Khamis, 18 April 2013

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Ringgit opens marginally lower

Posted: 18 Apr 2013 06:42 PM PDT

The ringgit opened marginally lower against the US dollar, in earlier trading session, on lack of buying interest for the local currency, dealers said.

At 9am, the ringgit was quoted at 3.0345/0365 versus the greenback against yesterday's close of 3.0330/0350.

Investors were holding on to more safe haven assets especially the greenback due to the brittle outlook for the US economy following weaker-than-expected employment rates.

The market is also awaiting the release of the US first-quarter Gross Domestic Product data, due on April 26, which is estimated to increase by three per cent.

The ringgit was traded mostly lower against other major currencies.

It fell against the yen to 3.0916/0963 from 3.0892/0919 on Thursday and declined against the British pound to 4.6375/6436 from 4.6190/6235 yesterday.

The ringgit depreciated against the euro to 3.9629/9674 from 3.9581/9610 yesterday and was slightly lower against the Singapore dollar at 2.4561/4587 from 2.4549/4567 on Thursday.-- Bernama

Short-term rates to remain stable Friday

Posted: 18 Apr 2013 06:45 PM PDT

Short-term interbank rates are expected to remain stable today as Bank Negara Malaysia intervenes to mop up excess liquidity from the financial system.

The central bank estimated today's liquidity at RM26.415 billion in the conventional system and RM4.852 billion in Islamic funds.

Bank Negara will call for a RM500 million Al-Wadiah tender for seven days and another RM250 million tender for 14 days.

The central bank will also conduct four conventional tenders comprising RM1 billion each for seven, 14, 21 and 28 days, as well as, a RM400 million repo tender for 31 days.

At 4pm, Bank Negara will conduct up to RM22.1 billion in conventional overnight tenders and a RM4.1 billion Al-Wadiah overnight tender.-- Bernama
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Rescuers search for survivors of Texas fertilizer plant blast - Reuters

Posted: 18 Apr 2013 09:19 AM PDT

The remains of a fertilizer plant smolder after a massive explosion in the town of West, near Waco, Texas April 18, 2013. REUTERS/Mike Stone

WEST, Texas | Thu Apr 18, 2013 12:16pm EDT

(Reuters) - Rescue teams searched the charred rubble of homes in a small Texas city on Thursday for survivors of a fiery explosion at a nearby fertilizer plant that killed as many as 15 people, injured more than 160 and destroyed dozens of buildings.

Three to four volunteer firefighters were among the missing following the blast on Wednesday night, said Sgt. William Patrick Swanton of the Waco, Texas, police department.

Firefighters had been fighting a fire at the West Fertilizer Co for about 20 minutes before the 8 p.m. blast rocked West, a town of 2,700 people about 20 miles north of Waco.

The plant had tanks of volatile anhydrous ammonia, including what initial reports said was a tanker-sized container like those hauled on freight trains, Swanton said at a news conference on Thursday. However, the immediate threat from fumes appeared to have abated, he said.

The blast destroyed 60 to 80 houses, officials said. It reduced a 50-unit apartment complex to what one local official called "a skeleton standing up" and left a horrific landscape of burned-out buildings and blackened rubble.

"It looks like a war zone with all the debris," McLennan County Sheriff Parnell McNamara said.

Amid such devastation, the death toll remained a rough estimate of five to 15 people, Swanton said. He said more than 160 people were injured and that number was likely to rise.

Emergency crews were moving from house to house in a search and rescue operation, Stanton said.

"That's good news to me, meaning that they're probably still getting injured people," he said. "They have not gotten to the point of no return where they don't think that there's anybody still alive."

FIREFIGHTERS MISSING

The firefighters had been battling the fire and evacuating nearby houses and a nursing home out of concern about possible dangerous fumes before the explosion occurred, Swanton said.

Texas Public Safety Department spokesman D.L. Wilson said half the town, eight to 10 blocks, had been evacuated. Officials said 133 people were removed from the nursing home.

"There are still firefighters missing," Swanton said. "They were actively fighting the fire at the time the explosion occurred."

The firefighters were members of a large volunteer corps who had arrived on the scene.

One law enforcement official who also served as a firefighter was found alive but in critical condition in a local hospital, Swanton said.

The cause of the fire remained unknown and it was being treated as a crime scene, which was standard procedure, Swanton said.

President Barack Obama, who flew to Boston for a memorial service for victims of the Boston Marathon bombing, offered support and prayers to the victims in Texas.

The explosion came two days before the 20th anniversary of a fire in Waco that engulfed a compound inhabited by David Koresh and his followers in the Branch Davidian sect, ending a siege by federal agents. About 82 members of the sect and four federal agents died at Waco.

In West, witness Kevin Smith told CBS News he had just climbed the stairs to the second floor of his home when he felt the blast.

"The house exploded. It was just a bright flash and a roar, I thought it was lightning striking the house," Smith said. "I felt myself flying through the air about 10 feet, and it took a second or two to realize that the roof had caved in on me so I knew it wasn't lightning."

Three hospitals in Waco and Dallas reported treating more than 160 injuries from the blast.

Ground motion from the blast registered as a magnitude 2.1 seismic tremor and created a jolt felt 80 miles away in Dallas, the U.S. Geological Survey reported.

The federal Bureau of Alcohol, Tobacco, Firearms and Explosives was one of several agencies investigating.

(Additional reporting by Steve Gorman, Tim Gaynor, David Bailey, Marice Richter and Ian Simpson; Writing by Ellen Wulfhorst; Editing by Doina Chiacu)

Facing Arrest, Musharraf Flees Courtroom in Pakistan - New York Times

Posted: 18 Apr 2013 08:20 AM PDT

ISLAMABAD, Pakistan — In his latest setback since returning from exile last month, the former military ruler Pervez Musharraf quickly fled a courtroom on Thursday after a judge revoked his bail and ordered his arrest.

Mr. Musharraf and his security detail pushed through a large crowd outside the Islamabad High Court after the hearing, then sped away in a convoy of S.U.V.s as lawyers chased behind, shouting insults.

The scene of Mr. Musharraf running before the law, unimaginable just a few years ago at the height of his power, was the latest twist in his quixotic bid to return to Pakistani politics, which has been dogged by a series of mishaps and humiliations.

It could also presage a wider clash. Never before has a retired army chief faced imprisonment in Pakistan, and analysts said the move against Mr. Musharraf could open a new rift between the courts and the military.

After fleeing Thursday, Mr. Musharraf drove to his luxury villa on the outskirts of the capital, which is protected by high walls, armed guard posts and a contingent of retired and serving soldiers, officials said.

That bolstered security setup is a reflection of repeated Taliban threats to kill the former general. But for now, the imminent danger to Mr. Musharraf, who ruled Pakistan between 1999 and 2008, stems from the courts.

At Thursday's hearing, the High Court judge, Shaukat Aziz Siddiqui, refused to extend Mr. Musharraf's bail in a case focusing on his controversial decision to fire and imprison the country's top judges when he imposed emergency rule in November 2007.

Resentment toward the former army chief and president still runs deep in the judiciary, which was at the center of the protest movement that led to his ouster in 2008. On Thursday evening, the court demanded to know why the police had failed to arrest Mr. Musharraf as he left the court, Pakistani television stations reported.

A spokesman for Musharraf's party described the court order as "seemingly motivated by personal vendettas," and hinted at the possibility of a looming clash with the military, warning that it could "result in unnecessary tension among the various pillars of state and possibly destabilize the country."

Mr. Musharraf's lawyers lodged an appeal with the Supreme Court, which said it would hear the case on Friday. One widely offered possibility was that the Supreme Court could declare Mr. Musharraf's villa a "sub-jail," and place him under house arrest there.

The court drama represents the low point of a troubled homecoming for the swaggering commando general, who had vowed to "take the country out of darkness" after returning from four years of self-imposed exile in Dubai, London and the United States.

But instead of the public adulation he was apparently expecting, Mr. Musharraf has been greeted by stiff legal challenges, political hostility and — perhaps most deflating — a widespread sense of public apathy.

Pakistan's influential television channels have given scant coverage to Mr. Musharraf since his return, and his All Pakistan Muslim League party has struggled to find strong candidates to field in the general election scheduled for May 11. On Tuesday, the national election commission delivered another blow, disqualifying Mr. Musharraf from the election.

Meanwhile, Mr. Musharraf faces criminal charges in three cases dating to his period in office — the one related to firing judges and two others related to the deaths of the former prime minister Benazir Bhutto and Nawab Akbar Khan Bugti, a Baloch tribal leader. Attempts by some critics to charge Mr. Musharraf with treason have not succeeded.

Last week he stoked controversy when, in an interview with CNN, he admitted to having authorized American drone strikes in the tribal belt — a statement that contradicted years of denials of complicity in the drone program, and which was considered politically disastrous in a country where the drones are widely despised.

In returning to Pakistan in such an apparently ill-considered manner, Mr. Musharraf has placed himself at the mercy of some of his most bitter enemies. The favorite to win the coming election is Nawaz Sharif, the onetime prime minister whom Mr. Musharraf overthrew to seize power in 1999.

Meanwhile, the Supreme Court is led by his sworn enemy, Chief Justice Iftikhar Muhammad Chaudhry. Justice Siddiqui, who refused him bail on Thursday, is considered a conservative who has been hostile to the military.

Last week another judge placed Mr. Musharraf on the Exit Control List, which means that, even if he avoids arrest for now, he cannot leave the country until a court gives him permission.

Human Rights Watch said that Mr. Musharraf's flight from the court on Thursday "underscores his disregard for due legal process" and called on the military to ensure that he presents himself for arrest.

"Continued military protection for General Musharraf will make a mockery of claims that Pakistan's armed forces support the rule of law," said Ali Dayan Hasan, Pakistan director for the rights group.

But officials in Mr. Musharraf's political party denied that the former leader was in any way a fugitive. "No attempt was made to arrest Mr. Musharraf," Muhammad Amjad Chaudhry, the senior party leader, said. "No police officer asked Mr. Musharraf to surrender after the court order was passed. Mr. Musharraf returned to his residence from the court. He is not in hiding."

As journalists and the police gathered outside Mr. Musharraf's villa on Thursday, awaiting his next move, a senior party official, Chaudhry Muhammad Ashraf, said the retired army chief was consulting his advisers and lawyers. "We will face the situation," he said.

Salman Masood contributed reporting.

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