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Rabu, 2 Januari 2013

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Despite deal, taxes on most Americans will go up - Fox News

Posted: 02 Jan 2013 09:12 AM PST

Washington –  Taxes for most Americans will still go up this year despite declarations from President Obama and others touting Tuesday night's fiscal crisis deal as a victory for middle-class workers. 

At the same time, tax relief that was included in the package comes at a cost -- contributing, along with new spending, nearly $4 trillion to the deficit over the next 10 years, adding to the nation's more than $16 trillion debt. 

But there will be federal tax hikes in 2013. That's because the legislation pushed through the Senate and House on Jan. 1 does nothing to prevent a temporary cut in the Social Security payroll tax from expiring. That means, under the agreement brokered by the White House and Senate Republicans, 77 percent of American households will be forced to fork over higher federal taxes in 2013. 

Households making between $40,000 and $50,000 will face an average tax increase of $579 in 2013, according to the Tax Policy Center's analysis. Households making between $50,000 and $75,000 will face an average tax increase of $822. 

For most families, the increase will end there. But for top earners, taxes will get considerably higher this year. 

The package passed by both chambers extends most the Bush-era tax rates for individuals making less than $400,000 and married couples making less than $450,000 -- but lets them lapse for income above those thresholds. 

The new tax package would increase the top income tax rate from 35 percent to 39.6 percent. Investment taxes would also increase for people who fall in the new top tax bracket, from a rate of 15 percent to 20 percent. 

High-income families will also pay higher taxes this year as part of Obama's 2010 health care law. As part of that law, a new 3.8 percent tax is being imposed on investment income for individuals making more than $200,000 a year and couples making more than $250,000. 

Together, the new tax package and Obama's health care law will produce significant tax increases for many high-income families. 

For 2013, households making between $500,000 and $1 million would get an average tax increase of $14,812, according to the Tax Policy Center analysis. Households making more than $1 million would get an average tax increase of $170,341. 

"If you're rich, you're almost certain to get a big tax increase," Roberton Williams, a senior fellow at the Tax Policy Center. 

Obama pushed hard to enact the payroll tax cut for 2011 and to extend it through 2012. But it was never fully embraced by either party, and this time around, there was general agreement to let it expire. 

Social Security is financed by a 12.4 percent tax on wages up to $113,700, with employers paying half and workers paying the other half. Obama and Congress reduced the share paid by workers from 6.2 percent to 4.2 percent for 2011 and 2012, saving a typical family about $1,000 a year. 

The deal passed Tuesday night only tees up a new round of congressional battles in a matter of weeks over the debt ceiling and automatic spending cuts that would largely hit the Pentagon -- the latter provision was delayed by two months as part of the deal. Democrats are likely to continue pushing for tax hikes as part of those debates, while Republicans are demanding spending cuts and entitlement reform. 

The Associated Press contributed to this report.

Should government compensate Newtown's victims and their families? - Los Angeles Times

Posted: 02 Jan 2013 09:05 AM PST

Ken Feinberg

Ken Feinberg, former special master of the September 11th Victims Compensation Fund: "Bad things happen to good people every day in this country and it's not part of our heritage for the taxpayer to be an insurer." (Amanda McCoy / Associated Press)

By Michael McGough

January 2, 2013, 9:03 a.m.

A Connecticut lawyer has withdrawn -- for now -- a $100-million lawsuit against the state of Connecticut on behalf of a 6-year-old survivor of the Newtown school shooting in which 20 young children were killed. According to the Washington Post, New Haven-based attorney Irving Pinsky might resubmit the claim after evaluating new evidence. 

The basis of Pinsky's claim is that the state Board of Education, Department of Education and education commissioner failed to take appropriate steps to protect children at the Sandy Hook Elementary School from "foreseeable harm" and had failed to provide a "safe school setting." Pinsky's client, according to the complaint,  "has sustained emotional and psychological trauma and injury, the nature and extent of which are yet to be determined."

The filing of this lawsuit will be attacked -- understandably -- as an extreme manifestation of American litigiousness and blame-shifting. But equally dubious is the Connecticut state attorney general's suggestion of an alternative form of  "redress."  According to Reuters, a spokesman for Atty. Gen.  George Jepsen said that a response by the U.S. Congress and the Connecticut state Legislature would be "more appropriate."

It isn't clear what Jepsen had in mind, but it sounds as if he was floating the idea of some sort of compensation scheme for the victims and survivors of the shootings -- analogous to the $7 billion in  payments Congress approved for the families of the victims of 9/11.  (The 9/11 program did have an ulterior purpose: sparing  the airlines whose planes were hijacked from litigation.  Presumably families that received payments from a Newtown fund would agree not to sue the state or the school system.)

I always thought the 9/11 program represented a triumph of emotion over principle. Why should relatives of 9/11 victims, as opposed to, say, the families of people killed in car crashes or as the result of an illness, receive compensation?  Ken Feinberg, special master of the September 11th Victim Compensation Fund, acknowledged in an interview with CNN in 2011 that the 9/11 payouts were an aberration. "Bad things happen to good people every day in this country and it's not part of our heritage for the taxpayer to be an insurer,"  Feinberg said. "To give these people, on average, $2 million tax free flies in the face of American history."

The same would be true of a government-created Newtown fund.

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Kredit: www.nst.com.my

Selasa, 1 Januari 2013

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IJM Corp needs nod for Scomi stake

Posted: 01 Jan 2013 05:42 PM PST

The proposed RM110 million bond issuance to IJM Corp will have to be approved by the shareholders of Scomi Group first
before it can be issued to the construction group, a market observer said.

The proposed bond issuance is part of the corporate restructuring exercise undertaken by Scomi Group, which will see IJM Corp emerging as the single largest shareholder in Scomi, with 25 per cent stake.

IJM Corp currently has nine per cent of Scomi's outstanding shares after it subscribed to a private placement for RM33 million.

To recap, IJM Corp has bought and paid for just under a 10 per cent stake in Scomi Group.


As part of the deal, IJM Corp is to secure an additional 15 per cent by subscribing to RM110 million worth of debt papers to be issued by Scomi Group. The debt papers can then be converted into shares.

A vote by a simple majority of Scomi Group shareholders, excluding IJM's block, is needed for the additional 15 per cent, via the debt papers, to be issued to IJM Corp.

As part of the deal involving IJM Corp acquiring an initial nine per cent in Scomi Group in September, the two parties agreed that Scomi Group will issue an additional RM110 million worth of debt papers to IJM Corp, which can be converted into another 15 per cent of equity in Scomi Group.

"This will put IJM Corp firmly in control of Scomi Group," he told Bernama. The Securities Commission had, via its letter dated Dec 13, 2012, approved the proposed bonds issue.

The observer said Scomi Group Chief Executive Officer Shah Hakim Zain and his related party have emerged as the owners of significant blocks of shares in the group and will have a strong say in the coming extraordinary general meeting.

Shah Hakim Group now has 51 per cent of the voting rights to push through the proposed issuance of RM110 million redeemable convertible secured bonds to IJM Corp. Shah Hakim and IJM Corp together owned 15.5 per cent of Scomi's share base.

However, IJM Corp is not entitled to vote in the coming extraordinary general meeting as it is an interested party to the deal, he added. Scomi Group has not announced when the meeting will be held. -- Bernama

CIMB Clicks gets a new look

Posted: 01 Jan 2013 05:23 PM PST

CIMB Bank recently launched a revamped CIMB Clicks, the bank's Internet banking portal.

Besides sporting a fresh new look, more importantly, customers will have an overall improved online experience when performing their banking transactions via CIMB Clicks.

"The major revamp was done with our customers' needs and convenience in mind. We went through great lengths to evaluate their feedback, and armed with that knowledge, we looked into improving the overall user-friendliness and features of CIMB Clicks, including reducing the number of clicks required to arrive at a service, providing quicker access to information, enabling customisable preferences and introducing new online services," said Renzo Viegas, Deputy Group Chief Executive Officer and Head of Consumer Banking, CIMB Group.

"It was also timely to give the portal a face-lift, as the last revamp was back in 2009," he added.

Some highlights of the new and improved CIMB Clicks are as follows:
• New services, such as OctoPay (ASEAN's first banking service on Facebook), foreign currency fixed deposits placement and foreign currency current account funds transfer, Tune Talk auto reload and online gold trading. Customers are also able to manage their unit trust investments via CIMB Clicks eInvest at
attractive rates.
• Once logged in, it only takes one click to view all account balances (or zero click to view up to two favourite account balances);
• Quick funds transfer can be done without navigating away from the home page;
• Regrouping of services, such as users are now able to schedule their transaction within the transfer page; and for interbank funds transfer, instant transfer and normal transfer are now combined into one page;
• Customise up to six shortcuts for favourite transactions and activities on the home page;

An online survey ran by the bank to assess customers' receptivity to the revamped CIMB Clicks garnered over 32,000 responses, of which 85% were positive, indicating that they love the new design, it is more user-friendly and packed with features.

"The revamped CIMB Clicks and the launch of OctoPay recently are some examples of initiatives rolled out to help maintain our 20% year-on-year increase in new CIMB Clicks users," Viegas stated.

According to Ernst & Young's Global Consumer Banking Survey 2012, internet banking is now customers' preferred way to access account information. The huge success of online banking can be attributed to its convenience and accessibility – customers can decide when they interact with their bank. Internet banking is
also the most popular channel for customers undertaking simple transactions such as paying bills.

In line with that, the bank intends to generate interest among its CIMB Clicks users to use the online portal as the preferred banking channel, as well as encourage its existing customers who are not utilising its online banking services to register as a CIMB Clicks user. Currently, more than half of the bank's 6.9 million customer base in Malaysia are registered CIMB Clicks users.

Since CIMB Clicks was developed in 2006, it now has a total of 3.6 million users in Malaysia with an average monthly volume of 3.5 million monetary transactions.

Additionally, there are approximately 500,000 CIMB Clicks application downloaded onto iPhone, iPad and Android-based devices. To experience the new and improved CIMB Clicks, visit www.cimbclicks.com.my. -- Bernama

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Tax Bill's Fate in House Is Uncertain After Passing Senate - New York Times

Posted: 01 Jan 2013 08:48 AM PST

By
Published: January 1, 2013

As the new year began on Tuesday, Congressional efforts to head off tax increases on most working Americans shifted to the House, where members began to pore over details of a plan passed by the Senate in the early morning hours as Republican leaders began the delicate task of assessing the measure's fate in their chamber.

House Republicans were planning to meet at 1 p.m. to discuss the Senate legislation, cobbled together after furious negotiations between Vice President Joseph R. Biden Jr. and the Republican Senate leader, Mitch McConnell, to avert automatic tax increases for all but the wealthiest Americans and put off, for two months, large cuts to the Pentagon and other areas of government.

Representative Nancy Pelosi of California, the House Democratic leader, said she would also present the plan to House Democrats and Mr. Biden, who helped sell the deal to Senate Democrats on Monday night, was set to meet with members of his party in the House just after noon.

With just two days to go before a new Congress convenes, the House has essentially three choices: reject the bill, pass it as written by the Senate after what is certain to be a robust, even rancorous debate, or amend the bill and quickly return it across the rotunda to the Senate. Should the House choose to amend the measure, it would almost certainly imperil its chances of becoming law before the new Congress convenes. The Senate compromise, which enjoyed wide bipartisan support, was so hard fought and senators do not anticipate taking another vote on it.

Any failure to pass the measure before the 112th Congress ends as of noon Thursday would require the process to start over in the new 113th Congress, meaning the Senate would have to vote again with a changed membership due the departure of several veteran lawmakers and the arrival of newcomers from both parties as a result of victories in the November elections.

But the strong, bipartisan 89-to-8 vote in the Senate about 2 a.m. on Tuesday will put strong pressure on the House to approve the legislation since a defeat would essentially leave the House responsible for a steep series of tax increases and spending cuts that some economists warn could send the nation back into a recession.

Yet it was clear Tuesday morning that many House Republicans were disenchanted with the plan, which, while containing many concessions that angered Democrats, still favors the latter party's priorities and imposes a tax increase on the wealthiest Americans.

"I am halfway through reading it and haven't found the cuts yet," said Representative Trey Gowdy of South Carolina, who generally votes against budget bills. "It's part medicinal, part panacea, and part treating the symptoms but not the underlying pathology."

Democrats have their own issues with the measure due to what they see as too many concessions on taxes, making it apparent some combination of Democrats and Republicans will have to come together behind the measure if it is too clear the House and be sent to President Obama for his signature.

Speaker John A. Boehner and Representative Eric Cantor of Virginia, the House majority leader, arrived at the Capitol early Tuesday to begin working, but a spokesman for Mr. Cantor, Doug Heye, said no decision had been made on how to proceed.

61 killed in New Year's stampede in Ivory Coast - Fox News

Posted: 01 Jan 2013 08:38 AM PST

  • stampede660.jpg

    Jan, 1, 2013: An Ivory Coast troop stands next to the belongings of people involved in a deadly stampede in Abidjan, Ivory Coast. The death toll is expected to rise, according to rescue workers. (AP)

ABIDJAN, Ivory Coast –  At least 61 people were killed early Tuesday in a stampede following a New Year's fireworks display in Abidjan, Ivory Coast's commercial center, said officials.

The death toll is expected to rise, according to rescue workers.

The majority of those killed were young people between eight and 15 years old who were trampled after the fireworks festivities in Abidjan's Plateau district, at about 1 a.m. Tuesday, said Col. Issa Sako, of the fire department rescue team.

Thousands gathered at the Felix Houphouet Boigny Stadium to see the fireworks and after the display the crowds moved out onto the Boulevard de la Republic by the Hotel Tiama, said Sako, on Ivory Coast state television.

"The flood of people leaving the stadium became a stampede which led to the deaths of more than 60 and injured more than 200," said Sako.

President Alassane Ouattara has visited some of the wounded in hospital and he pledged that his government would pay for the costs of their medical treatment, according to the president's office.

Ouattara's government organized the fireworks to celebrate Ivory Coast's peace, after several months of political violence in early 2011 following disputed elections. It was the second year that Abidjan had a New Year's fireworks display.

Desperate parents went to the city morgue, the hospital and to the stadium to try to find children who are still missing.

Mamadou Sanogo was searching for his nine-year-old son, Sayed.

"I have just seen all the bodies, but I cannot find my son," said a tearful Sanogo. "I don't know what to do."
Kredit: www.nst.com.my

Isnin, 31 Disember 2012

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US stocks close year with sharp jump

Posted: 31 Dec 2012 05:03 PM PST

WASHINGTON: US markets closed out the year on Monday with a sharp jump on news that Congress was close to a deal to avert the fiscal cliff - but also on a 4.4 percent gain by market giant Apple.

The Dow Jones Industrial Average finished up 166.03 points (1.28 percent) at 13,104.14.

The broad-market S&P 500 gained 23.79 points (1.69 percent) at 1,426.19, while the tech-rich Nasdaq Composite surged 59.20 points (2.00 percent) to 3,019.51.

The gains reversed losses of the previous week when cliff worries were strong, and left the main indices with respectable gains for the year: 7.3 percent for the Dow, 13.4 percent for the S&P 500, and 15.9 percent for the Nasdaq.

With a midnight deadline looming to avert the sharp tax hikes and spending cuts aimed at slashing the fiscal deficit - but which could force a recession - the White House and congressional leaders said a deal was nigh that would mitigate the worst effects.

Nothing was certain: while the Senate was expected to pass the compromise legislation after it is finalised, possibly before the midnight Monday deadline, in the Republican-controlled House of Representatives, where resistance could be tougher, the vote would not be before Tuesday.

But the markets pushed higher in expectation that the immediate threat of more than US$400 billion in tax increases would mostly be avoided.

"A compromise over taxes and spending would be an important step that supports economic growth in the year ahead," said Gary Thayer, strategist at Wells Fargo Advisors.

Major shares were nearly all in the green, led by Apple's surge.

The world's most valuable company by market capitalisation - an even US$500 billion at the end of trade on Monday - was a major driver of the markets ruing the year. Even though its price at Monday's close, US$532.17, was well below the year's high of US$705.07, Apple shares still racked up a 25.8 percent gain for 2012. -- AFP

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Cliff's Edge Draws Close - Wall Street Journal

Posted: 31 Dec 2012 09:02 AM PST

By JANET HOOK And SIOBHAN HUGHES

Talks between Senate Minority Leader Mitch McConnell (R., Ky.) and Vice President Joe Biden continued Monday, as Washington tried to do what it has promised for months: engineer an alternative to the so-called fiscal cliff.

Getty Images

Senate Minority Leader Mitch McConnell (R., Ky.), shown on Monday, was working with Vice President Joe Biden on a compromise to avert the fiscal cliff.

A White House official said Monday morning the talks made "progress overnight." A spokesman for Mr. McConnell said the two men "will continue to work toward a solution."

According to a McConnell aide, the senator's last two conversations with Mr. Biden were at 12:45 a.m. and 6:30 a.m.

On taxes, one of the thorniest issues on the table, the two sides appeared to be converging. President Barack Obama has called for raising individual income-tax rates on family income above $250,000. In the latest round of Senate talks, Republicans proposed a $550,000 threshold, which Democrats moved to $450,000, according to Sen. Dick Durbin (D., Ill.).

Looking Over the Fiscal Cliff

The federal government faces a rolling series of deadlines over the next few months in its continuing budget battle. Take a look ahead.

Falling Over the Fiscal Cliff

See some scenarios for how different groups of people may be affected by the tax changes that will take place if the fiscal cliff isn't resolved by the Jan. 1., 2013, deadline.

On the estate tax, Democrats are no longer insisting on an increased rate and instead have agreed to put the matter to a separate vote, which suggests current rates will likely continue. That is a concession to the GOP and a number of farm-state Democrats in the Senate. Absent action, rates on estates will jump and the threshold at which they would hit is set to fall.

Other fundamental divisions remained, including primarily a disagreement of principle between the parties: Republicans wanted any tax increase, which they only reluctantly accepted, to go toward reducing the deficit. Democrats wanted any increased tax revenue to offset spending cuts that are scheduled to kick in as part of the fiscal cliff, and to pay for extending unemployment benefits, among other items.

New Year's Eve, however, dawned with no solution to Washington's budget impasse. What happens Monday could go some way to determining the short-term fate of the U.S. economy and the reputation of the government, both of which have been tarnished by the spectacle of endless seemingly circular negotiations. In the past two weeks, at least three different sets of negotiation teams have sought a way out.

Senate Majority Leader Harry Reid (D., Nev.) said on the Senate floor Monday that discussions continue, but warned "we really are running out of time," adding "There are a number of issues on which the two sides are still apart."

The Senate had set itself a goal of hatching a deal by midafternoon Sunday, a deadline that slipped by as both sides instead bickered in public and tried to apportion blame for the continuing impasse. Late Sunday, Mr. Reid recessed the Senate until Monday, leaving the McConnell/Biden talks to take the lead.

"There is significant distance between the two sides," Mr. Reid said Sunday. "There is still time left to reach an agreement and we intend to continue negotiations."

In the absence of a bipartisan deal, Mr. Reid is preparing for a Monday vote on a bill to carry out Mr. Obama's backup proposal, which tackles only a few items on the legislative agenda, including extending current tax rates for income up to $250,000 for couples filing jointly. Democrats are confident they could pass the bill through the Senate. A key question is whether the House, which returned Sunday evening, would approve it if it doesn't enjoy broad bipartisan support in the Senate.

Some senators seemed almost resigned to the prospect of Congress missing its deadline, on the grounds that spending cuts and tax increases that take effect Tuesday and Wednesday, the first two days of the new year, could be reversed.

"The world won't end," said Sen. Tom Harkin (D., Iowa.). "Things can be made retroactive."

In a sign of opposition that could mount to any deal from liberal Democrats, Sen. Harkin took to the Senate floor to criticize reports that the compromise was taking shape in negotiations between Messrs. McConnell and Biden.

One Democratic offer on the negotiating table would extend current tax rates on income up to $450,000—a retreat from Mr. Obama's original proposal to raise taxes on income over $250,000. Democrats also were moving to compromise on the president's proposal to increase estate taxes.

"We're going to lock in forever the idea that $450,000 a year is middle class in America,'' said Mr. Harkin. "The direction they are heading in is absolutely the wrong direction for our country.''

Still, some remained hopeful elements of a deal were on the table and could be brought into alignment at the last minute.

Sen. Barbara Boxer (D., Calif.) urged colleagues not to "prejudge'' the outcome before the negotiations are complete.

"This is a compromise. We don't have a parliamentary system of government here,'' said Ms. Boxer, who like other Democrats from high-cost states, welcomes a compromise that raises the threshold on income-tax increases because $250,000 doesn't go as far in California as it does in other regions.

"I am hopeful that we will get something done,'' said Ms. Boxer. "If we do, and it is fair—fair enough—we should get our country off this cliff.''

As aides to Messrs. Reid and McConnell negotiated through the weekend, the focus was on a narrow bill that would likely fall far short of the lofty deficit-reduction goals congressional leaders and Mr. Obama had initially pursued.

White House officials believe raising tax rates on income above $250,000, combined with changes in capital-gains, dividend, and estate-tax rules, would raise roughly $950 billion over 10 years. According to its own budget estimates, that would raise between $50 billion and $60 billion in new revenue in the first year, less than 10% of the U.S.'s projected budget deficit.

The other items being discussed as part of the slimmed-down package would cost the government. One would extend unemployment benefits for one year, at a cost of roughly $30 billion. Another would prevent Medicare payments to doctors from being cut, at a cost of $10 billion, according to estimates.

The most expensive item being considered as part of the package would extend a change to the alternative-minimum tax, which was designed to make sure the wealthiest didn't avoid taxes by accumulating too many deductions and credits. The AMT wasn't indexed for inflation, and Congress has repeatedly passed an annual exemption to protect middle-class families from the tax. The change being considered would prevent the tax from hitting as many as 30 million additional households, and it would reduce potential revenue by close to $100 billion.

Mr. Obama expressed the Democrats' view in an interview that aired Sunday on NBC's "Meet the Press."

"If we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts, and that also would have a better outcome for our economy long-term," Mr. Obama said.

Sen. Bob Corker (R., Tenn.) said it remained a problem that Democrats wanted to spend the new tax revenue that would be raised by increasing the top rates. "All the money is being spent—it's not being used for any kind of deficit reduction," he said.

To address that concern, Republicans, in negotiations with Mr. Reid, resurrected a proposal to cut spending by slowing the growth of Social Security's cost-of-living adjustments. Mr. Obama, rare among Democrats, has shown some willingness to accept the idea, but only as part of a broader budget deal, not the kind of stopgap measure being devised in the Senate.

Mr. Reid was sharply opposed, and the proposal, which is known as "chained CPI," nearly brought the talks to a halt until Republicans withdrew the idea.

Sen. John McCain (R., Ariz.) said "we're closer than one would think" to a deal, but "we cannot win a PR battle where we are holding fast on tax breaks for the wealthiest people versus the chained CPI. It's not a winning hand."

—Patrick O'Connor, Carol E. Lee and Corey Boles contributed to this article.

New Year's Eve celebrations around the world: live - Telegraph.co.uk

Posted: 31 Dec 2012 08:18 AM PST

16.34 Pictures are starting to come in from Hong Kong, where a huge firework display in Victoria Harbour helped welcome 2013

(AP)

16.01 It's not all doom and gloom on Wall Street: these traders have donned party glasses for the last day of 2012 trading on the New York Stock Exchange

(Getty)

15.42 Two pupils get ready to celebrate the New Year at a school in Jiangxi Province, China

(Rex)

15.32 As we reach the end of 2012, academics in the United States have come up with their annual list of the year's most annoying words. They suggest that "fiscal cliff", "trending" and "spoiler alert" are among the words and phrases that should be banned from the English language. What do you think? You can read more here.

15.10 In Japan, Shinto priests leave the worship hall of Meji Shrine after a ritual in preparation for the New Year. Some three million people are expected to visit the shrine to pray for their health, happiness and property during the first three days of 2013

(EPA)

15.10 Meanwhile, hundreds of people celebrate the traditional San Silvestre Swim at the Mlagros beach in Tarragona, northeastern Spain

(EPA)

14.30 Over on the other side of the Atlantic, there may be little for American politicians to celebrate this year. Our correspondent Raf Sanchez reports: "Washington DC is not famous for its night life at the best of times but this year the city is in the shadow of the $600 billion fiscal cliff. As the rest of the world is ringing in 2013, many on Capitol Hill will still be frantically working to reach a deal. If we get a breakthrough then it's time to party like it's 1999 (when Bill Clinton and the Republican Congress balanced the budget - keep up). If there's no deal, then there's only time for a couple of grim beers before we all go back to our desks in the morning."

13.30 Spectacular scenes across Sydney's famous Harbour

(Getty)

13.29 2013 will ring in the changes in very different ways around the world. Hung-over Russians will wake up to a "new and troubling reality" on New Year's Day, when beer becomes classified as an alcoholic drink for the very first time, reports Tom Parfitt in Moscow. Read the full story here.

13.19 Fireworks explode over Sydney Harbour as it turns midnight

(Reuters)

13.05 Lasers light up the sky above Victoria harbour in Hong Kong

(Getty)

13.04 Our Moscow correspondent, Tom Parftt, reports that Russian revellers are expected to gather in Red Square, where there will be a firework display over the Kremlin later. He writes: "In Moscow, where snow is falling as the temperature hovers around -7C, shoppers are making their last desperate purchases before rushing home to their families. New Year is a more important event for Russians than Christmas – a low-key event marked on January 7 according to the pre-revolutionary Julian calendar – and gifts are put under a tree on December 31st, just as they are in the West on December 25th."

12.49 Kylie Minogue was clearly getting into the New Year spirit when she tweeted this photo of her in Sydney earlier:

12.48 Take a brolly if you are seeing in the New Year outdoors in Britain tonight. Forecasters are warning that the UK's celebrations will be dampened by a continuation of the downpours that have soaked the country over the festive season. Many parts of England, Wales and Scotland remain under flood alerts, and some areas are expected to see as much as 33mm (1.3ins) of rain falling today. However, the start of 2013 is set to bring better news, as the weeks of heavy rain give way to cloud, dull skies and light showers.

12.40 Dancers take part in parade in Bali, Indonesia

(EPA)

12.31 Indian revellers celebrate in Amritsar

(Getty)

12.20 In Sydney crowds are gathering for traditionally one of the most spectacular New Year's Eve fireworks displays anywhere in the world. Lord Mayor Clover Moore said about 1.5 million spectators are expected. Those in place already include Melissa Sjostedt who has made the journey from Florida to see the festivities which she first read about a decade ago in National Geographic magazine.

12.05 Meanwhile Malcolm Moore, our Beijing correspondent, reminds us that the Chinese New Year - when the Year of the Dragon gives way to the Year of the Snake - takes place on February 9. Those who want to celebrate the western calendar are having to dig deep with the city's finest restaurants offering special menus at up to £150 a head.

12.00 Special cause for celebration at Myanmar - or Burma to you and me - where the country will see in the New Year with a grand fireworks display in a celebration unprecedented in the former military-ruled country.

Thousands were expected to attend the celebration at a large field in Yangon against the backdrop of the city's famed Shwedagon Pagoda, where the Myanmar public will get its chance to do what much of the world does every New Year's Eve.

Preparations for Myanmar's New Year celebrations (Reuters)

11.56 People take part in the celebrations under the Harbour Bridge

(Getty)

11.50 Celebrations are already underway in Sydney, where fireworks are lighting up the city's skyline for the 9pm family show

(Reuters)

11.30 In Pakistan Rob Crilly, our correspondent reports, the celebrations are being held amid tight security.

Pakistanis are sending their 2013 text message greetings several hours early in case the country's mobile phone networks are turned off later to prevent mobile phones being used to detonate bombs.

11.15 The Indian armed forces on Monday cancelled their New Year celebrations while many hotels and bars scaled back parties in the wake of the gang-rape which has shocked the nation.

QuoteThe Indian army, air force and navy have decided to cancel all the parties planned to welcome the new year. They want to dedicate the last day of the year to the gang-rape victim," a senior defence ministry official told AFP.

In the capital, where the horrific crime took place on December 16, leading private members' club Gymkhana, where top officials and ministers are often seen, cancelled its party as did the Press Club in the capital.

The five-star Ashoka hotel in New Delhi also closed its popular nightclub, while other bar owners were quoted in the media as saying they were scaling back festivities.

A student prays during a vigil in Ahmedabad (Reuters)

11.10 In Auckland the celebrations are well underway with Kiwis being serenaded by "Legendary New Zealand funk rockers Supergroove" - no I haven't heard of them either.

11.00 Welcome to the Telegraph's Live Blog as we brace ourselves for 2013.

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Ahad, 30 Disember 2012

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KL shares open lower in early trade

Posted: 30 Dec 2012 05:39 PM PST

Share prices on Bursa Malaysia dipped, in early trade this morning, after failing to sustain its upward momentum from
last week following mild profit-taking activities in selected heavyweights, dealers said.

After 10 minutes of trading, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.67 points lower at 1,675.66, dragged by losses mostly seen in Axiata, which gave up nine sen to RM6.65 and contributed 1.431 per cent to the decline in the benchmark index.

HWANGDBS Vickers Research Sdn Bhd said major US equity barometers fell between 0.9 per cent and 1.2 per cent on Friday.

In a research note, it said investors were a little restless awaiting the outcome of budget negotiations to avert the so-called "fiscal cliff", which would result in automatic tax increases and government spending cuts, from taking effect in the beginning of 2013.


"In spite of the shaky Wall Street performance, the Malaysian bourse could ride on its ongoing momentum to extend its gains.

"Continuing from where it left off last Friday – following a weekly rise of 22.5-points or 1.4 per cent – the benchmark FBM KLCI may challenge its immediate resistance barrier of 1,685 points ahead," it added.

Meanwhile, the Finance Index dropped 56.22 points to 15,264.96, the Industrial Index eased 2.44 points to 2,763.12 but the Plantation Index rose 13.42 points to 8,114.18.

The FBM Emas Index declined 32.33 points to 11,358.12, the FBMT100 was 30.62 points lower at 11,219.97 while the FBM Mid 70 Index added 0.27 of a point to 12,274.05 and the FBM Ace Index increased 7.24 points to 4,213.5.

Gainers led losers 75 to 72, with 120 counters unchanged, 1,373 untraded and 21 others were suspended. Volume was thin at 38.528 million shares worth RM17.058 million.

Among actives, Integrated Rubber edged up half-a-sen to 7.5 sen while Integrated Rubber-WA was unchanged at two sen but PJBumi eased three sen to 32 sen.

Both Maybank and Sime Darby eased one sen each to RM9.07 and RM9.48, respectively, and CIMB was seven sen lower at RM7.60. -- Bernama

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Obama Accuses Republicans of Blocking Tax Compromise - New York Times

Posted: 30 Dec 2012 09:27 AM PST

By
Published: December 30, 2012

WASHINGTON — President Obama on Sunday implored Congress to act in the next 48 hours to avert the sharp tax increases and benefit cuts scheduled to take effect beginning on Tuesday, but there were indications that negotiations on the Hill were making little progress.

In an appearance on the NBC program "Meet the Press," Mr. Obama accused Republicans of blocking action on measures to prevent taxes from rising for most Americans, threatening the still-fragile economic recovery.

"We have been talking to the Republicans ever since the election was over," Mr. Obama said in the interview, which was taped on Saturday. "They have had trouble saying yes to a number of repeated offers. Yesterday I had another meeting with the leadership, and I suggested to them if they can't do a comprehensive package of smart deficit reductions, let's at minimum make sure that people's taxes don't go up and that two million people don't lose their unemployment insurance."

"And I was modestly optimistic yesterday, but we don't yet see an agreement," Mr. Obama said. "And now the pressure's on Congress to produce."

Unless Congress acts by midnight Monday, a broad set of tax increases and federal spending cuts will be automatically imposed on Jan. 1, affecting virtually every taxpayer and government program. The spending cuts were put in place earlier this year as draconian incentives that would force the president and lawmakers to confront the nation's growing debt. Now, lawmakers are trying to keep them from happening, though it seemed likely that the cuts, known as sequestration, would be left for the next Congress, to be sworn in this week.

As of late Sunday morning, negotiations were not going well, according to two officials with knowledge of the negotiations. Republicans were pushing for the largest deficit reduction deal they could get in the time remaining, the two officials said. They have told Democrats that they are willing to put off scheduled cuts to health care providers treating Medicare patients but that they want to pay for it with spending cuts elsewhere.

They also want to include Mr. Obama's offer to change the way inflation is calculated to slow the growth of benefit programs like Social Security and raise more revenue.

Democrats have balked at both. They fear that making such concessions in a stopgap deal would only increase demands for addition concessions in the coming weeks when talks resume on a "grand bargain" to reduce the deficit.

Both sides worry that the confrontational tone the president took on "Meet the Press" was not helpful.

A spokesman for Senator McConnell, Don Stewart, issued a statement criticizing Mr. Obama's remarks. "While the president was taping those discordant remarks yesterday," Mr. Stewart said, "Senator McConnell was in the office working to bring Republicans and Democrats together on a solution. Discussions continue today."

Mr. Obama, in the interview, echoed warnings from many economists who have said that the one-two punch of higher taxes and lower government spending could tip the nation into recession.

"For the entire economy that means consumers have a lot less money to make purchases," Mr. Obama said, "which means businesses are going to have a lot less customers, which means that they're less likely to hire and the whole economy could slow down at a time when the economy is actually starting to pick up and we're seeing signs of recovery in housing and employment numbers improving."

Republicans have blamed Mr. Obama for seeking to punish the wealthy with large tax increases and for not negotiating in good faith. They say his approach would worsen the deficit by protecting Democratic constituency groups from tax increases and benefit reductions while imposing sharp penalties on farmers and small business owners.

Senator John Barrasso of Wyoming, a member of the Republican leadership, said Sunday on the CNN program "State of the Union" that Mr. Obama was not dealing with the real issue imperiling the economy — the Democrats' "addiction to spending."

"My goal is to keep tax rates down for all Americans," Mr. Barrasso said.

The president and party leaders in the House and Senate have been seeking a compromise measure that would protect middle-income families from the worst jolt of tax increases, but so far there is no agreement on where to draw the line. With the Bush-era tax cuts expiring, Mr. Obama and Democrats have said they want tax rates to rise on income over $250,000 a year, while Republicans want a higher threshold, perhaps at $400,000.

As part of the last-minute negotiations, the lawmakers have haggled over unemployment benefits, cuts in Medicare payments to doctors, taxes on large inheritances and how to limit the impact of the alternative minimum tax, a parallel income tax system that is intended to ensure the rich pay a fair share but that is increasingly encroaching on the middle class.

Mr. Obama has said that if talks between the Senate leaders broke down, he wanted the Senate to schedule an up-or-down vote on a narrower measure that would extend only the middle-class tax breaks and unemployment benefits. The Senate majority leader, Harry Reid of Nevada, said he would schedule such a vote on Monday absent a deal.

The president, in his comments, singled out the top Republican leaders — Senator Mitch McConnell of Kentucky and House Speaker John Boehner of Ohio — for threatening to derail any deal in order to protect the wealthiest Americans.

"Now if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts, and that also would have a better outcome for our economy long-term," Mr. Obama said. "But so far, at least, Congress has not been able to get this stuff done. Not because Democrats in Congress don't want to go ahead and cooperate, but because I think it's been very hard for Speaker Boehner and Republican Leader McConnell to accept the fact that taxes on the wealthiest Americans should go up a little bit, as part of an overall deficit reduction package."

Under questioning from the host of "Meet the Press," David Gregory, Mr. Obama would not accept any responsibility for the impasse. He blamed Republican intransigence and political "dysfunction" in Washington, while insisting that he has offered multiple reasonable compromises.

"What is it about you, Mr. President," Mr. Gregory asked, "that you think is so hard to say yes to?"

"That's something you're probably going to have to ask them," the president responded, "because David, you follow this stuff pretty carefully. The offers that I've made to them have been so fair that a lot of Democrats get mad at me."

Continuing his comments, Mr. Obama said Republicans "say that their biggest priority is making sure that we deal with the deficit in a serious way, but the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest Americans are protected. That seems to be their only overriding, unifying theme."

"And at some point," he added. "I think what's going to be important is that they listen to the American people."

Another issue dividing Democrats and Republicans is the tax on inherited estates, which currently hits inheritances over $5 million at 35 percent. On Jan. 1, it is scheduled to rise to 55 percent beginning with inheritances exceeding $1 million.

The political drama in Washington over the weekend was given greater urgency by the fear that the economic gains of the past two years could be lost if no deal is reached.

Some of the consequences of Congressional inaction would be felt almost at once on Tuesday, in employee paychecks, doctors' offices and financial markets. Analysts said the effect would be cumulative, building over time.

An early barometer would probably be the financial markets, where skittish investors, as they have during previous Congressional cliffhangers, could send the stock market lower on fears of another prolonged period of economic distress.

Failure to reach a broader deal on taxes and spending would increase taxes even further, returning rates to Clinton-era levels. January paychecks would shrink as employers start withholding more for taxes.

Many families would also suffer if Congress failed to extend emergency jobless benefits, meaning that 2.1 million Americans would abruptly stop receiving expected payments.

The fallout would continue to worsen if the inaction and stalemate continue into late January.

Tens of millions of families could be ensnared by the alternative minimum tax, raising their 2012 tax bill and potentially throwing the coming tax season into disarray. This month, the Internal Revenue Service warned that as many as 100 million filers, out of 150 million, could be affected. Analysts said the I.R.S. might have to delay the start of filing season and the delivery of expected refund checks.

Come mid-January, some Medicare patients also might struggle to find doctors to treat them. Without Congressional action, doctors would face two cuts to reimbursement rates: a 26.5 percent reduction in Medicare payment rates from a 1997 law, and a further 2 percent cut adopted to reduce the deficit last year.

By late February or early March, lawmakers would face another economic showdown over raising the nation's borrowing limit again to avoid a cash-management crisis and a government shutdown. Republicans have already said they intend to use the Congressional authority to increase the so-called debt ceiling to extract cuts from entitlement programs — a threat Mr. Obama has said he will resist.

Around the same time, the government and its workers would begin feeling the cuts to defense and domestic spending.

Without a compromise, the Pentagon and its civilian contractors would face steep reductions in virtually every program. Military officials said those spending reductions — $500 billion over 10 years — would eventually force the canceling or shrinking of projects and large-scale layoffs of military and civilian personnel.

Hundreds of other federal programs would see cuts, beginning in late January. These include reductions of about 8 percent in the Special Supplemental Nutrition Program for Women, Infants, and Children; the Low-Income Home Energy Assistance Program; and rental housing assistance"

Jonathan Weisman contributed reporting.

Hurried morning cremation for rape victim - Indian Express

Posted: 30 Dec 2012 08:44 AM PST

Amid an outpouring of anger and grief in the country, the body of the 23-year-old paramedical student who was gangraped and tortured in a moving bus in Delhi, was flown to the national capital from Singapore early this morning and cremated within hours.

The mortal remains of the victim, who lost her battle for life in a Singapore hospital on Saturday, were consigned to flames here early on Sunday, away from public glare, shortly after her body was received by Prime Minister Manmohan Singh and Congress president Sonia Gandhi in the early hours.

The funeral pyre was lit by her sobbing father at a crematorium in Dwarka after relatives and friends said their final prayers at a ritual at the house where the girl lived in Delhi.

The Prime Minister and Sonia waited in the Palam technical area of the IGI airport where a special Air India aircraft, AIC-380A, carrying the body of the girl, accompanied by her parents and two brothers, taxied down the tarmac in heavy fog in a sombre atmosphere, reflecting the national mood against the attack on her on the night of December 16. After the plane landed at around 3:30 am, the PM and Sonia met the disconsolate family members.

Amidst heavy deployment of Delhi Police, Border Security Force (BSF) and Rapid Action Force personnel in riot gear, the body was taken to the house where the girl lived, before being taken to the crematorium in Dwarka.

Delhi Chief Minister Sheila Dikshit, Minister of State for Home Affairs R P N Singh, West Delhi MP Mahabal Mishra, Delhi BJP chief Vijender Gupta were among those present at the cremation.

... contd.



Tags: rape victim cremation, Delhi Police, Border Security Force, crime news

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