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Ringgit traded higher against US dollar Posted: 14 Nov 2013 05:47 PM PST The ringgit opened higher against the US dollar today, extending yesterday's gains as more investors shift their appetite to Asian currencies, including the local unit, dealers said. At 9am, the ringgit appreciated against the greenback to 3.1935/1965 from 3.2040/2070 yesterday. A dealer said the euro was dampened by the weak eurozone data while the Japanese yen slipped after the Finance Minister Taro Aso told a parliamentary committee that Japan must retain the currency intervention as a policy tool. Against other major currencies, the ringgit was also traded higher. The local note appreciated against the Singapore dollar to 2.5616/5644 from 2.5683/5712 yesterday and strengthened against the yen to 3.1868/1901 from 3.2255/2102 on Thursday. Against the British pound, the ringgit emerged stronger to 5.1288/1349 from 5.1360/1424 yesterday and rose to 4.2962/3009 from 4.3107/3157 against the euro.-- Bernama

Gold futures open higher Posted: 14 Nov 2013 05:51 PM PST Gold futures contracts rebounded to open higher today, supported by buying interest for the precious metal, dealers said. As at 9.30am, November 2013 rose one tick to RM132.55 a gramme, with one lot traded, while December 2013 stood at RM132.95 a gramme, with 31 lots traded. Open interest stood at 755 contracts.-- Bernama

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White House to Allow Insurers to Continue Canceled Health Plans - Wall Street Journal Posted: 14 Nov 2013 09:32 AM PST [unable to retrieve full-text content] Philly.com White House to Allow Insurers to Continue Canceled Health Plans Wall Street Journal WASHINGTON—President Barack Obama said Thursday that insurers will be able to continue health-insurance coverage next year for current policy holders that otherwise would be canceled under the new health-care law. Enlarge Image. cat. U.S. President ... Obama to let people keep canceled health plans for another yearCBS News People "deserve better": Obama gives people an extra year to keep health ...NBCNews.com Obama: Canceled plans can be kept for a yearUSA TODAY Los Angeles Times -Chicago Tribune -New York Times all 1,749 news articles »

Yellen says imperative to promote very strong recovery - Reuters Posted: 14 Nov 2013 09:32 AM PST (Reuters) - Janet Yellen on Thursday robustly defended the Federal Reserve's bold steps to spur economic growth, calling efforts to boost hiring an "imperative" at a hearing into her nomination to become the first woman to lead the U.S. central bank. Answering questions before the Senate Banking Committee, Yellen made plain she would press forward with the Fed's ultra-easy monetary policy until officials were confident a durable economic recovery was in place that could sustain job creation. "I consider it imperative that we do what we can to promote a very strong recovery," Yellen, currently the Fed's vice chair, told the panel. She said the Fed's bond-buying, which some Republican lawmakers fear risks stoking inflation or asset bubbles, could not continue forever, but made clear any decision to reduce the purchases, currently $85 billion a month, would be driven by incoming economic data. The Fed has held interest rates near zero since late 2008 and has quadrupled its balance sheet to $3.8 trillion through three massive rounds of bond purchases, or quantitative easing. At its last meeting in October, it maintained its buying at the current pace, a policy known as quantitative easing, or QE. Investors in stocks and bonds welcomed Yellen's commitment to drive a stronger recovery. U.S. stocks hit session highs as she testified, with the S&P 500 reaching a record high. Nonetheless, analysts said she simply bolstered expectations that she would favor continuity with the policies of current Fed Chairman Ben Bernanke, whose term expires at the end of January. "She hasn't given anything away specifically with regards to the timetable of any QE tapering," said Philip Shaw, chief economist at Investec in London. "It seems that policy remains driven by data for the time being." Nominated by President Barack Obama in October to replace Bernanke when his term ends, Yellen is viewed as a policy dove and her emphasis on the high cost of unemployment reinforced that reputation. The banking committee, where Obama's Democrats occupy 12 of the 22 seats, needs to vet her credentials to become the most powerful economic official in the world before sending her nomination to the full Senate for consideration. Despite worries among some Republicans that she might not be tough enough on inflation, she is expected to win confirmation without drama. It is not yet clear when lawmakers will debate and vote on her nomination. Obama's Democrats control 55 of the Senate's 100 seats, which means the 67-year-old former economics professor needs to only win backing from five Republicans to reach the 60-vote threshold necessary to overcome any procedural hurdles. (Additional reporting by Emily Stephenson, Caren Bohan and Anna Yukhananov in Washington and Marius Zaharia in London; Editing by James Dalgleish)

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