Rabu, 27 Februari 2013

NST Online Business Times : latest

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NST Online Business Times : latest

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."

Kredit: www.nst.com.my

Rabu, 27 Februari 2013