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KL shares open lower on profit taking Posted: 30 Oct 2013 07:26 PM PDT Share prices on Bursa Malaysia were traded lower in early trading today on profit taking, dealers said. At 9.33am, the FTSE Bursa Malaysia KLCI was 8.78 points easier at 1,808.6 after opening 1.31 points higher at 1,816.96. HwangDBS Vickers Research said the benchmark index, which hit a high of 1,818.89 before losing steam to close at 1,817.38 yesterday, could continue to be range-bound between its immediate support and resistance levels of 1,800 and 1,825 today. On the scoreboard, the Finance Index lost 101.67 points to 16,650.88, while the Plantation Index rose 18.85 points to 8,591.9 and the Industrial Index was up 4.57 points to 3,141.84. The FBM Emas Index shed 50.64 points to 12,581.25 and the FBMT100 Index lost 50.98 points to 12,305.09 while the FBM 70 rose 23.12 points to 14,310.87 and the FBM Ace added 14.10 points to 5,731.09. Gainers outpaced losers 137 to 203, with 776 counters unchanged, 533 untraded and 82 others suspended. Turnover stood at 414.65 million shares worth RM408.79 million. Among actives, The Media Shoppe and Daya Materials added half-a-sen each to 8.5 sen and 39 sen respectively and Sensol gained three sen to 46.5 sen. Boustead lost six sen to RM5.18 while Instacom was unchanged at 31.5 sen. As for heavyweights, Maybank fell seven sen to RM9.75, Axiata and Petronas Chemicals dropped three sen each to RM6.87 and RM7.10 respectively, CIMB shed 10 sen to RM7.50 and Sime Darby lost one sen to RM9.55.-- Bernama

US stocks retreat as Fed keeps stimulus Posted: 30 Oct 2013 05:10 PM PDT NEW YORK: US stocks on Wednesday closed lower after the US Federal Reserve maintained an aggressive monetary stimulus programme and reiterated that it will await stronger economic conditions before scaling it back. The Dow Jones Industrial Average fell 61.59 points (0.39 percent) to 15,618.76. The broad-based S&P 500 declined 8.64 points (0.49 percent) to 1,763.31, while the tech-rich Nasdaq Composite Index gave up 21.72 points (0.55 percent) at 3,930.62. The Fed's decision to hold steady on its US$85 billion per-month bond-buying programme, though bullish for stocks, was widely anticipated and had helped propel the Dow and S&P 500 to records Tuesday. Analysts said the markets were due for a break. "It's just a case of profit taking," said William Lynch, director of investment for Hinsdale Associates. The market "has been so strong that it's been due for a breather." US auto giant General Motors powered 3.2 percent higher after earnings excluding special items bested expectations by three cents at 96 cents per share. The company reported better results in North America and a narrowed loss in Europe. Video game developer Electronic Arts jumped 7.8 percent after reporting earnings of 33 cents per share, more than double the 12 cents expected by analysts. The company also raised its earnings forecast. Pharmaceutical company Gilead Sciences jumped 4.6 percent after earnings rose 17 percent to US$788.6 million and the company raised its revenue forecast and plans for research and development spending. Sales of antiviral products were particularly strong. Money transfer firm Western Union sank 12.4 percent after announcing that it expects operating profit growth to stall in 2014 due to significantly higher regulatory costs. Internet networking site LinkedIn sank 9.3 percent after the company's fourth-quarter revenue forecast of US$415 million-US$420 million lagged analyst forecasts of US$438.1 million. -- AFP

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Sebelius: "Hold me accountable for the debacle" of HealthCare.gov - CBS News Posted: 30 Oct 2013 08:52 AM PDT Health and Human Services Secretary Kathleen Sebelius on Wednesday offered the Obama administration's second formal apology to the American people for HealthCare.gov, the dysfunctional Obamacare website. "You deserve better, I aplogize," Sebelius said to the public in her opening remarks to the House Energy and Commerce Committee. "I'm accountable to you... I'm committed to earning your confidence back by fixing the site." The secretary acknowledged that since HealthCare.gov launched on Oct. 1, the experience of trying to sign up for a private insurance plan on the site has been "miserably frustrating" for many people. She assured the committee and the public that "we have a plan in place" to fix the site and reiterated the administration's promise to have it working for the vast majority of visitors by the end of November. Sebelius said that even though the site isn't "fully functioning," consumers are using it "every day" and they have "plenty of time" to sign up -- the open enrollment period lasts through the end of March. Rep. Marsha Blackburn, R-Tenn., asked Sebelius who is "responsible for this debacle," to which Sebelius replied, "Hold me accountable for the debacle. I'm responsible." Sebelius at the top of the hearing strayed from her prepared opening statement, which offered no apology for the botched website rollout and blamed the problems on the private contractors who built the site. "To build the Marketplace, CMS [the Centers for Medicare & Medicaid Services] used private sector contractors, just as it does to administer aspects of Medicare," Sebelius' prepared testimony said. "CMS has a track record of successfully overseeing the many contractors our programs depend on to function. Unfortunately, a subset of those contracts for HealthCare.gov have not met expectations." The secretary told the committee Wednesday that the government has spent $118 million to build the website itself and $56 million in information technology support for the site. Asked whether the government is paying for botched work, Sebelius said, "We have obligated funds for a contract, [but] we certainly have not expended all those funds." Additionally, Sebelius said, "Paying for work that isn't complete is not something that we will do." Play Video Sebelius apologizes for HealthCare.gov problems Play Video Upton, Sebelius spar over insurers dropping coverage One day prior to Sebelius' apology, Marilyn Tavenner, administrator for the Centers for Medicare & Medicaid Services (CMS), similarly apologized for HealthCare.gov's problems in a hearing of the House Ways and Means Committee. Meanwhile, President Obama was slated to defend his health care law in Boston on Wednesday afternoon. While HealthCare.gov has had siginficant problems in the past month, it's not the only element of the Affordable Care Act that's come under fire recently. In fact, even though Wednesday's hearing was intended to focus on the website, lawmakers on the committee first questioned Sebelius about the fact that millions of Americans are losing their insurance plans on the individiual market because they don't meet the minimum standards set by the Affordable Care Act. Committee Chairman Fred Upton, R-Mich., said it was unfair that those Americans are "now being forced to go on an inept website" to buy new insurance plans, "whether they like it or not." Blackburn made the case that some Americans may not want insurance plans that meet the new Obamacare standards, remarking, "Some people like to drive a Ford, not a Ferrari, and some like to drink from a red Solo cup, not one with a crystal stem." Rep. John Shimkus, R-Ill., pointed out that over the years, Mr. Obama has repeatedly promised consumers that once Obamacare went into effect, consumers who liked their insurance plans would be able to keep them. "Would you recommend to the president that he stop using that term?" Shimkus asked. Democrats on the committee, meanwhile, criticized their Republican colleagues for their continued attacks against the health law. Rep. Frank Pallone, D-N.J., called the issue of health insurers dropping certain insurance plans, "just another red herring." He pointed out that "this is not socialized medicine, this is private insurance in a competitive market," making the point that private insurers change their plans all the time to stay competitive. Rep. Eliot Engel, D-N.Y., said that Republicans were behaving like Chicken Little, except, he said, "my Republican colleagues are actually rooting for the sky to fall." Engel added, "I don't think, Madam Secretary, there is one person in this room who is naive enough to think the Republicans actually want this law to work." Getting back to the construction of HealthCare.gov, Sebelius said that the contractors who build the site never asked HHS or CMS to delay the site's launch. CMS administrator Tavenner made the decision in the weeks leading up to the site's launch to turn off its browsing feature. "We were anxious to get the website up and running and functional, which we celarly failed to do," she said. "They pared down some of the features feeling, it would be better to load them later." The private contractors who built HealthCare.gov told the Energy and Commerce Committee earlier this month that they only had a couple of weeks to test the site before its launch when months of testing would've been preferable. Sebelius acknowledged Wednesday that two weeks for testing was "clearly not" sufficient.

Obama Taps 2 Campaign Supporters to Be Ambassadors - ABC News Posted: 29 Oct 2013 04:29 PM PDT President Barack Obama is nominating two supporters who raised hefty sums for his re-election campaign to be U.S. ambassadors. The White House said Tuesday that Robert Barber is Obama's pick for Iceland. Obama has also tapped Mark Gilbert, a former Chicago White Sox player, to be his envoy to New Zealand. Both were members of the Obama for America national finance team, and both raised more than $500,000 for Obama's campaign. If confirmed by the Senate, Barber and Gilbert would join a long list of campaign supporters Obama has selected for ambassadorships. Earlier this year, Obama nominated his former political director, his former campaign finance chief and others for posts in South Africa, Denmark, Spain and Germany.

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