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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