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I-Bhd airms higher profit this year Posted: 08 Mar 2013 06:30 PM PST I-Bhd is aiming for a jump in profit from the property and tourism segments of I-City this year to more than RM50 million from RM18 million in 2012. I-City is a RM5 billion development in Shah Alam and set over 29.14 hectares. It is also a MSC Malaysia Cybercentre township and an international business hub. It comprises corporate, leisure and residential components, including a shopping mall, office towers, cyber office suites, hotels, serviced apartments and data centres. I-City has also been declared a tourism destination and international park. I-Bhd executive chairman Tan Sri Lim Kim Hong said the main profit drivers at I-City will be the increasing revenue stream from ongoing and new property projects as well as upcoming leisure attractions. He said the leisure division in I-City had been achieving double-digit growth since its opening in December 2009. "In 2012, the revenue was RM32 million, double that for 2011," he added. The Group expects the same growth trend for 2013 driven by increased attendance at the existing attractions, as well new ones. "A new attraction in 2013 will be an Interactive Wax Museum, Red Carpet," Lim told Bernama. He said the Red Carpet, due to be opened to the public in August, will provide visitors with close to real-life simulating experiences with renowned celebrities, political figures and legendary icons, among others. "With an investment of between RM20 million to RM25 million, it comes with audio and motion automated figures of over 100 human characters. "We believe the I-City theme park in Shah Alam is well positioned to tap into the tourism market," he added. According to Lim, I-City attracts an average of 90,000 visitors weekly and with the completion of new attractions, it has the potential this to increase to 20 per cent more. He said while the main revenue contributor over the past few years had been the leisure division, this is set to change in 2013, with the property development division, expected to set the pace. "For this year, the group expects to launch phase one and two of the Residential Incubator Development project in I-City, comprising four tower blocks of MSC Malaysia status small office home offices, with retail components and ranging between 33 and 43 storeys each," he added. The project has a total gross development value (GDV) of RM1.1 billion on 4.85 hectares (12 acres),to be developed over three phases. "The first phase with a GDV of RM331 million is to be launched next month, phase two in August and phase three in 2014," Lim said. As for 2014, Lim said I-Bhd is targeting a profit of RM100 million to be derived from both the property and tourism segments of I-City, as well as the luxury condominium property development project in Jalan Changkat Kia Peng in Kuala Lumpur.-- Bernama

Volatile rubber prices seen next week Posted: 08 Mar 2013 06:34 PM PST Malaysian rubber prices are expected to be volatile next week amid weak global economic sentiment, dealers said. The dealers said the prices would be influenced by the key economic data to be released by China and the US which might give the cue on the demand for the commodity products. He added that rubber prices would gain some support amid the dry season in major producer countries which would affect rubber production. The local rubber market would also continue to monitor prices on the Tokyo Commodity Exchange (TOCOM) as its benchmark. Throughout the week, the rubber prices moved mostly higher in line with the movement on TOCOM and due to the weakening of the yen and ringgit against the US dollar. On a Friday-to-Friday basis, the Malaysian Rubber Board's official physical offer price for tyre-grade SMR 20 added 1.4 sen to 892.5 sen per kg while latex-in-bulk rose 5.5 sen to 622.5 sen per kg. The unofficial closing offer price for tyre-grade SMR 20 advanced 16 sen to 897.5 sen per kg and latex-in-bulk rose 9.5 sen to 625 sen per kg.-- Bernama

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Jobs report shows 236000 more jobs, decrease in unemployment - Kansas City Star Posted: 08 Mar 2013 09:15 AM PST A surprisingly strong jobs report for February sparked renewed faith in the economic recovery despite looming federal spending cuts and the recent increase in payroll taxes and gasoline prices. Unemployment fell to 7.7 percent last month, from 7.9 percent in January. It was the lowest rate of joblessness since December 2008, when the financial crisis and recession first pushed unemployment above 7 percent. February produced 236,000 more jobs than were lost, the report said, higher than many optimistic forecasts had expected. Much of the increase came in key areas such as construction work, which posted its best hiring in six years in part thanks to a recovery in housing activity. Employers also added to payrolls in health care, retail, and professional and business fields. The average reported work week grew longer in February and average wages rose. Stock prices climbed higher on the news with the Dow Jones industrial average rising 48.66 points to 14,378.15. The Dow already had reach record highs this week. Economist Scott Anderson at Bank of the West said the February jobs report showed the recovery accelerated despite the 2 percentage point increase in payroll taxes that took effect in January and the handwringing over federal spending cuts that began March 1 and are known as sequestration. "Any way you slice it, it was a solid report on the improving health of the labor market at a time when concerns have increased regarding sequestration's impact on jobs," Anderson wrote in a in a first-look analysis of the U.S. Labor Department data. The report was the government's first estimate of jobs growth in February. It revised downward its original report on job growth in January but raised is jobs count from earlier reports on December. If the last three years offer any guide, revisions to the February report are likely to find more jobs than today's report showed. For example, the Labor Department's revisions pushed November's job gains to 247,000 jobs, or 101,000 more than first reported. Despite the upbeat report, some economists caution that the job market still has a long way to go. Official unemployment totals fell partly because 130,000 more American's dropped out of the labor pool in February. And the long term unemployed did not gain ground in February. The Federal Reserve likely will see no reason to let up on its efforts to boost the job market with its purchases of bonds and policy of holding key interest rates near zero. "This is about half the rate (of jobs growth) we would require to absorb those unemployed in the Great Recession by the of the decade," said economist Michael Hicks of Ball State University in Muncie, Ind.

Chávez Funeral Has Begun in Venezuela - New York Times Posted: 08 Mar 2013 09:10 AM PST By WILLIAM NEUMAN Published: March 8, 2013 CARACAS, Venezuela — Foreign dignitaries and Venezuelans continued their extended goodbye to Hugo Chávez on Friday as the government began a stately funeral that seemed designed to showcase Mr. Chávez's appeal to the powerless and the powerful. Outside the military academy where Mr. Chávez lay in state, thousands of people stood in long lines with a mixture of weariness and giddiness: many had waited for as long as 24 hours and still were not close to entering the hall where they would have a chance to file past the president's body in its glass-covered coffin. Inside the three-story white stucco academy, a solemn ceremony was being attended by government leaders from more than 50 countries. As the dignitaries began to arrive Friday morning through a side entrance, to walk down a red carpet, the lines outside stopped moving. An announcement over a loudspeaker pleaded for patience. The crowd outside cheered when Mr. Chávez's mother, Elena, arrived and she waved to them. "I've been here since yesterday and to tell you the truth I don't feel tired," said Genesis Briceño, 22, an economics student, who had been waiting since early Thursday morning. "I want to see him." Ms. Briceño was elated by a government announcement that Mr. Chávez's body would be embalmed and displayed "eternally" in a glass case in a new Museum of the Revolution. "We will have him in there forever," she said. "We all will be able to see him." The V.I.P. guest list included leftist Latin American presidents like Raúl Castro of Cuba, Evo Morales of Bolivia, Rafael Correa of Ecuador, and Daniel Ortega of Nicaragua, who were among Mr. Chávez's closest allies. Other leaders attending include President Mahmoud Ahmadinejad of Iran, a fellow member of OPEC, whom Mr. Chávez reached out to as part of his aggressive campaign to counter United States influence in the region and around the world. The United States, which was often on the receiving end of Mr. Chávez's anti-imperialist diatribes, despite being the principal buyer of Venezuelan oil, said that it would send a delegation of Representative Gregory W. Meeks, Democrat of New York, and former Representative William Delahunt, Democrat of Massachusetts. Mr. Chávez, 58, died on Tuesday after a battle with cancer. His body was taken from the military hospital where he died to the military academy on Wednesday. The lines formed then to file past the glass-covered coffin where the leader lay, wearing a red beret and a green military uniform. Vice President Nicolás Maduro, Mr. Chávez's handpicked successor, said on Thursday that Mr. Chávez's body would remain on display for at least seven additional days before it was removed and embalmed for posterity. Officials said that Mr. Maduro would be sworn in as interim president on Friday evening, although some in the political opposition said that the Constitution designates that the interim post should go to the head of the National Assembly, who is also a close Chávez ally. Officials have said they will follow the constitutional requirement that new elections be held to replace Mr. Chávez. The Constitution says the nation should proceed to a new election within 30 days, but so far no timetable has been announced. Mr. Maduro will run as the government candidate. His opponent is expected to be Henrique Capriles Radonski, an opposition leader. Mr. Chávez used his country's vast oil wealth to carry out what he called a Bolivarian revolution, named after the indepence-era hero Simón Bolívar, based on Socialist principles and held together by his personal charisma. Venezuela has the world's largest estimated petroleum reserves and is the fourth-largest foreign oil supplier to the United States.

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Business Times : latest Posted: http://www.btimes.com.my enFriday, March 08, 2013, 09.37 AMhttp://www.btimes.com.my/articles/20130308100722/Article/ http://www.btimes.com.my/articles/20130308100722/Article/Fri, 08 Mar 2013 10:07:22 +0800Shares of Scomi Group Bhd rose as much as 10.6 per cent after the company secured a RM2.1 billion contract to provide drilling fluids and barites materials, equipment and services to Petronas Carigali Sdn Bhd. As of 9.17am, shares of the Malaysian oilfield services and energy logistics company were up 9.09 per cent at 36 sen, outperforming the benchmark stock index's 0.16 per cent rise. It is the most active stock in the local bourse. "The award of the tender... is expected to contribute positively towards the earnings and net assets per share of the company for the financial years ending March 31, 2013 to 2018," Scomi said in a local stock filing on Thursday evening. Petronas Carigali is a unit of Malaysia's state oil firm Petroliam Nasional Bhd, which finances nearly half of the Southeast Asia nation's government budget.-- Reuters http://www.btimes.com.my/articles/20130308102125/Article/ http://www.btimes.com.my/articles/20130308102125/Article/Fri, 08 Mar 2013 10:21:25 +0800Malaysia's ringgit rose for the first time in three days as signs the global economy is improving brightened the outlook for exports and spurred demand for riskier assets, helping emerging markets attract funds. The MSCI Asia Pacific Index of stocks reversed yesterday's losses after Japan's economy returned to growth and initial jobless claims in the US unexpectedly dropped. The two countries are Malaysia's third and fourth-biggest export markets, respectively. The Southeast Asian nation's central bank kept its benchmark interest rate at three per cent yesterday, a decision that was predicted by all 20 economists in a Bloomberg survey. The ringgit appreciated 0.1 per cent to 3.1053 per dollar as of 9:29am in Kuala Lumpur, paring the week's decline to 0.3 per cent, according to data compiled by Bloomberg. The currency touched 3.0945 today, the strongest since March 1. One-month implied volatility, a measure of expected moves in exchange- rates used to price options, increased one basis point, or 0.01 percentage point, to 6.67 per cent. "The Malaysian currency is getting interest because its growth prospects are good given the recovery in Japan and the US," said Yeah Kim Leng, chief economist at RAM Holdings Bhd in Kuala Lumpur. "The ringgit should continue to strengthen." Japan's gross domestic product rose an annualised 0.2 per cent in the three months through December, the Cabinet Office said today, compared with a preliminary calculation of a 0.4 per cent contraction. Jobless claims in the US fell to 340,000 for the week ended March 2, the Labor Department said in Washington yesterday. That was less than the median estimate of 355,000 in a Bloomberg survey of 50 economists. Malaysian government bonds advanced this week. The yield on the 3.418 per cent notes due August 2022 fell one basis point to 3.46 per cent, according to data compiled by Bloomberg. The rate was little changed today.-- Bloomberg http://www.btimes.com.my/articles/20130308104337/Article/ http://www.btimes.com.my/articles/20130308104337/Article/Fri, 08 Mar 2013 10:43:37 +0800Activist investor Carl Icahn is demanding Dell Inc pay out US$15.7 billion in special dividends, joining a growing chorus of opposition to founder Michael Dell's plan to take the world's No. 3 personal computer (PC) maker private. The billionaire investor, whose arrival on the scene typically puts companies on guard, wants the PC maker to pay US$9 a share in dividends immediately from its own cash and from raising new debt. Icahn, who has a reputation for demanding aggressive changes after amassing stakes in companies, argued in a letter to the company's board published on Thursday that Michael Dell's and Silver Lake's proposed US$24.4 billion buyout short-changed shareholders, undervalued the company and benefited mainly the company co-founder himself. "We see no reason that the future value of Dell should not accrue to all the existing Dell shareholders - not just Michael Dell," Icahn wrote in the letter, which Dell disclosed in a filing. Icahn's proposed special dividend of US$9 per share would include US$4.26 a share derived from US$5.25 billion in new debt. He argued that, combined with a "stub" value of US$13.81 per share that his firm calculated based on discounted cash flow, such a move would deliver shareholders a total value of US$22.81 per share. That would be a 67 per cent premium to the US$13.65 buyout price put forward by Michael Dell in partnership with private equity house Silver Lake and Microsoft Corp. In his letter, Icahn asked Dell's board to commit to his proposal to "avoid a proxy fight." He also wants Dell to combine an upcoming special shareholder vote on the buyout deal with its regular annual general meeting, when Icahn said he intended to put forward a slate of his own directors for election to the board. "If you fail to agree promptly to combine the vote ..., we anticipate years of litigation will follow challenging the transaction and the actions of the directors that participated in it," Icahn said in the letter. To speed up the payment of a special dividend, Icahn himself pledged to provide a US$3.25 billion bridge loan to Dell, if necessary. Icahn joins other major investors opposed to the deal. Excluding the activist investor, who has not disclosed his stake, shareholders representing almost 18 per cent of Dell shares, led by Southeastern Asset Management with a stake of more than 8 per cent including options, say they will vote against the buyout. The likelihood of alternative proposals prompting Dell to sweeten his offer has increased since a handful of major shareholders spoke out against the deal, analysts said. "Recent events have raised the level of scrutiny on the situation, which could end up increasing the take-private price," Wells Fargo analyst Maynard Um wrote in a note. Southeastern, run by activist investor Mason Hawkins, has said Dell could borrow money to make a major share repurchase or break up the company and sell units separately. Icahn said only that his interests held a substantial stake in Dell. He did not disclose his exact shareholding. CNBC, citing unnamed sources, reported on Wednesday that Icahn had accumulated about 6 per cent of Dell's shares. That would make him the third-largest shareholder, after Southeastern and Michael Dell himself. Dell shares finshed 0.7 per cent lower at US$14.22 on the Nasdaq on Thursday. They had risen about 8 per cent since trading closed on February 4, the day before Dell announced its plan to go private.-- Reuters http://www.btimes.com.my/articles/20130308101124/Article/ http://www.btimes.com.my/articles/20130308101124/Article/Fri, 08 Mar 2013 10:11:24 +0800The ringgit opened higher against the US dollar in early trading Friday, rebounded from yesterday's losses in tandem with gains in the local bourse, dealers said. The ringgit was quoted at 3.1050/1080 for a US dollar against 3.1070/1090 yesterday. Dealers said overnight rally in the US stocks with improved US job market helped fuel sentiments in the Asian and currency markets. Against other major currencies, the ringgit was lower against the Singapore dollar at 2.4918/4944 from 2.4906/4926 yesterday but rose against the yen to 3.2698/2747 from 3.3071/3106 Thursday. The local currency was traded lower against the British pound at 4.6612/6670 from 4.6574/6616 Thursday and lower against the euro at 4.0666/0709 from 4.0466/0498 yesterday.-- Bernama http://www.btimes.com.my/articles/20130308101425/Article/ http://www.btimes.com.my/articles/20130308101425/Article/Fri, 08 Mar 2013 10:14:25 +0800Short-term rates are expected to remain stable Friday, with Bank Negara Malaysia intervening to absorb excess liquidity from the financial system, dealers said. The central bank estimated today's surplus at RM24.392 billion in the conventional system and RM5.645 billion in Islamic funds. Bank Negara will call for four conventional tenders -- RM500 million for seven days, RM1 billion for 14 days, RM1.2 billion for 21 days and RM1.5 billion for 31 days. It will also conduct a repo tender for RM200 million for 61 days. The central bank will call for four Al-Wadiah tenders for RM600 million for seven days, RM200 million for 14 days, RM600 million for 21 days and RM1.9 billion for 28 days. At 4pm, Bank Negara will conduct up to RM20 billion conventional overnight tender and RM3.3 billion Al-Wadiah overnight tender.-- Bernama http://www.btimes.com.my/articles/20130308104741/Article/ http://www.btimes.com.my/articles/20130308104741/Article/Fri, 08 Mar 2013 10:47:41 +0800Share prices opened higher in early trading Friday, supported by selected heavyweights, dealers said. As at 9.52am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.2 points to 1,652.13, after opening at 1,650.69. HwangDBS Vickers Research Sdn Bhd said the external equities backdrop continues to be bullish. "Last night, key barometers on Wall Street posted further gains when they rose between 0.2 per cent and 0.3 per cent at the closing bell, driven by signs that the US economic recovery is picking up pace. "This may provide the lead for our Malaysian bourse to show a marginal upward bias today. "On the chart, the benchmark FBM KLCI could challenge the immediate resistance barrier of 1,655 again," the research house said. Meanwhile, the Plantation Index eased 24.6 points to 7,948.79, but the Industrial Index gained 2.26 points to 2,826.75 and the Finance Index advanced 11.42 points to 15,287.17. The FBM Emas Index garnered 12.26 points to 11,275.33, the FBMT100 gained 11.36 points to 11,122.49 and the FBM Mid 70 Index rose 27.71 points to 12,443.6. However, the FBM Ace Index dipped 0.84 of a point to 3,979.26. Gainers led losers by 182 to 110, with 1,367 counters untraded and 27 others suspended. Turnover stood at 155.457 million shares worth RM155.110 million. Among stocks that will likely be in the limelight today is Scomi Group, which has bagged a five-year contract worth RM2.1 billion from Petronas to provide drilling fluids and barites materials. As at 9.52 am, Scomi has gained two sen to 35 sen. Other actives, Metronic Global earned half sen to 10.5 sen and Ariantec Global was flat at eight sen. Among heavyweights, Maybank garnered 10 sen to RM9.15 and Axiata Group and Sime Darby were both unchanged at RM9.20 and RM6.40, respectively.-- Bernama http://www.btimes.com.my/articles/20130308072917/Article/ http://www.btimes.com.my/articles/20130308072917/Article/Fri, 08 Mar 2013 07:29:17 +0800NEW YORK: Growing investor enthusiasm for equities in the wake of this week's records pushed US markets higher again Thursday. The Dow Jones Industrial Average surged to an all-time peak for the third day in a row, adding 33.25 points (0.23 per cent) at 14,329.49. The broad-based SandP 500 also moved higher, gaining 2.80 points (0.18 per cent) at 1,544.26, while the tech-rich Nasdaq Composite Index climbed 9.72 (0.30 per cent) to 3,232.09. In addition, markets were gaining from better-than-expected economic data, such as Thursday's report on a weekly decline in jobless claims. The report boosted confidence that Friday's much-watched US payroll and unemployment data would be strong. This week's record run for the Dow has attracted new investors, said Art Hogan, chief market analyst for Lazard Capital Markets. "We're getting new participation," Hogan said. The record results were "dragging people in from the sidelines." Facebook picked up 4.1 per cent. The social network unveiled a project to offer users a "personalised newspaper" based on individual taste. Boeing gained 2.5 per cent after booking new orders for 27 jets, bringing its 2013 net orders through March 5 to 138. Time Warner shares added 2.4 per cent after the group said it would spin off its iconic Time Inc. magazine group. Computer company Dell retreated 0.7 per cent after activist investor Carl Icahn became the latest large shareholder to protest founder Michael Dell's plan to take the company private. Truck maker Navistar surged 27.8 per cent after it reported a narrowing of its quarterly loss and said it was promoting former General Motors executive Troy Clarke to be chief executive. Gap rose 4.1 per cent, lifted by the clothing chain's report of higher same-store sales compared with a year ago. Pet retailer PetSmart fell 6.6 per cent after the company's 2013 guidance missed analyst expectations. -- AFP

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US warns North Korea over 'suicidal' nuclear threat as UN expands sanctions - The Guardian Posted: 07 Mar 2013 09:58 AM PST Tania Branigan in Beijing and Ewen MacAskill in Washington UN ambassador Susan Rice votes at a security council meeting on imposing a fourth round of sanctions against North Korea. Photograph: Spencer Platt/Getty Images The United Nations security council has voted unanimously to punish North Korea for last month's nuclear test with a toughened sanctions regime, hours after Pyongyang threatened to unleash a pre-emptive nuclear strike on the United States. Secretary general Ban Ki-moon, a former South Korean foreign minister, said the resolution "sent an unequivocal message to [the North] that the international community will not tolerate its pursuit of nuclear weapons". The decision by the 15-member council followed lengthy negotiations between the United States and China, the North's main ally. Measures range from tightened financial restrictions to cargo inspections and an explicit ban on exports of yachts and racing cars to the North, but experts say the real issue is enforcement. China's UN ambassador Li Baodong said Beijing, Pyongyang's main trading partner, wanted to see "full implementation" of the resolution. Susan Rice, the US ambassador to the UN, told reporters that the measures would "bite hard". She added: "North Korea will achieve nothing by continued threats and provocations." A foreign ministry spokesman in Pyongyang threatened to launch "pre-emptive nuclear strikes on the headquarters of the aggressors" because Washington was pushing to start a nuclear war against it, in a statement hours before the UN vote. Experts do not believe the North has managed to produce a warhead small enough to be mounted on a missile that could reach the US. They also pointed out that the original Korean language version referred to "invaders" rather than merely the "aggressors" of the English translation. Jennifer Lind, assistant professor of government at Dartmouth College in New Hampshire, said that while the statement was disturbing, "North Korea has a long history of bluster and issuing threats that of course it does not carry out, [such as] its long term threats of turning Seoul into a sea of fire." Earlier this week the North threatened to cancel the 1953 armistice that ended the Korean War. Thursday's resolution condemns the North's third nuclear test "in the strongest possible terms" as a flagrant breach of previous resolutions, which bar it from testing or using nuclear or ballistic missile technology and importing or exporting material for the programmes. It aims to hinder those programmes but also targets the ruling elite. A ban on luxury exports was introduced in 2006, but countries could decide what fell under that rubric; this time, specific items are identified. The resolution warns the North against further provocations and demands its return to the Nuclear Nonproliferation Treaty. But it also stresses the council's commitment "to a peaceful, diplomatic and political solution" and urges a resumption of six-party talks. All countries are required to freeze financial transactions – including the transport of suitcases stuffed with cash – or services that could contribute to the North's nuclear or missile programmes. Public financial support for trade deals that could assist the programmes is outlawed. Countries must expel agents working for blacklisted companies from the North. They must inspect aircraft or vessels with suspect cargo and deny entry to those that refuse inspection. Hazel Smith, an expert on the North at Cranfield University, said the key question was how rigorously the US implemented financial sanctions, citing tough measures taken by Washington towards the end of the Bush administration. "They did have a major effect; they also paralysed diplomacy. But there is no diplomacy happening now," she said. Analysts suggest the immediate reaction of the North is likely to be further angry rhetoric and possibly another nuclear test, as Pyongyang hinted earlier. South Korean government sources cited by Seoul news agency Yonhap said on Wednesday that the North had imposed no-fly and no-sail zones off its coasts, apparently preparing for military drills. "North Korea will throw their usual histrionics about the resolution," said Andrei Lankov of Kookmin University in Seoul in an interview prior to the latest threat. "Every time there's an escalation the risk of confrontation increases. But neither side wants anything to happen." At a Senate foreign relations committee hearing on North Korea, chairman Robert Menendez described the nuclear strike threat as "absurd and suicidal". Menendez, a Democrat, was holding the hearing as the UN security council voted for the resolution. He welcomed the new sanctions but said the US needed to do more to combine sanctions and military countermeasures with strong and realistic diplomacy aimed at North Korea and China. "There should be no doubt about our determination, willingness, and capability to neutralise and counter any threat that North Korea may present," Menendez said. "I do not think the regime in Pyongyang wants to commit suicide, but that, as they must surely know, would be the result of any attack on the United States." Glyn Davies, the State Department's special representative on North Korea, warned of "costly consequences" for the country. Its 12 February nuclear test, he said, represented "an even bolder threat to US national security, the stability of the region and the global non-proliferation regime". Davies told the committee the Pentagon was working with its counterparts in Japan and South Korea to ensure protection against an attack. The US would continue to look at unilateral sanctions against banks and other North Korean-linked bodies and seek to harmonise existing sanctions with other countries, he added. The US will not engage in negotiations unless there is a fundamental change in attitudes in North Korea. "The DPRK leadership must choose between provocation or peace, isolation or integration," Davies said.

Thousands Line Up for Last Glimpse of Chávez - New York Times Posted: 07 Mar 2013 09:08 AM PST By WILLIAM NEUMAN and CHRISTINE HAUSER Published: March 7, 2013 CARACAS, Venezuela — Thousands of people waited for hours on Thursday to pay a moment of respect to the body of the late president of Venezuela, Hugo Chávez, dressed in his iconic red beret and green military uniform, visible to his people one last time. The lines, steeped in loyalty and grief, started on Wednesday and stretched through the night at a military academy Mr. Chávez once attended, where he will lie in state until his funeral on Friday. Many saluted the president's remains. Others crossed themselves. Government television broadcast the endless passage of mourners. One elderly woman beat her breast and nearly fainted. Parents and guards in dark suits picked up small children to give them a look. "He had his beret on, his red beret, and he looked as if he were sleeping," said Luis Cabrera Aguirre, a retired rear admiral who served as an adviser to Mr. Chávez and was among the first group of officials permitted access. He said that Mr. Chávez's head and torso were visible through a panel of glass at the coffin's upper half. The closed lower half was draped with the Venezuelan flag. Admiral Cabrera Aguirre said that Mr. Chávez's face and especially his neck appeared a little swollen or puffy, but that otherwise, "he looked just like he did in life." Mr. Chávez, who was nearly omnipresent here in his 14-year rule, was not seen in Venezuela since leaving for Cuba for his fourth and last cancer surgery on Dec. 11. Even after the announcement of his return, in a pre-dawn flight on Feb. 18, he remained out of sight, while officials said he continued treatment at a Caracas military hospital. His death was announced Tuesday afternoon. He was 58 years old. Conflicting accounts of his final days were beginning to emerge. On Thursday, the Reuters news agency reported that a government source said that Mr. Chávez's health deteriorated rapidly after he held a bedside meeting with government ministers over the weekend. The source said that, with the cancer having spread to his lungs, Mr. Chávez had fallen into a coma on Monday, and that he died the next day of respiratory failure. However, the head of Venezuela's presidential guard, Gen. José Ornella, told The Associated Press late Wednesday that Mr. Chávez died of a major heart attack. General Ornella said that he was with Mr. Chávez at the moment of his death, and that among his final words were, "I don't want to die. Please don't let me die," the general said, adding, "because he loved his country, he sacrificed himself for his country." "He couldn't speak, but he said it with his lips," General Ornella said. Over his final weeks of seclusion, the opposition clamored for Mr. Chávez to make an appearance, and even some of his supporters began to question why he was unable to show himself. On Thursday, lying in state, Mr. Chávez was finally reunited with his people once more. Despite a rocky economic record and strings of broken or half-filled promises during his 14 years in office, the fundamental legacy of Mr. Chávez was intangible: he has changed the way Venezuelans think about themselves and their country. Just as they did on Thursday, when people lined up for one last glimpse of their leader, enormous crowds thronged the streets on Wednesday to watch Mr. Chávez's modest brown wood coffin, covered in a Venezuelan flag, being carried through the capital, Caracas. As it wound its way from the hospital where he died to the military academy where he studied as a young, unheralded cadet, hundreds of thousands of mourners — many dressed in his movement's characteristic red shirt — chanted, cried, tossed flowers or held up cellphones to photograph the coffin as it passed. The procession on Wednesday stretched for miles, a river of red with drivers and motorcyclists trailing behind in an impromptu cortege. "Chávez opened our eyes," said Carlos Pérez, 58, a cookie salesman who drove into town with his wife and took part in the caravan. "We used to be stepped on. We felt humiliated." Conditions for the poor have certainly improved over the last decade and a half, and the ranks of the poor have shrunk. Government programs have given poor people access to low-cost food and free health care and have knocked down barriers to higher education, though many of those programs are plagued by inefficiencies and long waits. Mr. Chávez mined and deepened the divide between the masses of Venezuela's poor and the middle and upper classes, presiding over a bitterly divided country. He mercilessly taunted and insulted those who disagreed with him, calling them fascists, good-for-nothings, traitors, oligarchs, reactionaries and puppets of the United States. And he warned ceaselessly of enemies, inside and outside the country, who he said were poised to take away from the poor the benefits they had received under his government. According to the Constitution, a new presidential vote must be called within 30 days. The vice president, Nicolás Maduro, 50, became the acting president, and already he appears likely to face a Chávez rival who had put in a strong performance in previous polls. Reuters quoted opposition sources as saying on Wednesday that they have agreed to back Henrique Capriles, 40, the centrist governor of Miranda State who garnered 44 percent of the vote but lost to Mr. Chávez in last year's election. William Neuman reported from Caracas, and Christine Hauser from New York.

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Ringgit opens lower against US dollar Posted: 06 Mar 2013 06:27 PM PST The ringgit opened lower against the US dollar in early trade today, dealers said. The ringgit was quoted at 3.1090/1125 to a US dollar against 3.1050/1070 yesterday. The dealers said this was in line with the strengthening of the greenback, driven by the overnight rally in US stocks and an improved outlook in the American jobs market. The local currency was higher against the Singapore dollar at 2.4888/4920 from 2.4944/4962 yesterday, and rose against the yen at 3.3053/3105 from 3.3230/3269 previously. It rose against the British sterling to 4.6610/6669 from 4.6895/6934 on Wednesday and was higher against the euro at 4.0358/0413 from 4.0533/0568.-- Bernama

Short-term rates to remain stable Posted: 06 Mar 2013 06:30 PM PST Short-term rates are expected to remain stable Wednesday, with Bank Negara Malaysia intervening to absorb excess liquidity from the financial system, dealers said. The central bank estimated today's surplus at RM26.396 billion in the conventional system and RM6.825 billion in Islamic funds. Bank Negara will call for four conventional tenders of RM1 billion for seven days, RM1 billion for 14 days, RM1 billion for 21 days and RM1 billion for 32 days. It will also conduct a repo tender for RM200 million for 92 days. The central bank will call for four Al-Wadiah tenders for RM1.4 billion for seven days, RM800 million for 14 days, RM1.4 billion for 21 days and RM1.2 billion for 28 days. The central bank will conduct a Commodity Murabahah Programme of RM100 million for 26 days. At 4pm, the central bank will conduct an up to RM22.3 billion conventional overnight tender and RM2.5 billion Al-Wadiah overnight tender.-- Bernama

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Venezuelans line streets for Chavez - CNN Posted: 06 Mar 2013 09:12 AM PST Supporters of the late Venezuelan President Hugo Chavez cry in Caracas, a day after his death on March 6, 2013. STORY HIGHLIGHTS Hugo Chavez's casket is seen for the first time The casket is moved in a procession from a hospital to a military academy Thousands of Venezuelans were in the streets to watch the procession Share your thoughts on Hugo Chavez. (CNN) -- The political outcome in the wake of Venezuelan President Hugo Chavez's death remains uncertain, but in plazas across the country Wednesday, his followers made it clear they support a continuation of his policies. Chavez put social programs at the center of his government, and his most fervent supporters credit him with providing their livelihood. "Chavez gave us everything," one mourner said on state-run television. Opinion: Chavez empowered the poor, divided a nation A new election will be held within 30 days, possibly signaling a new path for the oil-rich nation. Thousands of Venezuelans lined the streets of the capital Wednesday morning as Chavez's remains were taken from the military hospital where he died to the Fuerte Tiuna Military Academy in Caracas. Chavez's simple wooden casket, draped in the Venezuelan flag, was held by soldiers as a priest recited a prayer and blessing on the late president. The casket was placed on top of a hearse decorated with flowers and wreaths, which slowly made its way toward the military academy. The streets were a sea of green and red, as soldiers and red-clad supporters followed the procession. Venezuela's interim leader thrust into spotlight Some wept as the casket passed by, while others stretched out their arms to take pictures with their phones. Presidents arrived in the country for the funeral, including Uruguay's Jose Mujica, Argentina's Cristina Kirchner and Bolivia's Evo Morales. The country has declared seven days of mourning, closed schools for the rest of the week and deployed armed forces to "guarantee peace." CNN iReport: Share your thoughts on Hugo Chavez It was the Chavez faithful who were out in force Wednesday, but there remains a sizable and strong opposition to the ruling party. One man said he fled Venezuela as a teenager because there was no future there under Chavez. "I left Venezuela because my brother got kidnapped, our house got burglarized, cars stolen," Carlos Quijada said. "My parents had an import business and the currency controls made it impossible for them to import anything anymore." Quijada says he has hope that things will improve with Chavez's absence. "My life was completely altered because of that man. And I will not hide the fact that I am happy that he is no longer alive," he said. Another Venezuelan, a music teacher named Juan Francisco who splits his time between his home country and Europe, says he does not rejoice at Chavez's death but has a number of reasons why he won't miss him. Chavez was hypocritical on many key issues such as democracy and security, he wrote in a CNN iReport. Vice President Nicolas Maduro, the interim president, has made no mention of running for election, but he is widely expected to be the United Socialist Party of Venezuela's candidate for the job. During Chavez's absence from the political stage over the past three months, Maduro has been front and center. He has spoken at political rallies around the country and delivered updates about the president on national television, drawing growing support from Chavez loyalists. U.S. reaction to Chavez's death: from mourning to celebration Opposition critics said he was campaigning for office -- a claim the government denied. Even as it was announced that Maduro would temporarily assume the presidency, some questioned whether that was constitutional, since Chavez missed his inauguration and was never officially sworn in. Opposition politicians haven't said who will represent them in the election. But as speculation mounted about Chavez's health in recent weeks, many had turned to Henrique Capriles, who lost to Chavez in October's presidential contest. On Tuesday, Capriles called for a national dialogue including all Venezuelans, not just Chavez's supporters. "Today there are thousands, maybe millions, of Venezuelans who are asking themselves what will happen, who feel anxiety, and including those who feel afraid," Capriles said. CNN's Catherine E. Shoichet and Dana Ford contributed to this report. 0 Comments » Tweet Print Email More sharing

UPDATE 2-Obama to meet with Republican senators over budget - Reuters Posted: 06 Mar 2013 09:28 AM PST Wed Mar 6, 2013 12:23pm EST By Richard Cowan (Reuters) - U.S. President Barack Obama plans to meet with several Republican senators for dinner on Wednesday as part of his effort to revive talks to tackle the nation's long-term deficit, the White House said. The Democratic president is trying to cobble together what he calls a "common sense caucus" among lawmakers to help resolve U.S. budget woes and push his legislative agenda. He also is scheduled to travel to Capitol Hill next week, when he will address Senate Republicans at a lunch on March 14. Senate Republican leader Mitch McConnell said the lunch will be an opportunity to discuss budget and economic issues. A source, who asked not to be identified, said Obama also plans to meet with House of Representatives Democrats next week, although the date has not yet been set. Wednesday's dinner meeting, to be held at a hotel near the White House, could be postponed, the White House said, as Washington faced heavy snow forecasts that already had closed most federal agencies. In recent days, Obama has searched for common ground with senators who in the past have indicated a willingness to compromise on budget issues. The White House on Sunday suggested talks could center around a broad budget deal that includes new tax revenues as well as reforms to entitlement programs. These include the Medicare health care program for the elderly and disabled and Social Security retirement benefits - programs that are rapidly growing in cost as the population ages. The Republican U.S. senators Obama has contacted recently include Bob Corker of Tennessee, Tom Coburn of Oklahoma, Rob Portman of Ohio and Susan Collins of Maine, according to the senators or congressional aides. The White House declined to confirm the names. Coburn will attend Wednesday's dinner, as will Senator John Hoeven of North Dakota, their aides said. Senator John McCain of Arizona, who ran unsuccessfully for president against Obama in 2008, also will attend, according to an aide. The New York Times said about 12 senators would attend. At the heart of the U.S. fiscal crisis is disagreement over how to rein in the $16.7 trillion debt. Obama wants to narrow the fiscal gap with spending cuts and tax hikes. Republicans do not want to concede again on taxes after doing so in negotiations over the "fiscal cliff" at the New Year. Last Friday marked the start of $85 billion in across-the-board budget cuts that are to be carried out by Sept. 30. It was not clear whether Obama, in his new contacts with Republican senators, was still trying to negotiate a substitute for those cuts. Republican leaders rejected higher taxes as part of a budget deal that would have avoided the cuts contained in the so-called sequester that kicked in Friday. Lawmakers are working short-term to avoid a government shutdown when the current U.S. federal budget expires at the end of March. Bills moving through the House and Senate will incorporate the $85 billion in lower spending.

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MAS to start A330-300 KL-Sydney service Posted: 05 Mar 2013 06:28 PM PST MELBOURNE: Malayisia Airlines (MAS) will begin A330-300 services on its Sydney-Kuala Lumpur route from tomorrow. The 283-seater aircraft services from Sydney replaces the evening B777-200 departures and will be double daily from April 1, MAS said in a statement. The MH140 flight departs Sydney daily at 9.55pm and will arrive in Kuala Lumpur at 3.20am the following day, while from April 1, flight MH122, the second daily A330-300 service departs Sydney at 3.40pm and will arrive in Kuala Lumpur the same day at 8.50pm. The return flight, MH141, will leave Kuala Lumpur daily at 9am to arrive in Sydney at 7.55pm, while the MH123 daily service departs Kuala Lumpur at 10.50pm and will arrive in Sydney at 9.45am the following day. "The introduction of this new aircraft will reinforce MAS' position in the Australasian market, giving customers the opportunity to experience the latest state-of-the-art product, coupled with our award-winning hospitality," the nationsl carrier said. MAS operates 51 weekly flights from Australian cities to Malaysia -- Sydney and Melbourne, both 14 flights each, Perth (11 flights), Adelaide (seven flights) and Brisbane (five flights).-- Bernama

Short-term rates to remain stable Posted: 05 Mar 2013 06:06 PM PST Short-term rates are expected to remain stable Wednesday, with Bank Negara Malaysia intervening to absorb excess liquidity from the financial system, dealers said. The central bank estimated today's surplus at RM30.532 billion in the conventional system and RM7.725 billion in Islamic funds. Bank Negara will call for a conventional tender for RM6 billion for five to 92 days. It will also conduct a repo tender for RM300 million for 92 days. The central bank will call for four Al-Wadiah tenders for RM500 million for seven days, RM500 million for 14 days, RM700 million for 21 days and RM1.7 billion for 28 days. At 4pm, the central bank will call for a conventional overnight tender for up to RM24.5 billion and a RM4 billion Al-Wadiah overnight tender.-- Bernama

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