Isnin, 10 Disember 2012

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KL shares remain steady at opening

Posted: 10 Dec 2012 06:12 PM PST

Share prices on Bursa Malaysia maintained yesterday's steady performance on continued buying interest prompted by positive regional sentiment, dealers said.

After 15 minutes of trading, the barometer FTSE Bursa Malaysia KLCI (FBM KLCI) was 7.59 points better at 1,639.74, after opening 1.67 points higher at 1,633.82.

HwangDBS Vickers Research said the key FBM KLCI may be eager to extend its 14.38 points gains recorded yesterday by riding on the positive momentum, following a surprisingly robust performance, albeit, on thin volume.

"On the chart, the benchmark index could be challenging the resistance threshold of 1,635 next," it said in a note today.

On the economic front, it said, the industrial production index (IPI) report for October is scheduled for release later today, with one media survey projecting an annual increase of 2.2 per cent for the month.

Meanwhile, another dealer said investors may be tempted to lock in gains when the market kicks off trade today after the local bourse finished above the 1,630 points plateau.

The Finance Index rose 40.81 points to 15,140.99, the Industrial Index gained 12.25 points to 2,713.7 and the Plantation Index added 35.15 points to 7,924.79.

However, the Ace Index slipped 15.02 points to 4,160.04 but the FBMT100 advanced 46.62 points to 10,993.81, the FBM Emas garnered 45.59 points to 11,137.54 while the FBM Mid 70 index was 30.86 points better at 12,096.54.

There were 110 gainers and 46 losers while 110 counters were unchanged, 1,374 counters untraded and 19 others were suspended. Volume stood at 50.39 million shares worth RM43.65 million.

Among actives, Karambunai added one sen to 12 sen, DSC Solutions earned half-a-sen to 17 sen, Permaju rose two sen to 37.5 sen but Tiger Synergy shed one sen to 36.5 sen.

Heavyweights, Maybank improved two sen to RM9.08 and CIMB increased four sen to RM7.64 while Sime Darby and Axiata were up three sen each at RM9.08 and RM6.22, respectively. -- BERNAMA

Ringgit opens slightly higher

Posted: 10 Dec 2012 06:36 PM PST

The ringgit opened slightly higher against the US dollar today on the back of greenback selling globally ahead of the US's Federal Open Market Committee meeting later today, dealers said.

Most market players remained sidelined as they await the outcome of the two-day meeting, which could determine the current monetary policy's stance for the world's largest economy.

At 9.05 am, the ringgit was quoted at 3.0585/0620 compared with Monday's 3.0595/0625.

Meanwhile, the ringgit was traded mostly lower against other major currencies. It eased against the Singapore dollar to 2.5043/5063 compared on with yesterday's 2.5004/5039 but gained against the Japanese yen to 3.7100/7151 from 3.7148/7207 on Monday.

The local currency also weakened against the British pound to 4.9147/9209 versus yesterday's 4.9062/9123 and slipped against the euro to 3.9568/9616 from 3.9489/9534, previously. -- BERNAMA
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Fiscal cliff negotiations ongoing: Boehner aide - Reuters

Posted: 10 Dec 2012 09:01 AM PST

U.S. House Speaker John Boehner (R-OH) speaks during a news conference on Capitol Hill in Washington, November 28, 2012. REUTERS/Yuri Gripas

U.S. House Speaker John Boehner (R-OH) speaks during a news conference on Capitol Hill in Washington, November 28, 2012.

Credit: Reuters/Yuri Gripas

WASHINGTON | Mon Dec 10, 2012 12:10pm EST

(Reuters) - Negotiations between the White House and House of Representatives Speaker John Boehner on averting the December 31 "fiscal cliff" are continuing but Republicans are awaiting a counter-offer from President Barack Obama, an aide to Boehner said on Monday.

"The Republican offer made last week remains the Republican offer," Boehner spokesman Michael Steel said.

He said Boehner continues to "wait for the president to identify the spending cuts he's willing to make" in deficit-reduction negotiations.

Last week, Boehner and his House leadership team sent Obama a proposal they said would produce $2.2 trillion in new savings over 10 years. It included $800 billion in new revenues that would be achieved through comprehensive tax reform.

None of those new revenues would come from raising income tax rates on the 2 percent of families with the highest net incomes - a central Obama demand.

Democrats have rejected Boehner's proposal, insisting that tax rates on the rich must be nailed down before negotiating further on how to proceed with tax reform efforts next year, along with new spending cuts for "entitlement" programs, such as the Medicare healthcare program for the elderly.

The White House has proposed its own set of spending cuts that Republicans have rejected, arguing that they do not effectively deal with long-term rising costs of Medicare, Medicaid and Social Security programs.

On Sunday, Boehner met with Obama at the White House. Steel, on Monday, said "discussions with the White House are taking place." He did not say whether more face-to-face meetings are scheduled between the two key principles in the conflict.

A Democratic aide, who asked not to be identified, said there was no indication that Sunday's talks between Obama and Boehner advanced efforts to avoid $600 billion in across-the-board tax hikes and spending cuts that are due to begin in January if Congress and the White House cannot find a more suitable replacement.

(Reporting By Richard Cowan; Editing by Bill Trott)

Jenni Rivera, 43, Mexican-American Singer and TV Star, Is Dead - New York Times

Posted: 10 Dec 2012 09:10 AM PST

Jenni Rivera, the Mexican-American singer and reality television star known as "the Diva of Banda," died early Sunday in a plane crash outside Monterrey, Mexico, after a performance there. She was 43.

Ms. Rivera was one of the biggest stars of the genre known as banda, a brassy, percussive form of Spanish-language pop music invented in northern Mexico and perfected in the American Southwest. She sold more than 15 million records, was nominated three times for a Latin Grammy Award, and developed a reputation for hard-hitting lyrics that addressed relationships between the sexes with a frankness similar to that of American country music: one of her albums, released in 2007, was entitled "My Crazy Life."

Banda is a style popular primarily among Mexican-Americans, Mexicans and Central Americans. But in recent years Ms. Rivera's popularity expanded to other Hispanic groups in the United States, thanks to three reality television programs broadcast on the Mun2 channel that starred Ms. Rivera or her five children.

In the best known of the shows, "I Love Jenni," Ms. Rivera cultivated a tough-talking persona, prone to making hilarious, outrageous statements and unafraid of offending family or friends. "Have a great day, don't get pregnant," she would warn a daughter. Promotional material for the show, which went on the air in 2011 and began production of its third season last month, described her as "the mama with lots of drama."

"It doesn't bother me at all that some people think I am too outspoken," Ms. Rivera said in 2011. "Actually, if they are thinking about me, it bothers them. But, oh well, they'll get over it."

Ms. Rivera's tough-mother approach stemmed from her own experience. By the time she was 16, she was married and had given birth to her first daughter, Janney, known as Chiquis and featured in two reality shows on Mun2, a cable channel owned by NBC Universal. She was married three times, most recently to the former major league pitcher Esteban Loaiza, but the couple divorced this fall.

When her plane crashed, Ms. Rivera was on her way to the Mexico City area, where she was scheduled to tape an episode of the Mexican version of the singing competition show "The Voice," on which she was a judge. She was also developing an English-language family comedy for ABC with the producers of the hit show "Designing Women." 

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Ahad, 9 Disember 2012

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Brahim's aims to take in flight catering global

Posted: 09 Dec 2012 05:51 PM PST

KUALA LUMPUR: Inflight caterer, Brahim's Holdings Bhd, is aiming to provide premium halal food and beverage (F&B) to the domestic and international aviation sectors as part of its endeavour to expand its operations.

Executive chairman Datuk Ibrahim Ahmad Badawi said the company has a strong foothold in various F&B operations from providing flight catering services to operating airport restaurants and restaurant franchises to upstream sugar refinery operations.

"Quite a number of enquiries have been made to the company from
international aviation companies such as Etihad, Gulf and Qatar Airways requesting Brahim's to provide flight kitchen services.

"We've actually got a number of enquiries from flight kitchens overseas that want to start their own halal facility with Malaysia's expertise in setting up halal flight catering," he told Bernama.


Brahim's recently forged a joint venture with the Jordanian government to set up its first overseas factory to manufacture products for the Jordanian military.

The venture would also serve as Brahim's hub for the lucrative Middle East market, he said.

The factory's official opening is slated for early January, he said.

The company is also eyeing penetrating other overseas markets such as Indonesia, Japan, Nigeria and several other Middle Eastern countries.

The company recently obtained its shareholders' approval to complete the acquisition of the remaining 49 per cent shareholdings in Brahim's-LSG Sky Chefs Holdings Sdn Bhd (BSLG) for RM130 million.

Upon completion of the acquisition exercise, Brahim's will be able to consolidate BLSG as its wholly-owned subsidiary, and capture 100 per cent of its revenue and earnings in the provision of in-flight catering and related services.

It will also transform the company into a global halal food and beverage group.

With the acquisition, it will have fully Malaysianised operating company of the world's largest halal flight kitchen, marking the accomplishment of a Bumiputera-listed company in providing halal in-flight meals catering to over 30 international airlines out of the Kuala Lumpur International Airport (KLIA) and more significantly to its single largest customer, Malaysia Airlines
(MAS)," Ibrahim said.

Recent newsreports projected that Brahim's revenue would soar to RM200 million next year mainly through the full acquisition of BLSG and the recently secured premium food court and a separate fast-food outlet deal at KLIA2. -- BERNAMA

FBM KLCI opens higher in early trade

Posted: 09 Dec 2012 05:57 PM PST

KUALA LUMPUR: Share prices on Bursa Malaysia opened higher in early trading Monday, extending Friday's gains on continued buying support, dealers said.

After 35 minutes of trading, the barometer FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.42 points better at 1,622.42, after opening 0.48 of a point higher at 1,618.25.

HwangDBS Vickers Research has expected the local bourse to open slightly lower today after getting a lift in the final minutes of trading to close at an intra-day high of 1,617.77 on Friday.

"Nevertheless, the key market barometer is expected to show resilience against a fairly quiet market backdrop.

"On the chart, the immediate support and resistance lines are currently set at 1,600 and 1,617, respectively," the research house said in a note today.

HwangDBS also said the monthly plantation statistics on production, inventory and exports for November are due for release around noon today.

Meanwhile, the Finance Index rose 12.14 points to 15,052.33, the Industrial Index gained 4.87 points to 2,691.67 and the Plantation Index added 7.32 points to 7,845.61.

However, the Ace Index slipped 3.25 points to 4,162.99, but the FBMT100 advanced 24.13 points to 10,883.27, the FBM Emas garnered 25.01 points to 11,030.91, while the FBM Mid 70 index was 6.1 points better at 11,030.91.

There were 126 gainers and 78 losers while 134 counters were unchanged, 1,301 counters untraded and 18 others were suspended.

Volume stood at 102.2 million shares worth RM66.69 million.

Among actives, Tiger Synergy rose three sen to 41.5 sen, Time engineering gained 2.5 sen to 31.5 sen while Takaso Resources and Asia Media earned one sen each to 34 sen and 43.5 sen, respectively.

Heavyweights, Maybank and CIMB improved three sen each to RM9.09 and 7.58, respectively, Sime Darby added one sen to RM9.01 and Axiata gained two sen to RM6. -- BERNAMA

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Egypt's opposition scorns Mursi's concession - Reuters

Posted: 09 Dec 2012 08:55 AM PST

Egypt's President Mohamed Mursi (C) attends a meeting with Egypt's Vice President Mahmoud Mekky (L) with other politicians and heads of parties at the presidential palace in Cairo December 8, 2012. Mursi cancelled a decree which had sparked huge protests by giving him sweeping powers. REUTERS/Egyptian Presidency/Handout

CAIRO | Sun Dec 9, 2012 11:54am EST

(Reuters) - A concession offered by President Mohamed Mursi failed to placate opponents who accused him on Sunday of plunging Egypt deeper into crisis by refusing to postpone a vote on a constitution shaped by Islamists.

Islamists say they see the referendum as sealing a democratic transition that began when a popular uprising toppled Hosni Mubarak 22 months ago after three decades of military-backed one-man rule.

Their liberal, leftist and Christian adversaries say the document being fast-tracked to a vote could threaten freedoms and fails to embrace the diversity of Egypt's 83 million people.

More protests were planned near Mursi's palace, despite tanks, barbed wire and other barriers installed last week after clashes between Islamists and their rivals killed seven people.

Mursi had given some ground the previous day when he retracted a fiercely contested decree giving himself extra powers and shielding his decisions from judicial review.

But the president insisted the constitutional referendum go ahead next Saturday and the Muslim Brotherhood, from which he sprang, urged the opposition to accept the poll's verdict.

Ahmed Said, a liberal leader of the main opposition National Salvation Front, described the race to a referendum as "shocking" and an "act of war" against Egyptians.

The Front has promised a formal response later on Sunday.

Egypt is torn between Islamists, who were suppressed for decades, and their rivals, who fear religious conservatives want to squeeze out other voices and restrict social freedoms. Many Egyptians just crave stability and economic recovery.

Brotherhood spokesman Mahmoud Ghozlan said the scrapping of Mursi's decree had removed any reason for controversy.

"We ask others to announce their acceptance of the referendum result," he said on the group's Facebook page, asking whether the opposition would accept "the basics of democracy".

The retraction of Mursi's November 22 decree, announced around midnight after a "national dialogue" boycotted by almost all the president's critics, has not bridged a deep political divide.

Prime Minister Hisham Kandil, a technocrat with Islamist leanings, said the referendum was the best test of opinion.

"The people are the makers of the future as long as they have the freedom to resort to the ballot box in a democratic, free and fair vote," he said in a cabinet statement.

"CONSTITUTION WITHOUT CONSENSUS"

But opposition factions, uncertain of their ability to vote down the constitution against the Islamists' organizational muscle, want the document redrafted before any vote.

"A constitution without consensus can't go to a referendum," said Hermes Fawzi, 28, a protester outside the palace. "It's not logical that just one part of society makes the constitution."

Egypt tipped into turmoil after Mursi grabbed powers to stop any court action aimed at hindering the transition. An assembly led by the Muslim Brotherhood and other Islamists then swiftly approved the constitution it had spent six months drafting.

Opponents, including minority Christians, had already quit the assembly in dismay, saying their voices were being ignored.

A leftist group led by defeated presidential candidate Hamdeen Sabahy demanded the referendum be deferred until a consensus could be reached on a new draft, saying there could be "no dialogue while blood is being spilled in the streets".

After the dialogue hosted by Mursi, a spokesman announced that the president had issued a new decree whose first article "cancels the constitutional declaration" of November 22. He said the referendum could not be delayed for legal reasons.

The decree ignited more than two weeks of sometimes bloody protests and counter-rallies in Egypt. Mursi's foes have chanted for his downfall. Islamists fear a plot to oust the most populous Arab nation's first freely elected leader.

The April 6 movement, prominent in the anti-Mubarak revolt, derided the result of Saturday's talks as "manipulation and a continuation of deception in the name of law and legitimacy".

Islamists reckon they can win the referendum and, once the new constitution is in place, a parliamentary poll about two months later. The Islamist-led lower house elected this year was dissolved after a few months by a court order.

Investors appeared relieved at Mursi's retraction of his decree, sending Egyptian stocks 4.4 percent higher on Sunday. Markets are awaiting approval of a $4.8 billion IMF loan later this month designed to support the budget and economic reforms.

The military, which led Egypt's transition for 16 turbulent months after Mubarak fell, told feuding factions on Saturday that only dialogue could avert "catastrophe". But a military source said these remarks did not herald an army takeover.

(Additional reporting by Edmund Blair and Yasmine Saleh; Editing by Stephen Powell)

Colorado Springs doctor kidnapped by Taliban in Afghanistan is rescued - Denver Post

Posted: 09 Dec 2012 08:58 AM PST

A Colorado Springs doctor is safe after being rescued from his Taliban captors in Afghanistan on Saturday, according to a relief agency.

Dr. Dilip Joseph, a medical adviser for Morning Star Development, was the third and final member of a team freed after being kidnapped at 3:30 p.m., Afghanistan time, on Wednesday, according to a Morning Star statement.

Morning star, a non-governmental organization, is an institute for leadership development, which lists one of its objectives as aiding Afghanistan to rebuild communities and lives through economic and community development initiatives, according to the website.

Morning star is based in Colorado Springs, according to its website.

Joseph was rescued by members of the U. S. armed forces after the other two team members were released by captors 11 hours earlier, after hours of negotiations were conducted over the three days, the release states.

Joseph, who appeared to be uninjured, was taken to the Bagram Airfield north of Kabul, according to the release.

The other members of the team were unnamed, but were identified as a member of Morning Star's medical staff and support staff.

A group of armed men abducted the team in the eastern Kabul Province while the team returned from a visit to one of Morning Star's rural medical clinics, the release states.

They were eventually taken to a mountainous area about 50 miles from the Pakistan border, according to the release.

Morning Star's crisis management team, operating from Kabul and Colorado Springs, immediately began talks with the captors, which went back and forth over several days, according to the release.

Joseph will be debriefed and return to his Colorado Springs home within the week, the release states.

Morning Star Development said the organization paid no ransom, money or other consideration to the captors or anyone else to secure the release of the three hostages.

Calls to Morning star for additional comment were not immediately returned.

Ryan Parker: 303-954-2409, rparker@denverpost.com or twitter.com/ryanparkerdp

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Sabtu, 8 Disember 2012

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Egypt's Leader Seen on a Path To Martial Law - New York Times

Posted: 08 Dec 2012 09:29 AM PST

CAIRO — Struggling to quell street protests and political violence, President Mohamed Morsi is moving to impose a version of martial law by calling on the armed forces to keep order and authorizing soldiers to arrest civilians, Egyptian state media announced Saturday.

If Mr. Morsi goes through with the plan, it would represent a historic role reversal. Before the ouster of Hosni Mubarak last year, Egypt's military-backed authoritarian presidents had spent six decades warning against the threat of an Islamist takeover and using martial law to hold onto their power. Mr. Morsi, a former leader of the once-banned Muslim Brotherhood, and many of his fellow Islamists spent months in jail under those decrees for their opposition to the government.

A turn back to the military would come just four months after Mr. Morsi managed to pry political power out of the hands of the generals, who refused for months after his election to allow him full presidential power.

The flagship state newspaper Al Ahram reported that Mr. Morsi "will soon issue a decision for the participation of the armed forces in the duties of maintaining security and protection of vital state institutions." The military would maintain its expanded role until the completion of a referendum on a draft constitution next Saturday and the election of a new Parliament expected two months after that.

The announcement of impending martial law would represent the steepest escalation yet in the political battle between Egypt's new Islamist leaders and their secular opponents over the Islamist-backed draft constitution — a standoff that has already threatened to derail Egypt's promised transition to a constitutional democracy.

Calling in the army could overcome the danger of protests or violence that might disrupt the planned referendum on the constitution and the election of a new parliament to follow. But resorting to the military to secure the vote could undermine Mr. Morsi's efforts to end the political crisis threatening his rule if it delegitimizes the new charter as an expression of national consensus and a vote of confidence in him.

Although the plan would not fully suspend the civil law, it would nonetheless have the effect of suspending legal rights by empowering soldiers under the control of the defense minister to try civilians in military courts.

There was no sign of military tanks in the streets Saturday evening, but the military appeared for now to back Mr. Morsi. Soon after the news of Mr. Morsi's plans, a military spokesman read a statement over state television that echoed the reports of Mr. Morsi's planned decree.

The military "realizes its national responsibility for maintaining the supreme interests of the nation and securing and protecting the vital targets, public institutions, and the interests of the innocent citizens," the spokesman said, emphasizing the "sorrow and concern" over recent developments and warning of "divisions that threaten the state of Egypt."

"Dialogue is the best and sole way to reach consensus that achieves the interests of the nation and the citizens," the spokesman said. "Anything other than that puts us in a dark tunnel with drastic consequences, which is something that we will not allow."

Mr. Morsi's relationship with the military has been fraught since he was elected president in June in Egypt's first free vote for president. The generals at first had sought a continuing role in Egyptian politics — in part their supporters argued, as a safeguard against an Islamist takeover.

But after taking office Mr. Morsi spent months courting the generals, sometimes earning the derision of liberal activists for his public flattery of their role. In an August decree, he relied on the backing of some top officers to remove the handful of generals who had insisted on maintaining a political role. And then last month, despite the protests of the same activists, the new Islamist-backed draft constitution turned out to include protections of the military's autonomy and privileges within the Egyptian government, suggesting an understanding between the two sides that may now come into effect.

Under the president's planned martial law order, the defense minister would determine the scope of the military's role, Al Ahram reported. Military officers acting as police officers would be authorized "to use force to the extent necessary to perform their duty," the newspaper said.

Silvio Berlusconi confirms he will run – again – to be Italy's prime minister - The Guardian

Posted: 08 Dec 2012 09:21 AM PST

Silvio Berlusconi
Silvio Berlusconi: 3/1 to become the next Italian prime minister. Photograph: Giuseppe Cacace/AFP/Getty Images

Never a man to let defeat – or scandal – keep him down, the disgraced former prime minister of Italy Silvio Berlusconi has announced he will run once again for the country's top job.

With three colourful terms behind him, Berlusconi confirmed he would try for a fourth time to become premier, saying he was doing it out of "a sense of responsibility" days after his party withdrew its support for the technocrat government of the current prime minister, Mario Monti.

The media mogul told reporters he was running to win and that "the campaign is already on".

Monti took the loss of Berlusconi's support calmly, calling the situation "manageable", despite it increasing the likelihood of fresh elections. Although Italy's economy is still struggling, Monti is credited with calming the country's financial markets and rescuing it from financial disaster.

Monti, who is a life-appointed senator, has said he will not stand in next year's vote, but is willing to step in afterwards if the result is not clear.

The British betting firm Ladbrokes gave 3/1 odds on Berlusconi becoming the prime minister in 2013.

Berlusconi stepped down last year amid a severe debt crisis. Allegations of his involvement with an underage prostitute and reports that he hosted sex-filled "bunga-bunga" parties also clouded his premiership. He has since been convicted of tax fraud and faces low favourability ratings in the polls.

The three-time prime minister got his start selling vacuum cleaners and singing on cruise ships. In 1971, Berlusconi founded a local cable firm, Telemilano, which grew into the country's largest media company, Mediaset. He has since expanded his media empire to include Italy's largest publishing house, Mondadori, and the newspaper Il Giornale. Other business interests include owning the globally popular football club, AC Milan.

Berlusconi entered politics in 1993, forming his own party and naming it after an AC Milan chant used by fans, Forza Italia, which means "go Italy". He rose to power the next year, winning the elections, and went on over the next 14 years to win twice more and lose twice, both times to Romano Prodi.

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Jumaat, 7 Disember 2012

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US stocks end the week mixed

Posted: 07 Dec 2012 06:22 PM PST

NEW YORK: A surprise slide in the US unemployment rate to 7.7 per cent for November gave markets an initial boost Friday, but stocks ended the session mixed.

The Dow Jones Industrial Average rose 81.09 points (0.62 per cent) to 13,155.13 in closing trade.

The S&P 500 gained 4.13 points (0.29 per cent) to 1,418.07, while the Nasdaq Composite lost 11.23 points (0.38 per cent) at 2,978.04.

"Stocks ended the week mixed, with traders struggling to find direction amid a better-than-expected jobs report and a disappointing drop in consumer confidence, as well as a lack of progress on resolution to the fiscal cliff," said Charles Schwab & Co. analysts.

The November jobs market data came in better than expected, with the economy adding 146,000 jobs, a gain from October's downwardly revised 138,000.

Meanwhile, the University of Michigan consumer sentiment index declined to 74.5 from November's 82.7, which had been the best level in five years.

Also weighing on market sentiment was a continued impasse on the so-called fiscal cliff, with top Republican congressman John Boehner saying there was "no progress" in talks about looming tax hikes and spending cuts due in January. In the absence of a deal, the measures were expected to push the country into recession.

Stocks in focus included bailed-out insurance group AIG, which announced Friday it was in discussions to sell a majority stake in International Lease Finance Corporation (ILFC) -- one of the world's top aviation leasing firms -- to a consortium of Chinese companies. Government-controlled AIG gained 2.6 per cent.

Dow member Bank of America was among the most actively traded stocks, rising 1.7 per cent. JPMorgan Chase rose 2.6 per cent.

Shares of Copper miner Freeport-McMoRan, which lost some 20 per cent in two days as investors frowned on its deal to buy two related companies at generous prices in deals worth US$9 billion, gained 2.9 per cent.

In the technology sector, Apple shares, which have been volatile all week, lost 2.6 per cent.

Online video giant Netflix dropped 0.2 per cent, a day after announcing it faces a possible penalty from US regulators for comments made by its top executive on his Facebook account about subscriber activity. -- AFP

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Economy Adds 146000 Jobs - Wall Street Journal

Posted: 07 Dec 2012 07:58 AM PST

Article Excerpt

WASHINGTON—U.S. job growth picked up and the unemployment rate fell to a four-year low in November as the labor market shrugged off superstorm Sandy, the latest sign of a steady if unspectacular economic recovery.

U.S. nonfarm payrolls increased by a seasonally adjusted 146,000 last month, the Labor Department said Friday. The unemployment rate, obtained by a separate survey of U.S. households, fell two-tenths of a percentage point to 7.7%, the lowest level since December 2008.

Friday's report is the first measure of Sandy's impact on payrolls. The storm made landfall Oct. 29 and caused severe damage in New York and ...

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Cairo Protesters Take to Streets as Political Crisis Deepens - New York Times

Posted: 07 Dec 2012 09:00 AM PST

CAIRO — Supporters and opponents of the government of President Mohamed Morsi staged competing demonstrations on Friday after noon prayers, throwing Egypt deeper into political crisis.

Thousands of pro-government Islamists attended the funeral of two men killed in clashes on Wednesday outside the presidential palace, the site of continuing demonstrations by the opposition. "With blood and soul, we redeem Islam," they chanted, while calling opposition leaders "murderers" the Associated Press reported.

Simultaneously, thousands of opposition protesters streamed in separate marches toward the presidential palace, gathering there to shout "Leave!, Leave," even though Mr. Morsi does not make his residence in the building. Speakers accused the Muslim Brotherhood, which Mr. Morsi once helped lead, of sparking the violence by sending "hired thugs" to destroy a tent camp set up by the president's opponents, the news agency reported.

Rival protests were reported throughout the country, including in Alexandria in the Nile delta, the tourist center of Luxor and Assiut, in the south, where marchers chanted "No Brotherhood, no Salafis, Egypt is a civic state," the A.P. said.

News reports quoted several leaders of the opposition coalition as saying they would not join the dialogue proposed by Mr. Morsi in a speech on Thursday in which he blamed the outbreak of violence on a "fifth column." He also vowed to proceed with a referendum on an Islamist-backed constitution that has prompted deadly street battles between his supporters and their opponents.

Mr. Morsi spoke a day after the growing antagonism between his supporters and the secular opposition triggered the worst outbreak of violence between political factions here since Gamal Abdel Nasser's coup six decades ago. By the time the fighting ended, six people were dead and hundreds were wounded.

The violence also led to resignations that rocked the government, as advisers, party members and the head of the commission overseeing the planned vote on a new constitution stepped down, citing the bloodshed.

"The National Salvation Front is not taking part in the dialogue, that is the official stance," Ahmed Said, a member of the coalition and head of the liberal Free Egyptians Party, told Reuters.

Several other prominent opposition figures, including Mohamed ElBaradei, the former head of the International Atomic Energy Agency, said they would not participate.

In a message on Twitter, Mr. ElBaradei said the president's offer "lacks the basics of real dialogue."

"We are for dialogue that is not based on arm-twisting and imposing a fait accompli," he said.

The sight of protesters on Cairo's streets has been common since the beginnings of Egypt's transition toward democracy that began with the ouster of former President Hosni Mubarak last year.

In the latest protests, the target of the demonstrations has been the presidential palace in the wealthy suburb of Heliopolis, where protesters converged on Friday.

Since clashes there earlier this week, the elite presidential guard has ringed the palace with barbed wire, tanks and armored vehicles. After Mr. Morsi's speech on Thursday, his opponents mocked his words and called for new demonstrations on Friday.

Some observers said the president speech echoed his predecessor, Mr. Mubarak, who always saw "hidden hands" behind public unrest. Mr. Morsi said that corrupt beneficiaries of Mr. Mubarak's autocracy had been "hiring thugs and giving out firearms, and the time has come for them to be punished and penalized by the law." He added, "It is my duty to defend the homeland."

Mr. Morsi received a phone call on Thursday from President Obama, who expressed his "deep concern" about the deaths and injuries, the White House said in a statement.

"The president emphasized that all political leaders in Egypt should make clear to their supporters that violence is unacceptable," the statement said, chastising Mr. Morsi and the opposition leaders as failing to urge their supporters to pull back during the fight.

Prospects for a political solution also seemed a casualty, as both sides effectively refused to back down on core demands.

The opposition leadership refused to negotiate until Mr. Morsi withdrew a decree that put his judgments beyond judicial review until the referendum — which he refused to do. And it demanded that the referendum be canceled, which he also refused.

The hostilities have threatened to undermine the legitimacy of the constitutional referendum with concerns about political coercion. The feasibility of holding the vote also appears uncertain amid attacks on Brotherhood offices around the country and open street fighting in the shadow of the presidential palace.

Though Mr. Morsi spoke of opening a door for dialogue and compromise, leaders of the opposition and the thousands of protesters surrounding his palace dismissed his conspiratorial saber rattling as an echo of Mr. Mubarak. And his tone, after violence many here view as a national tragedy, seemed only to widen the gulf between his Islamist supporters and their secular opponents over his efforts to push through the referendum on an Islamist-backed charter approved over the objections of other factions and the Coptic Christian church.

Outside the palace, demonstrators huddled around car radios to listen to Mr. Morsi's words and mocked his efforts to blame outside infiltrators for the violence, which began when thousands of his Islamist supporters rousted an opposition sit-in.

"So we are the ones who attacked him, the ones who attacked the sit-in?" one protester asked sarcastically. "So we are the ones with the swords and weapons and money?" asked another.

Some left for the headquarters of the Muslim Brotherhood, where a mob had broken in, looted offices, and made a bonfire out of the belongings of the group's spiritual leader — until riot police officers chased them away with tear gas.

"I never thought I would say this, but even Mubarak was more savvy when he spoke in a time of crisis," said Hossam Bahgat, executive director of the Egyptian Initiative for Personal Rights.

The director of state broadcasting resigned Thursday, as did Rafik Habib, a Christian who was the vice president of the Muslim Brotherhood's Freedom and Justice Party and the party's favorite example of its commitment to tolerance and pluralism. Their departures followed an announcement Wednesday by Zaghoul el-Balshi, the new general secretary of the commission overseeing the planned constitutional referendum, that he was quitting. "I will not participate in a referendum that spills Egyptian blood," Mr. Balshi said.

Mr. Morsi's speech, previously set for 6 p.m. here and delayed for several hours, was his first effort to address the night of deadly violence and the underlying crisis set off by his Nov. 22 decree putting his own edicts above the review of any court until the ratification of a new constitution. He had said he needed those powers to protect the constitutional assembly and planned referendum. He has also said he wanted to head off interference by a counterrevolutionary conspiracy of corrupt businessmen and foreign enemies, cynical opposition leaders willing to derail democracy rather than let Islamists win elections, and the Mubarak-appointed judges who had already dissolved an earlier assembly and the democratically elected Parliament.

Each side of the political battle is now convinced that it faces an imminent coup. Secular groups believe Mr. Morsi is forcing through a constitution that will ultimately allow Islamist groups and religious leaders to wield new power. And the demands to stop the referendum have convinced Islamists that their secular opponents seek to abort the new democracy.

Advisers to Mr. Morsi say he has sought for days to find a way to reach out to his critics and resolve the building tension. In his speech, he offered to withdraw an article of his recent decree whose Orwellian language giving him ill-defined powers to protect the revolution had unnerved his opponents. He invited opposition and youth leaders to join him for a meeting at his palace at 12:30 p.m. on Saturday to try to hammer out some compromise, suggesting certain elements of the draft charter might be revised. And he declared that even if the constitution failed he would relinquish his emergency powers at the referendum on Dec. 15.

But opposition leaders dismissed his offers as all but meaningless. Their main objection to Mr. Morsi's decree is the more essential article removing the judicial check on his power. They said that his proposed dialogue would take place on the first day of overseas voting on the new constitution, giving the meeting little chance of changing the text or the schedule. And the text of the draft constitution, if approved as expected, would already end his emergency powers.

Mr. ElBaradei, the former diplomat now acting as coordinator of the secular opposition, said Mr. Morsi's refusal to postpone the referendum until there was consensus on a new constitution had "closed the door to any dialogue." He argued that the Morsi government's failure to stop the previous night's bloodshed had "made the authority lose its legitimacy."

Nadine Sherif of the Cairo Institute for Human Rights Studies said in a statement: "President Morsi had a choice to either bring the country together or tear it apart. Today it seems clear that he has made his decision and civil war seems looming."

David D. Kirkpatrick reported from Cairo, and Alan Cowell from London. Two employees of The New York Times contributed reporting from Cairo.

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