Ahad, 8 September 2013

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Ringgit rebounds against US dollar

Posted: 08 Sep 2013 07:01 PM PDT

The ringgit rebounded against the US dollar in early trading today after recent decline in tandem with the weakening of the greenback after the release of weaker-than-expected US employment data on Friday, currency dealers said.

The ringgit was quoted against the US dollar at 3.3130/3155 from 3.3270/3300 on Friday.

The local currency was traded higher against the Singapore dollar at 2.5986/6022 from 2.6008/6036 on Friday and rose against the yen to 3.3236/3271 from 3.3377/3414 last week.

The ringgit was also higher against the British pound to 5.1792/1838 from 5.1808/1868 on Friday and strengthened against the euro to 4.3636/3682 from 4.3680/3730 last week.-- Bernama

KL bourse rises in early trade

Posted: 08 Sep 2013 07:11 PM PDT

Malaysia's benchmark stock index rose in early trade, taking cues from mildly upbeat Chinese trade data that underscored signs of stability in the world's second-biggest economy and one of the country's largest export destinations.

The index, led by gains in hospital operator IHH Healthcare Bhd and Malaysia's second largest bank CIMB Group Holdings Bhd, rose 0.41 per cent to 1,730.98 points at 9.09am in Kuala Lumpur.

It outperformed MSCI's broadest index of Asia Pacific shares outside Japan that rose 0.26 per cent while it underperformed Tokyo's Nikkei share average that climbed 2.16 per cent.

Shares of IHH rose 1.46 per cent while CIMB climbed 0.83 per cent.

"As bargain hunters continue to slog it out with profit takers, our Malaysian bourse could be locked in a sideways trading pattern for now," HwangDBS Vickers Research said in a research note to clients on Monday.

"On the chart, the benchmark index will probably oscillate around its intermediate support line of 1,720," it added.

HwangDBS also said investors will watch Kimlun Corporation Bhd after it said it won construction contracts valued at RM323 million in Johor.

Kimlun's shares were up 1.65 per cent to RM1.85 per share at 9.10am.-- Reuters

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White House, Under Pressure, Pushes on Syria - Wall Street Journal

Posted: 08 Sep 2013 08:11 AM PDT

WASHINGTON—An aggressive White House campaign to win congressional approval for military action against Syria intensified Sunday as Chief of Staff Denis McDonough vigorously reasserted the administration's arguments in a blitz of television appearances.

Entering a crucial week for winning the support of lawmakers, Mr. McDonough argued there is widespread acceptance that Syrian President Bashar al-Assad used chemical weapons in a late August attack, leaving only the question of how to respond.

"There's not a single member of Congress debating the intelligence position," Mr. McDonough said on CNN's "State of the Union" show. "We are no longer debating whether it did happen or didn't happen and that's important."

Some lawmakers, however, including Rep. Rick Nolan (D., Minn.), have said they aren't yet convinced that direct evidence ties Mr. Assad to the alleged attacks.

"Congress has an opportunity this week to answer a simple question: should there be consequences for him for having used that material?" Mr. McDonough said.

In the week after President Barack Obama unexpectedly announced he would ask Congress to back his plan to unleash a limited strike against Syria, White House officials have blanketed Capitol Hill to brief lawmakers in private briefings, conference calls and hearings.

In classified briefings, lawmakers have been shown graphic videos detailing the effects of the chemical attack on victims. Some of the footage was aired this weekend by CNN.

Administration officials also are trying to show they have international support. Secretary of State John Kerry met with members of the European Union and Arab League over the weekend, saying those bodies have supported parts of the U.S. position. Neither, however, has explicitly endorsed U.S. military strikes.

Mr. Obama plans an address on the issue Tuesday, and will appear in a battery of television interviews before then.

The Senate is expected to vote this week on a resolution authorizing the president to use force in Syria to change the momentum on the battlefield and set the stage for Mr. Assad's departure. But it isn't clear whether Congress will lend its support to the measure, which many lawmakers have already said they oppose.

Administration officials have avoided directly answering what the president would do if the resolution fails in Congress. Mr. McDonough suggested Mr. Obama wouldn't wait for a report from United Nations inspectors.

"The president ultimately is going to make this decision, in consultation with Congress, on our timeline," Mr. McDonough said.

One liberal Democrat said Sunday that the president should withdraw his request from Congress, given the opposition among lawmakers and many of their constituents.

"I don't believe support is there in Congress," said Rep. Jim McGovern (D., Mass.), who said he didn't think a strike would be an effective response to the situation in Syria. "We're being told there are two choices: do nothing or bomb Syria," he said on CNN. "There have to be other alternatives out there."

Many Republican lawmakers have also said they are leaning toward opposing military action in Syria.

"The president has not made his case," Rep. Marsha Blackburn (R., Tenn.) said on CNN.

Kerry meets Arab leaders to seek Syria strike support - BBC News

Posted: 08 Sep 2013 09:16 AM PDT

The US Secretary of State John Kerry: "There is no military solution. but to enforce the standard with respect to the use of chemical weapons"

US Secretary of State John Kerry is meeting Arab League foreign ministers as part of a European tour to gather support for intervention in Syria.

Earlier Mr Kerry said the number of nations prepared to take military action was now in "double digits", but the list has not been made public.

France strongly supports intervention in response to the use of chemical weapons in Damascus last month.

But it wants to wait for a report by UN weapons experts before taking action.

Mr Kerry is currently in Paris, but he will travel to London later on Sunday, where he will meet the Palestinian president Mahmoud Abbas and British Foreign Secretary William Hague.

Meanwhile, inside Syria, there are reports that rebel forces have taken control of the historic Christian town of Maalula, north of Damascus.

Abdel Rahman, the director of the Syrian Observatory for Human Rights, a UK-based activist group, told the AFP news agency that troops loyal to Syrian President Bashar al-Assad had withdrawn from the area.

'Silent spectators'

During a news conference with his French counterpart Laurent Fabius on Saturday, Mr Kerry said the world could not be "silent spectators to slaughter" after Syria's alleged use of chemical weapons against its civilians.

The US accuses Mr Assad's forces of killing 1,429 people in a sarin gas attack on 21 August.

Repeating a phrase he used earlier in the week, Mr Kerry said the international community was facing a "Munich moment" - a reference to the policy of appeasement that failed to stop Nazi Germany in the 1930s.

"We in the United States know, and our French partners know, that this is not the time to be silent spectators to slaughter," he said.

He insisted there was growing support for Washington's call for intervention in Syria, saying: "There are a number of countries, in the double digits, who are prepared to take military action."

This was more countries than could actually be used "in the kind of military action being contemplated", Mr Kerry added.

John Kerry: "This is our Munich moment... this is not the time to be silent spectators to slaughter"

Mr Fabius - who staunchly backs Mr Kerry on this issue - added that there was "wide and growing support" for action.

Earlier on Saturday, in the Lithuanian capital Vilnius, Mr Kerry welcomed a statement on Syria by EU foreign ministers who were meeting there.

The EU ministers urged a "clear and strong response" to the alleged chemical attack.

But the EU also welcomed French President Francois Hollande's call to wait for the UN weapons inspectors' report before taking any further action.

Mr Hollande said he expected the report to be ready by next weekend.

Meanwhile the BBC has learnt that the UK government has sent chemical protection suits to some members of the opposition forces in Syria this week, as it continues to give technical and non-lethal aid to members of the Syrian national coalition.

'Defeat for humanity'

Mr Kerry's visit to Europe comes amid deep divisions over whether to take military action in Syria.

The G20 summit in Russia last week failed to produce international agreement, with US President Barack Obama at odds with Russia's President Vladimir Putin, who blames the gas attack on rebels.

Both Russia and China, which have refused to agree to a UN Security Council resolution against Syria, insist any military action without the UN would be illegal.

President Obama now faces a tough week of trying to persuade Congress to authorise military action.

Anti-intervention protesters across from the US Capitol building in Washington DCAmerica is divided over whether to intervene in Syria

He has only a few days to convince Congress, which returns from its summer recess on Monday. Both the Senate and House of Representatives could vote on the Syrian issue later this week.

A poll commissioned by the BBC and ABC News suggested more than a third of Congress members were undecided whether or not to back military action - and a majority of those who had made a decision said they would vote against the president.

Many remain concerned that military action could draw the US into a prolonged war and spark broader hostilities in the region.

Some 100,000 people have already been killed in the two-and-a-half-year-old Syrian conflict, according to the UN.

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Conservatives sweep to Australia election victory - Los Angeles Times

Posted: 07 Sep 2013 05:48 AM PDT

CANBERRA, Australia  — Australia's conservative opposition swept to power Saturday, ending six years of Labor Party rule and winning over a disenchanted public by promising to end a hated tax on carbon emissions, boost a flagging economy and bring about political stability after years of Labor infighting.

"I know that Labor hearts are heavy across the nation tonight, and as your prime minister and as your parliamentary leader of the great Australian Labor Party, I accept responsibility," Prime Minister Kevin Rudd said in a speech to supporters, after calling opposition leader Tony Abbott to concede defeat. "I gave it my all, but it was not enough for us to win."

A victory for the conservative Liberal Party-led coalition comes despite the relative unpopularity of Abbott, a 55-year-old former Roman Catholic seminarian and Rhodes scholar who has struggled to connect with women voters and was once dubbed "unelectable" by opponents and even some supporters.

But voters were largely fed up with Labor and Rudd, after a years-long power struggle between him and his former deputy, Julia Gillard. Gillard, who became the nation's first female prime minister after ousting Rudd in a party vote in 2010, ended up losing her job to Rudd three years later in a similar internal party coup.

The drama, combined with Labor reneging on an election promise by imposing a deeply unpopular tax on the nation's biggest carbon polluters, proved deadly for Labor's re-election chances.

"This is an election lost by the government rather than won by Tony Abbott," Former Labor Prime Minister Bob Hawke told Sky News.

Abbott, who becomes Australia's third prime minister in three months, will aim to end a period of extraordinary political instability in Australia.

The swing away from Labor was a resounding rejection of Australia's first minority government since World War II. Voters disliked the deals and compromises struck between Labor, the minor Greens party and independent lawmakers to keep their fragile, disparate and sometime chaotic coalition together for the past three years, including the carbon tax.

Abbott has vowed to scrap the carbon from July 2014 — two years after it was implemented — and instead introduce taxpayer-funded incentives for polluters to operate cleaner.

It is unclear whether Abbott will be able to pass the necessary law changes through Parliament, but he has threatened to hold early elections if the Senate thwarts him.

Abbott's popularity seems to have peaked at the right time. Two polls published this past week by Sydney-based market researcher Newspoll are the only ones in which Abbott beat Rudd as preferred prime minister since Newspoll first began comparing the two leaders in 2010.

There is unlikely to be any honeymoon period for Abbott, as he inherits a slowing economy, hurt by the cooling of a mining boom that kept the resource-rich nation out of recession during the global financial crisis.

Australia's new government has promised to slash foreign aid spending as it concentrates on returning the budget to surplus. Labor spent billions of dollars on stimulus projects to avoid recession. But declining corporate tax revenues from the mining slowdown forced Labor to break a promise to return the budget to surplus in the last fiscal year.

Abbott has also promised to repeal a tax on coal and iron ore mining companies, which he blames in part for the downturn in the mining boom. The 30 percent tax on the profits of iron ore and coal miners was designed to cash in on burgeoning profits from a mineral boom fueled by Chinese industrial demand. But the boom was easing before the tax took effect. The tax was initially forecast to earn the government 3 billion Australian dollars ($2.7 billion) in its first year, but collected only AU$126 million after six months.

Abbott was a senior minister in the government of Prime Minister John Howard, who ruled for 11 years until Rudd first took office in 2007.

Under Howard, Australia — one of the world's worst greenhouse gas polluters on a per capita basis — and the United States had been the only wealthy countries to refuse to ratify the Kyoto Protocol on reducing global warming.

One of Rudd's first acts as prime minister was to ratify the Protocol, and he became Australia's most popular prime minister of the past three decades with his promise to introduce a carbon emissions trading scheme. His popularity fell after he failed to persuade the Senate to deliver the scheme.

Saturday's election likely brought Australia's first Aboriginal woman to Parliament. Former Olympian Nova Peris is almost certain to win a Senate seat for Labor in the Northern Territory, but the final results will not be known for days. Less likely is WikiLeaks founder Julian Assange's bid for a Senate seat in Victorian state.

Syria: EU urges strong response, as Kerry seeks support for military action - CNN

Posted: 07 Sep 2013 06:05 AM PDT

STORY HIGHLIGHTS
  • NEW: Secretary of State Kerry welcomes strong EU statement on the need for accountability
  • Ashton urges a "clear and strong response" over chemical weapons use in Syria
  • Kerry will also meet with France's foreign minister in Paris
  • The United States is seeking international support for military action against Syria

Vilnius, Lithuania (CNN) -- The European Union called Saturday for a "clear and strong" international response to the Bashar al-Assad regime's alleged use of chemical weapons in Syria, but said U.N. inspectors investigating the incident should report their initial findings before any action is taken.

The statement came as U.S. Secretary of State John Kerry sought to persuade skeptical European allies to join an international coalition on Syria after a Group of 20 summit ended Friday with a stalemate between Washington and Russia.

EU foreign policy chief Catherine Ashton read the statement, which she said reflected the position of all EU members, after four hours of talks Saturday between Kerry and EU foreign ministers in Vilnius, Lithuania.

"Information from a wide variety of sources confirm the existence of such an attack and seems to indicate strong evidence that the Syrian regime was responsible," it said, given that it was the only party with access to such weapons and the means to deliver them on such a wide scale.

It called the use of chemical weapons a "blatant violation of international law, a war crime and a crime against humanity."

The statement did not explicitly endorse military action, but said the international community cannot remain idle and that "a clear and strong response is crucial to make clear that such crimes are unacceptable and that there can be no impunity."

At the same time, it said, the European Union underscores the need to address the Syrian crisis through the U.N. process. It noted a pending report from U.N. chemical weapons inspectors who visited the site of the August 21 attack, and said the EU hoped the inspectors can report their preliminary findings as soon as possible.

It also welcomed comments by French President Francois Hollande that he would wait for the preliminary report before any military action was taken.

Kerry said he was grateful for what he called "a strong statement about the need for accountability."

The talks were expected to include "a fairly detailed discussion" of U.S. thinking on potential military action against Syria, senior State Department officials traveling with Kerry said ahead of the meeting. But the ministers would also discuss how to resolve the situation politically.

Russian 'intransigence'

Kerry is heading next to Paris to consult with French Foreign Minister Laurent Fabius.

Many European countries are opposed to any military action without a U.N. mandate, which the United States has ruled out over what it calls Russian "intransigence" in the U.N. Security Council.

France is the only nation so far to commit to military action against Syria alongside the United States.

Hollande has promised to contribute to a military campaign but, facing political pressure at home, said he would wait for the U.S. Congress to give President Barack Obama authorization to strike and for the findings of the U.N. inspectors' report, which would effectively delay any military action.

Kerry will also meet with Arab League foreign ministers Sunday while in Paris. Those talks initially were to focus on the latest Middle East peace initiative, but Syria is now expected to be on the agenda, the officials told reporters.

Kerry will talk to the Arabs "about things where they may be helpful, and again, also building support within the international community for a response from the international community," one of the officials said.

In all of the meetings Kerry was expected to work to "coordinate a political response" on Syria, but was not expected to go into the details about particular roles countries could play as part of any military action, an official said.

Kerry will also meet with UK Foreign Secretary William Hague in London. Britain's Parliament has ruled out getting militarily involved in Syria, but Prime Minister David Cameron has pledged to continue to push for a tough response against the Assad regime.

International opinion divided

Kerry's efforts with European allies paralleled those of his boss, Obama, who tried to rally members of the G20 in St. Petersburg, Russia.

Obama met with his Russian counterpart, Vladimir Putin, on the sidelines of the St. Petersburg summit Friday. But despite both saying the talks were constructive, there was no sign of consensus.

International opinion remains divided on what should be done after the Syrian government allegedly used chemical weapons against its own people last month.

A statement issued Friday by a bare majority of the G20 -- 11 of its 20 members -- said that "the evidence clearly points to the Syrian government being responsible for the attack, which is part of a pattern of chemical weapons use by the regime."

"Those who perpetrated these crimes must be held accountable," it said.

The statement called for a "strong international response" and "supports efforts undertaken by the United States and other countries to reinforce the prohibition on the use of chemical weapons." It did not expressly endorse military action, although U.S. officials said the nations who signed it interpreted the statement as tacit support for strikes.

German Foreign Minister Guido Westerwelle also signed on to the statement Saturday.

Obama has stressed he is considering a limited and targeted mission to respond to the use of chemical weapons and deter the Assad regime from using them again, a point stressed in more than eight hours of testimony on Capitol Hill this week by Kerry, Secretary of Defense Chuck Hagel and Martin Dempsey, chairman of the Joint Chiefs of Staff.

Opposing views

Obama described his exchange with Putin in St. Petersburg as "candid" -- but acknowledged that the Russian president was unlikely to support his call for military action against Syria.

Putin gave reporters a similar account, adding, "He doesn't agree with me, I don't agree with him, but we listened to each other."

Both leaders said they could work together to seek a political solution to the Syrian crisis.

The two men hold opposing views over whether military action should be taken against the Syrian government.

Obama said the world must act to uphold an international ban on chemical weapons use. But, he said, any military action will be limited in both time and scope, with the intention of degrading Assad's capacity to use chemical weapons in the future.

Putin repeated the Syrian government's accusation that "militants" used chemical weapons in a bid to get aid and support from "those countries who support them."

He told reporters that Moscow will continue to provide Syria with arms and humanitarian aid. Russia, along with China, has so far opposed military intervention in Syria at the U.N. Security Council.

Obama's domestic battle

Obama will now seek to rally congressional support for possible U.S. military action against Syria, with a vote expected after lawmakers reconvene from recess on Monday.

The president said he would address Americans on the crisis in Syria on Tuesday.

Obama said Friday that he had expected skepticism from the public and from lawmakers, and that he had anticipated it would be "a heavy lift" to win approval for military action from Congress.

Even as Kerry has led calls within the administration for tougher action against Syria, he has sought to work with Russian Foreign Minister Sergei Lavrov on bringing the warring parties in Syria together for negotiations on a political transition.

A senior State Department official said Kerry would be discussing those efforts during his meetings this weekend, although no date has been set yet and the parties have "some distance to go" before the talks could be held.

The United States hopes military action, however limited, could change Al-Assad's calculus and encourage him to negotiate.

Middle East peace process

Although Syria is sure to top the agenda during Kerry's meetings with foreign diplomats, he will also discuss his efforts to nurture the fledgling Middle East peace process.

After five months of shuttle diplomacy between Israelis and Palestinians, Kerry in July announced a resumption of direct talks between the two sides and tapped former U.S. Ambassador to Israel Martin Indyk as his Mideast peace envoy.

The parties have committed to try and reach a peace deal within nine months, although privately both sides have voiced skepticism that that is possible.

Kerry will meet in London on Sunday with Palestinian President Mahmoud Abbas. Another senior State Department official traveling with Kerry said that although the crises in both Syria and Egypt have distracted both the Israelis and Palestinians, they have also yielded important benefits.

Kerry was also expected to lobby EU foreign ministers to reconsider sanctions imposed this summer against Israel, which banned funding of some projects in the occupied West Bank over European opposition to continued settlement building.

CNN's Elise Labott wrote and reported from Vilnius and Laura Smith-Spark from London.

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US stocks flat in volatile trading

Posted: 06 Sep 2013 04:37 PM PDT

NEW YORK: US stocks on Friday finished a volatile day little-changed as markets gyrated over competing headlines on the August US jobs report and the G20 debate among global leaders on Syria.

The Dow Jones Industrial Average dropped 14.98 (0.10 per cent) to 14,922.50. The broad-based S&P 500 closed at 1,655.17, up 0.09 (0.01 per cent), while the tech-rich Nasdaq Composite Index taked on a scant 1.23 (0.03 per cent) to 3,660.01.

Markets opened higher Friday but soon veered solidly into negative territory for a stretch before going positive again late morning and finally settling near flat.

The Labor Department said the US added 169,000 jobs in August, below analyst projections of 177,000. The report also lowered the estimates for jobs added in June and July.

The jobs report yielded competing interpretations over what the reports said about economic growth and meant for the Federal Reserve's plans to taper its stimulus program.

Scott Wren, a senior equity strategist at Wells Fargo Advisors, said the report "wasn't good at all," but argued that it probably either delays a Fed taper, or means a smaller reduction in bond-purchases.

"It's a 'what's bad is good' type of thing," Wren said.

The continuing dispute between Russia and the US over Syria also troubled investors, as US President Barack Obama and Russian counterpart Vladimir Putin failed Friday to end their bitter dispute over US military action against Damascus at the G20 meeting.

Health care products company Johnson & Johnson rose 0.1 per cent as the company moved ahead with plans to sell its Ortho Clinical Diagnostics unit. J&J hopes to raise US$5 billion from a sale.

Apple rose 0.6 per cent amid anticipation of company events next week in the US and China that are expected to launch new products. The Wall Street Journal reported that Apple is preparing to ship iPhones to China Mobile.

Yelp, the popular crowd-sourced reviews website, rose 5.9 per cent after Deutsche Bank initiated coverage with a "buy" rating.

"Yelp has a large and rapidly growing audience, strong proprietary content across local verticals, and should see increasing traction with local advertisers on a multi-year basis," Deutsche Bank said. -- AFP

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Obama: Most of G20 agrees Assad used chemical arms, but split over military ... - Jerusalem Post

Posted: 06 Sep 2013 08:35 AM PDT

President Barack Obama said on Friday that most leaders of the G20 countries agree that Syrian President Bashar Assad is responsible for using poison gas against civilians as the US leader tried to rally support at home and abroad for a military strike.

Obama said he planned to speak to the American public about Syria on Tuesday as Congress considers his request for limited military action in Syria.

Speaking to reporters at an international diplomatic summit, Obama said the leaders of the world's largest economies agreed that chemical weapons were used in Syria and that the international ban chemical weapons needs to be maintained.

However, he said there was disagreement about whether force could be used in Syria without going through the United Nations. The United States has been unable to win UN Security Council approval for military action against Syria because of the opposition of veto-wielding Russia.

"The majority of the room is comfortable with our conclusion that Assad, the Assad government, was responsible for their use," he said at a news conference, adding that this is disputed by Russian President Vladimir Putin.

A number of countries believed that any military force needed to be decided at U.N. Security Council, a view he said he does not share.

"Given Security Council paralysis on this issue, if we are serious about upholding a ban on chemical weapons use then an international response is required, and that will not come through Security Council action," he said.

Obama has been trying to rally support internationally and domestically for a limited military response to the chemical weapons attack on Syrian civilians Aug. 21.

Obama defied pressure to abandon plans for air strikes against Syria at the summit on Friday which left world leaders divided on the conflict but united behind a call to spur economic growth.

Leaders of the G20, who account for 90 percent of the world economy and two thirds of its population, agreed that the economy was not out of crisis yet but was on the mend.

But Obama and Putin remained far apart on Syria after a 20-minute one-on-one talk on the sidelines of the summit on Friday, following a tense group discussion on the civil war over dinner late on Thursday.

"There has been a long discussion with a clear split in the group," a G20 source said after the dinner in a Tsarist-era palace in Russia's former imperial capital, St. Petersburg.

Putin said he and Obama stood their ground and neither blinked but at least there was dialogue.

"We hear one another, and understand the arguments but we don't agree. I don't agree with his arguments, he doesn't agree with mine. But we hear them, try to analyze them," he said.

China's Xi Jinping also tried, unsuccessfully, to dissuade Obama from military action.

"A political solution is the only right way out for the Syrian crisis, and a military strike cannot solve the problem from the root," Xinhua news agency quoted Xi as saying. "We expect certain countries to have a second thought before action."

Washington says troops loyal to Assad carried out a poison gas attack which killed over 1,400 people in rebel-held suburbs of Damascus on Aug. 21. Putin said the attack was carried out by the rebels in order to provoke outside military intervention against Assad.

Unable to win United Nations Security Council backing for military action because of the opposition by veto-wielding Russia, Obama is seeking the backing of the US Congress.

He stuck to that position in St. Petersburg, despite a warning by UN Secretary General Ban Ki-moon about the need to find a political settlement to end the war.

"Every day that we lose is a day when scores of innocent civilians die," Ban said.

Ben Rhodes, Obama's deputy national security adviser, told reporters the president had "once again underscored the very high confidence that we have" of Assad's role in the attack.

Obama also told the G20 leaders that it was important to uphold international norms against chemical weapons and depicted the Security Council as paralyzed.

Participants at the dinner said the tension between Putin and Obama was palpable but that they seemed at pains to avoid an escalation. Obama said credit was due to Putin for facilitating the long discussion of the Syrian crisis on Thursday night.

Obama defended his position at the talks with Xi, whose country has veto powers on the Security Council.

Without referring to Syria, Obama said before meeting Xi: "Although there will continue to be some significant disagreements and sources of tension, I am confident that they can be managed."

He appeared isolated in St. Petersburg, despite France's support for military action, and the presence of allies such as Turkey and Saudi Arabia. But his actions suggested that winning the approval of Congress is his most important short-term goal.

Obama said most G20 leaders agreed that Assad launched the August 21 chemical weapons attack, but were divided over whether to use force in Syria without UN Security Council support.

Washington's ambassador to the United Nations, Samantha Power, made clear on Thursday that the United States had given up trying to work with the Council on the issue, and accused Russia of holding it hostage.

The dispute over Syria has deepened strains in US-Russian ties, already difficult because of differences over human rights and Moscow's hosting of Edward Snowden, a spy agency contractor who revealed details of US surveillance programs. Putin said Obama had not requested Snowden's extradition on Friday, adding that it would be impossible anyway.

Obama planned to meet rights activists, including gay rights campaigners, to show support for civil society in Russia, where critics say Putin has clamped down on dissent in his third term.

But some invitees have declined to attend, citing what they said were repeated changes in the timing of the meeting. One added her voice to warnings against a military strike on Syria.

US employers add 169K jobs; rate falls to 7.3 pct. - Boston.com

Posted: 06 Sep 2013 09:16 AM PDT

WASHINGTON (AP) — The U.S. economy is producing jobs at a subpar pace — a trend the Federal Reserve will weigh in deciding this month whether to slow its bond buying and, if so, by how much.

Employers added 169,000 jobs in August but many fewer in June and July than previously thought, the Labor Department said Friday. Combined, June, July and August amounted to the weakest three-month stretch of job growth in a year.

The unemployment rate dropped to 7.3 percent, the lowest in nearly five years. But it fell because more Americans stopped looking for work and were no longer counted as unemployed. The proportion of Americans working or looking for work reached its lowest point in 35 years.

The jobs picture is sure to weigh heavily when the Fed meets Sept. 17-18 to discuss whether to scale back its $85 billion a month in Treasury and mortgage bond purchases. Those purchases have helped keep home-loan and other borrowing rates ultra-low to try to encourage consumers and businesses to borrow and spend more.

David Jones, chief economist at DMJ Advisors, said he still thinks the Fed will begin slowing its bond buying later this month. But he suspects the August data and the reduced job totals for June and July will lead the Fed to trim more gradually than it would have otherwise: The Fed could start reducing its monthly purchases by $10 billion rather than $20 billion.

Jones said he expects reductions of $10 billion between now and mid-2014. At that point, Chairman Ben Bernanke has said the Fed expects the bond buying could likely end.

The revised job growth for June and July shrank the previously estimated gain for those months by a combined 74,000. July's gain is now estimated at 104,000 — the fewest in more than a year and down from the previous estimate of 162,000. June's was revised to 172,000 from 188,000.

In the past three months, employers have added an average of just 148,000 jobs. The average monthly gain for 2013 so far is 180,000, almost identical to the 183,000 average for 2012.

Stock prices shifted between gains and losses in morning trading as investors weighed the job report's impact on the Fed and tensions over the prospect of U.S. military action against Syria. The Dow Jones industrial average rose about 30 points.

The yield on the 10-year Treasury note fell to 2.92 percent, from 2.95 percent before the jobs report was released at 8:30 a.m. Eastern time. Investors may think the report makes it less likely the Fed will significantly slow its bond purchases.

One possible concern for the Fed is that most of the hiring in August was in lower-paying industries such as retail, restaurants and bars. This continues a trend that emerged earlier this year.

Retailers added 44,000 jobs in August. Hotels, restaurants and bars added 27,000. Temp hiring rose by 13,000.

In higher-paying fields, the report was mixed.

Manufacturers added 14,000, the first gain after five months of declines. Government, which has been a drag on job growth since the recession ended more than four years ago, gained 17,000. It was the biggest such increase in nearly a year. The increase was all in local education departments. Federal employment was unchanged, and state government lost 3,000 jobs.

Auto manufacturers added 19,000 jobs. Americans are buying more cars than at any time since the recession began in December 2007. Some of the jobs also likely reflected workers who were rehired last month after being temporarily laid off in July, when factories switched to new models.

But construction jobs were unchanged in August. And the information industry, which includes high-tech workers, broadcasting and film production, cut 18,000 jobs. The biggest losses were in the film industry.

The report contained some other positive signs: Average hourly earnings picked up, rising 5 cents to $24.05. Hourly pay has risen 2.2 percent in the past 12 months. That's slightly ahead of the 2 percent inflation rate over the same period.

The average hourly work week ticked up to 34.5 from 34.4, a sign that companies needed more labor. That can lead to larger paychecks.

The modest jobs figures contrast with other recent data that suggested that the economy could be picking up. For example, reports from the Institute for Supply Management, a trade group of purchasing managers, showed that manufacturers expanded at the fastest pace in more than two years last month.

And service firms grew at the quickest pace in more than eight years, the ISM found.

___

AP Economics Writers Paul Wiseman and Martin Crutsinger contributed to this report.

© Copyright 2013 Globe Newspaper Company.

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Khamis, 5 September 2013

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KL shares higher on mild buying interest

Posted: 05 Sep 2013 06:53 PM PDT

Share prices on Bursa Malaysia were traded slightly higher in the early session Friday on mild buying interest after
yesterday's gains, dealers said.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 0.41 of a point to 1,721.38, after opening one point weaker at 1,719.97.

HwangDBS Vickers Research said the local bourse could close the week with a weak performance today on the back of slow trading interest.

"From a technical perspective, the benchmark FBM KLCI may back off slightly from its immediate resistance barrier of 1,720," it said in a research note today.


The research house said the news flow that was of added interest today would be the external trade data for July due for release around noon.

"Following growing concerns over Malaysia's deteriorating current account position and falling Ringgit, investors will be keen to know the country's latest economic situation," HwangDBS said.

On the scoreboard, the Finance Index rose 5.72 points to 16,128.5, but the Plantation Index slipped 2.15 points to 8,117.21 and the Industrial Index added 2.15 points to 2,904.55.

The FBM Emas Index gained 10.27 points to 11,960.02, the FBM100 Index advanced 8.84 points to 11,717.63, the FBM 70 Index surged 35.27 points to 13,652.44 and the FBM Ace rose 4.81 points to 4,955.75.

Gainers led losers 78 to 48, while 108 counters were unchanged, 1,330 untraded and 13 were suspended.

Turnover stood at 48.45 million shares worth RM24.38 million.

Among actives, ETI Tech Corp eased half a sen to 6.5 sen, Ho Wah Genting earned one sen to 22 sen while Luster Industries and Daya Materials were flat at nine sen and 31.5 sen, respectively.

Of the heavyweights, Maybank shed three sen to RM9.85, Sime Darby was flat at RM9.41 while Axiata and CIMB gained one sen each to RM6.76 and RM6.55, respectively.-- Bernama

Ringgit traded marginally lower against US$

Posted: 05 Sep 2013 07:05 PM PDT

The ringgit opened marginally lower against the US dollar in early trading today on lack of buying support amid the strong dollar in the global market, currency dealers said.

The ringgit was quoted at 3.3115/3145 to a US dollar from yesterday's close at 3.3030/3070.

Meanwhile, the ringgit was also traded lower against all other major currencies.

The local unit was little changed against the Singapore dollar at
2.5887/5915 from 2.5835/5886 yesterday but was weaker against the yen at 3.3158/3198 from 3.3066/3120 on Thursday.


Against the British pound, the ringgit fell to 5.1676/1726 from 5.1580/1655 yesterday and weakened against the euro to 4.3463/3509 from 4.3553/3613 on Thursday.-- Bernama
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Pressure mounts on Obama over Syria at G20 summit - Reuters

Posted: 05 Sep 2013 08:07 AM PDT

Russia's President Vladimir Putin (L) welcomes U.S. President Barack Obama before the first working session of the G20 Summit in Constantine Palace in Strelna near St. Petersburg, September 5, 2013. REUTERS/Grigory Dukor

ST. PETERSBURG, Russia | Thu Sep 5, 2013 11:50am EDT

(Reuters) - U.S. President Barack Obama faced growing pressure from world leaders not to launch military strikes in Syria on Thursday at a summit on the global economy that was eclipsed by the conflict.

The Group of 20 (G20) developed and developing economies met in St. Petersburg to try forge a united front on economic growth, trade, banking transparency and fighting tax evasion.

But the club that accounts for two thirds of the world's population and 90 percent of its output is divided over issues ranging from the U.S. Federal Reserve's decision to end its program of stimulus for the economy to the civil war in Syria.

Russian President Vladimir Putin wants to use the meeting in a seafront tsarist palace to talk Obama out of military action against Syrian President Bashar al-Assad over a chemical weapons attack which Washington blames on government forces.

Obama wore a stiff smile as he approached Putin on arrival at the summit and grasped his hand. Putin also maintained a businesslike expression. It was only when they turned to pose for the cameras that Obama broke into a broader grin.

The first round at the summit went to Putin as China, the European Union and Pope Francis - in a letter for G20 leaders - aligned themselves more closely with him than with Obama over the possibility and legitimacy of armed intervention.

"Military action would have a negative impact on the global economy, especially on the oil price - it will cause a hike in the oil price," Chinese Vice Finance Minister Zhu Guangyao told a briefing.

The Pope urged the leaders to "lay aside the futile pursuit of a military solution". He has also invited the 1.2 billion Roman Catholics and people of other faiths to join him in a day of prayer and fasting on Saturday to end the civil war.

European Union leaders, usually strong allies of the United States, described the August 21 attack near Damascus, which killed an estimated 1,400 people, as "abhorrent" but added: "There is no military solution to the Syrian conflict."

Putin, Assad's most important ally, was isolated on Syria at a Group of Eight meeting in June, the last big meeting of world powers. He could now turn the tables on Obama, who recently likened him to a "bored kid in the back of the classroom."

Only France, which is preparing to join U.S. military action, rallied behind Obama.

"We are convinced that if there is no punishment for Mr. Assad, there will be no negotiation," French Foreign Minister Laurent Fabius said before leaving for St. Petersburg.

With backing by Beijing and Moscow unlikely at the U.N. Security Council, where both have veto powers, Obama is seeking the approval of the U.S. Congress.

Putin says rebel forces may have carried out the poison gas attack and that any military strike without Security Council approval would violate international law, a view which is now increasingly openly being supported by others.

He has no one-on-one talks scheduled with Obama but hopes to discuss Syria at a dinner with all the leaders. United Nations Secretary General Ban Ki-moon and U.N. special envoy Lakhdar Brahimi were also in St. Petersburg, hoping to secure agreement on holding an international peace conference on Syria.

Putin's press secretary, Dmitry Peskov, portrayed the "camp of supporters of a strike on Syria" as divided and said: "It is impossible to say that very many states support the idea of a military operation."

One national leader attending the summit said there appeared to be little chance of a rapprochement between Putin and Obama, whose relations have soured following Russia's offer of asylum to former U.S. spy agency contractor Edward Snowden.

Foreign ministers from the key states in the G20 - which includes all five permanent U.N. Security Council members - will also discuss Syria on the sidelines of the meeting.

Any G20 decision on Syria would not be binding but Putin would like to see a consensus to avert military action in what would be a significant - but unlikely - personal triumph.

LOSS OF HARMONY

The G20 achieved unprecedented cooperation between developed and emerging nations to stave off economic collapse during the 2009 financial crisis, but the harmony has now gone.

There are likely to be some agreements - including on measures to fight tax evasion by multinational companies - at the summit in the spectacular, 18th-century Peterhof palace complex, built on the orders of Tsar Peter the Great.

An initiative will be presented to leaders on refining regulation of the $630-trillion global market for financial derivatives to prevent a possible markets blow-up.

Steps to give the so-called 'shadow banking' sector until 2015 to comply with new global rules will also be discussed.

But consensus is proving hard to achieve among developed economies as the United States takes aggressive action to spur demand and Europe moves more slowly to let go of austerity.

The emerging economies in the BRICS group - Brazil, Russia, India, China and South Africa - urged the G20 to boost global demand and ensure that any changes in monetary policy are well flagged to minimize any disruptive "spillovers" that may result.

The appeal reflected the concerns among developing nations over the prospect that the Fed will scale back its ultra-loose monetary policy, and a view that Europe is not doing enough to promote a demand-driven recovery.

The BRICS also agreed to contribute $100 billion to a joint currency reserve pool. China will commit $41 billion; Brazil, India and Russia $18 billion each; and South Africa $5 billion.

Russia and China also joined forces in warning about the potential impact of the Fed ending its bond-buying program to stimulate the economy.

(Reporting by Gernot Heller, Luke Baker, Tetsushi Kajimoto, Lidia Kelly, Katya Golubkova, Steve Holland, Douglas Busvine, Steve Gutterman, Alessandra Prentice and Denis Pinchuk; Writing by Timothy Heritage; Editing by Alastair Macdonald and Anna Willard)

Iran's new president wishes Jews a "blessed Rosh Hashanah" - CBS News

Posted: 05 Sep 2013 07:45 AM PDT

During his stormy eight-year tenure, Iran's former president Mahmoud Ahmadinejad sparked international outrage for numerous inflammatory comments. Among them: calling for Israel to be "wiped off the map" and suggesting the Holocaust was a myth.

His newly inaugurated successor apparently has a different view. On Rosh Hashana, the Jewish New Year, Hasan Rouhani took to Twitter to send the following message:

The tweet did not go unnoticed by Christine Pelosi (the daughter of House Minority Leader Nancy Pelosi), who replied on Twitter: "Thanks. The New Year would be even sweeter if you would end Iran's Holocaust denial, sir."

That tweet sparked a reply from Iran's foreign minister Mohammad Javad Zarif:

Pelosi took the exchange to heart, tweeting: "It certainly seemed from his tweet that a new day has dawned in Iran. #hope?"

The twitter diplomacy comes on the same day that Iran's new president approved a major policy change. Rouhani confirmed Thursday that Zarif will be Iran's top nuclear negotiator with world powers. Previously, Iran's Supreme National Security Council was in charge of nuclear talks with the U.S. and other nations.

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