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KL shares rebounded to open higher Posted: 13 Jun 2013 06:57 PM PDT Share prices on Bursa Malaysia rebounded this morning from its recent losses, as fund managers took the cue from overnight gains on Wall Street, dealers said. At 9.03am, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,752.9, rising 10.03 points after opening 6.54 points higher at 1,749.41 in early trading today. HwangDBS Vickers Research said that a relief rebound was in store for Asian equities today. This follows an overnight bounce on Wall Street which saw its leading indices jumping between 1.2 per cent and 1.5 per cent amid expectations that the Federal Reserve might not be tapering its quantitative easing programme anytime soon. "Back home, the key FBM KLCI is set to stage a technical rebound too. "After losing 44.9 points or 2.5 per cent in three days, the benchmark index could recover to overcome its immediate support-turned-resistance line of 1,750 points ahead," it said in a research note. On the scoreboard, the Finance Index rose 67.94 points to 16,621.7, the Industrial Index perked 27.01 points to 3,009.69 and the Plantation Index gained 9.3 points to 8,265.45. The FBM Emas Index garnered 71.32 points to 12,201.94, the FBMT100 advanced 71.52 points to 11,963.04, the FBM Mid 70 Index chalked up 96.51 points to 14,062.53 and the FBM Ace Index surged 35.61 points to 4,696.27. Market breadth was positive as gainers thumped losers 225 to 25, with 70 counters unchanged, 1,263 untraded and 19 suspended. Turnover stood at 62.953 million shares worth RM43.558 million. Among actives, Eti Tech Corp inched up half-a-sen to 11.5 sen, Naim Indah gained 1.5 sen to 17.5 sen and Malton improved four sen to 94.5 sen. For heavyweights, Maybank added 12 sen to RM10.16, CIMB earned two sen to RM8.15, Sime Darby rose nine sen to RM9.55 and Petronas Chemicals garnered four sen to RM6.40. However, Axiata Group was flat at RM6.48.-- Bernama

Ringgit opens firmer on renewed risk appetite Posted: 13 Jun 2013 07:00 PM PDT The ringgit opened firmer against the US dollar in early trading Friday on renewed risk appetite backed by improved market sentiments, dealers said. At 9.15am, the local unit was quoted at 3.1195/1225 vis-a-vis the US dollar's 3.1320/1350 close at 5pm Thursday. A currency dealer said global foreign exchange markets received a boost following the release of the better-than-expected economic data in the US, coupled with speculations that the Federal Reserve will announce plans to maintain the record low interest rates. Against other major currencies, the ringgit was also traded higher. The local unit improved against the Singapore dollar to 2.4930/4374 from 2.4972/4014 Thursday and strengthened against the yen to 3.2976/3025 from 3.3181/3220 yesterday. It appreciated against the British pound to 4.9014/9070 from yesterday's 4.9038/9100 close and rose against the euro to 4.1695/1742 from Thursday's close at 4.1775/1818.-- Bernama

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Supreme Court says human genes cannot be patented - CBS News Posted: 13 Jun 2013 09:28 AM PDT The Supreme Court ruled Thursday that companies cannot patent parts of naturally-occurring human genes, a decision with the potential to profoundly affect the emerging and lucrative medical and biotechnology industries. The high court's unanimous judgment reverses three decades of patent awards by government officials. It throws out patents held by Salt Lake City-based Myriad Genetics Inc. on an increasingly popular breast cancer test brought into the public eye recently by actress Angelina Jolie's revelation that she had a double mastectomy because of one of the genes involved in this case. Justice Clarence Thomas, who wrote the court's decision, said that Myriad's assertion - that the DNA it isolated from the body for its proprietary breast and ovarian cancer tests were patentable - had to be dismissed because it violates patent rules. The court has said that laws of nature, natural phenomena and abstract ideas are not patentable. "We hold that a naturally occurring DNA segment is a product of nature and not patent eligible merely because it has been isolated," Thomas said. Patents are the legal protection that gives inventors the right to prevent others from making, using or selling a novel device, process or application. The U.S. Patent and Trademark Office has been awarding patents on human genes for almost 30 years, but opponents of Myriad Genetics Inc.'s patents on the two genes linked to increased risk of breast and ovarian cancer say such protection should not be given to something that can be found inside the human body. The company has used its patent to come up with its BRACAnalysis test, which looks for mutations on the breast cancer predisposition gene, or BRCA. Those mutations are associated with much greater risks of breast and ovarian cancer. Women with a faulty gene have a three to seven times greater risk of developing breast cancer and also have a higher risk of ovarian cancer. Myriad sells the only BRCA gene test. Opponents of its patents say the company can use the patents to keep other researchers from working with the BRCA gene to develop other tests. "Today, the court struck down a major barrier to patient care and medical innovation," said Sandra Park, a lawyer for the American Civil Liberties Union Women's Rights Project. "Myriad did not invent the BRCA genes and should not control them. Because of this ruling, patients will have greater access to genetic testing and scientists can engage in research on these genes without fear of being sued." Jolie revealed last month that her mother died of ovarian cancer and that her maternal grandmother also had the disease. She said she carries a defective BRCA1 gene that puts her at high risk of developing breast and ovarian cancers, and her doctor said that the test that turned up the faulty gene link led Jolie to have both of her healthy breasts removed to try to avoid the same fate. Companies have billions of dollars of investment and years of research on the line in this case. Their advocates argue that without the ability to recoup their investment through the profits that patents bring, breakthrough scientific discoveries to combat all kinds of medical maladies wouldn't happen. But "genes and the information they encode area not patent eligible ... simply because they have been isolated from the surrounding genetic material," Thomas said. In a concurring opinion, Justice Antonin Scalia said "the portion of the DNA isolated from its natural state sought to be patented is identical to that portion of the DNA in its natural state." A Myriad spokesman did not immediately respond to a request for comment. The court did rule that synthetically created DNA, known as cDNA, can be patented "because it is not naturally occurring," Thomas said. And Thomas noted there are still ways for Myriad to make money off its discovery. "Had Myriad created an innovative method of manipulating genes while searching for the BRCA1 and BRCA2 genes, it could possibly have sought a method patent," he said. And he noted that the case before the court did not include patents on the application of knowledge about the two genes. The case is 12-398, Association for Molecular Pathology v. Myriad Genetics, Inc.

Dozens hurt in explosion, fire at Louisiana chemical plant - CBS News Posted: 13 Jun 2013 09:33 AM PDT Updated at 12:21 p.m. ET GEISMAR, La. An explosion touched off a fire at a petrochemical plant about 20 miles south of Baton Rouge, resulting in dozens of injuries, officials said. Department of Environmental Quality spokeswoman Jean Kelly said helicopters took three or four people Thursday from the plant owned by The Williams Companies Inc., and ground ambulances took 30. She did not have other details about injuries. The Iberville Office of Emergency Preparedness told CBS affiliate WAFB-TV so far six people were sent to the hospital for burns. Louisiana State Police Capt. Doug Cain said the explosion occurred around 8:30 a.m. The plant makes highly flammable gases that are basic building blocks in the petrochemical industry. A chemical plant is on fire after an explosion, in Geismar, La., June 13, 2013. / WAFB/9 Reports Kelly says tests have not found dangerous levels of chemicals in the air so far. State police are asked residents in St. Gabriel area to shelter in place from Highway 3115 to Highway 74 as a precaution. The company's website says the plant puts out about 1.3 billion pounds of ethylene and 90 million pounds of polymer grade propylene a year.

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