Jumaat, 9 November 2012

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Republican Soul Searching Probably Mostly Pointless - Fox News

Posted: 09 Nov 2012 07:22 AM PST

"[Embracing fiscal restraint] would help in a host of ways in terms of just ending the notion of Democrats as free-wheeling spenders, 'government solves all your problems.' Because that leads right into the slippery slope of Democrats being lax on moral issues, faith issues. Fiscal issues are a huge opportunity for Democrats."

-- Sen. Mark Warner, D-Va., talking to the New York Times for a Nov. 7, 2004 piece: "Baffled in Loss, Democrats Seek Road Forward."

Heartbroken Republicans would do well to consider how much worse it was for Democrats eight years ago.

In 2004, Democrats lost not only in a bid to unseat an incumbent president much hated by the party's liberal base, but also saw the Republicans solidify what had been tenuous majorities in the House and Senate.

While President Obama's re-election margin was more decisive that President George W. Bush's was in 2004, Democrats failed to roll back the large Republican majority in the House and added only two seats to their Senate majority.

Some over-eager Democrats and deeply depressed Republicans are seeing the collapse of the GOP: a demographic cliff and an eventual unraveling of the conservative party. The conventional wisdom is that Republicans are doomed without a move to the middle.

But in 2004, Democrats were looking at what seemed to be a generational oblivion.

The combination of the Republican advantage on national security and social issues combined with Democrats isolation as the party of the urban poor and costal elites seemed to spell doom for the Blue Team.

The answer offered by party mandarins and the establishment press was that the time had come for Democrats to return to the moderation and centrism of the Clinton era, to reject the anti-war liberalism that had inflamed the party's base and go back to fiscal and social moderation before the party lost all credibility with voters.

Wise men and women assumed that the party was headed back to Clintonism, either in the person of Hillary Clinton, junior senator from New York, or with another southern or border state Democratic moderate like Sen. Mark Warner of Virginia.

The last thing that the smart set would have suggested was that the newly elected senator from Illinois – he of the anti-war left, African parentage, utterly socially liberal and with the middle name Hussein – would be the best bet for 2008.

And yet, Obama won. Twice. And for two years presided over the largest Democratic majority in Congress since the Watergate wipeout for Republicans.

For all the talk of oblivion for Democrats, it was just two years later that thanks to growing frustration with the Iraq war that Democrats would retake the House in a 31-seat swing and erase the Republican gains in the Senate.

Democratic success in 2006 was part of a strategy of finding moderate Democrats who could use opposition to the war and deficit spending to pick off vulnerable Republicans by tying them to Bush policies. The wave John Kerry had hoped to ride into the White House crested two-years too late for the Massachusetts Democrat, who was also too elite and too liberal to connect to heartland voters.

Liberal Democrats were growing very concerned that the party was lurching rightward and losing sight of its principles. They went to work to make sure that the Clinton wing of the party did not reassert itself and, like 2004 contender Howard Dean, set about mainstreaming and moderating the message, but not changing the ideals, of the left.

The last thing that the smart set would have suggested was that the newly elected senator from Illinois – he of the anti-war left, African parentage, utterly socially liberal and with the middle name Hussein – would be the best bet for 2008.

-

In Obama, Democrats found someone who shared all of the beliefs of the liberal base but who could talk about them in such a way as not to terrify moderate voters. The left knew Obama was their man, freeing him to talk like a moderate. And with a thin voting record in the Senate, he was tough for the Clintons and later Republicans to find fresh evidence of positions outside the mainstream.

With the backing of the left, a Democratic desire for racial justice and a campaign strategy that combined inspirational rhetoric with bare-knuckled tactics, Obama vanquished Clinton and then, thanks in large part to voter fatigue with Republicans and the Panic of 2008, swept past the GOP into the White House.

It's a story that few would have even imagined possible in mid-November 2004. A very liberal senator with little experience, born in Hawaii to a Kenyan father? No chance.

Republicans can't know yet what the opportunities and challenges of the next years will bring. Neither can they tell who will be available to carry the party's banner. Any pundit or Republican operative who can tell you exactly what the GOP ought to be doing now is likely just flattering themselves. Moderates believe the party ought to be more moderate. Conservatives believe the party ought to be more conservative.

But as Obama has proven, politics is about exploiting opportunities foreseeable and unforeseen.

There's no doubt that Republicans need to show moderation and a conciliatory countenance in the wake of Obama's re-election and the split decision by voters. But the direction the party will take in the 2014 midterms and beyond will be about how voters, markets and international foes respond to another term of Obamism and the political gifts of individual Republicans – those well known and still mostly unknown.

And Now, A Word From Charles

"I think one thing he might do if it's not Simpson-Bowles would be to offer the Treasury to Romney.  I'm sure he would probably turn it down but it would be the ultimate gesture.  I don't think it will happen.  I agree John Kerry will probably end up at secretary of State. But I must say that my sources in the Obama White House have been rather quiet since January 2009."

-- Charles Krauthammer on "Special Report with Bret Baier."


Chris Stirewalt is digital politics editor for Fox News, and his POWER PLAY column appears Monday-Friday on FoxNews.com. Catch Chris Live online daily at 11:30amET  at  http:live.foxnews.com.

Iran, Saying Aircraft Trespassed, Confirms Drone Shooting Episode - New York Times

Posted: 09 Nov 2012 08:31 AM PST

TEHRAN — Iran's defense minister on Friday confirmed that Iranian warplanes had fired shots at an American drone last week but said they had taken the action after the unmanned aircraft had entered Iranian airspace.

The assertions by the defense minister, Brig. Gen. Ahmad Vahidi, were the first acknowledgment from Iran that the episode had happened. He spoke less than 24 hours after the Pentagon first disclosed the shooting, involving two Iranian jet fighters and the American aircraft, a Predator surveillance drone based in Kuwait, during what American officials described as a routine surveillance mission on Nov. 1 in international airspace over the Persian Gulf.

It was the first time that Iranian aircraft have been known to fire at an American drone, one of the many ways that the United States has sought to monitor developments in Iran over more than three decades of estrangement between the two countries. The United States said it had protested the shooting via the United States interests section at the Swiss Embassy in Tehran, and had warned the Iranians that the drone flights would continue.

The American officials said the Predator had been flying 16 nautical miles off the Iranian coast. General Vahidi did not specify where the episode took place, but his assertion that it was in Iranian airspace presented a possible new complication to quiet diplomatic efforts by both countries to engage in direct talks following President Obama's re-election.

General Vahidi's version of events also differed with the Pentagon version in another way: He said the two Iranian planes, which the Pentagon had identified as Russian-made Su-25 jets known as Frogfoots, belonged to the Iranian Air Force. The Americans had said the two planes were under the command of the Islamic Revolutionary Guard Corps, whose activities are routinely more aggressive than the conventional Air Force.

General Vahidi, whose account was reported by the Iranian Labor News Agency and other media outlets, said that last week an unidentified plane had entered Iranian airspace over its waters in the Persian Gulf. He said the intruder had been "forced to escape," after action by Iran's air force.

It is unclear why Iranian officials had kept the episode a secret. It also is unclear, from the Iranian account, whether the warplanes had sought to down the drone and missed, or had fired warning shots to chase it away.

A lawmaker, Mohammad Saleh Jokar, a member of the National Security and Foreign Policy Committee of Iran's parliament, also said the American aircraft had trespassed.

"Early last week, a U.S. drone which had violated Iran's airspace received a decisive response by the armed forces that were stationed in the region," he said in a Friday interview with the Young Journalist Club, an Iranian semiofficial news agency.

Mr. Jokar said the drone had been on a spying mission. "The U.S. drone entered our country's airspace with an aim to gather information because there is no other justification," he said.

The Predator's sensor technology is so sophisticated that it could have monitored activities in Iran from the distance cited by the Pentagon officials in their account.

The Iranian firing on the aircraft had been completely legal, Mr. Jokar said. "Any violation against Iran's airspace, territorial waters and land will receive a strong response by the Islamic Republic of Iran," he said.

Earlier on Friday, Iranian state television ran "breaking news" banners during regular programming saying that the country will confront any foreign aircraft violating its airspace. But there was no specific reference to the Predator drone.

"Iran pledges 'firm response to any air, ground and sea aggression' " and "Iran says will confront any foreign aircraft violating its airspace," one news item on a ticker read. A presenter for state television's English language channel Press TV said that Iran was making this statement "in the face of threats of military action, from Israel mainly."

Two commanders also gave interviews on Friday stressing Iran's right to defend itself. "Defenders of the Islamic Republic of Iran will give a decisive response to any air, land and naval attacks," the deputy commander of Iran's armed forces, Massoud Jazayeri, told the Fars News Agency, which is headed by a former officer of the Revolutionary Guards.

"If any foreign flying objects enter our country's airspace, the armed forces will confront them," he said.

Another officer, the commander of the Khatam al-Anbiya Air Defense Base, told the state Islamic Republic News Agency his forces are capable of countering "all threats."

Rick Gladstone contributed reporting from New York.

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Khamis, 8 November 2012

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Lynas to raise A$208m for Malaysia plant

Posted: 08 Nov 2012 05:57 PM PST

MELBOURNE: Australia's Lynas Corp Ltd plans to raise up to A$200 million (US$208 million) to help fund the start-up of its controversial Malaysian rare earths plant, as it set a timeframe of 3-4 months for the factory to start earning.

The US$800 million plant - the world's biggest outside China - has been ready to fire up since early May, but Lynas has been embroiled in lengthy environmental and safety disputes that had raised questions about whether the firm's cash would last until the plant kicked off.

A court on Thursday lifted a suspension on Lynas's licence to operate the processing plant, sending Lynas shares up 12 percent. The shares are suspended Friday morning.

The plant near the eastern city of Kuantan is considered important to breaking China's grip on the processing of rare earths, which are used in products ranging from smartphones to hybrid cars. But protests over possible radioactive residue have drawn thousands of people.

Lynas said the raising will comprise a fully underwritten institutional placement to raise up to A$150 million, and a share purchase plan to raise about A$50 million.

"Funds raised will be used for working capital and general corporate purposes during commissioning and ramp-up at the Lynas Advanced Materials Plant," Lynas said in a statement to the Australian Stock Exchange.

Lynas said in a presentation it expected it would take 3-4 months to ramp up production from the plant, including shipping material from its Mt Weld mine in Western Australia, processing it and receiving its first cash from sales. - Reuters

Affin cuts target price on Unisem

Posted: 08 Nov 2012 06:24 PM PST

Affin Investment Bank cut its target price on Unisem Berhad to RM1.36 from RM1.38 after the semiconductor firm's third-quarter results came in slightly below the bank's expectations.

Affin said a slower-than-expected recovery in global demand for Unisem products could pose a risk to its 'add' call on the stock.

Unisem returned to the black after registering losses in the three previous quarters. The company reported a 58 percent rise in net profit for the third quarter compared with a year earlier, helped by lower operating expenses, higher foreign exchange gains and changes in product mix, it said in a Bursa Malaysia filing on Thursday.

Affin attributed the turnaround to, among others, "further cost discipline by the group" and "improvement in product mix."

At 10.17am, Unisem was up RM2.63 at RM0.975 while the benchmark composite index was down 0.26 percent at 1,636.84 points.
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Nor'easter: Northeast storm complicates Sandy cleanup - Chicago Tribune

Posted: 08 Nov 2012 08:46 AM PST

The nor'easter that stymied recovery efforts from Superstorm Sandy pulled away from New York and New Jersey Thursday, leaving hundreds of thousands of new people in darkness after a blanket of thick, wet snow snapped storm-weakened trees and downed power lines.

From Brooklyn to storm-battered sections of the Jersey shore and Connecticut, about 750,000 customers — more than 200,000 from the new storm — in the region were without power in temperatures near freezing, some living for days in the dark.

"We lost power last week, just got it back for a day or two, and now we lost it again," said John Monticello of Point Pleasant Beach, N.J. "Every day it's the same now: turn on the gas burner for heat. Instant coffee. Use the iPad to find out what's going on in the rest of the world."

But most were just grateful the new storm didn't bring a fresh round of devastation.

"For a home without power, it's great. It came through the storm just great," said Iliay Bardash, 61, a computer programmer on Staten Island without electricity since last week. "But things are not worse, and for that I am thankful."

Nearby, Vladimir Repnin emerged from his powerless home with a snow shovel in his hand, a cigarette in his mouth and a question from someone cut off from the outside world.

"Who won? Obama?" he asked.

He didn't like the answer.

"The Democrats ruined my business," he said, referring to his shuttered clothing manufacturing firm.

Unlike other holdouts who got by with generators or gas stoves, the 63-year-old from the Ukraine has been without power since Sandy brought eight feet of water through his door and his neighbor's deck into his yard. He tried to beat the cold Wednesday night by sleeping with his Yorkie Kuzya and cat Channel.

"I had the dog right here," he said, pointing to his left side, "and the cat on my chest. It was still too cold, but I cannot leave my house."

Throughout Staten Island's beach area, the storm had blanketed growing piles of debris with several inches of snow. By mid-morning, it was starting to melt, filling the streets with filthy sludge.

Roads in New Jersey and New York City were clear for the morning commute, and rail lines into New York were running smoothly so far, despite snow still coming down heavily in some areas.

The nor'easter, as promised, brought gusting winds, rain and snow, but not the flooding that was anticipated.

"The good news, thank goodness, is except for maybe 2 inches of snow, there were no other problems," said Randi Savron, 51, a schoolteacher who lives in the Rockaways, one of the areas that flooded badly last week. The idyllic beachfront boardwalk was loosed from pilings and ended up outside her apartment building door.

She said it seemed like work would continue.

But additional outages could stall recovery efforts, even though utility companies had prepared, adding extra crews ahead of the nor'easter.

In New Jersey, there were about 400,000 power outages early Thursday; 150,000 of those were new. In New York City and Westchester, more than 70,000 customers were without power after the storm knocked out an additional 55,000 customers.

For Consolidated Edison, the extra outages were dealt with swiftly, so there were only about 3,000 additional customers without power from the total Wednesday of 67,000.

"I think we're going to be able to power through. Our objective was to get power restored to everyone by the weekend and we're still working with that goal," said Alfonso Quiroz, a spokesman for the utility.

Gunman Who Shot Giffords to Be Sentenced - New York Times

Posted: 08 Nov 2012 08:55 AM PST

TUCSON — Jared L. Loughner is expected to be sentenced to life in prison on Thursday, three months after pleading guilty to 19 criminal counts in federal court, including murder and the attempted assassination of former Representative Gabrielle Giffords, who had been the target of the attack.

Before the sentencing hearing began Thursday morning, Ms. Giffords sat in a corner at the end of a courtroom bench, next to her husband, Mark E. Kelly.

Mr. Kelly was scheduled to read a statement on behalf of his wife, who continues to have difficulty speaking. It was the first time the family has confronted Mr. Loughner.

Congressman Ron Barber, who was hit in the leg during the shooting, was also scheduled to speak, along with at least eight other victims, according to court officials. Yellow boxes of tissues had been placed on the edge of each courtroom bench.

Mr. Loughner, 24, who has been held at a federal hospital in Missouri for more than a year undergoing psychiatric examinations, has been given a diagnosis of schizophrenia, but he was deemed competent in August to agree to the plea deal, under which he is not eligible for parole or to appeal his sentence.

On Jan. 8, 2011, Mr. Loughner arrived at a public event being hosted by Ms. Giffords, then a member of the United States House of Representatives, at a Tucson shopping center, armed with a loaded Glock 9-millimeter pistol and carrying 60 rounds of extra ammunition.

In less than 30 seconds, he fired 31 shots, killing six people and injuring 13 others. He stopped shooting only when he paused to reload. He was eventually tackled and restrained by onlookers.

The dead included John M. Roll, 63, a federal court judge, Gabriel M. Zimmerman, 30, who had been an aide to Ms. Giffords, and 9-year-old Christina-Taylor Green.

Ms. Giffords was gravely wounded after being shot in the head.

Mr. Loughner, a community college student, had originally pleaded not guilty to 49 charges connected to the shooting spree. He had for years exhibited signs of mental illness, including yelling out in high school classes and complaining about voices in his head.

At a court hearing in May 2011, he interrupted the proceedings with an incoherent outburst and was removed from the courtroom. It was at that hearing that Judge Larry A. Burns, a federal distirct court judge, ruled Mr. Loughner incompetent to stand trial.

Mr. Loughner was initially being medicated by force, under orders of the Bureau of Prisons, but has been voluntarily taking medication since this summer.

Dr. Christina Pietz, a psychologist who has been treating Mr. Loughner, said that over time he had become cognizant of his actions.

Dr. Pietz testified at the August hearing that Mr. Loughner's feelings had evolved from regret for failing to kill Ms. Giffords, against whom he had harbored a secret grudge for several years, to contrition for wounding her and others and for taking people's lives.

"I especially cried for the child" and "yelled a lot because it hurt so bad," Mr. Loughner once told Dr. Pietz, she testified, reading from notes she had kept of their encounters.

Ms. Giffords resigned from Congress in January 2012 to focus on her recovery.

Timothy Williams contributed reporting from New York.

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Rabu, 7 November 2012

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MIDF raises Gas Malaysia target price

Posted: 07 Nov 2012 06:12 PM PST

MIDF Research raised its target price on Gas Malaysia Bhd to RM3.11 from RM2.84 after the gas provider's nine-month earnings came in above market expectations.

"As of yesterday's closing (RM2.62 per share), Gas Malaysia could still provide investors with a dividend yield of 4.5 percent and 4.3 percent for the financial year ending Dec.
31, 2012 (FY12) and FY13 respectively," the research house said in a note on Thursday.

Maintaining "buy" on the counter, MIDF said it was increasing its FY12 and FY13 earnings forecasts by 7.8 percent and 9.5 percent, respectively.

However, the counter declined 0.38 percent by 0134 GMT, underperforming the benchmark stock index's 0.17 percent drop. -- Reuters

CPO prices must stay at RM2,200: Mistry

Posted: 07 Nov 2012 05:31 PM PST

JAKARTA: Benchmark Malaysian palm oil prices must stay at around RM2,200 (US$720) a tonne for two months in order to stimulate demand for the edible oil and reduce high stock levels, a leading industry analyst said on Thursday.

Malaysian palm oil prices have already lost about a quarter this year to trade at around RM2,400 (US$780) a tonne, as stocks rise in top producers Indonesia and Malaysia and demand slumps, hit by a global economic downturn.

But palm prices must fall further within the next 4 to 6 weeks to lure buyers and cut back inventories, said Dorab Mistry, head of edible oil trading at Indian conglomerate Godrej Industries.

He made a similar call at an industry conference in Malaysia in October.

"One thing is crystal clear. Futures are very overpriced at present," Mistry said in a speech to be delivered at an industry meeting in the Chinese city of Guangzhou.

"A period of short-term pain will be rewarded with ample long-term gain."

Last month, second-largest producer Malaysia said it would cut export taxes next year, which has helped support crude palm oil prices. The government also said it would scrap duty-free export quotas.

Mistry said that by January, the government would have to announce loopholes and exemptions to this new export tax regime to allow substantial duty-free exports of crude palm oil, otherwise monthly exports will fall.

"In their euphoria, plantation groups and their cheerleaders have overlooked one simple but significant fact," Mistry said.

"In the last fortnight, palm oil has completely priced itself out of any meaningful energy demand," he added.

Palm oil is used as a cooking oil, biofuel and in cosmetics.

STOCKS TO MARCH HIGHER

Seasonally strong production may have driven Malaysian palm oil stocks to another record high in October, a Reuters survey of five plantation firms showed this week.

Inventory levels may have grown 7.5 percent in October to 2.67 million tonnes from a previous peak of 2.48 million in September, the poll showed.

Malaysian palm oil stocks are likely to increase further in November and December, Mistry said, adding that they will total 3 million tonnes by Jan. 1 next year.

Crude palm oil production will be 18.4 million tonnes by Malaysia this year and 27.5 million by Indonesia, he estimated.

Output prospects next year had brightened as a result of the fadeout of the El Nino weather event and better rain, he added. -- Reuters

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Obama Fine-Tuned 2008's Winning Formula - Wall Street Journal

Posted: 07 Nov 2012 09:07 AM PST

President Barack Obama secured a second term Tuesday by assembling a set of discrete voting blocs into an electoral majority, nurturing support among Hispanics and African Americans, women and young people, while holding his own among working-class voters in the pivotal state of Ohio.

From the outset, the Obama team knew it couldn't count on the euphoric wave that propelled the president to victory four years earlier. Winning in 2012 would depend, as his top aides put it, on a state-by-state "blocking and tackling" effort to preserve what they could of his 2008 coalition.

With the economy still feeble and ...

Republicans Retain House by Shoring Up Incumbents - New York Times

Posted: 07 Nov 2012 08:22 AM PST

Deep disapproval of Congress and dissatisfaction with partisan division appeared no match for gerrymandering and incumbency on Tuesday, as Republicans retained a firm hold on the House of Representatives, assuring the continuation of divided government for at least another two years.

Democrats made modest gains in the House, and managed to run out of town Tea Party-backed Republican freshmen, like Representative Allen West, who appeared to have lost by roughly 2,500 votes in Florida Tuesday night, though he has yet to concede, and Representative Nan Hayworth of New York, who found her conservative leanings a liability in a presidential year.

Democrats also cleaned up in Illinois, one of the few states where Democrats had an upper hand in redistricting, turning away three Republican freshmen and sending Representative Judy Biggert, a long-serving Republican member from the Chicago suburbs, back home. California and New Hampshire also provided some Democratic gains.

The Democrats' most impressive saves were in Utah, where Representative Jim Matheson managed to beat back a well-financed and high profile challenger in Mia Love by fewer than 3,000 votes, remaining that state delegation's only Democrat, and in Georgia, where Representative John Barrow, the last white Democrat in the Deep South, prevailed.

But in the first Congressional election since decennial redistricting, Republicans, who controlled the process in scores of states, used that advantage, matched with an aggressive candidate recruitment plan that eluded Senate Republicans, to hold off the big gains that Representative Nancy Pelosi of California, the minority leader, suggested were coming.

For the many gains made by Democrats — who appeared Wednesday morning to have a six-seat gain — Republicans were able to add to their own column.

In North Carolina, where their redistricting efforts targeted vulnerable Democrats more than just about anywhere else, Republicans won a seat left open by the retirement of one prominent Blue Dog, Representative Brad Miller, as former federal prosecutor George Holding, easily defeated his Democratic opponent. Another Democratic incumbent, Representative Larry Kissell, long used to fending off Republicans, lost to Richard Hudson, a former Republican staffer.

In Kentucky, Republicans got their wish and finally tossed Representative Ben Chandler, one of the last remaining Blue Dogs, from his seat. Andy Barr, who lost to Mr. Chandler by 647 votes in 2010, finally took out the incumbent, who had served since 2004.

While Tea Party-backed incumbents lost in several districts, the two members with  the loudest voices in Congress remain. Representative Michele Bachmann of Minnesota squeaked by in her matchup, and Representative Steve King of Iowa handily beat back Christie Vilsack, the wife of Agriculture Secretary Tom Vilsack, a former Iowa governor.

Ticket splitting helped the party, too. Representative Tom Latham, Republican of Iowa defeated Representative Leonard Boswell, a Democrat, in the battle  between the two long-serving incumbents, even though President Obama won the state. In Colorado, where Mr. Obama also prevailed, so did a Republican incumbent, Mike Coffman, who is among the more conservative members. 

 "Just as in 2010," said Representative Pete Sessions of Texas, who leads the National Republican Campaign Committee, "our House Republican candidates listened to the American people and rejected the Democrats' tax-and-spend agenda that threatens the American dream."

Democrats began the year with deep pockets and a plan to focus on scores of Republican freshmen, particularly those with a Tea Party imprimatur, in an effort to retake the House after losing it in 2010.

Retirements by a large number of Democratic members, and a message on Medicare that more or less fizzled, were additional impediments. Blue Dog Democrats, a group of moderates whose numbers have been dwindling, were particularly endangered as they struggled to defend districts they had long held.

Many Democrats started the cycle off in strong position, particularly after high-profile fights in Congress over issues like the payroll tax extension and student loan rates. But the environment changed significantly as time went on, with voters divided over the disparate policy prescriptions offered by the two parties on the economy, entitlements and taxes.

As the leaves began to change and the temperatures dropped, what once seemed like a Democratic surge evaporated. There appeared to be no single issue that Democrats could turn to their advantage, like the health care debate that so dominated the 2010 Congressional elections and propelled Republicans back into the majority. President Obama's coattails had little effect in many states he easily won.

The fight over the Medicare program, which Democrats thought would help them pick up seats from west to east, more or less fizzled. Indeed Representative Kathleen C. Hochul, who was elected last year in an upset victory in a special election, conceded to Republican challenger Chris Collins Tuesday.

Democrats had a far better day over all in the Senate, maintaining their control there and ensuring that the two chambers would continue their contentious relationship through 2014.

Most immediately, with no undisputed mandate on either side of the aisle to manage fiscal policy, Congress will move to confront the so-called fiscal cliff, and simultaneous expiration of myriad tax provisions and drastic budget cuts.

It remains to be seen whether the tone and content of the bruising fight over the debt ceiling and other fiscal matters in the 112th Congress will continue into the next session, or if both parties will conclude that the only mandate lawmakers have is to finally work together and bridge the gap on those difficult issues.

"For two years, our majority in the House has been the primary line of defense for the American people against a government that spends too much, taxes too much, and borrows too much when left unchecked," House Speaker John A. Boehner of Ohio said Tuesday. "In the face of a staggering national debt that threatens our children's future, our majority passed a budget that begins to solve the problem."

Mr. Boehner, who has called a midafternoon news conference on Capitol Hill to discuss the so-called January fiscal cliff, when billions of dollars in tax increases and automatic spending cuts go into effect, adding,  "With this vote, the American people have also made clear that there is no mandate for raising tax rates."

The poor showing is likely to result in new questions about whether Ms. Pelosi will remain her party's leader in the House.

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Selasa, 6 November 2012

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MIDF cuts Hartalega to 'neutral'

Posted: 06 Nov 2012 05:50 PM PST

MIDF Research downgraded Hartalega Holdings Bhd, the world's top synthetic glove maker, to a "neutral" from "buy" after shares of the company reached an all-time high.

"The stock has increased significantly in the last few months, appreciating 65.7 percent year-to-date and is currently trading at its highest level. At this juncture, we believe there is limited upside potential for price appreciation in the near term," said MIDF in a report on Wednesday.

It maintained a target price of RM5.10 for the stock.

The stock was buoyed by the company's improved earnings for the first half of 2013 financial year. Revenue rose 12 percent to RM502.7 million, while net profit rose 10.9 percent to RM111.9 million, according to MIDF.

Hartalega shares were up 1.84 percent at RM4.98. -- Reuters

KL shares open trade lower

Posted: 06 Nov 2012 06:38 PM PST

Share prices on Bursa Malaysia extended losses for the third consecutive day Wednesday, despite advances seen on Wall
Street overnight, dealers said.

As at 9.40 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.91 points lower at 1,647.45 after opening at 1,649.36.

US stocks posted strong performance for the second consecutive day as the country went to the US presidential election to elect between Barack Obama and Mitt Romney for the president.

On the local front, the Finance Index fell 3.27 points to 15,012.06, while the FBM Ace Index rose 13.72 points to 4,288.46 and the FBM Mid 70 Index added 17.56 points to 12,414.24.


The Industrial Index shed 3.38 points to 2,851.33, the FBM Emas Index declined 13.22 points to 11,254.88, the FBMT100 slipped 12.88 points to 11,090.15 and the Plantation Index fell 8.48 points to 8,132.91.

Gainers led losers 170 to 104, with 204 counters unchanged and 1,165 untraded.

Volume stood at 172.846 million shares worth RM116.917 million.

For the actives, Sycal Ventures earned one sen to 21 sen, while Niche Capital lost two sen to 16 sen.

Among heavyweights, Maybank, Sime Darby, CIMB and Petronas Chemicals were flat at RM9.04, RM9.75, RM7.71 and RM6.45, respectively. Bernama

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Obama congratulates Romney on "spirited campaign" - Reuters

Posted: 06 Nov 2012 09:27 AM PST

First lady Michelle Obama hugs U.S. President Barack Obama on last night of campaigning while in Des Moines, Iowa, November 5, 2012. REUTERS/Larry Downing

CHICAGO | Tue Nov 6, 2012 12:24pm EST

(Reuters) - U.S. President Barack Obama congratulated Republican rival Mitt Romney on Tuesday for running a hard-fought race for the White House and expressed confidence he would win re-election during a stop at a local campaign office to thank volunteers.

"I ... want to say to Governor Romney congratulations on a spirited campaign. I know that his supporters are just as engaged and just as enthusiastic and working just as hard today," Obama said as volunteers made phone calls encouraging supporters to get to the polls.

"We feel confident we've got the votes to win, but it's going to depend ultimately on whether those votes turn out. And so I would encourage everybody on all sides just to make sure that you exercise this precious right that we have that people fought so hard for us to have."

Obama made calls to volunteers from the campaign office to thank them for working for his re-election.

"I expect that we'll have a good night, but no matter what happens, I just want to say how much I appreciate everybody who supported me, everybody who's worked so hard on my behalf," he said.

Opinion polls show Obama and Romney in a virtual dead heat, although the Democratic incumbent has a slight advantage in several vital swing states that could give him the 270 electoral votes needed to win the state-by-state contest.

Traditionally presidential candidates get media attention on Election Day by going to vote. But Obama cast his ballot in Chicago last month - part of his campaign's push to get its supporters to vote early.

So the president's visit to the office gave him a chance to get in front of the cameras, generate news coverage and encourage turnout.

Obama and Romney, a former Massachusetts governor and private equity executive, have fought a largely negative campaign. Obama's team attacked Romney for his business record, and Romney's team criticized the president for presiding over high unemployment and a slow economic recovery.

Obama's conciliatory comments represent the close of the bitter campaign and could appeal to last-minute undecided voters, who are turned off by the lack of bipartisanship in Washington.

In addition to his campaign office stop, Obama is doing a round of interviews and is expected to play basketball with friends, a tradition for the sports-loving president on Election Day.

(Editing by Xavier Briand)

Suspense to the finish, Biden surprises Romney-Ryan with dueling stop in ... - Washington Post

Posted: 06 Nov 2012 09:34 AM PST

CLEVELAND — Campaign 2012 packed frantic suspense to the finish, with Vice President Joe Biden flying in unannounced next to Republican Mitt Romney's campaign plane in battleground Ohio on Tuesday even as voters across the country were deciding who would win the White House.

President Barack Obama stayed in hometown Chicago, reaching out to swing-state voters on the phones and via satellite while the other three men on the rival tickets had a high noon face-off near the shore of Lake Erie.

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