Some people have been forced to escape a residential skyscraper, the Marina Torch in Dubai, as it burned early Saturday morning, local time. 

The Torch is a 79-story building in the Dubai Marina, United Arab Emirates. It's in the northeast section of a heavily populated cluster of skyscrapers. Local media reported high winds pushed the flames throughout the 1,100-foot tower in the early morning hours. It's unclear whether anyone was injured.

Emergency crews surrounded the building, one of the tallest residential structures in the world. 

Medics said there were no casualties. At least a dozen fire trucks were able to extinguish the blaze several hours after the fire alarm went off around 2 a.m. local time (2200 GMT Friday).

However, some residents said they had been told by staff that the building's fire alarms did not immediately sound and that the reception at The Torch was alerted to the fire by staff in an adjacent building.

"They (the Torch receptionists) got a call from Princess Tower telling them the building was on fire. The alarms were not operating automatically," Archibald Jurdi, who lives on the 76th floor, told Reuters.

Reuters could not independently verify the status of the fire alarms. The building manager could not be reached for comment.

Here are some pictures from the scene:

Vine video shows bright flames that engulfed what appeared to be several stories of the high-rise.

Residents said the fire had been fanned by high winds, dislodging chunks of metal and raining glass down on the area below the building, including onto a nearby road more than 100 meters (330 feet) away.

Traffic in the area was diverted and residents of two other nearby buildings in the emirate's Marina district, home to thousands of expatriate professionals, were also evacuated, the witness said.

Many of those standing outside the building were dressed in pyjamas, with others in evening dress as they returned from the city's many bars and restaurants on a weekend.

One woman, who did not give her name, stood on the street crying, saying she had rushed back fearing for her belongings after a friend contacted her about the fire. Her fear turned to relief when she saw the lower floors where she lived were not affected.

Residents of neighboring towers were returning to their homes around 0430 local time, but residents of The Torch were told they would not be allowed back into the building until the fire officials gave approval later on Saturday. Residents of upper floors that were most affected were told it would be days before they could return.

Dubai civil defense officials did not immediately respond to requests for comment, and the cause of the fire remained unclear.

Dubai is one of seven emirates that make up the United Arab Emirates (UAE), a Gulf Arab trade and investment hub.

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In 2014, Wall Street's stock market forecasts proved too conservative. 

The S&P 500 closed the year at 2,058, above the year-end forecast of all but one strategist — FundStrat's Tom Lee. 

For 2015, Wall Street sees stocks gaining some ground, but few strategists are calling for the fourth straight year of double-digit gains from stocks. 

The average year-end target on the S&P 500 is 2,225 on earnings of $125.35, with the median forecast for the S&P 500 to rise to 2,213 on earnings of $126.

Tom Lee is a big bull again, as is Oppenheimer's John Stoltzfus and RBC's Jonathan Golub, while David Kostin at Goldman Sachs is a bit more cautious.

Here are the outlooks, ranked from lowest to highest:

Goldman Sachs' David Kostin: S&P 500: 2,100, EPS: $122.00

"We forecast US stocks will deliver a modest total return of 5% in 2015, in line with profit growth. The US economy will expand at a brisk pace. Corporations will boost sales and keep margins elevated allowing managements to both invest for growth and return cash to shareholders via buybacks and dividends. Investors will cheer these positive fundamental developments."

Barclays' Jonathan Gilonna: S&P 500: 2,100, EPS $127.00

"We believe US equities are transitioning out of a recovery rally and into a period of lower returns as the benefits of margin expansion and share repurchases prove to be already priced in and a return of faster revenue growth becomes a prerequisite for another re-rating higher. We forecast the S&P 500 to reach 2100 by the end of 2015. We expect faster earnings growth outside the US in 2015 and, with lower valuations and a looser policy stance, we prefer 'international' stocks over US stocks. One of the reasons this strategy did not work in 2014 was the heavy positioning toward overseas markets established during 2013 and early 2014. This appears much less extreme now and therefore likely to be less of a constraint on our view in 2015.

Credit Suisse's Andrew Garthwaite: S&P 500 2,100, EPS: $123.70

"We remain optimistic on equities for the first half of 2015 but fear a significant market correction in the second half. Consequently, our year-end forecast for the S&P 500 is 2,100, below our mid-year target of 2,200. In 2015, central bank balance sheets are likely to expand at a more rapid rate than in 2014. This helps to support excess liquidity and equity valuations. We expect profit margins to peak toward the end of 2015 as labor regains pricing power and borrowing costs move higher. We are 4% below consensus for US EPS growth in 2015."

Deutsche Bank's David Bianco: S&P 500: 2,150, EPS: $123.00

"We still expect a long lasting economic expansion of moderate growth, which should rival the US record of 10 years with S&P EPS growth averaging 6% until the next recession, on 5% sales growth, flat margins, 1% share shrink," Bianco wrote. "Despite entering the latter years of a typical expansion and high margins vs. history, we now think the trailing S&P PE should average 17 vs. 16 until elevated recession risk returns."

BTIG's Dan Greenhaus: S&P 500: 2,200, EPS: $126.00

"We believe the bias for stock prices in general remains to the upside, underpinned by a growing economy, low interest rates and increasingly, cheaper oil ... With operating margins at elevated levels, top line growth is poised to more quickly bleed through to the bottom line, thus supporting earnings." Recall that Greenhaus channeled Britney Spears' 2001 song "I'm Not a Girl, Not Yet a Woman" to express his thoughts on the market: "Not a bull, not yet a bear."

Citi's Tobias Levkovich: S&P 500: 2,200, EPS: $127.50

After heading to Asia for year-end client meetings, Levkovich wrote: "A 10% total return in the next 13-14 months was perceived as being too conservative by many even as our year-end target is in line with mean and median top-down forecasts ... Interestingly, several clients suggested that our outlook was far below the bullishness expressed by other even when our numbers are pretty much well within the Street's consensus."

Bank of America Merrill Lynch's Savita Subramanian: S&P 500: 2,200, EPS: $126.00

"Stocks certainly look more attractive than bonds, but the case for stocks versus other asset classes is less clear ... "So while returns may compress from the outsized gains we have seen over the last several years, we remain constructive on equities. The bull market in stocks is not over, in our view." Subramanian also said that "big, old and ugly" stocks could be leaders in 2015 while investors might be better served leaving the "new, shiny, exciting IPOs alone."

UBS' Julian Emmanuel: S&P 500: 2,225, EPS: $126.00

"The S&P 500 has risen 200% since the bull market began in March 2009 — not unprecedented by historical standards. Buoyed by strong corporate balance sheets positioned to drive further M&A, the prospect of solid GDP anchoring steady earnings growth, and a Fed set to raise interest rates while mindful of incoming data, we expect the advancing tide to continue rolling. We forecast a 2015 year-end S&P 500 price of 2,225 on the back of earnings growth and modest multiple expansion, typical in a maturing rally."

BMO's Brian Belski: S&P 500: 2,250, EPS: $126.00

"Given the combination of improving economic conditions and rebounding earnings growth, we believe 2015 will represent another year of solid gains for US stocks. Our models suggest a year-end S&P 500 price target of 2,250 on EPS of $126. ... [T]he average age of plant and equipment is at its highest levels in 50 and 15 years, respectively. The way we see it is that there is a tremendous amount of pent-up investment spending demand and ... we believe the next logical step for companies to improve growth prospects is to invest in their businesses."

Morgan Stanley's Adam Parker: S&P 500: 2,275, EPS: $126.10

"We head into 2015 bullish for the 3rd straight year. Our 12-month forward target for year-end 2015 is 2275, offering about 10% upside to today’s price, based on 7% earnings growth in 2015 and 2016 and modest further multiple expansion to near 17x forward earnings ... Multiple higher? The core of our thesis is that we are in the middle of a long US expansion, one that may last until 2020. Economic factors like consumer confidence, financial obligations, and delinquencies are all improving and the consumer may be more insulated than investors think from a back-up in yields, given 75% of their financial obligations are in the form of a mortgage, close to 90% of all mortgages are 30-year fixed, and the average mortgage is termed out at the lowest rate ever ... Taking these factors into account, we generally think it pays to remain sanguine."

Oppenheimer's John Stoltzfus: S&P 500: 2,311, EPS: $126.00

"We expect the market to reach our target level on a combination of: sustained economic growth, corporate revenue and earnings growth (on the back of US expansion and process of international recovery), as well as further multiple expansion justified by the continued relative attractiveness of US equities on valuation, dividends and buybacks." Stoltzfus added that investors in the current bull market are more worried about what can go wrong than at any point in the last 30 years. "It’s no secret that 'animal spirits' and 'irrational exuberance' have been in measured if not short supply this bull market. We think that’s really a good thing and likely to carry stocks higher toward our target in 2015."

RBC's Jonathan Golub: S&P 500: 2,325, EPS: $130.00

As Business Insider's Sam Ro wrote: "Golub believes 2015, as in 2014, will be highlighted by healthy US GDP growth, lackluster global growth with China and Japan getting worse, elevated profit margins, low volatility, and most multiple expansion, that is higher price/earnings (P/E) multiples. Golub believes corporate revenues will track GDP higher. But earnings growth will pick up as companies clamp down on selling, general, and administrative (SG&A expenses)." Golub added, "Going forward, we believe that SG&A will be the most important driver of margins as compensation grows at a slower pace than revenues. In our view, this should provide 1- 2% of upside per year."

FundStrat's Tom Lee: S&P 500: 2,325, EPS: $129.00

"The current bull market is not going to end simply because 'stocks have gone up too much' ... The buyside is fairly cautious, seeing downside stemming from: (i) deflationary pressures of the 40% year-over-year oil decline, deceleration in China, Eurozone weakness, and the fall in 5-year inflation breakevens; and (ii) Fed monetary tightening ... Capital stock is again showing signs of pent-up demand, and as a consequence, companies and households will have to invest. In other words, obsolescence is playing a role here. Equipment needs to be replaced as it reaches the end of its useful life."

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Brussels (AFP) - Europe granted Greece a crucial four-month extension to its massive debt bailout, offering precious breathing space, but at the cost of huge concessions including a commitment to spell out reforms within two days.

The 19 eurozone finance ministers reached the hard-won deal at tense talks pitting Greece against an angry Germany, suspicious that the new radical leftist government in Athens was looking to ditch its austerity obligations.

The deal is a tough climb down for popular Greek premier Alexis Tsipras, who swept to power in January on a pledge to tear-up Greek's hated bailout programme, and he will have to persuade Athens that this was the best deal possible.

"The meeting was intense because it was about building trust between us," said Eurogroup head Jeroen Dijsselbloem, after the talks ended with a two-page statement setting out the tough conditions Athens will have to fulfil.

"This trust will be on the basis of the agreements and changes in the agreements which will have to be worked out," he said.

In exchange for the extension, Greece agreed it will submit a list of economic and other reforms by Monday to the hated "troika" of creditors for review, and to see if they go far enough.

On Tuesday, they will report back to Greece and decide whether to proceed with Friday's agreement, with the chance that the compromise could be scrapped if officials are left unsatisfied.

Greek Finance Minister Yanis Varoufakis said the deal marked a new era for Athens and its relationship with the European Union, after two painful bailouts put together at the height of the debt crisis to save the euro.

Athens claimed the rescues and the austerity measures it had to follow since its first 2010 bailout had wrecked the Greek economy, making it impossible to manage its mountain of debt.

"Today was a pivotal moment because Greece for five years now has been lonely, isolated in the Eurogroup. Today that isolation has broken," Varoufakis said.

However, he warned: "If the list of reforms is not agreed, this agreement is dead."

Markets reacted positively to the deal, with the Dow and S&P 500 surging to fresh records on Wall Street as fears of a catastrophic exit by Greece from the euro receded.

Two previous rounds of talks failed in bitter acrimony amid Greek accusations that Berlin and other hardline member states were sabotaging a deal.

- 'Rendez-vous with reality' -

"Everything we do is in my opinion for the interest of Greece," said German Finance Minister Wolfgang Schaeuble, a conservative and Greece's harshest critic who had initially rejected Athens' request for a loan extension on Thursday.

"Being in government is a rendez-vous with reality. Quite frequently it is not as nice as the dream," Schaeuble added.

The specifics of the deal will be a hard read in Athens, especially for supporters of the ruling Syriza party who had hoped for the end of the austerity and creditor oversight so loathed by the Greeks.

"The Greeks left behind the memorandum and are becoming the co-author of reforms and of their destiny," Varoufakis said, referring to the stringent cost-cutting measures and reforms attached to the original bailout.

But much-criticised oversight by Greece's international lenders will continue and the government made a firm commitment to freeze anti-austerity reforms so as to have them first vetted by the eurozone.

At stake for Greece is a crucial financial lifeline that would have evaporated on February 28 without a deal, including crucial liquidity from the European Central Bank that is helping keep Greek banks afloat.

If Athens sticks to its commitments, it stands to receive up to 7.2 billion euros in funds still left in the EU portion of its 240-billion-euro bailout ($273 million).

"Four months is the appropriate delay in terms of financing and future challenges," Dijsselbloem said.

Up to the very end, the deal with Greece seemed uncertain, with a possibly chaotic exit from the eurozone always a danger.

Dijsselbloem worked overtime Friday to keep the talks on track as Germany insisted Greece stick with the austerity commitments included in its existing bailout programme.

With distrust for Greece widespread among ministers, it was a lengthy phone call between premier Tsipras and German Chancellor Angela Merkel late Thursday which appeared to make Friday's breakthrough possible.

European officials said the stand-off had come down to a clash of personalities with Schaeuble furious at the negotiating style of the casual Varoufakis, who, in a change, remained markedly sombre on Friday.

After the talks, a key European official said the Schaeuble-Varoufakis relationship was still fraught.

"The trust just isn't there. (This time) Varoufakis kept a very low-profile: no waves," the source said.

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Sydney (AFP) - Australia's World Cup clash against Bangladesh in Brisbane on Saturday remained in serious doubt as heavy rain, the legacy of Tropical Cyclone Marcia, drenched the city's famed Gabba ground.

Marcia, a category five storm which slammed into the Queensland coast late Thursday causing widespread devastation, had been downgraded to a tropical low on Saturday.

However, forecasters still expected another 45mm-120mm of rain to swamp the stadium, adding to the 77mm which had already fallen on the Queensland city since Friday, according to a report by broadcasters, ABC.

Despite the gloomy outlook, organisers were still hopeful of some action even if it meant a reduced-overs encounter at the 42,000-capacity ground which would at least cushion the financial blow of having to refund ticket holders.

"World Cup organisers appreciate the difficulties the weather is causing for ticket holders to today’s match at the Gabba between Australia and Bangladesh. Our thoughts are with people who have been adversely affected," said an International Cricket Council statement.

"As the forecast for Brisbane has improved somewhat, there is a chance at this stage that play can go ahead today, perhaps with reduced overs. 

"While that chance exists, match officials will try to give the teams the chance to compete for maximum points as there are no reserve days during the pool stage of the tournament."

If the Pool A match is called off before each side has faced 20 overs, a no-result will be declared and the teams awarded a point apiece.

Gabba head groundsman Kevin Mitchell had admitted he wasn't optimistic the day-night game, set for a 0330 GMT start, would go ahead.

"Obviously with the forecast of the cyclone moving down the coast it doesn't look that great. You are always hopeful but it is not promising," Mitchell told the Australian Associated Press.

He added it could take hours to prepare the field -- if the torrential rain stopped.

"The way the system is tracking it will be north of Brisbane around lunch time Saturday," he said.

"And considering it is a wide system, it will be a long time to go until it eases."

Australia captain Michael Clarke was set to return to the team after missing the co-hosts' opening 111-run win over England in Melbourne last weekend as he continued to recover from his long-standing hamstring injury.

- W.Indies onslaught -

In Christchurch, a late batting onslaught led by Lendl Simmons and Andre Russell took the West Indies to 310 for six against Pakistan in their crucial Pool B match at the Hagley Oval.

Simmons, who smacked a century in the West Indies first-up loss to Ireland, continued his commanding form with the bat, although this time he did get a reprieve on 45.

It was one of four dropped catches by Pakistan as the West Indies, who relied heavily on Simmons and Darren Sammy for runs against Ireland, this time spread the workload.

Denesh Ramdin contributed 51, Simmons hit 50, Darren Bravo made 49, before retiring hurt, and Russell was unbeaten on 42 with knocks of 38 from Marlon Samuels and 30 from Sammy.

"My role was to run hard and be the engine roomm" said Ramdin.

"But Darren got injured and we needed to change our plans. I think we may be 10 runs short, it's a good pitch and they will come hard at us."

Both sides are looking for their first win in the tournament after Pakistan also lost their first game, beaten by old foes India.

The final 10 overs produced 115 runs with 51 of them in the brief 17-ball partnership between Simmons and Russell.

Bravo was unfortunate not to reach what would have been his 17th ODI half-century when he was forced to retire hurt with a pulled hamstring. 

Until then, it had been an innings filled with drama for the 26-year-old left-hander.

He successfully appealed a caught behind decision on 14, required medical treatment on 30 when hit on the head by a Younis Khan throw going for a quick single and was dropped by Shahid Afridi on 46.

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Kabul (AFP) - The Pentagon's new chief, Ashton Carter, flew to Kabul on an unannounced visit Saturday to confer with commanders and Afghan leaders about the future of the American military presence in Afghanistan.

"The reason for this destination, Afghanistan, in my very first week in office as the secretary of defense is because this is still where we have 10,000 American troops. They come first in my mind, always," Carter told reporters aboard his plane before landing in the Afghan capital.

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Paris (AFP) - Kristen Stewart became the first American actress to win a Cesar, France's equivalent of the Oscars, while "Timbuktu" won seven awards including best film for its portrayal of northern Mali under jihadist control.

"Twilight" star Stewart received the best supporting actress award on Friday for her role alongside Juliette Binoche in "Clouds of Sils Maria".

Directed by France's Olivier Assayas, 24-year-old Stewart plays the personal assistant to a star actress played by Binoche and follows their intense, sexually-charged relationship.

The victory for "Timbuktu" could propel it towards greater glory at the Oscars on Sunday, where it is nominated for the best foreign film award.

Abderrahmane Sissako, who also won a Cesar for best director among the film's haul of awards, said he wanted to show the residents of the ancient city struggling to maintain their daily lives in the face of the brutal rule of jihadists who seized a large portion of Mail's vast desert in 2012.

Most of the film had to be made in Sissako's native Mauritania as northern Mali, despite being freed from jihadist control by a French military intervention, remains an extremely dangerous place, especially for foreigners.

In his acceptance speech, Sissako -- who became the first black African to win the best director Cesar -- praised French people for taking to the streets in their millions after the Islamist attacks in Paris last month that left 17 dead.

"France is a magnificent country because it is able to stand up to the horror and to the violence," he said.

"There is no clash of civilsations. There is a meeting of civilisations," he added.

- 'Je t'aime Juliette' -

Stewart has spoken of how working with Binoche, one of France's leading ladies for three decades, was a privilege and as she mounted the stage in Paris on Friday she shouted "I love you Juliette" in French.

"Clouds of Sils Maria" marks a return to arthouse films for Stewart, who made her name as Bella, the love interest of Robert Pattinson's vampire in the hugely successful five-film "Twilight" series. 

The best actor category saw Pierre Niney beat Gaspard Ulliel in a battle between two portrayals of legendary fashion designer Yves Saint Laurent. The two biopics were released within months of each other last year.

There was more American success when two-time Oscar winner Sean Penn -- artfully dishevelled in a black suit and loosened tie -- received a Cesar lifetime achievement award to tumultuous applause from the audience at the Chatelet theatre.

Adele Haenel won the best actress award for romantic comedy "Love at First Fight" ("Les Combattants" in French).

Louane Emera was earmarked as a rising star when she was given a best new actress award for her role in "La famille Belier", about the hearing daughter of a deaf family of farmers who discovers she has a rare talent for singing.

The film, which has been compared to British smash hit "Billy Elliot", has sold more than six million cinema tickets in France.

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The payments industry had a huge year in 2014 and it's showing no sign of slowing down. On the one hand tech giants like Amazon and Apple released new products that affirmed their long-term payments ambitions (Apple Pay and Amazon Local Register). On the other hand startups such as Stripe and ShopKeep continued to carve out market share, challenging older players like PayPal and VeriFone. 

Understanding this complex and rapidly evolving space can be challenging. In a new explainer, BI Intelligence offers a high-level look at the payments industry — how it functions, who the key players are, and the trends shaping the industry. We start by explaining payment-card processing, since the majority of consumer payments and transaction volume flow through this system. From there we take a look at how consumers' move to mobile devices is changing the way we pay, and which players stand to benefit.

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Here are some of the key takeaways:

• The ecosystem for credit- and debit-card processing involves a complicated set of players interacting to process every transaction. Five types of players are involved: acquirers/processors, issuers, card networks, gateway providers, and independent sales organizations (ISOs). 
• To process a typical transaction, three steps must occur: authorizing, batching, and funding. Each participant in this process takes a fee off of the total volume of a transaction. The remainder is deposited in a merchant's account.
• Three trends will shape the payment-card-processing ecosystem from 2015 onward: the EMV security migration, rapid development of new payment technologies, and the massive card-fraud problem in the US. While none of these developments will completely upend the incumbent system for processing payments, each will disrupt key players. 
  
• The mobile point-of-sale (mPOS) is going to have a massive impact on the payments-hardware and payments-software industry. By 2019, we forecast that nearly 80% of US retailers will have implemented a mPOS device. The move to mPOS will continue to put pressure on hardware providers that compete directly against mPOS devices, as well as ISOs that sell legacy devices to merchants.
• While the payment-card-processing system as a whole isn't in danger, the proliferation of mobile devices will have a significant effect on the way we pay. 

In full, the report:

• Provides 9 infographics and diagrams explaining how card transactions are processed and which players are involved in each step. 
• Analyzes the key trends and forces that will shape the payments industry going forward. 
• Details how mobile is shaping 5 types of consumer payment technologies and which companies to watch for within each category. 

Purchase The Full Report »

THE PAYMENTS ECOSYSTEM$395.00

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On Wednesday, The Wall Street Journal profiled Matthieu Pigasse, the investment banker and vice-chairman of Lazard Europe who is currently advising the Greek government on its debt deal with the Eurogroup.

But he's so much more than just your average investment banker.

From the WSJ:

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Turkey's notoriously lax border policies during the Syrian war are starting to catch up with Ankara and its allies who are trying to counter ISIS, Yaroslav Trofimov of The Wall Street Journal reports.

“Turkey’s policy from 2011 and until mid-2014 was that anyone and everyone who wanted to fight [Syrian President Bashar] Assad was welcome to go to Syria and do so,” Soner Cagaptay, director of the Turkish Research Program at the Washington Institute for Near East Policy, told The Journal.

“That policy has ended now — but it’s very hard to go back to a nonporous border because you have already allowed all these smuggling networks to be established.”

Throughout the Syrian civil war, Turkey's southern border has served as a transit point for cheap oil, weapons, foreign fighters, and pillaged antiquities. As the conflict progressed, the fighters taking advantage of this loose border enforcement were more and more radical. ISIS currently controls about 40% of the 565-mile border with Syria.

Turkey cracked down last year and now regularly deports or bars people suspected of wanting to join insurgents in Syria and Iraq. But Western officials told The Journal that "more vigorous efforts to seal the border would expose Turkey to retaliation" from ISIS (aka Islamic State, IS, ISIL, or Daesh).

“Turkey is trapped now — it created a monster and doesn’t know how to deal with it,” one Western diplomat told The Journal.

The November report "Bordering on Terrorism: Turkey’s Syria Policy and the Rise of the Islamic State" details Turkey's apparent willingness to allow extremists — including militants from ISIS — and their enablers to thrive on the border, part of Ankara's ongoing attempts to trigger the downfall of Assad's regime.

Jonathan Schanzer, vice president of research at the Foundation for Defense of Democracy and a coauthor of the report, described Turkey's predicament to Business Insider in November.

"They've inadvertently created a mechanism that can yield blowback for them that could be extremely painful,"Schanzer, a former counterterrorism analyst for the US Treasury Department, told Business Insider.

"You have a lot of people now that are invested in the business of extremism in Turkey. If you start to challenge that, it raises significant questions of whether" the militants, their benefactors, and other war profiteers would tolerate a big crackdown.

 The "Bordering on Terrorism" report cites an email from Turkey-based BuzzFeed reporter Mike Giglio that highlighted his concern about the "level of ISIS support among the 1 million-plus Syrians living in Turkey. I don't see how they can successfully weed out ISIS supporters from among these refugees."

Consequently, Turkey has fueled an enemy that Ankara and its allies are struggling to contain or aggressively counteract.

“ISIS has many spies here in Turkey, and not just spies but killers. They have points where they can cross the border anytime they want,” a smuggler and former fighter with the US-backed Free Syrian Army told The Journal. “The Turks are afraid of ISIS, and so they don’t want to make problems for ISIS.”

SEE ALSO: US Is On Collision Course With An 'Absolutely Indispensable' Ally

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The City of Angels is constantly introducing the world to some of the coolest trends.

Ever heard of an urban flour mill? Or how about a company devoted to making the most comfortable underwear ever?

Those are just two of the coolest new small businesses we found in L.A. (We defined "new" as any business that opened in the past five years or so.)

Know a cool small business we missed? Tell us in the comments.

Alimento

1710 Silver Lake Boulevard

What it is: An Italian fusion restaurant.

Why it's cool: The soulful Italian restaurant in the trendy Silver Lake neighborhood offers authentic Italian food, like handmade ravioli, with an eclectic wine selection. 

Chef and owner Zach Pollack creates unique dishes that combine traditional Italian cuisine with contemporary American influences. For example, his version of "pigs in a blanket" is made from mortadella, spelt pastry, brovada, and stracchino. 

"It's Italian as reflected through the lens of LA's multiethnic landscape," Pollack said. "Interesting and innovative, though fun and accessible at the same time."

Better Booch

317 Broadway, Grand Central Market

What it is: A craft-tea brewery that specializes in Kombucha, using 100% organic tea blends for flavor instead of juice.

Why it's cool: Better Booch sells its teas in stores all over Southern California. The company recently opened a retail store and tea bar, Booch Bar in Grand Central Market, which serves Kombucha on tap and growlers of tea.

Booch Bar has become popular with the celebrity set, as well. Leonardo DiCaprio is among those known to drink its  tea.  

Bloom That

Mobile application servicing Los Angeles and San Francisco

What it is: An easy and affordable flower-delivery service.

Why it's cool: Bloom That delivers flower arrangements within 90 minutes of ordering. The app and website make it easy to order with three steps.

It rotates its collection of flowers so that there's always a new choice. Even better, prices start at $25. 

"We're changing the flower game, for good," a representative from Bloom That tells us.

Ashton Kutcher and Joe Montana are investors.

As violence in Mexico raged with intense competition between rival drug cartels and the Mexican government, the cartels came up with a radical solution for improving their capabilities in the street.

Through ingenious engineering, and by taking a page out of "Mad Max," cartels created so-called narco tanks.

These home-made armored vehicles, also known in Spanish as "monstruo" for their hulking size, reached peak popularity in 2011 as the Mexican military seized a garage from the Los Zetas that was being used to construct the vehicles. Four narco tanks were seized in the Mexican state of Tamaulipas in addition to an additional 23 trucks that were awaiting modification.

The Mexican military's subsequent crack-down on the creation of monstrous forced the practice to go underground. Narco tanks are still produced, but today's versions have their armored paneling on the inside so as to not draw unwanted attention from rival cartels and the military.

Below are some of the most impressive narco tanks from the vehicles heyday.

The behemoth versions of narco tanks were created from modified semitrucks.

Dump trucks were also modified into massive steel-plated monsters.

Even smaller narco tanks were armored almost completely with steel plates that could be upwards of 2 inches thick.

As part of further defensive measures, the tanks were usually equipped with double wheels.

Offensively, narco tanks had armored turrets and weapon bays on the side, out of which cartel members could point assault rifles.

Some vehicles were equipped with battering rams to plow through traffic and any potential roadblocks.

SEE ALSO: These astonishing maps show how hard drugs are produced and sold around the world

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Dunedin (New Zealand) (AFP) - Sri Lanka won the toss and put Afghanistan in to bat in their World Cup Pool A match at University Oval in Dunedin on Sunday.

Although the forecast is for fine weather, there is a lot of moisture around following heavy overnight rain and the ball is known to swing at the oval.

"We are playing four seamers so we will look to exploit it," Sri Lanka captain Angelo Mathews said.

Afghanistan captain Mohammad Nabi said he would also have bowled first.

Both sides have made one change with all-rounder Thisara Perera replacing Nuwan Kulasekera in the Sri Lanka line up and Afghanistan have brought in Dawlat Zadran for Aftab Alam.

Sri Lanka, the 2011 runners up and 1996 champions, lost their opening match in this tournament to New Zealand by 98 runs while Afghanistan, Cup debutants, were beaten by 105 runs first up against Bangladesh.

Teams:

Sri Lanka - Angelo Mathews (capt), Tillakaratne Dilshan, Kumar Sangakkara (wkt), Mahela Jayawardene, Lahiru Thirimanne, Dimuth Karunaratne, Jeevan Mendis, Thisara Perera, Suranga Lakmal, Lasith Malinga, Rangana Herath

Afghanistan - Afsar Zazai, Javed Ahmadi, Nawroz Mangal, Asghar Stanikzai, Samiullah Shenwari, Mohammad Nabi (capt), Dawlat Zadran, Najibullah Zadran, Mirwais Ashraf, Shapoor Zadran, Hamid Hassan.

Umpires: Richard Illingworth (ENG), Chris Gaffaney (NZL)

TV Umpire: Johan Cloete (RSA)

Match referee: Chris Broad (ENG)

Weather: Cloudy. Maximum temperature 21 Celsius.

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Wal-Mart made huge news Thursday by announcing that it's raising its minimum wage to $9 in 2015, and $10 (for today's current employees) in 2016. 500,000 American workers are getting a raise. 

But further down in the announcement, there was another change to company policy that's could be just as big, if not bigger, for Walmart's workers: fixed scheduling. 

Here's the infographic from Walmart: 

If this applies to a significant chunk of Walmart workers (the language says "some associates" so it's unclear), it could be huge.

The stress of low-wage work isn't just about low pay, it's also about having to be available 24/7 because companies use algorithms to perfectly match employee supply to customer demand. That's meant that employees are expected to be on call all the time, and can't necessarily count on a stable amount of money in their paycheck each week.

An NBC news feature from last year explains the problem: 

When managers made schedules with a pen and paper, schedules tended to be fixed—making 11th hour shift changes was as much of a pain for a manager as it was for their workers. But now management functions have been turned over to software that’s designed to treat workers’ hours as a particularly free variable in a cash flow equation.

Fixed and reliable schedules, in addition to the bump in wages, are a huge win for Walmart workers.

The question, of course, is who are the "some associates" Wal-Mart will be doing this for? 

SEE ALSO: WAL-MART: We're giving 500,000 people a raise

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Wal-Mart is acknowledging its customer service problem.

CEO Doug McMillon said the retailer is "not satisfied" with its current modest sales growth. 

The company is making a few changes to attract shoppers.

1. Investing in customer service.

Wal-Mart is trying to become a better place to work.

The company is raising its minimum wage to $9 an hour and offering a 6-month training program. It also announced a plan to fix worker's schedules, giving them more time to make plans in their everyday lives. 

Executives say that they hope these measures will attract better workers and improve retention.

As workers are trained and stay on the job longer, overall customer service could also improve. 

"These are strategic investments in our people to reignite the sense of ownership they have in our stores," McMillon told investors. 

The company is also expanding its "Checkout Promise," a program that guarantees registers are fully staffed during peak hours.

2. Improving groceries.

As consumers become increasingly health-conscious, Wal-Mart is working to offer more fresh produce and organic options. 

Wal-Mart US CEO Greg Foran said that they've already seen improvement in the grocery business, and will keep working to offer more fresh options.

"We still have a long way to go," Foran said. 

3. Letting customers shop on their terms.

Wal-Mart is working to integrate its physical stores with the digital business. 

This includes letting customers pick up online orders in stores and providing text reminders from the pharmacy.

Wal-Mart is also expanding grocery delivery and pick-up tests.

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The "Fifty Shades of Grey" movie made $81.7 million on its opening weekend, making it the most successful Presidents Day weekend debut in history and one of the biggest debuts for an R-rated movie. 

Released in 2011, the first book became the fastest-selling novel written for adults of all time, and the three-part trilogy sold more than 100 million copies, putting it in the same class as the "Harry Potter" and "Twilight" series and making its author, E.L. James, over $90 million in one year.

This is quizzical, given that the critical consensus is that both the books and the movie are pretty terrible.

Why have so many people become obsessed with "Fifty Shades" in print and on the screen? 

To untangle that knot, we've gathered possible explanations from a range of reporters, critics, and academics: 

While appearing new and divisive, "Fifty Shades" is an old, beloved story.

If you cut away the light bondage, "Fifty Shades" is the same story as "Beauty and the Beast," which was originally a French fairy tale first published in 1756 before becoming a blockbuster Disney feature. 

So it's kinky, yet familiar. 

"Fifty Shades" fits "the time-honored trope: innocent girl falls for troubled man, endures his anti-social behavior out of belief in his ultimate goodness, and eventually teaches him to be a sociable, polite member of society,"writes blogger Joe Bunting. 

That same "tame-the-ruffian" plot has been endlessly re-fashioned, from "Pretty Woman" to "My Fair Lady" to "Taming of the Shrew" to "10 Things I Hate About You." 

New technology made the book accessible — and hideable.

"Fifty Shades" started as an e-book sensation, which may have helped give it an initial lift. 

"People who like to trace all new trends back to new technology have offered this explanation — that women who wouldn't be seen dead reading smut on the tube could read it on their Kindle, and this launched a whole world of sales,"argues Guardian columnist Zoe Williams. 

It did. While e-books usually account for 20% of Random House's sales, 50% of "Fifty Shades" sales were digital.

Anti-fans couldn't stop talking about it. 

People love to hate "Fifty Shades," argue British feminist lit scholars Sarah Harman and Bethan Jones in a 2013 article for the journal Sexualities, and that's a big reason that the series has swelled in popularity. 

"We suggest that 'Fifty Shades' has ... generated an ironic, even guilty, fandom in which readers and viewers bemoan the series' flaws, while enjoying (sometimes furtively) the texts," they write. 

In this way, "hate reading" the books is a way of deeply engaging with them, as well as telling everybody about your taste. While the haters might dismiss the books as "bad literature,""popular," and "drivel," they're still talking about the books with their friends — making everybody more curious about what's inside. 

It worked for the movie, too. MSNBC editor Adam Howard has said that "Fifty Shades" is a zeitgeist-capturing conversation-driver like another big 2015 release — "American Sniper."

"These are films that become events because of the 'controversy' they generate as well as their box office numbers (which becomes something of a self-fulfilling prophecy),"Howard writes. "They drive audiences into pro- or con- camps that often have little do with a film's merits and much more to do with what they represent for their fans or detractors."

The movie was incredibly well-timed.

Universal was originally going to release the "Fifty Shades" movie in October 2014, but saved it for the Valentine's Day and Presidents Day combo weekend, usually a time reserved for family-friendly romantic comedies. 

"Fifty Shades" is anything but family friendly. 

"The gamble paid off,"BoxOffice.com analyst Phil Contrino tells Variety."It flies in the face of what you'd expect to be released on that day. It's usually safe and non-offensive dramas and comedies."

The sex is good.

Most sex scenes in books are terrible, says Williams, the Guardian columnist. That's why the Literary Review Bad Sex in Fiction Award exists — for authors that describe sex with awkward metaphors and excruciatingly awkward sex scenes, which are often disconnected from the plot.

Then there's "Fifty Shades."

"James' sex scenes are not incidental; they are the meat of the plot, the crux of the conflict, the key to at least one of and possibly both the central characters," she says. "It is a sex book."

In this way, "Fifty Shades" captures something that serious fiction misses: sexuality. As New York Times critic A. O. Scott says, the novel "trashily" and "triumphantly" succeeded in being something that there's a proven market for: pornography. 

The film — in fitting snugly within the R-rating — is much less explicit than the book, but surprisingly relatable.

"The sex scenes are closer to actual sex between two people who like each other than almost anything I've ever seen in a theater,"writes Business Insider's Shane Ferro. "They're not even really that good, but they are better than the male-centric sexual cliché that Hollywood usually churns out."

SEE ALSO: Meet the author behind the steamy 'Fifty Shades Of Grey' phenomenon

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NOW WATCH: Learn what all the fuss is about — here's the regular guy's guide to 'Fifty Shades of Grey'

A Seattle man named Brayden Olson claims many women have reached out to him because they think he is the real-life Christian Grey, the fictional male character in "Fifty Shades of Grey."

Olson is not a billionaire (like Grey), and we don't know if this really happens. We also have no idea if he is interested in S&M (like Grey). Still, we enjoyed his story, so here it is, along with a bunch of pictures Olson sent us.

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Damascus (AFP) - A suicide bomber driving an ambulance killed four people on Sunday in an unprecedented attack on a hospital that took Syria's civil war to the ruling Assad clan's hometown for the first time, a monitoring group said.

The attack came as the Syrian Observatory for Human Rights reported that troops had executed 48 people earlier this week in a northern village, among them 10 children.

"A man drove an ambulance packed with explosives into the parking of the Qardaha hospital. Another man was in the vehicle with him, but it was unclear whether he was an accomplice or a hostage. Four people were killed in the attack," said Observatory director Rami Abdel Rahman.

Earlier, state television had reported the blast but did not specify the nature of the attack.

The attack, the first explosion to hit the heart of the western town since the outbreak of Syria's civil war in 2011, killed a nurse, a hospital employee and two soldiers, said Observatory director Abdel Rahman.

The outskirts of Qardaha have previously come under rocket fire, while Latakia province -- where the town is located -- has seen several rounds of heavy fighting.

A mausoleum containing the graves of President Bashar al-Assad's father and predecessor, Hafez, and brother Bassil, is located in Qardaha.

The clan has ruled Syria with an iron fist for more than 40 years.

Syria's war began in March 2011 as a pro-democracy revolt seeking Assad's ouster. It morphed into a conflict after the regime unleashed a brutal crackdown on dissent.

- Troops kill 10 children -

Meanwhile, the Observatory said 10 children and 13 rebels were among 48 people executed by government forces in the northern village of Rityan earlier this week.

The killings took place after troops entered the town Tuesday, during an offensive aimed at cutting rebel supply lines to the Turkish border.

Abdel Rahman said all the dead were from six families.

"There was no resistance except in one house where a rebel opened fire at troops before being executed along with his family."

The brief seizure of Rityan was part of an abortive army offensive this week to encircle the rebel-held east of Aleppo and relieve two besieged Shiite villages to its north.

By Friday all but one of the villages taken by government forces had been recaptured by the rebels, who include fighters from Al-Qaeda affiliate Al-Nusra Front.

The heavy fighting claimed the lives of 129 loyalists and 116 rebels, including an Al-Nusra commander, according to an Observatory toll.

- Air raids kill thousands -

While the ground offensive failed, warplanes kept pounding rebel areas of Aleppo city and other parts of the country.

On Saturday, two women and two children were among eight people killed when a barrel bomb hit a building in an opposition-held area of Aleppo city, once Syria's commercial capital.

Six people were also reported killed in rebel shelling of regime-held areas of the city.

The air force also killed at least 10 people in rebel areas east of Damascus Saturday, the Observatory said.

According to the group, they were the latest of more than 7,000 people killed across Syria since the UN Security Council passed a resolution last year ordering an end to sieges and indiscriminate use of weapons in populated areas.

The Observatory "has documented the killing of 5,812 civilians, including 1,733 children, 969 women and 3,110 men in barrel bombings and (other) air raids" over the past year.

Meanwhile, rebel fire on regime-held areas killed 1,102 people, said the Observatory, adding that 234 of them were children.

And 313 people died in areas under army siege in the past year, as a result of food and medical shortages, despite the fact that the resolution also ordered the lifting of sieges.

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By now, you've probably heard about "Fifty Shades of Grey." 

The film adaptation of the best-selling book series is dominating (sorry for the pun) at theaters. "Fifty Shades" had the highest-grossing Presidents Day weekend ever, making $94 million.

While you may know the basic premise — it's about a virginal college student who falls for a billionaire with a knack for bondage and domination — you may not have read the books nor plan on seeing the movie. 

But we bet you still want to know what it's about. 

We have you covered. 

What is 'Fifty Shades of Grey' about?

E.L. James' erotica novel is written from the perspective of college student Anastasia Steele. Before graduation, she interviews the mysterious and eligible billionaire bachelor Christian Grey for her school's paper. She's not studying journalism. Instead, Anastasia, who goes by Ana, is just conveniently filling in for her sick roommate who was supposed to do the interview.

From the moment the two meet, Ana is pretty smitten with Christian. He makes her flush with nervousness as she fidgets with her tape recorder. She stutters as she speaks, and his calm but stern temperament makes her heartbeat start to race.

Naturally, Christian is actually pretty into Ana, too. It's not really clear why. She's a plain Jane, has no plans for her future after college, and she's clumsy. But for some reason he can't control himself any moment she bites down on her lip. Before you know it, Christian's showing up at Ana's place of employment, sending her expensive presents (first-edition copies of books by her favorite author and a new MacBook), getting jealous of other men in her life, and taking her for helicopter rides. 

Romantic, right?

Well, here's the twist.

It turns out there's a reason Christian is single. He's really into BDSM (bondage, domination, sadism, and masochism) relationships, and he wants Ana to play the submissive to his dominant.

If you've ever seen 2001's "Secretary" with Maggie Gyllenhaal and James Spader, it's sort of a similar setup. 

Christian has a giant non-disclosure agreement whipped up detailing the specifics of their relationship. It contains safe words and limits, and it details the different sexual acts in which the two will participate.

The entire first book and movie follow Ana's decision whether to sign the lengthy contract.

Oh, yeah. There's more than one book.

If you thought you'd be free after this film, you're wrong! There are two more books in the series called "Fifty Shades Darker" and "Fifty Shades Freed."

You can bet more movies will be on the way. The first film has already made more than $266 million worldwide.

It's based on 'Twilight' 

You can thank "Twilight" author Stephenie Meyer for inspiring "Fifty Shades." The BDSM trilogy started out as "Twilight" fan fiction.

James began writing her series on Fanfiction.net. Early drafts of "Fifty Shades" were referred to as "Masters of the Universe" and were written from the perspective of Bella and Edward from "Twilight."

Steele is Bella, right down to the clumsiness and awkward comments. And just like Bella, she is drawn to a dark man and embarks on a violent relationship. Grey is supposed to be Edward without the immortality, fangs, and sparkly skin. The two later transformed into Ana and Christian.

I don't get it. Why do women love this? It sounds awful.

Oh, the writing's not that great. 

What I've gathered from reading the trilogy when it came out is that "Fifty Shades" is about playing out the fantasies and conversations written on the page in your head. 

That's what women had to do before they knew who were cast as the leads for the film.

In many ways, the film actually takes away from that experience, because there are many more explicit sexual acts in the book than in the film. 

What are some of these conversations and fantasies you're talking about?

Most of the first book's 500-plus pages consist of text messages and email messages that occur between Ana and Christian. While many are flirty with silly email subjects, some are similar to dirty texts sent between teens or young lovers.

Here is an example of an email exchange between the two. Note that they'll change the subject each time they respond to each other.

From: Anastasia Steele
Subject: Chastising ... Me?
Date: May 31 2011 19:22 EST
To: Christian Grey

Dear Sir, 
When have I ever plucked up the nerve to chastise you, Mr. Grey? I think you are mixing me up with someone else ... which is very worrying. I really do have to get ready.

Your Ana

--

From: Christian Grey
Subject: Your Behind
Date: May 31 2011 16:25
To: Anastasia Steele

Dear Miss Steele, 
You do it all the time in print. Can I zip up your dress?

Christian Grey
CEO, Grey Enterprises Holdings, Inc.

--

From: Anastasia Steele
Subject: NC-17
Date: May 31 2011 19:28 EST
To: Christian Grey

I would rather you unzipped it.

--

From: Christian Grey
Subject: Careful what you wish for ...
Date: May 31 2011 16:25
To: Anastasia Steele

SO WOULD I.

Christian Grey
CEO, Grey Enterprises Holdings, Inc.

The two also have discussions about the different things Ana wants to consent to including:

Ankles bound
Elbows bound
Hands bound behind back
Knees bound
Binding to fixed items, furniture, etc.
Suspension
Blindfolds
Gags
Bondage with rope
Bondage with leather cuffs
Bondage with handcuffs/shackles/manacles
Clamps
Whipping
Paddling
Vibrators and other sex toys

The list goes on, but you get the idea.

The emails are probably the best part of the book, and that's a shame, because they get very little play in the movie. 

Keertana Sastry contributed to an earlier version of this story.

SEE ALSO: Meet the author behind the "Fifty Shades of Grey" phenomenon

AND: Analysts grossly underestimated the allure of "Fifty Shades" at the box office

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NOW WATCH: Learn what all the fuss is about — here's the regular guy's guide to 'Fifty Shades of Grey'

(Feb 21 update: On Twitter, Greek finance minister Yanis Varoufakis denied the following report.)

The Greek debt crisis was reportedly close to coming to physical blows earlier this week.

The French paper Libération reported Wednesday that Greek Finance Minister Yanis Varoufakis got into a heated confrontation with Eurogroup president Jeroen Dijsselbloem on Monday afternoon at the meeting of European finance ministers trying to hammer out a deal on the Greek bailout. 

As a result of the altercation, German finance minister Wolfgang Schäuble refuses to speak to his Greek counterpart. 

Here is a translated part of the intro text of the Libération post: 

"Liar!" yelled Yanis Varoufakis, full of rage. Jeroen Dijsselbloem, accustomed to the usual courtesy that exists within the club of finance ministers of the euro area, was livid. The Dutchman, president of the Eurogroup, seemed fragile faced by the massive Greek Finance Minister, who is physically similar to Bruce Willis. "It was incredible. We really thought they would come to blows," said a witness at the scene. 

And here's more translated from part of the Libération audio report:

Informed of the incident, Wolfgang Schäuble, the German finance minister, no longer wants to speak with Yanis Varoufakis, which really bothers the other members of the Eurogroup because it won't be easy to put them in the same room in the future. That's all to explain the degree of high tension we've gotten to.

Perhaps this informs why there have been so many leaked letters to the press. In any case, things are impassioned in Europe.

(Feb 21 update: On Twitter, Greek finance minister Yanis Varoufakis denied this report.)

@businessinsider I have bad news for you: You report is fake. Never was there such a moment between Jeroen and me. Sorry to disappoint.

— Yanis Varoufakis (@yanisvaroufakis) February 21, 2015

SEE ALSO: REPORT: Greece may have sent Germany the wrong letter on Thursday

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