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Singapore banks drop ringgit reference rate? Posted: 14 Mar 2013 06:58 PM PDT SINGAPORE: Banks in Singapore will likely abandon their reference rate for the Malaysian ringgit, a person with knowledge of the matter told Reuters, handing a victory to Malaysia's central bank as it seeks greater control over its currency market. Singapore's foreign exchange market has come under pressure for change since regulators, spurred by a global scandal over bankers rigging key lending rates, ordered reviews last autumn into various rates set by the city-state's banking association. The probes uncovered attempts by traders to manipulate Singapore's rate fixings for certain currencies, fuelling the ire of central bankers in Malaysia and Indonesia who for years have held concerns about the impact of offshore speculation on their own spot currency markets. The Association of Banks in Singapore, which is hammering out reforms to improve the integrity of its rate settings, is expected to adopt a plan that would end the daily publication of a ringgit spot price for settling derivative contracts, said the person, a banking professional with direct knowledge of the plans who did not want to be named as the plans were not public. A spokesman for the Association of Banks in Singapore declined to comment on the matter. The Monetary Authority of Singapore provided no comment. No final decision has been made on whether to discontinue the offshore ringgit rate and discussions are continuing about how to reform the system, several banking sources involved in the process have told Reuters. Even the consideration of dropping the offshore ringgit rate shows the pressure Singapore faces from its neighbours and the impact of the global regulatory push for greater transparency in over-the-counter derivatives. The association has not shown any movement toward ending Singapore's rate fixing for the Indonesian rupiah, which market players say lacks a reliable spot reference rate in its home country compared with Malaysia's reference rate for the ringgit. Over the past two years, the Singapore fixing has consistently quoted the rupiah at rates against the dollar that are weaker than the onshore rates, with the spread widening as far as 250 rupiah at the start of this year. The spread between onshore and offshore rates for the ringgit fixing is usually close to zero. The derivatives priced against the reference rates, known as non-deliverable forwards (NDFs), are instrumental for companies, investors and traders seeking to hedge currency risk in countries where capital controls restrict foreign money flows. With the end of Singapore's ringgit rate, banks trading ringgit NDFs would refer to a benchmark published by the foreign exchange industry association in Malaysia, the person said. That would still fall short of the ideal solution - a benchmark based on actual transactions - but it would be better than the offshore model, said Joseph Cherian, director of the Centre for Asset Management Research & Investments at NUS Business School in Singapore. "When vested interests like offshore bankers set reference rates, be it interest or foreign exchange, and have their profit and loss - and by extension, their compensation - determined by the very rates they set, the temptation to do wrong is always high," he said. Singapore's NDF market is one of the world's largest with turnover that can reach billions of dollars per day. Most trade is in the Indian rupee, for which reference rates are overseen by India's central bank, and in Southeast Asian currencies. Some central banks, including Indonesia's, have long complained that speculation by NDF traders has made the spot rates for their currencies more volatile. To determine Singapore's daily currency reference rates for the ringgit, a panel of 15 banks submits estimates of onshore spot rates every trading day. The fixing takes the average of bank contributions, after removing the top and bottom quarter of submissions. Thomson Reuters, parent of Reuters news, acts as the agent for the Association of Banks in Singapore, collecting and calculating the rates. A similar process is used for interbank lending rates in Singapore and other financial centres around the world. The move to a locally set rate is both a vote of confidence in the credibility of Malaysia's onshore rates, and a signal of banks' reluctance to remain involved in an offshore rate-setting process that has become mired in controversy. It also reflects momentum for regulators to crack down on rate fixing systems after last year's scandal over the setting of the benchmark London interbank offered rate (Libor), which found traders worldwide were manipulating daily lending rates tied to more than US$600 trillion worth of securities. The review into Libor in London is proposing to reduce the number of interest rate benchmarks and tighten the oversight of the rate-setting process.-- Reuters

KL shares open mixed in early trading Posted: 14 Mar 2013 07:03 PM PDT Share prices were mixed in early trading Friday after two days of losses on renewed buying interest in lower liners, dealers said. At 9.15am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.91 of a point to 1,639.83. It had opened 0.61 of a point better at 1,641.35. HwangDBS Vickers Research Sdn Bhd said the bellwether FBM KLCI could extend its recovery after bouncing up from a trough of 1,635.87 yesterday. "For the time being, we expect the benchmark index to swing between its immediate support and resistance levels of 1,635 and 1,655, respectively," HwangDBS said in a research note today. Meanwhile, the key US equity indices posted an overnight rebound of between 0.4 per cent and 0.6 per cent as sentiments were boosted by a drop in jobless claims. "As such, Asian equities will probably show a positive bias when trading resumes today," the research firm said. Meanwhile, the Plantation Index lost 13.46 points to 7,896.8, the Industrial Index fell 10.08 points to 2,815.48 while the Finance Index dwindled 12.54 points to 15,277.51. The FBM Emas Index declined 3.97 points to 11,219.51, the FBMT100 shed 5.52 points to 11,059.37, the FBM Mid 70 Index went down 3.15 points to 12,463.48 and the FBM Ace Index slid 10.03 points to 3,963.21. Gainers outnumbered losers 89 to 63, with 103 counters unchanged, 1,387 untraded and 20 others suspended. Turnover stood at 54.34 million shares worth RM35.21 million. Among actives, Luster Industries and MNC Wireless earned half sen each to 10.5 sen and 11 sen, respectively, Sanichi Technology added one sen to 12.5 sen, while Censof Holdings eased half sen to 43 sen. Heavyweights, Maybank rose four sen to RM9.25, CIMB slipped two sen to RM7.07, while Sime Darby and Axiata were flat at RM9.19 and RM6.39, respectively.-- Bernama

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Pope Francis begins first full day with prayer in Rome - Fox News Posted: 14 Mar 2013 09:01 AM PDT March 14, 2013: Newly elected Pope Francis I, Cardinal Jorge Mario Bergoglio of Argentina, makes a private visit to the 5th-century Basilica of Santa Maria Maggiore, in a photo released by Osservatore Romano in Rome. Pope Francis, barely 12 hours after his election, quietly left the Vatican early on Thursday to pray for guidance as he looks to usher a Roman Catholic Church mired in intrigue and scandal into a new age of simplicity and humility.Reuters Pope Francis began his first day as leader of the Catholic Church by stopping by his hotel to pick up his luggage and pay the bill himself, before praying at Rome's main basilica dedicated to the Virgin Mary. He entered the St. Mary Major basilica through a side entrance just after 8 a.m. and left about 30 minutes later. "He spoke to us cordially, like a father," Father Ludovico Melo, a priest who prayed with Pope Francis, told Reuters. "We were given 10 minutes' advance notice that the pope was coming." Argentine Cardinal Jorge Mario Bergoglio was elected by his peers Wednesday evening as the new pope, becoming the first pontiff from the Americas. He had told a crowd of some 100,000 people packed in rain-soaked St. Peter's Square just after his election that he intended to pray Friday to the Madonna "that she may watch over all of Rome." Bergoglio chose the name Francis, drawing connections to the humble 13th-century saint who saw his calling as trying to rebuild the church in a time of turmoil. The main item on Francis' agenda Thursday was an inaugural afternoon Mass in the Sistine Chapel. Francis is expected to outline some of his priorities as pope in the homily. Vatican spokesman Rev. Federico Lombardi said it would likely be delivered in Italian, another break from the traditional-minded Benedict whose first homily as pope was in Latin. On Thursday morning, members of his flock were charmed when Francis stopped by the Vatican-owned residence where he routinely stays during visits to Rome. The Rev. Pawel Rytel-Andrianek, who teaches at the nearby Pontifical Holy Cross University and is staying at the residence, said he didn't just come to get his luggage, noting that anyone could have come to get his suitcases. "He wanted to come here because he wanted to thank the personnel, people who work in this house," he said. Francis met with the staff in the dining room. "He greeted them one by one, no rush, the whole staff, one by one," Rytel-Andrianek said, noting that the pope knew everyone by name. "People say that he never in these 20 years asked for a (Vatican) car," he said. "Even when he went for the conclave with a priest from his diocese, he just walked out to the main road, he picked up a taxi and went to the conclave. So very simple for a future pope." Francis has also spoken by phone with Benedict, who became the first pope to resign in 600 years and has been living at the papal retreat in Castel Gandolfo. Francis was expected to visit him this week, but a Vatican spokesman, the Rev. Thomas Rosica, said Francis wouldn't make the trip to Castel Gandolfo on Thursday, and probably wouldn't go Friday, either. The visit is significant because Benedict's resignation has raised concerns about potential power conflicts emerging from the peculiar situation of having a reigning pope and a retired one. As the long-time archbishop of Buenos Aires, Francis has spent nearly his entire career at home in Argentina, overseeing churches and shoe-leather priests. In choosing a 76-year-old pope, the cardinals clearly decided that they didn't need a vigorous, young pope who would reign for decades but rather a seasoned, popular and humble pastor who would draw followers to the faith and help rebuild a church stained by scandal. Groups of supporters waved Argentine flags Wednesday night in St. Peter's Square as Francis, wearing simple white robes, made his first public appearance as pope. Chants of "Long live the pope!" arose from the throngs of faithful, many with tears in their eyes. Crowds went wild as the Vatican and Italian military bands marched through the square and up the steps of the basilica, followed by Swiss Guards in silver helmets and full regalia. Francis appeared on the balcony of St. Peter's Basilica just after a church official announced "Habemus Papum" -- "We have a pope" -- and gave Bergoglio's name in Latin. "Ladies and Gentlemen, good evening," he said to wild cheers before making a reference to his roots in Latin America, which accounts for about 40 percent of the world's Roman Catholics. Francis asked for prayers for himself, and for retired Pope Emeritus Benedict XVI, whose resignation paved the way for the conclave that brought the first Jesuit to the papacy. "You know that the work of the conclave is to give a bishop to Rome," Francis said. "It seems as if my brother cardinals went to find him from the end of the earth. Thank you for the welcome." Bergoglio has shown a keen political sensibility as well as the kind of self-effacing humility that fellow cardinals value highly, according to his official biographer, Sergio Rubin. He showed that humility on Wednesday, saying that before he blessed the crowd he wanted their prayers for him and bowed his head. "Good night, and have a good rest," he said before going back into the palace. In a lifetime of teaching and leading priests in Latin America, which has the largest share of the world's Catholics, Francis has been known for modernizing an Argentine church that had been among the most conservative in Latin America. Like other Jesuit intellectuals, Bergoglio has focused on social outreach. Catholics are still buzzing over his speech last year accusing fellow church officials of hypocrisy for forgetting that Jesus Christ bathed lepers and ate with prostitutes. Francis, the son of middle-class Italian immigrants, is known as a humble man who denied himself the luxuries that previous Buenos Aires cardinals enjoyed. Bergoglio often rode the bus to work, cooked his own meals and regularly visited the slums that ring Argentina's capital. He came close to becoming pope in 2005, reportedly gaining the second-highest vote total in several rounds of voting before he bowed out of the running in the conclave that elected Pope Benedict XVI. American Cardinal Timothy Dolan gave an inside glimpse into the drama of the conclave in his talk at the American seminary. When the tally reached the necessary 77 votes to make Bergoglio pope, Dolan said, the cardinals erupted in applause. And when he accepted the momentous responsibility thrust upon him -- ''there wasn't a dry eye in the place," Dolan recounted. After the princes of the church had congratulated the new pope one by one, other Vatican officials wanted to do the same, but Francis preferred to go outside and greet the throngs of faithful. ''Maybe we should go to the balcony first," Dolan recalled the pope as saying. Elected on the fifth ballot, Francis was chosen in one of the fastest conclaves in years, remarkable given there was no clear front-runner going into the vote and that the church had been in turmoil following the upheaval unleashed by Benedict's surprise resignation. For comparison's sake, Benedict was elected on the fourth ballot in 2005 -- but he was the clear front-runner going into the vote. Pope John Paul II was elected on the eighth ballot in 1978 to become the first non-Italian pope in 455 years. In choosing to call himself Francis, the new pope was linking himself with the much-loved Italian saint from Assisi associated with peace, poverty and simplicity. St. Francis was born to a wealthy family but later renounced his wealth and founded the Franciscan order of friars; he wandered about the countryside preaching to the people in very simple language. He was so famed for his sanctity that he was canonized just two years after his death in 1226. Francis will be installed officially as pope on Tuesday, on the feast of St. Joseph, patron saint of the universal church, according to Vatican spokesman Lombardi. Lombardi, also a Jesuit, said he was particularly stunned by the election given that Jesuits typically shun positions of authority in the church, instead offering their work in service to those in power. But Lombardi said that in accepting the election, Francis must have felt it "a strong call to service," an antidote to all those who speculated that the papacy was about a search for power. In an interesting twist the Jesuits were expelled from all of the Americas in the mid-18th century. Now, a Latin American Jesuit has been elected head of the 1.2-billion strong Catholic Church. The Associated Press contributed to this report.   Print   Email   Share   Comments Recommend Tweet Related Video Pope Francis blesses crowd in St. Peter's Square Joy in Latin America as Catholic Church makes history Habemus papam: Pope Francis World's 1.2 billion Catholics have their new leader Cardinal Wuerl: Catholic Church 'looks into the future' 'Humility' key to papacy of Pope Francis? A new pope has been elected Related Slideshow Argentine Cardinal Jorge Bergoglio named new pope Share This Article Newsletter Signup Sign up for free e-mail news alerts from FoxNews.com and FoxBusiness.com. 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Most New York Gun Shows to Add Steps to Ensure Background Checks - New York Times Posted: 14 Mar 2013 08:37 AM PDT By THOMAS KAPLAN Published: March 14, 2013 ALBANY — The overwhelming majority of New York state gun show operators have agreed to new rules to ensure that criminal and mental health background checks are conducted on buyers. The agreement was reached after undercover agents from the state attorney general's office were able to purchase weapons, including three AR-15 rifles, without any screening at half a dozen gun shows around the state. The operators, with shows from White Plains to Cheektowaga, have also agreed to a broader system to track firearms at their shows and to guard against illegal sales in parking lots. The agreement was negotiated by the New York attorney general, Eric T. Schneiderman, who had brought criminal charges against the sellers identified in the sting. The new gun show procedures for New York come as Congress debates whether to require universal background checks for gun sales, including private sales at gun shows. New York law has required such checks since 2000, but Mr. Schneiderman said there was ample evidence that the rules were not being followed. "Our goal is to have 100 percent of the gun show operators on board, and then we have a good example for other states to follow," Mr. Schneiderman, a Democrat, said. "Once we demonstrate how easy this is, and how it keeps people safe, it weakens the arguments on the federal level that guaranteeing background checks are overly burdensome or face meaningful opposition." The 23 operators who have agreed to the new protocols are responsible for more than 80 percent of gun show sales in the state. The investigators, posing as buyers, were able to purchase firearms even after they had told the sellers that they had orders of protection against them, in which case they would fail background checks. Among the weapons purchased were the AR-15 rifles, like the one that was used in the elementary school massacre in Newtown, Conn., in December. "The truth of the matter is most responsible gun show operators and gun owners in America want people to have background checks," Mr. Schneiderman said. "The overwhelming majority of the folks I've talked to on this are crystal clear that they do not want people who have criminal backgrounds or mental health problems to get guns." Mr. Schneiderman had brought criminal charges against the sellers who failed to run background checks. His office also accused the operators of failing to comply with a state law that requires them to post signs about the background check requirement and notify exhibitors about it. But in lieu of pursuing civil action against them, he sought to develop the new set of statewide security procedures. The regulation of guns has been a major subject of debate in Albany in the wake of the Newtown shootings. In January, Gov. Andrew M. Cuomo pushed through the Legislature a package of new gun laws, including an expanded ban on assault weapons and high-capacity magazines, as well as a requirement that background checks be conducted for private gun sales that do not take place at gun shows. The shows have long been a major area of concern for advocates of gun control. Many states do not regulate the events, or have only modest rules for them; New York is one of only a small number of states that requires background checks for private sales at shows. Dr. Garen J. Wintemute, the director of the Violence Prevention Research Program at the University of California, Davis, described New York's new measures as a good step. "It's clear that undocumented private-party sales are an important way for either prohibited persons or those who are getting guns with criminal intent to get those guns," Dr. Wintemute said. "The majority of them probably occur elsewhere — many of them these days occur on the Internet — but you do what you can do." Under the state procedures, participating gun-show operators are to track the firearms that go in and out of their events. Most shows will use a system in which guns brought by private sellers are tagged at the show's entrance with the name of the owner or seller and the gun's serial number. When someone buys a gun from a private seller at the show and passes a background check, a second tag will be affixed to the gun as documentation that the screening was conducted. When guns are taken out of the show, they will be checked to ensure that either the gun is leaving with the owner or seller who brought it in, or has a second tag to confirm that a background check was done for the new owner. The procedures developed by Mr. Schneiderman's office also try to increase security in other ways, with operators limiting the number of entrances and exits to their shows, posting conspicuous signs publicizing the background-check requirement and notifying local law enforcement officials of the shows, so they can monitor them and patrol the area to deter sellers from working outside. The new procedures have already been tested at a number of gun shows this year, including one in Oneonta earlier this month. That show's organizer, Sandy Ackerman Klinger, who also hosts major shows at Empire State Plaza in Albany and the State Fairgrounds near Syracuse, said the only hiccup at the Oneonta event was some crowding at the show's entrance. She said gun show operators did not have a problem with what the attorney general's office was asking of them, even if some sellers were skeptical. "They get a little bit nervous, understandably, but the first thing I say is, if you want to have another show and want to keep having shows, we want to keep doing everything right," she said. While this agreement has been reached with 23 gun show operators, Mr. Schneiderman said he hoped that he would have 100 percent compliance by the end of the year.

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Petronas awards JGC US$2b EPCC deal Posted: 13 Mar 2013 07:41 PM PDT TOKYO: Japanese engineering firm JGC Corp said on Thursday it has won a US$2 billion order from Malaysian state oil firm Petroliam Nasional Bhd (Petronas) for a new liquefied natural gas (LNG) train in Sarawak. The liquefaction facility, Petronas LNG Train 9 with a capacity of 3.6 million tonnes per annum (mtpa), is due to be completed by end-2015, and will bring the total capacity of the Petronas LNG complex in Bintulu, Sarawak to around 27.6 mtpa. Malaysia last year exported 14.6 million tonnes of LNG to Japan, the world's top LNG buyer, about 60 per cent of its LNG capacity, and the expansion could help increase exports to Japan further. Petronas has said the new LNG train will require feed gas volumes of up to 850 million standard cubic feet per day, which will be supplied by various fields offshore Sarawak. The design work for the project had been awarded to JGC and another consortium in February 2012, but JGC, which has built all existing eight LNG trains over three decades, was selected to build the ninth train. Shares in JGC were trading up 1.8 per cent at 8.47am in an overall market up about 0.5 per cent.-- Reuters

Affin upgrades Genting to 'buy' Posted: 13 Mar 2013 07:30 PM PDT Affin Investment Bank upgraded Genting Bhd to 'buy' from 'reduce', saying it sees an emerging catalyst following the power-to-gaming group's plan to expand into Las Vegas. "The emerging earnings growth driver will now drive share price performance, we opine," Affin said in a research note on Thursday. The research house raised its target price on Genting to RM11.60 per share from RM8.75. It also raised its fair value on Genting Singapore PLC's to S$1.50 per share from S$1.20. "Consistent with our initial assessment, we are positive on Resorts World Las Vegas as regulatory risk is low; infrastructure is well placed to support tourism trajectory; and importantly, recovery in gross gaming revenue is accompanied by a higher VIP (Very Important Person) baccarat mix and foreign visitation to Las Vegas," Affin said. Genting on March 5 said it would purchase an unfinished resort on the Las Vegas strip from Boyd Gaming Corp for US$350 million, marking its first push into the US gambling hub. As of 9.17am, the stock was down 0.51 per cent at RM9.75 per share. Since March 5, when the announcement was made, Genting shares have dropped 1 per cent. The benchmark stock index fell 0.49 per cent.-- Reuters

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Suspect sought in fatal shooting of 4 in Upstate NY - USA TODAY Posted: 13 Mar 2013 10:22 AM PDT Emergency crews secure the scene of a shooting at Gaffey's car wash in Herkimer, N.Y., on March 13. Two people were fatally shot by a gunman who is believed to have killed two other people in the nearby Mohawk.(Photo: Rocco Laduca, (Utica, N.Y.) Observer-Dispatch, via AP) Police in Upstate New York's Herkimer County were looking for a suspect wanted for killing four people and wounding two others Wednesday in a shooting spree in the villages of Mohawk and Herkimer. The villages are about 65 miles east of Syracuse, on opposite sides of the Mohawk River in a region known as the Mohawk Valley. Joseph Malone, chief of police for the two villages, identified the suspect as Kurt Myers, 64, of Mohawk. He was described as "armed and extremely dangerous." Officials say guns and ammunition were found inside Myers' apartment after emergency crews were sent to a fire there Wednesday morning. The Observer-Dispatch (uticaod.com) quoted police as saying they were "familiar" with Myers but could not comment on any criminal record he may have. Herkimer, N.Y. The shooting spree began at mid-morning when a man armed with a long gun killed two people and injured two at John's Barber Shop in Mohawk then apparently drove to Gaffney's Fast Lube in nearby Herkimer where the second shootings occurred. Police in the Update New York villages of Herkimer and Mohawk said that Kurt Myers, 64, was a suspect in the killing of four people in a shooting spree in the two villages Wednesday morning. Police spelled his name "Myers" while the WKTV bulletin spelled it as "Meyers." Public records also show his name spelled both ways.(Photo: WKTV) Amanda Viscomi, Herkimer's acting clerk-treasurer for the village of 7,700, told the Associated Press the shooting at Gaffey's happened a few blocks from Village Hall. She said she was told the shooter was at large and that state police, sheriff's deputies and other police were swarming the area. "Everybody's on lockdown, all the schools, the college, the village," Viscomi said. "It's very, very scary." Herkimer County Community College sent an automated cellphone alert around 10:40 a.m. ET telling students and staff that there was an "active shooter" in the area. "It's very unusual for our small community to have such a horrific situation happen," said Herkimer County legislator Robert Schrader, 49, who represents Herkimer village and town. "It's a very nice community. We have never had anything like this happen, not in my lifetime." Firefighters respond to a structure fire at an apartment building in Mohawk, N.Y., where a man suspected of killing four people was believed to live.(Photo: Steve Hughes, (Utica, N.Y.) Observer-Dispatch, via AP) The county has a population of almost 65,000 people. The FBI defines a mass killing as when four or more are killed. There have been 201 such cases since 2006 i the United States. The barber shop and car wash slayings, if committed by the same gunman, would represent the third mass killing of 2013. All have been shootings. What police say was an attempted apartment robbery in Tulsa ended with four women slain in January. Police have arrested two brothers, both of whom have been charged with murder. Later that month, a 15-year-old boy was charged with five counts of murder after his family was found shot at their Albuquerque home. Contributing: Donna Leinwand Leger and Meghan Hoyer, USA TODAY; the Associated Press

New Round of Voting Fails to Name a Pope - New York Times Posted: 13 Mar 2013 10:21 AM PDT By DANIEL J. WAKIN and ALAN COWELL Published: March 13, 2013 VATICAN CITY — Thousands of the faithful and the curious filled St. Peter's Square on Wednesday evening, hoping for the white smoke that signals a selection. The morning session held by the 115 cardinals of the Catholic Church yielded only black smoke, which billowed from a makeshift copper chimney atop the Sistine Chapel after noon, signaling that they had again failed to muster majority support for a successor to Benedict XVI and that balloting would continue until they do. A first vote ended inconclusively on Tuesday, and the inky black smoke at midday Wednesday indicated an absence of consensus among the cardinals in two subsequent ballots, over what kind of pope they want to confront the pressing and sometimes conflicting demands for change in the church after years of scandal. "It's more or less what we expected," the Rev. Federico Lombardi, the Vatican spokesman, said of the first three ballots. He said the continuing voting was a "normal process of discernment," not a sign of divisions. In relatively recent times, he said, only one pope was chosen as quickly as the third ballot — Pius XII, whose papacy spanned World War II and lasted from 1939 to 1958. Unusually, President Obama pitched in to the papal debate, promoting the idea of an American pope. In an interview broadcast on Wednesday, Mr. Obama said an American pope would "preside just as effectively as a Polish pope or an Italian pope or a Guatemalan pope." The president dismissed the idea that an American pope would be perceived as too tied to the government of the United States. "I don't know if you've checked lately, but the Conference of Catholic Bishops here in the United States don't seem to be taking orders from me," Mr. Obama told George Stephanopoulos of ABC News in the interview.  Mr. Obama said he hoped that whoever becomes pope will maintain what he called the "central message" of the Gospel.   "That is that we treat everybody as children of God and that we love them the way Jesus Christ taught us to love them," Mr. Obama said. "I think that a pope that, you know, is that clarion voice on behalf of those issues will, you know, will have a tremendous and positive impact on the world."  Voting is set to continue — with up to two rounds each morning and afternoon — until a candidate receives a two-thirds majority, or 77 votes. At that point, white smoke will billow forth from the chapel, telling the world's one billion-plus Catholics that they have a new leader, and the bells of St. Peter's Basilica will peal. On Wednesday, the first full day of the conclave, the prelates celebrated a morning Mass in the Pauline Chapel of the Apostolic Palace before moving to the Sistine Chapel to deliberate and vote under its 16th-century frescoes by Michelangelo. Outside, pilgrims and sightseers sheltered under umbrellas in the piazza starting early in the rainy morning, hoping to see an unequivocal signal from the burning ballot papers. The crowd soon thickened, with many people staring toward the chimney with its simple cover or looking at it on huge television screens. Some closed their eyes and clasped their hands around rosaries in prayer. At the last papal election, in 2005, the color was indeterminate in an early round, prompting confusion. But, on Tuesday and Wednesday, the smoke was unmistakably black. Technology helped, too. By the time the first smoke emerged, at 7:41 p.m. on Tuesday, it was dark outside. But giant screens in St. Peter's Square showed the smokestack clearly. The Vatican has given details of how the black smoke is generated, saying that, since 2005, a secondary device alongside the traditional ballot-burning stove generates colored smoke from different chemical compounds. Both devices feed into stovepipes that join up as a single smokestack on the Sistine Chapel roof. For black smoke, the Vatican Information Service said, the compound blends potassium perchlorate, anthracene and sulfur. White smoke heralding a new pope comes from a mixture of potassium chlorate, lactose and rosin, "a natural amber resin obtained from conifers." Before 2005, the black smoke was "obtained by using smoke black or pitch and the white smoke by using wet straw," the Vatican said. 1 2 Next Page » Daniel J. Wakin reported from Vatican City, and Alan Cowell from London. Michael D. Shear contributed reporting from Washington.

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Business Times : latest Posted: http://www.btimes.com.my enWednesday, March 13, 2013, 01.42 PMhttp://www.btimes.com.my/articles/20130313112157/Article/ http://www.btimes.com.my/articles/20130313112157/Article/Wed, 13 Mar 2013 11:21:57 +0800MIDF Research upgraded Malaysia's semiconductor and technology sector to 'positive' from 'neutral', citing robust demand from smartphone makers, which will be the key driver for growth in 2013. "There will also be other sectors of growth such as optoelectronics," the research house said in a note today. "Malaysia's recent export numbers for the electrical and electronic sector suggests that the semiconductor sector is on the mend," MIDF added. The research house has 'buy' calls on Unisem (M) Bhd with a target price of RM1.25 per share and Globetronics Technology Bhd with a target price of RM1.96 per share. "We continue to like Globetronics for its resilience and the fact that it has exposure in high growth subsectors such as optoelectronics and sensors," it said. For semiconductor company Unisem, MIDF said it was expecting an earnings recovery in 2013. As of 10.03am, shares of Globetronics were down 4.95 per cent at RM1.73 per share and Unisem shares were 0.55 per cent lower at 90 sen a share. The technology index declined 0.84 per cent.-- Reuters http://www.btimes.com.my/articles/20130313110932/Article/ http://www.btimes.com.my/articles/20130313110932/Article/Wed, 13 Mar 2013 11:09:32 +0800China imported food and beverages (FandB) worth RM62.38 million last year as a result of the Malaysia External Trade Development Corporation (Matrade)-Parkson Beijing collaboration. Matrade said this accounted for 20 per cent increase against 2011. "Currently, about 360 Stock Keeping Units (SKUs) Malaysia's FandB products are sold in Beijing Parkson's supermarkets, supplied by 19 suppliers, comprising mostly local Chinese importers and distributors. "Many Malaysian FandB brands are now available in Beijing as a result of this collaboration over the past six years," the national trade promotion agency said in a statement today. Matrade said its Beijing office is currently supporting initiatives by some of Parkson's suppliers to also distribute Malaysia's FandB products to local and foreign-owned hypermarkets and convenient stores such as 7-Eleven and Jia Hue Supermarket. It said efforts are also being made to assist importers and distributors to penetrate north China through a series of events and promotional activities. "We encourage local manufacturers and exporters to venture into China's rapidly-expanding consumer market," it added. Food and beverages imported from Malaysia include biscuits and cookies, snacks, confectioneries, pudding, jelly, frozen seafood, coffee and tea.-- Bernama http://www.btimes.com.my/articles/20130313111331/Article/ http://www.btimes.com.my/articles/20130313111331/Article/Wed, 13 Mar 2013 11:13:31 +0800Short-term rates are expected to remain stable Wednesday, as Bank Negara Malaysia continues to intervene to absorb excess liquidity from the financial system, dealers said. The central bank has estimated today's surplus at RM17.02 billion in the conventional system and RM2.6 billion in Islamic funds. Bank Negara will call for a RM5 billion range maturity auction for five to 92 days and a RM100 million Commodity Murabahah Programme for 21 days. It will also conduct a RM200 million repo tender for 92 days and an Al-Wadiah tender for RM500 million for seven days. At 4pm, Bank Negara will conduct up to RM12 billion conventional overnight tender and RM2 billion Al-Wadiah overnight tender.-- Bernama http://www.btimes.com.my/articles/20130313095812/Article/ http://www.btimes.com.my/articles/20130313095812/Article/Wed, 13 Mar 2013 09:58:13 +0800Share prices on Bursa Malaysia remained in the negative territory as at mid-morning trading Wednesday in sync with the weaker performance on regional stock markets, dealers said. As at 11am, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 9.67 points to 1,646.87. It opened 3.07 points weaker at 1,653.47 earlier. The Plantation Index lost 34.26 points to 7,940.72, the Industrial Index dipped 10.54 points to 2,828.38, and the Finance Index sank 71.9 points to 15,372.64. The FBM Emas Index dwindled 64.09 points to 11,258.96, the FBMT100 slipped 63.58 points to 11,100.82, and the FBM Mid 70 Index erased 64.12 points to 12,482.56, but the FBM Ace Index rose 6.65 points to 3,984.94. Losers led gainers by 298 to 128, with 219 counters unchanged, 987 untraded and 18 others suspended. Turnover stood at 241.4 million shares worth RM310.31 million. Actives, Patimas Computers and Asia Bioenergy Tech earned half sen each to four sen and seven sen, respectively, Asia Media Group gained one sen to 15 sen while GPRO Technologies was flat at 11 sen. Heavyweights, Maybank, Sime Darby and Axiata lost one sen each to RM9.19, RM9.19 and RM6.41, respectively, and CIMB declined eight sen to RM7.17.-- Bernama http://www.btimes.com.my/articles/20130313105743/Article/ http://www.btimes.com.my/articles/20130313105743/Article/Wed, 13 Mar 2013 10:57:43 +0800The ringgit opened higher against the US dollar in early trading Wednesday following signs of improvement in the US economy, boosting Malaysia's export outlook. At 9.06am, the ringgit was quoted at 3.1020/1040 from yesterday's close at 3.1075/1105. A dealer said the US job data showed the fewest workers on record were fired in the world's largest economy in January and job openings rebounded in the country, the fourth biggest importer of Malaysian goods last year. Against other major currencies, the ringgit was traded higher against the Singapore dollar at 2.4886/4914 from Tuesday's 2.4892/4918 and strengthened against the yen to 3.2289/2313 from 3.2296/2344 yesterday. The local currency rose against the British pound to 4.6232/6274 from yesterday's 4.6299/6356 but eased against the euro to 4.0416/0448 from 4.0394/0440 Tuesday.-- Bernama http://www.btimes.com.my/articles/20130313074907/Article/ http://www.btimes.com.my/articles/20130313074907/Article/Wed, 13 Mar 2013 07:49:07 +0800NEW YORK: US stocks closed mostly lower Tuesday in quiet trade, but the Dow squeezed out a sixth straight day of record-high closings. The Dow Jones Industrial Average edged up 2.77 points (0.02 per cent) to 14,450.06, an all-time peak. The broad-market SandP 500 fell 3.74 points (0.24 per cent) to 1,552.48, snapping a seven-session winning streak. The tech-rich Nasdaq Composite dropped 10.55 points (0.32 per cent) to 3,242.32. "The record-breaking winning streak for the Dow continued, eking out a very modest gain, while technology stocks kept the other major indexes lower," Charles Schwab and Co. said in a market note. But stocks overall remained "close to the flatline, as the markets lacked any hint of a catalyst from either the economic and equity fronts." The Dow kept up its eight-day winning streak lifted by a 3.2 per cent rise in the shares of pharmaceutical giant Merck after it won regulatory approval to continue its clinical study of the cholesterol drug Vytorin. Also helping the blue-chip index was Boeing, up 1.5 per cent amid reports Irish airline Ryanair will announce an US$18 billion order for up to 200 aircraft. Dow oil major Chevron slipped 0.4 per cent after saying it was on track to meet its target for a large increase in oil and natural gas output in 2017. Tech heavyweight Apple tumbled 2.2 per cent to US$428.43 after a price target cut from analyst Jefferies, to US$420. Google dropped 0.9 per cent after agreeing to pay a US$7 million fine to settle a US Wi-Fi privacy lawsuit. Hewlett-Packard shed 1.8 per cent. BlackBerry gave back 2.9 per cent from Monday's 14.1 per cent gain after it announced the US launch date for its new Z10 smartphone, March 22. Yum Brands gained 1.3 per cent after the restaurant giant reported same-store sales fell about 2.0 per cent in China in February, not as much as analysts expected. -- AFP

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Troubled Church starts conclave to find new pope - Reuters Posted: 12 Mar 2013 09:49 AM PDT By Crispian Balmer and Philip Pullella VATICAN CITY | Tue Mar 12, 2013 12:44pm EDT (Reuters) - Red-robed cardinals retreated behind the heavy wooden doors of the Sistine Chapel on Tuesday at the start of a conclave that will elect a new pope to tackle the strife and scandal rocking the Roman Catholic Church. Latin chants and organ music accompanied the cardinals as they processed into the room, with Michelangelo's depiction of Christ delivering the Last Judgment on the back wall and his image of the hand of God giving life to Adam on the ceiling. Laying their own hands on the Gospels and speaking in Latin, they took a vow of secrecy not to divulge anything about the ballot, which was expected to start with an initial round of voting later in the afternoon. No conclave in the modern era has chosen a pope on the first day, and some cardinals speculated earlier this week that it might take up to four or five days to pick the man to replace Pope Benedict, who unexpectedly abdicated last month. The doors were shut at 5.34 p.m.(12.34 p.m. ET), and the master of ceremonies, Guido Marini, said "Extra Omnes" (Latin for "Everyone Out"), asking all those not associated with the gathering to leave the room, dominated by Michelangelo's 16th century fresco masterpieces. Maltese Cardinal Prosper Grech, who at 87 is too old to participate, remained inside to give a sermon to remind the 115 cardinal electors of the gravity of their responsibility, before he and Marini were to be the last outsiders to leave. Smoke from a chimney on the chapel roof will announce the outcome to the outside world. Black smoke means an inconclusive vote and white smoke signals the election of a pontiff. The average length of the last nine conclaves was just over three days and none went on for more than five. Earlier, on a day rich in ritual and pageantry, Italian cardinal Angelo Sodano called for unity in the Church, which is beset by sex abuse scandals, bureaucratic infighting, financial difficulties and the rise of secularism. "My brothers, let us pray that the Lord will grant us a pontiff who will embrace this noble mission with a generous heart," Sodano said in his homily at a Mass in St. Peter's Basilica ahead of the conclave. POSSIBLE PONTIFFS No obvious front runner has emerged since Benedict's departure, with some prelates calling for a strong manager to control the much criticized Vatican bureaucracy, while others want a powerful pastor to promote their faith across the globe. Italy's Angelo Scola and Brazil's Odilo Scherer are spoken of as possible front runners. The former would return the papacy to Italy after 35 years in the hands of Poland's John Paul II and the German Benedict; Scherer would be the first non-European pope since Syrian-born Gregory III in the 8th century. However, a host of other candidates from numerous nations have also been mentioned as "papabili" - potential popes - including U.S. cardinals Timothy Dolan and Sean O'Malley, Canada's Marc Ouellet and Argentina's Leonardo Sandri. Large crowds are expected to gather in St. Peter's Square, despite glowering grey clouds and regular rain showers, awaiting their new pontiff and hoping for positive changes. "He must be a great pastor with a big heart, and also have the capacity to confront the Church's problems, which are very great," said Maria Dasdores Paz, a Brazilian nun who attended the Mass in Rome. "Every day there seem to be more." In the past month, the only British cardinal elector excused himself from the conclave and apologized for sexual misconduct. Signaling the divisions in Catholic ranks, Italian newspapers reported on Tuesday an open clash between prelates in a pre-conclave meeting on Monday. The newspapers said the Vatican hierarchy's number two under Benedict, Tarcisio Bertone, had accused Brazil's Joao Braz de Aviz of leaking critical comments to the media. Aviz retorted to loud applause that the chatter was coming from the Curia, the Vatican's central administration, which has been criticized for failing to prevent a string of mishaps, including leaks, during Benedict's troubled, eight-year reign. All the prelates in the Sistine Chapel were appointed by either Benedict XVI or John Paul II, and the next pontiff will almost certainly pursue their fierce defense of traditional moral teachings. But Benedict and John Paul were criticized for failing to reform the Curia, and some churchmen believe the next pope must be a good chief executive or at least put a robust management team in place under him. Vatican insiders say Scola, who has managed two big Italian dioceses without being part of the central Vatican administration, could be well placed to understand its Byzantine politics and introduce swift reform. The still influential Curia is said by the same insiders to back Scherer, who worked in the Vatican's Congregation for Bishops for seven years before later leading Brazil's Sao Paolo diocese - the largest in a country with the biggest national Catholic community. With only 24 percent of Catholics living in Europe, pressure is growing to choose a pontiff from elsewhere in the world who would bring a different perspective. Latin American cardinals might worry more about poverty and the rise of evangelical churches than questions of materialism and sexual abuse that dominate in the West, while the growth of Islam is a major concern for the Church in Africa and Asia. The cardinals will retire to a Vatican guesthouse for the night before returning if necessary to the Sistine Chapel on Wednesday, where they will vote four times a day until they choose the man they believe to be the vicar of Christ on earth. As in mediaeval times, the cardinals will be banned from communicating with the outside world. The Vatican has taken high-tech measures to ensure secrecy in the 21st century, including electronic jamming devices to prevent eavesdropping. (Additional reporting by Naomi O'Leary and Tom Heneghan; Editing by Barry Moody, Alastair Macdonald and Peter Graff)

Rep. Ryan unveils $4.6 trillion plan to cut the deficit - USA TODAY Posted: 12 Mar 2013 09:16 AM PDT House Budget Committee Chairman Paul Ryan, R-Wis., holds up a copy of his proposed budget during a news conference March 12.(Photo: Carolyn Kaster, AP) Story Highlights House GOP budget would balance spending and revenue in 10 years Blueprint calls for a full repeal of President Obama's health care law Plan changes Medicare for future retirees WASHINGTON — House Republicans unveiled a budget Tuesday that would balance the nation's books in 10 years without raising taxes but by eliminating President Obama's health care law, revamping Medicare for future retirees and creating just two tax brackets for individuals -- 10% and 25%. By cutting $4.6 trillion in current spending over the next decade, the budget would achieve balance between what the government spends and what it collects in revenues by 2023. "For the third straight year, we've delivered," House Budget Committee Chairman Paul Ryan, R-Wis., said Tuesday at a news conference. Since taking control of the House in 2010, the GOP has approved a budget each year. The House is scheduled to approve Ryan's budget next week. The GOP budget is non-binding and does not have the force of law, but it serves as a philosophical document on the party's views on the size and role of the federal government. The conservative blueprint stands no chance of gaining traction with Senate Democrats or Obama, but the plan is a starting point for renewed debate about how to balance the budget. Senate Democrats, for the first time since 2009, will unveil a competing budget Wednesday. Senate Democrats will call for raising $1 trillion in new revenues while cutting $1 trillion in federal spending, but they have not offered any specifics ahead of Wednesday's release. Senate Budget Committee Chairwoman Patty Murray, D-Wash., will preview the budget to her Senate Democratic colleagues at a Tuesday meeting that Obama is scheduled to attend on Capitol Hill. The 50/50 ratio of taxes to cuts is on par with the president's call for "a balanced approach" for deficit reduction. Key elements of the GOP budget include: A balanced budget achieved in a decade by not allowing the government to spend more than it collects in revenue, which Republicans set at 19.1% of gross domestic product. By their measure, the federal government will spend $4.6 trillion less over the next decade that the government is currently on track to spend. A 3.4% annual increase in spending each year, but Republicans estimate the economy will grow by a faster margin to help balance the books. Cuts the growth of the public debt to an estimated $14.2 trillion by 2023 instead of the nearly $20 trillion estimated by the non-partisan Congressional Budget Office. Authorizes construction of the 1,700-mile Keystone XL oil pipeline and estimates it would create 20,000 new jobs. A full repeal of Obama's health care law. Support for new laws to limit medical malpractice liabilities. A fundamental overhaul of the Medicare system for future retirees. Starting in 2024, seniors would be given a federal subsidy to purchase health care from the private market, instead of the guaranteed benefit system that currently exists. It also calls for wealthy seniors to pay more for premiums. Ryan's plan also keeps in place $716 billion in Medicare cuts in payments to providers included in the president's health care law to achieve balance. As a vice presidential candidate in 2012, Ryan opposed these cuts and attacked Obama for it in his convention speech. A transfer of power to states to determine how Medicaid and other funds should be spent on programs, including food stamps. An increase in defense spending over current law. A plan to transform the tax code to simplify it from seven individual tax brackets to two, as well as a repeal of the Alternative Minimum Tax. A 25% corporate tax rate. A requirement that the president and Congress offer respective proposals for the long-term solvency of Social Security. The outline is similar to the two previous budgets offered by House Republicans. Ryan acknowledged that their Medicare proposal is politically sensitive. "The other side will demagogue this issue. But remember: Anyone who attacks our Medicare proposal without offering a credible alternative is complicit in the program's demise," he wrote in a column published in Tuesday's Wall Street Journal. In a statement, the White House criticized the Ryan plan as one that would disproportionately hurt the middle class and protect the wealthy. The White House also made clear they would oppose Ryan's Medicare overhaul. "This budget would turn Medicare into a voucher program undercutting the guaranteed benefits that seniors have earned and forcing them to pay thousands more out of their own pockets," they said. "The president still believes it is the wrong course for America." Senate Democrats are likewise on track to vote on their budget next week. The president has not yet sent his budget request to Congress. It is not expected until early April. The two chambers are unlikely to reconcile the competing budget plans, but approval in the House and Senate by April 15 will ensure that lawmakers can still collect their paychecks. A law passed earlier this year mandated that lawmakers approve a budget by the April deadline or their salaries would be held in escrow until a budget was passed or the current Congress ended in January 2015.

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LTAT to pay highest ever dividend Posted: 11 Mar 2013 10:08 PM PDT The Lembaga Tabung Angkatan Tentera (LTAT) today announced its highest ever dividend payout of 16 per cent, amounting to RM759.3 million, one per cent better when compared to previously. Defence Minister, Datuk Seri Dr Ahmad Zahid Hamidi the payout comprised a seven per cent dividend, one per cent bonus, and eight per cent special bonus in the form of unit trusts. "This reflects an increase of 11.6 per cent in total payout against the RM680.4 million recorded in 2011," he told a media briefing on LTAT's results here. LTAT also posted a higher unaudited income of RM907.4 million for its financial year ended December 31, 2012, the highest recorded, since its establishment 40 years ago. This is an increase of 5.5 per cent when compared to the RM860 million registered in the same period of 2011. As at December 31, 2012, LTAT's assets rose by 10 per cent to RM8.8 billion compared with RM8 billion previously. Members' contributions stood at RM7.8 billion against RM7.1 billion in 2011. For 2013, Ahmad Zahid said LTAT aims to notch a RM1 billion profit alongside higher dividends, on the back of the stellar 2012 performance. This would also be supported by expectations of stronger earnings from its subsidiaries, Boustead Heavy Industries Corp and Affin Holdings Bhd, as well investments in trading, property and retail.-- Bernama

Toho may build plant in Malaysia Posted: 11 Mar 2013 08:28 PM PDT Toho Titanium Co may build a factory outside Japan for the first time as it seeks to escape escalating energy costs brought on by the Fukushima disaster. The company, whose products are turned into lightweight and corrosion-resistant parts used in everything from Boeing Co's 787 Dreamliner airplane to desalination plants, may spend several hundred million dollars to build the overseas plant in either Malaysia or another lower-cost site, chief executive officer Kiyonobu Sugiuchi said in a March 8 interview. "It will be tough for us to operate plants just in Japan," Sugiuchi said in the interview in Chigasaki, south of Tokyo. "We used to insist on staying in Japan." Toho Titanium's possible move abroad highlights the challenges facing high-energy consumers such as steelmakers and chemical companies following the shutdown of almost all Japan's nuclear reactors after Fukushima two years ago. Japan last year paid 6 trillion yen (US$62 billion) for liquefied natural gas imports, or 73 per cent more than two years earlier, as the nation turned to alternative power plants. Higher titanium ore prices have pushed up raw material costs for the titanium industry. The cost of titanium ore delivered from Australia has tripled to US$1,550 per metric tonne in the past three years, according to Metal Bulletin data. Ore costs and a higher bill for electricity pushed Toho Titanium's operating profit down by 1.9 billion yen in the six months ended September 30, the company said in a November 9 statement. The Japan Titanium Society, together with eight other domestic industry groups, in January urged the nation's trade ministry to take measures, including subsidies and the resumption of nuclear plants, to alleviate cost increases. Waning demand for titanium from industrial plant users is making it difficult to pass on increased costs to domestic customers, Sugiuchi said. Titanium ingot prices may fall for the first time in three years or at best match year-ago levels in the fiscal year beginning April 1, Sugiuchi said. In addition to higher energy and raw material costs, the grounding of Boeing's 787 Dreamliner since January 16 after battery failures is adding pressure. Boeing's new aircraft, which is built with light carbon-fibre materials instead of aluminum to boost efficiency, uses titanium in roughly 14 per cent of the total airframe, according to Boeing's website. Titanium use has been expanded in the 787 because it is resistant to corrosion, has minimal fatigue concerns and can withstand comparable loads better than aluminum, Boeing says. Japanese companies have a record 35 per cent production share of the 787's body. Mitsubishi Heavy Industries Ltd, IHI Corp, Toray Industries Inc and Osaka Titanium Technologies Co are among companies involved in the plane's construction. The possibility that Boeing's battery woes will tarnish the Dreamliner's reputation is of great concern, Sugiuchi said. "If successful, other planes will be made using similar construction methods, leading to greater demand for titanium," Sugiuchi said. "It would be a problem if they don't succeed with the plane." The grounding of the 787 will have no immediate impact on earnings because the US planemaker is continuing with production even amid the investigation, Sugiuchi said. Toho will deepen output cuts to 30 per cent in April and will keep factory operations lower than normal for the next 12 months as it awaits a recovery, Sugiuchi said.-- Bloomberg

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