Khamis, 13 Disember 2012

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RHB raises Gamuda’s fair value

Posted: 13 Dec 2012 06:47 PM PST

RHB Research raised Gamuda Bhd's fair value to RM4.49 per share from RM4.29 after the construction firm's first quarter ending on Oct. 31, 2012 came in slightly above the research house's expectation, but within consensus.

"We see value in Gamuda as it has given a strong start. We believe the SBK MRT Line (Sungai Buloh-Kajang Mass Rapid Transit Line) project has gone beyond 'the point of no return'," RHB said in a research note on Friday, maintaining 'outperform' on the stock.

RHB said once Malaysia's 13th general election is over, investors will refocus on fundamentals of construction stocks, which may appear to be reasonably attractive underpinned by a construction upcycle backed by various large-scale infrastructure, property and oil and gas projects.

As of 10.07am, shares of Gamuda dropped 0.55 per cent to 3.62 ringgit per share, while the construction index rose 0.08 per cent. - Bernama

KL shares slump in early trade

Posted: 13 Dec 2012 05:41 PM PST

At 9.30 am today, there were 79 gainers, 152 losers and 162 counters traded unchanged on the Bursa Malaysia.

The FBM-KLCI was at 1,645.05 down 7.70 points, the FBMACE was at 4,149.40 up 9.67 points, and the FBMEmas was at 11,162.02 down 44.46points.

Turnover was at 106.748 million shares valued at RM57.397 million. -- BERNAMA

Kredit: www.nst.com.my

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Russian Envoy Says Syrian Leader Is Losing Control - New York Times

Posted: 13 Dec 2012 09:16 AM PST

MOSCOW — Russia's top Middle East diplomat and the leader of NATO offered dark and strikingly similar assessments of the embattled Syrian president's future on Thursday, asserting that he was losing control of the country after a nearly two-year conflict that has taken 40,000 lives and has threatened to destabilize the Middle East.

The bleak appraisals — particularly from Russia, a steadfast strategic Syrian ally — amounted to a new level of pressure on the Syrian president, Bashar al-Assad, who has been resorting to increasingly desperate military measures, including the use of Scud ballistic missiles, to contain an armed insurgency that has encroached on the capital, Damascus.

The Russian diplomat, Deputy Foreign Minister Mikhail Bogdanov, acknowledged that Mr. Assad's forces could be defeated by rebels, whom the Syrian leader has repeatedly dismissed as ragtag foreign-backed terrorists with no popular support.

"Unfortunately, it is impossible to exclude a victory of the Syrian opposition," said Mr. Bogdanov — the clearest indication to date that Russia believed that Mr. Assad could lose.

Mr. Bogdanov's remarks, reported by Russia's Interfax news service, came as the secretary general of NATO, Anders Fogh Rasmussen, told reporters in Brussels that Mr. Assad's use of ballistic missiles, which Western officials monitoring the Syrian conflict reported on Wednesday — and which Syria has denied — reflected his "utter disregard" for Syrian lives. Mr. Rasmussen also predicted the demise of Mr. Assad's government.

"I think the regime in Damascus is approaching collapse," he told reporters after a meeting with the Dutch prime minister at NATO headquarters. "I think now it is only a question of time."

While the leaders of NATO member states have made similar predictions before, the assertion by Mr. Rasmussen, the leader of the Western military alliance, reinforced a growing consensus that Mr. Assad's options for remaining in power had been all but exhausted — a view now apparently shared by Russia.

Throughout the Syria crisis, as it has grown from peaceful protests in March 2011 to engulf the country in armed conflict, Russia has acted as Syria's principal international shield, protecting Mr. Assad diplomatically from Western and Arab attempts to oust him and holding out the possibility of his staying in power during a transition.

Only in recent days has Russia's view seemed to shift, while Mr. Assad's foes, grouped in a newly minted and still uncertain coalition, have garnered ever broader international support as the legitimate representatives of the Syrian people.

"We must look squarely at the facts, and the trend now suggests that the regime and the government in Syria are losing more and more control and more and more territory," Mr. Bogdanov said in remarks to Russia's Public Chamber, a Kremlin advisory group, according to Interfax.

Russia, he said, was preparing to evacuate its citizens — a complex task, since for decades, Russian women have married Syrian men sent to study in Russia and returned to Syria with them to raise families.

It was the first time an official at Mr. Bogdanov's level had announced plans for an evacuation, which sent a message to the Syrian government that Russia no longer held out hope that the government could prevail. He said Russia had a plan to withdraw its personnel from its embassy in the Syrian capital, Damascus, but that was s not yet necessary. Russia's press attaché in Damascus confirmed this, telling Interfax that there was "no sharp deterioration" in conditions there.

Mr. Bogdanov offered a dark view of how the conflict would unfold from this point, saying that it took two years for the rebels to control 60 percent of Syria's territory, and another year and a half will pass before they control the rest.

"If up until now 40,000 people have died, then from this point forward it will be crueler, and you will lose dozens or many hundreds of thousands of people," he said. "If you accept this price to topple the president, what can we do? We of course consider this totally unacceptable."

As the Russian official spoke, fresh evidence of the intensity of the battle emerged. During the civil war, Moscow has been the principal arms supplier for the Damascus government, as it has been for decades. Obama administration and NATO officials said on Wednesday that Syrian government forces had resorted to firing Scud missiles at rebel fighters as the government struggled to slow the momentum of the insurgency.

Ellen Barry reported from Moscow, and Rick Gladstone from New York. Alan Cowell contributed reporting from London and Anne Barnard from Beirut, Lebanon.

On "fiscal cliff," Boehner shifts the focus from taxes to spending cuts - CBS News

Posted: 13 Dec 2012 09:20 AM PST

As the "fiscal cliff" negotiations have seemed to hit a stalemate, House Speaker John Boehner forcefully argued that the discussion shouldn't be about raising taxes but cutting spending and that is what's holding up any prospects of a deal.

"It's clear the president is just not serious about cutting spending. But spending is the problem," Boehner said today. "The president wants to pretend spending isn't the problem. That's why we don't have an agreement."

Republicans are demanding that President Obama agree to more spending cuts. The main components of the president's latest offer includes $600 billion in cuts with $1.4 trillion in tax increases. The Republican offer, meanwhile, is the inverse. It includes $800 billion in revenue increases and $1.4 trillion in spending cuts.

The president appears to be winning the public relations debate as polls have consistently shown that Republicans will bear the brunt of the blame if no deal is reached on the "fiscal cliff."

Meantime, while Boehner continues to resist tax increases, rank-and-file Republicans are publicly admitting that tax rates, at least on top earners, are likely to increase. The president will "get his wish," Sen. Jim DeMint, R-S.C., today on "CBS This Morning."

Prior to Boehner's remarks, House Minority Leader Nancy Pelosi, D-Calif., sharply criticized the Republican latest counter-proposal saying it "had more signatures than ideas."

"It had, like, one number," Pelosi said on its lack of specifics.

On the debate over how to deal with entitlement spending, the president has indicated a willingness to raise the eligibility age of Medicare from 65 to 67 but Pelosi once again laid down different boundaries. "Don't even think about raising the Medicare age," she said.

Spending is also not the only area Boehner would like to see the president budge. He wants the president to forgo his demand that the debt ceiling be lifted.

Pelosi said a deal must be reached in the next couple of days or by next week for the "fiscal cliff" to be averted before Jan 1.

Kredit: www.nst.com.my
 

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