Ahad, 30 Jun 2013

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KL bourse slips in early trade

Posted: 30 Jun 2013 06:47 PM PDT

Malaysia's benchmark stock index fell in early trade, dragged by a decline in property firm UEM Sunrise Bhd and telecoms company DiGi.com Bhd.

The index, which dropped 0.17 per cent, outperformed MSCI's broadest index of Asia Pacific shares outside Japan that fell 0.62 per cent, though it underperformed Tokyo's Nikkei share average, which declined 0.05 per cent.

"The benchmark, which has jumped 44.9 points or 2.6 per cent over the last three days, could consolidate its recent gains by hovering above the immediate support line of 1,750 ahead," HwangDBS Vickers Research said in a note to clients on Monday.

HwangDBS also said investors will watch MMC Corp Bhd, whose subsidiary Malakoff paid A$130 million (US$120.61 million) to buy a 50 per cent stake in an Australian wind farm from New Zealand's Meridian Energy.

The index was down 0.09 per cent at 1,771.89 at 10.06am in Kuaal Lumpur.-- Reuters
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Egyptians stream into streets to demand Mursi quit - The Star Online

Posted: 30 Jun 2013 08:36 AM PDT

CAIRO (Reuters) - Egyptians poured onto the streets on Sunday, swelling crowds that opposition leaders hope will number into the millions by evening and persuade Islamist President Mohamed Mursi to resign.

Waving national flags, a crowd of some 200,000 had gathered by late afternoon on Cairo's Tahrir Square, seat of the 2011 uprising against Mursi's predecessor Hosni Mubarak.

"The people want the fall of the regime!" they chanted - this time not against an ageing dictator but against their first ever elected leader, who took office only a year ago to the day.

As the working day ended and the heat of the sun eased, more joined them on the otherwise deserted streets of the capital. Many are angry at Mursi's Muslim Brotherhood, saying it has hijacked the revolution through a series of electoral victories to monopolise power and push through Islamic law.

Others are simply frustrated by the economic crisis, deepened by political deadlock, over which Mursi has presided.

In other cities, thousands of protesters also gathered. Over 100,000 were out in the centre of second city Alexandria.

Security sources said three Brotherhood offices were set on fire by demonstrators in towns in the Nile Delta - the latest in over a week of street violence in which hundreds have been hurt and several killed, including an American student.

Over 20,000 Mursi supporters also congregated in the capital, by a mosque not far from the suburban presidential palace. Mursi himself is working elsewhere. But liberal protest organisers plan a sit-in outside the palace from Sunday evening.

Thousands of anti-Mursi protesters were walking to the site.

Interviewed by a British newspaper, Mursi repeated his determination to ride out what he sees as an undemocratic attack on his electoral legitimacy. But he also offered to revise the new, Islamist-inspired constitution, saying clauses on religious authority, which fuelled liberal resentment, were not his choice.

He made a similar offer last week, after the head of the army issued a strong call for politicians to compromise. But the opposition dismissed it as too little to late. They hope Mursi will resign in the face of large numbers on the streets.

Some also seem to believe the army might force the president's hand. In Cairo, demonstrators stopped to shake hands and take photographs with soldiers guarding key buildings.

While many Egyptians are angry at Mursi over the economy, many others fear that more turmoil will make life worse.

Mursi and the Brotherhood can hope protests fizzle out like previous outbursts. If they do not, some form of compromise, possibly arbitrated by the army, may be on the cards.

VIOLENCE

Both sides insist they plan no violence but accuse the other - and agents provocateurs from the old regime - of planning it.

Helicopter gunships flew over Cairo. The U.S.-equipped army, though showing little sign of wanting power, warns it may step in if deadlocked politicians let violence slip out of control.

U.S. President Barack Obama called for dialogue and warned trouble in the biggest Arab nation could unsettle an already turbulent Middle East. Washington has evacuated non-essential personnel and reinforced security at its diplomatic missions.

In an interview with London's Guardian newspaper, Mursi repeated accusations against what he sees as attempts by entrenched interests from the Mubarak era to foil his attempt to govern. But he dismissed the demands that he give up and resign.

If that became the norm, he said, "well, there will be people or opponents opposing the new president too, and a week or a month later, they will ask him to step down".

Liberal leaders say nearly half the voting population - 22 million people - has signed a petition calling for new elections, although there is no obvious challenger to Mursi.

The opposition, fractious and defeated in a series of ballots last year, hope that by putting millions on the streets they can force Mursi to relent and hand over to a technocrat administration that can organise new elections.

"We all feel we're walking on a dead-end road and that the country will collapse," said Mohamed ElBaradei, a former U.N. nuclear watchdog chief, Nobel Peace Prize laureate and now liberal party leader in his homeland.

ARMY ROLE

Religious authorities have warned of "civil war". The army insists it will respect the "will of the people".

Islamists interpret that to mean army support for election results. Opponents believe that the army may heed the popular will as expressed on the streets, as it did in early 2011 when the generals decided Mubarak's time was up.

A military source said the army was using its helicopters to monitor the numbers out on the streets. Its estimate on Tahrir in mid-afternoon was 40-50,000, with a few thousands at similar protest sites in other major cities.

It put the number at the Islamists' Cairo camp at 17,000. Having staged shows of force earlier this month, the Brotherhood has not called on its supporters to go out on Sunday.

Among the Islamists in Cairo, Ahmed Hosny, 37, said: "I came here to say, 'We are with you Mursi, with the legitimate order and against the thugs'.

"This is our revolution and no one will take it from us."

At Tahrir Square, banners ranged from "The Revolution Goes On", "Out, Out Like Mubarak" to "Obama Backs Terrorism" - a reference to liberal anger at perceived U.S. support for Mursi's legitimacy and its criticism of protests as bad for the economy.

"I am here to bring down Mursi and the Brotherhood," said Ahmed Ali al-Badri, a feed merchant in a white robe. "Just look at this country. It's gone backwards for 20 years. There's no diesel, gasoline, electricity. Life is just too expensive."

The Egyptian army, half a million strong and financed by Washington since it backed a peace treaty with Israel three decades ago, says it has deployed to protect key installations.

Among these is the Suez Canal. Cities along the waterway vital to global trade are bastions of anti-government sentiment. A bomb killed a protester in Port Said on Friday. A police general was gunned down in Sinai, close to the Israeli border.

Observers note similarities with protests in Turkey this month, where an Islamist prime minister with a strong electoral mandate has been confronted in the streets by angry secularists.

For many Egyptians, though, all the turmoil that has followed the Arab Spring has just made life harder. Standing by his lonely barrow at an eerily quiet downtown Cairo street market, 23-year-old Zeeka was afraid more violence was coming.

"We're not for one side or the other," he said. "What's happening now in Egypt is shameful. There is no work, thugs are everywhere ... I won't go out to any protest.

"It's nothing to do with me. I'm the tomato guy."

(Reporting by Asma Alsharif, Alexander Dziadosz, Shaimaa Fayed, Maggie Fick, Alastair Macdonald, Shadia Nasralla, Tom Perry, Paul Taylor and Yasmine Saleh in Cairo, Yusri Mohamed in Ismailia and Abdelrahman Youssef in Alexandria; Writing by Alastair Macdonald; Editing by Mark Heinrich and Anna Willard)

Heat wave: Western United States swelters amid dangerously high heat - Chicago Tribune

Posted: 30 Jun 2013 07:22 AM PDT

Scorching heat baked the western United States and Sunday's forecast offered no relief from the soaring temperatures that prompted health warnings and sent scores of people to the hospital with heat-related illness.

Cities in CaliforniaNevadaArizonaIdahoColoradoUtah and Texas all recorded temperatures over 100 degrees (38 Celsius) on Saturday.

Paramedics in Las Vegas, where the temperature hit 115 F (46 C), found an elderly man dead in his un-air-conditioned apartment on Saturday. The man had prior medical issues and "either the heat got to him or the medical condition was aggravated by the heat," Fire-Rescue spokesman Tim Szymanskisaid.

Scores of other people were treated for heat-related symptoms, including a man who pulled off aNevada highway and called 911 to say he felt ill after driving for several hours without air-conditioning. He was hospitalized in serious condition with heat stroke, Szymanski said.

Cities and towns across the western United States opened air-conditioned "cooling centers" in community centers, homeless shelters and libraries, and warned residents to avoid prolonged exposure to the searing temperatures.

A large and stagnant high-pressure system trapped the hot air, tying or topping temperature records that soared well above 100 degrees.

"Daytime highs will yet again dangerously soar well past the century mark and overnight lows will barely drop into the seventies and eighties," the National Weather Service said on Sunday.

"Triple-digit temperatures will expand north through the Intermountain West and all the way to the Canadian border."

In Los Angeles County, many people have been hospitalized or treated for dehydration, exhaustion andheat stroke, a fire department spokesman said.

There were fears that migrants attempting to cross into the United States from Mexico would die in the desert. More border agents were added on the American side, said Brent Cagen, a spokesman for theTucson sector of the U.S. Border Patrol.

At least three people, maybe more, who attempted to illegally cross the border into Arizona were found dead this week, likely succumbing to the heat, Cagen said.

Firefighters worry about dry conditions, which have ignited several major brush fires across the region recently, and about more blazes ignited by wayward fireworks launched from backyards to commemorate the Fourth of July holiday.

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Obama meets with Nelson Mandela's family as global icon remains in hospital - CBS News

Posted: 29 Jun 2013 08:15 AM PDT

Updated at 11:06 a.m. ET

As former South African President Nelson Mandela remains in the hospital, President Obama visited with his daughters and grandchildren in Johannesburg Saturday, the first full day of the president's two-day trip through South Africa.

In a statement, Mr. Obama described the "privilege" of meeting with the family of Mandela, whom many South Africans refer to by his tribal name, Madiba.

"Today I had the privilege of meeting with members of the Mandela family at the Nelson Mandela Foundation in Johannesburg, South Africa, and spoke by telephone with Mrs. Graca Machel, who remained by her husband's side in the hospital in Pretoria," he said.

"I expressed my hope that Madiba draws peace and comfort from the time that he is spending with loved ones, and also expressed my heartfelt support for the entire family as they work through this difficult time. I also reaffirmed the profound impact that his legacy has had in building a free South Africa, and in inspiring people around the world - including me."

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President Obama arrives for talks with South African President

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Mandela's health overshadows Obama's South Africa trip

The White House initially indicated that first lady Michelle Obama, who is accompanying the president in Africa, had joined her husband in the private meeting with Mandela's family. Later Saturday, the White House said that the first lady was not in the meeting.

The president will not meet with Mandela while he is in the hospital. In a statement on Friday, the president said, "I don't need a photo-op, and the last thing I want to do is to be in any way obtrusive at a time when the family is concerned about Nelson Mandela's condition."

On Friday, Mandela's former wife, Winnie Madikizela-Mandela, told the press that the former president has shown "great improvement" compared to a few days ago.

Earlier Saturday, Mr. Obama traveled from Johannesburg to Pretoria, the country's capital, where he and South African President Jacob Zuma each praised Mandela's legacy as an anti-apartheid leader and the first democratically elected president of South Africa.

"Our thoughts, and those of Americans and people around the world, are with Mandela, and his family, and all of South Africa," Mr. Obama said. "The struggle here against apartheid, for freedom, Madiba's moral courage, this country's historic transition to a free and democratic nation, has been a personal inspiration to me, it has been an inspiration to the world."

Mr. Obama compared Mandela to America's own founding father, George Washington, who, even without term limits, voluntarily relinquished the presidency to facilitate a peaceful transfer of democratic power.

"Nelson Mandela similarly, I think, was able to recognize that despite how revered he was, that part of this transition process was to make sure that it was bigger than just one person, even one of the greatest people in history," Mr. Obama said. "What an incredible lesson that is."

Zuma said that Mandela is "much loved by our people and the world" and compared him to Mr. Obama.

"I know that he is your personal hero as well, Mr. President; the two of you are also bound by history as the first black presidents of your respective countries," Zuma said. "Thus you both carry the dreams of millions of people in Africa and in the diaspora who were previously oppressed. We continue to pray for Mandela's good health and wellbeing."

Phoenix, Las Vegas bake in scorching heat - Memphis Commercial Appeal

Posted: 29 Jun 2013 07:25 AM PDT

DEATH VALLEY, Calif. (AP) — Dan Kail was vacationing in Las Vegas when he heard that the temperature at Death Valley could approach 130 degrees this weekend. He didn't hesitate to make a trip to the desert location that is typically the hottest place on the planet.

"Coming to Death Valley in the summertime has always been on the top of my bucket list," the 67-year-old Pittsburgh man said. "When I found out it might set a record I rented a car and drove straight over. If it goes above 130 I will have something to brag about."

The forecast called for Death Valley to reach 128 degrees Saturday as part of a heat wave that has caused large parts of the western U.S. to suffer. Death Valley's record high of 134 degrees, set a century ago, stands as the highest temperature ever recorded on Earth.

"The wind out here is like being in front of a blast furnace," Kail said.

As temperatures soared in Las Vegas Friday, 200 people were treated for heat problems at an outdoor concert, Clark County spokesman Erik Pappa said.

Thirty of them were hospitalized for heat-related injuries at Vans Warped Tour at Silverton Casino as temps reached 115.

Most of the others "were essentially provided shade and water and a place to sit down," Pappa said.

It was expected to get even hotter in Las Vegas over the weekend.

Phoenix reached 116 on Friday — 2 degrees short of the expected high — in part because a light layer of smoke from wildfires in neighboring New Mexico shielded the blazing sun, the National Weather Service said. Phoenix was forecast to hit nearly 120. The record in Phoenix is 122.

The heat was so punishing that rangers took up positions at trailheads at Lake Mead in Nevada to persuade people not to hike. Zookeepers in Phoenix hosed down the elephants and fed tigers frozen fish snacks. Dogs were at risk of burning their paws on scorched pavement, and airlines kept close watch on the heat for fear that it could cause flights to be delayed.

The heat wasn't expected to break until Monday or Tuesday.

The scorching weather presented problems for airlines because high temperatures can make it more difficult for planes to take off. Hot air reduces lift and also can diminish engine performance. Planes taking off in the heat may need longer runways or may have to shed weight by carrying less fuel or cargo.

Smaller jets and propeller planes are more likely to be affected than bigger airliners that are better equipped for extreme temperatures.

Temperatures are also expected to soar across Utah and into Wyoming and Idaho, with triple-digit heat forecast for the Boise area. Cities in Washington state that are better known for cool, rainy weather should break the 90s next week.

"This is the hottest time of the year, but the temperatures that we'll be looking at for Friday through Sunday, they'll be toward the top," said weather service meteorologist Mark O'Malley. "It's going to be baking hot across much of the entire West."

The heat is the result of a high-pressure system brought on by a shift in the jet stream, the high-altitude air current that dictates weather patterns. The jet stream has been more erratic in the past few years.

Health officials warned people to be extremely careful when venturing outdoors. The risks include not only dehydration and heat stroke but burns from the concrete and asphalt. Dogs can suffer burns and blisters on their paws by walking on hot pavement.

"You will see people who go out walking with their dog at noon or in the middle of the day and don't bring enough water and it gets tragic pretty quickly," said Bretta Nelson, spokeswoman for the Arizona Humane Society. "You just don't want to find out the hard way."

Cooling stations were set up to shelter the homeless and elderly people who can't afford to run their air conditioners. In Phoenix, Joe Arpaio, the famously hard-nosed sheriff who runs a tent jail, planned to distribute ice cream and cold towels to inmates this weekend.

Officials said personnel were added to the Border Patrol's search-and-rescue unit because of the danger to people trying to slip across the Mexican border. At least seven people have been found dead in the last week in Arizona after falling victim to the brutal desert heat.

In June 1990, when Phoenix hit 122 degrees, airlines were forced to cease flights for several hours because of a lack of data from the manufacturers on how the aircraft would operate in such extreme heat.

US Airways spokesman Todd Lehmacher said the airline now knows that its Boeings can fly at up to 126 degrees, and its Airbus fleet can operate at up to 127.

While the heat in Las Vegas is expected to peak Sunday, it's unlikely to sideline the first round of the four-week Bikini Invitational tournament.

"I feel sorry for those poor girls having to strut themselves in 115 degrees, but there's $100,000 up for grabs," said Hard Rock casino spokeswoman Abigail Miller. "I think the girls are willing to make the sacrifice."

___

Skoloff reported from Phoenix. Also contributing were Robert Jablon in Los Angeles, Julie Jacobson and Michelle Rindels in Las Vegas, Michelle Price in Salt Lake City, Cristina Silva and Bob Christie in Phoenix, and Susan Montoya Bryan in Albuquerque, N.M.

Copyright 2013 The Associated Press.

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Jumaat, 28 Jun 2013

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US stocks close mostly lower

Posted: 28 Jun 2013 05:05 PM PDT

NEW YORK CITY: US stocks closed mostly lower Friday after a three-day rally, with shares of BlackBerry hammered as the struggling phone maker reported a surprise quarterly loss.

The Dow Jones Industrial Average tumbled 114.89 points (0.76 percent) at 14,909.60.

The broad-based S&P 500 lost 6.92 points (0.43 percent) at 1,606.28, while the tech-rich Nasdaq Composite Index inched up 1.38 (0.04 percent) to 3,403.25.

"US equity markets finished mixed, concluding the best first half performance in the Dow since 1999, as traders grappled with a plethora of disappointing corporate earnings releases and a larger-than-anticipated decline in regional manufacturing activity," Charles Schwab & Co. said in a market note.

The muddled close followed a three-day rally as worries eased that the Federal Reserve could move to tighten monetary policy sooner than had been expected.

In a coordinated effort, several Fed officials over the past two days stressed in speeches and briefings that markets had over-reacted to last week's Fed announcement that it could begin tapering its stimulus program later this year.

BlackBerry maker Research in Motion shares took a heavy hit, plunging falling 27.8 percent to $10.46 after turning in a surprise $84 million loss for the quarter to June 1, despite a pickup in revenues from the launch of the company's new smartphone.

Nike raced 2.2 percent higher after earnings beat estimates.

Shares of Biogen Idec, which makes drug therapies, jumped 3.1 percent, helped by an upgrade to buy from Citigroup.

Management consultant and outsourcing specialist Accenture lost 10.3 percent after reporting lower-than expected revenues in its fiscal third quarter and cutting its revenue outlook for 2013.

Dow members IBM and Cisco Systems fell, by 2.3 percent and 1.2 percent, respectively.

Pfizer fell 0.6 percent after announcing a US$10 billion share buyback program. -- AFP

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Issa's panel votes to bring Lerner back to Hill - Politico

Posted: 28 Jun 2013 08:54 AM PDT

The House Oversight and Government Reform Committee voted 22-17 on Friday that embattled IRS official Lois Lerner waived her Fifth Amendment rights during a hearing last month on the agency's tea party targeting scandal.

The party-line vote paves the way for the committee to bring Lerner back to Congress and force her to answer questions from lawmakers.

The resolution before the committee said that by reading an opening statement proclaiming her innocence at the outset of a May 22 hearing, Lerner — who led the IRS division that allegedly singled out tea party groups applying for a tax exemption — relinquished her constitutional right to avoid self-incrimination.

(PHOTOS: 8 key players in IRS scandal story)

"I believe Lois Lerner waived her Fifth Amendment protection," House Oversight Committee Chairman Darrell Issa (R-Calif.) said before the committee vote. "She made four specific denials. Those denials are at the core of the committee's investigation into this matter."

The committee hasn't yet scheduled a date to recall Lerner.

Oversight Republican staff told POLITICO they're open to pitches from Lerner's lawyer about how she might want to testify, including the idea of granting her partial immunity that would allow her to answer questions without fear that her testimony could be used against her in court.

Lerner's lawyer didn't immediately respond to a request for comment.

(PHOTOS: 10 slams on the IRS)

If Lerner refuses to testify, the House could ultimately hold her in contempt. The new IRS leader, Daniel Werfel, asked Lerner to resign after her appearance before Issa's committee. When she refused, he placed her on administrative leave.

Democrats denied that Lerner waived her rights and criticized Issa for deciding that a congressional committee has authority to strip constitutional privileges from a U.S. citizen.

"I agree that she has information that is relevant to the Committee's investigation," said Maryland Rep. Elijah Cummings, the panel's top Democrat. "But we must respect the constitutional rights of every witness who comes before the committee."

(PHOTOS: IRS hearing on Capitol Hill)

The panel rejected an amendment from Del. Eleanor Homes Norton (D-D.C.) that would have instructed the committee to hold a hearing on the legal matter in question and recall Lerner's attorney to hear his side of the dispute.

Issa dismissed calls for an additional hearing, repeatedly reminding Democrats that 37 delays have lapsed since Lerner first appeared before the panel and that he consulted the House counsel for advice on the matter.

Eyewitness describes Trayvon Martin's fatal struggle to Florida jury - Reuters

Posted: 28 Jun 2013 08:51 AM PDT

Jonathan Good, a neighbor who witnessed part of the confrontation between George Zimmerman and Trayvon Martin testifies in the George Zimmerman murder trial for 2012 shooting death of Trayvon Martin in Seminole circuit court in Sanford, Florida, June 28, 2013. REUTERS/Joe Burbank/Pool

SANFORD, Florida | Fri Jun 28, 2013 11:48am EDT

(Reuters) - A witness in the murder trial of neighborhood watchman George Zimmerman testified on Friday that he saw Trayvon Martin on top of Zimmerman during a struggle that led to the unarmed black teenager's shooting death in a central Florida gated community last year.

But Jonathan Good, a former resident at the townhouse complex, told the jury in Seminole County criminal court that he never saw Martin slam Zimmerman's head into the concrete sidewalk, undermining a key element in Zimmerman's defense.

"I did not see that," Good told the court under questioning by a state prosecutor about the racially charged case that triggered civil rights protests and debates about the treatment of black Americans in the U.S. justice system.

Police did not arrest Zimmerman, who is white and Hispanic, for 44 days. Zimmerman does not deny killing Martin but he says he did so in self-defense after he was attacked and Martin smashed his head repeatedly into the sidewalk.

Good was the fourth former neighbor who partially witnessed the death of Martin on February 26 last year to testify in the trial. Each has given slightly different accounts, but Good is the first to state that Martin was on top during the struggle.

Zimmerman, 29, was a neighborhood watch volunteer in the Retreat at Twin Lakes community in Sanford at the time of the killing. He has pleaded not guilty to second-degree murder and could face life imprisonment if convicted.

Martin, 17, was a student at a Miami-area high school and a guest of one of the homeowners. He was returning after buying snacks at a convenience store when he was shot in the chest during a confrontation with Zimmerman.

Several former Twin Lakes residents have testified for the prosecution that they heard and caught glimpses of the fight between Zimmerman and Martin, and heard cries for help, on a dark and rainy night near a walkway between units in the community of townhomes.

Good said he was watching TV with his wife when he heard a noise outside and saw two people wrestling on the ground, with "a lighter-skinned man" on the bottom. He identified the other man, Martin, by his race and clothing.

Good initially told police the person on top was pummeling the other in mixed martial arts style, but backed off that, saying the person on top was straddling the other man, but his arms might have been holding the other down rather than punching.

Asked by state prosecutor Bernie de la Rionda if he saw the "person on top" grabbing the head of the lighter skinned man and slamming it into the concrete, Good replied "No."

In opening statements, defense attorney Don West told the court "Trayvon Martin armed himself with the concrete sidewalk and used it to smash George Zimmerman's head ... That is a deadly weapon."

Under cross-examination Good was asked why he had clarified his initial description about blows being struck. "That's what it looked like," Good said. But because it was dark outside, Good said "I can't 100 percent confirm that that was happening."

Good also said that he was not sure who made the cries for help that several neighbors have described, although he said "the yelling sounded like it was coming from the person on the bottom."

Three residents have told the court that they saw someone who appeared to be Zimmerman on top during the incident.

Even though several were close enough to hear the struggle, the prosecution has highlighted the fact that none of them heard a crude death threat that Zimmerman says Martin made moments before he shot him.

Prosecutors say Zimmerman profiled Martin, suspecting him of being up to no good, and killed him in an act of vigilante justice. The defense says Zimmerman was doing his job as part of the neighborhood watch and simply trying to investigate something that he perceived as suspicious.

The prosecution faces a tall order to win a conviction for second-degree murder, and under Florida law must convince all six jurors that Zimmerman acted with "ill will" or "hatred" and "an indifference to human life."

Under Florida's Stand Your Ground law, which was approved in 2005 and has since been copied by about 30 other states, people fearing for their lives can use deadly force without having to retreat from a confrontation, even when it is possible.

(Writing by David Adams; Editing by Grant McCool)

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CIMB raises Gamuda target price

Posted: 27 Jun 2013 06:52 PM PDT

CIMB Investment Bank Research has raised its target price on shares of Gamuda Bhd to RM5.77 from RM5.60 after the property developer's core profit for the first nine months of its financial year came above expectations.

Shares of Gamuda gained 2.85 per cent to RM4.69, while the benchmark index rose 0.54 per cent.

The brokerage expects a stronger performance in the current quarter due to Gamuda's RM1.2 billion in unbilled sales and its ongoing work on the country's Mass Rapid Transit (MRT)project.

New MRT lines could double Gamuda's outstanding order book of RM3.9 billion, CIMB said in a report to clients on Friday.

CIMB maintained its 'outperform' call on Gamuda, which remained its top-pick among stocks with a large market capitalisation.-- Reuters

KLCI improves on recovery US markets

Posted: 27 Jun 2013 06:57 PM PDT

Malaysia's benchmark stock index KLSE opened higher on Friday as Wall Street extended its recovery on expectations the US Federal Reserve would not curb stimulus amidst weak economic indicators.

The index rose 0.16 per cent in early trade, led by gains in SapuraKencana Petroleum Bhd, which won a US$2.7 billion contract from Brazil's Petrobas on Thursday, and YTL Corp Bhd.

Local equities could continue to rise on Friday, supported by stronger external sentiment, HwangDBS said in a report.

The brokerage said stocks of interest included Muhibbah Engineering Bhd after the company was given a licence to participate in the construction of facilities and fabrication works locally, and MPHB Capital Bhd, which is listing on Friday.

The index was 0.59 per cent higher at 1,761.93 at 9.17am in Kuala Lumpur.-- Reuters
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High court gay marriage decisions due Wednesday - Wall Street Journal

Posted: 27 Jun 2013 08:39 AM PDT

WASHINGTON — In a historic day for gay rights, the Supreme Court gave the nation's legally married gay couples equal federal footing with all other married Americans on Wednesday and also cleared the way for same-sex marriages to resume in California.

In deciding its first cases on the issue, the high court did not issue the sweeping declaration sought by gay rights advocates that would have allowed same-sex couples to marry anywhere in the country. But in two rulings, both by bare 5-4 majorities, the justices gave gay marriage supporters encouragement in confronting the nationwide patchwork of laws that outlaw such unions in roughly three dozen states.

Gay-rights supporters cheered and hugged outside the court. Opponents said they mourned the rulings and vowed to keep up their fight.

In the first of the narrow rulings in its final session of the term, the court wiped away part of a federal anti-gay marriage law, the Defense of Marriage Act, that has kept legally married same-sex couples from receiving tax, health and pension benefits that are otherwise available to married couples.

Justice Anthony Kennedy, joined by the four liberal justices, said the purpose of the law was to impose a disadvantage and "a stigma upon all who enter into same-sex marriages made lawful by the unquestioned authority of the states."

President Barack Obama praised the court's ruling against the federal marriage act, labeling the law "discrimination enshrined in law."

"It treated loving, committed gay and lesbian couples as a separate and lesser class of people," Obama said in a statement. "The Supreme Court has righted that wrong, and our country is better off for it."

House Speaker John Boehner, R-Ohio, said he was disappointed in the outcome of the federal marriage case and hoped states continue to define marriage as the union of a man and a woman. Boehner, as speaker, had stepped in as the main defender of the law before the court after the Obama administration declined to defend it.

The other case, dealing with California's constitutional ban on same-sex marriage, was resolved by an unusual lineup of justices in a technical legal fashion that said nothing about gay marriage. But the effect was to leave in place a trial court's declaration that California's Proposition 8 ban was unconstitutional. Gov. Jerry Brown quickly ordered that marriage licenses be issued to gay couples as soon as a federal appeals court lifts its hold on the lower court ruling. That will take least 25 days, the appeals court said.

California, where gay marriage was briefly legal in 2008, would be the 13th state, along with the District of Columbia, to allow same-sex couples to marry and would raise the share of the U.S. population in gay marriage states to 30 percent. Six states have adopted same-sex marriage in the past year, amid a rapid evolution in public opinion that now shows majority support for the right to marry in most polls.

The 12 other states are Connecticut, Delaware, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, New York, Rhode Island, Vermont and Washington.

The day's rulings are clear for people who were married and live in states that allow same-sex marriage. They now are eligible for federal benefits.

The picture is more complicated for same-sex couples who traveled to another state to get married, or who have moved from a gay marriage state since being wed.

Their eligibility depends on the benefits they are seeking. For instance, immigration law focuses on where people were married, not where they live. But eligibility for Social Security survivor benefits basically depend on where a couple is living when a spouse dies.

This confusing array of regulations is reflected more broadly in the disparate treatment of gay couples between states. And the court's decision did not touch on another part of the federal marriage law that says a state does not have to recognize a same-sex marriage performed elsewhere.

Indeed, the outcome of the cases had supporters of gay marriage already anticipating their next trip to the high court, which they reason will be needed to legalize same-sex unions in all 50 states.

The Human Rights Campaign's president, Chad Griffin, said his goal is to legalize same-sex marriage nationwide within five years through a combination of ballot measures, court challenges and expansion of anti-discrimination laws.

The rulings came 10 years to the day after the court's Lawrence v. Texas decision that struck down state bans on gay sex. In his dissent at the time, Justice Antonin Scalia predicted the ruling would lead to same-sex marriage.

On Wednesday, Scalia issued another pungent dissent in the Defense of Marriage Act case in which he made a new prediction that the ruling would be used to upend state restrictions on marriage. Kennedy's majority opinion insisted the decision was limited to legally married same-sex couples.

Scalia read aloud in a packed courtroom that included the two couples who sued for the right to marry in California. On the bench, Justice Elena Kagan, who voted to strike down DOMA, watched Scalia impassively as he read.

"It takes real cheek for today's majority to assure us, as it is going out the door, that a constitutional requirement to give formal recognition to same-sex marriage is not at issue here_when what has preceded that assurance is a lecture on how superior the majority's moral judgment in favor of same-sex marriage is to the Congress' hateful moral judgment against it. I promise you this: The only thing that will 'confine' the court's holding is its sense of what it can get away with," Scalia said.

Scalia and Justice Samuel Alito, who also wrote a dissenting opinion, said their view is that Constitution does not require states to allow gay and lesbian couples to marry.

Outside the court, some in the crowd hugged and others jumped up and down just after 10 a.m. EDT when the DOMA decision was announced. Many people were on their cellphones monitoring Twitter, news sites and blogs for word of the decision. And there were cheers as runners came down the steps with the decision in hand and turned them over to reporters who quickly flipped through the decisions.

Chants of "Thank you" and "U-S-A" came from the crowd as plaintiffs in the cases descended the court's marbled steps. Most of those in the crowd appeared to support gay marriage, although there was at least one man who held a sign promoting marriage as between a man and a woman.

In New York City's Greenwich Village, the Stonewall Inn, where a riot in 1969 sparked the gay rights movement, erupted in cheers and whooping.

Mary Jo Kennedy, 58 was there with her wife Jo-Ann Shain, 60, and their daughter Aliya Shain, 25.

She came with a sign that could be flipped either way and was holding up the side that says "SCOTUS made our family legal".

They have been together 31 years and got married the day it became legal in New York.

Others were not celebrating.

"We mourn for America's future, but we are not without hope," said Tim Wildmon, president of American Family Association, in a statement.

Said. Tony Perkins, president of the Family Research Council: "Time is not on the side of those seeking to create same-sex 'marriage.' As the American people are given time to experience the actual consequences of redefining marriage, the public debate and opposition to the redefinition of natural marriage will undoubtedly intensify."

The federal marriage law had been struck down by several federal courts, and the justices chose to take up the case of 84-year-old Edith Windsor of New York, who sued to challenge a $363,000 federal estate tax bill after her partner of 44 years died in 2009.

Windsor, who goes by Edie, married Thea Spyer in 2007 after doctors told them Spyer would not live much longer. Spyer had suffered from multiple sclerosis for many years. She left everything she had to Windsor.

Windsor arrived at a news conference in New York after the ruling to applause from her supporters and said she felt "joyous, just joyous."

Windsor would have paid nothing in inheritance taxes if she had been married to a man. Now she is eligible for a refund.

In the case involving the federal Defense of Marriage Act, Justice Kennedy was joined by the court's four liberal justices. In the California ruling, which was not along ideological lines, Chief Justice John Roberts' opinion was joined by Scalia and three of those liberal court members: Kagan, Ruth Bader Ginsburg and Stephen Breyer.

___

Associated Press writers Connie Cass, David Crary, Jessica Gresko, Bethan McKernan and Larry Neumeister contributed to this report. Crary, McKernan and Neumeister reported from New York.

—Copyright 2013 Associated Press

Obama won't 'wheel and deal' for NSA leaker Snowden - CNN

Posted: 27 Jun 2013 08:30 AM PDT

STORY HIGHLIGHTS
  • NEW: President Obama says he doesn't want to make deals to get Snowden
  • NEW: Ecuador renounces U.S. trade benefits in the tiff over the asylum bid
  • NEW: Presidential spokesman: "We will not accept any threats or pressure from anyone"
  • Snowden remains in a Moscow airport as the world awaits his next move

(CNN) -- While saying he is enormously concerned about what secrets self-avowed NSA leaker Edward Snowden may yet spill, President Barack Obama said Thursday he's not going to take extraordinary measures to capture him.

"I'm not going to be scrambling jets to get a 29-year-old hacker," he told reporters during a news conference in Senegal, his first stop on a tour of several African nations.

Obama also said he hadn't talked to the leaders of China and Russia about Snowden, in part because he didn't want to amp the issue into one in which he would have to start "wheeling and dealing" with foreign leaders on other issues in an effort to get Snowden behind bars.

As Snowden seeks asylum, U.S. bides its time

Meanwhile, leaders in Ecuador, where Snowden is seeking asylum, defiantly -- and probably symbolically -- renounced free-trade benefits with the United States Thursday amid a growing spat over the fugitive.

Some did it for the money, some did it for idealism, others didn't do it at all. The U.S. has seen a number of high profile leak scandals including the Pentagon Papers during the administration of President Richard Nixon. Click through to see more high-profile intelligence leaking cases.Some did it for the money, some did it for idealism, others didn't do it at all. The U.S. has seen a number of high profile leak scandals including the Pentagon Papers during the administration of President Richard Nixon. Click through to see more high-profile intelligence leaking cases.
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Snowden, whose acknowledged disclosure of secret surveillance programs angered U.S. officials and netted him espionage charges, is seeking asylum in the Latin American country, which has already agreed to shelter WikiLeaks founder Julian Assange.

On Wednesday, U.S. Sen. Robert Menendez, D-New Jersey, said he would move to block Ecuador from two U.S. free-trade programs should the country provide harbor to Snowden.

"Our government will not reward countries for bad behavior," he said.

4 options for the U.S. to get Snowden back

Ecuadorian presidential spokesman Fernando Alvarado said Thursday the nation would spare Menendez and his Senate colleagues the trouble.

"We will not accept any threats or pressure from anyone," he said at a news conference. "We will not deal or trade in our principles. No matter how important the trade advantage may be."

The programs in question aren't free-trade agreements but rather U.S. laws that don't require Ecuadorian consent, and it wasn't immediately clear how Thursday's declaration would have anything more than symbolic effect.

Despite the political rhetoric, Ecuadorian business leaders say giving Snowden asylum could be problematic for the national economy, which sent $9.6 billion of goods to the United States in 2011, according to the Office of the United States Trade Representative.

"I would say so," said Roberto Aspiazu, head of the Ecuadorian Business Committee. "It's a risk to give asylum to Snowden because the United States, they could consider some economic sanction, including commercial sanctions. And obviously our commerce with the United States is very important."

Still in Moscow

Snowden apparently remained in limbo Thursday at Moscow's international airport, a free man according to Russian officials but with apparently limited travel options.

Why would Snowden head for Ecuador?

He didn't appear to board Thursday's flight from Moscow to Havana, where he had been rumored to be heading on his way to Ecuador or some other safe haven.

While he has applied to Ecuador for asylum, that request has not yet been "dealt with" because Snowden is not in the country, Ecuadorian Political Affairs Secretary Betty Tola told reporters. She also denied the country granted Snowden refugee travel papers, as Assange told reporters this week.

Opinion: Why Ecuador might shelter Snowden

Assange said Snowden traveled from Hong Kong to Moscow on Sunday using documents provided by Ecuador.

Ecuador denies providing any documents, and officials of other governments have not confirmed what documents the former CIA employee and National Security Agency contractor used in leaving the semi-autonomous Chinese territory, where he had gone to leak details of secret U.S. telephone and Internet surveillance programs.

Hong Kong's decision to allow Snowden to leave despite the charges against him, as well as Russia's refusal to detain Snowden for U.S. authorities, have resulted in a diplomatic row between the United States and the two nations.

U.S. officials have accused China of deliberately allowing Snowden to leave, while they have expressed frustration with Russia's refusal to detain a man they have portrayed almost as a common criminal -- on par with the seven Russian fugitives U.S. officials have repeatedly said they handed over to Russia in the past two years despite the lack of an extradition treaty.

Snowden, 30, has acknowledged leaking sensitive details of U.S. surveillance programs out of concern the programs violate privacy rights and put too much power into the hands of government officials acting in secret.

U.S. officials say the revelations endanger their ability to prevent terrorist attacks and could cost American lives.

Possible Snowden posts

On Wednesday, the technology website Ars Technica published portions of chat logs that it said showed comments made in 2009 by someone posting under a forum name Snowden was known to have used. The comments were critical of people leaking national security information.

Commenting on New York Times reporting based on leaks related to confidential surveillance programs involving Iran, the poster compared the newspaper to WikiLeaks -- which enraged U.S. officials by disclosing thousands of confidential diplomatic cables.

"Are they TRYING to start a war?" the poster wrote. "you don't put that s*** in the NEWSPAPER."

Ars Techica said it could not be certain the poster was Snowden, but information revealed in the posts matches biographical information he has since publicly revealed. CNN could not verify the authenticity of the posts.

If they were written by Snowden, however, they offer insight into his thinking at a time when he apparently was more accepting of government surveillance programs.

According to Ars Technica, the poster said of the New York Times and its reporting on secret surveillance programs, "these are the same people who blew the whole 'we could listen to osama's cell phone' thingthe same people who screwed us on wiretappingover and over and over againThank god they're going out of business."

Four years later, Snowden would provide news organizations in the United States and the United Kingdom with classified information he acknowledged copying and taking from his job as a computer contractor for the NSA in Hawaii.

Where could Snowden go next?

CNN's Carol Cratty, Elise Labott, Vivian Kam, Adam Levine, Catherine E. Shoichet and Joseph Netto contributed to this report.

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Ringgit gains against US dollar in early trade

Posted: 26 Jun 2013 06:58 PM PDT

[unable to retrieve full-text content]The ringgit gained against the US dollar in early trade today on fresh demand for emerging currencies, including the local unit, dealers said. At 9.05am, the ringgit was quoted at 3.1830/1860 to the dollar, against 3.1975/1995 at 5pm yesterday. A dealer said there was renewed concerns over the euro after European Central Bank officials made clear, any policy on fiscal tightening, remained a very distant prospect. The local currency was higher against the Singapore dollar at 2.5093/5132 from 2.5144/5165 on Wednesday, and strengthened against the yen to 3.2576/2623 from 3.2761/2795 previously. The ringgit appreciated against the British pound to 4.8789/8848 from 4.9126/9173 yesterday, and rose against the euro to 4.1452/1501 from 4.1711/1741 yesterday.-- Bernama

Maxwell allocates RM416m for expansion

Posted: 26 Jun 2013 07:19 PM PDT

[unable to retrieve full-text content]China-based shoe maker, Maxwell International Holdings Bhd plans to spend RMB800 million (RM416 million) in the next three to five years for business expansion and diversification. Maxwell now has a cashpile of RM315 million and the capital expenditure will be mainly funded through internally generated fund. Of the total expenses, RMB500 million will be utilised to build a new shoe manufacturing factory at Henan province in China. Its chief executive director, Xie Zhen An said the first phase of construction will cost them RMB100 million and the shoe factory is expected to completed by middle of next year. "By end of next year, the factory shall commence operation," he told reporters after the company annual general meeting yesterday. Upon the completion of Henan factory, production capacity is expected to increase from the current 8 million pairs, to 28 million pairs of shoes, if it runs at full speed. The company produced 13 million pairs of shoes last year, half of it were outsourced. The rest of the expenditure will be spent on its fashion retailing business at Xiamen, China. Maxwell plans to set up a new boutique outlet and venture into e-commerce fashion business. "Other than shoe manufacturing, we are also into fashion, retailing and kids wear business. I believe this business model will work well and we will have a promising prospect," he said. On financial performance, the company expects a slight drop this year, dragged down by global economic slowdown and decrease in consumer spending. "This is very normal, business has good and bad times. Now the market is down slightly, but we think next year should be better," he noted. Maxwell's first quarter net profit slipped 13 per cent to RM9.2 million, compared with RM10.6 million in the corresponding period last year. Maxwell, which was listed on main market Bursa Malaysia in January 2011, is one of the nine China counters listed in Malaysia. Investors sentiment towards China stocks was dampened after Singapore's S-Chips scandal surfaced and Malaysia-listed HB Global's external auditor questioned about the company's financial status. The stock closed at 30.5 sen yesterday, a 70 per cent deep discount to its current net asset per share of 99 sen, and way below initial public offering price of 54 sen. Asked if Maxwell would privatise the company, its chief financial officer, Tan Swee Song said they are not considering this option at the moment, although some investment banks and fund managers had approached them. "We want to retain the public-listing company status to attract more new customers. And we are still new in the market, it takes time for investors to change their mindset. "However, in the long run, the company will not rule out the option if there is a good offer," he said.
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