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RAM reaffirms Kenanga IB's ratings Posted: 24 Mar 2013 07:10 PM PDT Malaysia's RAM Ratings has reaffirmed Kenanga Investment Bank Bhd's long- and short-term financial institution ratings at A3 and P1, respectively; the long-term rating has a stable outlook. The ratings take into consideration Kenanga IB's expanded retail stockbroking franchise following the completion of its acquisition of ECM Libra Investment Bank in December 2012. The acquisition has cemented its position as Malaysia's second-largest brokerage firm by trading volume in 2012, besides widening its branch network and enlarging its remisier base. The acquisition is expected to strengthen the Bank's brokerage income while non-stockbroking income will still largely stem from its investment-banking business. On this note, Kenanga IB has made strides in building its investment-banking franchise. However, as it is not part of a universal-banking group, the Bank lacks access to a larger balance sheet to secure more sizeable deals that requires bridging financing. In the short term, the Bank will focus on realising synergistic cost savings through staff and branch rationalisation. We envisage that it will need 1-3 years before realising the large-scale benefits of the integration exercise. Similar to all acquisitions, there could be integration risks, especially with respect to aligning the best practices of both entities as well as the retention of human capital and clients. RAM will closely monitor the post-merger integration process. Kenanga IB has healthy loan and securities portfolios, with no exposure to impaired corporate loans or debt securities during the period under review. Its earnings profile is inherently volatile due to the unpredictability of capital market movements. Meanwhile, Kenanga IB's financial performance in none months FY December 2012 was affected by weaker brokerage income and higher personnel costs. On balance, however, the Bank has retained its sound liquidity profile and sturdy capitalisation.-- Reuters

KL shares open higher Monday Posted: 24 Mar 2013 07:01 PM PDT Share prices on Bursa Malaysia opened higher in early trading Monday, as investors took the cue from the gains seen on Wall Street, dealers said. As at 9.09am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.52 points to 1,629.41, after opening 3.77 points higher at 1,630.66. They said global sentiment was positive as Cyprus' worries eased after a European Union official said an agreement has been made on an aid package for Cyprus. HwangDBS Vickers Research said the FBM KLCI should see its immediate support level at 1,615 level while immediate resistance stood at 1,635 level. "With the uncertainty of the general election looming over Malaysian equities, our market barometer FBM KLCI may remain range bound as the market awaits more clues," it said in a research note. On the score board, the Plantation Index gained 18.81 points to 7,803.97, the Finance Index rose 22.72 points to 15,347.94 but the Industrial Index slipped 3.26 points to 2,820.32. The FBMT100 earned 17.7 points lower at 11,003.33, the FBM Mid 70 Index was 22.84 points higher at 12,467.49 and the FBM Emas Index advanced 16.67 points to 11,167.18. The FBM Ace Index, however, lost 10.41 points to 3,980.84. Gainers led losers 87 to 57, with 97 counters unchanged, 1,403 untraded and 16 suspended. Turnover stood at 25.75 million shares worth RM20.69 million. Actives, Eti Tech Corp and Luster Industries earne half sen each to six sen and 10.5 sen, respectively, Destini gained 1.5 sen to 36.5 sen, while Efficient E-Solutions was flat at 13 sen. Heavyweights, Maybank improved one sen to RM9.15, CIMB Group gained four sen to RM7.20, but Petronas Chemicals and Maxis were all flat at RM6.38 and RM6.51, respectively. Sime Darby lost four sen to RM9.15 and Axiata Group shed one sen to RM6.35.-- Bernama

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John Kerry warns Iraq over Iran-Syria flights - CBS News Posted: 24 Mar 2013 08:08 AM PDT Updated 11:11 a.m. ET BAGHDAD The U.S. has made clear that Iraq shouldn't allow Iran to use its airspace to ship weapons and fighters to Syria, U.S. Secretary of State John Kerry told reporters Sunday during an unannounced trip to Baghdad. Following private discussions with Iraqi Prime Minister Nouri al-Maliki, Kerry said the two had a "very spirited discussion" on the subject of Iranian overflights. The U.S. believes the Iranian shipments are aiding Syrian President Bashar Assad and undermining Western-backed opposition groups. A senior U.S. official traveling with John Kerry said that there is "substantial" intelligence that indicates that the Iranian planes are carrying lethal aid for the Assad regime, reports CBS News correspondent Margaret Brennan. "I made it very clear that for those of us who are engaged in an effort to see President Assad step down ... anything that supports President Assad is problematic," Kerry said. Kerry also said that U.S. lawmakers and the American people are "increasingly watching what Iraq is doing and wondering how it is a partner." In the absence of a complete ban on flights, the U.S. would at least like the planes to land and be inspected in Iraq to ensure that they are carrying humanitarian supplies. Former Secretary of State Hillary Rodham Clinton secured a pledge from Iraq to inspect the flights last year, but since then only two aircraft have been checked by Iraqi authorities, according to U.S. officials. The overflights have long been a source of contention between the U.S. and Iraq and Kerry will tell the Iraqis that allowing them to continue will make the situation in Syria worse and ultimately threaten Iraq's stability. One senior U.S. official said the sheer number of overflights, which occur "close to daily," along with shipments trucked to Syria from Iran through Iraq, was inconsistent with claims they are only carrying humanitarian supplies. The official said it was in Iraq's interest to prevent the situation in Syria from deteriorating further, particularly as there are fears that al Qaeda-linked extremists may gain a foothold in the country as the Assad regime falters. The official, who spoke on condition of anonymity because she was not authorized to publicly preview Kerry's meetings, said there are clear links between al Qaeda linked extremists operating in Syria and militants who are also carrying out terrorist attacks in Iraqi territory with increasing regularity. A group of fighters in Syria known as Jabhat al-Nusra, a powerful offshoot of al Qaeda in Iraq that the U.S. has designated a terrorist organization, has claimed responsibility for most of the deadliest suicide bombings against regime and military facilities and, as a result, has gained popularity among some rebels. Kerry will tell al-Maliki, a Shiite with close ties to Iran, that Iraq cannot be part of the political discussion about Syria's future until it clamps down on the Iranian shipments, the senior official said. Maliki has long-standing relationships with Iranian and Syrian officials from his time as Shia dissident. He built those relationships during the late 1970s in an effort to get their help to overthrow Saddam Hussein. Since Maliki became Prime Minister, those ties have proved useful to maintain his own hold on power. However, they are problematic for the U.S. and its efforts to isolate Iran and cut off the regime of Syria's Assad. As Iraq approaches provincial elections next month, Kerry will also stress the importance of ensuring that all elements of society feel enfranchised, the official said. A recent decision to delay the polls in Anbar and Nineveh provinces is a "serious setback" to Iraq's democratic institutions and should be revisited, the official said. In addition to al-Maliki, Kerry saw Iraqi parliament speaker parliament speaker Osama al-Nujaifi, a Sunni, whose faction is at odds with Maliki's Shiia. Kerry also spoke by phone with Massoud Barzani, the head of the Kurdish Regional Government based in Irbil to encourage the Kurds not go ahead with unilateral actions — especially involving oil, like a pipeline deal with Turkey. He will stress the "importance of maintaining the unity of Iraq," say that "separate efforts undercut the unity of the country" and that "the Kurdish republic cannot survive financially without the support of Baghdad," the official said. Kerry's arrival came just three days after the anniversary of the U.S.-led war that began on March 20, 2003, with an airstrike on Dora Farms in southern Baghdad in a failed attempt to kill Hussein. The invasion and toppling of Hussein sparked years of bloodshed as Sunni and Shiite militants battled U.S. forces and each other, leaving nearly 4,500 U.S. soldiers and more than 100,000 Iraqis dead. Violence has ebbed sharply since the peak of Sunni-Shiite fighting that pushed the country to the brink of civil war in 2006 and 2007. But insurgents are still able to stage high-profile attacks, and sectarian and ethnic rivalries remain threats to the country's long-term stability. Earlier this week, an al Qaeda in Iraq front group claimed responsibility nearly 20 attacks that killed 65 people across the country on Tuesday and Wednesday. The Islamic State of Iraq said it unleashed the car bombs and other explosions to avenge the executions and "massacres" of convicted Sunni inmates held in Iraqi prisons. Its claim came on the 10th anniversary of the start of the war, although it made no reference to the significance of the date. Kerry arrived in Baghdad from Amman, where he had been accompanying President Barack Obama on his tour of Israel, the Palestinian Authority and Jordan. His visit to Iraq is the first by a U.S. secretary of state since Clinton went in April 2009. During Obama's first term, the Iraq portfolio was largely delegated to Vice President Joe Biden. Since Clinton's trip, the American diplomatic presence in Iraq has shrunk dramatically, most significantly since U.S. ended military operations in late 2011, according to officials. A year ago, there were 16,000 State Department employees and contractors in the country. As of Kerry's visit, that number had declined to 10,500 and it will drop to 5,100 by the end of 2013, officials said.

Storm expected to dump 9 inches or more - STLtoday.com Posted: 24 Mar 2013 08:10 AM PDT Updates with new forecast ST. LOUIS • The area dodged the first wave of snow, but a second wave of heavier snow including thundersnow is pounding the area.  The National Weather Service has issued a winter weather advisory for the region through tonight, with expected  accumulations totaling between eight to 10 inches overall — and the possibility of even higher levels in the northwest suburbs. Snow is expected to taper off this evening, but light snow or flurries are likely to accompany Monday morning's commute, bringing an additional one half inch by mid-afternoon.  "We've had lots of reports of thundersnow... all across the area," said forecaster Jon Carney for the National Weather Service. He said that reports of thundersnow —when thunderclouds carry lightning and heavier precipitation into the snowstorm — have surfaced in St. Louis and St. Charles counties as well as the Illinois counties of St. Clair and Madison. For areas south of Highway 44 in Missouri and Highway 64 in Illinois, a late morning storm was forecast to start as rain or sleet. For the areas to the north it started as snow. But by this afternoon and early evening, the entire region should be hit with snow or thundersnow, leaving accumulations of nearly 9 inches. Police, fire and EMS crews responded to multiple reports of vehicles sliding off the road, into median barriers and into each other. The St. Louis Art Museum announced it would close at noon Sunday. Rain began falling Saturday evening at Lambert St. Louis International Airport, and at least one airline — Southwest — began cancelling flights. The airline, Lambert's largest, cancelled several flights leaving between 8 and 10 a.m. from St. Louis to Chicago, Denver, Dallas, Los Angeles and New York, among other cities. Its website notes that the airline is "monitoring" winter weather moving into the Midwest, and that flights through Monday could be "delayed, diverted, or cancelled." Brad Hawkins, a spokesman for Southwest, said the plan was to land all flights coming in to Lambert Saturday night, and get the first batch out early Sunday morning. The company was hoping to get planes back to Lambert by later that morning, in anticipation that the snow will ease up. Hawkins acknowledged, however, that the weather may not cooperate. "As the snow moves, we move the plan," Hawkins said. Cancelling mid-morning flights on Sunday may well be prudent, said Mark Britt, a National Weather Service meteorologist stationed in Weldon Springs. Britt said that the weather service still anticipates between 6 and 8 inches of snow in the metro area, with the heaviest downpour coming midmorning to late-afternoon. By between 10 a.m. and noon, visibility was expected to drop and snow will become the heaviest, Britt said, with no real slowdown until late in the afternoon or early evening. "During that time, we're going to see a rapid accumulation of snow," Britt said. The city of St. Louis's emergency management agency warned Saturday afternoon that travel during the snowstorm will be "extremely difficult… if not impossible." It recommended travel only with a full tank of gas, snow shovel, flashlight, cellphone, blankets and extra warm clothing. The Missouri Department of Transportation put out a travel advisory Saturday evening warning of "heavy, wet snow with limited visibility." Residents, the advisory said, should stay off roads in central and northern Missouri Saturday night and early Sunday "unless absolutely necessary." "Give MoDOT crews a chance to clear roads," the advisory requested. Crews, it said, would be working overnight and all day Sunday. For updated road conditions, go to www.modot.org.

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