Obama on Afghan: Leave on time, no 'perfect' end

US President Barack Obama

CHICAGO (AP) -- President Barack Obama and leaders around the globe locked in place an Afghanistan exit path Monday that will still keep their troops fighting and dying there for two more years, acknowledging there never will be point at which they can say, "This is all done. This is perfect."

Obama, presiding over a 50-nation war coalition summit in his hometown, summed up the mood by saying the Afghanistan that will be left behind will be stable enough for them to depart - essentially good enough after a decade of war- but still loaded with troubles.

The war that began in the weeks after the Sept. 11, 2001, attacks will finish at the end of 2014.

"I don't think there's ever going to be an optimal point where we say, `This is all done. This is perfect. This is just the way we wanted it,'" Obama said as the NATO summit closed. "This is a process, and it's sometimes a messy process."

Obama never spoke of victory.

Afghan forces for the first time will take over the lead of the combat mission by the middle of 2013, a milestone moment in a long, costly transition of control. Even in a backup role, U.S. forces and all the rest will face surprise attacks and bombings until the war's end.

Wary of creating a vacuum in a volatile region, the nations also promised a lasting partnership with Afghanistan, meaning many years of contributing tax dollars, personnel and political capital after the end of their soldiers' combat.

The United States has already cut its own deal with Afghanistan along those lines, including a provision that allows U.S. military trainers and special forces to remain in Afghanistan after the war closes.

In an escalating election-year environment, Obama was as at the center of the action in Chicago, beaming and boasting about the city's performance in hosting the event. Noisy protesters loaded the city's streets at times, which Obama called just the kind of free expression NATO defends.

Tensions with Pakistan undermined some of the choreographed unity. Pakistan has not yet agreed to end the closure of key transit routes into Afghanistan - retaliation for American airstrikes that accidentally killed 24 Pakistani soldiers months ago - and the issue hung over the summit.

Obama had no official talks with Pakistani President Asif Ali Zardari, although the two chatted briefly. Obama spoke of progress on the standoff but he added: "I don't want to paper over real challenges there. There's no doubt that there have been tensions."

On Afghanistan, led by Obama, the partners are in essence staying the course. They stuck with a timeline long established and underscored that there will be no second-guessing the decision about when to leave.

Since 2010, they have been planning to finish the war at the end of 2014, even as moves by nations such as France to pull combat troops out early have tested the strength of the coalition. The shift to have Afghan forces take the lead of the combat mission next year has also been expected. Leaders presented it as a significant turning point in the war.

It will be "the moment when throughout Afghanistan people can look out and see their own troops and police stepping up to the challenge," said the NATO chief, Secretary-General Anders Fogh Rasmussen.

What the world is poised to leave behind is an Afghanistan still riddled with poverty, corruption and political instability.

Yet, out of money and patience, the U.S.-led partnership said it is confident Afghanistan will be stable and prepared enough to at least be able to protect itself - and, in turn, prevent its territory from becoming a launching pad for international terrorism.

Questioned about what will happen if Afghanistan eventually falls apart, Obama signaled there is no turning back. "I think that the timetable that we've established is a sound one, it is a responsible one. Are there risks involved in it? Absolutely."

British Prime Minister David Cameron said the leaders were "making a decisive and enduring commitment to the long-term future of Afghanistan. The message to the Afghan people is that we will not desert them. And the message to the insurgency is equally clear: You cannot win on the battlefield. You should stop fighting and start talking."

The political stakes are high for the U.S. president, who will go before voters in November with tens of thousands more troops in Afghanistan than when we took office. His emphasis will remain that he is methodically winding down the war after closing out the one in Iraq; U.S. voters desperate for better economic times have long stopped approving of the war mission.

NATO said it will keep providing "long-term political and practical support" to Afghanistan after 2014 but added: "This will not be a combat mission."

Despite the size of the coalition, the war remains a United States-dominated effort.

The U.S. has 90,000 of the 130,000 foreign forces in the war. Obama has pledged to shrink that to 68,000 by the end of September but has offered no details on the withdrawal pace after that, other than to say it will be gradual.

The fighting alliance called negotiation the key to ending the insurgency in Afghanistan, but avoided mentioning the Taliban by name. The insurgents walked away from U.S.-led talks in March, and urged the NATO nations to follow the lead of France in pledging to remove combat forces ahead of schedule.

The alliance agreed on a fundraising goal to underwrite the Afghan armed forces after the international fighting forces depart.

The force of about 230,000 would cost about $4.1 billion annually - the bulk of it paid by the United States and countries that have not been part of the fighting force.

U.S. and British officials said during the summit that pledges total about $1 billion a year so far and that fundraising is on track to make up the rest. French President Francois Hollande said the U.S. had requested a little less than $200 million but was non-committal, saying France was "not bound by what Germany or other countries might do."

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Europe's banks bleed from Greek debt crisis

(Reuters) - Greece's debt problems drove a slew of heavy losses across the European banking sector on Thursday, and bosses warned the euro zone crisis would continue to threaten earnings.

From France to Germany, Britain to Belgium, some of the region's biggest banks lined up to reveal billions of euros lost through writedowns on Greek loans.

"We are in the worst economic crisis since 1929," Credit Agricole (CAGR.PA) chief executive Jean-Paul Chifflet said.

Credit Agricole reported a record quarterly net loss of 3.07 billion euros ($4.06 billion), performing worse than expected from the cost of shrinking its balance sheet and after a 220 million euro charge on its Greek debt.

"We think 2012 is going to still be a tense period," Chifflet said, adding: "We're hoping that our results will be largely better than in 2011.

Europe's banks have already written down billions of euros from losses on Greek government bonds and loans, and a deal agreed this week with its creditors will inflict losses of 74 percent on bondholders.

"We can't say that the writedowns are over," said Franklin Pichard, director at Barclays France. "Even if some can say that the worst is over, we are only at a new stage in terms of provisioning and not necessarily at the end."

That is because, despite the bond swap deal, bondholders could suffer further hits if Greece's economy fails to recover.

Britain's Royal Bank of Scotland (RBS.L) has marked its Greek bonds at a 79 percent loss -- or 1.1 billion pounds -- for 2011. The state-owned bank posted a fourth quarter loss of nearly 2 billion pounds on Thursday.

FAR WIDER THAN GREECE

Problems in Europe's banking sector are far wider than Greece, however.

"We have reduced the balance sheet of RBS by over 700 billion pounds of assets. That is roughly twice the size of the entire national debt of Greece," said RBS boss Stephen Hester.

The region's banks are still repairing the damage of the financial crisis and shrinking their assets. They must also find 115 billion euros by the middle of this year to shore up their balance sheets against future shocks. But any weakening in the economy will hit earnings and make that harder to achieve.

Germany's Commerzbank (CBKG.DE), whose fourth-quarter earnings were spoiled by a 700 million euro hit on Greek sovereign debt, needs to find 5.3 billion euros to meet the stringent new capital requirements set by Europe's banking regulator. It has now lost more than 2 billion euros on its Greek bonds.

Commerzbank said it could reduce some of its shortfall by shedding risky assets, though the debt crisis still had the potential to disrupt earnings.

"The high degree of uncertainty associated with the European sovereign debt crisis will ... continue to pose challenges for us," Chief Executive Martin Blessing said.

STILL ROOM FOR A BONUS

European governments are hoping to avoid more state bailouts to prop up the banking sector, and to limit the fallout should any bank collapse.

Bailed out Franco-Belgian bank Dexia (DEXI.BR) warned on Thursday it risked going out of business. It suffered a 2011 net loss of 11.6 billion euros, hit by its break-up and exposure to Greek debt and other toxic assets such as U.S. mortgage-backed securities.

Dexia, which accepted a state-led break-up and the nationalization of its Belgian banking arm in October and is now little more than a holding of bonds in run off, booked a 3.4 billion euro loss on its holding of Greek sovereign bonds.

French investment bank Natixis (CNAT.PA), rescued from near-collapse during the 2008 financial crisis by a government-backed merger of its retail cooperative parents, reported a milder-than-expected 32 percent decline in quarterly profits.

Despite the weak results, banks still found room for bonuses.

RBS, 82 percent owned by the British government, paid out almost 1 billion pounds in bonuses to staff in 2011. Credit Agricole said it would cut trader bonuses by 20 percent.

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The giraffe hunters who pay £10,000 to shoot the gentle giants with guns and bows for sport

Dead Giraffe

Tourist trophy hunters are paying thousands of pounds to go and shoot giraffes with high-powered guns and bows.

The gentle giants are loved around the world for their comical appearance and gentle nature.

Just like character 'Melman' played by Friend's-star David Schwimmer in Disney's Madagascar, they are a hit with kids who love their long necks and eyelashes.

But shocking images show how scores of big-spending men and women - and even families - travel from across the globe, some even from Britain, to kill them for sport.

Hunters pay up to a whopping £10,000 for the the chance to slay them - preferring bulls because they are the biggest.

Safari clubs and game reserves ask for a £1,500 trophy fee, and then add on rates for guides and trackers costing around £1,000 per day.

The hunts typically last three-to-five days and see tourists using .458 Winchester Magnum rifles to kill the animals.

With most hunters flying to Africa from their homes in Europe or America, the costs stretch into five figures.

The hunting continues even though numbers of the animals are plummeting.

But the world's leading giraffe expert said populations in the countries where it is legal - South Africa, Namibia and Zimbabwe - can cope with the killings.

The latest statistic show the number of giraffes in the world have nearly halved since 1988 from over 140,000 to less than 80,000.

Dr. Julian Fennessy produced the report for the International Union for the Conservation of Nature (IUCN) Red List.

Another recent IUCN report suggests the giraffe may already need to be listed as a threatened species - because some populations are being decimated in places like West Africa and DR Congo.

They are already thought to be extinct in Angola, Mali and Nigeria.

Dr. Fennessy also founded Giraffe Conservation Foundation - the only dedicated giraffe conservation group in the world.

He said: 'I'm not interested in hunting giraffe, but hunters obviously get a kick out of it like others enjoy a game of squash or cooking. It's a complicated argument. There are lots of factors.

'The loss of habitat and breaking up of populations by man-made constructions are the main factors threatening their numbers.

'In the countries where you can hunt legally, the populations are increasing but across Africa the overall numbers are dropping alarmingly.

'It shows that if properly managed with proper policy and controls, the hunting can be sustainable.'

In some African countries legal hunting can actually help local communities by bringing in money and making meat available to them.

'Many hunting staff like guides, trackers and skinners who assist the tourists are paid in meat from the kills,' added Dr. Fennessy.

'If the tourist has paid the fee for the trophy, the carcass is theirs. Some just like to have photo taken next to the dead giraffe, but others pay taxidermists to mount the head a neck so they can take them home as a souvenir.

'Or they might want to take the skin home.'

He added: 'Some hunters come from Britain but the big majority are from North America, Germany, Russia and Scandinavia.

'The worst part of trophy hunting is the fact that the hunters can miss their target and fail to kill the giraffe quickly.

'If they don't hit the right spot then it can lead to suffering for the animal.

'They might have a 'second gun' in the party whose job it is to take the animal down quickly if the tourist misses.

'But hunting guides need to asses the ability of the hunter and stop the hunt if they do not have the skills to do it humanely.'

Another factors decimating the giraffe population is poaching.

'Poaching is illegal and is not licensed,' said Dr. Fennessy.

'They set wire snares at giraffe-height in the trees to snare their necks, or to trap their feet and kill them when they return.

'It leads to huge suffering for the animals, sometimes for days.'

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Iran calls for Israel to be "punished"

(Reuters) - Major powers signaled on Friday their willingness to reopen talks about curbing Iran's suspected pursuit of nuclear weapons but said Tehran must show it is serious about any negotiations.

The focus on diplomacy follows weeks of rising tensions between the West, which is seeking to cut Iran's oil sales, and Tehran, which has threatened to close the Strait of Hormuz through which almost one-fifth of oil traded worldwide flows.

Alarmed Arab neighbors made a plea to avoid escalating the dispute over Iran's nuclear program while an ally of Iran's supreme leader called for Israel to be "punished" for allegedly killing an Iranian nuclear scientist.

The West suspects Iran is using its civilian nuclear program as a cover to develop atomic weapons and has pursued a two-track approach of sanctions and diplomacy to try to rein it in. Iran says its nuclear program is solely to produce electricity.

While major powers stressed their openness to renewed talks,

diplomats said they remain divided on their approach, notably on whether to let Iran keep enriching uranium at some level.

The group, known as the P5+1 and as the EU3+3, includes Britain, China, France, Germany, Russia and the United States.

EU foreign policy chief Catherine Ashton, who represents the group, issued a statement making clear that a diplomatic path remains open to Iran despite tougher sanctions and fresh speculation of a military strike on its nuclear facilities.

"The EU3+3 has always been clear about the validity of the dual track approach," Ashton's spokesperson said in a statement that included her October 21 letter to the Iranians laying out the possibility of talks. "We are waiting for the Iranian reaction."

The release of the statement and letter appeared to reflect frustration at Iran's statements hinting at a willingness to resume talks but Tehran's failure to formally respond to the letter and commit to discussing the nuclear program in earnest.

CONCILIATORY TONE FROM CLINTON

U.S. Secretary of State Hillary Clinton struck a decidedly conciliatory tone at a news conference with German Foreign Minister Guido Westerwelle in Washington.

"We do not seek conflict. We strongly believe the people of Iran deserve a better future," she said. "They can have that future, the country can be reintegrated into the global community ... when their government definitively turns away from pursuing nuclear weapons.

"We have to see a seriousness and sincerity of purpose coming from them."

Westerwelle said, "One thing is clear: the door for serious dialogue remains open but the option of nuclear weapons in Iran is not acceptable."

Diplomats said major powers are divided over what incentives to offer Iran if talks were to resume.

A central issue is whether the group might ask Iran to cease enriching uranium to the higher level of 20 percent but allow it, at least for a time, to continue enriching at lower levels -

a stance partly at odds with the group's past positions.

Uranium enrichment is a process that at low levels can yield fuel for nuclear power plants or, if carried out to much higher levels of purity, can generate fissile material for bombs.

To let Iran enrich at lower levels would be something of a concession by the P5+1, although it has previously offered a temporary "freeze-for-freeze" in which Iran would not expand its nuclear program and the powers would not pursue more sanctions.


IRANIAN CALLS FOR PUNISHING ISRAEL

After Supreme Leader Ayatollah Ali Khamenei paid his respects to the families of two scientists assassinated on what Tehran believes were Israel's orders, one of them just last week, a close ally demanded retribution.

"Terrorism has a long history in some countries like the Zionist regime," Ali Larijani, speaker of Iran's parliament and a former nuclear negotiator, said Israel, which views an atomic bomb in Iran's hands as a threat to its survival.

"The Zionist regime should be punished in a way that it can not play such games with our country again."

Such threats have been made before in Tehran and it is unclear how or when they might be carried out. Israel, widely assumed to have the only nuclear arsenal in the Middle East, is on guard against attacks on its borders and within, notably by Lebanon's Hezbollah movement, which is supported by Iran.

Obama's top military official, chairman of the Joint Chiefs of Staff General Martin Dempsey, briefly visited Israel and was quoted by its Defense Ministry as telling officials there that Washington was keen to coordinate on strategy.

"We have many interests in common in the region in this very dynamic time and the more we can continue to engage each other, the better off we'll all be," Dempsey was quoted as saying in a statement issued by the Israeli Defense Ministry.

The comments may reflect U.S. concerns about the possibility that Israel, which has previously bombed nuclear facilities in Iraq and in Syria, might launch an attack on Iran.

French President Nicolas Sarkozy said on Friday that time was running out to avoid a military intervention and appealed to China and Russia, veto-wielding U.N. powers who have been reluctant to tighten sanctions, to support new sanctions.

"Time is running out. France will do everything to avoid a military intervention," Sarkozy told ambassadors gathered in Paris. "A military intervention will not solve the problem, but it will unleash war and chaos in the Middle East."

"We need stronger, more decisive sanctions that stop the purchase of Iranian oil and freezes the assets of the central bank, and those who don't want that will be responsible for the risks of a military conflict," Sarkozy warned.

"We really need you," he said in an appeal to Moscow and Beijing.

With tensions, including mutual threats of disrupting the oil trade, creating worries across the region, the foreign minister of the United Arab Emirates, the wealthy, U.S.-allied state sitting across the Gulf from Iran, offered a warm welcome to a call for calm on Thursday by his Iranian counterpart.

"It's important to get far away from any escalation and we stress the stability of the region," Sheikh Abdullah bin Zayed al-Nahayan was quoted as saying by state news agency WAM.

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Football legend Eusebio in hospital with pneumonia

Eusebio

(CNN) -- Portuguese football legend Eusebio is in a stable condition after being admitted to hospital with bronchial pneumonia on Wednesday, his former club Benfica reported.

The 69-year-old, known affectionately as the "Black Panther" and one of the most talented players of his generation, is being kept at the Hospital da Luz in Lisbon as the illness has affected both lungs.

"He spent the night as well, and he is stable. From the clinical point of view (his condition) is stationary," the hospital's medical director Jose Roquette told reporters in quotes carried by Benfica's website.

"There was no significant improvement in inflammatory parameters, analytical or radiological findings. So we continue with appropriate therapy and we hope this is resolved quickly."

Roquette said Eusebio, who was the top scorer at the 1966 World Cup when Portugal finished third, would likely remain in hospital over the festive period after coming out of intensive care.

"This is not a situation that one can guarantee how long will it take to evolution, but admit it will take some time. We will give more information in due course. Most likely it will extend beyond Christmas, "he said.

Roquette said Eusebio's wife and daughters had come to the hospital, but other visitors had been restricted.

In 2007, he had surgery to unblock arteries which carry blood to the brain.

Eusebio played for three North American Soccer League teams in the twilight of his career, but is best known for his exploits in 15 years at Benfica where he scored 638 goals in 614 appearances up until 1975.

"We wish a speedy recovery to Eusebio and also to express that the whole Portuguese football family is behind him," the Portuguese Football Federation said in a statement.

"Eusebio is a symbol of Portuguese football. It will take a lot of strength to overcome this difficulty, but he has honored Portugal for many years with his distinguished presence, including as ambassador of the national team."

Born in Mozambique, which was then a Portuguese territory, he scored 41 goals in 64 appearances for his adopted country.

At the 1966 World Cup he scored two goals as Portugal eliminated defending champions Brazil at the group stage, then netted four times in an incredible quarterfinal comeback against North Korea as his side rallied from 3-0 down to win 5-3 in one of the tournament's most famous matches.

Eusebio scored again in the semifinal against England, but the hosts won 2-1 before beating Germany in the final.

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Iranian protesters storm British diplomatic compounds

Protesters in Tehran, Iran

(Reuters) - Iranian protesters stormed two British diplomatic compounds in Tehran on Tuesday, smashing windows, torching a car and burning the British flag in protest against new sanctions imposed by London.

Britain said it was outraged and warned of "serious consequences." The U.N. Security Council condemned the attacks "in the strongest terms." U.S. President Barack Obama said he was disturbed by the incident and called on Iran to hold those responsible to account.

The attacks come at a time of rising diplomatic tension between Iran and Western nations who last week imposed fresh sanctions over Tehran's nuclear program, which they believe is aimed at achieving the capability of making an atomic bomb.

Iran, the world's fifth biggest oil exporter, says it only wants nuclear plants to generate electricity.

The embassy storming is also a sign of deepening political infighting within Iran's ruling hardline elites, with the conservative-led parliament attempting to force the hand of President Mahmoud Ahmadinejad and expel the British ambassador.

"Radicals in Iran and in the West are always in favor of crisis ... Such radical hardliners in Iran will use the crisis to unite people and also to blame the crisis for the fading economy," said political analyst Hasan Sedghi.

Several dozen protesters broke away from a crowd of a few hundred outside the main British embassy compound in downtown Tehran, scaled the gates, broke the locks and went inside.

Protesters pulled down the British flag, burned it, and put up the Iranian flag, Iranian news agencies and news pictures showed. Inside, the demonstrators smashed windows of office and residential quarters and set a car ablaze, news pictures showed.

One took a framed picture of Queen Elizabeth, state TV showed. Others carried the royal crest out through the embassy gate as police stood by, pictures carried by the semi-official Fars news agency showed.

All embassy personnel were accounted for, a British diplomat told Reuters in Washington, saying Britain did not believe that any sensitive materials had been seized.

Demonstrators waved flags symbolizing martyrdom and held aloft portraits of Supreme Leader Ayatollah Ali Khamenei who has the final say on matters of state in Iran.

Another group of protesters broke into a second British compound at Qolhak in north Tehran, the IRNA state news agency said. Once the embassy's summer quarters, the sprawling, tree-lined compound is now used to house diplomatic staff.

An Iranian report said six British embassy staff had been briefly held by the protesters. British Foreign Secretary William Hague said the situation had been "confusing" and that he would not have called them "hostages."

"Police freed the six people working for the British embassy in Qolhak garden," Iran's Fars news agency said.

A German school next to the Qolhak compound was also damaged, the German government said.

BRITAIN OUTRAGED

Police appeared to have cleared the demonstrators in front of the main downtown embassy compound, but later clashed with protesters and fired tear gas to try to disperse them, Fars said. Protesters nevertheless entered the compound a second time, before once again leaving, it said.

British Prime Minister David Cameron chaired a meeting of the government crisis committee to discuss the attacks which he said were "outrageous and indefensible."

"The failure of the Iranian government to defend British staff and property was a disgrace," he said in a statement.

"The Iranian government must recognize that there will be serious consequences for failing to protect our staff. We will consider what these measures should be in the coming days."

The United States, alongside the European Union and many of its member states also strongly condemned the attacks.

There have been regular protests outside the British embassy over the years since the 1979 Islamic revolution that toppled the U.S.-backed shah, but never have any been so violent.

The attacks and hostage-taking were a reminder of the 1979 takeover of the U.S. embassy in Tehran carried out by radical students who held 52 Americans hostage for 444 days. The United States cut diplomatic ties with Iran after the hostage-taking.

All British embassy personnel were accounted for and safe, a British diplomat, who spoke on condition of anonymity, told Reuters in Washington.

The diplomat said the attack likely flowed from Britain's November 21 decision to impose new sanctions on Iran because of its nuclear program, including a ban on British financial institutions dealing with their Iranian counterparts.

"It's impossible, really, not to reach that conclusion," the diplomat said, suggesting that the protests may have been sparked by the Iranian authorities.

"In the past we have certainly had demonstrations that have ... been sanctioned, if not encouraged, by the government. I don't know about this one. I don't think we'd put it past them," said the diplomat.

"It's hard to imagine, in a place like Iran, that these were some kind of spontaneous (event)," said a State Department official who declined to be identified.

INFIGHTING

The demonstrations appeared to be a bid by conservatives who control parliament to press home their demand, passed in parliament last week and quickly endorsed by the Guardian Council on Tuesday, for the government to expel the British ambassador in retaliation for the sanctions.

A lawmaker had warned on Sunday that angry Iranians could storm the British embassy.

"Parliament officially notified the president over a bill regarding degrading the ties with Britain, obliging the government to implement it within five days," Fars news agency quoted speaker Ali Larijani as saying.

Ahmadinejad's government has shown no willingness to compromise on its refusal to halt its nuclear work, but has sought to keep channels of negotiation open in an effort to limit the worst effects of sanctions.

An Iranian official told Reuters the storming of the British compounds was not planned by the government.

"It was not an organized measure. The establishment had no role in it. It was not planned," said the official, who declined to be identified. Iran's Foreign Ministry said it regretted the attacks and was committed to ensuring the safety of diplomats.

Police arrested 12 people who had entered the north Tehran compound, Fars said, quoting a police chief as saying they would be handed over to the judiciary.

Protesters said they planned to stage a sit-in at the gates of the north Tehran compound and would not move until they were told to do so by Iran's religious leaders.

Britain, along with the United States and Canada, imposed new unilateral sanctions on Iran last week, while the EU, France and Italy have all said financial measures against Tehran should be strengthened.

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United States duo Matt Kuchar and Gary Woodland win World Cup Golf 2011

Golf 2011

World Cup 2011: Final-round leaderboard

    * -24: U.S.
    * -22: England, Germany
    * -21: Australia, Scotland, Ireland
    * Selected others: -20: Wales, Netherlands
    * -19: Spain, Korea

United States duo Matt Kuchar and Gary Woodland hit six birdies in a closing 67 to win the World Cup by two shots.

The Americans eroded the overnight two-stroke lead held by Ireland's Rory McIlroy and Graeme McDowell in China, with birdies on the first two holes.

Four more birdies lifted them to 24 under as Ireland faded with four bogeys in a level-par 72 to stay 21 under.

England's Ian Poulter and Justin Rose carded a nine-under-par 63 to finish second alongside Germany on 22 under.

"We were a little subdued [after the third round] and neither of us were much company," admitted Poulter.

"We stayed in our own rooms, and kind of rightly so as four under par in fourball was very disappointing.

"But to go and shoot nine under par in foursomes is crazy."

Poulter and Rose sank four birdies on the front nine and finished with two birdies and an eagle in their last four holes as they recorded the lowest score of the final round at the Mission Hills course on the southern Chinese island of Hainan.

But although they caught and passed McIlroy and McDowell, who had held an eight-shot advantage over the Englishmen going into the final round, they were unable to match the Americans.

Kuchar and Woodland played solid, rather than spectacular, golf in the alternate shot foursomes format as they finished with a five-under-par 67 to record the United States's first victory in the tournament since Tiger Woods and David Duval teamed up in 2000.

"You think of all the sporting events, and you think of all the teams that become world champions, and in golf there are not that many opportunities to be world champions," said Kuchar.

"So to represent the United States of America and become world champions just feels great."

Their only blip was a bogey on the par-three 11th, but that dropped shot was wiped out on the 12th with a sixth birdie of the round following on the 13th.

In contrast, McIlroy and McDowell, who led by three on the back nine two years but were beaten to the title by Italian brothers Francesco and Edoardo Molinari, again struggled on the final day.

They mixed two bogies with two birdies on the front nine to fall two behind the Americans.

A birdie on the 10th brought them within one shot of the lead, but a bogey on 12 checked their progress and another shot went on the par-three 15th after McDowell's tee shot plugged under the lip of a greenside bunker.

McIlroy could only blast the ball a few feet out of the sand but when his playing partner missed the 25-foot par putt, their challenge was effectively ended.

They finished joint fourth with Australia, Netherlands and Scottish pair Martin Laird and Stephen Gallacher who closed with eight birdies in a six-under-par 66.

German duo Martin Kaymer and Alex Cejka did not drop a shot over the last two rounds and played the final 18 holes in a three-under 69, sinking a lengthy par putt at the last to ensure they finished joint second.

The World Cup used to be held annually but was switched to biennial after 2009 to accommodate golf's inclusion in the 2016 Olympic Games.

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Top Gold Owning Countries of the World - 2011

Gold Bar

Central banks are contributing to world gold demand. The latest data from the World Gold Council indicate even more changes among the nations holding the most in gold reserves. Those are also some of nations whose creditworthiness is now under question during the debt crisis in Europe. 24/7 Wall St. looked at the 13 nations with the highest gold reserves, as well as two institutions, to see how each might affect future gold demand.

While investment demand was the key driver to increased gold demand during the past quarter, it is central bank gold buying and selling that is going to be a key factor for demand ahead. The council projected that central bank demand is expected to continue as creditworthiness woes of western governments has come front and center. In fact, the council also cited many new central bank entrants have emerged as they move to diversify reserves. Further, the council sees this increased central bank activity trend continuing into 2012.

24/7 Wall St. reviewed the top 13 nations that hold the lion’s share of the world’s gold reserves, according to the World Gold Council’s International Financial Statistics. Of course, many nations will have new gold reserve data in 2012. And some of the data remained unchanged from prior months. Our aim here is to show which nations probably are increasing or lowering their gold reserves into 2012 and why.

The European credit crisis and emerging market weakness are what is likely behind central banks’ demand. Total gold demand rose 6% in the third quarter from a year earlier to 1,053.9 tonnes. This equates to roughly $57.7 billion — an all-time high in value terms. Investment was the large driver for increased gold demand, while jewelry demand was soft.

These are The 13 Countries That own The World’s Gold.

13) Venezuela holds 365.8 tonnes.
Venezuela increased its gold reserves by nearly 5%. Hugo Chavez may be no friend to the United States, but oil sales and business nationalization (or seizure) has continued to add more wealth to the nation’s government. Venezuela’s population is only 27 million and it is the sole Latin American country among the top nations holding gold. In 2010, Venezuela bought 3.1 tonnes, according to the World Gold Council. That’s after buying 4.1 tonnes locally in 2009. Venezuela has continued adding gold, and if history is an indicator it is likely to keep adding gold.

12) Portugal holds 382.5 tonnes.
Surprisingly, one of the PIIGS nations (Portugal, Italy, Ireland, Greece, Spain), Portugal, is also a top holder of gold. The European nation has a population of almost 11 million people. Does this go back to the days of its empire building ambitions, or is it because the nation was able to remain neutral in World War II? If Portugal is really in such dire straights, perhaps the Europeans could start demanding that Portugal pledge some of its gold reserves to bolster its finances. Portugal has already been a part of the prior Central Bank Gold Agreement as a seller in recent years, so it seems logical that the nation would be selling to hold up on its debt and entitlement obligations.

11) Taiwan holds 423.6 tonnes.
Taiwan is another surprise as one of the world’s largest gold holders. It has a vast electronics sector, and maybe its high gold holdings help it stay financially relevant in its long ongoing confrontation with China. The nation is already considered wealthier than many neighboring countries on a per capita basis. The accumulation of gold by China makes it unlikely Taiwan would sell much gold now.

10) India holds 557.7 tonnes.
India’s gold holdings are still officially the same as they were at the beginning of the year, but it seems likely that it will increase its central bank holdings. The nation has about 1.2 billion people and its economy is growing — even though the government has fought inflation in 2011. Gold is entrenched in Indian culture that India is likely to continue accumulating more gold. Almost one-third of the world’s jewelry demand comes from India, and the country acquired 200 tonnes of the IMF gold sales in late-2010. India would seem to be a buyer of gold not just in 2012, but in the years ahead.

9) The Netherlands holds 612.5 tonnes.
Another fairly small nation with only 16.6 million people is ranked as a top holder of gold. The nation used to hold even more gold but it was a seller of gold from at least 2003 to 2008 under the Central Bank Gold Agreement in Europe. Maybe Holland could help to create a Dutch-led bailout for the PIIGS in Europe. The country’s gold holdings seem unlikely to change very much in 2012.

8 ) Japan holds 765.2 tonnes.
Japan has had to deal with two decades of a sluggish economy and its currency is currently considered a safe-haven for international investors. The Japanese people are known for keeping cash under their mattresses. The yen feels inflated with its huge debt-to-GDP and no growth. Prices for Japanese goods are getting too expensive for foreigners due to the strength of the Yen. The country is also still recovering from its tsunami and nuclear incident from earlier in 2011. Perhaps Japan will have proven to be a seller in 2011 rather than trying to bolster its foreign currency reserves. If not, it should be.

7) Russia holds 851.5 tonnes.
Russia has been gobbling up gold to bolster the ruble in the past and this appears to be the case this year as well. The new figure of 851.5 tonnes of gold compares to a previous figure earlier this year of 784.1 tonnes. The council had also noted earlier that Russia accumulated some 120 tonnes during the first 10 months of 2010, and that was after adding over 100 tonnes in 2009 and almost 70 tonnes in 2007. The new figure was due to increased purchases after the prior cut-off date. With Russia having vast oil and commodity reserves and with Russia aiming to increase its clout in the world as a financial powerhouse, it seems a shoe-in that it will have proven itself as a buyer of gold into 2012.

6) Switzerland holds 1,040.1 tonnes.
Switzerland already had to take measures earlier this year to halt the appreciation of the Swiss franc. It is hard to imagine that the nation would be buying gold to prop up its currency even after considering reports in recent years that it ran out of places to securely store gold. Switzerland sold gold under the Central Bank Gold Agreement from 2003 to 2008 before the great gold rush. With a mere 7.6 million people, how much gold does the nation really need? This country could easily lighten up on its gold reserves without its benchmark currency status being challenged.

5) China holds 1,054.1 tonnes.
China has added and added to its gold reserves. There is no reason to expect that to abate, particularly after Barron’s pointed that China is seeking a reserve currency status in the generation ahead. China has a population of 1.3 billion people and a fast-growing economy. The country also bought more than 450 tonnes of gold from 2003 to 2009 and 200 tonnes or more during 2010. With the pressure to get away from the dollar peg, assuring the value of the yuan only leaves the purchase of gold or other hard assets.

4) France holds 2,435.4 tonnes.
The French are not in the same boat as Italy and the rest of the PIIGS, but predicting what will happen with France’s gold reserves is very difficult. With a debt rating downgrade possibly coming down the pipe, France is the second largest foundation of the euro and of the European Union. The nation was part of the Central Bank Gold Agreement as a seller, but this was all before the major run-up in gold and before its own finances have come under question during the European debt crisis. It seems that more light selling is expected, although maybe the nation needs more hard assets as a reserve.

3) Italy holds 2,451.8 tonnes.
Italy was in the Central Bank Gold Agreements as a seller, but now it is the largest concern of Europe and of the PIIGS. It would seem that the Italians are unlikely to sell off their gold reserves. However, it is also likely that to fend off weakness some would argue for asset pledges. The nation has a new government and its economic growth is expected to be limited at best. Releasing gold might address some of Italy’s budget gaps and economic problems. Because Italy’s debt problems are quite large, it is likely that it would be a gold seller into 2012. If not, perhaps pledging those holdings is a runner-up scenario.

2) Germany holds 3,401.8 tonnes.
Germany remains the foundation of the European Union and of the euro. The nation was a seller of gold for coins under the Central Bank Gold Agreements from at least 2003 to 2008, but the sales were not really enough to put a serious dent in its gold reserves. It is hard to see Germany being a buyer of gold, but it likely cannot be a large seller either because it is the largest foundation of the euro. Selling too much gold could further pressure the troubled euro. Still, euro bailout funds have to come from somewhere and Germany could sell some additional gold without challenging its No.2 position among the nations holding gold reserves.

1) United States holds 8,133.5 tonnes.
The U.S. has already lost its prized AAA credit rating and it has magically created a vast amount of dollars to support the bailouts and stimulus packages. The U.S. could always try unloading some gold to fight future commodity price pressures, but the U.S. has now reached the point of leverage and deficits that it has to hold hard assets to fend off another challenge to the dollar as the world’s top reserve currency. Any gold sales today would likely have to be countered by large gold purchases in the future.

Looking from 2011 to 2012, Central Banks, Investment and More
The International Financial Statistics on the World Gold Council’s November report shows that the IMF holds 2,814 tonnes of gold. This technically puts the IMF somewhere between Germany and Italy. If the IMF is going to support bailouts and stabilization efforts, it is easy to consider where that money will come from. After all, the IMF cannot exactly print currency. The IMF’s Executive Board approved the sale of 403.3 tonnes in September 2009, which came to about one-eighth of its total gold holdings at the time.

The European Central Bank had some 502.1 tonnes of gold, according to the same November report. This is more than Taiwan, but less than India.

There are some key statistics to consider as 2011 comes to an end. Investment demand rose 33% from a year ago to 468.1 tonnes in the third quarter, worth about $25.6 billion. Central bank demand in the third quarter added 148.4 tonnes, an obvious effort to support currencies and credit ratings.

The world gold supply was up only 2% to 1,034.4 tonnes in the third quarter over a year earlier. Mine production was up 5% to 746.2 tonnes, while recycling activity was up 13% to 379.1 tonnes.

The investment segment showed that ETFs and investments accounted for 77.6 tonnes, but this was dwarfed by actual gold bars at 294.2 tonnes. Official coins came in a close third place at 76.2 tonnes and another 20 tonnes were for medals and imitation coins. European investment demand reached a record quarterly value of 4.6 billion Euros for 118.1 tonnes, a gain of 13%.

Also, watch Chindia. Chinese jewellery demand was 13% higher year-on-year at 131.0 tonnes; China’s investment demand for gold bars and coins rose 24% to 60.2 tonnes. Indian jewellery demand was down 26% in its seasonally slow quarter and it was compounded by high inflation and gold price volatility, although yearly demand at the end of September was called “very close to the record levels seen in 2010.”

If you tally up the top 15 entities here, the total is close to 26,000 tonnes of gold before counting any of the ETF products. The total tonnes of gold reserves from the International Financial Statistics cited by the World Gold Council is 30,708.3 tonnes. The SPDR Gold Trust (NYSE: GLD) lists some 1,277.36 tonnes worth over $71.5 billion today, but that is live data rather than just third quarter data released by the World Gold Council.

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