Isnin, 31 Disember 2012

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US stocks close year with sharp jump

Posted: 31 Dec 2012 05:03 PM PST

WASHINGTON: US markets closed out the year on Monday with a sharp jump on news that Congress was close to a deal to avert the fiscal cliff - but also on a 4.4 percent gain by market giant Apple.

The Dow Jones Industrial Average finished up 166.03 points (1.28 percent) at 13,104.14.

The broad-market S&P 500 gained 23.79 points (1.69 percent) at 1,426.19, while the tech-rich Nasdaq Composite surged 59.20 points (2.00 percent) to 3,019.51.

The gains reversed losses of the previous week when cliff worries were strong, and left the main indices with respectable gains for the year: 7.3 percent for the Dow, 13.4 percent for the S&P 500, and 15.9 percent for the Nasdaq.

With a midnight deadline looming to avert the sharp tax hikes and spending cuts aimed at slashing the fiscal deficit - but which could force a recession - the White House and congressional leaders said a deal was nigh that would mitigate the worst effects.

Nothing was certain: while the Senate was expected to pass the compromise legislation after it is finalised, possibly before the midnight Monday deadline, in the Republican-controlled House of Representatives, where resistance could be tougher, the vote would not be before Tuesday.

But the markets pushed higher in expectation that the immediate threat of more than US$400 billion in tax increases would mostly be avoided.

"A compromise over taxes and spending would be an important step that supports economic growth in the year ahead," said Gary Thayer, strategist at Wells Fargo Advisors.

Major shares were nearly all in the green, led by Apple's surge.

The world's most valuable company by market capitalisation - an even US$500 billion at the end of trade on Monday - was a major driver of the markets ruing the year. Even though its price at Monday's close, US$532.17, was well below the year's high of US$705.07, Apple shares still racked up a 25.8 percent gain for 2012. -- AFP

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Cliff's Edge Draws Close - Wall Street Journal

Posted: 31 Dec 2012 09:02 AM PST

Talks between Senate Minority Leader Mitch McConnell (R., Ky.) and Vice President Joe Biden continued Monday, as Washington tried to do what it has promised for months: engineer an alternative to the so-called fiscal cliff.

Getty Images

Senate Minority Leader Mitch McConnell (R., Ky.), shown on Monday, was working with Vice President Joe Biden on a compromise to avert the fiscal cliff.

A White House official said Monday morning the talks made "progress overnight." A spokesman for Mr. McConnell said the two men "will continue to work toward a solution."

According to a McConnell aide, the senator's last two conversations with Mr. Biden were at 12:45 a.m. and 6:30 a.m.

On taxes, one of the thorniest issues on the table, the two sides appeared to be converging. President Barack Obama has called for raising individual income-tax rates on family income above $250,000. In the latest round of Senate talks, Republicans proposed a $550,000 threshold, which Democrats moved to $450,000, according to Sen. Dick Durbin (D., Ill.).

Looking Over the Fiscal Cliff

The federal government faces a rolling series of deadlines over the next few months in its continuing budget battle. Take a look ahead.

Falling Over the Fiscal Cliff

See some scenarios for how different groups of people may be affected by the tax changes that will take place if the fiscal cliff isn't resolved by the Jan. 1., 2013, deadline.

On the estate tax, Democrats are no longer insisting on an increased rate and instead have agreed to put the matter to a separate vote, which suggests current rates will likely continue. That is a concession to the GOP and a number of farm-state Democrats in the Senate. Absent action, rates on estates will jump and the threshold at which they would hit is set to fall.

Other fundamental divisions remained, including primarily a disagreement of principle between the parties: Republicans wanted any tax increase, which they only reluctantly accepted, to go toward reducing the deficit. Democrats wanted any increased tax revenue to offset spending cuts that are scheduled to kick in as part of the fiscal cliff, and to pay for extending unemployment benefits, among other items.

New Year's Eve, however, dawned with no solution to Washington's budget impasse. What happens Monday could go some way to determining the short-term fate of the U.S. economy and the reputation of the government, both of which have been tarnished by the spectacle of endless seemingly circular negotiations. In the past two weeks, at least three different sets of negotiation teams have sought a way out.

Senate Majority Leader Harry Reid (D., Nev.) said on the Senate floor Monday that discussions continue, but warned "we really are running out of time," adding "There are a number of issues on which the two sides are still apart."

The Senate had set itself a goal of hatching a deal by midafternoon Sunday, a deadline that slipped by as both sides instead bickered in public and tried to apportion blame for the continuing impasse. Late Sunday, Mr. Reid recessed the Senate until Monday, leaving the McConnell/Biden talks to take the lead.

"There is significant distance between the two sides," Mr. Reid said Sunday. "There is still time left to reach an agreement and we intend to continue negotiations."

In the absence of a bipartisan deal, Mr. Reid is preparing for a Monday vote on a bill to carry out Mr. Obama's backup proposal, which tackles only a few items on the legislative agenda, including extending current tax rates for income up to $250,000 for couples filing jointly. Democrats are confident they could pass the bill through the Senate. A key question is whether the House, which returned Sunday evening, would approve it if it doesn't enjoy broad bipartisan support in the Senate.

Some senators seemed almost resigned to the prospect of Congress missing its deadline, on the grounds that spending cuts and tax increases that take effect Tuesday and Wednesday, the first two days of the new year, could be reversed.

"The world won't end," said Sen. Tom Harkin (D., Iowa.). "Things can be made retroactive."

In a sign of opposition that could mount to any deal from liberal Democrats, Sen. Harkin took to the Senate floor to criticize reports that the compromise was taking shape in negotiations between Messrs. McConnell and Biden.

One Democratic offer on the negotiating table would extend current tax rates on income up to $450,000—a retreat from Mr. Obama's original proposal to raise taxes on income over $250,000. Democrats also were moving to compromise on the president's proposal to increase estate taxes.

"We're going to lock in forever the idea that $450,000 a year is middle class in America,'' said Mr. Harkin. "The direction they are heading in is absolutely the wrong direction for our country.''

Still, some remained hopeful elements of a deal were on the table and could be brought into alignment at the last minute.

Sen. Barbara Boxer (D., Calif.) urged colleagues not to "prejudge'' the outcome before the negotiations are complete.

"This is a compromise. We don't have a parliamentary system of government here,'' said Ms. Boxer, who like other Democrats from high-cost states, welcomes a compromise that raises the threshold on income-tax increases because $250,000 doesn't go as far in California as it does in other regions.

"I am hopeful that we will get something done,'' said Ms. Boxer. "If we do, and it is fair—fair enough—we should get our country off this cliff.''

As aides to Messrs. Reid and McConnell negotiated through the weekend, the focus was on a narrow bill that would likely fall far short of the lofty deficit-reduction goals congressional leaders and Mr. Obama had initially pursued.

White House officials believe raising tax rates on income above $250,000, combined with changes in capital-gains, dividend, and estate-tax rules, would raise roughly $950 billion over 10 years. According to its own budget estimates, that would raise between $50 billion and $60 billion in new revenue in the first year, less than 10% of the U.S.'s projected budget deficit.

The other items being discussed as part of the slimmed-down package would cost the government. One would extend unemployment benefits for one year, at a cost of roughly $30 billion. Another would prevent Medicare payments to doctors from being cut, at a cost of $10 billion, according to estimates.

The most expensive item being considered as part of the package would extend a change to the alternative-minimum tax, which was designed to make sure the wealthiest didn't avoid taxes by accumulating too many deductions and credits. The AMT wasn't indexed for inflation, and Congress has repeatedly passed an annual exemption to protect middle-class families from the tax. The change being considered would prevent the tax from hitting as many as 30 million additional households, and it would reduce potential revenue by close to $100 billion.

Mr. Obama expressed the Democrats' view in an interview that aired Sunday on NBC's "Meet the Press."

"If we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts, and that also would have a better outcome for our economy long-term," Mr. Obama said.

Sen. Bob Corker (R., Tenn.) said it remained a problem that Democrats wanted to spend the new tax revenue that would be raised by increasing the top rates. "All the money is being spent—it's not being used for any kind of deficit reduction," he said.

To address that concern, Republicans, in negotiations with Mr. Reid, resurrected a proposal to cut spending by slowing the growth of Social Security's cost-of-living adjustments. Mr. Obama, rare among Democrats, has shown some willingness to accept the idea, but only as part of a broader budget deal, not the kind of stopgap measure being devised in the Senate.

Mr. Reid was sharply opposed, and the proposal, which is known as "chained CPI," nearly brought the talks to a halt until Republicans withdrew the idea.

Sen. John McCain (R., Ariz.) said "we're closer than one would think" to a deal, but "we cannot win a PR battle where we are holding fast on tax breaks for the wealthiest people versus the chained CPI. It's not a winning hand."

—Patrick O'Connor, Carol E. Lee and Corey Boles contributed to this article.

New Year's Eve celebrations around the world: live - Telegraph.co.uk

Posted: 31 Dec 2012 08:18 AM PST

16.34 Pictures are starting to come in from Hong Kong, where a huge firework display in Victoria Harbour helped welcome 2013

(AP)

16.01 It's not all doom and gloom on Wall Street: these traders have donned party glasses for the last day of 2012 trading on the New York Stock Exchange

(Getty)

15.42 Two pupils get ready to celebrate the New Year at a school in Jiangxi Province, China

(Rex)

15.32 As we reach the end of 2012, academics in the United States have come up with their annual list of the year's most annoying words. They suggest that "fiscal cliff", "trending" and "spoiler alert" are among the words and phrases that should be banned from the English language. What do you think? You can read more here.

15.10 In Japan, Shinto priests leave the worship hall of Meji Shrine after a ritual in preparation for the New Year. Some three million people are expected to visit the shrine to pray for their health, happiness and property during the first three days of 2013

(EPA)

15.10 Meanwhile, hundreds of people celebrate the traditional San Silvestre Swim at the Mlagros beach in Tarragona, northeastern Spain

(EPA)

14.30 Over on the other side of the Atlantic, there may be little for American politicians to celebrate this year. Our correspondent Raf Sanchez reports: "Washington DC is not famous for its night life at the best of times but this year the city is in the shadow of the $600 billion fiscal cliff. As the rest of the world is ringing in 2013, many on Capitol Hill will still be frantically working to reach a deal. If we get a breakthrough then it's time to party like it's 1999 (when Bill Clinton and the Republican Congress balanced the budget - keep up). If there's no deal, then there's only time for a couple of grim beers before we all go back to our desks in the morning."

13.30 Spectacular scenes across Sydney's famous Harbour

(Getty)

13.29 2013 will ring in the changes in very different ways around the world. Hung-over Russians will wake up to a "new and troubling reality" on New Year's Day, when beer becomes classified as an alcoholic drink for the very first time, reports Tom Parfitt in Moscow. Read the full story here.

13.19 Fireworks explode over Sydney Harbour as it turns midnight

(Reuters)

13.05 Lasers light up the sky above Victoria harbour in Hong Kong

(Getty)

13.04 Our Moscow correspondent, Tom Parftt, reports that Russian revellers are expected to gather in Red Square, where there will be a firework display over the Kremlin later. He writes: "In Moscow, where snow is falling as the temperature hovers around -7C, shoppers are making their last desperate purchases before rushing home to their families. New Year is a more important event for Russians than Christmas – a low-key event marked on January 7 according to the pre-revolutionary Julian calendar – and gifts are put under a tree on December 31st, just as they are in the West on December 25th."

12.49 Kylie Minogue was clearly getting into the New Year spirit when she tweeted this photo of her in Sydney earlier:

12.48 Take a brolly if you are seeing in the New Year outdoors in Britain tonight. Forecasters are warning that the UK's celebrations will be dampened by a continuation of the downpours that have soaked the country over the festive season. Many parts of England, Wales and Scotland remain under flood alerts, and some areas are expected to see as much as 33mm (1.3ins) of rain falling today. However, the start of 2013 is set to bring better news, as the weeks of heavy rain give way to cloud, dull skies and light showers.

12.40 Dancers take part in parade in Bali, Indonesia

(EPA)

12.31 Indian revellers celebrate in Amritsar

(Getty)

12.20 In Sydney crowds are gathering for traditionally one of the most spectacular New Year's Eve fireworks displays anywhere in the world. Lord Mayor Clover Moore said about 1.5 million spectators are expected. Those in place already include Melissa Sjostedt who has made the journey from Florida to see the festivities which she first read about a decade ago in National Geographic magazine.

12.05 Meanwhile Malcolm Moore, our Beijing correspondent, reminds us that the Chinese New Year - when the Year of the Dragon gives way to the Year of the Snake - takes place on February 9. Those who want to celebrate the western calendar are having to dig deep with the city's finest restaurants offering special menus at up to £150 a head.

12.00 Special cause for celebration at Myanmar - or Burma to you and me - where the country will see in the New Year with a grand fireworks display in a celebration unprecedented in the former military-ruled country.

Thousands were expected to attend the celebration at a large field in Yangon against the backdrop of the city's famed Shwedagon Pagoda, where the Myanmar public will get its chance to do what much of the world does every New Year's Eve.

Preparations for Myanmar's New Year celebrations (Reuters)

11.56 People take part in the celebrations under the Harbour Bridge

(Getty)

11.50 Celebrations are already underway in Sydney, where fireworks are lighting up the city's skyline for the 9pm family show

(Reuters)

11.30 In Pakistan Rob Crilly, our correspondent reports, the celebrations are being held amid tight security.

Pakistanis are sending their 2013 text message greetings several hours early in case the country's mobile phone networks are turned off later to prevent mobile phones being used to detonate bombs.

11.15 The Indian armed forces on Monday cancelled their New Year celebrations while many hotels and bars scaled back parties in the wake of the gang-rape which has shocked the nation.

QuoteThe Indian army, air force and navy have decided to cancel all the parties planned to welcome the new year. They want to dedicate the last day of the year to the gang-rape victim," a senior defence ministry official told AFP.

In the capital, where the horrific crime took place on December 16, leading private members' club Gymkhana, where top officials and ministers are often seen, cancelled its party as did the Press Club in the capital.

The five-star Ashoka hotel in New Delhi also closed its popular nightclub, while other bar owners were quoted in the media as saying they were scaling back festivities.

A student prays during a vigil in Ahmedabad (Reuters)

11.10 In Auckland the celebrations are well underway with Kiwis being serenaded by "Legendary New Zealand funk rockers Supergroove" - no I haven't heard of them either.

11.00 Welcome to the Telegraph's Live Blog as we brace ourselves for 2013.

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Ahad, 30 Disember 2012

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KL shares open lower in early trade

Posted: 30 Dec 2012 05:39 PM PST

Share prices on Bursa Malaysia dipped, in early trade this morning, after failing to sustain its upward momentum from
last week following mild profit-taking activities in selected heavyweights, dealers said.

After 10 minutes of trading, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.67 points lower at 1,675.66, dragged by losses mostly seen in Axiata, which gave up nine sen to RM6.65 and contributed 1.431 per cent to the decline in the benchmark index.

HWANGDBS Vickers Research Sdn Bhd said major US equity barometers fell between 0.9 per cent and 1.2 per cent on Friday.

In a research note, it said investors were a little restless awaiting the outcome of budget negotiations to avert the so-called "fiscal cliff", which would result in automatic tax increases and government spending cuts, from taking effect in the beginning of 2013.


"In spite of the shaky Wall Street performance, the Malaysian bourse could ride on its ongoing momentum to extend its gains.

"Continuing from where it left off last Friday – following a weekly rise of 22.5-points or 1.4 per cent – the benchmark FBM KLCI may challenge its immediate resistance barrier of 1,685 points ahead," it added.

Meanwhile, the Finance Index dropped 56.22 points to 15,264.96, the Industrial Index eased 2.44 points to 2,763.12 but the Plantation Index rose 13.42 points to 8,114.18.

The FBM Emas Index declined 32.33 points to 11,358.12, the FBMT100 was 30.62 points lower at 11,219.97 while the FBM Mid 70 Index added 0.27 of a point to 12,274.05 and the FBM Ace Index increased 7.24 points to 4,213.5.

Gainers led losers 75 to 72, with 120 counters unchanged, 1,373 untraded and 21 others were suspended. Volume was thin at 38.528 million shares worth RM17.058 million.

Among actives, Integrated Rubber edged up half-a-sen to 7.5 sen while Integrated Rubber-WA was unchanged at two sen but PJBumi eased three sen to 32 sen.

Both Maybank and Sime Darby eased one sen each to RM9.07 and RM9.48, respectively, and CIMB was seven sen lower at RM7.60. -- Bernama

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Obama Accuses Republicans of Blocking Tax Compromise - New York Times

Posted: 30 Dec 2012 09:27 AM PST

WASHINGTON — President Obama on Sunday implored Congress to act in the next 48 hours to avert the sharp tax increases and benefit cuts scheduled to take effect beginning on Tuesday, but there were indications that negotiations on the Hill were making little progress.

In an appearance on the NBC program "Meet the Press," Mr. Obama accused Republicans of blocking action on measures to prevent taxes from rising for most Americans, threatening the still-fragile economic recovery.

"We have been talking to the Republicans ever since the election was over," Mr. Obama said in the interview, which was taped on Saturday. "They have had trouble saying yes to a number of repeated offers. Yesterday I had another meeting with the leadership, and I suggested to them if they can't do a comprehensive package of smart deficit reductions, let's at minimum make sure that people's taxes don't go up and that two million people don't lose their unemployment insurance."

"And I was modestly optimistic yesterday, but we don't yet see an agreement," Mr. Obama said. "And now the pressure's on Congress to produce."

Unless Congress acts by midnight Monday, a broad set of tax increases and federal spending cuts will be automatically imposed on Jan. 1, affecting virtually every taxpayer and government program. The spending cuts were put in place earlier this year as draconian incentives that would force the president and lawmakers to confront the nation's growing debt. Now, lawmakers are trying to keep them from happening, though it seemed likely that the cuts, known as sequestration, would be left for the next Congress, to be sworn in this week.

As of late Sunday morning, negotiations were not going well, according to two officials with knowledge of the negotiations. Republicans were pushing for the largest deficit reduction deal they could get in the time remaining, the two officials said. They have told Democrats that they are willing to put off scheduled cuts to health care providers treating Medicare patients but that they want to pay for it with spending cuts elsewhere.

They also want to include Mr. Obama's offer to change the way inflation is calculated to slow the growth of benefit programs like Social Security and raise more revenue.

Democrats have balked at both. They fear that making such concessions in a stopgap deal would only increase demands for addition concessions in the coming weeks when talks resume on a "grand bargain" to reduce the deficit.

Both sides worry that the confrontational tone the president took on "Meet the Press" was not helpful.

A spokesman for Senator McConnell, Don Stewart, issued a statement criticizing Mr. Obama's remarks. "While the president was taping those discordant remarks yesterday," Mr. Stewart said, "Senator McConnell was in the office working to bring Republicans and Democrats together on a solution. Discussions continue today."

Mr. Obama, in the interview, echoed warnings from many economists who have said that the one-two punch of higher taxes and lower government spending could tip the nation into recession.

"For the entire economy that means consumers have a lot less money to make purchases," Mr. Obama said, "which means businesses are going to have a lot less customers, which means that they're less likely to hire and the whole economy could slow down at a time when the economy is actually starting to pick up and we're seeing signs of recovery in housing and employment numbers improving."

Republicans have blamed Mr. Obama for seeking to punish the wealthy with large tax increases and for not negotiating in good faith. They say his approach would worsen the deficit by protecting Democratic constituency groups from tax increases and benefit reductions while imposing sharp penalties on farmers and small business owners.

Senator John Barrasso of Wyoming, a member of the Republican leadership, said Sunday on the CNN program "State of the Union" that Mr. Obama was not dealing with the real issue imperiling the economy — the Democrats' "addiction to spending."

"My goal is to keep tax rates down for all Americans," Mr. Barrasso said.

The president and party leaders in the House and Senate have been seeking a compromise measure that would protect middle-income families from the worst jolt of tax increases, but so far there is no agreement on where to draw the line. With the Bush-era tax cuts expiring, Mr. Obama and Democrats have said they want tax rates to rise on income over $250,000 a year, while Republicans want a higher threshold, perhaps at $400,000.

As part of the last-minute negotiations, the lawmakers have haggled over unemployment benefits, cuts in Medicare payments to doctors, taxes on large inheritances and how to limit the impact of the alternative minimum tax, a parallel income tax system that is intended to ensure the rich pay a fair share but that is increasingly encroaching on the middle class.

Mr. Obama has said that if talks between the Senate leaders broke down, he wanted the Senate to schedule an up-or-down vote on a narrower measure that would extend only the middle-class tax breaks and unemployment benefits. The Senate majority leader, Harry Reid of Nevada, said he would schedule such a vote on Monday absent a deal.

The president, in his comments, singled out the top Republican leaders — Senator Mitch McConnell of Kentucky and House Speaker John Boehner of Ohio — for threatening to derail any deal in order to protect the wealthiest Americans.

"Now if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts, and that also would have a better outcome for our economy long-term," Mr. Obama said. "But so far, at least, Congress has not been able to get this stuff done. Not because Democrats in Congress don't want to go ahead and cooperate, but because I think it's been very hard for Speaker Boehner and Republican Leader McConnell to accept the fact that taxes on the wealthiest Americans should go up a little bit, as part of an overall deficit reduction package."

Under questioning from the host of "Meet the Press," David Gregory, Mr. Obama would not accept any responsibility for the impasse. He blamed Republican intransigence and political "dysfunction" in Washington, while insisting that he has offered multiple reasonable compromises.

"What is it about you, Mr. President," Mr. Gregory asked, "that you think is so hard to say yes to?"

"That's something you're probably going to have to ask them," the president responded, "because David, you follow this stuff pretty carefully. The offers that I've made to them have been so fair that a lot of Democrats get mad at me."

Continuing his comments, Mr. Obama said Republicans "say that their biggest priority is making sure that we deal with the deficit in a serious way, but the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest Americans are protected. That seems to be their only overriding, unifying theme."

"And at some point," he added. "I think what's going to be important is that they listen to the American people."

Another issue dividing Democrats and Republicans is the tax on inherited estates, which currently hits inheritances over $5 million at 35 percent. On Jan. 1, it is scheduled to rise to 55 percent beginning with inheritances exceeding $1 million.

The political drama in Washington over the weekend was given greater urgency by the fear that the economic gains of the past two years could be lost if no deal is reached.

Some of the consequences of Congressional inaction would be felt almost at once on Tuesday, in employee paychecks, doctors' offices and financial markets. Analysts said the effect would be cumulative, building over time.

An early barometer would probably be the financial markets, where skittish investors, as they have during previous Congressional cliffhangers, could send the stock market lower on fears of another prolonged period of economic distress.

Failure to reach a broader deal on taxes and spending would increase taxes even further, returning rates to Clinton-era levels. January paychecks would shrink as employers start withholding more for taxes.

Many families would also suffer if Congress failed to extend emergency jobless benefits, meaning that 2.1 million Americans would abruptly stop receiving expected payments.

The fallout would continue to worsen if the inaction and stalemate continue into late January.

Tens of millions of families could be ensnared by the alternative minimum tax, raising their 2012 tax bill and potentially throwing the coming tax season into disarray. This month, the Internal Revenue Service warned that as many as 100 million filers, out of 150 million, could be affected. Analysts said the I.R.S. might have to delay the start of filing season and the delivery of expected refund checks.

Come mid-January, some Medicare patients also might struggle to find doctors to treat them. Without Congressional action, doctors would face two cuts to reimbursement rates: a 26.5 percent reduction in Medicare payment rates from a 1997 law, and a further 2 percent cut adopted to reduce the deficit last year.

By late February or early March, lawmakers would face another economic showdown over raising the nation's borrowing limit again to avoid a cash-management crisis and a government shutdown. Republicans have already said they intend to use the Congressional authority to increase the so-called debt ceiling to extract cuts from entitlement programs — a threat Mr. Obama has said he will resist.

Around the same time, the government and its workers would begin feeling the cuts to defense and domestic spending.

Without a compromise, the Pentagon and its civilian contractors would face steep reductions in virtually every program. Military officials said those spending reductions — $500 billion over 10 years — would eventually force the canceling or shrinking of projects and large-scale layoffs of military and civilian personnel.

Hundreds of other federal programs would see cuts, beginning in late January. These include reductions of about 8 percent in the Special Supplemental Nutrition Program for Women, Infants, and Children; the Low-Income Home Energy Assistance Program; and rental housing assistance"

Jonathan Weisman contributed reporting.

Hurried morning cremation for rape victim - Indian Express

Posted: 30 Dec 2012 08:44 AM PST

Amid an outpouring of anger and grief in the country, the body of the 23-year-old paramedical student who was gangraped and tortured in a moving bus in Delhi, was flown to the national capital from Singapore early this morning and cremated within hours.

The mortal remains of the victim, who lost her battle for life in a Singapore hospital on Saturday, were consigned to flames here early on Sunday, away from public glare, shortly after her body was received by Prime Minister Manmohan Singh and Congress president Sonia Gandhi in the early hours.

The funeral pyre was lit by her sobbing father at a crematorium in Dwarka after relatives and friends said their final prayers at a ritual at the house where the girl lived in Delhi.

The Prime Minister and Sonia waited in the Palam technical area of the IGI airport where a special Air India aircraft, AIC-380A, carrying the body of the girl, accompanied by her parents and two brothers, taxied down the tarmac in heavy fog in a sombre atmosphere, reflecting the national mood against the attack on her on the night of December 16. After the plane landed at around 3:30 am, the PM and Sonia met the disconsolate family members.

Amidst heavy deployment of Delhi Police, Border Security Force (BSF) and Rapid Action Force personnel in riot gear, the body was taken to the house where the girl lived, before being taken to the crematorium in Dwarka.

Delhi Chief Minister Sheila Dikshit, Minister of State for Home Affairs R P N Singh, West Delhi MP Mahabal Mishra, Delhi BJP chief Vijender Gupta were among those present at the cremation.

... contd.



Tags: rape victim cremation, Delhi Police, Border Security Force, crime news

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Sabtu, 29 Disember 2012

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Senate Leaders Seek Cliff Deal as Obama Keeps Up Pressure - Wall Street Journal

Posted: 29 Dec 2012 08:55 AM PST

Senate leaders on Saturday rushed to assemble a last-ditch agreement to avoid middle-class tax increases and possibly delay steep spending cuts, as President Barack Obama reiterated his call for lawmakers to find some common ground after weeks of gridlock.

Following a White House meeting Friday among Mr. Obama and congressional leaders, aides to Senate Republican leader Mitch McConnell of Kentucky and Senate Majority Leader Harry Reid (D., Nev.), were racing against the clock for a bipartisan bargain. The leaders could present legislation to senators as early as Sunday, with a vote possible on Sunday or Monday.

In his Saturday radio and Internet address, President Obama called again for lawmakers to cut a deal, even one that falls short of the ambitions he and congressional leaders may once have harbored for a bigger deficit-reduction package. Without a resolution, he warned, "every American's paycheck will get a lot smaller."

The nation "can't afford a politically self-inflicted wound to our economy," he said. "Congress can prevent it from happening, if they act now."

If congressional leaders can't reach an agreement on tax rates and spending cuts in time, he said, then he would urge the Senate to hold an up-or-down vote "on a basic package that protects the middle class from an income-tax hike, extends vital unemployment insurance for Americans looking for a job, and lays the groundwork for future progress on more economic growth and deficit reduction."

Speaking for Republicans in a Saturday radio address, Sen. Roy Blunt of Missouri sought to put the burden of a deal on Mr. Obama and Senate Majority Leader Harry Reid of Nevada.

"We still can avoid going over the fiscal cliff if the president and the Democrat-controlled Senate step forward this week and work with Republicans to solve this problem and solve it now," he said.

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National uproar over young woman's death triggers public conversation about rape - Washington Post

Posted: 29 Dec 2012 07:51 AM PST

Police announced that the six men arrested in connection with the attack were charged with murder after the woman, who suffered a brain injury and other internal damage, died in a hospital in Singapore, where she had been taken for care.

The government, responding to rising anger, promised to put the trial on a fast track.

"We have already seen the emotions and energies this incident has generated," Prime Minister Manmohan Singh said in a statement Saturday. "These are perfectly understandable reactions from a young India and an India that genuinely desires change."

To prevent a repeat of last week's massive protests, many streets in the capital were blocked by police and barricades and 10 Metro stations were shut down Saturday.

The protesters, many of whom wore black tape across their mouths and held candles, were not allowed to march on the central boulevard, called India Gate, as they did last week. Police boxed them into a tiny street in the heart of the city where they sat on the ground chanting slogans and singing songs.

In other parts of the city, a steady stream of mourners also marched silently along sidewalks and in neighborhood parks. As night fell, many gathered in cities across the country, holding candles in tribute to the victim.

"Every Indian girl has died with her today because we all felt so connected emotionally with her," Anubhuti Shukla, 23-year-old communications intern, said as she texted her friends information about the candlelight vigil in New Delhi. "If we forget the issues after her death, it would be the real shame. She died, but she woke us up."

The victim was returning home from a movie and had boarded a bus with a male friend on the night of Dec. 16 when four men, including the bus driver, allegedly beat them up and gang raped her. The victims were then thrown out of the bus and left to die.

On Saturday, the bus stop where the woman boarded the bus had been turned into an informal memorial, with dozens of people leaving messages and flowers.

Indian authorities have been bitterly criticized for not doing enough for women's safety, and later for attacking the protesters with canes, tear gas shells and water cannons. Many doctors even questioned the government's decision to send the victim to Singapore in such a fragile condition, with some saying it was a political decision and not a medical one, aimed at containing the street protests.

"She should have been stabilized first and then sent off to Singapore," said Samiran Nundy, who heads the department of gastroenterology at Sir Gangaram Hospital in New Delhi. "The risks of transporting her in that condition outweighed any benefits that may accrue in a hospital in another country."

Since the incident, Indians have heatedly discussed issues concerning the treatment of women, including violence, police attitudes, safety on public transportation, clothing and even Bollywood's gender stereotypes.

Meanwhile, another rape case has also drawn widespread public. On Wednesday, a teenage rape victim committed suicide in the northern state of Punjab after police reportedly asked her demeaning questions when she went to the station to report.

"The police refused to file a complaint. Instead, they asked my sister such vulgar details, it was as if she was being raped all over again," the victim's sister, Charanjit Kaur, said in a telephone interview from her village. "There was no lady police officer, they were all men. My sister cried in front of them and kept asking, 'Would you still ask such questions if I were your daughter?' "

Activists say that such cases illustrate why sexual violence largely goes unreported in India. In recent years, New Delhi has earned the title of being the "rape capital" of the nation. This year, more than 560 cases of rapes have been reported. But activists say that only a small fraction of sex crimes are reported in India.

"The biggest fear that a woman faces when she summons the courage to report rape or sexual harassment is that she will be judged and labeled as a morally loose woman by the police, by the medical officer, lawyer and judge," said Suman Nalwa, deputy commissioner of police who heads the crime against women cell in New Delhi.

"Women prefer to stay silent, ignore and look away when they face sexual violence," she said. "They know if they speak up, nobody would support. They internalize it to such an extent that it influences their life choices about where they will go to study, where they will work and when they will go out."

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US stocks fall for 5th straight day

Posted: 28 Dec 2012 06:21 PM PST

NEW YORK: Stocks fell for a fifth straight day on Friday, dropping 1 percent and marking the S&P 500's longest losing streak in three months as the federal government edged closer to the "fiscal cliff" with no solution in sight.

President Barack Obama and top congressional leaders met at the White House to work on a solution for the draconian debt-reduction measures set to take effect beginning next week.

Stocks, which have been influenced by little else than the flood of fiscal cliff headlines from Washington in recent days, extended losses going into the close with the Dow Jones industrial average and the S&P 500 each losing 1 percent, after reports that Obama would not offer a new plan to Republicans. The Dow closed below 13,000 for the first time since December 4.

"I was stunned Obama didn't have another plan, and that's absolutely why we sold off," said Mike Shea, managing partner at Direct Access Partners LLC in New York. "He's going to force the House to come to him with something different. I think that's a surprise. The entire market is disappointed in a lack of leadership in Washington."

The Dow Jones industrial average dropped 158.20 points, or 1.21 percent, to 12,938.11 at the close. The Standard & Poor's 500 Index lost 15.67 points, or 1.11 percent, to 1,402.43. The Nasdaq Composite Index fell 25.59 points, or 0.86 percent, to end at 2,960.31. -- Reuters
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Obama, Lawmakers Set for Fiscal-Cliff Meeting - Wall Street Journal

Posted: 28 Dec 2012 08:25 AM PST

Article Excerpt

WASHINGTON—Congressional leaders and the White House prepared for a Friday afternoon meeting, a last-ditch negotiation that could signal whether Washington is able to avert the tax increases and spending cuts known as the fiscal cliff.

"This afternoon's meeting, I think, is a first chance to put the four leaders in the room and see if there's any way to avoid this," Sen. Dick Durbin (D, Ill.), the No. 2 Senate Democrat, told The Wall Street Journal after speaking on the Senate floor.

Sen. Chuck Schumer (D, N.Y.) said Friday on "The Today Show" that "I'm getting a little more optimistic ...

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Gen. Norman Schwarzkopf, coalition forces leader during Persian Gulf War, dies - Fox News

Posted: 28 Dec 2012 08:02 AM PST

Americans mourned a military legend after retired Gen. H. Norman Schwarzkopf died Thursday at age 78, leaving behind a legacy that most famously included driving Saddam Hussein's forces out of Kuwait. 

Schwarzkopf died, in Tampa, from complications from pneumonia. He was remembered not only for his impressive military record, but his intelligence, his modesty and his warmth and dedication to fellow servicemembers. 

"His epitaph should read that he was a soldier who loved solders," retired Gen. Bob Scales, who knew the late general, told Fox News. 

Nicknamed "Stormin' Norman," Schwarzkopf went on after he retired to support various national causes and children's charities while eschewing the spotlight and resisting efforts to draft him to run for political office. 

He lived out a quiet retirement in Tampa, where he'd served his last military assignment and where an elementary school bearing his name is testament to his standing in the community. 

Schwarzkopf capped an illustrious military career by commanding the U.S.-led international coalition that drove Hussein's forces out of Kuwait in 1991 -- but he'd managed to keep a low profile in the public debate over the second Gulf War against Iraq, saying at one point that he doubted victory would be as easy as the White House and the Pentagon predicted. 

Former President H.W. Bush, who has been in an intensive care unit in Texas, called the general a "distinguished member of that Long Gray Line hailing from West Point."   

"General Norm Schwarzkopf, to me, epitomized the 'duty, service, country' creed that has defended our freedom and seen this great Nation through our most trying international crises. More than that, he was a good and decent man -- and a dear friend," Bush said. 

President Obama described Schwarzkopf as an "American original." 

"From his decorated service in Vietnam to the historic liberation of Kuwait and his leadership of United States Central Command, General Schwarzkopf stood tall for the country and Army he loved," Obama said in a statement.   

Schwarzkopf was named commander in chief of U.S. Central Command at Tampa's MacDill Air Force Base in 1988, overseeing the headquarters for U.S. military and security concerns in nearly two dozen countries stretching across the Middle East to Afghanistan and the rest of central Asia, plus Pakistan. 

When Saddam invaded Kuwait two years later to punish it for allegedly stealing Iraqi oil reserves, Schwarzkopf commanded Operation Desert Storm, the coalition of some 30 countries organized by President George H.W. Bush that succeeded in driving the Iraqis out. 

At the peak of his postwar national celebrity, Schwarzkopf -- a self-proclaimed political independent -- rejected suggestions that he run for office, and remained far more private than other generals, although he did serve briefly as a military commentator for NBC. 

While focused primarily on charitable enterprises in his later years, he campaigned for President George W. Bush in 2000, but was ambivalent about the 2003 invasion of Iraq. In early 2003 he told The Washington Post that the outcome was an unknown: "What is postwar Iraq going to look like, with the Kurds and the Sunnis and the Shiites? That's a huge question, to my mind. It really should be part of the overall campaign plan." 

Initially Schwarzkopf had endorsed the invasion, saying he was convinced that Secretary of State Colin Powell had given the United Nations powerful evidence of Iraqi weapons of mass destruction. After that proved false, he said decisions to go to war should depend on what U.N. weapons inspectors found. 

He seldom spoke up during the conflict, but in late 2004 he sharply criticized Defense Secretary Donald H. Rumsfeld and the Pentagon for mistakes that included erroneous judgments about Iraq and inadequate training for Army reservists sent there. 

"In the final analysis I think we are behind schedule. ... I don't think we counted on it turning into jihad (holy war)," he said in an NBC interview. 

Schwarzkopf was born Aug. 24, 1934, in Trenton, N.J., where his father, Col. H. Norman Schwarzkopf Jr., founder and commander of the New Jersey State Police, was then leading the investigation of the Lindbergh kidnap case. That investigation ended with the arrest and 1936 execution of German-born carpenter Richard Hauptmann for murdering famed aviator Charles Lindbergh's infant son. 

The elder Schwarzkopf was named Herbert, but when the son was asked what his "H" stood for, he would reply, "H."
As a teenager Norman accompanied his father to Iran, where the elder Schwarzkopf trained the Iran's national police force and was an adviser to Reza Pahlavi, the young Shah of Iran. 

Young Norman studied there and in Switzerland, Germany and Italy, then followed in his father's footsteps to West Point, graduating in 1956 with an engineering degree. After stints in the U.S. and abroad, he earned a master's degree in engineering at the University of Southern California and later taught missile engineering at West Point. 

In 1966 he volunteered for Vietnam and served two tours, first as a U.S. adviser to South Vietnamese paratroops and later as a battalion commander in the U.S. Army's Americal Division. He earned three Silver Stars for valor -- including one for saving troops from a minefield -- plus a Bronze Star, a Purple Heart and three Distinguished Service Medals. 

While many career officers left military service embittered by Vietnam, Schwarzkopf was among those who opted to stay and help rebuild the tattered Army into a potent, modernized all-volunteer force. 

After Saddam invaded Kuwait in August 1990, Schwarzkopf played a key diplomatic role by helping persuade Saudi Arabia's King Fahd to allow U.S. and other foreign troops to deploy on Saudi territory as a staging area for the war to come. 

On Jan. 17, 1991, a five-month buildup called Desert Shield became Operation Desert Storm as allied aircraft attacked Iraqi bases and Baghdad government facilities. The six-week aerial campaign climaxed with a massive ground offensive on Feb. 24-28, routing the Iraqis from Kuwait in 100 hours before U.S. officials called a halt. 

Schwarzkopf said afterward he agreed with Bush's decision to stop the war rather than drive to Baghdad to capture Saddam, as his mission had been only to oust the Iraqis from Kuwait. 

But in a desert tent meeting with vanquished Iraqi generals, he allowed a key concession on Iraq's use of helicopters, which later backfired by enabling Saddam to crack down more easily on rebellious Shiites and Kurds. 

After retiring from the Army in 1992, Schwarzkopf wrote a best-selling autobiography, "It Doesn't Take A Hero." He was knighted by Queen Elizabeth II and honored with decorations from France, Britain, Belgium, Kuwait, Saudi Arabia, the United Arab Emirates, Qatar and Bahrain. 

Schwarzkopf was a national spokesman for prostate cancer awareness and for Recovery of the Grizzly Bear, served on the Nature Conservancy board of governors and was active in various charities for chronically ill children. 

Schwarzkopf and his wife, Brenda, had three children: Cynthia, Jessica and Christian. 

The Associated Press contributed to this report.

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US stocks dip as fiscal cliff deadline nears

Posted: 27 Dec 2012 03:23 PM PST

NEW YORK: US stocks dipped Thursday in the absence of a deal to avert a "fiscal cliff" crisis as an end-of-year deadline crept closer.

The Dow Jones Industrial Average finished the session down 18.28 points (0.14 percent) at 13,096.31.

The broad-market S&P 500 slipped 1.73 points (0.12 percent) at 1,418.10 while the tech-rich Nasdaq Composite shed 4.25 points (0.14 percent) at 2,985.91.

Washington has until the end of the month to reach a compromise on how to avert a crisis that could lead to steep tax hikes and stringent budget cuts. But with the clock ticking, a deal has yet to take shape.

Experts say a fall over the so-called "fiscal cliff" could take the world's biggest economy back into recession.

Still, markets appeared to be bolstered by word that the House of Representatives would reconvene on Sunday, raising hopes of an 11th-hour compromise.

President Barack Obama cut short his family Christmas break in Hawaii and returned to the capital, and the Senate was also in session Thursday.

"News that the House will reconvene for a session Sunday night propelled stocks to end well off the lows of the day, erasing an earlier double-digit loss on the Dow that came courtesy of discouraging remarks from Senator Harry Reid and a fall in Consumer Confidence," said analysts with Charles Schwab & Co.

Traders were also digesting a sharp drop in consumer confidence in December, traditionally a key driver of the US economy.

In its monthly survey, the Conference Board said the index now stands at 65.1, compared to the downwardly revised 71.5 in November.

Stocks in focus included US auto giant Ford, which said Thursday it would invest $773 million to expand factories across its home state of Michigan, generating 2,350 new jobs, part of a plan to add 12,000 jobs by 2015. It fell 0.23 percent.

Microsoft edged 0.4 percent higher after announcing it would open six new stores in the United States in 2013.

US-listed shares of Toyota Motor Corporation climbed 2.4 percent. The Japanese automaker said Wednesday that it had agreed to pay about US$1.1 billion to settle a class action lawsuit launched by US vehicle owners affected by a series of mass recalls.

Marvell Technology Group dropped 3.5 percent after a jury on Wednesday hit it with a billion-dollar verdict, ruling that the US chip maker "willfully" infringed on patents held by Carnegie Mellon University. -- AFP

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Reid Says a Deal Is Unlikely Before the Fiscal Deadline - New York Times

Posted: 27 Dec 2012 08:57 AM PST

WASHINGTON — Senator Harry Reid of Nevada, the majority leader, warned Thursday morning that there was scant time to put together a Congressional deal to avert the impending fiscal crisis and that no resolution was in sight.

"I have to be very honest," Mr. Reid said as the Senate convened Thursday in an usual session between Christmas and New Year's Day. "I don't know time-wise how it can happen now."

Mr. Reid offered his pessimistic assessment shortly before President Obama, cutting his vacation short, arrived back in Washington on Air Force One. White House officials said that before leaving Hawaii, Mr. Obama had spoken separately by phone with each of the four Congressional leaders about the status of negotiations, but they gave no details of the discussion.

On the Senate floor, Mr. Reid excoriated House Republicans for failing to consider a Senate-passed measure that would extend lower tax rates on household income up to $250,000. He urged House members, who remained away from Washington, to return to the Capitol to put together at least a modest deal to avoid the more than a half-trillion dollars in automatic tax increases and spending cuts set to begin in January.

"The American people are waiting for the ball to drop," Mr. Reid said, "but it's not going to be a good drop."

House Republicans planned a midafternoon conference call among members to discuss, among other things, their possible return this weekend; members were told they would be given 48 hours notice before any impending return. Republican Senators were also planning to convene at the Capitol — normally somnolent during Christmas week — to strategize.

A spokesman for Senator Mitch McConnell, Republican of Kentucky, confirmed that he had spoken with the president, and said that Mr. McConnell was "happy to review what the president has in mind." But the spokesman, Don Stewart, said Senate Democrats had not come ahead with a plan.

"When they do, members on both sides of the aisle will review the legislation and make decisions on how best to proceed," Mr. Stewart said.

Mr. Reid said that absent a move from Republicans, the Senate would move forward this week on the national security measure concerning espionage, as well as a bill to help states that have suffered hurricane damage, with multiple votes possible.

"We are here in Washington working," Mr. Reid said. "While the members of the House of Representatives are out watching movies and watching their kids play soccer and basketball and doing all kinds of things. They should be here."

Senators, frustrated, pessimistic and in some cases downright miserable, returned to Washington with no clear fiscal agenda. Senator Ben Nelson, a retiring Democrat of Nebraska, arrived shortly after midnight on Thursday on a flight that was delayed more than four hours. As he walked through the airport, he lamented the deteriorating political comity that he has observed during two terms in the Senate and two terms as a Democratic governor of a conservative state.

"There are folks who are elected who have come here with an agenda to do nothing and want to stop everything," Mr. Nelson said in an interview. "It may be the new norm – blocking everything."

For Mr. Nelson, who decided against seeking a third term, the looming fiscal crisis would be the final legislative act of a political career built around a bipartisan voting record. He said he was not confident that a real deal could be reached that would be acceptable to both sides, considering that Congress is filled with many people "who didn't accept the 2008 presidential election and haven't accepted the 2012 election either."

Jeff Zeleny contributed reporting.

Ex-President George HW Bush in intensive care after suffering setbacks ... - Detroit Free Press

Posted: 27 Dec 2012 08:41 AM PST

HOUSTON — Former President George H.W. Bush is being treated in the intensive care unit at a Houston hospital after suffering "a series of setbacks," including a stubborn fever, his spokesman said.

In a brief email Wednesday, Jim McGrath, Bush's spokesman in Houston, said the 88-year-old former leader had been admitted Sunday to the ICU at Methodist Hospital. McGrath said Bush, the oldest living former U.S. president, was alert and talking to medical staff.

He said doctors are cautiously optimistic about Bush's treatment and that the former president "remains in guarded condition." He said Bush was surrounded by family.

Early Thursday, McGrath told The Associated Press he had no new information on Bush's condition and that he would release another statement "when events warrant it."

Bush has been hospitalized since Nov. 23, when he was admitted for a lingering cough related to bronchitis after having been in and out of the hospital for complications related to the illness.

A fever that kept Bush in the hospital over Christmas had gotten worse and doctors had put him on a liquids-only diet Wednesday following "a series of setbacks."

"It's an elevated fever, so it's actually gone up in the last day or two," McGrath said. "It's a stubborn fever that won't go away."

But he said the cough that initially brought Bush to the hospital had improved.

Bush was visited on Christmas by his wife, Barbara, his son, Neil, and Neil's wife, Maria, and a grandson, McGrath said. Bush's daughter, Dorothy, arrived Wednesday in Houston from Bethesda, Md. The 41st president has also been visited by his sons, George W. Bush, the 43rd president, and Jeb Bush, the former governor of Florida.

He has also been visited by former Secretary of State James A. Baker III, a longtime confidant.

Bush and his wife live in Houston during the winter and spend their summers at a home in Kennebunkport, Maine.

The former president was a naval aviator in World War II — at one point the youngest in the Navy — and was shot down over the Pacific. He's skydived on at least three of his birthdays since leaving the White House in 1992.

He suffers from a form of Parkinson's disease and in recent years has used a wheelchair to get around.

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