Selasa, 11 Februari 2014

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Ringgit opens firmer against US dollar

Posted: 11 Feb 2014 06:43 PM PST

The ringgit opened higher against the US dollar today, supported by continuous buying interest, dealers said.

At 9am, the local unit was quoted at 3.3250/3280 against a greenback from yesterday's close at 3.3300/3330.

On the local front, dealers said investors were eagerly awaiting for the fourth quarter 2013 gross domestic product data to be released later today.

Against other major currencies, the ringgit was traded mixed.

The ringgit improved against the Singapore dollar to 2.6224/6250 from yesterday's close at 2.6270/2294 and strengthened against the euro to 4.5330/5377 from Tuesday's close at 4.5514/5565.

However, the ringgit weakened against the British pound to 5.4673/4732 from Tuesday's close at 5.4645/4708 and there was a slight change against the yen at 3.2449/2494 from yesterday's 3.2548/3.2587 close.-- Bernama

Analysts upbeat on Gamuda

Posted: 11 Feb 2014 07:15 PM PST

KUALA LUMPUR: Analysts remained upbeat on Gamuda Bhd despite the company's failure to gain majority control in Kesas Holdings Bhd, the concessionaire of Lebuhraya Shah Alam.

Kenanga Research said it is neutral on the news as even if PNB rejects Gamuda's offer, the latter will still own 50 per cent of the Kesas highway given that Amcorp Properties Bhd most likely will sign a definite agreement to sell its 20 per cent stake to Gamuda.

"And Gamuda does not have to consolidate Kesas' balance sheet into its book, hence mild impact to Gamuda' gearing level," the research house said in a note.

On Monday, Gamuda, which already owns 30 per cent of Kesas, said both the company and Permodalan Nasional Bhd (PNB) were unable to execute a definitive agreement for the 20 per cent equity sale by the cut-off date on Friday.

Kenanga said assuming Gamuda will only own 50 per cent of Kesas, its earnings is expected to be boosted by additional RM24 million to RM32 million on a recurring basis.

"We will likely revise higher our FY14 and FY15 earnings estimates by 4.0 per cent and 4.2 per cent, respectively, once Gamuda inked a definitive agreement with Amcorp," it said.

On December 23 last year, PNB had accepted in principle to dispose its 20 per cent in Kesas to Gamuda for RM208 million, implying total valuation of RM1.4 billion for the highway.

"We do not rule out any possibilities that Gamuda might be offering PNB an even higher valuation than RM280 million despite the former had already revised the offer price higher by 12 per cent on December 23, 2013," Kenanga said.

The research house said although the Kesas deal with PNB had lapsed and the deadlock in Selangor's water consolidation, Gamuda's outlook remains bright on the back of strong earnings growth, driven by unbilled orderbook and property sales of RM3.1 billion and RM1.7 billion, respectively, and the group being a prime beneficiary of rail-related infrastructure spending like the mass rapid transit project.

"Pending completion of the transaction, we maintain our target price of RM5.25 on Gamuda. Post-transaction with Amcorp, we will adjust our target price to RM5.22 to reflect the increased stake in Kesas from 30 per cent to 50 per cent," it said.

Meanwhile, MIDF Research has maintained its buy call, with unchanged target price of RM5.24 on Gamuda.

"PNB's acceptance for Kesas takeover offer by Gamuda has lapsed, while earnings accretion from Amcorp's stake is quite attractive," it said.

Another research house, Public Investment said the latest rejection would mean that only Amcorp Properties, which has 20 per cent stake in Kesas, has taken up the offer.

"This came as a negative surprise as we have expected Gamuda to end up with 70 per cent stake, after improving its earlier bids by 12 per cent.

"We maintain neutral, with unchanged target price of RM4.90 on parity with our revised sum-of-the-part valuation.

In view of the anticipated infrastructure spending, job flows for Gamuda remains good but we opine the risk-reward is not attractive as yet," it said in a note.

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House Republicans drop bid to tie other issues to debt ceiling - CNN

Posted: 11 Feb 2014 08:30 AM PST

STORY HIGHLIGHTS
  • NEW: Speaker John Boehner says he'll vote for a "clean" debt ceiling increase
  • NEW: Some Republicans say GOP support for a clean measure is uncertain
  • The issue threatened to cause more congressional gridlock
  • The debt ceiling must be raised by February 27

Washington (CNN) -- House Speaker John Boehner appeared to acknowledge political reality Tuesday, confirming he would drop efforts to link other issues to the need to raise the federal borrowing limit by the end of February.

The issue had threatened more congressional gridlock, with President Barack Obama and Democrats rejecting any negotiations over the need to increase the debt ceiling.

Treasury Secretary Jack Lew said last week the debt ceiling must be raised by February 27 to ensure the full faith and credit of the United States.

On Monday night, House Republicans had signaled they would demand a condition for raising the borrowing limit, according to legislators following a closed-door meeting.

The plan would have raised the debt limit until March 2015, which gets Congress beyond the November elections. It also would have repealed cuts to military pensions that were part of the recently passed budget.

Less than 18 hours later though, Boehner told reporters that the plan endorsed the night before lacked enough GOP support to pass without help from Democrats.

"We don't have 218 votes, and when you don't have 218 votes, you have nothing," Boehner said.

Some conservatives oppose raising the debt ceiling under any circumstance, while Democrats have made it clear they would vote against any measure that attached other provisions to increasing the borrowing limit.

Boehner needs at least 18 Republicans to join the expected unanimous Democratic support for a "clean" debt ceiling measure in a vote expected as soon as Wednesday. Otherwise, there could be another protracted political impasse despised by voters.

Asked Tuesday if he had the 18 GOP votes, Boehner said: "We're going to have to find them. I'll be one of them."

However, some Republicans immediately balked at the shift by their leader, saying they would oppose a debt ceiling measure that lacked additional provisions they sought.

Rep. Renee Ellmers of North Carolina said she would vote against the clean proposal and that GOP leaders might be forced to go back to their original plan. Boehner ally Rep. Tom Cole of Oklahoma, an influential House Republican, said he was undecided on how to vote on a clean measure.

Republicans facing pressure from conservatives ahead of the November vote are reluctant to back an increase in the borrowing limit, a core issue for the political right because it represents rising federal debt.

Boehner sought to put the blame for a clean debt ceiling bill on Obama, saying the rising federal debt was the President's fault.

"It's the President driving up the debt and the President wanted to do nothing about the debt that's occurring, will not engage in our long-term spending problem," Boehner said. "And so, let his party give him the debt ceiling increase that he wants."

At the same time, Boehner declared himself disappointed at what he called a "lost opportunity" to address unsustainable federal spending.

Asked by CNN about the reported GOP reversal, House Democratic leader Nancy Pelosi said it would be "the smart thing to do."

The GOP plan discussed Monday night would repeal cuts to annual cost-of-living increases for some veterans that were part of a compromise spending deal for the current fiscal year. To pay for the repealed cuts, Republicans propose extending for a year the mandatory federal spending reductions known as sequestration -- a stance opposed by Democrats.

If a vote doesn't happen by Wednesday, the debate on the debt ceiling would likely get delayed until February 25 -- two days before the treasury chief's deadline -- because of a shortened House work schedule in coming weeks due in part to the Presidents Day break.

Republicans across the ideological spectrum agree that another round of political brinksmanship could harm their party after it got blamed for October's federal government shutdown.

A recent CNN/ORC International poll found that 54% of respondents would blame congressional Republicans for a failure to raise the debt ceiling, while 29% would blame Obama and 12% would blame both.

CNN's Lisa Desjardins and Paul Steinhauser contributed to this report.

Shirley Temple Black dies at Woodside home - San Jose Mercury News

Posted: 11 Feb 2014 08:27 AM PST

Shirley Temple, an actress with curls, dimples and a legendary smile who was known to many as Mrs. Charles Alden Black and an American diplomat of considerable acclaim, died Monday at night at her Woodside home.

Known in private life as Shirley Temple Black, she was surrounded by family members and caregivers, according to publicist Cheryl Kagan. She was 85.

"We salute her for a life of remarkable achievements as an actor, as a diplomat, and most importantly as our beloved mother, grandmother, great-grandmother, and adored wife for fifty-five years of the late and much missed Charles Alden Black," a family statement said.

Temple had lived in Woodside for 46 years.

Shirley Temple

Shirley Temple celebrating the arrival of a new year on Dec. 26, 1936. (Fox Photos/Getty Images)

During her diplomatic career, she was delegate to the United Nations, White House chief of protocol, ambassador to Ghana and ambassador to Czechoslovakia.

As a child, however, she was so endearing as a 4-year-old movie star during the Great Depression that President Franklin Delano Roosevelt was moved to remark:

"It is a splendid thing that for just 15 cents, an American can go to a movie and look at the smiling face of a baby and forget his troubles."

Black always said her Hollywood career lasted 19 years, into the 1950s, her 20s. For many of her real fans, however, she was never older than 10, and the movies that made her famous were produced from 1932 to 1939. A half-century later, her autobiography recognized that. Her book-signing tour for "Child Star" drew thousands across the country in 1988.

In Campbell, after Shirley Temple Black quit signing, with many of her 2,000 fans who showed up still waiting in line, she did not sneak out of the PruneYard. She was "classy" enough, as one observer put it, to face her fans and thank them as she walked out the front door. "I'm not the back-door type," she told a Mercury News interviewer.

Black's star was still so bright in 1989, when she was 61, that the autobiography rose to No. 4 on the best-seller list in four weeks. Moreover, it covered only her acting years. She indicated that she would record the rest of her life, her matronly years and her diplomatic years, but she died before she could publish her side of that period.

Black identified her "discoverer'' as Jay Gorney, a songwriter for Fox Film's "Stand Up and Cheer."

Her little song-and-dance audition prompted the actor Harold Lloyd to proclaim to Shirley's mother, Gertrude, "My God! Another Coogan." It didn't take long for Shirley Temple to eclipse Jackie Coogan as a child star.

Before she was 12 she had made, among 40 movies, "The Little Marker," "The Little Colonel" and "The Littlest Rebel" and sang probably her signature song, "On the Good Ship Lollipop'' in "Bright Eyes." "Dimples" fit her smile. She wore Heidi's clothes in "Heidi." She had critics writing with rapture about "Rebecca of Sunnybrook Farm'' and she was awarded a miniature Oscar at the Academy Awards in 1935.

For more than four years in the late 1930s, Shirley Temple was No. 1 in box-office ticket sales, and more than a million little girls wore Shirley Temple dresses, according to Lester David and Irene David, two of her biographers. But in 1940 her box-office popularity fell to No. 5 and George and Gertrude Temple bought their daughter's contract for a reported $300,000. The Davids characterized 20th Century Fox's goodbye gifts to Shirley Temple -- an upright piano and some of the costumes she wore -- as miserly.

Some saw the irony in her movie "Poor Little Rich Girl," foretelling Shirley Temple Black's misfortune with her own wealth. In "Child Star," she wrote, "Between Father and me it was a dead heat who was least interested in seeing me financially independent."

As an adult, she confronted her parents about the more than $3 million she had earned as an actress. She discovered that after bills had been paid, the $800,000 left had been invested in stocks and bonds owned by her parents. Shirley Temple Black was left with $44,000 and the title to a cottage she had used on a movie lot.

Although Black kept making movies into the '50s for producer David O. Selznick -- among them two World War II films "Since You Went Away" and the critically praised "I'll Be Seeing You" -- her career essentially was over.

On Sept. 19, 1945, 17-year-old Shirley Temple had married 24-year-old John Agar, an Army sergeant whose father was an Illinois meatpacker. He, too, became an actor, but Selznick's pairing of the couple in John Ford's "Fort Apache" and "Adventure in Baltimore" didn't advance either career. Their marriage produced Linda Susan Agar in January 1948 and then dissolved in December 1949. (Agar died in April 2002.)

In 1950, Shirley Temple married Charles Alden Black, a Stanford graduate and son of the president of Pacific Gas & Electric Co. They had a son, Charles Jr., and a daughter, Lori, and the couple never had a fight, Shirley Temple Black wrote in her autobiography. That marriage lasted until his death in 2005 at age 86.

While Charlie Black moved from the American Broadcasting Cos. to then-Stanford Research Institute to Ampex Corp. and finally to his own marine research company, Mardela Corp., his wife established herself as a community volunteer and mother in Woodside.

She was not finished as a public person, however. In 1967, candidate Shirley Temple Black's name recognition could not carry her to Congress, and she lost decisively in a Republican primary contest with Paul N. "Pete" McCloskey, who went on to win election and remain in the House of Representatives for more than a dozen years.

Black became a near-million-dollar fundraiser for the GOP in the 1968 presidential election and earned an appointment as delegate to the 24th General Assembly of the United Nations.

A mastectomy in 1972 to thwart breast cancer hardly fazed Black publicly and she issued a statement urging other women to get checked by their doctors and vowed, "I have much more to accomplish before I am through."

She accepted a Nixon appointment to the President's Council on Environmental Quality. In the 1970s, President Ford named her U.S. ambassador to Ghana and then the first female chief of protocol, which carried the dual rank of ambassador and assistant secretary of state.

She followed with other United Nations appointments in the 1980s, moving to Prague as U.S. ambassador during the last months of communism in Eastern Europe.

In the Mercury News' millennium series "Voices of Our Time" published in 1999, she recalled a November 1989 celebration of Czechs and Slovaks:

"It was held on the Letna Plain, where almost a million people gathered one cold, snowy night and listened to speeches from Vaclav Havel and others. Then they all took their keys from their pockets and shook them in the air, jangled them up high. It was a clean, undeniable call for liberty. That was an amazing sight.

"Then freedom came to Czechoslovakia, and the roads had a lot of twists and turnings and rocks in the way. Observing it, I found that the process they went through to achieve their freedom evoked cheers of satisfaction and genuine happiness from many of us. It also evoked anxiety. Freedom is not easy to achieve.''

She said she thought observing the revolution was the most important event she had witnessed.

Of her diplomatic years, Black observed:

"The thing that's nice about being Shirley Temple is that Shirley Temple opens doors for me. Shirley Temple Black can keep the doors open and accomplish something worthwhile. Just about everyone knows Shirley Temple. They consider me a friend before they meet me and they trust me. So, I have friends in some places in many parts of the world even the U.S. government doesn't have.''          

The Associated Press contributed to this report.

Shirley Temple Black

Born: April 23, 1928, Santa Monica, Calif.
Died: Feb. 10, 2014, Woodside, Calif.
Predeceased in death by her husband, Charles Alden Black, who died in 2005
Survivors: Daughters, Susan, Lori; son, Charles Jr.

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