Exit Strategies Key For Small Businesses | Stuff.co.nz

When you start up your business, know how you're going to get out of it. Exit strategies are a key part of planning and growing any small business, experts say.

It might seem strange to open a new business and immediately think about how you will leave it, but a succession plan was an important part of ensuring a business succeeds, said MYOB New Zealand executive director Scott Gardiner.

''Planning how you want your business to grow and develop means having an end goal in mind and knowing exactly what it is that you are working towards, '' Gardiner said. ''Is this something you could look to sell on down the line for a significant profit? Or is it something you see yourself doing for years? Is the business something you want to pass on to family? Or are you likely to find yourself interested in a new challenge in a few years time?''

David Allison, business strategist from business incubator Creative HQ said that even if you intended staying in your business and growing it indefinitely, having some form of exit plan means everyone who is important in your business, as well as incoming investors, are all on the same page as to where the business is moving.

''And even if you intend on staying in the business it is likely most of your investors will want to exit at some point,'' Allison said. Having a plan helps manage that process.

Having a plan in place also meant a small business could respond quickly if they were approached unexpectedly by a potential buyer or investor, he said.

Gardiner said while it was never too late to start thinking about an exit strategy, the way a business was shaped from the beginning would have an major impact on what a business owner had to sell or pass on.

''For this reason, it pays to start thinking as early as possible about how you will be able to step away from what you've created and where the value will lie for someone else to take it over. Think about the structures you can put in place to enable them to be just as successful as you are as the business's owner.''

Any business could be built to provide some value for the owner as they exited. The key to doing so was good planning and advice, Gardiner said. ''Consider everything from identifying a potential lucrative long-term market for your business to maximising factors that will help you realise its full potential, like branding, IP, staff experience, product set, systems, processes, strategic partnerships, book keeping, customer base and customer service.''

A good source of that advice will be your accountant or financial advisor, who could highlight a business' strengths and help take emotion out of the decision, giving a dispassionate, independent view of the business' true value, Gardiner said.

Establishing good systems and having sound financial records are also a vital part of an exit strategy, he said. ''To be able to demonstrate the true value of your business, you will need to be able to show a complete record of your performance over the life of the operation.''

But the form of any exit strategy will always be determined by the type of business owner, he said.

''Business owners tend to fit into one of three camps: the 'passionate professional' who runs their business for the sheer love of it; the 'business builder' who is focussed on building the great company of tomorrow or making a profitable exit to take on their next challenge; and the 'lifestyle seeker' for whom being their own boss offers freedom to enjoy more of life.

''Each of these different types of business owners will have their own set of requirements and considerations when formulating an exit strategy.

''Business owners who invest a great deal of themselves in the operation find it the hardest to exit,'' Gardiner said. ''Often, they are the whole business - they have built the reputation of the organisation on their own talents. To exit the business, they'll need to think very carefully about how to create something of value that doesn't depend on their involvement.''

- ? Fairfax NZ News

Source: http://www.stuff.co.nz/business/small-business/8834598/Exit-strategies-key-for-small-businesses

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Abbas accepts Palestinian premier's resignation

RAMALLAH, West Bank (AP) ? President Mahmoud Abbas accepted the resignation of his newly appointed prime minister on Sunday, a spokesman said, leaving his Palestinian Authority in disarray at a time when he is focusing on a U.S. push to restart peace negotiations with Israel.

Prime Minister Rami Hamdallah had served only two weeks when he abruptly resigned last week over a conflict of authority with his deputies. Abbas initially asked him to reconsider, but ultimately accepted the resignation and asked Hamdallah to stay on as head of a caretaker government until a replacement is found, Abbas aide Nabil Abu Rdeneh told The Associated Press.

Such a caretaker government could remain in place for weeks. There was no sign of a likely candidate to succeed Hamdallah.

Abbas is likely to look for someone who has the blessing of the Western donor countries that prop up the Palestinian Authority, has experience in economic affairs and also is close to his Fatah movement.

Abbas appointed Hamdallah, a university president and political novice, earlier this month in an apparent move to consolidate power. Hamdallah replaced internationally known economist Salam Fayyad, who had clashed with Abbas.

The prime minister heads the Palestinian Authority, the self-rule government in parts of the West Bank that handles day-to-day affairs of Palestinians.

While he is not involved in diplomacy, the timing of the change comes as a tricky time for Abbas. U.S. Secretary of State John Kerry is about to return to the region as part of his push to renew the Israeli-Palestinian peace process.

Abbas won't resume negotiations as long as Israeli settlement construction continues in the West Bank and east Jerusalem, occupied areas where the Palestinians want to establish a state. Israel has refused to halt building. Abbas' aides fear he will be pushed to return to talks on Israel's terms or risk being blamed for the failure of the U.S. mission.

Hamdallah took office June 6 after unexpectedly being plucked by Abbas from a career in academia to replace Fayyad, a political independent who served for six years and was respected by the West as a pragmatist.

Leading Fatah figures clamored for Fayyad to be replaced, arguing that the prime minister should be close to Fatah. Hamdallah's appointment was seen as a bid by Abbas to consolidate power.

Source: http://news.yahoo.com/abbas-accepts-palestinian-premiers-resignation-151023146.html

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5 things learned in Game 5 of Stanley Cup finals

Chicago Blackhawks right wing Patrick Kane (88) acknowledges the crowd as he is named as the number one star of the game after the Blackhawks beat the Boston Bruins 3-1 in Game 5 of the NHL hockey Stanley Cup Finals, Saturday, June 22, 2013, in Chicago. Kane scored two of Chicago's three goals. (AP Photo/Charles Rex Arbogast)

Chicago Blackhawks right wing Patrick Kane (88) acknowledges the crowd as he is named as the number one star of the game after the Blackhawks beat the Boston Bruins 3-1 in Game 5 of the NHL hockey Stanley Cup Finals, Saturday, June 22, 2013, in Chicago. Kane scored two of Chicago's three goals. (AP Photo/Charles Rex Arbogast)

Boston Bruins defenseman Zdeno Chara (33) is congratulated by Boston Bruins center David Krejci (46) after scoring a goal against the Chicago Blackhawks in the third period during Game 5 of the NHL hockey Stanley Cup Finals, Saturday, June 22, 2013, in Chicago. (AP Photo/Charles Rex Arbogast)

CHICAGO (AP) ? Five things learned in the Chicago Blackhawks 3-1 win over the Boston Bruins in Game 5 of the Stanley Cup finals on Saturday night:

___

STANLEY IS WAITING: The Chicago streets aren't being shut down for a victory party just yet, but don't blame city officials if they've already started planning the parade. After looking as lively as road kill in Game 3, the Blackhawks have bounced back behind the reconfigured line of Jonathan Toews, Patrick Kane and Bryan Bickell. Four goals in two games, 10 points and, in the most important stat of all, two wins after Saturday night's commanding 3-1 win. Now it's Boston that reeks of desperation. The Bruins were no match for Chicago's speed and skill in Game 5, and resorted to hits ? big, cheap and otherwise ? to try and keep it close. Expect more of the same in Game 6 on Monday night in Boston, but expect an inspired effort from the Blackhawks, too. "It's going to be exciting," Bickell said. "One win from the ultimate goal when you're a kid, to win the cup. ... It's going to be a hard task going to Boston. Hopefully we can finish it up then and not come back here."

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NOT SO FAST: Sure, it sounds good for players to say they're not discouraged and they still think they've got a chance. But the Bruins have the record to prove it. This, after all, is a team that was down 4-1 to Toronto with 11 minutes left in Game 7 in the first round of the playoffs. We all know how that one ended. Nathan Horton, Milan Lucic and Patrice Bergeron scored to tie it up, and Bergeron scored the game winner in overtime. And the last time the Bruins won the Stanley Cup? Yep. They fell behind Vancouver 3-2 in 2011, only to come back and win the last two games. "We're just going to worry about Game 6," David Krejci said. "We're not going to give them anything easily. If they want to win the cup, they're going to have to fight for it because we're going to be ready."

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BERGERON'S STATUS: Boston's hopes of forcing a Game 7 may very well rest with Patrice Bergeron. Which is not exactly encouraging considering the Bruins assistant captain was admitted to a Chicago hospital for observation in the third period Saturday night. The Bruins aren't saying what's wrong with Bergeron or how the injury happened, let alone predict whether the Selke Trophy finalist will be able to play Monday. But if coach Claude Julien's prickliness is any indication, it doesn't look good. "I'm not going there, so anything else but injury here," Julien said after getting a third straight question about Bergeron's status. "I'll update you when I have an update. There's nothing more. We can ask a million questions. I don't have any more information than probably you guys do right now."

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FITS LIKE A GLOVE: The "Kick Me" sign is off Corey Crawford's back for at least a day. Despite having his team one win from the Stanley Cup title, Crawford continues to be the source of great angst in Chicago. He gives up soft goals. He's vulnerable on his glove side. He's bland. And what's wrong with giving Ray Emery a shot, anyway? (Emery was 17-1 during the regular season.) Yet Crawford keeps doing his thing ? and doing it quite well, thank you. Yes, Zdeno Chara scored Boston's lone goal on Crawford's glove side. But it was one goal! Tuukka Rask, who has been elevated almost to Martin Brodeur status during the playoffs, has been playing more like Martin Short, giving up eight goals ? EIGHT! ? in the last two games alone.

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POWER OUTAGE: The Boston Bruins did not have a single power play in Game 5. That may not be a big deal for the Blackhawks, whose power play is worse than that of some pee-wee teams. But the man-advantage has been big for the Bruins, who have scored four of their 13 goals in this series on power plays.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2013-06-23-HKN-Stanley-Cup-Five-Things/id-364adbeac183404abba691a5732cc671

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Popovich: Spurs 'hurting' after Finals loss

SAN ANTONIO (AP) ? Gregg Popovich was reflective, loquacious, funny and even answered questions from the media without prompting.

It's easy to say it was all a bit out of character for Popovich, but the circumstances were new to the San Antonio Spurs coach and all those who have followed them.

San Antonio was 28 seconds away from going a perfect 5 for 5 in the NBA Finals under Popovich when everything went wrong. The Miami Heat rallied from a five-point deficit to tie Game 6, eventually winning in overtime Tuesday and then closing out their second straight title Thursday with a victory in Game 7.

So, instead of preparing for a victory parade along the San Antonio River, the Spurs spent Saturday morning cleaning out their lockers at the team's practice facility.

"I don't really want to do a soliloquy, but the elephant in the room is that we're all hurting because we had an opportunity to win a championship right in the palm of our hands and it didn't happen," Popovich said. "So, that hurts, and it will dissipate over time, but right now it hurts everyone to varying degrees."

San Antonio never trailed in the NBA Finals previously under Popovich and Tim Duncan, but they also never faced a player like LeBron James, not even when they swept a then 22-year-old James and the Cleveland Cavaliers for the 2007 championship.

James' 3-pointer in the final seconds of regulation helped tie Game 6 and his jumper with 1:43 left in overtime proved to be the winner in a 103-100 victory. He earned his second straight Finals MVP after finishing with 32 points, 10 rebounds and 11 assists in Game 6 and 37 points and 12 boards in a 95-88 victory in Game 7.

Will losing the title in such heartbreaking fashion makes it tougher for the Spurs to rebound next season and compete for another title?

"That's the kind of articles you guys write," Popovich said, deflecting the question before cracking a smile, "that we always read. ... I read every one of them, I swear, I swear, I read every one."

Popovich's mood, along with the rest of the team, was lifted by the thousands of fans who greeted them at the airport Friday afternoon upon their return from Miami. The reception shamed, humbled, inspired and ultimately touched Popovich.

"I'll be honest with you, when you saw the crowd, the first feeling I had was embarrassment," Popovich. "We wanted to bring it home for them so badly. Was just embarrassed that we didn't get it done and then as you look at them all and they just keep cheering you realize, my gosh, you really felt the love and the way they care for these guys and their team and then it did make it easier. Like, 'Hey, they're with us.' "

Fans will likely be rooting for essentially the same team next season, which is good news for a franchise that won the Southwest Division title while reaching the postseason for the 16th consecutive year.

Along with All-Star point guard Tony Parker, the most critical returning player is Duncan, who revived his career with two strenuous offseasons. The 37-year-old forward has lost 30 pounds over the past two years, enabling him to earn All-NBA First Team honors for the first time in six years. He averaged 17.8 points, 9.9 rebounds and shot a career-best 82 percent on free throws this season.

"I have a contract that says I am," Duncan said following Game 7 when asked if would return next season.

Asked specifically if he was planning on retiring, Duncan said, "Not right now."

Manu Ginobili is another matter. His contract expires this summer and the 35-year-old guard was unsure of his plans following Game 7.

Ginobili battled injuries and a declining game all season, and those struggles only exacerbated in the postseason. He averaged 11.5 points in the playoffs, his lowest total since his rookie season in 2003, and he committed eight turnovers in the Game 6 loss.

Barring a career renaissance like Duncan is enjoying, Ginobili's place amongst the team's Big 3 is likely at an end.

If Ginobili doesn't bounce back, the Spurs discovered a replacement in Kawhi Leonard.

After averaging 11.9 points and 6.0 rebounds in the regular season, the second-year forward averaged 13.5 points and 9.0 rebounds in the postseason while stymieing James defensively for much of the finals.

"(He is) unbelievably coachable, a hard worker," Popovich said. "He's going to be a future star because he's like a babe in the woods, still. I don't even call plays for him and you see what he does out on the court. He's just beginning to feel his way and he will be getting the ball more and more as time goes on."

Leonard was invited to play for USA Basketball, but his availability is in doubt because of chronic knee soreness he experienced in the final months of the season.

"It's obviously an honor, to be involved in USA basketball in any way, shape or form and Kawhi is thrilled with the selection," Popovich said, "but we need to talk to the doctors to make sure he is able to do it."

Leonard's continued development, along with those of younger players such as Danny Green, Gary Neal, Cory Joseph, Tiago Splitter and Nando De Colo will be key to the team's continued success because the Spurs are not expected to make any major trades or free-agent signings.

"People have been telling us to get younger for the last 15 years, I think," Popovich said. "So, we stopped listening to that a long time ago. At one point, I guess we will be too old, who knows when that is. Going to the conference finals last year and Finals this year kind of proves that something is going right."

With that, Popovich figuratively doffed his San Antonio Spurs cap at the media that had gathered on a Saturday morning and went back into the team's practice facility to continue working towards next season.

"Thanks for everything," he said. "You guys were great all year long, and ladies, but I am happy I don't have to do it again until September."

Source: http://news.yahoo.com/popovich-spurs-hurting-finals-loss-220918421.html

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Americans' vitamin D levels are highest in August, lowest in February, study shows

June 22, 2013 ? UC Irvine and Mayo Clinic researchers have found that vitamin D levels in the U.S. population peak in August and bottom out in February. The essential vitamin -- necessary for healthy bones -- is produced in the skin upon exposure to ultraviolet B rays from the sun.

Vitamin D helps bones absorb calcium and can protect against osteoporosis. It's also thought to play a role in seasonal illnesses, such as the flu. Low levels of vitamin D are believed to impair "innate immunity" i.e., the body's first line of defense against pathogens. To further study this link, good estimates of the cyclicality of the vitamin are necessary. Solar exposure -- a timely topic since June 21 marks the first day of summer -- is the most important way people acquire vitamin D. But certain foods, including egg yolks and oil-rich fish like mackerel, salmon, sardines and herring contain the nutrient. In addition, milk and cereal are often enriched with vitamin D.

"Even with food fortification, vitamin D levels in the population show a high level of seasonality due to the influence of sunlight," said Amy Kasahara, a UC Irvine graduate student in public health and first author on the paper, which appears in the journal PLOS ONE.

"The exact biochemical pathways from UVB rays to vitamin D were discovered in the 1970s," she said. "In this study, we have shown that vitamin D levels lag the solar cycle, peaking in August and troughing in February."

The correlation between the seasons and vitamin D has been known for some time. "What we have been able to do is put a lot more precision on the estimates of vitamin D seasonality," said Andrew Noymer, associate professor of public health and senior author of the article.

"Our analysis, combined with other data, will help contribute to understanding the role of vitamin D in all seasonal diseases, where the simple winter/spring/summer/fall categories are not sufficient."

Researchers measured the level of 25-hydroxyvitamin D in 3.4 million blood samples collected weekly in the U.S. between July 2006 and December 2011.

The study looked at population averages, so people shouldn't make assumptions about their own levels of vitamin D based on the calendar. Healthcare providers can perform individual blood tests to measure vitamin D directly, and supplements are available for those who cannot or do not receive enough exposure to sunlight.

Source: http://feeds.sciencedaily.com/~r/sciencedaily/health_medicine/nutrition/~3/M6AgS9aaSR0/130622154600.htm

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South Korea's Park set to charm China, show up the North

By Ju-min Park

SEOUL (Reuters) - When the presidents of China and South Korea meet in Beijing this week, they will likely use a rapport that blossomed eight years ago to find common ground on North Korea as well as seek ways to boost already vibrant economic ties.

With her self-taught Mandarin and interest in Chinese culture, South Korea's Park Geun-hye will get a warm welcome during a four-day state visit that begins on Thursday.

"I am sure this summit will be an unprecedented honeymoon for China and South Korea," said Woo Su-keun, a South Korean professor at Donghua University in Shanghai.

The contrast between China's relationship with South Korea and its testy ties with the erratic North could not be starker.

Beijing, the closest thing North Korea has to a major ally, has grown frustrated with Pyongyang and was heavily involved in U.N. sanctions imposed for the North's third nuclear test in February. Its annual trade with North Korea is a puny $6 billion, versus $215 billion with the South.

On top of that, ordinary Chinese love South Korean fashion, pop stars and soap operas. North Korea, by contrast, is seen as a dangerous liability, and Chinese refer to leader Kim Jong-un derisively on social media as "Fatty Kim".

Helping the mood music for Park, a slightly built and elegant 61-year-old, China's relations with Japan are also in the deep freeze due to a row over disputed islands in the East China Sea.

Park's trip follows two visits by North Korean envoys to Beijing in the past month. While North Korea offered talks on its nuclear programme during those visits, experts are sceptical Pyongyang is ready to make any concessions.

North Korea will be high on the agenda when she meets Chinese President Xi Jinping, who in a telephone call in March after both leaders took office called Park "an old friend of the Chinese people and of myself", according to South Korean officials.

Both are expected to agree Pyongyang must give up its nuclear weapons. Park might also be able to use her personal chemistry with Xi - who she first met over lunch at a Chinese restaurant in Seoul in 2005 - to get China to put more pressure on Pyongyang, experts said.

"Out of frustration and scepticism over a decade of North Korea's nuclear weapons development, China is now stepping up its push for denuclearization," said Lee Soo-hyuck, a former South Korean deputy foreign minister and its chief envoy to disarmament talks between 2003 and 2005.

However, China is highly unlikely to do anything that would cause the collapse of North Korea, which it sees as a strategic land buffer against American influence in the region.

TRADE BOOMING

Park and Xi will also focus on forging a stronger economic partnership.

The South Korean leader will take a big business delegation to China, including executives from Samsung Electronics Co Ltd and Hyundai Motor although it was unclear if any deals will be signed. Park's office expects a bilateral free trade pact under negotiation to be discussed.

China is South Korea's biggest trading partner. South Korea is also one of the few developed countries that runs a surplus with China - to the tune of $53 billion in 2012 according to Seoul - thanks to exports of cars, smartphones, flat screen TVs, semiconductors and petrochemicals.

South Korean imports to China overtook Japan last September, Singapore's DBS Bank said in a recent research note.

Hyundai and its Kia Motors affiliate are now the third biggest seller of cars in China, ahead of their Japanese rivals. Volkswagen AG and General Motors are the top two.

South Korean investment has also poured into China, exceeding $40 billion since 1988.

After meetings in Beijing, Park will visit Xi'an, an industrial city in northwestern China where Samsung, the world's top technology firm by revenue, is building a $7 billion chip complex. Hyundai has just completed its third plant in Beijing.

TIES THAT BIND

When China and North Korea sealed their relationship in blood fighting side by side in the Korean War, both were poor and isolated against the West. North Korea remains poor to this day while China is the world's second largest economy and South Korea is an industrial powerhouse.

Beijing only established diplomatic relations with South Korea in 1992, but ties have flourished since.

In 2005, when Xi was Communist Party boss of the wealthy eastern coastal province of Zhejiang, he met Park for lunch.

Xi was keen to learn about the economic New Village Movement, a rural development program in the 1970s undertaken by Park's father, military ruler Park Chung-hee who is credited with building modern South Korea.

Park, according to South Korean media reports, later gave Xi two boxes of materials that included her father's speeches on the movement and a book about South Korean economic development.

She is an admirer of Chinese culture and her favourite book is a "History of Chinese Philosophy" by philosopher Feng Youlan. She has spoken fondly of her earlier trips to China.

"President Park has a soft spot for China," the official China News Service said. "This kind of friendly public diplomacy gives a good impression to Chinese people and is extremely important."

(Additional reporting Ben Blanchard in Beijing and Megha Rajagopalan in Kuala Lumpur; Editing by Jack Kim and Dean Yates)

Source: http://news.yahoo.com/south-koreas-park-set-charm-china-show-north-210748650.html

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Taliban kill 10 foreign climbers, Pakistani guide

ISLAMABAD (AP) ? Islamic militants disguised as policemen killed 10 foreign climbers and a Pakistani guide in a brazen overnight raid against their campsite at the base of one of the world's tallest mountains in northern Pakistan, officials said.

The Pakistani Taliban claimed it carried out the attack at Nanga Parbat to avenge the death of their deputy leader in a U.S. drone strike last month.

The area has largely been peaceful, hundreds of kilometers (miles) from the Taliban's major sanctuaries along the Afghan border. But the militant group, which has been waging a bloody insurgency against the government for years, has shown it has the ability to strike almost anywhere in the country.

The Taliban began their attack by abducting two local guides to take them to the remote base camp in Gilgit-Baltisan, said Interior Minister Chaudhry Nisar Ali Khan. One guide was killed, and the other has been detained for questioning. The attackers disguised themselves by wearing uniforms used by the Gilgit Scounts, a paramilitary force that patrols the area, Khan said.

Around 15 gunmen attacked the camp at around 11 p.m. Saturday, said the Alpine Club of Pakistan, which spoke with the surviving guide, Sawal Faqir. They began by beating the mountaineers and taking away any mobile and satellite phones they could find, as well as everyone's money, said the club in a statement.

Some climbers and guides were able to run away, but those that weren't were shot dead, said the club. Faqir was able to hide a satellite phone and eventually used it to notify authorities of the attack.

Attaur Rehman, the home secretary in Gilgit-Baltistan, said 10 foreigners and one Pakistani were killed in the attack. The dead foreigners included three Ukrainians, two Slovakians, two Chinese, one Lithuanian, one Nepalese and one Chinese-American, according to Rehman and tour operators who were working with the climbers. Matt Boland, the acting spokesman at the U.S. Embassy in Islamabad, confirmed that an American citizen was among the dead, but could not say whether it was a dual Chinese national.

The shooting ? one of the worst attacks on foreigners in Pakistan in recent years ? occurred in a stunning part of the country that has seen little violence against tourists, although it has experienced attacks by radical Sunni Muslims on minority Shiites in recent years.

Pakistani Taliban spokesman Ahsanullah Ahsan claimed responsibility for the attack, saying their Jundul Hafsa faction carried out the shooting as retaliation for the death of the Taliban's deputy leader, Waliur Rehman, in a U.S. drone attack on May 29.

"By killing foreigners, we wanted to give a message to the world to play their role in bringing an end to the drone attacks," Ahsan told The Associated Press by telephone from an undisclosed location.

The U.S. insists the CIA strikes primarily kill al-Qaida and other militants who threaten the West as well as efforts to stabilize neighboring Afghanistan. In a recent speech, President Barack Obama outlined tighter restrictions on the highly secretive program.

Pakistani Prime Minister Nawaz Sharif, who wants to pursue peace talks with militants threatening his country, has insisted the U.S. stop the drone strikes, saying they violate Pakistan's sovereignty and are counterproductive because they often kill innocent civilians and stoke anti-U.S. sentiment in this nation of 180 million people.

Sharif responded to the attack on the camp by vowing "such acts of cruelty and inhumanity would not be tolerated and every effort would be made to make Pakistan a safe place for tourists."

Officials expressed fear the attack would deal a serious blow to Pakistan's tourism industry, already struggling because of the high level of violence in the country.

The interior minister promised to take all measures to ensure the safety of tourists as he addressed the National Assembly, which passed a resolution condemning the attack.

"A lot of tourists come to this area in the summer, and our local people work to earn money from these people," said Syed Mehdi Shah, the chief minister of Gilgit-Baltistan. "This will not only affect our area, but will adversely affect all of Pakistan."

He said the base camp was cordoned off by police and paramilitary soldiers after the attack, and a military helicopter searched the area.

Volodymyr Lakomov, the Ukrainian ambassador to Pakistan, also condemned the attack and said, "We hope Pakistani authorities will do their best to find the culprits of this crime."

Many foreign tourists stay away from Pakistan because of the country's reputation as being a dangerous place. But a relatively small number of intrepid foreigners visit Gilgit-Baltistan during the summer to marvel at the towering peaks in the Himalayan and Karakoram ranges, including K2, the second-highest mountain in the world.

A few try to climb them. The world's ninth-highest mountain, Nanga Parbat is 8,126 meters (26,660 feet) tall and is notoriously difficult to summit. It is known as the "killer mountain" because of numerous mountaineering deaths in the past.

Pakistan has very close ties with neighboring China and is sensitive to any issue that could harm the relationship. Pakistani officials have reached out to representatives from China and Ukraine to convey their sympathies, the Foreign Ministry said.

The government suspended the chief secretary and top police chief in Gilgit-Baltistan following the attack and ordered an inquiry into the incident, said Khan, the interior minister.

The shooting was one of the worst attacks on foreigners in Pakistan in the last decade. A suicide attack outside a hotel in the southern city of Karachi killed 11 French engineers in 2002. In 2009, gunmen attacked the Sri Lankan cricket team in the eastern city of Lahore, killing six Pakistani policemen, a driver and wounding several players.

___

Associated Press writer Rasool Dawar contributed to this report from Peshawar, Pakistan.

Source: http://news.yahoo.com/taliban-kill-10-foreign-climbers-pakistani-guide-003952483.html

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