Sabtu, 23 Mac 2013

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Spotlight on Benedict Raises Questions on Dual, or Potentially Dueling, Popes - New York Times

Posted: 23 Mar 2013 09:00 AM PDT

VATICAN CITY — Sharing lunch is rarely historic, except perhaps when the two people dining are a living pope and his predecessor.

On Saturday, the pope emeritus, Benedict XVI — who broke church tradition by resigning rather than dying in office — ate with Pope Francis at Castel Gandolfo, the hilltop villa where he is living, while a scrum of reporters waited outside for any scraps of news about how the meeting went.

There was no word about what the past and present leaders of the Roman Catholic Church discussed; even what they ate remained shrouded in secrecy. What little was revealed, however, helped build a picture of a seamless transition: when Benedict offered his successor the "place of honor" during shared prayers, Francis demurred, suggesting that they kneel side by side as "brothers." Their first embrace, according to a Vatican spokesman, was "wonderful."

But the reality of a pope and an emeritus pope will probably be more complicated, a fact driven home recently with the publication in one of Italy's racier gossip magazines of paparazzi-style photos of the 85-year-old Benedict, clad all in white, strolling with his personal secretary through the private gardens of his temporary home at Castel Gandolfo.

The photographs were a vivid reminder of the uncharted territory the Vatican has entered, and the potential trouble it could bring.

Virtually every day highlights the strangeness of the circumstances and raises new questions about what the relationship between the two men will be, especially when Benedict moves back to a residence at the Vatican that is being renovated.

One Italian newspaper called the lunch meeting Saturday "a rehearsal for cohabitation."

The last time that any two popes even had the opportunity to meet was in 1294, when Boniface VIII succeeded Celestine V, who abdicated after a disastrous five-month papacy that laid the foundation for the Great Schism. And that relationship was far from smooth: Boniface eventually threw Celestine into prison.

During this transition, the new pope, the cardinals and the Vatican have gone out of their way to express affection and gratitude toward the pope emeritus. But each time they do, it does more to deepen the complexity of the relationship than to clarify it.

Francis telephoned Benedict immediately after his election on March 13, before appearing on the balcony at St. Peter's Square, where the new pope publicly asked the crowd to join him in praying for "our bishop emeritus." On Tuesday, after the installation ceremony on the feast day of St. Joseph, Francis called Benedict, the former Cardinal Joseph Ratzinger, to wish him a happy name day.

It has been an unexpected amount of attention lavished on a man who had pledged to live out his days "hidden from the world." As Francis' papacy lengthens, the reasons for Benedict's eventual seclusion inside the Vatican become clearer.

It is, Vatican experts said, a solution that not only provides a secure environment for Benedict, but also effectively avoids setting up a power center rivaling the Vatican. And it discourages any following that could coalesce around the pope emeritus in a church mindful of painful schisms that have shaken it at important moments in its history.

Now that resignation from the papacy has been resuscitated as an option after 600 years, the Vatican is no doubt concerned about setting precedents, said Alberto Melloni, the director of the John XXIII Foundation for Religious Studies in Bologna.

"You couldn't have the pope in a German convent where he could become a pole of attraction for those faithful reluctant to accept his resignation," Mr. Melloni said.

In a few weeks, Benedict will move into a nondescript convent not far from the sumptuous apostolic palace where he lived as the leader of the church.

Already, canonical experts have raised questions about the correctness of Benedict's adopting the title of "pope emeritus." Writing in La Civiltà Cattolica, a Jesuit magazine, the Rev. Gianfranco Ghirlanda, a former rector of the Pontifical Gregorian University, argued that a more appropriate title would be "bishop emeritus of Rome, like any other diocesan bishop who steps down."

The Vatican has played down the novel accommodation. To have the pope emeritus "present, near, discreet" will provide a "great enrichment" for the new pope, the Vatican spokesman, the Rev. Federico Lombardi, told reporters recently.

But having a former pope hovering in the background has proved to be disconcerting to some, not least the pontifical staff. The potential for divided loyalties has already provided fodder for the Italian news media.

Benedict's personal first secretary, Archbishop Georg Gänswein, has been living at Castel Gandolfo with his old boss. But he is also the prefect of the pontifical household, and he has been a discreet fixture at Francis' first public outings, including Saturday's lunch. He has now been described in the Italian news media as the "ferryman" between the two pontificates.

Writing in La Stampa, the Vatican correspondent Giacomo Galeazzi described Archbishop Gänswein as tearful and distraught when the seals placed on the doors of the papal apartment when Benedict resigned were removed, opening it to his successor.

"Once inside, the memories must have overwhelmed him," Mr. Galeazzi wrote.

Benedict's higher-than-anticipated profile has perplexed some. "It is baffling that the pope should appear in public as he did before; it's incomprehensible," said Massimo Franco, a commentator for the newspaper Corriere della Sera, after the photographs appeared in the magazine Chi.

"I understand that it will be difficult to regulate, but the Vatican will have to establish some rules," Mr. Franco said.

The Vatican has rejected any prospect of meddling by Benedict. But concern remains among some cardinals, Vatican officials and church experts.

"There is a duality, and even if the old pope says he will retire from the world, he will be an awkward presence," said Roberto Rusconi, a church historian at Third University of Rome.

But he dismissed the possibility of a new schism like the one that occurred with the death of Pope Gregory XI in 1378. Afterward, one pope lived in Avignon, France, and another in Rome. Such divides were fomented by secular rulers, he said, with the dueling popes each claiming legitimacy.

Even so, he said, better to keep the pope inside the Vatican — in its own way a prison of sorts, like any cloistered convent — because "not everyone might resist from asking the old pope's opinion." Professor Rusconi added, "That just can't happen."

Benedict's decision to remain secluded in the Vatican was also dictated by a desire to preserve his privacy in a modern media age of unquenchable appetite, he said.

"Just think of what Kate Middleton goes through every day," Professor Rusconi said of Prince William's pregnant wife. "Everywhere the pope would go, he would be assailed by journalists; he'd have no defense," as the pictures of the pope emeritus in Castel Gandolfo showed, he said.

On Saturday, Father Lombardi's recounting of the popes' meeting appeared to try to address lingering concerns.

Although Father Lombardi said he could not release much information of what he called "a private encounter," he did offer this guess at what happened. Francis, he said, was likely to have thanked the former pope for his pontificate and Benedict would have renewed his unconditional obedience to the new pope.

NY Town Eyes Hospital Reopening Months... - ABC News

Posted: 23 Mar 2013 08:52 AM PDT

Of the more than half-dozen hospitals in the New York area forced to close because of damage from Superstorm Sandy, only one has yet to reopen, idling hundreds of workers for months and forcing thousands of residents to travel farther for emergency health care.

If Long Beach's 2.2 mile-long boardwalk destroyed by Sandy gave this seaside community its soul, then the hospital was its heart.

Besides being the only major medical facility on this barrier island east of New York City, the Long Beach Medical Center was also the city's largest employer, and the idling of 700 of the hospital's 1,200-member workforce in the aftermath of Sandy — a natural disaster that destroyed many of those workers' homes — has been doubly tough on the community.

"We're getting calls every day from people wanting to know where to go for services," says CEO Douglas Melzer, who has been affiliated with the hospital for 36 years. He and a small office staff work out of a nearby office building, hopeful they can return to the 160-bed hospital and neighboring nursing home by early April. Melzer says the reopening will likely happen in stages.

"We have a mission to care for this community," he said. "They've been traumatized by this."

Just before Sandy hit in October, patients in the 162-bed facility were relocated to 12 hospitals under evacuation orders. When the storm struck, a small crew remained in the hospital, including Mark Healey, the hospital's director of facilities and engineering, who recalled spending several days at the hospital before, during and after the storm.

That night, he and his team were in the basement hoping to do whatever they could to stop the floodwaters from gushing through every window and air duct, to no avail.

"The water was weeping through the walls," Healey, 41, recalled. "At a certain point we knew it wasn't going to be manageable."

The facility lost power — it didn't come back until February — and Healey and the others debated whether to stay on a higher floor but ultimately decided to hunker down near the emergency room entrance for the night.

At one point, Healey said, they discussed the possibility of swimming away if it became necessary. "Thank God, there was no need for anything of that nature."

Still, the storm caused $56 million in damage, according to Melzer. The basement flooded completely. Destroyed were the building's boiler plant, three of four emergency generators, its kitchen, laundry, morgue, pharmacy, family care center and central supply departments. An adjacent 200-bed nursing home also had flooding on its ground floor, though patients returned to that facility in late January.

"This place has always been here for these people," Healey said. "There is a definite hope and need. We've got to have this facility."

Now, during emergencies, ambulances must travel farther to reach hospitals. The next-closest hospital to Long Beach is about seven miles away in Oceanside. City officials have clocked ambulances averaging up to 90 minutes on round trips through heavy local street traffic. They said they are not aware of any patient deaths resulting from the longer trips.

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Jumaat, 22 Mac 2013

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US stocks rebound on Cyprus deal hopes

Posted: 22 Mar 2013 05:23 PM PDT

NEW YORK: US stocks closed firmly higher on Friday amid hopes that the Cyprus banking crisis will be resolved this weekend.

The Dow Jones Industrial Average finished up 90.54 points (0.63 percent) at 14,512.03.

The broad-based S&P 500 increased 11.09 points (0.72 percent) to 1,556.89, while the tech-rich Nasdaq Composite Index jumped 22.40 points (0.70 percent) to 3,245.00.

The rebound followed market losses Thursday due to some weak earnings reports and uncertainty about Cyprus.

"We're taking back a lot of the losses we've seen," said Anthony Conroy, a trader at BNY Convergex Group.

The European Central Bank has given Cyprus until Monday to clinch a bailout deal or face withdrawal of ECB emergency financing for its stricken banking system.

"They're going to have some kind of deal," Conroy predicted.

Conroy said markets have been "resilient" in spite of the Cyprus situation, thanks to corporate earnings, strengthening in the housing sector and the fact that most US banks passed government stress tests.

Most of the blue-chip companies in the Dow index moved little. An exception was the often-volatile Hewlett-Packard, which gained 3.2 percent.

Athletic apparel giant Nike soared 11.1 percent after besting earnings forecasts by a wide margin.

Upscale jeweler Tiffany & Co. jumped 1.9 percent after reporting a slight increase in year-over-year earnings and projecting higher profits for 2013.

Darden Restaurants, which owns Red Lobster, Olive Garden and other restaurant chains, picked up 1.4 percent despite reporting a decline in year-over-year profits. The company declared a 50-cent dividend.

BlackBerry, which launched its new Z10 smartphone in the United States on Friday, dropped 7.7 percent after rallying earlier in the week. -- AFP

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Groundhog Slay: Prosecutor seeks death penalty for Punxsutawney Phil - Fox News

Posted: 22 Mar 2013 09:29 AM PDT

  • Punxsutawney Phil

    Feb. 2, 2007: Punxsutawney Phil, the weather-predicting groundhog, is held up by his handlers in Punxsutawney, Pa. (AP)

Has Punxsutawney Phil given his last forecast?

A prosecutor in Ohio is reportedly seeking the death penalty for the famous rodent who emerged from his home in Gobbler's Knob, Pa., on Feb. 2 and did not see his shadow, translating to an "early spring," according to his handlers. But Michael Gmoser, prosecuting attorney in Butler County, said Thursday that Phil's inaccurate forecast warrants capital punishment, the Pittsburgh Tribune-Review reports.

"Let's face it, Punxsutawney Phil has let us down," Gmoser said, tongue firmly in cheek, after filing the necessary court documents. "I awoke this morning to a snowstorm, low temperatures and howling wind."

"Maybe it's time for a Phyllis instead."

- Butler County (Ohio) Prosecutor Michael Gmoser

Spring began Wednesday, but local forecasts in the Pittsburgh area and throughout Pennsylvania show a good chance of snow this weekend and into next week.

"We in Butler County, like everyone in the nation, depend on Phil to give us a breath of spring in time," Gmoser said. "You know, Phil lives his life behind bars as it is. This is the only penalty available. Maybe it's time for a Phyllis instead."

But Jeffrey Lundy, vice president of the Punxsutawney Ground Hog Club, said Gmoser will have a fight on his hands if he tries to arrest the famous groundhog.

"He's going to have to go through 15 licensed hunters to get to Phil," said Lundy, referring to members of the club's inner circle."We'll find out how good of a prosecutor [Gmoser] is. If he doesn't know how to speak groundhog-ese, he'll never understand a word Phil says."

Gmoser said a reprieve is possible.

"There may be some mitigating circumstances I may not know about," he continued. "Phil may not know his rear from a hole in the ground. That might make a difference," said Gmoser, who decided to file the court papers to break the tension at the end of a hard day in the office.

Lundy added: "There's a lot of things to get serious about. Groundhog Day is not one of them."

The famous groundhog narrowly escaped death in the 1993 film "Groundhog Day," in which star Bill Murray, sentenced to relive the same day over and over until he became a better person, kidnapped Phil and drove off a cliff into a rock quarry with the terrified critter on his lap. However, the next day, Murray's character, Phil Connors, awoke unscathed - as did Punxsutawney Phil.

Click for more from the Pittsburgh Tribune-Review.

Colorado shooting suspect dies in high-speed car chase with Texas police - The Guardian

Posted: 22 Mar 2013 09:42 AM PDT

Decatur, Texas
Police on the scene of a shootout and car chase involving a potential suspect in the Colorado prisons chief murder. Photograph: Jimmy Alford/AP

A Colorado man who was under investigation regarding the death of the state's prisons chief died on Friday after a harrowing 100mph (160kph) car chase and shootout with police in Texas. His identity has not yet been officially confirmed by fingerprint analysis, but investigators believe he was Evan Spencer Ebel, 28, a Colorado parolee.

Authorities are also trying to determine if the car Ebel drove was the one seen outside the home of Tom Clements, the prison official who was shot and killed when he answered his door on Tuesday evening.

The Denver Post first reported Ebel's name, and that he had been in a white supremacist prison gang called the 211s. A federal law enforcement official confirmed his identity and gang affiliation to The Associated Press. The official was not authorized to speak publicly about the case and spoke to the AP on condition of anonymity.

Ebel is also a suspect in the killing of a Colorado pizza deliveryman who disappeared from work and whose body was found on Sunday evening.

Ebel was not on the radar of the Southern Poverty Law Center, which tracks extremist groups, but the center rates the 211s gang as one of the most vicious white supremacist groups operating in the nation's prisons, comparable to the Aryan Brotherhood of Texas. Founded in 1995 to protect white prisoners from attacks, it operates only in Colorado and has anywhere from between 200 to 1,000 members, SPLC senior fellow Mark Potok said on Friday.

The gang has grown into a sophisticated criminal enterprise in which members are assigned military titles like "general" and extort money from fellow prisoners, regardless of race. Released members are expected to make money to support those still in prison, Potok said. He said members have to attack someone to get in and can only get out by dying. In 2005, 32 gang members were indicted for racketeering and the gang's founder, Benjamin Davis, was sentenced to more than 100 years in prison.

The killing of Clements, 58, shocked his quiet neighborhood in Monument, a town of rolling hills north of Colorado Springs. Authorities wouldn't say if they thought the attack was related to his job; all Clements' recent public activities and cases have been scrutinized.

The Texas car chase started when a sheriff's deputy in Montague County tried to pull over a Cadillac at around 11am local time on Thursday, authorities there said. They wouldn't say exactly why he was stopped, but called it routine. The driver opened fire on the deputy, wounding him, Wise County Sheriff David Walker said at an afternoon news conference in Decatur. He then fled south before crashing as he tried to elude his pursuers.

After the crash, he got out of the vehicle, shooting at deputies and troopers who had joined the chase. He shot at Decatur Police Chief Rex Hoskins four times as the chief tried to set up a roadblock. The deputy who was shot was wearing a bulletproof vest and was at a Fort Worth hospital, authorities said. Officials had said he was not seriously injured but later said his condition was unknown.

Legal records show Ebel was convicted of several crimes in Colorado dating back to 2003, including assaulting a prison guard in 2008. He was apparently paroled, but a Colorado Department of Corrections spokeswoman, Alison Morgan, said she could not release information on prisoners because of the ongoing investigation into Clements' death.

Scott Robinson, a criminal defense attorney and media legal analyst, represented Ebel in 2003 and 2004. He said Ebel had been sentenced to a halfway house for a robbery charge in 2003 before he was accused in two additional robbery cases the following year that garnered prison sentences of three and eight years.

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Khamis, 21 Mac 2013

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KL shares open mixed

Posted: 21 Mar 2013 06:48 PM PDT

Share prices on Bursa Malaysia opened mixed in early trading Friday despite overnight losses on Wall Street, dealers
said.

As at 9.14am, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,629.84, down 0.91 of a point, after opening 0.74 of a point lower at 1,630.1, with losses mostly seen in selected heavyweights.

Advancers led decliners 105 to 72, with 122 counters unchanged, 1,345 untraded and 24 others were suspended.

Turnover totalled 70.652 million shares worth RM63.231 million.


HwangDBS Vickers Research said the key FBM KLCI may slide today.

"Technically speaking, the benchmark index could back off from the immediate resistance hurdle of 1,635-level towards the first support line of 1,615-level," the research house said.

Meanwhile, Wall Street tumbled last night. Major US bellwethers slipped between 0.6 per cent and 1.0 per cent as sentiments were weighed down by renewed concerns on Eurozone's debt crisis," it said in a research note.

On the chart, the Finance Index tumbled 36.79 points to 15,309.35, the Plantation Index eased 12.83 points to 7,798.11 and the Industrial Index slipped 4.19 points to 2,831.

The FBM Emas Index shed 1.59 points to 11,185.4, the FBMT100 was 5.15 points lower at 10,014.3 and the FBM Mid 70 Index lost 1.65 points to 12,513.69.

The FBM Ace Index, however, rose 9.75 points to 4,019.98.

Among actives, Metronic was flat at 10.5 sen, while Tebrau Teguh gained six sen to RM1.52 and Censof earned one sen to 43 sen.

Heavyweights, Maybank rose one sen to RM9.15, but Axiata Group was flat at RM6.34.

Sime Darby shed one sen to RM9.19 while CIMB Group and Patrons Chemicals lost three sen each to RM7.15 and RM6.35, respectively.-- Bernama

Ringgit opens higher against US dollar

Posted: 21 Mar 2013 06:51 PM PDT

The ringgit was traded higher against the US dollar in the early session Friday on improved market sentiments that boosted buying interest for the local note, dealers said.

As at 9.25am, the local unit appreciated against the greenback to
3.1170/1200 from 3.1200/1230 at yesterday's close.

Meanwhile, the ringgit was mostly lower against other major currencies.

The domestic currency weakened against the Singapore dollar to 2.4942/4968 from Thursday's close at 2.4924/4950 and slipped against the Japanese yen to 3.2835/2870 from 3.2586/2631 yesterday.


The local currency also depreciated against the British pound to 4.7344/7396 from yesterday's 4.7192/7247 close and was traded lower against the euro to 4.0244/0285 from 4.0213/0255 yesterday.-- Bernama
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Obama makes direct peace appeal to the Israeli people - Reuters

Posted: 21 Mar 2013 09:10 AM PDT

U.S. President Barack Obama and Palestinian President Mahmoud Abbas shake hands at a news conference at the Muqata Presidential Compound in the West Bank City of Ramallah March 21, 2013. REUTERS/Larry Downing

JERUSALEM | Thu Mar 21, 2013 12:09pm EDT

(Reuters) - President Barack Obama appealed directly on Thursday to the Israeli people to put themselves in the shoes of stateless Palestinians and recognize that Jewish settlement activity in occupied territory hurts prospects for peace.

In a showcase speech in Jerusalem to Israeli university students, Obama coupled his plea with an acknowledgement of the Jewish state's security concerns in a region destabilized by the West's nuclear standoff with Iran and civil war in Syria.

But he urged Israel's younger generation to demand that their politicians take risks for peace in an address interrupted frequently by applause, including a standing ovation for the president during a brief outburst by a heckler.

"You must create the change that you want to see," he told his youthful audience.

Obama, on his first official visit to Israel and the occupied West Bank, said only peace could bring true security, but he did not offer any new ideas on how to revive Israeli-Palestinian peace negotiations, stalled since 2010.

"Given the demographics west of the Jordan River, the only way for Israel to endure and thrive as a Jewish and democratic state is through the realization of an independent and viable Palestine," he said.

It was a clear warning that Israel's continued hold over the West Bank, territory captured along with the Gaza Strip and East Jerusalem in the 1967 Middle East war, would ultimately lead to an Arab majority in land controlled by the Jewish state.

"Israelis must recognize that continued settlement activity is counterproductive to the cause of peace, and that an independent Palestine must be viable, that real borders will have to be drawn," Obama said, stopping short of calling for a construction freeze.

"Put yourself in their (Palestinians') shoes. Look at the world through their eyes," he said. "It is not fair that a Palestinian child cannot grow up in a state of her own, and lives with the presence of a foreign army that controls the movements of her parents every single day."

Obama has received an effusive welcome in Israel since his arrival on Wednesday, hoping to reset his often troubled relationship with Israeli Prime Minister Benjamin Netanyahu.

He has also faced the tough task of winning over skeptical Israelis after his initial outreach to the Arab world and Iran on first taking office in 2009.

"America will do what we must to prevent a nuclear Iran," he told his enthusiastic audience, adding that Washington and its allies still thought there was time for a diplomatic solution.

WEST BANK VISIT

Earlier, in the West Bank city of Ramallah, Obama voiced opposition to settlement building but pressed Palestinian President Mahmoud Abbas to drop his demand for a freeze before peace talks can resume.

"My argument is even though both sides may have areas of strong disagreement, may be engaging in activities that the other side thinks is a breach of good faith, we have to push through those things to try to get an agreement," Obama said.

The core issue now, Obama said, was how to achieve sovereignty for Palestinians and security for Israelis.

"That's not to say settlements aren't important. That's to say if we solve those problems, the settlement issue will be resolved," Obama added.

Some 150 Palestinian demonstrators gathered in Ramallah to protest against Obama's visit. They were held back by ranks of police who prevented them from nearing Abbas's compound.

A smiling Obama, accompanied by Abbas, was met by mostly stern-faced Palestinian officials along a red carpet - a stark contrast to the broad grins and backslapping during an elaborate welcoming ceremony on Wednesday at Israel's Tel Aviv airport.

ARAB RECOGNITION

Obama, embarking on a second and final four-year term in the White House, has made clear he is not bringing any new peace initiatives and has instead has come to Israel and the Palestinian Territories on a "listening" tour.

But he said his new secretary of state, John Kerry, would spend a significant amount of time and energy trying to narrow differences between the two sides as the United States seeks to move them back to the negotiating table.

Abbas reaffirmed his demand for a settlement freeze, but held out the prospect of a broader peace between Israel and other Arab nations if a Palestinian state was created.

"If peace came between us and the Israelis, Israel knows well that all the Arab and Islamic countries, 57 states, will recognize the state of Israel immediately," he said.

As a reminder of the ever-present risks in the region, Iranian state television quoted Supreme Leader Ayatollah Ali Khamenei as saying Tehran would raze Tel Aviv and the city of Haifa if Israel carried out veiled threats to attack Iran.

And Palestinians in the Gaza Strip fired two rockets into Sderot, a southern Israeli town that Obama visited when running for president in 2008. Police said no one was hurt.

On the Internet, a small Islamist militant group, Magles Shoura al-Mujahddin, claimed responsibility. Obama is not going to visit Gaza, which is controlled by the Islamist group Hamas, a rival to the Western-backed Abbas, who condemned the attack.

(Additional reporting by Noah Browning in Ramallah, Nidal al-Mughrabi in Gaza and Matt Spetalnick, Allyn Fisher-Ilan and Crispian Balmer in Jerusalem; Editing by Jeffrey Heller and Will Waterman)

EU gives Cyprus bailout ultimatum, risks euro exit - Reuters

Posted: 21 Mar 2013 08:32 AM PDT

Cyprus' President Nicos Anastasiades arrives for a meeting with party leaders at the presidential palace in Nicosia March 21, 2013. REUTERS/Andreas Manolis

NICOSIA/FRANKFURT | Thu Mar 21, 2013 12:05pm EDT

(Reuters) - The European Union gave Cyprus till Monday to raise the billions of euros it needs to clinch an international bailout or face the collapse of its financial system and likely exit from the euro currency zone.

In stark twin warnings on Thursday, the European Central Bank said it would cut off liquidity to Cypriot banks and a senior EU official made clear to Reuters that the bloc was ready to see the bankrupt island banished from the euro in the belief it could then contain damage to the wider European economy.

The ECB ultimatum came as the island's leaders struggled to craft a "Plan B" to raise the 5.8-billion euro contribution demanded by the EU in return for a 10-billion euro ($13-billion) bailout from the EU and International Monetary Fund; angry Cypriot lawmakers threw out a tax on deposits as "bank robbery".

The government said party leaders had agreed to create a "solidarity fund" that would bundle state assets as the basis for an emergency bond issue, but parliament speaker Yiannakis Omirou insisted a revised levy on larger bank deposits, many of them held by Russians, was not on the table.

The European Central Bank, which has kept Cyprus's banks operating with a liquidity lifeline, said the government had until Monday to get a deal in place, or funds would be cut off.

"Thereafter, Emergency Liquidity Assistance (ELA) could only be considered if an EU/IMF program is in place that would ensure the solvency of the concerned banks," it said.

In Brussels, a senior European Union official told Reuters that would mean Cyprus's biggest banks would be wound up, wiping out the large deposits it has sought to protect, and probably forcing the country to abandon the euro.

"If the financial sector collapses, then they simply have to face a very significant devaluation and faced with that situation, they would have no other way but to start having their own currency," the EU official said.

Cyprus's banking system, where massive Russian deposits give Moscow a distinct interest, has been brought close to collapse by its exposure to Greece, the epicenter of the euro zone debt crisis. But until this week, the expectation in Brussels and on financial markets had been that the appointment of a new Cypriot government in February would smooth the path to a bailout deal.

Cyprus's central bank governor said he expected to clinch a financial support package by Monday. He did not say how.

The government has ordered banks to stay closed until Tuesday. The stock exchange also suspended trading for the rest of the week. Monday is a public holiday in Cyprus.

There were long queues at some bank branches in the capital Nicosia as staff replenished cash machines, which have continued to operate while banks have been closed since last week.

In Moscow, Cypriot Finance Minister Michael Sarris said he was discussing possible Russian investments in the island's banks and energy resources to reduce its debt burden, as well as an extension of an existing 2.5-billion-euro Russian loan.

Russian citizens have billions of euros to lose in the island's outsized, teetering banking sector.

"The banks are the ultimate objective in any support we get, so it'll either be a direct support to the banks or the support that we get through other sectors will be channeled to the banks," Sarris told Reuters during a second day of talks with his Russian counterpart, Anton Siluanov.

He said Cyprus had no plans to borrow more money from Russia and add to its debt mountain. The Russian Finance Ministry had said on Monday that Nicosia sought an extra 5-billion-euro loan.

LIMITED OPTIONS

The chairman of euro zone finance ministers, Dutchman Jeroen Dijsselbloem, told the European Parliament in Brussels that Moscow had informed the EU it had no intention of plowing more money into Cyprus beyond the existing loan.

"Any other options, to go further, another loan or an investment in the banks, the Russians let us know that they are not willing to do that," he said. "Of course, the Cypriot government is now talking to the Russian government on whether more can be done; I don't know the outcome of that yet."

Dijsselbloem said new loans from Russia would in any case not solve the country's debt problem, and that a revised levy on larger bank deposits was still a possibility.

"I'm not sure that this package is completely gone and failed, because I don't see many alternatives," he said.

Senior euro zone officials acknowledged in a confidential conference call on Wednesday that they were "in a mess" and discussed imposing capital controls to insulate the currency area from a possible collapse of the small Cypriot economy.

Cyprus itself refused to take part in the call, minutes of which were seen by Reuters. Several participants described its absence as troubling and reflecting the wider confusion surrounding the island's predicament.

EU officials believe at least some of the 5.8 billion they are demanding should come from the 68 billion euros in Cypriot banks, 38 billion of which are in large deposits of more than 100,000 euros, mainly from Russians and other foreigners. State guarantees would normally apply to deposits below 100,000 euros.

Hitting small savers caused visceral outrage, and the Cypriot government fears that foisting too big a burden on large depositors would wreck the offshore financial industry that forms much of the country's economy.

Among the other options, nationalizing pension funds of semi-public companies could yield between 2 billion and 3 billion euros. Issuing bonds linked to future natural gas revenue is problematic because pumping any gas is years away.

"BULL IN A CHINA SHOP"

Doubts about the fate of the small nation of just 1.1 million people has shaken confidence in the single-currency euro zone and raised geopolitical tension between the EU and Russia.

Russian Prime Minister Dmitry Medvedev, who meets a European Commission delegation in Moscow on Thursday, said the bloc had behaved "like a bull in a china shop". He likened EU proposals, which would force Russian customers to contribute to the rescue of Cypriot banks, to Soviet-era expropriations.

Tuesday's parliamentary vote marked a stunning rejection of the kind of strict austerity accepted over the past three years by crisis-hit Greece, Portugal, Ireland, Spain and Italy.

European officials maintained the pressure on Nicosia.

"I cannot rule out a Cyprus insolvency," Austrian Finance Minister Maria Fekter said in an interview with the newspaper Oesterreich. "A euro exit would not achieve anything. Cyprus must act now."

With Cypriot Energy Minister George Lakkotrypis also in Moscow, officially for a tourism exhibition, speculation was rife that access to untapped offshore gas reserves could be on the table as part of a deal for Russian aid.

Cyprus is a haven for billions of euros squirreled abroad by Russian businesses and individuals - one of the reasons why Germany and other northern euro zone states are reluctant to bail it out without a contribution from bank depositors.

The proposed levy on deposits would have taken nearly 10 percent from accounts over 100,000 euros. Smaller accounts would also have been hit, although the government proposed softening the blow to spare savers with less than 20,000 euros.

Cypriots were enraged at the proposal to tax accounts with less than 100,000 euros, which are meant to be protected by state guarantees across the European Union.

Marinos Panaretou, a 36-year-old retail manager, said he had been withdrawing the maximum 500 euros every day since Saturday, when news broke of the proposed levy.

"People feel safer if we have cash on us because you don't know what you're going to wake up to," he said. "Quite simply, you don't know what's going to happen tomorrow."

European officials say the Cypriot government could have protected small savers if it imposed a higher tax on big deposits, but it refused to do so to protect the rich foreign clients of its offshore banking business.

(Additional reporting by Jan Strupczewski and Luke Baker in Brussels, Karolina Tagaris and Costas Pitas in Nicosia, Georgina Prodhan in Vienna, Lidia Kelly and Darya Korsunskaya in Moscow; Writing by Matt Robinson and Paul Taylor; Editing by Peter Graff and Alastair Macdonald)

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BNM closely monitors personal financing

Posted: 20 Mar 2013 06:53 PM PDT

Bank Negara Malaysia will continue to closely monitor the personal financing segment of the banking industry to ensure the country's household debt remains well-contained.

Last year's strong 30 per cent growth of personal financing, driven by expansion in lending by non-bank financial institutions, warranted Bank Negara to be more rigorous in its oversight, said governor Tan Sri Zeti Akhtar Aziz.

She said for now, there is little concern over this development as the credit risk of non-banks for this loan portfolio remains low at only 1.6 per cent.

She noted that the majority of these non-bank borrowers are those earning RM3,000 or less, but the credit risk is well mitigated as about 80 per cent of them have stable jobs and regular salary and repayment is made via automatic salary deduction.

"These developments are nonetheless being closely monitored, particularly in light of recent innovation observed on the product offering by the non-bank financial institutions," said Zeti.

On the whole banking system, she said as at end of last year, the gross impaired loans ratio of the banking system improved to 1.5 per cent for the household portfolio, 2.9 per cent for large business and 3.0 per cent for small and medium enterprises.

KL shares open mixed

Posted: 20 Mar 2013 07:08 PM PDT

Share prices on Bursa Malaysia opened mixed, in early trade, as the market was yet to pick up momentum, dealers said.

As at 9.20am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.17 points lower at 1,630.37 after opening 1.5 points higher at 1,632.59.

HwangDBS Vickers Research said the key FBM KLCI could add on to its two-day cumulative gains of 10.2-points by riding on the prevailing recovery momentum.

"On the chart, the benchmark index may challenge the immediate resistance barrier of 1,635 today.

"This comes as Wall Street extended its run-up last night. In particular, bullish investors pushed up major US equity indices by between 0.4 per cent and 0.8 per cent at the closing bell on the back of better economic outlook," it said in a note today.

Among the local stocks that may garner added interest today include MRCB Bhd, after media reports said it had received a letter of intent to upgrade the Klang Valley double-tracking system for approximately RM850 million.

Eastern & Oriental Bhd, which has signed an agreement with a
Japanese partner to jointly undertake a high-end property development project in Kuala Lumpur also stood to gain together with Pintaras Jaya Bhd which just bagged a RM30 million construction job.

On the chart, the Plantation Index rose 11.96 points to 7,825.35 and the Industrial Index gained 1.07 points to 2,828.63.

The Finance Index, however, fell 14.65 points to 15,307.51.

The FBM Emas Index eased 6.94 points to 11,163.15, the FBMT100 was 8.33 points lower at 10,999.88, the FBM Mid 70 Index lost 11.18 points to 12,422.24 and the FBM Ace Index slipped 3.45 points to 3,943.46.

Gainers led losers 106 to 95, with 110 counters unchanged, 1,333 untraded and 25 others were suspended.

Turnover stood at 59.176 million shares worth RM72.457 million.

Actives, Karambunai gained one sen to 11.5 sen, Muhibbah and Tebrau Teguh garnered five sen each to RM1.06 and RM1.40, respectively, while Mulpha International was flat at 40.5 sen.

Heavyweights, Maybank rose four sen to RM9.16 but both Sime Darby and Axiata Group were flat at RM9.19 and RM6.33, respectively.

However, CIMB Group, Petronas Chemicals and Maxis lost one sen each to RM7.16, RM6.37 and RM6.50, respectively.-- Bernama

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Global shares up as Cyprus fears ease, eyes turn to Fed - Reuters

Posted: 20 Mar 2013 09:29 AM PDT

A trader looks at his screen on the IG Group trading floor in London March 18, 2013. REUTERS/Neil Hall

NEW YORK | Wed Mar 20, 2013 12:26pm EDT

(Reuters) - Stock markets around the world rose and the euro held firm on Wednesday on hopes that European policymakers would contain the financial crisis in Cyprus after lawmakers there voted down a rescue plan.

Investors also turned their attention to the outcome of the U.S. Federal Reserve's policy meeting that ends later on Wednesday, though few major changes in policy are expected.

Efforts to rescue Cyprus were thrown into disarray on Tuesday when its lawmakers rejected the conditions for a 10 billion euro European Union bailout. But markets have calmed as investors expect an alternative solution to emerge.

"Concerns have faded, and it doesn't seem like we'll see much headline risk from Cyprus as the European Central Bank continues to work toward a solution," said Mark Martiak, senior wealth strategist at Premier/First Allied Securities in New York.

U.S. and European stocks were on track to snap a three-day streak of losses, though European shares were off session highs after a spokesman for the Cyprus government denied media reports of a deal to sell Cyprus Popular Bank CPBC.CY to Russian investors.

Europe's broad FTSEurofirst 300 index .FTEU3 edged 0.3 percent higher, while MSCI's world equity index .MIWD00000PUS rose 0.4 percent.

The euro bounced off four-month lows to $1.2945 and the U.S. dollar index .DXY dipped 0.3 percent.

The Dow Jones industrial average .DJI was up 53.64 points, or 0.37 percent, at 14,509.46. The Standard & Poor's 500 Index .SPX was up 7.81 points, or 0.50 percent, at 1,556.15. The Nasdaq Composite Index .IXIC was up 15.34 points, or 0.47 percent, at 3,244.43.

In Asia, Hong Kong stocks bounced off a three-month low thanks to a rally in Chinese shares, but MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slipped 0.1 percent as other regional markets worried about Cyprus. Japanese markets were closed for a holiday.

Investors were looking ahead to a statement from the Federal Reserve's policy committee and a news conference by Chairman Ben Bernanke later in the day.

Markets expect the Fed to maintain its $85 billion monthly bond-buying stimulus effort despite recent improvements in U.S. economic data. But they will closely monitor Bernanke's comments for signals on how long the policy will continue.

"The Fed has made it clear its bond-buying program will continue at least through mid-2015, so risk assets will continue to be embraced, but if the Fed indicates it will start buying a reduced amount, that may be something that could lead to a pullback," Martiak said.

Concerns about Cyprus were clearly evident at an auction of German government bonds, seen as a European safe haven. The sale of 3.36 billion euros in new 10-year securities drew strong demand and sold at an average yield of 1.36 percent, the lowest auction price since July last year.

Still, German government bonds ticked lower, with the Bund future down 0.2 percent at 144.33. In the U.S. bond market, the benchmark 10-year Treasury note was down 8/32, the yield at 1.9303 percent.

Bond investors were looking to comments by the European Central Bank, which has said it will provide liquidity to Cypriot banks within certain limits, even though if there was no bailout, the bank would have to end emergency lending assistance under its current rules.

Cypriot leaders were holding crisis talks in Nicosia on Wednesday to try to avert a financial meltdown after Tuesday's overwhelming rejection of the terms of the European Union bailout, which involved a levy on bank deposits.

The country was trying to get help from Russia, given the high level of Russian deposits in Cypriot banks, but failed to agree on any loan deal at a first round of talks.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Cyprus bank tax calculator:

here

Euro periphery bank deposits link.reuters.com/vep58s

Cyprus deposits graphic link.reuters.com/fuf76t

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UK BUDGET EYED, OIL RISES

The main UK share index .FTSE dipped a modest 0.2 percent. British finance minister George Osborne called on the Bank of England to do more to help spur the country's stagnant economy as he announced a halving of this year's growth forecast in an annual budget statement.

Oil prices joined in the general recovery, with Brent crude rising 0.4 percent to $107.90, while U.S. crude futures added 0.2 percent to $92.36.

"Clearly, market players anticipate that an alternative solution will be found for Cyprus," said Carsten Fritsch, analyst at Commerzbank. "Nonetheless, the uncertainty surrounding this issue is likely to continue to keep oil prices in check in the short run."

(Editing by Chizu Nomiyama and Dan Grebler)

Head of Colorado's Prisons Is Fatally Shot at Home - New York Times

Posted: 20 Mar 2013 09:01 AM PDT

DENVER — The head of Colorado's Department of Corrections was fatally shot as he opened the front door of his home, the authorities said, hours before Gov. John W. Hickenlooper signed into law a series of restrictive gun control measures.

The department's executive director, Tom Clements, 58, who was shot Tuesday night, lived with his family in Monument, near Colorado Springs in central Colorado, the authorities said.

The El Paso County Sheriff's Department said that it had not identified a suspect and had no description of the shooter, but that it was investigating whether Mr. Clements' work may have led to his death.

"We're sensitive to the fact that serving in that type of position could in fact make him a target," said Lt. Jeff Kramer, a Sheriff's Department spokesman.

Mr. Hickenlooper announced the news on his Facebook page early Wednesday, calling Mr. Clements "unfailingly kind and thoughtful."

Later at a news conference, Mr. Hickenlooper, his voice breaking as he searched for words, called Mr. Clements a "dedicated, committed, funny, caring expert at Corrections" and a "great friend."

"His unfailing good nature would come through in everything he did," he said.

Lieutenant Kramer said sheriff's deputies and K-9 units had fanned out Tuesday night across Mr. Clements's neighborhood, parts of which are heavily wooded, without luck. The authorities declined to say what kind of weapon had been used in the attack or how many times Mr. Clements had been shot.

The Sheriff's Department said a family member had been inside the home at the time of the shooting, but Lieutenant Kramer declined on Wednesday to identify who it was or what the relative may have seen.

Mr. Clements, whom Mr. Hickenlooper appointed to the post in January 2011, oversaw the state's public and private prison system and parole operations. He is survived by a wife and two daughters, the governor said in the Facebook post.

On Wednesday, Mr. Hickenlooper signed three gun bills into law. They require background checks for all gun transfers, charge firearms consumers for those background checks and limit magazine capacities to 15 rounds. Mr. Hickenlooper said Mr. Clements had been "supportive but not particularly active" in regard to the measures.

Some county sheriffs in the state have publicly vowed not to enforce the measures.

Dan Frosch contributed reporting from Denver, and Christine Hauser from New York.

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