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IMF sees Malaysia growing 5pc Posted: 28 Feb 2013 05:49 PM PST Malaysia's improving exports and domestic demand will help the economy expand 5 per cent this year, even as general elections may fuel market volatility, according to an International Monetary Fund (IMF) staff forecast. The national vote, which must be held by late June, is among risks to the country's outlook, IMF economists said in the report assessing the country's economy released in Washington late yesterday. The main threats to growth are external, including a slowdown in China, it said. "The next general election must be held by June 2013, but has been expected since 2011, leading to a pre-election political climate for the past two years or so," the IMF staff wrote. The elections "could lead to some market volatility," they said. Malaysia's economy grew at the fastest pace since 2010 in the three months through December from a year earlier as Prime Minister Datuk Seri Najib Razak boosted spending ahead of the ballot. Najib, whose ruling coalition won the 2008 vote by its narrowest margin in five decades, must dissolve parliament by April 28 for polls to be held within 60 days. The IMF growth forecast is in line with the government's prediction of 4.5 per cent to 5.5 per cent.-- Bloomberg

Facebook buys Microsoft ad technology Posted: 28 Feb 2013 06:56 PM PST SAN FRANCISCO: Facebook Inc said on Thursday it had agreed to buy advertising technology from Microsoft Corp that measures the effectiveness of ads on its website, which should help in its fight with Google Inc for online advertising revenue. Under the long-rumored transaction, Facebook will purchase the Atlas Advertiser Suite, an ad management and measurement platform that Microsoft took on with its US$6.3 billion acquisition of digital ad agency aQuantive in 2007. Facebook did not say how much it paid for the technology. Unable to make it work for its own purposes, Microsoft wrote off US$6.2 billion of the aQuantive deal's value last year. Facebook has long been dogged by doubts about the effectiveness of its ads and was embarrassed just days before its initial public offering in May when General Motors Co declared it was pulling the plug on all paid advertising on Facebook's network. Since then, Facebook has introduced a number of tools and partnerships to prove to marketers that advertising on its social network delivers enough bang for the buck. Brian Boland, Facebook's director of monetization product marketing, said the purchase of Atlas was not a step toward creating a much wider ad network beyond the Facebook site, but analysts believe that is Facebook's ultimate goal. "Although the statement announcing the deal focused on Atlas' measurement tools rather than its ad targeting technology, we expect that Atlas will soon be using Facebook's data to target sponsorships, in-stream ads, and other rich ad formats across the entire web, and that's big news," said Forrester analyst Nate Elliott. "The question now is how quickly and successfully Facebook can integrate its data with Atlas' tools, and whether they can avoid a privacy backlash as they do so. History suggests they'll struggle on both counts," he said. Google leads the US$15 billion US market for online display ads with 15.4 per cent share, according to researcher eMarketer, followed by Facebook with 14.4 per cent.-- Reuters

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Pope Benedict XVI leaves Vatican for final time ahead of resignation - Fox News Posted: 28 Feb 2013 09:30 AM PST Pope Benedict XVI departs Vatican for last time as pope Pope Benedict XVI arrives at Castel Gandolfo Pope Benedict XVI's final address as pope Pope Benedict XVI left the Vatican for the last time as pontiff on Thursday and flew by helicopter to Castel Gandolfo, where he made his final public speech in front of a cheering crowd. As his closest aide wept by his side, Benedict bade farewell to Vatican officials gathered in the San Damaso courtyard of the Apostolic Palace, a corps of Swiss Guards standing by at attention. Benedict then traveled by car to the helipad on the top of the hill of the Vatican gardens and boarded a helicopter along with his secretary, Monsignor Georg Gaenswein, for the 15-minute trip to Castel Gandolfo. Bells tolled as they took off and circled St. Peter's Square, where well-wishers held up signs saying "Thank You." When Benedict landed in Castel Gandolfo, south of Rome, a crowd in the town's square started cheering and waving flags, chanting, "Benedetto, Benedetto" in rhythm. "I am simply a pilgrim who is starting the last part of his journey," Benedict told them in his final public speech.  The crowd shouted back "Long live the pope!" At Castel Gandolfo at 8 p.m. sharp, Benedict will become the first pontiff in 600 years to resign. The Swiss Guards standing at attention will go into the palazzo and shut the doors behind them and go off duty, their service protecting the head of the Catholic Church over -- for now. Vatican spokesman  Rev. Federico Lombardi said the guards would change into civilian clothes and return to the Vatican barracks Thursday night. They will continue to guard the entrances of Vatican City and the pope's palace, "even if he's not there," said Cpl. Urs Breitenmoser, a Swiss Guard spokesman. And on Monday, the cardinals are expected to begin meeting to set the date for the conclave. At the Vatican earlier Thursday, Benedict held his final audience with his cardinals and pledged his "unconditional reverence and obedience" to his successor, a poignant and powerful message to close out his eight-year pontificate. In an unexpected address inside the Vatican's frescoed Clementine Hall, the pope appeared to be trying to defuse concerns about his future role and the possible conflicts arising from the peculiar situation of having both a reigning pope and a retired one. Benedict also gave a final set of instructions to the "princes" of the church who will elect his successor, urging them to be united as they huddle to choose the 266th leader of the world's 1.2 billion Catholics. "May the College of Cardinals work like an orchestra, where diversity -- an expression of the universal church -- always works toward a higher and harmonious agreement," he said. It was seen as a clear reference to the deep internal divisions that have come to the fore in recent months following the leaks of sensitive Vatican documents that exposed power struggles and allegations of corruption inside the Vatican. The audience inside the Apostolic Palace was as unique as Benedict's decision to quit, with the 85-year-old pope, wearing his crimson velvet cape and using a cane, bidding farewell to his closest advisers and the cardinals themselves bowing to kiss his fisherman's ring for the last time. Some seemed to choke up at that moment, and a few lingered on to chat with the pope for as long as they could. But the scene seemed otherwise almost normal, with cardinals chatting on the sidelines waiting their turn to say goodbye. Benedict said he would pray for the cardinals in coming days as they discuss the issues facing the church, the qualities needed in a new pope, and prepare to enter into the secret conclave to elect him. "Among you is also the future pope, whom I today promise my unconditional reverence and obedience," Benedict told the cardinals. Benedict's decision to live at the Vatican in retirement, be called "emeritus pope" and "Your Holiness" and wear the white cassock associated with the papacy has deepened concerns about the shadow he might cast over the next papacy. But Benedict has tried to address those worries over the past two weeks, saying that once retired he would be "hidden from the world" and living a life of prayer. In his final speech in St. Peter's Square on Wednesday, he said he wasn't returning to private life exactly, but rather to a new form of service to the church through prayer. And on Thursday he went even further with his own public pledge of obedience to the new pontiff. The Vatican spokesman, the Rev. Federico Lombardi, said the pope's pledge was in keeping with this effort to "explain how he intends to live this unprecedented situation of an emeritus pope." "He has no intention of interfering in the position or the decisions or the activity of his successor," Lombardi said. "But as every member of the church, he says fully that he recognizes the authority of the supreme pastor of the church who will be elected to succeed him." The issue of papal obedience is important for Benedict. In his last legal document, he made new provisions for cardinals to make a formal, public pledge of obedience to the new pope at his installation Mass, in addition to the private one they traditionally make inside the Sistine Chapel immediately after he is elected. Benedict's decision to resign has been met for the most part with praise and understanding. Cardinals, Vatican officials and ordinary Catholics have rallied around him in acknowledgment of his frail state and the church's need for a strong leader. But Sydney Cardinal George Pell has caused a stir by openly saying the resignation has been "slightly destabilizing" for the church. In an interview with Australian Broadcasting Corp., Pell noted that Benedict himself had acknowledged the shift in tradition; Benedict said Wednesday that he appreciated his decision was not only serious but "a novelty" for the church. Pell also said the church was in sore need of a strong manager -- comments echoed by several cardinals who have noted the 30-year reign of two popes who paid scant attention to the internal governance of the church. The Vatican tried to downplay Pell's comments, saying it wouldn't respond to individual cardinals and urging the media not to take advantage of churchmen who, he said, aren't necessarily media savvy. The Associated Press contributed to this report.   Print   Email   Share   Comments Recommend Tweet Related Images Feb. 28, 2013: The helicopter taking Pope Benedict XVI to Castel Gandolfo leaves the Vatican in Rome. Shortly before 5 p.m. on Thursday, Pope Benedict left the Apostolic palace inside the Vatican for the last time as pontiff, headed to the helipad at the top of the hill in the Vatican gardens and flew to the papal retreat at Castel Gandolfo south of Rome. Feb. 28, 2013: Pope Benedict XVI speaking to a crowd from a balcony at Castel Gandolfo, where he will reside. Feb. 24, 2013: Pope Benedict XVI delivers his blessing during his last Angelus noon prayer, from the window of his studio overlooking St. Peter's Square, at the Vatican. Share This Article Newsletter Signup Sign up for free e-mail news alerts from FoxNews.com and FoxBusiness.com. Newsletter Signup

Bradley Manning enters guilty pleas in WikiLeaks case - CBS News Posted: 28 Feb 2013 09:11 AM PST Updated at 12:14 p.m. ET FORT MEADE, Md. An Army private charged in the biggest leak of classified material in U.S. history offered guilty pleas Thursday to 10 of 22 charges against him and a military judge said she would allow the soldier to read a statement explaining his actions. "I believe that if the general public ... had access to the information ... this could spark a domestic debate as to the role of the military and foreign policy in general," Manning said in court, according to the Reuters news service. Pfc. Bradley Manning would plead guilty to sending hundreds of thousands of classified documents to the anti-secrecy website WikiLeaks, in violation of military regulations but not in violation of federal espionage laws. The judge, Col. Denise Lind, must decide whether to accept the guilty pleas, which could carry a sentence of 20 years in prison. Prosecutors could still pursue a court-martial on the remaining charges, including aiding the enemy, which carries a potential life sentence. 12 Photos WikiLeaks suspect Bradley Manning The 25-year-old Manning is accused of sending hundreds of thousands of Iraq and Afghanistan battlefield reports, State Department diplomatic cables, other classified records and two battlefield video clips to WikiLeaks in 2009 and 2010 while working as an intelligence analyst in Baghdad. The Obama administration has said releasing the information threatened valuable military and diplomatic sources and strained America's relations with other governments. Experts say that by seeking to punish Manning, the administration is sending a strong message that such leaks will not be tolerated. Manning supporters — who held events Saturday to mark his 1,000 days in confinement — consider him a whistleblowing hero whose actions exposed war crimes and helped trigger the Middle Eastern pro-democracy uprisings known as the Arab Spring in late 2010. On Tuesday, it was revealed that Manning has submitted a written statement about the leak and the motive behind it that he wanted to read in court during Thursday's hearing. Prosecutors objected to the statement, but the judge said Thursday she would allow him to read it. Manning has won few significant victories in his lengthy pretrial proceedings, which included testimony from the soldier about how he was deprived of his clothing and told to stand at attention naked while on suicide watch at the maximum-security Marine Corps brig at Quantico, Va. He has since been transferred to medium-security confinement at Fort Leavenworth, Kan. The judge ruled that Manning was illegally punished for part of the time he spent at Quantico and that 112 days should be cut from any prison sentence he receives if convicted.

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Felda urges tax-free palm oil Posted: 27 Feb 2013 06:02 PM PST Felda Global Ventures Holdings Bhd said that palm oil shipments from Malaysia, the largest producer after Indonesia, should be allowed duty-free for some companies until midyear to help reduce near-record stockpiles. There's a risk reserves will be carried into the second half unless they are cleared, Datuk Sabri Ahmad, chief executive officer of the third-largest operator of palm plantations, said in an interview. Government programmes, such as increased blending of palm in biodiesel, known as B10, should be speeded up, Sabri said yesterday. Exports in March are set to be taxed at 4.5 per cent after two months of duty-free shipments. The world's most-used cooking oil is mired in a bear market as supply and stockpiles have surged to records, and Sabri's comments reflect producers' concern that the reserves need to be reduced to pave the way for a rebound in prices. While Sime Darby Bhd said yesterday that it expects palm to rally in the second half, Dorab Mistry, a director at Godrej International Ltd, who's traded the oil for more than three decades, has said the outlook is bearish as global oilseed supplies increase. "If you have duty-free from Malaysia just for a short period only until June to clear stocks, this will help," Sabri said in his office in Kuala Lumpur, proposing that the break apply to so-called integrated companies that have local estates and refineries overseas. If something new isn't done, "it's going to be burdensome stocks going into October," he said. Malaysian supply typically peaks in September or October.-- Bloomberg

KL share higher in early trade Posted: 27 Feb 2013 06:20 PM PST Share prices on Bursa Malaysia were higher in early trade today in line with gains on most regional markets, dealers said. The FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.84 points higher at 1,625.98, after 40 minutes of trading. It had opened at 1,625.37. HwangDBS Vickers Research said Asian equities will probably get a lift from the overnight rise on Wall Street. Major US stock indices climbed between 1.0 per cent and 1.3 per cent, as sentiment was boosted by better US housing statistics and the successful bond sales by Italy, amid its on-going political turmoil. On the home front, the Finance Index rose 32.06 points to 15,073.26, and the Plantation Index fell 10.7 points to 7,836.79, while the Industrial Index increased 2.03 points to 2,790.44. The FBM Emas Index improved 16.029 points to 11,068.06, the FBMT100 rose 14.75 points to 10,920.91, the FBM Ace Index decreased 20.39 points to 3,939.06 and the FBM Mid 70 Index was 27.32 points higher at 12,101.12. Gainers led losers by 144 to 115, with 167 counters unchanged, 1,249 untraded and 60 others suspended. Total volume stood at 133.57 million shares worth RM762.25 million. For the actives, Patimas gained one sen to five sen, Ariantec Global added five sen to eight sen and Palette Multimedia-Wr was flat at half sen. Among heavyweights, Maybank gained two sen to RM9.14, Sime Darby was flat at RM9.17 and Axiata slipped one sen to RM6.33.-- Bernama

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Obama, Lawmakers to Meet Over Looming Cuts - Wall Street Journal Posted: 27 Feb 2013 09:21 AM PST BY JARED A. FAVOLE WASHINGTON—President Barack Obama and congressional leaders plan to meet at the White House on Friday to discuss the $85 billion in automatic spending cuts set to start the same day, according to a White House official. The meeting follows weeks of disagreement over how to avert the cuts, known as the sequester, and comes after both political parties have spent the last few days blaming each other for the lack of progress on a replacement plan. The ...

Pope Benedict XVI Delivers Farewell Address - ABC News Posted: 27 Feb 2013 09:29 AM PST On his final full day as the leader of the Roman Catholic Church, Pope Benedict XVI thanked a huge crowd for respecting his historic decision to step down and told them that God will continue to guide the church. "The decision I have made, after much prayer, is the fruit of a serene trust in God's will and a deep love of Christ's Church," Benedict said to cheers in his last public words as pope. Benedict, 85, is the first pope to resign in 600 years. He told the crowd today that he was "deeply grateful for the understanding, support and prayers of so many of you, not only here in Rome, but also throughout the world." Pope Benedict's Last Sunday Prayer Service Under sunny skies on this late February day, hundreds of thousands of people, some waving flags, some banners, flocked to Vatican City to see Benedict make a final lap around St. Peter's Square. Throughout his eight-year papacy, Benedict has conducted a weekly audience from St. Peter's. Before delivering his last papal address today, Benedict waved to the festive group of supporters as he toured the square in his glass-encased popemobile. The city of Rome planned for more than 200,000 people to head to the Vatican for today's event. Streets around St. Peter's were blocked off to cars as pedestrians from around the world headed to the square. 9 Men Who Could Replace Pope Benedict XVI Among them were Rachael Richter and some classmates from Pittsburgh's Duquesne University who are studying abroad. "When I came here, I never expected that something like this would happen," she said. "It's the opportunity of a lifetime, so I'm just taking it all in and enjoying every minute of it." But it was also bittersweet, judging by the reactions from observers like Christopher Kerzich, who hails from Chicago and is studying at the Pontifical North American College in Rome. "It's definitely a historic moment," he said. "There's a sadness of Pope Benedict not being there to shepherd our church but a sense of excitement, too." Kerzich added: " Looking around the crowd I saw people with faces of sadness. But then when the Holy Father came out, there was this great joy that came across the people. So I think it's mixed emotions. "Many Catholics have come to love this pontiff, this very humble man. He is a man who's really fought this and prayed this through and has peace in his heart. I take comfort in that and I think a lot of Catholics should take comfort in that." Either way, the conclave to elect Benedict's replacement will start next month at a date yet to be determined. Benedict issued a decree known as a "motu poprio" that will allow cardinals to convene the conclave sooner than the March 15 date that would have been mandated under the old rules. Benedict today asked the faithful to pray for him and for the new pope. "My heart is filled with thanksgiving to God who ever watches over his church," Benedict said. The German-born Benedict, who had appeared frail at times in recent months, seemed more energized in his remarks today. He has said he will devote more time to prayer and meditation after he leaves the papacy. Benedict will meet Thursday with his cardinals in the morning and then flies by helicopter at 5 p.m. to Castel Gandolfo, the papal residence south of Rome. Benedict will greet parishioners there from the palazzo's balcony, his final public act as pope. Then, at 8 p.m., the exact time at which his retirement becomes official, the Swiss Guards standing outside the doors of the palazzo at Castel Gandolfo will go off duty, their service protecting the head of the Catholic Church finished. In retirement, Benedict will continue to wear white and will be called "Pope Emeritus," or the "Supreme Roman Pontiff Emeritus" or "Your Holiness," the Vatican announced Tuesday. Benedict will ditch his trademark red shoes, opting for a pair of brown shoes given to him on a trip to Mexico. But he will still reside on Vatican grounds in a former nunnery. Benedict's final days as pope have been marked by controversy. For nearly a week now Italian newspapers speculated that Benedict really resigned because of a dossier he was given detailing a sex and blackmail scandal in the Catholic Church. The Italian media news reports do not state any attribution. It turns out a dossier does exist. The Vatican spokesman Monday underscored that the contents of the dossier are known only to the pope and his investigators, three elderly prelates whom the Italian papers have nicknamed "the 007 cardinals." But the dossier itself will remain "For the Pope's Eyes Only."

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KL shares open higher in early trade Posted: 26 Feb 2013 06:14 PM PST Share prices on Bursa Malaysia were slightly higher in early trade today, tracking overnight gains on Wall Street, dealers said. The FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.66 points higher at 1,625.84, after 50 minutes of trading. Wall Street's key equity indices were up between 0.4 per cent and 0.8 per cent at the closing bell. "Sentiment was torn between better housing data in the US and renewed worries on the sovereign debt crisis in Europe," HwangDBS Vickers Research said. On the home front, the Finance Index rose 34.5 points to 15,046.61 and the Plantation Index fell 22.22 points to 7,861.95, while the Industrial Index increased 0.32 of a point to 2,782.45. The FBM Emas Index added 15.91 points to 11,056.8, the FBMT100 rose 14.851 points to 10,910.07, the FBM Ace Index increased 6.05 points to 3,950.67 and the FBM Mid 70 Index was 33.351 points higher at 12,043.37. Gainers led losers by 158 to 147, with 181 counters unchanged, 1,180 untraded and 53 others suspended. Total volume stood at 172.38 million shares worth RM122.35 million. For the actives, The Media Shoppe was flat at six sen, Patimas fell half sen to 4.5 sen and Pan Malaysia Capital declined two sen to 4.5 sen. Among heavyweights, Maybank gained one sen to RM9.15, Sime Darby was flat at RM9.17 and Axiata rose one sen to RM6.34.-- Bernama

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More spin than solutions as spending cuts near - CNN Posted: 26 Feb 2013 08:37 AM PST STORY HIGHLIGHTS President Obama heads to military country to warn of spending cut impacts Military leaders say readiness will be compromised if the cuts take full effect Republicans seek to blame Obama and Democrats for the situation The two sides remain divided over taxes as part of the solution Washington (CNN) -- Three days before forced spending cuts portrayed by most as an economic body blow, President Barack Obama and Republican rivals relied on spin versus substance Tuesday in trying to prod a deeply divided Congress into action to avert the harshest impacts. Obama headed to military country in Virginia, where local residents will bear the brunt of mandatory cuts to defense spending, for a campaign-style event intended to highlight the negative situation. Republicans criticized Obama for what some called scare tactics, but also said the spending cuts would be bad policy and should be changed. Only rigid fiscal conservatives backed the concept of mandatory deep spending cuts as a painful first step of necessary deficit reduction. Meanwhile, government officials and military leaders continued warning of serious consequences if Congress fails to agree on an alternative to the mandatory $85 billion in cuts for the rest of fiscal year 2013, which ends on September 30. Federal Reserve Chairman Ben Bernanke said Tuesday the automatic cuts will slow the already sluggish U.S. economy, harming the still-moderate recovery from recession. However, conflicting messages in the increasingly heated debate raised confusion about exactly what will happen if the spending cuts go into effect as scheduled on Friday. Talk Back: Who do you believe when it comes to forced budget cuts? At a House subcommittee hearing on Tuesday, the heads of the nation's military services warned of serious problems if the full effect of cuts are allowed to happen. Gen. Ray Odierno, the Army chief of staff, said the pending cuts would hollow out the military and were "not in the best interest of our national security." In particular, he said reduced spending for this year would reduce training, diminish the special operations command and result in layoffs and furloughs of civilian staff that will delay medical care for soldiers and their families. Rep. Harold Rogers of Kentucky, the GOP chairman of the House Appropriations Committee, told the panel that the spending cuts known in Washington jargon as sequestration were "both terrible politics and terrible policy." In particular, he warned the cuts to defense spending would impair the nation's overall military readiness. That contrasted with conservative Sen. John Cornyn, R-Texas, who said Monday that the cuts won't be as harmful as the Obama administration warns. The veteran senator conceded that he initially agreed with dire predictions from the administration and top Republicans of major harm to the nation's military. After looking into the situation, Cornyn said he now argues that the Pentagon will still see its budget go up despite the forced cuts. Senate Republicans are considering a proposal this week that could alleviate some impacts of the cuts by giving the president flexibility to decide where they would occur. The proposal is the GOP counter to a Democratic plan to replace the sequester cuts with more tax revenue collected from millionaires, as well as eliminating agriculture subsidies and reducing defense spending after the end of combat operations in Afghanistan next year. House Speaker John Boehner expressed continuing frustration over what he called a lack of leadership by Obama and Senate Democrats. Opinion: If spending is cut, GOP will get the blame The House has twice passed bills that would replace the mandatory cuts of sequestration with other reductions that avoid harming the military, a concept rejected by Democrats as shifting the impact of deficit reduction to the middle class and needy Americans. "We should not have to move a third bill before the Senate gets off their ass and begins to do something," Boehner told reporters on Tuesday. In response, House Democratic leader Nancy Pelosi of California said bills passed last year by the previous Congress no longer matter, and that the Constitution requires legislation involving appropriations and revenue to originate in the House. "There's not much that is being accomplished by what they are doing," Pelosi said of House GOP leaders, calling their refusal to act on the matter "irresponsible" and "mindless." The forced cuts were written into law in 2011 to be intentionally indiscriminate so that legislators would compromise on an alternative instead of allowing them to take effect. However, election year politics in 2012 prevented an agreement, and the continuing partisan divide over how to reduce or at least control chronic federal deficits and debt caused the widely opposed spending cuts to become imminent. Top Senate Republican doubts damage from defense cuts The law does not allow the Pentagon or government agencies to shift money to protect some programs or operations from the spending cuts. While Republicans are divided over how much flexibility Obama should get to avoid the worst impacts of the cuts, they appear unified in opposing any increase in tax revenue to partially offset them. A January agreement that raised tax rates on top income earners while putting off the forced cuts for two months provided all tax revenue Republicans were willing to consider, party leaders say. "We can either secure these reductions more intelligently or we can do it the president's way with across the board cuts," Senate GOP leader Mitch McConnell said Tuesday. "But one thing Americans simply will not accept is another tax increase to replace spending reductions we already agreed to." His Democratic counterpart, Senate Majority Leader Harry Reid, blamed Republican intransigence for the impact. "My Republican colleagues are standing in the way of a solution," he said. "They only want cuts and more cuts. They are willing to sacrifice three quarters of a million American jobs rather than ask multi-millionaires to pay a penny more." The full impact of the cuts won't be felt for at least a month, until after a March 27 deadline for Congress to agree on extending funding for the government for the rest of the fiscal year. An agreement on the overall government funding could soften or eliminate the cuts and much of the hyperbole this week involved posturing for the broader debate of coming weeks. Where you'll feel forced spending cuts CNN's Dana Bash, Alan Silverleib, Ted Barrett, Kevin Liptak and Ashleigh Killough contributed to this report. 0 Comments » Tweet Print Email More sharing

DHS releasing illegal immigrants before sequestration - Politico Posted: 26 Feb 2013 09:34 AM PST WASHINGTON  — The Department of Homeland Security is releasing some illegal immigrants being held in immigration jails in advance of automatic budget cuts set to go into effect later this week. A spokeswoman for U.S. Immigration and Customs Enforcement, Gillian Christensen, says the immigrants were being held around the country and being released and "placed on an appropriate, more cost-effective form of supervised release." She did not say how many immigrants were released or how they were selected. Continue Reading Congress requires that ICE maintain 34,000 immigration detention beds. DHS Secretary Janet Napolitano warned Monday that the mandatory cuts would impact the entire department, and specifically mentioned the cost of maintaining jail beds. Christensen said the deportation cases against the released immigrants would continue.

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Exim Bank plans to sell US$1b sukuk Posted: 25 Feb 2013 05:30 PM PST Export-Import Bank of Malaysia Bhd (Exim Bank) plans to sell a debut Islamic bond in the global market, the second by an Asian company in 2013 after a two-year absence. The state-owned trade finance provider invited proposals from banks to arrange US$1 billion of dollar-denominated debt for a possible second-quarter offering, said three people familiar with the deal. The lender aims to increase the proportion of Shariah loans to 30 per cent of the total in two years from 20 per cent now, Chief Executive Officer Adissadikin Ali said in an interview yesterday in Kuala Lumpur, declining to comment on the potential issuance. Exim Bank will become only the fourth Asian corporate to ever tap dollar sukuk investors after Malaysia's Sime Darby Bhd, the world's biggest palm-oil producer, sold US$800 million of notes in January. The government's US currency Islamic bonds maturing in 2021 yield 2.92 per cent, compared with 3.55 per cent for similar ringgit debt. "More Asian companies will tap the dollar sukuk market given the pace of regional growth and overseas expansion," Mohamed Azahari Kamil, the Kuala Lumpur-based chief executive officer of Asian Finance Bank Bhd, the Malaysian unit of Qatar Islamic Bank SAQ, said in an interview yesterday. "Islamic borrowing costs for well-rated corporates are cheap." A sale would be the Kuala Lumpur-based institution's second foray into the international debt arena. It sold US$500 million of five-year notes that don't comply with the Quran's ban on interest in May at a coupon rate of 2.875 per cent. Those securities are rated A3 by Moody's Investors Service and A- by Fitch Ratings, the fourth-lowest investment grades and the same ranking as the sovereign. The 2.875 per cent bonds due in 2017 yielded 1.91 per cent yesterday, down 11 basis points, or 0.11 percentage point, from the end of last year, data compiled by Bloomberg show. The Bloomberg Malaysian Sukuk Ex-MYR Index of foreign-currency Islamic debt listed in the Southeast Asian nation rose 0.1 per cent last week to 111.682 and is little changed in 2013. Exim Bank started offering Shariah-compliant loans in 2009 and plans to increase total lending by 30 per cent in 2013 under a five-year initiative introduced in 2011, Adissadikin said. The company is getting enquiries from Malaysian companies operating overseas that are looking to expand, he said. "Since we aren't a deposit-taking bank, we need to consider sukuk to raise funds," Adissadikin said. "This option will allow us to pass on the benefits of lower borrowing costs to our customers so they can be competitive."-- Bloomberg

US stocks close sharply lower Posted: 25 Feb 2013 03:24 PM PST NEW YORK: US stocks closed sharply lower Monday amid concerns that Silvio Berlusconi's strong showing in the Italian election could force a coalition government and spark fresh instability in the eurozone. The Dow Jones Industrial Average fell 216.40 points (1.55 percent) to 13,784.17, the index's biggest single-day drop since November. The broad-based S&P 500 lost 27.75 (1.83 percent) to 1,487.85, while the tech-rich Nasdaq Composite Index sank 45.57 (1.44 percent) to 3,116.25. Equity markets rose early as the Italian election appeared heading for a center-left victory. But as the hours passed, a tight contest for control of the Italian Senate raised the possibility of a coalition including former premier Berlusconi. Financial markets fear that his return to power could endanger Italy's recent fiscal reforms and revive doubts about the euro zone. "There was a surprise over the Italian election," said Mace Blicksilver of Marblehood Asset Management. Some analysts also expressed concerns about the effect of US budget cuts that could take effect Friday if an agreement in Washington is not reached. Among the biggest losers were Bank of America (-3.7 percent), Home Depot (-2.6 percent) and General Electric (-2.5 percent). Home improvement retailer Lowe's sank 4.8 percent despite reporting earnings that bested analyst expectations. Natural gas giant Chesapeake Energy fell 6.8 percent after it announced it was selling a stake in some natural gas properties to Chinese company Sinopec for $1.0 billion. US shares of British oil giant BP dropped 3.4 percent as a much-watched trial began Monday in New Orleans over the 2010 Gulf of Mexico oil spill. Barnes & Noble surged 11.5 percent after the company's founder and largest shareholder, Leonard Riggio, announced that he was interested in buying the company's retail assets. -- AFP

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Obama warns governors about sequester - USA TODAY Posted: 25 Feb 2013 08:53 AM PST President Obama(Photo: Charles Dharapak, AP) Story Highlights "The longer those cuts are in place, the bigger their impact will be," Obama says The sequestration -- $85 billion in automatic budget cuts -- takes effect Friday Obama is trying to pressure congressional Republicans to accept debt deal with spending cuts and taxes President Obama sought to recruit the nation's governors Monday in his sequestration battle with Congress, telling them that $85 billion in automatic budget cuts will cripple economic progress in their states. Set to start Friday, the sequestration cuts will lead to fewer teachers, reduced medical care, and idle defense workers in all 50 states, Obama told members of the National Governors Association at the White House. "The longer those cuts are in place, the bigger their impact will be," Obama said. The president urged the state executives -- particularly the Republicans -- to lobby members of Congress to avoid the sequestration with a new deal to help reduce the national debt of more than $16 trillion. Obama wants a debt reduction deal that includes both budget cuts and higher taxes on the wealthy, in the form or closing loopholes and deductions. Republicans oppose any tax increase, saying Obama got higher tax rates on the wealthy as part of last month's "fiscal cliff" deal. Beyond the sequester, Obama told the governors he wants to be their "partner" on two major legislative items, infrastructure and education. Repairing and expanding the nation's system of roads, bridges, tunnels, railways and airports should be a bi-partisan endeavor, Obama said. As for education, Obama said he wants states to help him achieve his goal of preschool for all of America's children.

Top British Cardinal Resigns After Accusations of 'Inappropriate Acts' - New York Times Posted: 25 Feb 2013 08:37 AM PST By RACHEL DONADIO and JOHN F. BURNS Published: February 25, 2013 VATICAN CITY — Britain's most senior Roman Catholic cleric announced his resignation on Monday, a day after being accused of "inappropriate acts" with priests, saying he would not attend the conclave to elect a new pope. The cleric, Cardinal Keith O'Brien, said that he had submitted his resignation months ago, and the Vatican said Pope Benedict XVI had accepted it on Feb. 18. However, the timing of the announcement — a day after news reports of alleged abuse appeared in Britain —suggested that the Vatican had encouraged the cardinal to stay away from the conclave. The move is bound to raise questions about other cardinals. It comes amid a campaign by some critics to urge Cardinal Roger Mahony of Los Angeles not to attend the conclave because of his role in moving priests accused of abuse. It also comes just days after the Vatican Secretariat of State issued a harsh statement against recent media reports —including ones alleging a gay sex scandal inside the Vatican —that cardinals should not be conditioned by external pressures, including from the media, when they vote for the next pope. There are expected to be some 115 cardinals at the gathering. Vatican watchers said that Cardinal O'Brien's decision not to attend the conclave was rare. "It's quite unprecedented," said Sandro Magister, a Vatican expert with the Italian weekly L'Espresso. "He made it clear that his resignation came under the pressure of the accusations. His certainly isn't a frequent case and hasn't happened in conclaves in recent memory." Cardinal O'Brien's announcement came a day after The Observer newspaper reported that four men had made complaints to the pope's diplomatic representative in Britain, Antonio Mennini, that reached him the week before Pope Benedict XVI announced Feb. 11 that he would be stepping down as of Feb. 28. The Observer said that the accusations, which dated back to the 1980s, had been forwarded to theVatican. Last week, Cardinal O'Brien drew different headlines, telling the BCC that the next pope should consider abandoning the church's insistence on priestly celibacy, and suggested that it might be time for the papal conclave to choose a new pontiff from Africa or Asia, where church membership has been growing even as it has fallen across Europe and North America. On Monday, the Vatican spokesman, the Rev. Federico Lombardi, downplayed the connection between the media reports and Cardinal O'Brien's resignation, which the pope accepted under a norm of church law that says he had reached the normal retirement age of 75. A statement issued by the media office of the Roman Catholic Church in Scotland said Cardinal O'Brien had informed the pope some time ago of his intention to resign as archbishop of St. Andrews and Edinburgh as his 75th birthday approached on March 17 but that no date had been set. The cardinal said in the statement: "The Holy Father has now decided that my resignation will take effect today, 25 February 2013." "Looking back over my years of ministry: For any good I have been able to do, I thank God," he said. "For any failures, I apologize to all whom I have offended." "I also ask God's blessing on my brother cardinals who will soon gather in Rome," the statement said, adding, "I will not join them for this conclave in person. I do not wish media attention in Rome to be focused on me — but rather on Pope Benedict XVI and on his successor." Cardinal O'Brien, whose office had initially said he would fly to Rome before the conclave, has been the head of the Catholic Church in Scotland since 1985, and was named a cardinal by Pope John Paul II in 2003. He was among the cardinals who attended the conclave that chose Benedict as John Paul's successor in 2005. The main role of a cardinal is to elect a new pope and they remain eligible to vote under any circumstances, even if they have been excommunicated, Bishop Juan Ignacio Arrieta, the secretary for the Pontifical Council for Legislative Texts, said last week. Ambrogio Piazzoni, a papal historian, told reporters last week that he could think of no examples of cardinals who refrained from voting for anything other than health reasons — or from the pressures of different governments in past years. On Monday, Benedict changed the laws governing the conclave to allow cardinals to decide to move up the start date before the traditional 15-20 day waiting period after the papacy is vacant. He also met with three cardinals who had conducted a secret investigation into a scandal of leaked documents and ruled that the contents of their report would be known only to his successor — not to the cardinals entering the conclave. Alan Cowell contributed reporting from London.

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JHM buys land in Sg Petani for RM2.97m Posted: 24 Feb 2013 05:48 PM PST JHM Consolidated Bhd is buying industrial land in Sungai Petani, Kedah for RM2.97 million to build a precision metal stamping factory. This deal works out to be RM15 per sq ft. In its filing to the stock exchange on Friday, JHM said the land is owned by Perbadanan Kemajuan Negeri Kedah and leased to Oxford Prestige Sdn Bhd (OPSB) until 4 March 2050. This Agreement is conditional upon OPSB obtaining the written consent from PKNK for the sale of the land. So far, JHM has not appoint an architect and is therefore unable to finalise the construction cost of the factory. Should the construction of the factory commence in the first quarter of 2014, the factory is expected to be completed by 2016.

KL shares open lower in early trading Posted: 24 Feb 2013 06:17 PM PST Share prices on Bursa Malaysia opened lower in early trading Monday in tandem with a few other bourses in the region on selling pressure, dealers said. As at 9.40am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.82 points lower at 1,620.26. Some of the regional bourses fell in early trading including South Korea's KOSPI Composite Index easing 1.33 points to 2,017.56 and Shanghai Composite losing 11.79 points to 2,314.16. "We foresee more downside risks than upside potential, with the benchmark FBM KLCI likely to head towards the psychological mark of 1,600 ahead," HwangDBS Vickers Research said. The research house said major US equity indices rose between 0.9 per cent and 1.0 per cent on Friday as better economic data in Germany lifted hopes that the eurozone economy remains on a gradual recovery track. The Finance Index gained 9.63 points to 14,935.8, the Plantation Index dwindled 48.91 points to 7,853.98, while the Industrial Index shed 2.8 points to 2,780.71. The FBM Emas Index lost 11.46 points to 11,001.05, the FBMT100 declined 11.319 points to 10,866.32, the FBM Ace Index added 3.94 points to 3,944.82 and the FBM Mid 70 Index was 8.29 points lower at 1,966.04. Losers led gainers by 118 to 103, with 156 counters unchanged, 1,299 untraded and 25 others suspended. Total volume stood at 101.66 million shares worth RM76.6 million. Actives, Patimas Computers and Karambunai lost half a sen each to six sen and 11 sen, respectively. Heavyweights, Maybank advanced six sen to RM9.13, Sime Darby lost one sen to RM9.20 and Axiata was flat at RM6.37.-- Bernama

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