Ahad, 20 Januari 2013

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NST Online Business Times : latest

Posted: 20 Jan 2013 06:42 PM PST

Ranhill Energy and Resources Bhd, a Malaysian energy and water company, is expected to list on the local stock exchange by the second quarter of this year in a deal that will likely raise more than RM1 billion, two sources close to the deal told Reuters.

The initial public offering could be among the first after a general election that Malaysian Prime Minister Najib Razak must call by the end of April. The IPO pipeline in the Southeast Asian country has slowed ahead of the election because of concerns about market volatility, analysts and investment bankers have said.

"Second quarter at the latest, but it depends on the elections," said one of the sources, who declined to be named because the matter was private. Ranhill Energy officials were not immediately available to comment.

Ranhill Energy, which counts its president and chief executive, Hamdan Mohamad, and regional investment fund Cheval Infrastructure Fund LP among its shareholders, provides engineering services for the onshore and offshore oil and gas, refinery and petrochemical industries.

It also owns and operates two 190-megawatt combined-cycle gas fired turbine power plants in the west Malaysian state of Sabah, and was awarded an exclusive licence by the government to provide source-to-tap water supply services in Johor, the second most populous state in the country.

Ranhill Energy will use about 70 per cent of the IPO proceeds to redeem Islamic notes and bonds, 19.1 per cent to pay off company acquisitions, 7.1 per cent to expand its water business in China, and the rest for listing expenses, according to a draft prospectus filed on Jan. 13.

The company has given no information on the amount of shares to be offered, the pricing, or a timeframe for the IPO. Ranhill Energy is part of Ranhill Bhd, which was bought out by its management in 2011 for 90 sen per share, valuing the company's equity at RM538 million.

Maybank Investment Bank is the principal adviser for the IPO. CIMB Investment Bank and Maybank Investment Bank are the joint global coordinators and bookrunners. They are also the underwriters for the deal. -- Reuters

MARC affirms its rating on PLUSBHD

Posted: 20 Jan 2013 06:39 PM PST

Malaysian Rating Corporation Berhad (MARC) has affirmed its AAAIS rating on Projek Lebuhraya Usahasama Berhad's (PLUS Berhad) RM23.35 billion Sukuk Musharakah Programme.

The rating outlook is stable. PLUS Berhad holds a portfolio of tolled expressways, of which the North-South Expressway (NSE) is its largest revenue source.

The affirmed rating continues to incorporate a two-notch rating uplift from PLUS Berhad's standalone rating of AA based on MARC's assumption of full and timely government support with respect to the programme.

Factors that support this assumption include the government's support and golden share in the concession company, the interdependence between default events for the rated sukuk and RM11.0 billion government-guaranteed sukuk (GG Sukuk) which matures after the Sukuk Musharakah Programme and NSE's function as a critical national transportation link. Accordingly, any signs of weakening support may have an adverse impact on the rating.

PLUS Berhad's standalone rating reflects the strong traffic performance of its toll concession portfolio and the company's sizeable liquidity position. The rating is moderated by PLUS Berhad's high gearing level, potential traffic diversion towards new competing toll roads and inherent traffic vulnerability to the country's economic performance.

Owned by UEM Group Berhad and Employees Provident Fund Board via PLUS Malaysia Berhad, PLUS Berhad was incorporated to facilitate the purchase of all toll concessions previously held by the then-listed PLUS Expressways Berhad. The portfolio consists of five toll concessions, of which the key concession, the 772km NSE, is projected to generate over 80 perbcent of PLUS Berhad's revenue over the tenure of the programme.

Traffic volume on the NSE in the nine-month period ended September 30, 2012 (9M2012) stood at 10.89 billion passenger car unit-kilometre (PCU-km), registered an annualised growth rate of 4.7 per cent, while traffic of the remaining toll concessions recorded an annualised growth rate of between 1.1 per cent and 6.2 per cent in the same period. The traffic growth rates were in line with projections.

In 9M2012, PLUS Berhad recorded revenue of RM2.20 billion against full-year projections of RM3.00 billion. On an annualised basis, actual revenue was marginally lower than projected due to the shorter operating period as the concession assets were acquired on January 12, 2012.

Pre-tax losses during the period stood at RM93.6 million against projected full-year pre-tax losses of RM655.9 million due to lower operating expenses and higher toll collection from the higher-than-projected traffic growth of the portfolio of toll roads.

The company also recorded better-than-expected cash balance which would help raise PLUS Berhad's projected minimum and average finance service cover ratio (FSCR) above the originally projected 1.99 times and 4.85 times. The higher FSCR allowed PLUS Berhad to distribute RM335.0 million in RCULS coupons in October 2012 and the company may make future distributions going forward, subject to the covenants of the programme.

The stable outlook reflects MARC's expectations that PLUS Berhad should continue to meet its obligations comfortably and the on-going financial support from the government. -- Reuters

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Obama officially begins his second term with oath - Washington Post

Posted: 20 Jan 2013 08:59 AM PST

Barack Hussein Obama officially began his second term as the nation's 44th president Sunday, taking the oath of office in a low-key ceremony at the White House.

Chief Justice John G. Roberts administered the oath, and the two will repeat the process again Monday in a public celebration at the Capitol. The Constitution mandates that presidential terms begin on Jan. 20, and it is traditional when the day falls on a Sunday that the public ceremony take place the next day.

Obama took the oath in the Blue Room of the White House, with his family looking on.

The ceremony followed a morning where the president took part in a wreath-laying ceremony at Arlington National Cemetery and worshipped at a historic African-American church.

Vice President Biden got a jump on the president by taking his oath at an early-morning ceremony at his residence at the Naval Observatory. Justice Sonia Sotomayor delivered the oath, becoming the fourth woman and the first Hispanic to administer the oath to the president or vice president.

Biden was sworn in before a crowd of 120 people, surrounded by his family on a makeshift stage in an alcove.

After the oath was completed, Biden kissed Sotomayor and then hugged and kissed his wife, Jill Biden, who held a massive Biden family Bible.

"Madame Justice, these are some of my friends, and family," Biden said, grasping Sotomayor's hand.

The 8:21 a.m. event apparently was prompted by Sotomayor's need to be at a Barnes and Noble in New York for an afternoon address and signing event for her new memoir, "My Beloved World."

Biden didn't get into specifics, but told the crowd: "I want to explain to you what a wonderful honor it was, and how much out of her way the justice had to go. She is due in New York. She has to leave right now. . .so she can catch a train — I hope I haven't caused her to miss."

Biden's ceremony led to speculation about his political future--a wide range of Democratic officials, early primary state officeholders and party strategists were on hand. Among the invited were former White House chief of staff William Daley, Obama's longtime political strategist David Axelrod, New Hampshire Gov. Maggie Hassan, House Democratic leader Nancy Pelosi and Democratic National Committee Chairwoman Debbie Wasserman Schultz.

"Of course we can always start the political calculations in terms of the number of delegates needed to secure a nomination," said longtime Democratic strategist Donna Brazile, who was also in the crowd. "But let's just say I see a number of superdelegates here as well."

The Obamas sat at the front of the District's historic Metropolitan African Methodist Episcopal Church-- known as the "national cathedral of African Methodism"--where the crowd sang Happy Birthday to Michelle Obama and the sermon featured the slogan of the president's reelection campaign--"forward."

The Obamas have worshipped there before in advance of Martin Luther King Day, and the church has hosted inaugural prayer services for President Bill Clinton and Vice President Al Gore.

10 inaugural moments that mattered - CNN

Posted: 20 Jan 2013 08:38 AM PST

Barack Obama is sworn in as the first African-American president of the United States on January 20, 2009.

HIDE CAPTION

Presidential inaugurations and oaths

STORY HIGHLIGHTS

2009: "(It was) as if the whole history of our country was coming full circle"
FDR and Reagan disagreed on the role of government, but believed America could do great things
JFK's address promised action and a new energy in Washington
Lincoln: "With malice toward none and charity toward all"

Watch CNN's comprehensive coverage of President Barack Obama's second inauguration this weekend on CNN TV and follow online at CNN.com or via CNN's apps for iPhone, iPad and Android. Then, on Monday, follow our real-time Inauguration Day live blog at cnn.com/conversation. Need other reasons to watch inauguration coverage on CNN's platforms? Click here for our list.

Washington (CNN) -- Pulitzer Prize-winning presidential historian Doris Kearns Goodwin notes each inauguration is moving in its own way, but only a few produce moments that are truly memorable.

"It depends upon the person and the occasion to really produce a historic inaugural speech," Goodwin said. "But the ceremony itself ... is a real tribute to the country, that a person who was the president can go out and become a private citizen (while) a new private citizen is becoming the president."

"It's peaceful," she says, and "that's an extraordinary thing in the history of our world."

Here are 10 inaugural moments that Goodwin says have stood the test of time:

2009: Obama makes history

There was a magic to the inaugural day for President Barack Obama. ... (It was) as if the whole history of our country was coming full circle -- the ending of slavery and now the first African-American president. So the crowds were reveling in that spirit -- 1.8 million (people), more than had ever been there before.

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Just the idea that we had come this far as a nation. There was a sense of unity and a sense of pride, I think, in our country that this was finally happening.

1981: Reagan's optimistic first inaugural speech

What was so impressive about Ronald Reagan's inaugural speech, I think, was the optimism that it suggested after a period when America was feeling like we might have been in decline. Even though he had the exact opposite message as Franklin Roosevelt, where he was talking about government as the problem rather than the solution, both Reagan and FDR shared that American sense that we can do things.

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In a certain sense, the optimism of the speech was symbolized by (Reagan's) transferring the inaugural to the West Front of the Capitol, which made a much grander spectacle.

More people could watch it, so it was a big occasion.

1977: Carter's long walk

Jimmy Carter made the decision evidently just three weeks before the inauguration that he would walk after his inauguration back to the White House. And it really was an extraordinary moment. ... There was a feeling with Carter that he was being a people's president, as opposed to the imperial guard that had surrounded Nixon. And so he's walking, (and first daughter) Amy is running around next to him. There's a sense of exuberance, and a sense that something special is happening.

Why Sunday? Obama's dual inauguration ceremonies honor tradition and law

1961: JFK's stirring address

What is so memorable about John F. Kennedy saying that the torch is being passed to a new generation is that he himself represented a new generation. (He was) 22 years younger than Dwight Eisenhower, and what the speech promised was action, movement, (and) a new energy coming into the government and into the country.

When we think of those famous words -- "Ask not what your country can do for you, but what you can do for the country" -- it was followed up by thousands of people wanting to join the Peace Corps, and the Civil Rights movement was already out there. There was a sense of working on poverty, so the words projected action, and that's what makes them memorable.

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What always strikes me about JFK's inaugural (address), however, is that he said in the course of it ... that all this would not be accomplished in 1,000 days, meaning the programs that he had outlined. Originally in the draft of it, he had said all of this would not be accomplished in 100 days, but he slashed it out because he did not want to be compared to FDR's 100 days. But little would he ever imagine that 1,000 days would mark the end of his life, and that that would be his presidency.

1945: FDR's abbreviated wartime ceremony

Roosevelt decided in 1945, when the war was still ongoing, to dispense with the traditional parade. Who is there to parade, he said, and so he made it a very simple ceremony (at the White House).

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He himself was suffering from heart failure at that time, so it was a five-minute speech and he needed to fortify himself with whiskey in order to get through the pain that he was feeling. So sadly, the physical state of FDR matched the mood at that time.

1933: FDR's dramatic first inaugural speech

We all remember the phrase "the only thing we have to fear is fear itself," but even more important than the phrase was the attitude that FDR had. He projected optimism, he projected forward movement, and people felt -- that's the mystery of leadership -- that somehow the (Great) Depression they were suffering (through), they weren't going to be in it alone anymore. ... They had a leader who was going to take care of it.

Hoover, however, was very upset during the transition about what FDR did not do. He was hoping some action would be taking place while he was still president, but FDR wanted to wait (and) have a clean slate while he was president. ... Hoover was very angry about that, and there was lots of tension between the two.

1905: TR's eclectic parade

What's interesting about Theodore Roosevelt's inaugural parade is that it symbolized the many-sided character that TR was.

So there you have Harvard alums marching side by side with Indians, marching side by side with cowboys, with Rough Riders. ... And Chief Geronimo was there. There was a sense in which TR had so many interests.

There were different sides of him, and the parade symbolized that. It just seemed like this incredibly eclectic parade.

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1865: Lincoln strives to unite North and South

What's so extraordinary about Abraham Lincoln's second inaugural is that here the North is finally on the eve of winning this long Civil War, but no triumphal message does he deliver. ... He talks about the fact that the sin of slavery was shared by both sides. Both sides read the same Bible. Both prayed to same God.

Of course the words we remember -- with malice toward none and charity for all. Lincoln knew that inaugural spoke words that would be remembered. He wasn't as sure about some of his other speeches, but he knew that.

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When he went into the party after the inaugural, the one person who he wanted to know and get his approval from was Frederick Douglas, the abolitionist. And Douglas came over to him and said, 'Mr. President, it's a sacred effort.'

1841: The tragedy of William Henry Harrison

It's so sad that what we remember William Henry Harrison for is not (his) military service before the presidency, but the fact that he gave the longest inaugural (speech) and had the shortest presidency.

He insisted on not wearing a coat (during the ceremony). It was freezing out, he developed pneumonia, and he died. That is the memory of William Henry Harrison. I'm sure it's not the way he would hope to be remembered.

They finally learned from Harrison's inaugural. ... When it was freezing weather during Ronald Reagan's (second) inaugural they moved it inside and canceled the parade. It's one of the dangers of having these inaugurations in January or even in March in the old days.

Sword by his side, George Washington takes his inaugural oath as the first President of the United States in 1788.

1789: Washington sets the tone

The thing that's so interesting (about) Washington's inaugural is that it set so many precedents. Even in that week before his inaugural, they were debating what to call him.

Some people like John Adams wanted the president to be called his Mightiness or his Highness. Thomas Jefferson said, 'No, it must simply be "Mr. President." ' Adams said, 'That's nothing. He could be president of a garden club. It won't be dignified for the world at large.' But of course (Washington) becomes Mr. President.

Everything was setting a pattern. It was an extraordinary moment.

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Ahad, 20 Januari 2013