Khamis, 5 Disember 2013

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Ringgit opens higher against US dollar

Posted: 05 Dec 2013 06:03 PM PST

The ringgit rebounded to open higher against the US dollar in early trading today on fresh demand after depreciating over the
last three days, dealers said.

At 9am, the ringgit was quoted at 3.2220/2250 against a US dollar from 3.2250/2290 close yesterday.

A dealer said investors may see the lower ringgit as an opportunity for them to book profit ahead of the weekend.

The local unit slipped against the yen to 3.1604/1639 from 3.1590/1641 yesterday and fell against the Singapore dollar to 2.5677/5722 from 2.5685/5737 Thursday.


The domestic currency however strengthened against the British pound to 5.2638/2693 from 5.2838/2917 yesterday but eased against the euro to 4.4019/4070 from 4.3873/3937 Thursday.-- Bernama

Short-term rates to remain stable

Posted: 05 Dec 2013 05:58 PM PST

Short-term interbank rates are expected to remain stable today following Bank Negara Malaysia's intervention to reduce excess liquidity from the financial system.

The central bank estimated today's liquidity at RM27.21 billion in the conventional system and RM13.52 billion in Islamic funds.

The bank will conduct a RM10 billion range maturity auction tender for three to 90 days and two repo tenders comprising RM150 million for 31 days and RM250 million for 62 days.

A RM6.3 billion Al-Wadiah tender for four to 90 days will also be conducted along with two Commodity Murabahah Programme tenders comprising RM100 million for 21 days and RM200 million for 31 days.

At 4pm, the bank will undertake a conventional overnight tender of up to RM16.8 billion and a RM7.3 billion Al-Wadiah overnight tender.-- Bernama
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'Very much loved' American teacher Ronnie Smith slain in Benghazi - NBCNews.com

Posted: 05 Dec 2013 08:25 AM PST

By Charlene Gubash, Alexander Smith and Henry Austin, NBC News

A beloved American teacher was shot dead in the Libyan city of Benghazi on Thursday, just days before he was supposed to return to the U.S. for the holidays, the school's principal said.

Ronnie Smith, 33, had been teaching chemistry at the International School Benghazi for about 18 months and was "very much loved," principal Peter Hodge told NBC News.

"He was the most amazing person, more like a best friend or a family member," said student Yomna Zentani, 18.

"After everything that happened in Libya, we were losing hope and he was the only one who was supporting us, motivating us, telling us that as long as we studied everything would be okay. He was the silver lining.

"He dedicated so much of his time for all his students," she added. "He chose to come here and help us and risk his life."

Smith began working at the school after a stint in Egypt, she said.

"He was going back home to see his mom and his family where he hadn't been for some time. He was supposed to leave this week but he said he would stay around for our midterms and sent his family. He was going to join them."        

Lujain Beruwien, 16, said Smith had helped her get settled in Benghazi when he Libyan parents moved back from Scotland.

"Because I'm from the U.K. and he's from America we were always trying to outdo each other," she said. "It's really upsetting that he has died. The majority of Libyans want the country to develop but the others are just trying to ruin things for everyone. We're not going to stand for this."

Adel Mansour, a former principal at the school who is currently head of its board of governors, described Smith as a "great guy."

"He loved being in Benghazi and he loved Libya and the kindness of its people," Mansour told NBC News. "He was looking forward to going back and being with his family [to the U.S. for Christmas] but unfortunately now that's not going to happen." 

Security official Ibrahim al-Sharaa told The Associated Press that the victim was jogging near the U.S. Consulate at the time of the shooting. NBC News was unable to independently confirm that account.

The independent report commissioned by Secretary of State Hillary Clinton investigating the attack on the U.S. Embassy in Benghazi faulted the State Department for "systematic failures" and "grossly inadequate" security to deal with the attack. NBC's Andrea Mitchell reports.

Benghazi, Libya's second-largest city, became a political flashpoint following the Sept. 11, 2012 attack targeting the U.S. Consulate which left Ambassador Chris Stevens and three other Americans dead. A hardline Islamist group known as Ansar al-Shariah has been blamed.

Two years after the NATO-backed uprising that ousted Moammar Gadhafi, Libya is still in messy transition, with no new constitution, a temporary government and nascent security forces struggling to contain militias and former rebels.

In October, Islamist militants called for the kidnapping of U.S. citizens in Libya and targeted attacks on American property following a raid by U.S. special forces to seize a suspected al Qaeda leader from his home in Tripoli.

Last week, Libya's army clashed with militants in Benghazi, where Islamists run their own checkpoints in the port city and assassinations and bombings happen regularly.

At least nine people died when fighting broke out between army special forces and members of Ansar al-Shariah.  

Oil workers, civil servants and private sector staff later went on a three-day strike in the port city, protesting against the deteriorating security situation.

The mass walkout was the latest sign of growing anger against militias who helped oust Gadhafi. Most groups have kept their weapons and regularly challenge the fragile new government and its security forces.

Most countries closed their consulates in Benghazi after a series of attacks and some foreign airlines have stopped flying there. 

In the wake of recent clashes in Tripoli which left more than 40 people dead, Secretary of State John Kerry last month urged Libyans to "break the cycle of violence through respectful dialogue and reconciliation."

He added: "Too much blood has been spilled and too many lives sacrificed to go backwards."

NBC News' David Wyllie and Tracy Connor, Reuters and The Associated Press contributed to this report. 

Goran Tomasevic / REUTERS

An uprising in Libya ousts dictator Moammar Gadhafi.

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Former LAPD Chief William Bratton returns to NYPD commissioner post - Los Angeles Times

Posted: 05 Dec 2013 08:14 AM PST

NEW YORK -- New York City Mayor-elect Bill de Blasio named William J. Bratton to return as the city's police commissioner Thursday, selecting the former LAPD police chief to head a department praised for overseeing a drop in crime but criticized for its use of racially charged stop-and-frisk tactics.

Bratton had been expected to get the job, which has been held since 2002 by Raymond Kelly. De Blasio, who will take office in January at the end of Michael Bloomberg's third and final term, was a harsh critic of Kelly and vowed to replace him if elected.

In a statement issued prior to a news conference announcing the appointment Thursday, De Blasio called Bratton a "proven crime-fighter."

"He knows what it takes to keep the city safe," the mayor-elect said.

For his part, Bratton said in a statement that "De Blasio's priorities are my priorities."

People familiar with the decision had already begun reacting to it before the news briefing.

The Rev. Al Sharpton, an activist in the African American community, said he spoke with De Blasio on Tuesday about his selection of Bratton, who also served under New York Mayor Rudolph Giuliani in the 1990s.

Sharpton said he had a "very distant and adversarial relationship" with Bratton when he served in New York, but that their relations improved as Bratton served in Los Angeles and the two worked together on gang violence and police misconduct issues.

"Mr. Bratton knows my concerns and the concerns of others about racial profiling in stop and frisk policing, but at the same time is aware of our desire to continue the decrease of violence and crime in our community," Sharpton said in a statement.

Bratton's time as NYPD's top cop made him an international figure, so by the time he came to Los Angeles in 2002, he was already a law enforcement superstar who had appeared on the cover of Time magazine in the '90s for his success in New York. He served as LAPD chief until 2009.

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tina.susman@latimes.com

Twitter: @tinasusman

joseph.serna@latimes.com

Twitter: @josephserna

Susman reported from New York. Serna reported from Los Angeles.

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Rabu, 4 Disember 2013

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Gold futures open higher

Posted: 04 Dec 2013 06:17 PM PST

Gold futures contract on Bursa Malaysia Derivatives opened higher today on fresh buying interest for the precious metal, dealers said.

At 9.26am, only two contract months were traded.

December 2013 was traded at RM128.80 sen per gramme, up 62 ticks from Wednesday while January 2014 rose 66 ticks to RM129.40 sen per gramme.

February 2014 and March 2014 were both pegged at RM126.50 a gramme, respectively.

Turnover stood at 69 lots while open interest totalled 1,299 contracts.-- Bernama

Gold up RM2.55 at RM124.41 per gramme

Posted: 04 Dec 2013 06:19 PM PST

[unable to retrieve full-text content]The physical price of gold as at 9.30am stood at RM124.41 per gramme, up RM2.55 from RM121.86 at 5pm yesterday.-- Bernama
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EU Fines Financial Institutions Over Fixing Key Benchmarks - Wall Street Journal

Posted: 04 Dec 2013 07:05 AM PST

[unable to retrieve full-text content]

The Hindu

EU Fines Financial Institutions Over Fixing Key Benchmarks
Wall Street Journal
Six financial institutions were fined €1.71 billion ($2.32 billion) by European Union regulators Wednesday for colluding in an attempt to manipulate key benchmark interest rates, the EU's largest-ever penalty in a cartel case. The settlements involved penalties ...
Europe Fines Banks $2.3 Billion for Fixing RatesTIME
UPDATE 3-EU Commission fines banks 1.7 bln euros for benchmark riggingReuters
Deutsche Bank to RBS Fined by EU for Rate RiggingBusinessweek
New York Times -CBC.ca -IBTimes.co.uk
all 419 news articles »

For sale: Detroit's art collection? - USA TODAY

Posted: 04 Dec 2013 08:52 AM PST

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A federal judge just ruled that Detroit is eligible to enter bankruptcy – and that leaves one of the finest art collections in the country in limbo: will it be sold to pay down creditors, loaned out for more

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A federal judge just ruled that Detroit is eligible to enter bankruptcy and that leaves the Detroit Institute of Arts in limbo. (USA TODAY, USA NOW)

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Selasa, 3 Disember 2013

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Gold futures contracts open higher

Posted: 03 Dec 2013 05:43 PM PST

Gold futures contracts on Bursa Malaysia Derivatives opened higher Wednesday on renewed buying interest for the precious
metal, dealers said.

A dealer said the precious metal regained its footing in early trading today as investors were waiting for more clues on whether the US Federal Reserve would begin to taper its bond-buying programme.

Economic data on the US gross domestic product and non-farm payrolls are expected this week to provide clues on the stimulus outlook as the Federal Reserve will hold its next policy meeting on December 17 and 18.

At 9.20am, only two contract months were traded in the local market.


December 2013 was traded at RM126.75 a gramme, up eight ticks from Tuesday's settlement, with two lots traded.

January 2014 rose seven ticks to RM127.10 a gramme, with three lots traded.

February 2014 and March 2014 were both pegged at RM127.15 a gramme, respectively.

Open interest stood at 1,306 contracts.-- Bernama

KLCI futures traded mostly higher

Posted: 03 Dec 2013 05:53 PM PST

The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contracts (FKLI) on Bursa Malaysia Derivatives were traded mostly higher in the early session today.

As at 9.50am, spot month December 2013 was 3.0 points better at 1,818, January 2014 added 0.5 points to 1,817, February 2014 lost 2.5 points to 1,810.5 while March 2014 stood at 1,809.

However, the underlying FBM KLCI was 0.12 of-a-point lower at 1,824.17 after 50 minutes of trading.-- Bernama

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Detroit Braces for Bankruptcy Ruling - New York Times

Posted: 03 Dec 2013 09:03 AM PST

DETROIT — A federal judge is expected to rule Tuesday on whether Detroit is eligible for bankruptcy protection, a crucial step in the city's effort to pay off part of its overwhelming debt and to begin rebuilding its vastly diminished city services.

The decision, which is to be issued by Judge Steven W. Rhodes of the United States Bankruptcy Court, is also a significant legal test for Detroit, which in July became the largest American city ever to seek bankruptcy protection.

If Detroit is ruled eligible to reorganize under court protection, lawyers for the city and its appointed emergency manager may move ahead in submitting a plan to pay off part of its debts and to start reinvesting in essential services. City officials have said such a plan could be filed before the end of the year, and that the city, once the nation's fourth largest, might emerge from bankruptcy in 2014.

Detroit's path forward will be far less clear if it is found ineligible to reorganize, a position favored by representatives of the city's labor unions.

Many legal specialists and government officials say they expect Detroit will be found eligible for bankruptcy protection. Under the provisions of municipal bankruptcy, a city must be deemed insolvent, a standard that many bankruptcy specialists say Detroit, which is buried beneath $18 billion in debts, is likely to meet. In fact, Detroit's filing marks the nation's largest municipal bankruptcy ever in terms of the size of the debt.

But a city must also show that it has negotiated in "good faith" with its creditors or is unable to negotiate with them because such talks are impracticable. Some public sector unions and retirees, who object to the possibility that their pensions may be cut, say Detroit's leaders never made an earnest effort to bargain, but rather intended to seek bankruptcy all along. Outside bankruptcy, the Michigan Constitution prohibits reducing pensions that public workers have already earned.

Whatever Judge Rhodes rules, the legal battles will be far from over. Any decision is likely to bring a number of appeals. If Detroit is found ineligible for bankruptcy protection, the city, which has already begun defaulting on some debt, is also likely to find a barrage of demands and lawsuits from its creditors.

While a legal determination that Detroit is so broke that it meets the standards for bankruptcy might seem an undesirable assessment for a major city that gave birth to the American auto industry, such court protection is seen by some as the city's best hope for revival: a chance under court supervision to reduce its debts, restore essential city services, and lay out a course for starting over.

In July, an emergency manager assigned by the state to oversee Detroit filed for bankruptcy with approval from Gov. Rick Snyder, a Republican in his first term.

To some observing the city's circumstances — annual operating deficits since 2008, a pattern of new borrowing to pay for old, a shrunken population and tax base, and diminished, undependable city services — there seemed no question that the situation was dire. A city of 1.8 million people in 1950, Detroit has fallen to a population of about 700,000, or the nation's 18th largest city. The city is plagued by vacant buildings, darkened streetlights, and slow police response times.

Paul Walker crash: Vin Diesel, 'Fast and Furious' cast speak - Los Angeles Times

Posted: 03 Dec 2013 08:05 AM PST

Actor Paul Walker's "Fast and Furious" costars and others involved in the movie franchise spoke Monday about the fiery crash that killed him and a friend over the weekend.

Among the cast mates who made pilgramages to Walker's burgeoning makeshift memorial in Santa Clarita was Vin Diesel, who addressed the crowd using the public address system of a sheriff's department patrol car.

"If my brother were here today. And if he saw all the love you were bringing here. If he could see for himself that [you have] shown my brother love," Diesel told the crowd.

PHOTOS: Celebrities react to the death of Paul Walker

Authorities were still investigating what caused the crash, which occurred about 3:30 p.m. Saturday on Hercules Street, a normally quiet road with a 45-mph speed limit. Walker's friend, Roger Rodas, was driving the 2005 red Porsche Carrera GT when it slammed into a tree and concrete pole, bursting into flames and killing both men.

Eyewitnesses have reported seeing only that red Porsche on the street at the time of the accident, according to the Los Angeles County Sheriff's Department.

The two had just left a charity event.

"It was 'Fast and the Furious,' that's what it is," witness and friend Jim Torp told fans and media at the crash site on Sunday. Both men were race car enthusiasts, Torp said, "both loved speed, both knew how to handle cars, and this had to happen."

PHOTOS: Paul Walker, 1973-2013

Fellow "Fast and Furious" costar Tyrese Gibson broke down at the memorial on Sunday after leaving a single flower. F. Valentino Morales, a producer who had been working with Walker on "Fast and Furious 7," also remembered the actor Sunday at the crash site.

"We were very close," Morales told KTLA, adding that Walker was "the nicest guy in the world."

"Everybody loved him," Morales said. "He'll be missed."

As news of the actor's death spread, hundreds of fans started streaming by the memorial on Sunday and Monday, leaving behind flowers, remembrances and photos. One fan left a green bottle of Castrol motor oil.

Alberto Ramirez, 19, of Downey was in Santa Clarita for a job interview and felt it was "the right thing to do" to come to the site.

"I was a fan since I was little watching his movies. I had to just stop by to take it all in. When I first heard it, I thought it was a hoax," he said.

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Isnin, 2 Disember 2013

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KL shares post new record high

Posted: 02 Dec 2013 06:36 PM PST

KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) posted a new record high, in early trading this morning, prompted by strong buying interest in heavyweight counters.

At 9.08 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) garnered 6.03 points to 1,824.18, after opening at 1,825.26. The previous all-time high of 1,818.93 was registered on Oct 24. Losers led gainers 116 to 77, with 106 counters unchanged, 1,267 untraded and 20 others were suspended. Turnover stood at 65.54 million shares valued at RM72.94 million.

HwangDBS Vickers Research said the local bourse was expected to challenge the immediate resistance level of 1,825, from local developments, as well as, the unexpected positive manufacturing data in the United States.

The top gainer this morning was Tenaga Nasional. Its share price soared RM1.19 to RM11.08, after opening at RM10.80.

"The stock price jumped after the counter resumed trading after its suspension following the announcement that it was raising electricity tariffs by 15 per cent, on average, next year.
"Stocks exposed to the impending tariff hikes would also see trading action, particularly cement, airports, gloves, steel and REITs," HwangDBS Vickers Research said in a note.

Other heavyweights, Kuala Lumpur Kepong added 44 sen to RM24.74, British American Tobacco gained 40 sen to RM63.40 and CIMB rose one sen to RM7.56.

On the scoreboard, the Finance Index fell 49.49 points to 16,651.91, the Plantation Index decreased 9.46 points to 8,850.09 and the Industrial Index was 3.01 points lower at 3,171.07. The FBM Emas Index added 32.94 points to 12,630.32, the FBMT100 Index increased 34.14 points to 12,363.86, the FBM Ace rose 11.63 points to 5,574.89 and the FBM 70 rose 11.22 points to 14,186.14.

Among actives, XOX gained half-a-sen to 15 sen, DSC Solutions added one sen to 24 sen while Malaysian Airline System was unchanged at 31 sen. -- BERNAMA

US stocks retreat on profit-taking

Posted: 02 Dec 2013 04:24 PM PST

NEW YORK: US stocks Monday took a breather from the bull market of 2013, pushing lower as some analysts cited profit-taking and speculation of tighter monetary policy

The Dow Jones Industrial Average fell 77.64 (0.48 per cent) to 16,008.77. The broad-based S&P 500 dipped 4.91 (0.27 per cent) to 1,800.90, while the tech-rich Nasdaq Composite Index lost 14.63 (0.36 per cent) at 4,045.26.

Bill Lynch, director of investments at Hinsdale Associates, said investors may have pushed up their expectations for when the Fed could scale back the program in light of a strong Institute of Supply Management reading on manufacturing activity in November.

More key data will come later this week, he added.

The ISM purchasing managers index for November rose to 57.3 from 56.4 the previous month, against expectations of a slight fall.

"I think there's taper jitters arising again with the ISM numbers being better than expected," Lynch said.

The performance of retail stocks ran the gamut, with analysts trying to size up winners and losers in the aftermath of the important "Black Friday" launch of the key holiday shopping season.

Among the winners were Gap (+1.5 per cent) and Lululemon Athletica (+2.4 per cent). Declines were registered by Target (-1.9 per cent), Urban Outfitters (-3.5 per cent) and Macy's (-1.5 per cent). Retailing giant Wal-Mart Stores rose 0.1 per cent.

EBay gained 1.6 per cent after notching strong online sales during Black Friday weekend. Topeka Capital Markets said the online vendor's sales rose 31 per cent through the first three days of a key five-day shopping stretch, "a meaningful positive for the stock."

Industrial and equipment supplier 3M, a Dow component, fell 4.4 per cent after Morgan Stanley downgraded the stock, saying it has a high valuation compared with peers.

Dow Chemical advanced 2.4 per cent after announcing plans to "carve out" a large segment of its low-margin chlorine businesses. The business, which registered US$5 billion in annual revenue, could be divested or reorganized into joint ventures.

US auto giant General Motors jumped 1.0 per cent on speculation of strong November sales. Automakers release their monthly reports on Tuesday. -- AFP

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