Ahad, 4 November 2012

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RHB ups Parkson's fair value

Posted: 04 Nov 2012 06:45 PM PST

RHB Research raised its fair value estimate on shares of Parkson Holdings Bhd to RM5.32 from RM4.90, citing the retailer's expansion plans.

Parkson shares were flat at RM5.20, while the benchmark composite index was down 0.07 percent at 1654.94.

Parkson's operations in China will continue to be a key driver for the company's prospects, with 8 to 10 stores opening annually in smaller cities, RHB said in a note on Monday.

The company's operations in Indonesia is growing steadily and it plans to open stores in Cambodia and Myanmar in 2013, the brokerage said. In Malaysia, the firm's wholly-owned shopping mall, KL Festival City, contributed to operating profit positively in 2012, RHB said.

However, Parkson's shares could be hurt by a slowdown in consumer spending in China and if expenses on new stores and malls exceed expectations, it added. -- Reuters

Affin raises Petra Energy to 'add'

Posted: 04 Nov 2012 07:23 PM PST

Affin Investment Bank raised its call on oil and gas services firm Petra Energy Bhd to "add" from "reduce", citing stronger earnings growth from its recently acquired service contracts.

The research house lifted its earnings forecast for the financial years of 2013 and 2014 by 23.9 percent and 38.3 percent after pencilling in profit contributions from the Kapal, Banang, Meranti (KBM) risk service contract and the Gumusut-Kakap offshore service contract.

Affin also revised Petra Energy's target price to RM1.95 from RM1.62 previously. -- Reuters

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Campaigns race across country as election nears - NBCNews.com

Posted: 04 Nov 2012 08:28 AM PST

good day. breaking news as both campaigns blaze across the country three days before election day . we've got some live pictures. take a look out of wisconsin where president obama is preparing to speak before a ton of reporters in milwaukee. the president won wisconsin in 2008 with 56% of the vote in that state . this time around, the campaign, though, admits the state could be in play with congressman paul ryan on the gop ticket. we'll bring you the president's remarks live from milwaukee as soon as they get things started there.

>>> and after weeks of polls that put the race up in the air, there are signs the president is solidifying a top position in the race. take a look at this. two new nbc news " wall street journal " polls, pairist polls shows the president holding on to a six-point lead in ohio . you know the importance of that state by now. and two points ahead of governor romney in florida . but within the margin of error. also, early voting in florida ends today after the number of early voting days in that state is cut by half this year. 25 million people have already voted early in 34 states and washington, d.c.

>>> and back to the frenetic pace on the campaign trail. both candidates have already held rallies in new hampshire, iowa, and wisconsin .

>> you do want to be able to trust your president. you want to know -- you want to know that -- that your president means what he says and says what he means. after four years of president, you know me. you may not agree with every decision i have made. you may at times have been frustrated by the pace of change, but you know what i believe. you know where i stand.

>> made a lot of promises, but those promises he couldn't keep. and the difference between us , he made promises he couldn't keep. i'm making promises i have kept and i will keep them for the american people . i have a clear and unequivocal message, and that is america is about to come roaring back. [ cheering ]

>> joining me now, " washington post " columnist and msnbc analyst eugene robinson , marc caputo and mark murray . thank you so much, gentlemen, for joining. i got to bring eugene in because he is right here and i have the pleasure of sitting alongside. when we heard or i heard governor romney say we're roaring back, i instantly thought of the auto bailout, the auto industry . how many times we heard on the campaign trail from obama and others saying gm is roaring back. and i thought, wow, it all goes back to ohio and that auto bailout which was unpopular at the time, and now here we are.

>> right. so one of the big questions is will mitt romney kind of blur the lines on the auto bailout sufficiently to gain a little ground in ohio ? because that is a huge issue in that state . and arguably, we could be saying wednesday that that issue won the state for president obama and that it won reelection for president obama .

>> do you think we're talking too much about ohio ? listen, you've got the romney campaign saying they're looking at pennsylvania, minnesota, that they perhaps have some traction there. and we know the new numbers in florida . we'll talk with marc about that throe show at least a difference in polls from the nbc marist poll and local polls show romney is up more than we're indicating.

>> first of all, i think both sides genuinely think they're going to win or certainly think they have a great chance of winning. that said, pennsylvania has always been fool's gold for republicans. it looks tempting at the end. they might go for it.

>> sounds good on paper.

>> but they don't get it. now if the new nbc marist poll is correct about florida , florida can decide it before we even, you know, do the late-night counting of the absentee ballots out of cleveland. i mean because florida , if that goes for president obama , that's pretty much the story, i think.

>> mr. caputo, let me bring new you've in on this. the poll shows two point ahead for governor romney in florida , that within the margin of error. my team and i were struck with looking at the lines of people early voting in that state today.

>> well, those lines are really going to be the indication of how this campaign is going to go. we've had gangbusters early voting turnout in florida . about two million people in a week. because of early voting , democrats have an edge and ballots cast of about 104,000 over republicans. republicans usually do well at mail and absentee ballots . democrats dominate early voting . but guess what? the legislature, rick scott shortened the early voting days. and relative to the early voting hours we had in 2008 in south florida , they essentially cut them by 22% or about 24 hours . so it's going to make a difference. what we're going to see on election day now is a lot of those folks who probably would have early voted, they're going to show up on election day and cast ballots. so the question is how many of these people are actually voting for obama ? how many are voting for romney ? obviously we don't know. indications are from our poll is that romney is winning the key demographic or the key swing voters or the key swing state , and that's the independent voters. he is marginally winning them. he is also doing well with north florida democrats, certain crossover democrats, rural democrats. he pulls about 16% of them on our poll, where as obama only pulls about 5% republican support. so that crossover appeal so to speak of romney 's in florida and the independent edge that he appears to have is making a difference. but good campaigns can change polls. they're not changed by polls. and the question is who turns out their voters and who does it best. we're going to find out today. today is the last day of early voting . and then on tuesday that's when the ball game is.

>> mark murray , let me bring you in. both men have these op-eds in "the wall street journal ." we have the headlines. real progress, but we're not done. that's from the president. and governor romney , a new direction for america. what are your thoughts on just the headlines alone, not even the content of the op-ed itself. but those two different headlines.

>> well, right. they're actually two different realities. actually, when you look in all the polls, it doesn't matter what it is. democrats seem to be a whole lot more optimistic about the country's direction, or people who are actually planning to vote for obama are more optimistic. people who are more pessimistic, republican voters are the republicans. and so you end up having this dichotomy, or in some respects it actually almost has a 50/50 split which is actually mirrored by a lot of the national polls that show this contest to be incredibly close. i would say, and when you actually add the economic data we saw on friday from the jobs report, mitt romney 's task is a little bit harder because he is actually saying, look, this has been a rough last four years, and it's time to actually good days are ahead, but the argument when you actually look at all the statistics that are out there, things are moving in the right direction as far as things are much better than they were four years ago, and even if mitt romney ends up winning the presidency on tuesday, he will end up inheriting a much better economy than president obama did four years ago.

>> that's interesting, eugene. several months ago there was an article that said insiders in the obama team were mortified at the thought that if governor romney wins the white house , that he would get credit for the recovery put in place by actions and decisions made by them.

>> absolutely. that's exactly what would happen. and there is nothing anybody can do about it. the sitting president is going to get credit for the good and the bad. look, governor romney promises to add 12 million jobs in his first term. most economists believe that given the direction of the recovery, if it picks up as expected, we're going the gain 12 million jobs anyhow in the next four years. so most agree that the economy is going to get better, and whoever is president is going to get the credit.

>> let me talk to you a little bit about speaking of getting credit, the response to sandy . part of the president -- and gentlemen, you can all take a look, as well as folks at home. president obama went to fema and washington, d.c. this morning. and this is what he had to say regarding the response to sandy . let's play it.

>> leaders of different political parties working together to fix what is broken. [ applause ] now it's a spirit that says no matter how bad a storm is, no matter how tough times are, we're all in this together. we rise or fall as one nation and as one people.

>> if we can pull up the marist poll, the nbc " wall street journal ," the president's response to sandy . 73% approve in ohio . 70% out of florida . marc caputo, let me bring you in because 70% of the people in the home state of yours approve of his handling. will that have an impact on perhaps not early voter, but on tuesday those who look back and may have heard comments from the republican primary that were made by governor romney regarding fema. we know fema is still popular in that state for the obvious reasons.

>> i think it would. florida is a big state . we're a tv state . our electorate makes its decisions largely on what they see on television, not what they read in the newspaper or on the internet. the coverage for a while before, during and after sandy , especially after sandy has been very favorable to president obama . you would think that's going to help, and it's still going on. having chris christie as a de facto unintentional surrogate doesn't seem to hurt obama one bit. it probably seems to help him.

>> what is so interesting, you said chris christie , de facto endorser of obama . you've got this new article exclusive from politico saying there were people on governor romney 's team who believed that chris kri city was the vp choice almo until tery ending, and surprise it's ryan. isn't the timing interesting?

>> it's a little too interesting. look, there are two ways to react. governor christie says i'm doing my job. the president is doing his job. we're working together and i'm being honest. you have to respect that. look at two different examples. haley barbour who went through katrina in mississippi says that's absolutely what governor christy ought to say, he is doing what he has to do and get off his back. and you have the underground voices of the romney campaign who were taking a different tack and kind of sniping at christie at different angles, in a fit of pique basically.

>> you can't really blame them. this is game theory . you choose a, i choose b. if my guy looks like he is helping you, even if he is not truly helping you, and appearance has a tendency to be a reality, i don't blame the romney folks for being a little piqued or po'ed.

>> you may not blame them, but for showing it. some of the conservatives who backed governor romney showing that they were quite irritated with this and rather take the high road , knowing that all eyes are on this storm and the response. so marc, looking at these numbers, 73% of the folks in ohio , who already approved the bailout and now approve the president's response to sandy , what do we make of that when you couple it with the chris christie hug heard around the world it seems. we can't stop talking about it.

>> the final full week of the campaign was a very good one for president obama . it gave him a lot of momentum heading into the final stretch. not only did he get that hug from chris christie , people end up proving his response to hurricane sandy . there were a slew of battleground state polls including in ohio that showed obama ahead. there did seem to be momentum that he had had. and i think most importantly when you actually look back at hurricane sandy , and of course we don't know how election night is going to turn out, but it did freeze the romney campaign in place. and there wasn't a lot of talk of mitt romney for two or three weeks. he was the candidate who had the momentum. he was beginning to make his closing argument . and then hurricane sandy hit, and it froze that. and then the campaign began just a couple of days later.

>> which is interesting, marc, because you often hear, and i want all of you to comment on this. any sport they say you don't want to peak too soon. with the unknown variable of the storm allowing the president to peak at this time, you do wonder without sandy , where would this race be tonight?

>> you mean this is like one of the football games where the last team with the ball wins essentially?

>> well, the overtime stats, the person with the first touch on the ball wins most of the time.

>> if you take that metaphor further, though, it's because people are looking for answers, and they're looking for solutions. and they want to believe in something. they want to be in somebody. it may be the last candidate with the football wins.

>> i do wonder in florida , most polls agree that romney is nominally up, and he is up almost in all of the surveys, or a majority of them among independents. again, that makes a huge difference. in the end, our state has a higher home foreclosure rate, a higher unemployment rate than the rest of the nation. yeah that.

>> see this stuff on television. but in the end, the race is going to come down to jobs and a lot of folks are going to make a decision on that. and the race comes down now to who turns out the base. i would not underestimate the romney campaign in florida . they've got a very good team and they're doing a good job. they're staying close to president obama , who in 2008 just slaughtered the republicans in early vote . it's not happening now, albeit president obama is still up.

>> mark murray , marc caputo, ewe gene robinson , thank you so much for having all you

Falling temps add to urgency of Sandy recovery - CBS News

Posted: 04 Nov 2012 08:44 AM PST

Last Updated 11:25 a.m. ET

NEW YORK Falling temperatures on Sunday put more people at risk in a region already battling gasoline shortages, stubborn power outages and spasms of lawlessness in the wake of Superstorm Sandy.

With overnight temperatures in the 30s and nearly a million people still without power in the area, New York City opened warming shelters in areas without power and Mayor Michael Bloomberg urged older residents without heat to move to them. The city also was handing out 25,000 blankets to residents who insist on staying in powerless homes.

47 Photos

Fixing NYC's subway after Sandy

"So please," Bloomberg said, "I know sometimes people are reticent to take advantage of services. The cold really is something that is dangerous."

On Sunday morning New York Gov. Andrew Cuomo said cold temperatures will leave "tens of thousands" of people whose homes have been damaged by Sandy needing other places to live.

He said "it's going to become increasingly clear" that homes without heat are uninhabitable as temperatures drop. He said that means that residents who have been reluctant to leave their homes will have to, and that they'll need housing.

Bloomberg said the city expects that it will have to find housing for 30,000 to 40,000 people.

He also said that resolving gas shortages could take days.

The U.S. death toll from the storm is currently 107, including 41 in New York City. More than 2.2 million customers in several states remained without power days after Sandy came ashore.

About 875,000 still don't have electricity in the New York metropolitan area, including about 460,000 on Long Island.

Lines curled around gas stations for many blocks all over the stricken region, including northern New Jersey, where Gov. Chris Christie imposed rationing that recalled the worst days of fuel shortages of the 1970s. Queues of honking cars, frustrated drivers and people on foot carrying containers were just the latest testament to the misery unleashed by Sandy.

Play Video

Jersey shore communities frozen in time by Sandy

Play Video

Good Samaritans bring relief to Staten Island

Play Video

New Jersey gets new rules for filling up on gas

"I spoke with many people who were worried and frustrated and cold," Bloomberg said after a visit to the Rockaways in Queens. "There is no power there and temperatures are dropping. Even those who have generators are having a hard time getting fuel."

"It's chaos; it's pandemonium out here," said Chris Damon, who had been waiting for 3 ? hours at a site where the National Guard was giving out free gas in an effort to alleviate the situation. "It seems like nobody has any answers."

After at least 10 arrests for line jumping on Friday, the police presence at stations with gas lines was increased Saturday. Still, there was one arrest for disorderly conduct at the armory in Brooklyn, where free gasoline was being distributed.

With fuel deliveries cut off by storm damage and many metropolitan-area gas stations lacking the electricity needed to operate their pumps, drivers waited in line for hours for a chance at a fill-up, snapping at each other and honking their horns in frustration.

At a gas station in Mount Vernon, N.Y., north of New York City, 62 cars were lined up around the block Sunday morning even though it was closed and had no fuel.

"I heard they might be getting a delivery. So I came here and I'm waiting," said the first driver in line, Earl Tuck. He had been there at least two hours by 9 a.m., and there was no delivery truck in sight. But he said he would stick it out.

The cashier at the station, Ahmed Nawaz, said he wasn't sure when the pumps might be running again. "We are expecting a delivery. But yesterday we weren't expecting one, and we got one. So I don't know," he said.

Bloomberg said that resolving the gas shortages could take days. Across northern New Jersey, Gov. Chris Christie imposed odd-even gas rationing that recalled the gasoline crisis of the 1970s.

About 80 percent of New York City's subway service has been restored.

Fears about crime, especially at night in darkened neighborhoods, persisted. Officers in the Midland Beach section of Staten Island early Saturday saw a man in a Red Cross jacket checking the front doors of unoccupied houses and arrested him on a burglary charge. After complaints about people posing as utility workers to gain access to people's homes, police on Long Island reminded residents that most repair work will be done outside so legitimate workers usually have no need to enter a home.

New York City's parks also reopened Saturday, and with Sunday's marathon canceled, many of the runners who had come to town for the race worked out their frustrations with a jog through Central Park.

"A lot of people just want to finish what they've started," said Lance Svendsen, organizer of a group called Run Anyway.

Some of those who were planning to run the 26.2-mile race through the city streets instead headed to hard-hit Staten Island to help storm victims. A Facebook page invited runners to meet Sunday in the park and encouraged marathoners to bring food, clothes or money to donate to storm victims.

To help victims of Sandy, donations to the American Red Cross can be made by visiting Red Cross disaster relief, or you can text REDCROSS to 90999 to make a $10 donation.

Kredit: www.nst.com.my

Sabtu, 3 November 2012

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Obama and Romney tied three days before election: Reuters/Ipsos poll - Reuters

Posted: 03 Nov 2012 09:29 AM PDT

David Ewing hangs a piece of campaign literature on a door knob as he canvasses for U.S. President Barack Obama in Portsmouth, New Hampshire November 3, 2012. REUTERS/Jessica Rinaldi

WASHINGTON | Sat Nov 3, 2012 12:27pm EDT

(Reuters) - President Barack Obama and Republican challenger Mitt Romney remain essentially tied in the race for the White House three days before the November 6 election, according to a Reuters/Ipsos daily tracking poll released on Saturday.

Of likely voters polled nationally, 47 percent said they would back Obama, the Democratic incumbent, while 46 percent said they would back Romney, the former Massachusetts governor.

The results fall within the poll's credibility interval, a tool used to account for statistical variation in Internet-based polls.

The two men have been locked in a tight race for weeks. Both are doing final swings in battleground states over the weekend, trying to sway a small group of remaining undecided voters and to encourage their supporters to get to the polls.

The precision of the Reuters/Ipsos online polls is measured using a credibility interval, which in this case is plus or minus 3.4 percentage points for likely voters.

Long gas lines test patience of storm-struck residents - CNN

Posted: 03 Nov 2012 08:46 AM PDT

People are standing in line at the only gas station operating outside of the Holland Tunnel.
People are standing in line at the only gas station operating outside of the Holland Tunnel.
STORY HIGHLIGHTS
  • NEW: The feds will bring in 12 million gallons of unleaded gas to hard-hit areas
  • NEW: New Jersey sets up a system linking license plate, to day gas is pumped
  • Some New York, New Jersey residents waited over four hours to fill up cars, gas cans
  • Those with mobile devices used Twitter for real-time information on gas lines

Tune in to CNN Newsroom Saturday at 4:30 p.m. ET to see the best iReports from Superstorm Sandy. Experience the storm as it happened through the eyes of iReporters, and see how people are trying to rebuild their lives.

(CNN) -- In Brooklyn, a woman pushed a small grocery cart with a single bag inside. In it, a precious possession shielded from prying eyes: a red can filled with gasoline.

In the wake of Superstorm Sandy, gasoline might as well be gold.

"It has become a hot commodity, so we didn't want to risk it," she said.

With lines snaking for blocks -- miles, even -- outside gas stations in New York and New Jersey, tensions occasionally flared as people waited for the chance to to pump gas into cars or gas cans.

"The situation is hectic," said Terry Landers, a CNN iReporter in Lebanon, New Jersey. "Many gas stations are either out of gas or (will be) soon."

The demand is high, and the fuel isn't just for empty car tanks. Many people still have no electricity and are using gasoline-powered generators, adding to the demand.

Temperatures drops, tempers rise in power outage

"As word spreads that somewhere has gas, there are (lines of) cars as long or longer than the one in my video," Landers said.

Federal and state authorities acted on two fronts Friday to address the issues -- both to bring more fuel to the area, and to more fairly distribute what is already there.

At President Barack Obama's direction, the Defense Logistics Agency will buy up to 12 million gallons of unleaded fuel and up to 10 million gallons of diesel that will be moved on tanker trucks to replenish stocks in New York, New Jersey and other areas experiencing severe gas shortages.

In order to ration and decrease wait times, New Jersey Gov. Chris Christie signed an executive order Friday tying whether a driver gets gas to his or her license plate number. It goes into effect in 12 counties at noon Saturday.

On days that end in even numbers -- such as November 4, 6 or 8 -- gas station operators can sell gas to only those with license plates with a last digit that is even. On odd-digit days, such as November 3, only those with plate numbers ending in an odd number or those with specialty plates can get gas. In New Jersey, only station attendants can pump gas.

"This system will ease the strain on those gas stations still operating, while we work to bring more online for the public to access fuel, in a manner that is fair, easy to understand and less stressful," Christie said.

7 health risks after Sandy

Mariangel Javier, who is nine months pregnant, said she had been waiting for more than five hours to fill up at a gas station in Union City, New Jersey. She had used what little gas she had left to drive to her last doctor's appointment.

"But I didn't find out until I got there that they didn't have power either, so now I need gas to get back home," she said.

The gas station's manager, Favhan Javed, has been working day and night alongside his staff to keep the station running and was confident that Javier would be able to fill up.

"I even stay until after midnight for my friends who are taxi and limousine drivers, because they have to feed their families, too," he said.

For the most part, people have remained remarkably cool. As a precaution, police are helping to keep the lines in order at some gas stations.

In other areas, there was a sense of organized chaos that sometimes veered more toward disorder.

At a station in Queens, New York, police arrested a man early Thursday after he cut in line and then pulled out a gun when he was challenged by other residents.

Sandy roared ashore Monday night, knocking out power to millions of people, and flooding mass transit systems across the Northeast. Three days later, more than 1 million people in New York and 1.4 million in New Jersey are still without power.

Powerless in New Jersey

The demand for gasoline is only going to rise, with New York's subway system still out of commission -- meaning more people are forced to travel by car -- and a forecast of cold weather for New York and New Jersey this weekend.

Most major gas station chains, from ExxonMobil to Hess, were experiencing disruptions. In fact, some 60% of gas stations tracked by AAA in New Jersey were not operational, according to the motorist group. In New York's Long Island, that figure was 65%.

Economic impact of gas shortages

CNN's Christine Romans explained that a lot of the closed gas stations simply don't have electricity to operate their pumps, while others cannot get gasoline delivered to the station from the refinery because of blocked roads or other logistical problems created by the storm.

And even with government efforts to address the problems, gas shortages could stretch "though the weekend and into the next," according to Matt Smith, an analyst for Summit Energy.

To cope with the overwhelming demand, some stations limited their services to emergency vehicles only. Other stations only provided gas for people's gas cans, and not their cars. Many gas stations set limits to how much gas each person could pump: maybe $20, or maybe $50.

Desperate residents -- who at least had enough power to charge their mobile devices -- used social media to try to avoid long lines or empty gas stations.

Twitter users in New Jersey created the hashtags #njgas and #njopen to provide real-time information on open gas stations, the length of the line, and any restrictions.

"Bp gas on French street near jersey ave in New Brunswick is open and line is less than 30 minutes," tweeted @johnnymatson.

"This guy turned a blocked driveway into a business opp for those of us in line for gas," tweeted @AmyMJ2, along with an Instagram picture of a man smiling behind a table with two coffee dispensers.

Some Twitter messages revealed that red gas cans were quickly becoming just as scarce as gasoline itself.

Others offered some humorous perspective on the situation: Charles Leone, offered this: "Some perspective. The NYC marathon winner will run the marathon in less time than the average (gas) lines."

In the end, NY marathon didn't feel right

CNN's Susan Candiotti, Aaron Smith and Cindy Rodriguez contributed to this report.

Kredit: www.nst.com.my

Jumaat, 2 November 2012

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Good US jobs data fail to lift stocks

Posted: 02 Nov 2012 05:35 PM PDT

NEW YORK: An encouraging October jobs report gave shares an early bump Friday but the gains were all quickly lost and the main indices ended in the red, as caution grew ahead of next Tuesday's election.

Although the jobless rate ticked up to 7.9 per cent, the fact that the economy could pump out 171,000 net new jobs last month was seen as good for President Barack Obama and a negative for challenger Mitt Romney, the Wall Street favourite.

The markets also were pulled down by Apple's 3.3 per cent fall, amid a lukewarm reception for its new iPad mini.

The Dow Jones Industrial Average finished down 139.46 points (1.05 per cent) at 13,093.16.

The broad-based S&P 500 fell 13.39 (0.94 per cent) to 1,414.20, and the Nasdaq Composite lost 37.93 (1.26 per cent) at 2,982.13.

The jobs data was a good sign for the economy, analysts said.

"The October payroll survey showed a brighter picture of the labor market, both in faster headline job creation and in upward revisions to previous months," said Nigel Gault of IHS Global Insight.

In stocks, insurer AIG fell 7.2 per cent despite its third-quarter earnings handily beating estimates as the company swung into the black, earning $1.9 billion.

But worries about the costs to the economy from Hurricane Sandy, which could lead to insured losses industry-wide of $20 billion according to estimates, kept a cloud over the shares.

"We are seeing continued momentum, and we're building for the future by creating a more streamlined, efficient, and nimble company," AIG chief executive Robert Benmosche said in a statement.

Other insurers took a hit. Hartford Financial fell 3.0 per cent, and Travelers 0.9 per cent.

Power companies hit by extended outages in the storm sank: Exelon fell 2.4 per cent, Con Ed lost 0.9 per cent and New Jersey's PSEG was down 0.2 per cent.

Mining companies weakened amid a sharp fall in gold prices: Freeport McMoRan lost 3.1 per cent and Newmont Mining lost 8.4 per cent.

Chevron, the oil giant, dropped 2.8 per cent after reporting a fall in quarterly profit due to lower crude output.

Among gainers, Starbucks added 9.1 per cent after turning in strong earnings and boosting its dividend. -- AFP

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Latest Jobs Report Shows Persistent Economic Growth - New York Times

Posted: 02 Nov 2012 09:16 AM PDT

The nation's employers added 171,000 positions in October, the Labor Department reported on Friday, and more jobs than initially estimated in both August and September. Hiring was broad-based, with just about every industry except state government adding jobs. The unemployment rate ticked up slightly to 7.9 percent in October from 7.8 percent in September, because more workers joined the labor force and so officially became counted as unemployed.

None of this makes for a game-changer in the presidential election, analysts said. But it appeared to provide some comfort for President Obama, whose campaign could have been sideswiped by bad news from the notoriously volatile monthly jobs report.

In fact, the latest numbers show that the economy has finally added a net number of new jobs under his presidency. The report also allayed widespread suspicion that September's plunge in the unemployment rate — to below 8 percent for the first time since the month he took office — might have been a one-month statistical fluke.

"Generally, the report shows that things are better than we'd expected and certainly better than we'd thought a few months ago," said Paul Dales, senior United States economist for Capital Economics. "But we're still not making enough progress to bring that unemployment rate down significantly and rapidly."

Mitt Romney, the Republican presidential nominee, said in a statement that the jobs report was evidence of the need to change the nation's economic policies.

"Today's increase in the unemployment rate is a sad reminder that the economy is at a virtual standstill," he said. He also noted that October's unemployment rate of 7.9 percent was higher than the 7.8 percent when Mr. Obama took office in January 2009.

Economists were hopeful that once the election was over and Congress addressed the major fiscal tightening scheduled for the end of this year, job growth could speed up further.

"If we can do this kind of job growth with all the uncertainty out there, imagine if we were to clear up those tax issues and hold back the majority of tax increases that are pending at the end of the year," said John Ryding, chief economist at RDQ Economics. "We could do much better in 2013, maybe as well as we appeared to be doing earlier this year."

In October, the biggest job gains were in professional and business services, health care and retail trade, the Labor Department said. Government payrolls dipped slightly. State and local governments have been shedding jobs most months over the last three years.

One of the lowlights of the report was in hourly wages, which remained flat in October after showing barely any growth in the previous several months.

"Perhaps the decline in real wages is a factor here in being able to employ more people," Mr. Ryding said. "It's something to keep in mind when we think about creating jobs and whether we're maybe creating the wrong sort of jobs."

A report from the National Employment Law Project, a liberal research and advocacy organization that focuses on labor issues, found that while the majority of jobs lost in the downturn were middle-wage jobs, the majority of the jobs created since then have been lower-wage ones.

There have now been 25 straight months of jobs gains in the United States, but the increases have been barely large enough to absorb the increase in the population. A queue of about 12 million unemployed people remain waiting for work, about two out of five of whom have been out of a job for more than six months.

That is in addition to more than eight million people who are working part-time but really want full-time jobs.

"I'm not just competing against all the other people who are out of work," said Griff Coxey, 57, of Cascade, Wis., who was laid off in May from his controller job at a small business. "I'm also competing against all those people who are actually working but are underemployed."

Like two million other idle workers, Mr. Coxey is scheduled to lose his unemployment benefits the last week of the year, when the federal extensions abruptly expire. He said he still has some savings to fall back on, but many workers do not.

Labor advocates and many economists have been urging Congress to renew the benefits as part of their discussions of the "fiscal cliff" during their postelection session. So far, though, the issue has received little attention, and analysts worry that ending extended benefits could disrupt what modest forward momentum the economy currently has.

"Federal unemployment benefits are one of the most effective stimuli we have," said Christine L. Owens, the executive director of the National Employment Law Project.

"The recovery is still fragile," she said, "and to pull that amount of income and expenditure out of the economy — particularly at a time when people thinking about the holiday season — will have a significant impact on not just those individuals and their families but the economy as a whole."

Friday's jobs report was unlikely to affect policy from the Federal Reserve, which has pledged open-ended stimulus until the job market improves "substantially."

"The Fed desires both a substantial and sustainable improvement in labor market conditions and is likely to read recent payroll growth as a positive step in the right direction, but just one step in a longer journey," said Michael Gapen, director of United States research and global asset allocation at Barclays Capital.

The jobs snapshot for October was based on surveys conducted too early in the month to capture work disruptions across the East Coast caused by Hurricane Sandy. Economists expect that businesses and employment will resume their normal activity by the next jobs survey, in mid-November, and that some industries will likely show an increase in hiring precisely because of the storm.

"We had a lot of lost hours worked and production stuff still delayed, but much of that will be offsets by hiring of emergency workers, government workers and construction, to do all that emergency fixing," said Ms. Swonk.

Mitt Romney's Pennsylvania gamble - Politico

Posted: 02 Nov 2012 09:19 AM PDT

Until a week ago, Pennsylvania was virtually an afterthought in the presidential race.

Now, Mitt Romney and Paul Ryan are making a late advertising and in-person push in the state, parachuting into the Keystone State this weekend for last-minute visits with scant days left to go in the race. It's a move that the Romney team bills as expanding the map and a sign of strength, Democrats call an act of desperation and observers within the state say is unlikely to pay off next Tuesday.

Gibbs: Romney is 'desperate'

The news that Romney will campaign on Sunday in vote-rich Bucks County, a suburban Philadelphia area, and Ryan will stump in the Harrisburg area in central Pennsylvania on Saturday — coupled with more than $10 million in recent ad buys by the Romney campaign, the Republican National Committee and the pro-Romney super PAC there — is raising questions about whether the GOP ticket has a real chance there.

Not a single poll in the state since the start of the general election has shown Romney ahead, but he is closing in on the president. The most recent Real Clear Politics average in the state gives Obama a 4.6 percentage-point lead, and most polls in the last month put the president's advantage anywhere between 4 and 8 points.

There has been movement since the summer: a Franklin & Marshall poll released last week gave Obama a 4-point lead, compared with an 11-point lead in mid-September.

Terry Madonna, a longtime Pennsylvania pollster who conducts the F&M poll, said the tightening of the race in the state has largely been a reflection of what's happened in national polls rather than a sign that Pennsylvania in particular has become more amenable to a Romney victory.

"Romney has gone from a 7, 8, 9, 10-point deficit to a 4, 5, 6-point deficit in this state," he said. "Without being here, that's principally [based] on the tightening of the election nationally."

Romney political director Rich Beeson released a memo earlier this week outlining Romney's ability to play in Pennsylvania.

"Pennsylvania presents a unique opportunity for the Romney campaign. Over the past few years we have seen Pennsylvania voting for a Republican senator and a Republican governor, and Republicans win control of the State House in addition to the State Senate," Beeson wrote Tuesday. "The western part of the Keystone State has become more conservative (and President Obama's war on coal is very unpopular there), and Mitt Romney is more competitive in the voter-rich Philadelphia suburbs than any Republican nominee since 1988. This makes Pennsylvania a natural next step as we expand the playing field."

But Pennsylvania is what pollsters there called the perennial "fools' gold" state for Republicans. For more than two decades, the GOP nominee has invested precious time and money in the state with no electoral votes to show for it. The last Republican to win Pennsylvania was George H.W. Bush in 1988; John McCain's campaign invested a huge amount of time and money there in 2008 but still lost the state by 10 points.

"Republican candidates have come here hundreds of times and spent millions of dollars — and come away with no electoral votes," said Chris Borick, who conducts Muhlenberg College's polling in the state. "So the record isn't good, and if Romney fails here after spending a lot of money and some time at the most crucial part of the election, there's going to be a lot of second-guessing."

Obama's team calls the Romney focus on Pennsylvania a sign his campaign is "flailing."

"In an act of sheer desperation, Mitt Romney and Paul Ryan are going all-in in Pennsylvania, following the lead of every Republican presidential candidate since 1992 who have made last ditch investments in the Keystone State," Obama spokesman Michael Czin said. "Not one of them carried the state. With less than a week to go and consistently down in must-win states, Mitt Romney's campaign is desperately trying to find a path to 270 electoral votes with no avail."

Madonna, too, said Romney's interest in Pennsylvania is likely because he's not making the progress his campaign would like to see in Ohio — which public polls show a tight race, but Obama consistently leading. No Republican has won the White House without capturing Ohio.

"There's no other reason to be here if he was going to win Ohio," Madonna said. "If he thought he had Ohio wrapped up, you'd think he would stay there and make sure he keeps it wrapped up, because it's too much of a gamble to come to Pennsylvania."

There are factors working in Romney's favor in Pennsylvania, though: Republicans have been on the rise there, with a 2010 midterm wave giving the state a new Republican senator, a handful of GOP U.S. House members and shifting the state legislature toward the GOP as well.

Madonna said a victory in the state would be "doable for Romney but a very, very tough road."

And given the total lack of attention paid to the state for most of the presidential campaign, both candidates are less defined there and there's probably more room to shift the tide than there would be in a state that's already been saturated by TV ads and candidate visits.

"Unlike a place like Ohio, where they've been bombarded for months with campaign visits and campaign ads and maybe have come to the point where no one's moving, no one's really seen much of this race at all in Pennsylvania," Borick. "The idea that if you drop, between the super PACs and the campaign, $15 million… maybe you move the dial."

And in suburban Philadelphia, he said — the handful of counties where all Pennsylvania statewide races are won or lost — Romney is an appealing candidate.

"In suburban Philadelphia, someone that had the career that Mitt Romney had might not be looked at as an alien – it might not be so removed from their lives that they say, 'I can't relate to this guy,'" Borick said. "It's a generally wealthier region, highly educated, a lot of people in the business field, and a lot that at least would be open to taking a look at Romney, especially if they're not satisfied with [Obama]."

Obama's team isn't taking chances: the campaign quickly announced it would counter Romney's ad buy there, and is sending in Jill Biden and Bill Clinton as reinforcements in the state between now and Election Day.

But Borick said it's hard to tell what's behind the Romney campaign's latest move – and that it won't be totally clear until Tuesday.

"Is it optimism or an act of desperation? I guess the Romney campaign can tell you that," Borick said. "But the reality is that they're back here, and that means they're trying to make something out of the state."

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Kenanga ups SapuraKencana’s fair value

Posted: 01 Nov 2012 06:38 PM PDT

Kenanga Research raised SapuraKencana Petroleum Bhd's fair value to RM2.90 from RM2.80 after the oil and gas services firm secured two new contracts worth a total of RM836 million (273.92 million).

"We are positive on the wins," the research house said in a note on Friday. "Despite being marginal in terms of value, the cumulative contract of RM1 billion (327.65 million) for 2012, illustrates SapuraKencana's market dominance in the local fabrication scene."

Kenanga maintained an 'outperform' on the counter, and said it was positive on the company due to its domestic EPCIC (engineering, procurement, construction, installation and commission) market dominance and reputable international global track record.

The counter rose 1.53 per cent to RM2.65 per share, outperforming the broader index's 0.11 per cent drop. - Reuters

Investors cry foul over KFC privatising

Posted: 01 Nov 2012 06:41 PM PDT

KUALA LUMPUR: A 1.7 billion bid for Malaysia's two main KFC fast food franchisees faces a growing chorus of opposition from investors challenging the terms of the offer that is nearly a year old and now looks to them badly undervalued.

A showdown is looming on Nov. 5 and 6, when shareholders vote on the deal. Some investors contacted by Reuters said they planne to vote against the bid but it was not clear if they had enough firepower to do so.

The bid for KFC Holdings (Malaysia) Bhd and QSR Brands Bhd was made last December by the investment arm of Malaysia's Johor state and CVC Capital Partners. The Employee Provident Fund joined the consortium in May.

But it was only in October that the companies called extraordinary general meetings. They have not explained the delay.

It is a long enough period, opposing shareholders argue, to mean that the bid price no longer represents the true value of the companies after what has been a prolonged retail sector boom, with prospects for it to continue.

What is not clear is whether those minority shareholders can muster enough support to prevent its backers winning the 75 percent of the votes they need to pass the acquisition. But they may be helped by the fact that Johor Corp, top shareholder of both KFC and QSR, is not eligible to vote on the deal because it made the offer. Johor Corp and related parties own nearly half of KFC and about 60 percent of QSR.

Share prices in the two firms have hovered around last December's bid price. In the same period, shares in other Malaysian consumer companies have soared as much as 70 percent as household spending has jumped, helped by generous government handouts ahead of a hotly contested national election.

"Comparing the companies with their peers based on last year's multiples? is not relevant," said Jonathan Foster, Singapore-based director of global special situations at Religare Capital Markets. Religare does not own shares in either of the companies.

"If it is based on current multiples, KFC and QSR are quite undervalued." Independent advisers for both KFC and QSR have recommended shareholders accept the offer.

Also, shares of the two companies trade at a discount of just about 3 percent to the offer prices. That suggests the market expects the deal to go through. A discount of 15 percent or more, known as a merger arbitrage spread, signals investors expect a deal to fail.

UNHAPPY SHAREHOLDERS

Reuters contacted eight shareholders representing around 38 percent of the total shares outstanding of KFC and 16 percent in QSR.

Two said they intended to vote against the proposal and one planned to vote in favour for the lack of a better alternative. The rest declined to comment. The two holders intending to vote against the deal are based outside Malaysia and represent about 5 percent of KFC shares and 3 percent of QSR. They said both companies had stopped paying dividends since receiving the offer last December, the negotiations had dragged on too long and too little information was shared with minority shareholders.

QSR and Johor did not respond to requests for comment. CVC declined to comment. A KFC official said shareholders will have the opportunity to voice their concerns at the meetings, scheduled for Nov. 5 and 6.

Malaysian consumer stocks have enjoyed a strong run this year as pre-election government giveaways boosted domestic spending.

Nestle (Malaysia) Bhd has risen about 23 percent to date, while Berjaya Food Bhd and Oldtown Bhd , have risen between 60 percent and 70 percent this year, benefitting from strong domestic consumption and solid economic growth.

Shares of KFC and QSR's sector peers are up an average of 28 percent this year, compared with a 9 percent rise in the broader index, according to Thomson Reuters data. By contrast, KFC's shares are up 2 percent and QSR's 1 percent.

Both companies lag on a current price-to-earnings ratio basis. Berjaya Food and Oldtown trade at 23.50 times and 14.68 times, respectively, more than double where they were last December when the KFC franchisees received their takeover bids. -Reuters

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Romney back to campaign attacks on Obama after Sandy pause - Reuters

Posted: 01 Nov 2012 09:06 AM PDT

Republican presidential nominee Mitt Romney waves to the crowd at a campaign rally in Tampa, Florida October 31, 2012. REUTERS/Brian Snyder

ROANOKE, Virginia | Thu Nov 1, 2012 12:31pm EDT

(Reuters) - Republican presidential candidate Mitt Romney returned to campaign attacks against President Barack Obama on Thursday after a pause for the storm Sandy, hitting the Democrat for proposing more government bureaucracy.

Romney swept into must-win Virginia looking to increase turnout among Republican voters in a conservative area of the state to help offset the Democrats' advantage the northern area. Virginia went for Obama in 2008 but may flip for the Republican this year.

"Turnout here makes a big difference," Romney told a crowd gathered inside a window and door factory.

With the race too close to call in the final five days before Tuesday's election, Romney is engaged in a frenzy of campaigning in battleground states that will likely decide the race.

The former governor of Massachusetts had not mentioned Obama's name in two days of events this week as he toned down campaign rhetoric while Americans along the East Coast reeled from the superstorm Sandy.

But with the recovery now under way, Romney resumed his standard campaign fare of singling out the president for criticism.

He leaped on a comment that Obama made in an interview aired by MSNBC on Monday in which the president said he would like to create a new government agency headed by a "secretary of business' to try to help businesses create jobs.

"I've said that I want to consolidate a whole bunch of government agencies. We should have one Secretary of Business, instead of nine different departments that are dealing with things like giving loans to SBA (the Small Business Administration) or helping companies with exports," Obama had said.

This comment bolstered Romney's charge that the president wants to expand government rather than boost the private sector.

"I don't think adding a new chair to his cabinet will help add millions of jobs on Main Street," Romney said.

Romney's schedule in the coming days is a mix of travel in swing states and at least one effort to expand his campaign into Wisconsin, a state that has gone Democratic the last several elections.

He is to travel to Wisconsin on Friday and then visit Ohio, a state a Republican candidate normally has to win in order to take the White House.

He also has weekend plans to visit New Hampshire, Iowa, Colorado and Nevada in the battle to put together the 270 electoral votes that are needed for election.

(Editing by Alistair Bell and Vicki Allen)

Sandy recovery: Death toll up, gasoline lines grow after monster storm - Chicago Tribune

Posted: 01 Nov 2012 09:03 AM PDT

The New York City subway system was paralyzed when Superstorm Sandy poured seawater into the underground tunnels. Jim Axelrod reports on what it's going to take to get it back up and running.

NEW YORK—

Subways started running again in much of New York City on Thursday for the first time since Superstorm Sandy, but traffic at bridges backed up for miles, long lines formed at gas stations, and crowds of hundreds of people, some with short tempers, waited for buses.

Lines formed at gas stations amid fuel shortages around the U.S. Northeast and emergency utility crews struggled to reach the worst hit areas and restore power to millions of people. At least 82 people in North America died in the superstorm, which ravaged the northeastern United States on Monday night, and officials said the count could climb higher as rescuers searched house-to-house through coastal towns.

More deaths were recorded overnight as the extent of destruction became clearer in the New York City borough of Staten Island, where the storm lifted whole houses off their foundations.

Authorities recovered 15 bodies from Staten Island. Among those still missing were two boys aged 4 and 2 who were swept from their mother's arms by the floodwaters, the New York Post reported. In all, 34 people died in New York City.

In hard-hit New Jersey, where oceanside towns saw entire neighborhoods swallowed by seawater and the Atlantic City boardwalk was destroyed, the death toll doubled to 12.

The trains couldn't take some New Yorkers where they needed to go. There was no service in downtown Manhattan and other hard-hit parts of the city, and people had to switch to buses. But some of those who did use the subway, after three days without service, were grateful.

About 4.7 million homes and businesses in 12 U.S. states remained without power early Thursday as utilities scrambled to restore service disrupted by Sandy, U.S. Department of Energy data showed.

Power companies had restored electricity to more than 3 million customers across states on the East Coast. In total, Sandy left more than 8 million customers in 21 states from North Carolina to Maine when the storm came ashore in New Jersey late Monday.

Three days after Sandy slammed the mid-Atlantic and the Northeast, New York and New Jersey struggled to get back on their feet, the U.S. death toll stood at more than 70, and more than 4.6 million homes and businesses were still without power.

Nearly 20,000 people remained stranded in their homes by floodwaters in Hoboken, N.J., across the river from the New York, and swaths of the New Jersey coastline lay in ruins, with countless homes, piers and boardwalks wrecked.

Downtown Manhattan, which includes the financial district, Sept. 11 memorial and other tourist sites, was still mostly an urban landscape of shuttered bodegas and boarded-up restaurants. People roamed in search of food, power and a hot shower. Some dispirited and fearful New Yorkers decided to flee the city.

Flights took off and landed Thursday at LaGuardia Airport, the last of the three major New York-area airports to reopen since the storm.

With the electricity out and gasoline supplies scarce, many stations across the metropolitan area closed, and the stations that were open drew long lines of cars that spilled out onto roads.

New Jersey power company Public Service Enterprise Group Inc (PSEG) CEO Ralph Izzo said on Thursday that Hurricane Sandy's tidal surge caused significant damage to the electric transmission system and some switching stations.

The storm left 1.7 million customers without service at the peak, he said, adding that the company has already restored service to about a million.

The Associated Press and Reuters contributed.

 

 


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