Isnin, 26 November 2012

NST Online Business Times : latest

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TA Securities upgrades KSK Group to ’hold’

Posted: 26 Nov 2012 06:56 PM PST

TA Securities raised its call on KSK Group Bhd, formerly known as Kurnia Asia Bhd, to 'hold' from 'sell', citing a potential 14.5 per cent rise in the company's shares.

"We apply close to a 50 per cent discount to the book value of the company's continuing operations, as well as a net cash per share totalling RM1.40 to take into account execution risk," TA said in a report on Tuesday.

KSK saw a one-off gain of RM835.1 million after selling Kurnia Insurans (Malaysia) Bhd to AmG Insurance Bhd. The company has not indicated where the proceeds from the sale would be channelled to, said TA, although they could go towards the acquisition of a new business or asset.

KSK returned to the black in the third quarter ended Sept.
30 after posting a net loss of 19.4 million in the first half of the year, although TA said this was the result of the one-off gain. "We estimate the company's continuing operations would have reported a net loss close to RM50 million due to the jump in expenses," said TA.

Shares of KSK rose 0.76 per cent to RM0.66 as of 10.31am. -- Reuters

KL shares open lower

Posted: 26 Nov 2012 06:07 PM PST

Share prices on Bursa Malaysia opened lower today on the back of continuous selling activity, a dealer said.

At 9.30 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.65 points lower at 1,604.23, after opening 1.24 points lower at 1,606.64.

HwangDBS Vickers Research said the key FBM KLCI is expected to remain under pressure today.

"The benchmark index, which has fallen in 13 of the last 16 market days to post a cumulative decline of 67.8 points or 4.0 per cent, could pull back deeper to test the psychological level of 1,600 ahead," it said in a research note today.

On the scoreboard, the Finance Index fell 31.1 points to 14,918.66, the Plantation Index dropped 14.06 points to 7,891.43 while the Industrial Index climbed 2.86 points to 2,730.08.

The FBM Emas Index shed 25.65 points to 10,946.75, the FBMT100 lost 27.17 points to 10,787.75, the FBM Mid 70 Index dipped 42.53 points to 12,021.63 but the FBM Ace Index added 7.52 points to 4,228.26.

Losers led gainers by 131 to 89, with 165 counters unchanged, 1,275 untraded and 34 others suspended. Volume stood at 148.92 million shares worth RM62.84 million.

Among actives, SAAG fell half-a-sen to 0.5 sen, Plastrade and Biosis added half a sen each to 11 sen and 27.5 sen respectively, Astral Supreme rose 2.5 sen to 27 sen while Hiap Huat was flat at 25 sen.

Among heavyweights, Maybank and Tenaga were unchanged at RM9.04 and RM6.94 respectively, Sime Darby slipped two sen to RM9.51, CIMB lost six sen to RM7.52 and Axiata dropped eight sen to RM5.67. -- Bernama

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Obama, Boehner Maintain 'Fiscal Cliff' Contact - Wall Street Journal

Posted: 26 Nov 2012 09:04 AM PST

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Obama healthcare law to be challenged by Christian school in federal court - The Guardian

Posted: 26 Nov 2012 09:16 AM PST

Associated Press in Washington

The supreme court upheld the healthcare law in June but has directed a federal court to consider Liberty's challenge. Photograph: Charles Dharapak/AP

The supreme court has revived a Christian college's challenge to President Barack Obama's healthcare overhaul, with the acquiescence of the Obama administration.

The court on Monday ordered the federal appeals court in Richmond, Virginia, to consider the claim by Liberty University in Lynchburg, Virginia, that Obama's healthcare law violates the school's religious freedoms.

A federal district judge rejected Liberty's claims, and the fourth US circuit court of appeals ruled that the lawsuit was premature and never dealt with the substance of the school's arguments. The supreme court upheld the healthcare law in June.

The justices used lawsuits filed by 26 states and the National Federation of Independent Business to uphold the healthcare law by a 5-4 vote, then rejected all other pending appeals, including Liberty's.

The school made a new filing with the court over the summer to argue that its claims should be fully evaluated in light of the high court decision. The administration said it did not oppose Liberty's request.

Liberty is challenging both the requirement that most individuals obtain health insurance or pay a penalty, and a separate provision requiring many employers to offer health insurance to their workers.

The appeals court could ask the government and the college for new legal briefs to assess the effect of the supreme court ruling on Liberty's claims before rendering a decision.

Liberty's case joins dozens of other pending lawsuits over health reform, many involving the requirement that employer insurance plans cover contraception, which are working their way through the federal court system.

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Isnin, 26 November 2012