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KL shares open higher on technical rebound Posted: 25 Jun 2013 06:50 PM PDT Share prices on Bursa Malaysia opened higher today on a technical rebound after a streak of losses in the last five successive days, dealers said. At 9.00am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.04 points better at 1,729.69 but, 12 minutes later, it came off 1.88 points to 1,726.76. A dealer said the benchmark FBM KLCI could recoup parts of its cumulative loss of 45.4-points or 2.6 per cent suffered over the past five days, as it makes its way towards the immediate support-turned-resistance line of 1,750 ahead. He added that local and regional bourses might track an overnight rise on Wall Street as leading US bellwethers rose between 0.7 per cent and 0.9 per cent at the closing bell on hopes that the country's economic recovery remained on track. On the scoreboard, the Finance Index rose 1.94 points to 16,322.650, the Industrial Index increased 2.34 points to 2,919.29 and the Plantation Index jumped 25.19 points to 8,256.62. The FBM Emas Index added 5.51 points to 11,971.13, the FBMT100 Index was 2.319 points higher at 11,753.27, the FBM Mid 70 Index chalked up 65.04 points to 13,689.90 and the FBM Ace Index edged-up 15.48 points to 4,634.82. Gainers led losers 194 to 41 while 112 counters were unchanged, 1,245 untraded and 48 others were suspended. Volume stood at 74.28 million shares worth RM83.76 million. Among actives, Asia Media and Cybertowers added half-a-sen each to 15.5 sen and 18 sen, respectively, and TA Enterprise earned 3.5 sen to 60.5 sen. Luster Industries lost half-a-sen to 16 sen while Tiger Synergy was unchanged at 21.5 sen. As for heavyweights, CIMB declined seven sen to RM7.98, Sime Darby and Axiata lost three sen each to RM9.40 and RM6.58, respectively, and Petronas Chemicals dropped two sen to RM6.52. Maybank was flat at RM10.-- Bernama

Ringgit rebounds against US dollar Posted: 25 Jun 2013 06:53 PM PDT The ringgit open higher against the US dollar as appetite for riskier assets, including the local currency, emerged, dealers said. At 9.02am, the currency was quoted 3.1770/1815 against 3.1820/1850 at 5pm yesterday. A dealer said the greenback had started to recover after the latest batch of US economic data supported the Federal Reserve's recovery view and lifted US Treasury yields. The local currency was, however, lower against the Singapore dollar at 2.5047/5093 from 2.5043/5095 on Tuesday but strengthened against the yen to 3.2382/2444 from 3.2767/2811 previously. The ringgit appreciated against the British pound to 4.8983/9065 from 4.9111/9173 yesterday and rose against the euro to 4.1565/1636 from 4.1773/1819 on Tuesday.-- Bernama

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Supreme Court strikes down section of Voting Rights Act - CBS News Posted: 25 Jun 2013 08:38 AM PDT Updated at 11:10 a.m. ET The Supreme Court on Tuesday struck down a section of the Voting Rights Act, weakening a tool the federal government has used for nearly five decades to block discriminatory voting laws. In a five-to-four ruling, the court ruled that Section 4 of the Voting Rights Act is unconstitutional. That section of the landmark 1965 law provides the formula for determining which states must have any changes to their voting laws pre-approved by the Justice Department's civil rights division or the D.C. federal court. Nine states are required to get pre-clearance, as are certain jurisdictions in seven other states. Chief Justice John Roberts wrote for the majority that Section 4 is unconstitutional because the standards by which states are judged are "based on decades-old data and eradicated practices." "Nearly 50 years later, things have changed dramatically," Roberts wrote. "The tests and devices that blocked ballot access have been forbidden nationwide for over 40 years. Yet the Act has not eased [Section 5's] restrictions or narrowed the scope of [Section 4's] coverage formula along the way. Instead those extraordinary and unprecedented features have been reauthorized as if nothing has changed, and they have grown even stronger." The court could have made a much broader ruling by striking down Section 5, which dictates that those states must get pre-clearance. However, the court decided that the Justice Department still has a role in overseeing voting laws -- if Congress is willing to rewrite Section 4. Nevertheless, civil rights advocates called the ruling a huge blow to democracy. "The Supreme Court has failed minority voters today," Sherrilyn Ifill of the NAACP Legal Defense and Education Fund said Tuesday outside of the court. The ruling underscores the Supreme Court's lawmaking powers, challenging Congress' overwhelmingly bipartisan decision in 2006 to renew the Voting Rights Act for another 25 years. Ifill pointed out that the court renewed the law after holding 52 hearings over nine months and amassing 15,000 pages of evidence of the state of civil rights across the nation. Play Video Supreme Court interns get workout between courthouse, reporters It's now up to Congress to change the coverage rules so that Section 5 -- the section requiring pre-clearance of voting laws in certain states -- can continue to be enforced. "The ball has been thrown not only in Congress' court, but in our court," Ifill said, calling on the public to mobilize behind an update to the law. Wade Henderson, president and CEO of the Leadership Conference on Civil and Human Rights, he expressed optimism the Voting Rights Act could be fully restored with adjustments in the legislative branch. "We are very confident that members of both houses of Congress who helped lead the effort in 2006, many of whom are still there, will respond to those challenges," he said on the steps of the court. While Section 5 may be effectively nullified, now that Section 4 has been struck down, the court's ruling will certainly renew discussion of what tools the federal government should have at its disposal to ensure voting rights. President Obama noted earlier this year that Section 5 is "not the only tool" available to fight discriminatory voting laws, and he has attempted to start a new dialogue on the issue by forming a bipartisan commission to draft a plan for reforming national voting laws.

Russia's Putin rules out Snowden expulsion, hits back at US - Reuters Posted: 25 Jun 2013 09:06 AM PDT By Thomas Grove and Alexei Anishchuk MOSCOW/NAANTIL, Finland | Tue Jun 25, 2013 12:22pm EDT (Reuters) - President Vladimir Putin confirmed on Tuesday a former U.S. spy agency contractor sought by the United States was in the transit area of a Moscow airport but ruled out handing him over to Washington, dismissing U.S. criticisms as "ravings and rubbish". His refusal to hand back Edward Snowden risked deepening a rift with the United States that has also sucked in China and threatens relations between countries that may be essential in settling global conflicts including the Syrian war. China rejected U.S. criticism for letting Snowden flee the Chinese colony of Hong Kong as "baseless". In his first public comments on Snowden since the fugitive flew in on Sunday, Putin said the 30-year-old American was in the transit area of Moscow's Sheremetyevo airport, not having gone through passport control, was free to leave and should do so as soon as he could. Snowden has applied for asylum in Ecuador but Quito has said it is still considering the application and the United States is trying to persuade the governments of countries where he might head to hand him over. "He has not crossed the state's border, and therefore does not need a visa. And any accusations against Russia (of aiding him) are ravings and rubbish," Putin told a news conference during a visit to Finland. Making clear Moscow saw no gain in extraditing Snowden, he said: "It's like giving a baby pig a haircut: there's a lot of squealing, but there's little wool." "We can hand over foreign citizens to countries with which we have an appropriate international agreement on the extradition of criminals. We don't have such an agreement with the United States ... Thank God, Mr. Snowden committed no crimes on the territory of the Russian Federation." His words appeared a direct rebuff to U.S. Secretary of State John Kerry, speaking only hours earlier. "It is accurate there is not an extradition treaty between Russia and the United states, but there are standards of behavior between sovereign nations," he said, in Jeddah. The U.S. State Department said diplomats and Justice Department officials were talking to Russia, suggesting they sought a deal to secure his return to face espionage charges. Snowden, charged with disclosing secret U.S. surveillance programs, left Hong Kong for Moscow on Sunday and the WikiLeaks anti-secrecy group said he was headed for Ecuador. Journalists camped out at the airport have not spotted him inside, or leaving, the transit area. He has not registered at a hotel in the transit zone, hotel sources say. A receptionist at the Capsule Hotel "Air Express", a complex of 47 basic rooms furnished predominantly with grey carpets and grey walls, said Snowden had turned up on Sunday, looked at the price list and then left. U.S. officials admonished Beijing and Moscow on Monday for allowing Snowden to escape their clutches but the United States' partners on the U.N. Security Council, already at odds with Washington over the conflict in Syria, hit back indignantly. "The United States' criticism of China's central government is baseless. China absolutely cannot accept it," Foreign Ministry spokeswoman Hua Chunying said in Beijing, also dismissing U.S. criticism of Hong Kong, a Chinese territory, for letting Snowden leave. FSB INTEREST? There has been speculation in the Russian media that Snowden may be talking to the FSB security service, a successor of the Soviet-era KGB, and could be involved in a prisoner swap. Putin said Russian security agencies "never worked with... Snowden and are not working with him today". Fallout from a protracted wrangle over Snowden could be far-reaching, as Russia, the United States and China hold veto powers at the U.N. Security Council and their broad agreement could be vital to any settlement in Syria. International mediator Lakhdar Brahimi said on Tuesday he was pessimistic an international conference on Syria could take place in July as hoped and urged Russia and the United States to help contain a conflict which has killed almost 100,000 people. The Sheremetyevo airport transit area is Russian sovereign territory, but Russia says that in staying there Snowden has not formally entered the country. Going through passport control might implicate Putin in helping a fugitive. "The sooner he chooses his final destination, the better it would be for us and for himself," Putin said. Snowden is travelling on a refugee document of passage provided by Ecuador, WikiLeaks said. U.S. officials said intelligence agencies were concerned they did not know how much sensitive material Snowden had and that he may have taken more documents than initially estimated which could get into the hands of foreign intelligence. (Additional reporting Gabriela Baczynska and Lidia Kelly in Moscow, Alexandra Valencia in Quito, Mark Felsenthal, Paul Eckert and Mark Hosenball in Washington and Katya Golubkova in Havana, Writing by Elizabeth Piper and Timothy Heritage, editing by Ralph Boulton)

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