and shrinking the number of members to eight from ten. The new committee is entrusted with the responsibility of allocating the fund's investments in the future.

The reform in the pension fund was part of Prime Minister Shinzo Abe's strategy for the Japanese economy. It is part of his "third arrow" of reforms.

He is of the view that mobilising the huge asset base of the pension fund would help move Japan out of deflation, which has lasted for more than a decade.

Analysts have been suggesting pumping the fund's money into property, commodity futures and other non-traditional areas. The GPIF, which employs less than 80 people, is run almost on autopilot and has invested largely in government bonds issued by Japan's finance ministry.

The fund had earlier cut its target holding for local government bonds to 60% from 67% while the proportion of foreign and local shares was raised to 12% each, from 9% and 11% respectively. It would also invest 11% of its funds in foreign bonds and 5% in short-term assets.

The shift toward higher-yielding assets comes as the manager tries to give more returns to retirement funds in the world's oldest population. The fund returned 3.3% in the three quarters though December. While Japanese bonds returned 1.48% and local stocks gave a 1.63% profit, foreign bonds and stocks returned 10.3%.

Malaysia Airlines MH17: Rebels Have 'Taken 38 Bodies' From Crash Site

A pro-Russian separatist looks at wreckage from the nose section of a Malaysia Airlines Boeing 777 plane which was downed in eastern Ukraine.(Reuters)

Ukraine's government has accused pro-Russian rebels of taking 38 bodies from the scene of the disaster and destroying evidence.

"The government of Ukraine officially states that the terrorists, with the help of Russia, are trying to destroy evidence of international crimes," a government spokesman said in a Reuters report.

"According to government data, the terrorists have taken 38 bodies to the morgue in Donetsk," the statement added, accusing specialists with "strong Russian accents" of wanting to carry out their own autopsies.

Ukrainian authorities and Russian-backed separatists have accused each other of bringing down the plane with a surface-to-air missile.

Meanwhile other world leaders have called for calm in an already-heated international situation. China's President Xi Jinping has asked for a "fair and objective" investigation into the crash of the Malaysian Airlines plane.

"We feel consternation over the Malaysian plane that fell in Ukrainian territory and express our condolences to the victims and solidarity with their relatives," Xi added.

Malaysian Transport Minister Liow Tiong Lai is in the Ukraine capital of Kiev to help ensure an investigating team gets safe access to the site of the downed Malaysia Airlines Flight MH17.

However, Ukrainian and international observers have failed to agree on a security zone around the crash site adding to the confusion and efforts to secure evidence.

Defence Minister and former Transport Minister Hishammuddin Hussein, who was the chief spokesman for the Malaysian government during the crisis over the missing MH370 airliner in March, said the main priority was to ensure security and that any debris was not tampered with.

"We want to get to the bottom of this," he added, saying international cooperation was needed and that Malaysia had been in touch with officials in Russia, Ukraine, the United States, Britain and China.

"We do not have a position until the facts have been verified, whether the plane was really brought down, how it was brought down, who brought it down."

Malaysia Airlines Confirms Refunds to Passengers Panicked by Downing of MH17

Troubled Malaysia Airlines has confirmed that it is offering refunds to passengers who have booked its flights and services, as the company looks to pacify customers panicked by the downing of its flight MH17.

"In light of the MH17 incident, Malaysia Airlines will be waiving any change fees for passengers who wish to make changes to their itinerary to any MH destinations," the company said in a statement.

"Passengers who wish to postpone or cancel their travel plans can obtain a refund, including for non- refundable tickets."

These waivers are only applicable from 18 July until 24 July, for travel between 18 July and 31 December, the company noted.

Premium customers may avail of free waivers for any changes to their travel itinerary as well as refunds of miles should they choose to cancel their redemption tickets.

"Malaysia Airlines deeply regrets the loss of MH17, and is very much appreciative of the support from our passengers," the company added.

Malaysia Airlines flight MH17, which was flying from Amsterdam to Kuala Lumpur, was shot down by a surface-to-air missile as it flew over eastern Ukraine, where Ukrainian military forces have been engaged in a fierce battle with pro-Russian rebels.

The disaster for Malaysia Airlines comes months after its flight MH370 going to Beijing with 239 people aboard went missing. The flight mysteriously veered off its course and is believed to have crashed in the Indian Ocean.

The Southeast Asian carrier's shares have lost more than a third of their value since the beginning of 2014, sparking rumours that the company might be sold or restructured soon as a recovery is unlikely.

The company shares closed down more than 10% on 18 July, after declining about 18% during the day.

Malaysia Airlines' financial performance has also taken a beating for the last three years. In 2013, the company recorded a yearly loss of £215m ($367m, €272m), wider than 2012's £80m.

Malaysian state investor Khazanah Nasional is looking to privatise the airline in a bid to save the ailing group.

Gold Prices Hinge on Geopolitical Tensions in Ukraine and Middle East

Gold prices hinge on geopolitical tensions in Ukraine and Middle East.Reuters

Gold prices are expected to trade sideways next week as the absence of physical demand and big-ticket economic data will force the precious metal to contend with geopolitical tensions in the Middle East and Ukraine.

As many as 11 of 25 analysts polled in a Kitco Gold Survey said they expected gold prices to trade higher next week, while nine predicted that prices will drop and five forecast prices to trade sideways.

Gold's safe-haven status could get a boost if tensions in the Ukraine heighten. Pro-Russian separatists, who are believed to have shot down Malaysia Airlines flight MH17, are apparently covering their tracks by obstructing European investigators at the crash site.

Gold could also get a boost if fighting between the Israeli military and Hamas forces intensifies. The Jewish state's ground offensive to maim Hamas's "terror infrastructure" has entered the third day.

Adrian Day, chief executive, Adrian Day Asset Management said: "The tragic geopolitical situation, however it transpires in both Gaza and Ukraine, gives gold support. At the same time, the market had overcompensated for the reduction in stimulus by the [US Federal Reserve] and with sentiment on gold very negative. So up next week."

But Ken Morrison, editor of online newsletter Morrison on the Markets, took an opposite view of bullion's reaction to geopolitical tensions.

Morrison said: "If a day of rising tensions in Russia and Ukraine and ground-fighting in Gaza can only muster a 1% rally in gold, what will it take to really get a rally going? Funds' trading performance in gold has been horrific the past two-three months... getting short at the low, getting long at higher levels, now caught in the middle of a $1,275-$1,350 trading range.

"I believe the recent poor performance is having the effect of funds going to the sidelines which is one reason gold can't rally well. I look for gold to drift a little lower probably re-testing $1,275'ish over the next one to two weeks."

Commerzbank Corporates & Markets said in a note to cleints: "...with the Chinese growth outlook stabilising, Asian gold demand looks set to rebound in the remainder of the year. Moreover, India, formerly the leading gold consumer worldwide, may in the end ease its import restrictions in the face of the improving trade balance. By year-end, we hence expect gold prices to pick up to $1,350 per troy ounce."

Gold Ends Lower

US gold for delivery in August shed $7.40 to finish at $1,309.40 on 18 July after the markets noted that tensions in Ukraine had not escalated on Friday.

Prices are down 2.1% for the week as a whole.

Spot gold shed 0.5% to $1,313 an ounce on 18 July.

38 Die in Chinese Highway Pile-Up and Blaze

File photo

At least 38 people have died in a highway crash in central China.

The accident happened at 3am local time on the Shanghai-Kunming Expressway in Hunan Province. At least five people were injured, state news agency Xinhua said.

The report said a freight van laden with flammable liquid crashed into a passenger bus that can seat as many as 53 people.

The vehicles caught fire in the impact, charring the passengers in the bus to death.

The passenger liner was travelling between the eastern coastal province of Fujian and Guizhou in the southwest of the country.

Five vehicles were gutted in the fire that followed the pile-up. The blaze was put out several hours later, provincial government sources said. The injured have been taken to hospital and officials from the ministries of public security and transport are rushing to the scene of the accident.

China, where the road network and the number of drivers keep expanding, witnesses at least 200 accident deaths every day, according to official data.

11 Gazans Die as Israel Steps Up Ground Offensive; Toll Crosses 300

An Israeli rocket is fired into the northern Gaza Strip July 17, 2014REUTERS/Amir Cohen

Israeli air strikes killed 11 people early on Saturday as the Jewish state's ground offensive to maim the "terror infrastructure" of Hamas entered the third day.

According to an emergency services spokesman, seven people died in a dawn attack near a mosque in the southern city of Khan Yunis.

Four more were killed in air strikes that followed, pushing the death toll in Gaza beyond 300 over 12 days of intense Israeli bombardment.

On Friday, Israeli Prime Minister Benjamin Netanyahu said he had asked the troops to prepare for a "considerable expansion of the ground operation".

"We chose to embark on this operation after exhausting the other options and with the understanding that without the operation, we could pay a much higher price," Netanyahu said.

Tel Aviv decided to back up its air offensive with a ground invasion in order to stamp out the threat of a network of tunnels that Hamas has built.

Israel believes the tunnels, which connect various supply sources and work as channels for smuggling in weapons, pose a long-term threat.

"There appears to be some misunderstanding of how severe the tunnel threat really is ... A successful attack through such a tunnel ... can turn everything around," Ma. Gen Gadi Shamni, a former commander of the Israel Defense Forces' Gaza Division, said, according to the Los Angeles Times.

Since the launch of the ground operation, Israel has uncovered 10 tunnels with 22 exit points across the Gaza Strip.

Meanwhile, the United Nations said Secretary General Ban Ki-moon will travel to the region seeking means to end the conflict, the worst in several years.

Ban will work with regional and international leaders and help Israelis and Palestinians in ending the violence, the UN said.