Jumaat, 30 November 2012

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US stocks eke out last-minute gains

Posted: 30 Nov 2012 05:10 PM PST

NEW YORK: US stocks took a jump in the last 15 minutes of trade Friday to end mostly in the black, with little hard news to direct trade as talks in Washington over a fix to the fiscal cliff continued.

After trading under water for most of the session, the Dow Jones Industrial Average finished the day up 3.76 points (0.03 percent) at 13,025.58.

The S&P 500 gained 0.23 (0.02 percent) to 1,416.18.

The Nasdaq Composite slipped a bare 1.79 (0.06 percent) at 3,010.24.

The markets continued to brush off political sparring over the cliff talks, with traders seeming to presume that the deep divide between Democrats and Republicans will be overcome before the January 1 deadline for implementation of harsh tax hikes and spending cuts.

Utilities and non-cyclical consumer goods were generally higher while resource stocks and health companies fell.

Trade was strong in discount chain Dollar General amid analyst chatter over whether it was undervalued, but the shares ended just 0.3 percent higher at $50.00.

Yum Brands, the global KFC and Pizza Hut owner, plunged 9.9 percent as it cautioned that China sales would be soft in the fourth quarter and it cut its 2013 profit forecast.

Zynga fell 6.1 percent after announcing a change in its relationship with Facebook, the host of many of its web games, that will allow it to move to other online platforms but also allow Facebook to develop its own games.

Internet registry VeriSign sank 13.2 percent as regulators limited its ability to raise prices for domain names.

Groupon shares sank 8.7 percent after three days of gains, still managing to end a week surrounded by rumors of management infighting with a 4.9 percent rise. -- AFP

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Obama says not acceptable for "handful of Republicans" to block fiscal deal - Reuters

Posted: 30 Nov 2012 09:37 AM PST

U.S. President Barack Obama waves from Air Force One at Andrews Air Force Base near Washington, November 30, 2012. REUTERS/Jason Reed

HATFIELD, Pennsylvania | Fri Nov 30, 2012 12:35pm EST

(Reuters) - President Barack Obama accused a "handful of Republicans" in the House of Representatives on Friday of holding up legislation to extend tax cuts for middle-class Americans in order to try to preserve them for the wealthy.

Facing a year-end fiscal crunch, Obama used a visit to a toy factory to try to drum up support among Americans and pressure Republicans in Congress to agree to his proposal to let the tax cuts expire for Americans who make more than $250,000 a year.

Obama blamed Republicans who control the House of holding up a deal.

"It's not acceptable to me and I don't think it's acceptable to you for just a handful of Republicans in Congress to hold middle-class tax cuts hostage simply because they don't want tax rates on upper income folks to go up," Obama said.

(Reporting By Mark Felsenthal, Writing by Steve Holland and Matt Spetalnick)

Powerball winning ticketholders named in Mo. - CBS News

Posted: 30 Nov 2012 09:38 AM PST

Updated at 12:29 p.m. ET

DEARBORN, Mo. A 52-year-old Missouri mechanic and his wife claimed their share Friday of the record $588 million Powerball jackpot.

Lottery officials revealed Friday that Mark and Cindy Hill, of Dearborn, held one of two winning tickets for the nation's biggest Powerball jackpot.

The Hills will split the nearly $588 million prize with whoever holds a winning ticket sold at a convenience store in suburban Phoenix. No one has come forward yet with the Arizona ticket, lottery officials said.

"I think I was having a heart attack," Cindy Hill told reporters Friday.

Once lottery officials learned the Hills' identities Thursday, they were whisked away from their home and kept hidden until Friday's press conference. At a hotel, Mark Hill realized he left some sundries at home and needed to pick up some items.

"I found myself at the store looking at the prices of stuff," he told reporters. "Old habits are hard to break."

The $587.5 million payout, which represents the second-largest jackpot in U.S. history, set off a nationwide buying frenzy, with tickets at one point selling at nearly 130,000 per minute. Before Wednesday's winners, the jackpot had rolled over 16 consecutive times without someone hitting the jackpot.

The winning ticket sold in Arizona was purchased at a 4 Sons Food Store in Fountain Hills near Phoenix, state lottery officials said.

It might be in the hands of a man in Maryland, who may have been caught on tape when he found out he hit the jackpot, reports CBS News correspondent Dean Reynolds.

Lottery officials' announcement that the Hills had won only confirmed what many residents in Dearborn, a town of about 500 about 40 miles north of Kansas City, already knew. Lottery officials said Thursday that one winning ticket had been sold at a Trex Mart gas station and convenience store on the edge of town, and Mark Hill's name circulated quickly. While he and his wife did not speak to reporters, friends and relatives identified Mark Hill as the winner.

Myron Anderson, pastor of the Baptist Church in nearby Camden Point, said he heard Thursday that the Hills had won the huge lottery prize. Anderson said he has known Mark Hill since they attended high school together and that the couple have older children and a younger elementary school-age daughter.

"He's a really nice guy, and I know his wife, and they have this nice little adopted daughter that they went out of their way to adopt," Anderson said. Funeral services for Hill's father were at the Baptist church, but the family attends church elsewhere, he said.

"I hope it's good news for them," Anderson said. "I've heard awful horror stories about people who get all that money in their lap and how everybody treats them, and if you don't mind me saying, I mean just the fact that the press is going to be after them."

Kevin Bryan, a lifelong Dearborn resident, said the only other local lottery winner he could remember was a farmer who won about $100,000 in scratch-off game years ago "and bought himself a combine."

In a Mega Millions drawing in March, three ticket buyers shared a $656 million jackpot, the largest lottery payout of all time.

Hill and the holder of the Arizona winning ticket have numerous decisions ahead, including how to accept their new wealth. The cash payout from the overall jackpot has been estimated at about $385 million, or about $192.5 million for each ticket. The winners can take their jackpots in lump sums or annual payments.

Kredit: www.nst.com.my

Khamis, 29 November 2012

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Genting Q3 profit, revenue declines

Posted: 29 Nov 2012 07:24 PM PST

KUALA LUMPUR: Genting Bhd, the Malaysian company which controls casino operators in Southeast Asia, the US and the UK, said third-quarter profit fell 53 per cent as gaming revenue and palm oil prices declined.

Net income dropped to 279.4 million ringgit (US$92 million) in the three months ended Sept 30, or 7.6 sen a share, from 597.2 million ringgit, or 16.2 sen, a year earlier, the company said in a filing to the Kuala Lumpur stock exchange yesterday. Revenue declined 14 per cent to 4.2 billion ringgit.

The company posted its third consecutive quarterly drop in profit after its Singapore unit, which runs one of the island- state's two gaming resorts, reported a 47 per cent slump in net income. Genting Singapore plc plans to open new attractions, including Marine Life Park, on Dec 7 at its Resorts World Sentosa casino resort in the city-state to boost sales.

"The full opening of Resorts World Sentosa will allow the company to capitalise on sales and marketing initiatives that appeal to a wider base of affluent travelers and new markets," Genting said in its exchange filing.

Genting Singapore, which opened its casino resort in the city-state at the start of 2010, reported gaming revenue dropped 20 per cent in the third quarter as slower economic growth and tighter rules curbed spending by gamblers.

Shares of Genting have declined 19 per cent in Kuala Lumpur this year, compared with a 5 per cent advance in the benchmark FTSE Bursa Malaysia KLCI Index. The stock climbed 1 per cent to 8.92 ringgit as of 10:18 a.m. in Kuala Lumpur, set for its biggest gain on a closing basis since Nov. 9.

Genting Malaysia Bhd, a unit operating the only casino resort in the Southeast Asia nation, fell 1.4 per cent to 3.45 ringgit. Genting Singapore advanced 3.6 per cent to S$1.30 in Singapore trading, headed for its biggest gain since Aug. 23.

"Genting's dependency on the volatile Singapore market, which is currently facing some headwinds with the ever-changing government regulations, would be an obstacle to its share price performance in the medium term," Hoe Lee Leng, an analyst at RHB Capital Bhd, wrote in a report today.

Genting last year got 40 per cent of its total revenue from Singapore and another 40 per cent from Malaysia, while the US contributed 10 per cent and the UK accounted for 6 per cent, according to data compiled by Bloomberg.

The group said it lost money in the UK during the quarter, while profit from its gaming business in Malaysia rose 2 per cent, according to the statement.

Genting's plantation division saw profit contributions drop 21 per cent to 122.3 million ringgit, it said yesterday. Pretax profit from power generation more than doubled to 73.6 million ringgit. -- Bloomberg

Carlsberg shares climb on good Q3 results

Posted: 29 Nov 2012 07:28 PM PST

KUALA LUMPUR: Carlsberg Brewery Malaysia Bhd's share price rose 24 sen or 1.95 per cent to RM12.54 as at 10.42 am after posting a
good third quarter financial results.

The alcohol beverage company posted a 25 per cent increase in net profit to RM61.06 million for the third quarter ended Sept 30, 2012 from RM48.85 million a year ago, boosted by its premium beer segment.

Alliance Research said Carlsberg continued to sustain strong growth in the premium beer segment, with momentum spurred by Asahi Beer, Kronenbourg 1664 Lager and Kronenbourg 1664 Blanc brand.

The research house said the company's revenue in the third quarter grew by 2.3 per cent to RM410.8 million, mainly due to strong performance from its super premium beer segment, particularly its locally-brewed Asahi Super Dry, which

rolled out a series of consumer promotions for both on-trade and off-trade channels.

Going forward, Alliance Research said the company is expected to capture new market with its latest imported premium beer, Somersby Apple Cider, which has exceeded its three-month sales volume target since it was launched in July.

The research firm said the outlook for the company is expected to be positive in the fourth quarter with a seasonally higher demand in the upcoming Christmas and New Year celebrations.

Alliance Research also forecasted a full year dividend per share of 62.5 sen from Carlsberg. -- BERNAMA

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British Press Needs New Regulator, Report Says - New York Times

Posted: 29 Nov 2012 09:08 AM PST

LONDON — The leader of a major inquiry into the standards of British newspapers triggered by the phone hacking scandal offered an excoriating critique of the press as a whole on Thursday, saying it displayed "significant and reckless disregard for accuracy," and urged the press to form an independent regulator to be underpinned by law.

The report singled out Rupert Murdoch's defunct tabloid The News of the World for sharp criticism.

"Too many stories in too many newspapers were the subject of complaints from too many people with too little in the way of titles taking responsibility, or considering the consequences for the individuals involved," the head of the inquiry, Lord Justice Sir Brian Leveson, said in a 46-page summary of the findings in his long-awaited, 1,987-page report published in four volumes.

"The ball moves back into the politicians' court," Sir Brian said, referring to what form new and tighter regulations should take. "They must now decide who guards the guardians."

The report was published after some 337 witnesses testified in person in 9 months of hearings that sought to unravel the close ties between politicians, the press and the police, reaching into what were depicted as an opaque web of links and cross-links within the British elite as well as a catalog of murky and sometimes unlawful practices within the newspaper industry.

"This inquiry has been the most concentrated look at the press this country has ever seen," Sir Brian said after the report was made public.

But in a first reaction, Prime Minister David Cameron resisted the report's recommendation that a new form of press regulation should be underpinned by laws, telling lawmakers that they "should be wary" of "crossing the Rubicon" by enacting legislation with the potential to limit free speech and free expression.

Mr. Cameron's remarks drew immediate criticism from the leader of the Labour opposition, Ed Miliband, who said Sir Brian's proposals should be accepted in their entirety.

Mr. Cameron ordered the Leveson Inquiry in July, 2011, as the phone hacking scandal at The News of the World blossomed into broad public revulsion with reports that the newspaper had ordered the interception of voice mail messages left on the cellphone of Milly Dowler, a British teenager who was abducted in 2002 and later found murdered. Sir Brian said there had been a "failure of management and compliance" at the 168-year-old News of the World, which Mr. Murdoch closed in July, 2011, accusing it of a "general lack of respect for individual privacy and dignity."

"It was said that The News of the World had lost its way in relation to phone hacking," the summary said. "Its casual attitude to privacy and the lip service it paid to consent demonstrated a far more general loss of direction."

Speaking after the report was published, Sir Brian said that while the British press held a "privileged and powerful place in our society," its "responsibilities have simply been ignored."

"A free press in a democracy holds power to account. But, with a few honorable exceptions, the U.K. press has not performed that vital role in the case of its own power."

"The press needs to establish a new regulatory body which is truly independent of industry leaders and of government and politicians," he said. "Guaranteed independence, long-term stability and genuine benefits for the industry cannot be realized without legislation," he said, adding: "This is not and cannot reasonably or fairly be characterized as statutory regulation of the press."

In the body of the exhaustive report, reprising at length the testimony of many of the witnesses who spoke at the hearings, the document discusses press culture and ethics; explores the press's attitude toward the subjects of its stories; and discusses the cozy relationship between the press and the police, and the press and politicians.

The report devotes an entire section to The News of the World. Using a number of case studies that came from the testimony of witnesses, it described a newsroom under immense pressure to bring in stories exclusively and quickly, full of journalists with cavalier and sometimes cruel attitudes toward the privacy and feelings of the people they were covering. Sir Brian said that reporters regularly obtained information illegally about their subjects, harassed and threatened subjects into cooperating, and concealed their identities in pursuit of stories.   

Concluding the section on the ethical  practices and culture of the news media, Sir Brian said he recognized that "most of what the press does is good journalism free from the sort of vices I have had to address at length." But still,  he says, "it is essential that the need for a fresh start in press regulation is fully embraced and a new regime thereafter implemented."

In the current system of self-regulation by a body called the Press Complaints Commission, newspapers effectively regulate themselves. The report urged the creation of a new independent regulatory body with powers to fine offending newspapers up to $1.6 million, made up of people who are not serving editors and should not be either lawmakers or figures from the government.

In the report, the judge wrote that his inquiry panel heard from a variety of witnesses who gave examples of how the press had hacked into their phones, followed them, intruded on their privacy, illegally obtained information like their phone numbers and medical records, and made up stories about them.

The treatment of private individuals who became public figures, like the parents of Madeleine McCann, a toddler who disappeared while on a family vacation in Portugal, and Milly Dowler indicates a "a press indifferent to individual privacy and casual in its approach to truth, even when the stories were potentially extremely damaging for the individuals named." 

But he balanced those remarks by saying that the problems described by witnesses at the inquiry were not systemic, but "afflict only a section of the press, and even then not for the majority of the time." 

Summarizing the evidence the panel heard at the inquiry, the judge described evidence of "cultural indifference within parts of the press to individual privacy and dignity."

He continued: "The broad theme encompasses evidence that parts of the press have used unethical and or unlawful means to access private information, including phone hacking, e-mail hacking, theft and covert surveillance. It also encompasses evidence that newspapers have published obviously confidential information without any public interest in doing so, have harassed subjects of their stories and their families,  have been insensitive in investigating and reporting death and tragedy, and have failed to have regard to the high level of protection appropriate to children." 

The publication of the report was closely watched for what it would say about the seemingly intimate relationship between British government figures and the owners of newspapers, particularly Mr. Murdoch, who testified in person at the Leveson inquiry along with his son James.

Sir Brian said the "overwhelming evidence is that relations between politicians and the press on a day-to-day basis are in robust good health and performing the vital public interest functions of a free press in a vigorous democracy."

But, he went on to say that in other respects, "politicians have conducted themselves in relation to the press in ways that have not served the public interest," had risked "becoming vulnerable to influences which are neither known about nor transparent" and had spent too much time cultivating the press to the detriment of their "public duties."

Speaking after the publication of the report, he said senior politicians have accepted that the relationship with the press had been too close. "I agree," he said.

As the inquiry unfolded, some analysts suggested that Mr. Cameron sought to win the editorial support of Mr. Murdoch's newspapers in return for favorable treatment. But, the report said, "the evidence does not, of course, establish anything resembling a 'deal' whereby News International's support was traded for the expectation of policy favors." Referring to the relationship between the police and the press, Sir Brian declared: "I have not seen any evidence to suggest that corruption by the press is a widespread problem in relation to the police."

Much attention was devoted during the months of testimony to text messages, phone calls and social plans made between Prime Minister Cameron and Rebekah Brooks, the former chief executive of News International, the British newspaper subsidiary of Mr. Murdoch's News Corporation.

The Leveson inquiry ran in parallel with police investigations and parliamentary hearings into related issues.

Ms. Brooks, along with Andy Coulson, a former editor of The News of the World and Mr. Cameron's former spokesman, are among several people facing criminal charges relating to phone hacking and corruption of public officials which they are both challenging in court.

The report also cited testimony relating to the thwarted effort by News Corporation last year to assume full control of Britain's main satellite broadcaster, BSkyB, by buying the shares that it did not already own. It said there was "no credible evidence of actual bias" on the part of government minister, Jeremy Hunt, who oversaw the bid.

John F. Burns, Sandy Lark Turner and Sandy Macaskill contributed reporting.

Powerball: Winning tickets bought in Mo., Ariz. - CBS News

Posted: 29 Nov 2012 09:01 AM PST

Updated at 11:39 a.m. ET

KANSAS CITY, Mo.Two lucky ticket holders — one in Arizona and another in Missouri — are waking up Thursday to new lives as multimillionaires after the largest Powerball jackpot drawing ever.

Powerball officials said two tickets matched all six numbers to win the record-high jackpot. Sue Dooley, a production coordinator for the Multi-State Lottery Association, told CBS Radio News that the jackpot increased to $587.5 million by the time of the drawing, making the cash option $384 million, wich will be split equally.

The numbers drawn for Wednesday night, for the second-highest jackpot in U.S. lottery history, are:

An additional 8,924,123 players won smaller prizes, including about 60 who each won a million-dollar prize for matching five numbers, Dooley said. Eight of the $1 million tickets were sold in New Jersey, state lottery officials said. Indiana and Michigan each had two $1 million winners.

It was not clear whether the winning jackpot tickets belonged to individuals or were purchased by groups.

One of the winning tickets was sold at a Trex Mart convenience store in Dearborn, Mo., about 35 miles north of Kansas City, the state lottery commission said in a news release.

Earlier Thursday, Missouri Lottery spokesman Gary Gonder said he was on his way to the store that sold that ticket to assist with the expected onslaught of media attention. That store will be awarded $50,000 for selling the winning ticket.

It did not appear Wednesday's big winner had yet come forward.

"If you buy Powerball tickets at this location, please find them and check them closely," said May Scheve Reardon, executive director of the Missouri Lottery. "If you find you're holding the winning ticket, be sure you sign the back and put it in a safe place until you can take it to a Missouri Lottery office. You will also want to get some legal and financial advice before you claim."

The winner has 180 days to claim their share in the prize money.

Arizona lottery officials said early Thursday they had no information on the Grand Canyon State's winner or winners, but they planned to announce Thursday morning where the ticket was sold.

CBS News correspondent Anna Werner reports the odds of winning were 1 in 175 million. Still, that didn't deter Americans from purchasing a shot at the second-largest payout in U.S. history and the highest-ever Powerball game. More than 160 million tickets were sold, going at a rate of 130,000 a minute nationwide on Wednesday. At one point, Florida was selling 200,000 tickets per minute.

Dooley said 563 million tickets were sold for Wednesday night's drawing, which she believes is a record.

"Starting on Saturday we will start our jackpot over again at $40 million and work it up again," Dooley told CBS Radio News.

The jackpot had already rolled over 16 consecutive times without a winner, but Powerball officials said earlier Wednesday they believed there was a 75 percent chance the winning combination will be drawn this time.

Past winners of mega-lottery drawings and financial planners had some sound advice for those holding the winning tickets: Stick to a budget, invest wisely, learn to say no and be prepared to lose friends while riding an emotional roller-coaster of joy, anxiety, guilt and distrust.

"I had to adapt to this new life," said Sandra Hayes, 52, a former child services social worker who split a $224 million Powerball jackpot with a dozen co-workers in 2006, collecting a lump sum she said was in excess of $6 million after taxes. "I had to endure the greed and the need that people have, trying to get you to release your money to them. That caused a lot of emotional pain. These are people who you've loved deep down, and they're turning into vampires trying to suck the life out of me."

The single mother kept her job with the state of Missouri for another month and immediately used her winnings to pay off an estimated $100,000 in student loans and a $70,000 mortgage. She spent a week in Hawaii and bought a new Lexus, but six years later still shops at discount stores and lives on a fixed income — albeit, at a higher monthly allowance than when she brought home paychecks of less than $500 a week.

"I know a lot of people who won the lottery and are broke today," she said. "If you're not disciplined, you will go broke. I don't care how much money you have."

Lottery agencies are keen to show off beaming prize-winners hugging oversize checks at celebratory news conferences, but the tales of big lottery winners who wind up in financial ruin, despair or both are increasingly common.

There's the two-time New Jersey lottery winner who squandered her $5.4 million fortune. A West Virginia man who won $315 million a decade ago on Christmas later said the windfall was to blame for his granddaughter's fatal drug overdose, his divorce, hundreds of lawsuits and an absence of true friends.

The National Endowment for Financial Education cautions those who receive a financial windfall — whether from lottery winnings, divorce settlements, cashed-out stock options or family inheritances — to plan for their psychological needs as well as their financial strategies. The Denver-based nonprofit estimates that as many as 70 percent of people who land sudden windfalls lose that money within several years.

"Being able to manage your emotions before you do anything sudden is one of the biggest things," said endowment spokesman Paul Golden. "If you've never had the comfort of financial security before, if you were really eking out a living from paycheck to paycheck, if you've never managed money before, it can be really confusing. There's this false belief that no matter what you do, you're never going to worry about money again."

David Gehle, who spent 20 years at a Nebraska meatpacking plant before he and seven ConAgra Foods co-workers won a $365 million Powerball jackpot in 2006, used some of his winnings to visit Australia, New Guinea and Vietnam. He left ConAgra three weeks after he won, and now spends his time woodworking and playing racquetball, tennis and golf.

But most of his winnings are invested, and the 59-year-old still lives in his native Lincoln. He waited for several years before buying a $450,000 home in a tidy neighborhood on the southern edge of town.

"My roots are in Nebraska, and I'm not all that much different now than I was before," Gehle said. "I'm pretty normal. I never was the kind of guy who went for big, expensive cars or anything like that. I just want something that runs."

In the first year after he won, Michael Terpstra would awaken many nights in a panic. Had he slept in? Was he late to work the night shift?

"At times I'd wake up and this would all seem like a dream," the 54-year-old said. "I'd have to walk around the house and tell myself, I did win. I'm not working anymore, and I do live here. I didn't get drunk, break into someone's house and go to sleep. This is where I'm supposed to be."

His new home is a roomy, two-story house in south Lincoln with a big-screen television and paintings of Jesus on the walls. He no longer uses alarm clocks and spends his days taking his 92-pound black lab, Rocco, on walks.

He was terrified when he first won, convinced that he would lose all of the money and have to return to work. So he lives carefully off the interest from conservative investments, with help from accountants and lawyers. He bought the new house and a truck, but struggles to name any extravagant purchases.

"I can't buy a super yacht. I can't buy a Gulfstream," he said. "Then again, I don't think I'd use either one, so why would I buy one?"

That said, some mega-winners still can't resist the lure of big jackpots, at least not the two-buck chances. On Tuesday, former ConAgra worker Dung Tran, a Vietnamese immigrant, walked into the same Lincoln U-Stop where he purchased the winning ticket six years ago and bought 22 more from the very employee who sold him the first prize-winner, said cashier Janice Mitzner.

"We joked about it," she said. "I told him, 'Wouldn't it be something if you won again?'"

Hayes is also hoping to strike rich again — she bought 10 tickets at a Dirt Cheap liquor store on her way home Tuesday while speaking with an Associated Press reporter. Unlike many big winners, she has kept a visible public profile instead of going underground, appearing on a 2007 reality TV show ("Million Dollar Christmas"), writing an online Life After the Lottery blog and self-publishing a short book, "How Winning the Lottery Changed My Life."

"We have this drawing ... and if somebody wins, God bless them," she said. "They're going to need those blessings."

Kredit: www.nst.com.my

Rabu, 28 November 2012

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KL shares open higher on positive momentum

Posted: 28 Nov 2012 06:44 PM PST

Share prices on Bursa Malaysia opened higher today, maintaining the upward momentum of the market from yesterday, representing a relief rally from an oversold position, a dealer said.

At 9.20 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.94 points higher at 1,608.46 after opening at 1,608.52.

HwangDBS Vickers Research said the local bourse may show a relatively limited upside ahead, following its technical rebound yesterday, led by telco heavyweights.

It said telco giant Axiata's shares would remain in the limelight today as the company is due to announce its latest quarterly results.

The Finance Index rose 20.46 points to 14,952.57, the FBM Ace Index inched up 0.02 of a point to 4,190.4 and the FBM Mid 70 Index advanced 35.02 points to 11,998.69.

The Industrial Index added 18.2 points to 2,662.04, the FBM Emas Index was 19.97 points higher at 10,963.3 and the FBMT100 gained 16.58 points to 10,806.86.

The Plantation Index, however, declined 14.58 points to 7,922.17.

Gainers led losers 125 to 76, with 129 counters unchanged and 1,328 others untraded. Volume stood at 85.04 million shares worth RM51.09 million.

For the actives, Tiger Synergy added 1.5 sen to 40 sen, Metronic Global gained one sen to 14 sen and Tiger Synergy-WA earned 2.5 sen to 27 sen, while Ariantec Global and iDimension climbed half-a-sen each to 7.5 sen and 13.5 sen respectively.

Among heavyweights, Maybank added one sen to RM9.05, CIMB and Axiata gained three sen each to RM7.57 and RM5.90 respectively, while Sime Darby went up seven sen to RM9.07 and Maxis lost 13 sen to RM6.37. -- Bernama

US stocks make solid gains

Posted: 28 Nov 2012 03:29 PM PST

NEW YORK: US stocks scored solid gains Wednesday, spurred by encouraging remarks by politicians on averting looming tax hikes and spending cuts that could harm the economy.

The Dow Jones Industrial Average climbed 106.98 points (0.83 percent) to 12,985.11, snapping two days of losses.

The S&P 500-stock index gained 10.99 (0.79 percent) at 1,409.93, while the Nasdaq Composite added 23.99 (0.81 percent) at 2,991.78.

Stocks initially opened lower and continued to slide after weaker-than-expected housing data before rebounding sharply over the course of the day.

Investors digested reassuring comments by both the Democratic president and a top Republican lawmaker.

"Fiscal-cliff chatter fueled the market's roller-coaster session, with optimistic comments from both President Barack Obama and House Speaker John Boehner placating the Street," said Andrea Kramer of Schaeffer's Investment Research.

The positive finish also followed the Federal Reserve's Beige Book report showing that US businesses are increasingly concerned about the fiscal cliff impasse.

Hewlett-Packard led the Dow higher, gaining almost 3 percent despite a Moody's credit downgrade.

Dow member Chevron added 2.1 percent, American Express gained almost 2 percent, Pfizer was up 1.7 percent and Wal-Mart rose 1.5 percent.

Discount retailer Costco surged 6.3 percent after announcing a jump in same-store sales in November and plans to issue a special US$7 cash dividend per share on December 18, joining a rash of companies aiming to avoid higher dividend taxes expected to come from US deficit-slashing negotiations.

Struggling Knight Capital soared 15.2 percent after high-frequency trader Getco offered to buy it for US$539 million.

On the Nasdaq, heavyweight Apple lost 0.3 percent. Groupon jumped 11.6 percent. -- AFP

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White House #My2K Twitter hashtag enters "fiscal cliff" debate - CBS News

Posted: 28 Nov 2012 08:46 AM PST

President Obama is expected to deliver remarks on preserving middle class tax cuts Wednesday in the face of the approaching "fiscal cliff," but the White House is hoping Americans will chime in, as well, on the micro-blogging service Twitter.

Mr. Obama is promoting the hashtag #My2K to continue to the conversation about a potential tax increase on the middle class if Bush-era tax cuts are allowed to expire. The keyword #My2K was chosen specifically because, according to the White House, a middle class family of four could see a tax increase of about $2,220.

A hashtag is a keyword or phrase preceded by a pound sign that aggregates similarly tagged posts on social media services, like Twitter or Instagram. The White House is hoping Americans will use the hashtag to weigh in on the tax debate.

The ongoing debate is to negotiate a deal to prevent going off the so-called "fiscal cliff" -- a phrase coined to describe the combination of tax hikes and spending cuts that are set to start at the end of the year.

Mr. Obama is holding an event with middle-class Americans on Wednesday and urging the public to press Congress to protect tax cuts for families earning $250,000 or less.

The president is also meeting with corporate executives at the White House on Wednesday and then traveling to Pennsylvania on Friday to push for upper income bracket earners to pay higher tax rates. It's part of a campaign to pressure Republicans in Congress to support raising taxes on the wealthy.

This isn't the first time the White House has used hashtags to spark a conversation on Twitter. Mr. Obama previously asked Americans to use the hashtags #40dollars and #dontdoublemyrate to discuss payroll tax cuts and the student loan interest rate, respectively.

Egypt protests continue in crisis over Mursi powers - Reuters

Posted: 28 Nov 2012 07:36 AM PST

A protester throws back a tear gas canister towards police during clashes near Tahrir Square in Cairo November 28, 2012. Hundreds of demonstrators were in Cairo's Tahrir Square for a sixth day on Wednesday, demanding that President Mohamed Mursi rescind a decree they say gives him dictatorial powers, while two of Egypt's top courts stopped work in protest. REUTERS/Asmaa Waguih

CAIRO | Wed Nov 28, 2012 11:33am EST

(Reuters) - Hundreds of demonstrators were in Cairo's Tahrir Square for a sixth day on Wednesday to demand that President Mohamed Mursi rescind a decree they say gives him dictatorial powers, and two of Egypt's top courts stopped work in protest.

But in a move that one Muslim Brotherhood official said could help resolve the worst crisis of Mursi's five-month presidency, the assembly drawing up a new constitution said it would complete work on a final draft on Wednesday.

The official said the final draft could go to a popular referendum by mid-December. If approved it would cancel the constitutional declaration that extended Mursi's powers and sparked street protests that drew tens of thousands on Tuesday. Brotherhood and other Islamists have called for a rally backing the president on Saturday.

"We will start now and finish today, God willing," Hossam el-Gheriyani, the constituent assembly speaker, said at the start of a meeting to finalize drafting the constitution.

Three assembly members said a vote on the draft by the assembly was planned for Thursday.

Many liberals and other opponents of Mursi have walked out of the constituent assembly, which is dominated by Islamists, saying their voices are not being heard.

Once drafted, the constitution will go to Mursi for approval, and he must then put it to a popular referendum within 15 days, which could mean the plebiscite would be held by mid-December.

The move immediately drew scorn from leading Egyptian opposition figure Amr Moussa, a former Arab League chief.

"This is nonsensical and one of the steps that shouldn't be taken, given the background of anger and resentment to the current constitutional assembly," he told Reuters.

Adding to the tension, Egypt's Cassation and Appeals courts said they would suspend their work until the constitutional court rules on the decree.

The judiciary, largely unreformed since the popular uprising that unseated Mursi's autocratic predecessor Hosni Mubarak, was seen as a major target in the decree issued last Thursday, which extended his powers and put his decisions temporarily beyond legal challenge. The decree also protected the constituent assembly from judicial oversight, fending off court cases that call for it to be dissolved.

DEPTH OF ANGER

"The president wants to create a new dictatorship," said 38-year-old Mohamed Sayyed Ahmed in Tahrir. He has not had a job for two years and is one of many in the square who are as angry over economic hardship as they are about Mursi's actions.

"We want the scrapping of the constitutional declaration and the constituent assembly, so a new one is created representing all the people and not just one section," he said.

Showing the depth of distrust of Mursi in parts of the judiciary, a spokesman for the Supreme Constitutional Court, which earlier this year declared void the Islamist-led parliament, said it felt under attack by the president.

In a speech on Friday, Mursi praised the judiciary as a whole but referred to corrupt elements he aimed to weed out.

"The really sad thing that has pained the members of this court is when the president of the republic joined, in a painful surprise, the campaign of continuous attack on the Constitutional Court," said the spokesman Maher Samy.

Senior judges have been negotiating with Mursi about how to restrict his new powers.

Mursi's administration insists that his actions were aimed at breaking a political logjam to push Egypt more swiftly towards democracy, an assertion his opponents dismiss.

The West worries about turbulence in a nation that has a peace treaty with Israel and is now ruled by Islamists they long kept at arms length. The United States, a big donor to Egypt's military, has called for "peaceful democratic dialogue".

Two people have been killed in violence since the decree, while low-level clashes between protesters and police have gone on for days near Tahrir. Violence has flared in other cities.

Trying to ease tensions with judges, Mursi said elements of his decree giving his decisions immunity applied only to matters of "sovereign" importance, a compromise suggested by the judges.

That should limit it to issues such as declaring war, but experts said there was much room for interpretation. The judges themselves are divided, and the broader judiciary has yet to back the compromise. Some have gone on strike over the decree.

A constitution must be in place before a new parliament can be elected, and until that time Mursi holds both executive and legislative powers. An election could take place in early 2013.

One presidential source said Mursi wanted to re-make the Supreme Constitutional Court after it declared the parliament void, which led to its dissolution by the then ruling military.

Both Islamists and their opponents broadly agree that the judiciary needs reform, but Mursi's rivals oppose his methods.

(Additional reporting by Tom Perry and Marwa Awad; Writing by Edmund Blair; Editing by Will Waterman)

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KL shares lower on lack of buying interest

Posted: 27 Nov 2012 06:05 PM PST

KUALA LUMPUR: Lack of buying interest from investors
continued to weigh on share prices on Bursa Malaysia which opened lower in the early session on Wednesday, dealers said.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 6.54 points lower at 1,591.63 after opening at 1,592.83.

The downward movement was also in line with the losses seen in Wall Street.

HwangDBS Vickers Research said the key FBM KLCI could drop further today as market momentum remains on the downside after slipping under the psychological mark of 1,600 yesterday.


From a technical perspective, the next support line for the benchmark index is currently seen at 1,575, the research house said in a note today.

"Essentially, investors' sentiment was clouded by the slow progress in the US fiscal cliff negotiations, which then negated the European agreement reached to extend financial aid to Greece," it said.

Back home, the Finance Index fell 19.58 points to 14,867.36, the FBM Ace Index declined 8.77 points to 4,183.23 and the FBM Mid 70 Index slipped 6.6 points to 11,916.22.

The Industrial Index shed 26.58 points to 2,654.72, the FBM Emas Index was 36 points lower at 10,855.79, the FBMT100 went down 36.74 points to 10,701.14 and the Plantation Index decreased 22.74 points to 7,844.48.

Losers led gainers 107 to 61, with 113 counters unchanged and 1,383 untraded.

Volume stood at 66.124 million shares worth RM71.185 million.

Of the actives, iDimension gained 1.5 sen to 14 sen but MAS lost 13 sen to 88 sen while SAAG Consolidated, QSR Brands and Biosis were flat at 0.5 sen, RM6.72 and 26.5 sen, respectively.

Among heavyweights, Public Bank rose two sen to RM15.40, but both Maybank and Axiata were flat at RM9.02 and RM5.62 respectively.

Sime Darby declined five sen to RM9.20, CIMB lost four sen to RM7.46 and Petronas Chemicals shed three sen to RM6.06. -- BERNAMA

US stocks fall despite Greek deal

Posted: 27 Nov 2012 03:10 PM PST

NEW YORK: US stocks fell Tuesday as fiscal cliff worries overshadowed encouraging US economic data and investors shrugged off Greece's revised bailout deal.

The Dow Jones Industrial Average shed 89.24 points (0.69 percent) at 12,878.13.

The broad-market S&P 500 lost 7.35 (0.52 percent) at 1,398.94, while the Nasdaq Composite slid 8.99 (0.30 percent) to 2,967.79.

Investors remained focused on Washington where Democratic Senator Harry Reid said little progress had been made in budget negotiations, Briefing.com analysts said.

"After the Senate majority leader's comments, the S&P 500 fell to session lows from its flat line," and declined further in a final round of selling pressure.

European markets closed higher after the Greek deal, which allows Athens to trim its debt load through bond buybacks and reduced rates, and promises new rescue loan installments of 43.7 billion euros (US$57 billion) through March.

But critics said Greece's creditors, the European Union and the International Monetary Fund, had again "kicked the can down the road" with the new arrangement.

"We think that Greece will eventually need a much larger debt relief, but any agreement on this is unlikely to happen before German elections next fall," said Tullia Bucco of UniCredit Research.

Trade was heavy in food manufacturer Ralcorp Holdings, which surged 26.4 percent after ConAgra Foods set a deal to buy it for US$6.8 billion, including assuming Ralcorp debt. ConAgra gained 4.7 percent.

The Dow's biggest laggards were Hewlett-Packard, down 3.1 percent, American Express, off almost two percent and United Health, 1.6 percent.

Intel led the nine gainers, up 0.6 percent.

Casino operator Las Vegas Sands jumped 5.2 percent after it announced a special dividend to be paid before year-end, aiming to avoid higher dividend taxes that will likely result from deficit-slashing negotiations under way in Washington.

On the Nasdaq, Research in Motion, the BlackBerry maker, dived 10.4 percent despite an upgrade from CIBC World Markets.

Apple shares fell 0.8 percent after Monday's 3.2 percent gain. -- AFP

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GOP senators criticize Susan Rice after meeting - USA TODAY

Posted: 27 Nov 2012 08:15 AM PST

Obama, GOP Mount 'Cliff' Campaign Blitz - ABC News

Posted: 27 Nov 2012 08:44 AM PST

'Tis the season for spreading holiday cheer and, this year, urgent messages about the "fiscal cliff."

President Obama, Republican lawmakers and an army of independent advocacy groups have mounted an aggressive new public campaign to highlight the stakes in a deal to avoid an economically toxic package of automatic tax hikes and spending cuts could take hold in 35 days.

The push has all the makings of a political campaign -- coming just three weeks after Election Day -- but with the nation's debt taking center stage instead of an individual candidate.

President Obama is accelerating outreach to key constituencies to shore up support for his "balanced" debt-reduction plan of tax increases on wealthier Americans coupled with cuts to government spending.

The president will today host a private White House meeting with 15 small-business leaders, including the founder of an airplane crop-duster manufacturer from Texas, a music store owner from St. Louis and a local beer brewer from Wisconsin.

The president will hold an event Wednesday to highlight the stories of Americans who wrote to the administration online about the importance of extending the Bush-era tax cuts for middle-income earners, and how going over the "cliff" and letting rates rise might adversely affect them.

Obama then hits the "campaign trail" Friday for a rally at a toy factory outside Philadelphia, taking his case directly to the people on the importance of averting the "fiscal cliff" for buoying consumer confidence and purchasing power during the holidays.

"Hearing from [voters], hearing their voices and hearing their priorities is essential to helping compel this process forward," White House spokesman Jay Carney said Monday.

The House returns to session today, but there are still no plans for the "Big Four" -- Boehner, Senate Majority Leader Harry Reid, House Minority Leader Nancy Pelosi and Senate Minority Leader Mitch McConnell -- to reconvene for face-to-face discussions, according to a top congressional aide.

White House and congressional staffs continue to meet on a daily basis, while an aide to the speaker said the top House Republicans are meeting privately today.

Pressure from the White House and public opinion, however, is unlikely to easily sway House Republicans, most of who have vowed to reject any tax increases and would almost certainly draw a primary challenge if they wavered.

"The target of the president's rallies should be the congressional Democrats who want to raise tax rates on small businesses rather than cut spending," House Speaker John Boehner said in a statement.

Obama insists that income tax rates should rise on individuals earning more than $200,000 a year and families making more than $250,000, or the top 2 percent of Americans. Republicans remain staunchly opposed to increasing rates.

Boehner and other party leaders have expressed willingness to raise more revenue, coupled with overhauling entitlement programs, but they say it should be done by closing tax loopholes and capping deductions while decreasing net tax rates themselves.

Boehner and House Republicans plan to meet with former Clinton White House chief of staff Erskine Bowles and members of the "Fix the Debt" coalition Wednesday, his office said. The Ohio congressman will also meet with an array of business leaders and CEOs.

Many House Republicans also plan to take their case against a tax rate increase on the road, planning public events in their home states and visits to small businesses, according to a Boehner spokesman.

House Majority Whip Kevin McCarthy also announced this afternoon that the House Republican leadership will meet with small-business owners in his office Dec. 5 to discuss "solutions that will most effectively spur economic growth and create an environment to get more Americans back to work."

"Small businesses are the engine of our economy," McCarthy, R-Calif., said. "These businesses employ the majority of Americans and will be the most adversely affected by an increase in tax rates. The Democrats' obsession with punitive tax increases isn't a solution. It's an ideological fixation that seeks to elevate Government at the expense of freedom, opportunity and the pursuit of the American dream."

Meanwhile, an army of independent interest groups have also begun adding their voices to the debate, running TV and radio ads, posting billboards and gathering signatures in online petition campaigns.

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