Rabu, 15 Januari 2014

NST Online Business Times : latest

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Business Times : latest

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Business Times : latesthttp://www.btimes.com.my enThursday, January 16, 2014, 10.47 AMKL shares open firmerhttp://www.btimes.com.my/articles/20140116101409/Article/ http://www.btimes.com.my/articles/20140116101409/Article/Thu, 16 Jan 2014 10:14:09 +0800Share prices on Bursa Malaysia opened firmer bolstered by positive sentiment from Wall Street, dealers said. They said the Wall Street was up overnight, driven by better economic optimism, and leading US equity bellwethers jumped between 0.5 per cent and 0.8 per cent at the closing bell. At 9.18am, the FTSE Bursa Malaysia KLCI was 3.1 points firmer at 1,827.13 after opening at 1,824.6. Turnover stood at 166.75 million shares worth RM91.467 million. Gainers edged losers 119 to 187, with 1,264 counters unchanged. HwangDBS Vickers Research said the positive external backdrop could lift the Malaysian bourse today following its weak performance yesterday. The benchmark FBM KLCI, which was down 10.9 points yesterday, is poised to pull away from the immediate support-turned-resistance level of 1,825 ahead. On the scoreboard, the Finance Index rose 38.55 points to 16,716.58, the Plantation Index added 48.73 points to 8,609.87 while the Industrial Index inched up 1.12 points to 3,085.24. The FBM Emas Index firmed 14.69 points to 12,642, the FBMT100 Index climbed 15.67 points to 12,345.91, the FBM Ace was 22.5 points higher at 6,048.14 while the FBM 70 slipped 3.14 points to 14,008.03. Among actives, Minetec earned one sen to 21 sen and Sumatec Resources Bhd was half-a-sen higher at 32 sen. As for heavyweights, Maybank lost one sen to RM9.80, Tenaga gained four sen to RM11.60 and Axiata slipped one sen to RM6.72.-- Bernama Gold up 35 senhttp://www.btimes.com.my/articles/20140116101712/Article/ http://www.btimes.com.my/articles/20140116101712/Article/Thu, 16 Jan 2014 10:17:12 +0800The physical price of gold as at 9.30am stood at RM127.07 per gramme, up 35 sen from RM126.72 at 5pm yesterday.-- Bernama Gold futures opens higher on mild buyinghttp://www.btimes.com.my/articles/20140116102201/Article/ http://www.btimes.com.my/articles/20140116102201/Article/Thu, 16 Jan 2014 10:22:01 +0800Gold futures contract on Bursa Malaysia Derivatives opened higher on mild buying interest, dealers said. At 9.30am, January 2014 was eight ticks better at RM131.45 a gramme and February 2014 was up 11 ticks at RM131.8 a gramme. Turnover stood at four lots while open interest totalled 722 contracts. At 9.30am, physical gold was up 35 sen at RM127.07 a gramme.-- Bernama KLCI futures traded firmer in early tradinghttp://www.btimes.com.my/articles/20140116102411/Article/ http://www.btimes.com.my/articles/20140116102411/Article/Thu, 16 Jan 2014 10:24:11 +0800The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract (FKLI) on Bursa Malaysia Derivatives was firmer in early trading today. Spot month January 2014 added 0.5 of a point to 1823.5 while February 2014 firmed 2.5 points to 1824.5. March 2014 added 2.0 points to 1,825 while June 2014 rose 6.5 points to 1,826. Turnover totalled 1,733 lots while open interest stood at 39,945 contracts. The benchmark FBM KLCI was 2.44 points higher at 1,826.47 as at 9.49am.-- Bernama US oil at 2-week high on drawhttp://www.btimes.com.my/articles/20140116104031/Article/ http://www.btimes.com.my/articles/20140116104031/Article/Thu, 16 Jan 2014 10:40:31 +0800NEW YORK: US oil ended at a two-week high on Wednesday after government data showed a larger-than-expected drop in inventories while a rise in Brent was restrained by expectations Iranian and Libyan crude supplies may increase. With the front-month contracts for Brent and US crude set to expire in the coming days, traders bought contracts to cover positions, driving prices higher. The biggest market driver was a US government report showing crude inventories fell significantly more than expected. Ultra low-sulfur diesel futures (ULSD) rose to a more than one-week high on a surprise draw, while gasoline inventories rose as arctic-like weather last week kept drivers off the road. "This is a weather related report," said Mark Waggoner, president of Excel Futures in Bend, Oregon. "People just weren't driving - they were sitting at home. US oil extended gains by US$2.01 to a session high of US$94.60, then settled US$1.58, or 1.7 per cent, higher at US$94.17 a barrel, its highest settlement since January 2. The February contract expires on Tuesday following a long US holiday weekend. February Brent crude rose US$1.16 to a session high of US$107.55, before settling up 74 cents at US$107.13 a barrel. The contract expires on Thursday. Analysts said the rebound in crude oil was overdue. "I think the market was oversold" when it was down near US$91, said Rich Ilczyscyn, chief market strategist and founder of iitrader.com in Chicago. Buoyant equities also supported oil. The SandP 500 reached an all-time high Wednesday, a reassuring signal to traders that the economy is showing signs of stability even as the US Federal Reserve tapers its massive stimulus programme. Brent's premium to US crude oil narrowed as the start date of the southern leg of TransCanada's Keystone pipeline nears. The pipeline is expected to begin taking crude oil from Cushing, Oklahoma, to the Gulf Coast starting January 22. The spread narrowed by 84 cents to settle at US$12.96, the smallest gap in nearly two weeks. "You're going to see it narrowing in the long haul," Waggoner said. "I would not doubt if the spread narrows to US$2-US$3 before summertime." US crude oil stocks fell 7.7 million barrels, compared with estimates of 600,000 barrels. Distillate supplies fell as the market expected an increase and gasoline inventories ballooned, US Energy Information Administration data showed. ULSD futures ended 1.5 per cent higher at US$2.9796 a gallon. US gasoline futures settled virtually flat at US$2.6264 a gallon. The resumption of oil production at Libya's El Sharara field capped a rise in Brent, although the main issue is still when the blockade at Libya's eastern oil ports will end. Iranian oil exports could also rise by some 500,000 barrels per day (bpd) through a oil-for-goods deal being negotiated with Russia, according to Russian and Iranian sources. Major world powers and Iran have continued to move ahead on an interim deal that eases some sanctions on Tehran in exchange for curbs on its nuclear programme. The preliminary accord between Iran and a group of world powers goes into effect on January 20. Under the deal, Iran's oil exports are to hold at current levels of about 1 million barrels per day. Brent drew support from news of loading delays on North Sea Forties oil cargoes. The Forties crude blend is the most important of the North Sea crudes underpinning Brent crude. The delay of those cargoes, coupled with a large draw from US Gulf Coast inventories, helped bump cash crude differentials to nine-month highs.-- Reuters FTSE Bursa Malaysia update: 10.30amhttp://www.btimes.com.my/articles/20140116104358/Article/ http://www.btimes.com.my/articles/20140116104358/Article/Thu, 16 Jan 2014 10:43:58 +0800At 10.30am today, there were 245 gainers, 262 losers and 267 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,825.36 up 1.33 points, the FBMACE was at 6,043.97 up 18.33 points, and the FBMEmas was at 12,622.45 down 4.85 points. Turnover was at 530.426 million shares valued at RM350.153 million.-- Bernama Barrier Reef to lure shariah money http://www.btimes.com.my/articles/20140116111805/Article/ http://www.btimes.com.my/articles/20140116111805/Article/Thu, 16 Jan 2014 11:18:06 +0800A new Australian Islamic fund is aiming to attract A$1 billion (US$889 million) of Shariah- compliant money from Asia and Europe to invest in resorts in the Great Barrier Reef state of Queensland. The Brisbane Islamic Investment Fund has drawn interest from retail and institutional investors in China, Europe, Malaysia and the Middle East, said M. Rusydi, a member of the Australian Shariah Board for Islamic Finance, which started the fund with Business Custodians Ltd. The vehicle is looking to invest primarily in hotels in Brisbane and Cairns, he said in a January 13 interview from Kuala Lumpur. The fund will seek to tap international growth in Shariah- compliant financial assets of 18 per cent a year, which need avenues of investment as sukuk sales dropped 7.3 per cent in 2013. In Australia, where 1.7 per cent of the 22.3 million population is Muslim, there has been no progress on a 2010 bill to grant Islamic bonds equal tax treatment. "Islamic banking will find it difficult to develop in Australia without a framework and sukuk is hindered by double taxation laws," the Shariah board's Rusydi said. "Islamic funds is where the opportunity lies." The fund also plans to invest in property in Lombok, Indonesia, and is looking at opportunities in Cambodia and Thailand, according to Rusydi. The minimum investment amount is A$50,000, he said. Shariah law forbids investments in companies involved in activities considered unethical such as gambling, alcohol and entertainment. However, the Dow Jones Islamic Market Indexes permit investing in businesses where the income from these operations doesn't exceed five per cent of total revenue. Islamic banking assets worldwide increased 18 per cent annually over the last four years, and probably exceeded US$1.7 trillion in 2013, according to Ernst and Young's World Islamic Banking Competitiveness Report 2013-2014. Australia has attracted other Shariah-compliant financial institutions. Kuwait Finance House KSC provides Islamic treasury products and investment services in the country, according to the lender's website. Sydney-based Crescent Wealth offers property and stock funds that comply with the Koran's tenets. Australia's economic growth will probably accelerate to 2.8 per cent this year, from an estimated 2.4 per cent in 2013, according to analysts surveyed by Bloomberg last month. Prime Minister Tony Abbott pledged after his September election to enforce investment-friendly policies, saying the country was "open for business." "Australia's stable political and market infrastructure has always created interest among Shariah funds and investors," Abas A. Jalil, chief executive officer of Amanah Capital Group Ltd, an Islamic finance consultancy in Kuala Lumpur, said in an e-mail yesterday. "The establishment of Islamic funds would definitely draw great interest." Australia's Shariah assets under management will reach A$22 billion by 2020, from an estimated A$10 billion, driven by an expansion of retirement funds for the nation's 371,000 Muslims, Crescent Wealth Co-founder Issam Eid said in a October 11 interview. Progress on amending Australian laws to accommodate Shariah finance have stalled because of the change in government, according to Reynah Tang, a Melbourne-based partner specializing in tax legislation at Corrs Chambers Westgarth. National Australia Bank Ltd said in November 2011 it was keen to explore a sukuk sale. The SGI-Mitabu joint venture between Brisbane-based The Solar Guys Distribution Pty and Mitabu Australia Pty said in December 2012 it would sell A$150 million of Shariah notes in Malaysia's offshore financial center of Labuan. Neither offer has taken place. "There's been a bit more information about how Islamic finance works introduced into the Australian market so people are a little bit more familiar with it now," Corrs Chambers' Tang said in an interview yesterday. "But until the laws, particularly the tax laws, are changed to facilitate it, it will still only be more at the margin."-- Bloomberg Ringgit opens lower on lack of demandhttp://www.btimes.com.my/articles/20140116101917/Article/ http://www.btimes.com.my/articles/20140116101917/Article/Thu, 16 Jan 2014 10:19:17 +0800The ringgit opened lower against the US dollar, in early trading today, on lack of demand for the domestic currency. At 9.30am, the ringgit was quoted at 3.2930/2960 per US dollar against Wednesday's close of 3.2850/2880. A dealer said investors were awaiting more clues on the market's direction. Meanwhile, the local note opened mostly lower against other major currencies. The ringgit depreciated against the Singapore dollar to 2.5840/5871 from 2.5821/5849 yesterday but rose to 3.1431/1465 from 3.1466/1503 versus the yen. Against the British pound, the local note declined to 5.3900/3962 from 5.3871/3933 and weakened versus the euro to 4.4837/4885 from 4.4748/4799 on Wednesday.-- Bernama S&P 500 closes at record http://www.btimes.com.my/articles/20140116103456/Article/ http://www.btimes.com.my/articles/20140116103456/Article/Thu, 16 Jan 2014 10:34:56 +0800NEW YORK: US stocks rose on Wednesday, with the SandP 500 climbing to an all-time closing high after strong earnings from Bank of America and data signaled that the economy was improving. Bank of America Corp climbed 2.3 per cent to US$17.15 and gave one of the biggest boosts to the SandP 500 after the second-largest US bank said its quarterly profit surged by nearly US$3 billion on an increase in revenue. The report came a day after both JPMorgan Chase and Co and Wells Fargo and Co also posted better-than-expected earnings, though Wells Fargo's mortgage lending slowed to the lowest level in five years. "So far so good with bank earnings this season, and it is very positive that we're seeing significant declines in foreclosures, which is very positive for the economy," said David Kelly, chief global strategist for JPMorgan Funds in New York. In the latest economic data, the seasonally adjusted Producer Price Index rose 0.4 per cent last month, the biggest increase since June, although inflation pressures remained benign. The Federal Reserve Bank of New York's "Empire State" index of general business conditions climbed to its highest level in 20 months. The data reassured investors that the economy is able to stand on its own even as the Federal Reserve begins to slow its massive stimulus programs, which contributed to huge equity gains in 2013. Wall Street's rally on Wednesday erased some of 2014's early weakness, putting the SandP 500 near the break-even level for the year. In its latest Beige Book report on business activity, the Fed said the economy grew at a moderate pace from late November through the end of 2013, with some regions of the country expecting a pickup in growth. "The general trend of economic numbers is pretty positive, and helping to get people over the shock of the recent weak payroll report," said Kelly, who helps oversee US$400 billion in assets. "An improving economy is a trend of 2014, and that will be good for equities throughout the year." The Dow Jones industrial average rose 108.08 points, or 0.66 per cent, to end at 16,481.94. The Standard and Poor's 500 Index advanced 9.50 points, or 0.52 per cent, to close at 1,848.38. The Nasdaq Composite Index gained 31.87 points, or 0.76 per cent, to finish at 4,214.88. The SandP 500 ended at a record high, beating its previous record close by just 0.02 of a point. At its session peak, the index climbed to 1,850.84, a record intraday high. Apple Inc shares rose two per cent to US$557.36 a day after chief executive officer Tim Cook said the company's deal with China Mobile would help it build on its momentum in the country. This was the third straight day of gains for the tech giant, and it is up 4.6 per cent over that period. Trading will probably be driven by earnings as the season continues. With only five per cent of the SandP 500 having reported results so far, 52 per cent of companies have topped earnings expectations, according to Thomson Reuters data, a rate that is below the historical average of 63 per cent. After the closing bell, CSX Corp reported fourth-quarter earnings and sales that were slightly below expectations. Shares fell 2.1 per cent in extended-hours trading. CSX ended the regular session at US$29.23, up 1.2 per cent. During regular trading, Tesla Motors Inc shares rose 1.8 per cent to US$164.13. The stock's advance came a day after the electric car maker said that deliveries of its Model S sedan in the fourth quarter sharply exceeded what the company had forecast. SolarCity Corp shares gained 4.5 per cent to close at US$68.50 after the top US solar installer unveiled a plan to let investors, including individuals, invest in its rooftop solar systems. Shares of Chelsea Therapeutics soared after an advisory panel to the US Food and Drug Administration concluded on Tuesday that the company's drug to treat a rare form of low blood pressure is effective enough to warrant regulatory approval. The stock jumped 91.7 per cent to US$4.41. On the downside, the stock of Fastenal Co slid 4.5 per cent to US$46.06 and ranked as the SandP 500's biggest decliner after the industrial and construction supply company reported fourth-quarter earnings below expectations. About 62 per cent of the stocks traded on the New York Stock Exchange closed higher, while 63 per cent of Nasdaq-listed shares ended in positive territory. Roughly 5.95 billion shares traded on all US platforms, according to BATS exchange data.-- Reuters
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Roswell shooting: Mourners gather for vigil, describe school terror - Los Angeles Times

Posted: 15 Jan 2014 08:14 AM PST

ROSWELL, N.M. – As mourners gathered for an evening vigil, witnesses described the pandemonium inside a middle school gymnasium when a seventh-grader opened fire with a shotgun, gravely injuring two students before classes began.

"I walked into the gym and heard the bangs, but I thought it was a joke – people pop bags in school all the time," Blas Mendez, 14, told the Los Angeles Times on Tuesday. "I didn't think it was a gun until I heard all the screaming and crying."

This southeastern New Mexico farming community of 50,000 was coming to grips with the nation's latest school shooting, which sent a 12-year-old boy and a 13-year-old girl, both students at Berrendo Middle School, to a hospital in Lubbock, Texas.

At a late-night news conference, state police identified the victims as Nathaniel Tavarez and Kendal Sanders. Nathaniel remained in critical condition after two surgeries, police said. Kendal's condition had been upgraded from serious to satisfactory. 

New Mexico Police Chief Pete Kassetas said officers had interviewed 60 of the 500 people who were inside the gym at the time of the shooting. He said authorities planned to search the suspect's Roswell home, his school locker and his backpack.

Kassetas identified the weapon used in the shooting as a 20-gauge shotgun whose wooden stock had been sawed down, apparently to fit inside the bag in which it was sneaked into school.

He said police were investigating whether the shooter "published on social media about the attack."

The 14-year-old Blas, in an interview with The Times, said he knew the suspect, who, he said, had warned friends and cousins not to go to the gym that morning. "He told them to go to the cafeteria instead," Blas said. 

He said the boy also warned of his attack on social media Sunday, two days before the shooting. Blas showed a post under the suspect's online nickname that read, "Tomorrow will be the first Monday that will be fun for me lol never thot I'd say that."  However, it turned out the school was closed Monday because of plumbing problems.  

At the evening news conference, authorities commended teacher John Masterson for approaching the armed boy and convincing him to lay down the weapon just after the shooting. They called him a hero. 

Melissa Miranda was one of more than 1,000 community members who attended the vigil Tuesday night at the Roswell Convention Center, where people recited prayers and sang songs to the lead of a chorus and guitar player.

Miranda said all three of her children, two daughters and a son, were at the school at the northern end of town when the shooting occurred.  

"I told them that no matter how bad this situation was, no matter how sad it makes you feel, it could have been a lot worse," she said. "That young man had a gun and he opened fire in a crowd of students."

Diego Miranda, 14, said the shooting took place before classes began and after the students had congregated in the gym, rather than in the schoolyard, because the day was cool and blustery.

He said the students were assembled on two facing bleachers, the eighth-graders taking up one and the sixth- and seventh-graders sitting in separate sections on the other.

"All the sixth- and seventh-graders started screaming and crying because they were the closest," Diego said. "People started running out of the gym."

Ellen Paiz, 13, was also in the gym. "I heard the first shots and thought they were fireworks," she said.

On Tuesday night, she sat inside the convention center with her mother and a friend. Tears streamed down Ellen's face. "I turned around to see if anyone was hit and I saw a teacher hit the floor," she said. 

The young shooter had a shotgun in his hand, Ellen said, and she looked down and saw the boy who had been shot on the floor in front of him. "There was blood everywhere," she said, sobbing.

Later, a minister at the vigil led the mourners in prayer. In his talk, he mentioned the suspect, who was in custody Tuesday night. "I pray for that young man who walked into that school this morning with a shotgun," he said. "I pray for his heart and I pray for his future. What was going through his mind?"

Senate Report Finds Benghazi Attack Was Preventable - New York Times

Posted: 15 Jan 2014 08:45 AM PST

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New York Daily News

Senate Report Finds Benghazi Attack Was Preventable
New York Times
WASHINGTON — A stinging report by the Senate Intelligence Committee released Wednesday concluded that the attack 16 months ago that killed four Americans in Benghazi, Libya, could have been prevented, and blames both American diplomats and the ...
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