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Posted: 30 Jan 2013 05:50 PM PST

Puncak Semangat Sdn Bhd, believed to be linked to tycoon Tan Sri Syed Mokhtar Al Bukhary, is said to have bought shares in China Automobile Parts Holdings Ltd, resulting in the company owning more than 10 per cent stake in the automotive chassis components manufacturer.

"The private equity firm bought the shares of the just-listed Fujian Province-based company via the open market," said a source who requested to remain anonymous.

Asked for the rationale behind the acquisition, the source said:"At this point of time, it is unclear whether Puncak Semangat purchased the stake for investment or synergy purposes."

Syed Mokhtar, is no stranger to the automotive industry as he
owns the country's biggest automotive company, DRB-Hicom Bhd. DRB-Hicom is one of the major players in the automotive industry in Malaysia, being involved in the entire integrated chain of the automotive ecosystem such as manufacturing and supply of automotive components, assembly, distribution and sales of motorcycles and commercial vehicles, as well as, the distribution and sales of passenger cars.

China Automobile, meanwhile, makes replacement parts for commercial vehicles, particularly trucks, out of its sole production centre in the Fujian province.

The company is a specialist in manufacturing chassis components used in vehicles for transporting goods.

It sells five categories of products namely wheel-hub bolts, wheel axles, steel pins, u-bolts and torque-rod bushings.

Currently, the source said the company, which has seven patents registered in China, has no direct competitor in that country.

Its product lines are also supplied for after-market repair, maintenance and modification, with an emphasis towards catering for components used in heavy vehicles.

Demand for these after-market parts are driven by the need to periodically replace such parts, which endure significant wear and tear over the operating life span of goods-transporting vehicles, the source said.

Additionally, vehicles modified to carry heavier loads require reinforcement of its rear suspension system, which involve replacing existing parts with stronger models capable of enduring higher stress, he said.

At present, 65 per cent of its sales are derived from China while the rest comes from Southeast Asia and the Middle East.

Yesterday, China Automobile, Malaysia's first initial public offering (IPO) of the year, was the top gainer and most active counter.

Its share price surged 44 sen to RM1.12 before settling the trading day at 78 sen, up 10 sen from its IPO price of 68 sen, with 192 million shares exchanging hands. -- Bernama

Banks drop on short-term credit cut

Posted: 30 Jan 2013 06:39 PM PST

Shares of CIMB Group Holdings Bhd, Hong Leong Bank Bhd, Malayan Banking Bhd (Maybank), Public Bank Bhd and RHB Capital Bhd dropped after Moody's Investors Service cut the Malaysian lenders' short-term credit ratings on Thursday.

Moody's downgraded eight A3 rated Malaysian banks' short-term ratings to "Prime-2" from "Prime-1" to reflect the rating house's observations of the transition risks of short-term ratings that these lenders represent over time.

"Key determinant for assigning a short-term rating is an issuer's long-term risk of default," Moody's said in a research note.

"Moody's believes that, other things being broadly equal, lower long-term ratings imply not only increased default risk for long-term obligations but also increased default risk for short-term obligations," it added.

CIMB Group dropped 0.14 per cent to RM7.21 per share, Hong Leong was down 0.14 per cent to RM14.14, Maybank skidded 0.22 per cent to RM8.88, Public Bank fell 0.13 per cent to RM15.50 and RHB Capital dropped 0.13 per cent to RM7.73. -- Reuters

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Giffords: "Too many children are dying" - CBS News

Posted: 30 Jan 2013 09:11 AM PST

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Giffords: "Too many children are dying"

Updated: 12:27 p.m. ET

In remarks kicking off today's Senate Judiciary Committee hearing on gun violence, former Rep. Gabrielle Giffords, D-Ariz., made a defiant call for Congress to "be bold" and "act" on gun violence.

"Too many children are dying," she said. "We must do something."

Giffords, who survived a gunshot to the head two years ago during an assassination attempt that left six people dead, read slowly but forcefully from prepared remarks, and acknowledged that "speaking is difficult."

"But I need to say something important. Violence is a big problem," she said. "It will be hard. But the time is now. You must act. Be bold. Be courageous. Americans are counting on you."

The longstanding debate over the nation's gun laws has taken on renewed resonance in recent weeks, in the aftermath of a mass shooting last month that left 20 first-graders and six adult faculty members dead at a small-town elementary school in Newtown, Conn.

Since then, Mr. Obama and Vice President Joe Biden have vowed to enact meaningful change to reduce gun violence in America, and consulted stakeholders from all sides of the debate on how best to achieve that goal. In remarks unveiling his findings from that process earlier this month, Mr. Obama proposed a series of sweeping new laws, including the reinstatement of the assault weapons ban, universal background checks on gun buyers, and a ban on high-capacity magazine ammunition.

Today's congressional hearing marks the first on gun control since President Obama's proposals, and the Senate Judiciary Committee's first legislative hearing in the new Congress.

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Mark Kelly: With gun rights come responsibilities

Testifying before the committee this morning, former astronaut Mark Kelly, Giffords' husband, made an impassioned entreaty for bipartisan action to curb gun violence. Kelly, who with Giffords recently started a PAC with that same goal, said his first priority is fixing the nation's background check system.

"The holes and our laws make a mockery of the background check system. Congress should close the private sales loophole, and the dangers people entered into that system," he said.

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Kelly: Stronger background check would have stopped Tucson shooter

Kelly also called for tougher gun trafficking laws, the removal of limitations on collecting data and scientific research on gun violence, and "a careful and civil conversation about the lethality of fire arms we permit to be legally bought and sold in this country."

He stressed that both he and Giffords are gun owners, and that they support the "right to own a firearm for protection, collection and recreation."

"Gabby and I are pro-gun ownership. But we are also anti-gun violence," he said. "When dangerous people get dangerous guns, we are all the more vulnerable."

The implementation of universal background checks is thought to be among the White House's top priorities with regard to its gun control proposals, and James Johnson, chief of police for Baltimore County, Md., and chairman of the National Law Enforcement Partnership to Prevent Gun Violence, supported the notion of its efficacy.

"The best way to stop a bad guy from getting a gun in the first place is a good background check," Johnson said.

Johnson also said he's seen an "explosion of fire power since the assault weapons ban expired," and argued that "the ban on assault weapons, and high-capacity ammunition must be reinstated."

"Victims are being riddled with multiple gunshots," he said. "The common-sense measures we call for will not infringe on the Second Amendment rights, but will keep guns out of the dangerous hands of -- of people who are out there to commit danger in our society, and excessive firepower out of our communities."

While gun control advocates and many Democrats have applauded the White House for recent action on this issue, it's unclear which of these proposals -- if any -- can make it through the Republican-controlled House of Representatives. And the pro-gun lobby has already begun using its considerable resources to target the president's proposals.

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NRA CEO: "Be honest about what works" on gun violence

Wayne LaPierre, the CEO and Executive Vice President of the NRA, made the case this morning that efforts to curb gun violence should be focused strengthening school security and mental health resources. He also stated his opposition to closing gun show loopholes, arguing that criminals won't submit to background checks anyway.

"The problem with gun laws is, criminals don't cooperate with them. The mentally ill don't cooperate with them," he said. "Law-abiding gun owners will not accept blame for the acts of violent or deranged criminals, nor do we believe the government should dictate what we can lawfully own and use to protect our families... We need to be honest about what works and what does not work. Proposals that would only serve to burden the law-abiding have failed in the past and will fail in the future."

Gayle Trotter, an attorney and senior fellow at the Independent Women's Forum, also argued that assault weapons provide a woman with "peace of mind" -- because "knowing she has a scary looking gun gives her more courage."

"An assault weapon in the hands of a young woman defending her babies at her home becomes a defense weapon," she said.

Nicholas Johnson, a law professor at Fordham University School of Law, also appeared as a witness at the hearing.

GDP unexpectedly shrinks, decline seen temporary - Reuters

Posted: 30 Jan 2013 08:49 AM PST

Containers await departure as crews load and unload consumer products at the Port of New Orleans along the Mississippi River in New Orleans, Louisiana in this file photo taken June 23, 2010.

Credit: Reuters/Sean Gardner

By Lucia Mutikani

WASHINGTON | Wed Jan 30, 2013 12:27pm EST

(Reuters) - The economy unexpectedly contracted in the fourth quarter, suffering its first decline since the recession ended more than three years ago as businesses scaled back on restocking and government spending plunged.

Gross domestic product fell at a 0.1 percent annual rate after growing at a 3.1 percent clip in the third quarter, the Commerce Department said on Wednesday.

That was the worst performance since the second quarter of 2009 and showed the economy entering the new year with little momentum. Economists polled by Reuters had expected GDP to rise at a 1.1 percent rate and none had predicted a contraction.

But economists said there was no reason for panic.

Inventories and government spending sliced 2.6 percentage points from growth, a weight that was expected to lessen in the first three months of the year.

At the same time, consumer spending accelerated and business investment rebounded, suggesting some fundamental strength that should help to support the recovery even as Washington tightens its belt.

"We are not concerned that the economy is slipping back into recession," said John Ryding, chief economist at RDQ Economics in New York.

A second report showed private employers stepped up hiring in January, suggesting an improvement in the labor market. An increase in job gains could help the economy to weather the headwind of higher taxes and possible spending cuts this year.

The ADP National Employment Report showed private payrolls rose 192,000 in January after increasing 185,000 in December.

Stocks on Wall Street were mostly flat, while prices for U.S. Treasury debt fell and the dollar weakened against a basket of currencies.

The data was published as officials at the Federal Reserve wrap-up a two-day meeting. The report will likely provide ammunition for officials at the U.S. central bank to stay on their ultra-accommodative policy stance.

Economists say a growth pace in excess of 3 percent would be needed over a sustained period to significantly lower high unemployment. For the whole of 2012 the economy grew 2.2 percent, and a report on Friday is expected to show the jobless rate held at 7.8 percent for a third straight month in January.

INVENTORY DRAG

The economy was slammed by a monster storm in late October, which caused extensive damage along the East Coast. Economists said that could have cut around 0.5 percentage point off fourth-quarter growth.

The recovery also had to deal with uncertainty over the so-called fiscal cliff of scheduled tax hikes and budget cuts, which hurt confidence even though households and businesses seemed to largely shrug off the worries.

Businesses, caught with too much inventory in their warehouses in the third quarter, slowed their stock building in the final three months of the year.

That slowdown reduced GDP growth by 1.27 percentage points, the most in two years.

But with the pick-up in consumer spending in the fourth quarter, businesses now will need to replenish stocks, which should help lift growth early this year.

"The near stall in inventories and stronger durable spending suggest greater cyclical recovery momentum than expected," said Steven Wieting, an economist at Citigroup in New York.

Excluding inventories, the economy grew at a 1.1 percent rate, slowing from the third quarter's 2.4 percent.

Government spending tumbled at a 6.6 percent rate as defense outlays plunged at a 22.2 percent pace, wiping out the previous quarter's gains. The decline in defense spending was the largest since the third quarter of 1972.

Government subtracted 1.33 percentage points from growth. The likelihood of fresh spending cuts suggests government outlays will remain a drag on the economy, but not as big of a weight as in the fourth quarter.

Export weakness also cut into GDP. Exports have been hampered by a recession in Europe, a cooling Chinese economy and storm and strike-related port disruptions. Overall trade cut a quarter of a percentage point from the change in GDP. Exports fell for the first time since the first quarter of 2009.

RISING INCOME PROVIDES A BRIGHT SPOT

In one bright spot, the report showed that income available to households after taxes and inflation increased at a strong 6.8 percent rate in the fourth quarter.

In addition, the saving rate rose by more than a percentage point, which should cushion households against higher taxes.

Consumers were helped by an easing in inflation.

A price gauge in the report advanced at just a 1.2 percent pace, down from 1.6 percent in the third quarter. So-called core prices increase just 0.9 percent, the smallest gain in two years.

Consumer spending, which accounts for more than two-thirds of economic activity, rose at a 2.2 percent rate, accelerating from the prior quarter's 1.6 percent growth pace, while business investment rebounded after its first drop in 1-1/2 years.

The housing market was another positive.

Residential construction grew at a 15.3 percent rate after notching a 13.5 percent growth pace in the third quarter.

Homebuilding added to growth last year for the first time since 2005.

"A turnaround in the housing market will be a key support to the economy this year, with homebuilding contributing to growth and higher home prices supporting consumer spending," said Stuart Hoffman, chief economist at PNC Financial in Pittsburgh.

(Additional reporting by Leah Schnurr in New York; Editing by Andrea Ricci)

Kredit: www.nst.com.my

Rabu, 30 Januari 2013