Selasa, 17 Disember 2013

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Asian shares climb ahead of Fed decision

Posted: 17 Dec 2013 07:11 PM PST

HONG KONG: Asian markets rose on Wednesday, with attention focused on Washington as investors await the end of a Federal Reserve policy meeting to find out its plans for its huge stimulus programme.

Japanese equities were the stand-out performers after official data showed a surge in exports thanks to a weaker yen.

Tokyo climbed 1.54 per cent by the break, Sydney added 0.10 per cent and Seoul strengthened 0.26 per cent while Shanghai gained 0.10 per cent and Hong Kong was 0.43 per cent higher.

Regional traders were given a soft lead from Wall Street, where the three main indexes ended in the red following a tepid set of economic figures.

With the Fed due to wrap up its two-day policy meeting later in the day, opinion is split on whether or not it will announce a cut in its US$85 billion a month bond-buying scheme.

While some analysts point to a string of figures that indicate a healthy pick-up in the US economy, boosting the argument for a slight reduction, others say the central bank will likely wait until early next year to see if the recovery can be sustained.

"Wednesday's Federal Reserve monetary policy announcement is one of the most anticipated events of the year," said Kathy Lien of BK Asset Management.

John Kicklighter, chief currency strategist at DailyFX, said speculation about the Fed decision "has run rampant".

The latest numbers showed the economy is still fragile. Consumer prices were unchanged in November compared with October and up a tame 1.2 per cent from the previous year.

Inflation remains well below the Fed's 2.0 per cent annual target.

Income growth for Americans — a key indicator of the health of the economy — remained modest at 1.1 per cent year-on-year .

The Dow edged a touch lower, the S&P 500 fell 0.31 per cent and the Nasdaq eased 0.14 per cent.

On currency markets, the dollar rose to 102.82 yen in early trade from 102.63 yen in New York late Tuesday.

The euro bought US$1.3762 and 141.50 yen against US$1.3765 and 141.28 yen.

Japanese shares outperformed the region after Tokyo released figures showing exports last month rose 18.4 per cent year-on-year, boosted by shipments of automobiles and a weaker yen.

Expectations had been for a 17.3 per cent rise, according to Dow Jones Newswires.

However, while the likes of Toyota and Sony benefited, the softer currency also sent the price of imports higher, especially for energy.

Imports soared 21.1 per cent, leaving Tokyo with a trade deficit for the 17th straight month.

Oil prices edged up. New York's main contract, West Texas Intermediate for January delivery, was up seven cents at US$97.29 in early Asian trading while Brent North Sea crude for February gained seven cents to US$108.51.

Gold fetched US$1,234.40 at 0220 GMT compared with US$1,239.20 late Tuesday. -- AFP

Sunway's stock to be on limelight

Posted: 17 Dec 2013 07:06 PM PST

KUALA LUMPUR: Sunway Bhd's share on Bursa Malaysia is expected to be on the limelight today following its 24.5-acre land acquisition announcement yesterday.

The land was acquired through its wholly-owned subsidiary, Sunway City (Penang) Sdn Bhd, with the intention to establish its first landmark development in Penang.

In a filing to Bursa Malaysia yesterday, Sunway said the proposed acquisition will provide an estimated gross development value (GDV) of RM1.5 billion when fully developed, as the land is strategically located within the vibrant centre of Penang Island and surrounded by tourism spots as well as matured residential townships.

The acquisition is expected to be completed within three months.

Meanwhile, Hong Leong Investment Bank has maintained its "buy" call on Sunway following this acquisition, with unchanged target price of RM3.35.

"Despite the potential headwinds from property tightening measures and slower contract flows, its recapitalised balance sheet and large order book will be able to sustain earnings growth.

"With the latest acquisition, it will lift Sunway's landbank in Penang to 145 acres, with total Penang GDV of RM3.3 billion, which represents six per cent of Sunway's overall GDV," it said in a note.

As at 10.16 am, the property developer share gained one sen to RM2.65, with 11,200 lots transacted. -- Bernama

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Budget compromise clears Senate procedural hurdle - CNN

Posted: 17 Dec 2013 09:23 AM PST

STORY HIGHLIGHTS
  • NEW: A new poll shows public support for the budget deal
  • 12 Republicans join Democrats in overcoming a filibuster attempt
  • Bill aims to avert another government shutdown as early as mid-January
  • The House already passed the compromise budget plan

Washington (CNN) -- A federal budget compromise that already passed the House cleared a key procedural hurdle on Tuesday in the Senate, increasing the likelihood it will win final Congressional approval this week.

President Barack Obama has signaled his support for the plan worked out by the budget committee leaders in each chamber that would guide government spending into 2015 to defuse the chances of another shutdown such as the one that took place in October.

Tuesday's vote overcame a Republican filibuster attempt that required 60 votes in the 100-member chamber to proceed on the budget measure. The count was 67-33, with a dozen Republicans joining the 55 Democrats and independents in support of the plan.

5 ways Senate could mess it up

Final approval in the Senate requires a simple majority of 51 votes. The budget plan easily passed the House last week on a 332-94 vote.

GOP concerns

The politics of the issue were clear in Tuesday's vote breakdown. Only one Republican Senator facing a primary challenge in their re-election campaigns voted with Democrats to overcome the GOP filibuster -- Lamar Alexander of Tennessee.

Alexander has indicated he will oppose the budget plan in the final vote later this week.

A new ABC News/Washington Post poll released Tuesday showed 50% of respondents approving of the budget plan while 35% opposed it. According to the survey, a majority of Democrats and independents backed the proposal, while only 39% of Republicans liked it.

Some Senate Republicans said before Tuesday's vote that the most important thing for now was to lower the budget deficit, even if only by a small percentage, and prevent further government shutdowns like the 16-day stoppage in October that proved politically damaging to the GOP.

Sen. Ron Johnson, who was lobbied to support the bill negotiated by fellow Wisconsin Republican Rep. Paul Ryan, said he wanted "to make sure we avoid any additional government shutdowns."

"The federal government does enough harm to our economy," Johnson said. "We don't need to add additional harm by this crisis management. In the end this is not the kind of deal I would want to see. I'm sure it's not the kind of deal Paul Ryan would want to produce."

Conservative GOP Sen. Orrin Hatch of Utah said in a statement that "sometimes the answer has to be yes."

"Ultimately, his agreement upholds the principles conservatives stand for and, with Democrats controlling the White House and the Senate, it is the best we can hope for," he said of the plan Ryan negotiated with Democratic Sen. Patty Murray of Washington.

CNN vote count: Budget deal nearing Senate approval, but not there yet

Final congressional approval of the elusive budget agreement would mark a rare win for bipartisanship and a step up for a Congress infected with political dysfunction and held in low public esteem with midterm elections less than a year off.

Democrats wary, too

While Democrats supported the bill, many had concerns.

More liberal senators -- like Tom Harkin of Iowa -- complained that an unemployment benefit extension was not included in the deal.

"There's over a million people now who cannot find a job, out of work, and right at this time of year their unemployment insurance is being cut off," Harkin told Radio Iowa last week. "It's really unconscionable."

Poll: Congress neck-and-neck with car salespeople, lobbyists for least honest

Budget deal

The budget agreement, which was months in the making, eases spending caps for the next two fiscal years while softening the impact of across-the-board spending cuts, known as the sequester, on defense and non-defense programs.

Overall, it calls for more than $20 billion in deficit reduction.

Current federal spending expires in mid-January, raising the possibility of another shutdown at that time if there's not a new agreement in place to keep federal coffers filled.

The strong vote in the House on the budget plan on Thursday brought a collective sigh of relief among supporters, who initially thought it would sail through the Senate, where bipartisanship has been more the norm than in the sharply divided House.

Don't expect Boehner to totally change his tune

But after reading details of the agreement, many Senate Republicans -- including several in leadership positions -- came out against the bill.

"I'd really like to stay within the (spending) caps," complained GOP Sen. John Boozman of Arkansas. "This busts the caps and as a result I'll vote against it."

Republican Sen. Lindsey Graham of South Carolina complained that the plan reduces military benefits.

2016 in play

Three leading tea party-backed senators with 2016 presidential aspirations -- Rand Paul of Kentucky, Ted Cruz of Texas, and Marco Rubio of Florida -- also have come out against the budget compromise for similar reasons.

CNN's Dana Bash, Paul Steinhauser and Dan Merica contributed to this story.

Requesting Asylum, Snowden Offers to Help Brazil With NSA Inquiry - New York Times

Posted: 17 Dec 2013 08:48 AM PST

RIO DE JANEIRO — Edward J. Snowden, the former contractor for the National Security Agency now living temporarily in Russia, said in comments published on Tuesday that he was prepared to assist Brazilian investigations of United States spying in Brazil. But he said he could not speak freely until a country grants him permanent political asylum, which he requested from Brazil months ago.

Mr. Snowden, whose disclosures of N.S.A. surveillance practices have shaken Washington's relations with an array of countries, made his comments in an "open letter" published in a prominent Brazilian newspaper, Folha de São Paulo, in which he described the agency's activities as potentially "the greatest human rights challenge of our time."

Brazil, a leading target of the N.S.A.'s activities, has already reacted angrily over the spying, which included surveillance of President Dilma Rousseff, her inner circle of senior advisers and Petrobras, Brazil's national oil company. Ms. Rousseff called off a state visit to Washington in October after the revelations of the N.S.A.'s operations in Brazil.

Since then, Brazilian legislators have pressed ahead with inquiries into spying by the United States, relying to a large degree on news reports and testimony by Glenn Greenwald, the American journalist to whom Mr. Snowden leaked N.S.A. documents. David Miranda, the domestic partner of Mr. Greenwald, who lives in Rio de Janeiro, has helped lead an effort to obtain asylum in Brazil for Mr. Snowden, who is now in Russia on a one-year visa.

"He deserves thanks for what he's done, not a life in prison," Mr. Miranda said, referring to the legal challenges Mr. Snowden faces in the United States. Mr. Miranda has recently been working with Avaaz, an international advocacy group, to get signatures in support of Mr. Snowden's asylum request in Brazil.

In his letter, Mr. Snowden referred to the spying on Ms. Rousseff, who as president personally decides on granting asylum to foreigners, and on N.S.A. surveillance of ordinary Brazilians who may be having extramarital affairs or viewing pornography, activities which could then be used to hurt their reputations.

"American senators tell us that Brazil should not worry, because this is not 'surveillance,' it's 'data collection,' " Mr. Snowden wrote. "They say it is done to keep you safe. They're wrong."

Mr. Snowden continued: "These programs were never about terrorism: they're about economic spying, social control and diplomatic manipulation. They're about power."

A spokeswoman for Ms. Rousseff declined to comment on Mr. Snowden's letter and his request for asylum in Brazil, which had sought in July, when he also requested asylum in other countries. The authorities in Brazil did not accept his request at the time.

A spokesman for the Foreign Ministry press office said it was monitoring the reaction to Mr. Snowden's letter but that it was "not suitable for the Brazilian government nor the Foreign Ministry to respond."

Venezuela and Bolivia have offered asylum to Mr. Snowden, but it is unclear whether their offers meet his conditions. In his letter, he referred to the refusal in July by several European nations to allow the plane of Bolivia's president, Evo Morales, into their airspace amid suspicions that Mr. Snowden was on board.

Here in Brazil, a Senate committee investigating the N.S.A.'s activities was expected to convene later Tuesday to discuss Mr. Snowden's asylum request. In July, the Brazilian Senate's committee on foreign relations and defense unanimously recommended granting asylum to Mr. Snowden.

Mr. Greenwald said he supported such a move. "Millions of people in nations around the world have understandably expressed gratitude for Edward Snowden's courageous whistle-blowing," he said. "Each of those countries' governments has the legal and moral obligation to protect him from the persecution to which the U.S. government is now trying to subject him."

Taylor Barnes contributed reporting.

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