Business Times : latesthttp://www.btimes.com.my enThursday, January 16, 2014, 10.47 AMKL shares open firmerhttp://www.btimes.com.my/articles/20140116101409/Article/ http://www.btimes.com.my/articles/20140116101409/Article/Thu, 16 Jan 2014 10:14:09 +0800Share prices on Bursa Malaysia opened firmer bolstered by positive sentiment from Wall Street, dealers said.
They said the Wall Street was up overnight, driven by better economic optimism, and leading US equity bellwethers jumped between 0.5 per cent and 0.8 per cent at the closing bell.
At 9.18am, the FTSE Bursa Malaysia KLCI was 3.1 points firmer at 1,827.13 after opening at 1,824.6.
Turnover stood at 166.75 million shares worth RM91.467 million.
Gainers edged losers 119 to 187, with 1,264 counters unchanged.
HwangDBS Vickers Research said the positive external backdrop could lift the Malaysian bourse today following its weak performance yesterday.
The benchmark FBM KLCI, which was down 10.9 points yesterday, is poised to pull away from the immediate support-turned-resistance level of 1,825 ahead.
On the scoreboard, the Finance Index rose 38.55 points to 16,716.58, the Plantation Index added 48.73 points to 8,609.87 while the Industrial Index inched up 1.12 points to 3,085.24.
The FBM Emas Index firmed 14.69 points to 12,642, the FBMT100 Index climbed 15.67 points to 12,345.91, the FBM Ace was 22.5 points higher at 6,048.14 while the FBM 70 slipped 3.14 points to 14,008.03.
Among actives, Minetec earned one sen to 21 sen and Sumatec Resources Bhd was half-a-sen higher at 32 sen.
As for heavyweights, Maybank lost one sen to RM9.80, Tenaga gained four sen to RM11.60 and Axiata slipped one sen to RM6.72.-- Bernama Gold up 35 senhttp://www.btimes.com.my/articles/20140116101712/Article/ http://www.btimes.com.my/articles/20140116101712/Article/Thu, 16 Jan 2014 10:17:12 +0800The physical price of gold as at 9.30am stood at RM127.07 per gramme, up 35 sen from RM126.72 at 5pm yesterday.-- Bernama
Gold futures opens higher on mild buyinghttp://www.btimes.com.my/articles/20140116102201/Article/ http://www.btimes.com.my/articles/20140116102201/Article/Thu, 16 Jan 2014 10:22:01 +0800Gold futures contract on Bursa Malaysia Derivatives opened higher on mild buying interest, dealers said.
At 9.30am, January 2014 was eight ticks better at RM131.45 a gramme and February 2014 was up 11 ticks at RM131.8 a gramme.
Turnover stood at four lots while open interest totalled 722 contracts.
At 9.30am, physical gold was up 35 sen at RM127.07 a gramme.-- Bernama KLCI futures traded firmer in early tradinghttp://www.btimes.com.my/articles/20140116102411/Article/ http://www.btimes.com.my/articles/20140116102411/Article/Thu, 16 Jan 2014 10:24:11 +0800The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract (FKLI) on Bursa Malaysia Derivatives was firmer in early trading today.
Spot month January 2014 added 0.5 of a point to 1823.5 while February 2014 firmed 2.5 points to 1824.5.
March 2014 added 2.0 points to 1,825 while June 2014 rose 6.5 points to 1,826.
Turnover totalled 1,733 lots while open interest stood at 39,945 contracts.
The benchmark FBM KLCI was 2.44 points higher at 1,826.47 as at 9.49am.-- Bernama US oil at 2-week high on drawhttp://www.btimes.com.my/articles/20140116104031/Article/ http://www.btimes.com.my/articles/20140116104031/Article/Thu, 16 Jan 2014 10:40:31 +0800NEW YORK: US oil ended at a two-week high on Wednesday after government data showed a larger-than-expected drop in inventories while a rise in Brent was restrained by expectations Iranian and Libyan crude supplies may increase.
With the front-month contracts for Brent and US crude set to expire in the coming days, traders bought contracts to cover positions, driving prices higher.
The biggest market driver was a US government report showing crude inventories fell significantly more than expected. Ultra low-sulfur diesel futures (ULSD) rose to a more than one-week high on a surprise draw, while gasoline inventories rose as arctic-like weather last week kept drivers off the road.
"This is a weather related report," said Mark Waggoner, president of Excel Futures in Bend, Oregon. "People just weren't driving - they were sitting at home.
US oil extended gains by US$2.01 to a session high of US$94.60, then settled US$1.58, or 1.7 per cent, higher at US$94.17 a barrel, its highest settlement since January 2. The February contract expires on Tuesday following a long US holiday weekend.
February Brent crude rose US$1.16 to a session high of US$107.55, before settling up 74 cents at US$107.13 a barrel. The contract expires on Thursday.
Analysts said the rebound in crude oil was overdue. "I think the market was oversold" when it was down near US$91, said Rich Ilczyscyn, chief market strategist and founder of iitrader.com in Chicago.
Buoyant equities also supported oil. The SandP 500 reached an all-time high Wednesday, a reassuring signal to traders that the economy is showing signs of stability even as the US Federal Reserve tapers its massive stimulus programme.
Brent's premium to US crude oil narrowed as the start date of the southern leg of TransCanada's Keystone pipeline nears. The pipeline is expected to begin taking crude oil from Cushing, Oklahoma, to the Gulf Coast starting January 22. The spread narrowed by 84 cents to settle at US$12.96, the smallest gap in nearly two weeks.
"You're going to see it narrowing in the long haul," Waggoner said. "I would not doubt if the spread narrows to US$2-US$3 before summertime."
US crude oil stocks fell 7.7 million barrels, compared with estimates of 600,000 barrels. Distillate supplies fell as the market expected an increase and gasoline inventories ballooned, US Energy Information Administration data showed.
ULSD futures ended 1.5 per cent higher at US$2.9796 a gallon. US gasoline futures settled virtually flat at US$2.6264 a gallon.
The resumption of oil production at Libya's El Sharara field capped a rise in Brent, although the main issue is still when the blockade at Libya's eastern oil ports will end.
Iranian oil exports could also rise by some 500,000 barrels per day (bpd) through a oil-for-goods deal being negotiated with Russia, according to Russian and Iranian sources.
Major world powers and Iran have continued to move ahead on an interim deal that eases some sanctions on Tehran in exchange for curbs on its nuclear programme.
The preliminary accord between Iran and a group of world powers goes into effect on January 20. Under the deal, Iran's oil exports are to hold at current levels of about 1 million barrels per day.
Brent drew support from news of loading delays on North Sea Forties oil cargoes. The Forties crude blend is the most important of the North Sea crudes underpinning Brent crude.
The delay of those cargoes, coupled with a large draw from US Gulf Coast inventories, helped bump cash crude differentials to nine-month highs.-- Reuters FTSE Bursa Malaysia update: 10.30amhttp://www.btimes.com.my/articles/20140116104358/Article/ http://www.btimes.com.my/articles/20140116104358/Article/Thu, 16 Jan 2014 10:43:58 +0800At 10.30am today, there were 245 gainers, 262 losers and 267 counters traded unchanged on the Bursa Malaysia.
The FBM-KLCI was at 1,825.36 up 1.33 points, the FBMACE was at
6,043.97 up 18.33 points, and the FBMEmas was at 12,622.45 down 4.85 points.
Turnover was at 530.426 million shares valued at RM350.153 million.-- Bernama Barrier Reef to lure shariah money http://www.btimes.com.my/articles/20140116111805/Article/ http://www.btimes.com.my/articles/20140116111805/Article/Thu, 16 Jan 2014 11:18:06 +0800A new Australian Islamic fund is aiming to attract A$1 billion (US$889 million) of Shariah- compliant money from Asia and Europe to invest in resorts in the Great Barrier Reef state of Queensland. The Brisbane Islamic Investment Fund has drawn interest from retail and institutional investors in China, Europe, Malaysia and the Middle East, said M. Rusydi, a member of the Australian Shariah Board for Islamic Finance, which started the fund with Business Custodians Ltd. The vehicle is looking to invest primarily in hotels in Brisbane and Cairns, he said in a January 13 interview from Kuala Lumpur. The fund will seek to tap international growth in Shariah- compliant financial assets of 18 per cent a year, which need avenues of investment as sukuk sales dropped 7.3 per cent in 2013. In Australia, where 1.7 per cent of the 22.3 million population is Muslim, there has been no progress on a 2010 bill to grant Islamic bonds equal tax treatment. "Islamic banking will find it difficult to develop in Australia without a framework and sukuk is hindered by double taxation laws," the Shariah board's Rusydi said. "Islamic funds is where the opportunity lies." The fund also plans to invest in property in Lombok, Indonesia, and is looking at opportunities in Cambodia and Thailand, according to Rusydi. The minimum investment amount is A$50,000, he said. Shariah law forbids investments in companies involved in activities considered unethical such as gambling, alcohol and entertainment. However, the Dow Jones Islamic Market Indexes permit investing in businesses where the income from these operations doesn't exceed five per cent of total revenue. Islamic banking assets worldwide increased 18 per cent annually over the last four years, and probably exceeded US$1.7 trillion in 2013, according to Ernst and Young's World Islamic Banking Competitiveness Report 2013-2014. Australia has attracted other Shariah-compliant financial institutions. Kuwait Finance House KSC provides Islamic treasury products and investment services in the country, according to the lender's website. Sydney-based Crescent Wealth offers property and stock funds that comply with the Koran's tenets. Australia's economic growth will probably accelerate to 2.8 per cent this year, from an estimated 2.4 per cent in 2013, according to analysts surveyed by Bloomberg last month. Prime Minister Tony Abbott pledged after his September election to enforce investment-friendly policies, saying the country was "open for business." "Australia's stable political and market infrastructure has always created interest among Shariah funds and investors," Abas A. Jalil, chief executive officer of Amanah Capital Group Ltd, an Islamic finance consultancy in Kuala Lumpur, said in an e-mail yesterday. "The establishment of Islamic funds would definitely draw great interest." Australia's Shariah assets under management will reach A$22 billion by 2020, from an estimated A$10 billion, driven by an expansion of retirement funds for the nation's 371,000 Muslims, Crescent Wealth Co-founder Issam Eid said in a October 11 interview. Progress on amending Australian laws to accommodate Shariah finance have stalled because of the change in government, according to Reynah Tang, a Melbourne-based partner specializing in tax legislation at Corrs Chambers Westgarth. National Australia Bank Ltd said in November 2011 it was keen to explore a sukuk sale. The SGI-Mitabu joint venture between Brisbane-based The Solar Guys Distribution Pty and Mitabu Australia Pty said in December 2012 it would sell A$150 million of Shariah notes in Malaysia's offshore financial center of Labuan. Neither offer has taken place. "There's been a bit more information about how Islamic finance works introduced into the Australian market so people are a little bit more familiar with it now," Corrs Chambers' Tang said in an interview yesterday. "But until the laws, particularly the tax laws, are changed to facilitate it, it will still only be more at the margin."-- Bloomberg Ringgit opens lower on lack of demandhttp://www.btimes.com.my/articles/20140116101917/Article/ http://www.btimes.com.my/articles/20140116101917/Article/Thu, 16 Jan 2014 10:19:17 +0800The ringgit opened lower against the US dollar, in early trading today, on lack of demand for the domestic currency.
At 9.30am, the ringgit was quoted at 3.2930/2960 per US dollar against Wednesday's close of 3.2850/2880.
A dealer said investors were awaiting more clues on the market's direction.
Meanwhile, the local note opened mostly lower against other major
currencies.
The ringgit depreciated against the Singapore dollar to 2.5840/5871 from 2.5821/5849 yesterday but rose to 3.1431/1465 from 3.1466/1503 versus the yen.
Against the British pound, the local note declined to 5.3900/3962 from 5.3871/3933 and weakened versus the euro to 4.4837/4885 from 4.4748/4799 on Wednesday.-- Bernama S&P 500 closes at record http://www.btimes.com.my/articles/20140116103456/Article/ http://www.btimes.com.my/articles/20140116103456/Article/Thu, 16 Jan 2014 10:34:56 +0800NEW YORK: US stocks rose on Wednesday, with the SandP 500 climbing to an all-time closing high after strong earnings from Bank of America and data signaled that the economy was improving.
Bank of America Corp climbed 2.3 per cent to US$17.15 and gave one of the biggest boosts to the SandP 500 after the second-largest US bank said its quarterly profit surged by nearly US$3 billion on an increase in revenue.
The report came a day after both JPMorgan Chase and Co and Wells Fargo and Co also posted better-than-expected earnings, though Wells Fargo's mortgage lending slowed to the lowest level in five years.
"So far so good with bank earnings this season, and it is very positive that we're seeing significant declines in foreclosures, which is very positive for the economy," said David Kelly, chief global strategist for JPMorgan Funds in New York.
In the latest economic data, the seasonally adjusted Producer Price Index rose 0.4 per cent last month, the biggest increase since June, although inflation pressures remained benign. The Federal Reserve Bank of New York's "Empire State" index of general business conditions climbed to its highest level in 20 months.
The data reassured investors that the economy is able to stand on its own even as the Federal Reserve begins to slow its massive stimulus programs, which contributed to huge equity gains in 2013. Wall Street's rally on Wednesday erased some of 2014's early weakness, putting the SandP 500 near the break-even level for the year.
In its latest Beige Book report on business activity, the Fed said the economy grew at a moderate pace from late November through the end of 2013, with some regions of the country expecting a pickup in growth.
"The general trend of economic numbers is pretty positive, and helping to get people over the shock of the recent weak payroll report," said Kelly, who helps oversee US$400 billion in assets. "An improving economy is a trend of 2014, and that will be good for equities throughout the year."
The Dow Jones industrial average rose 108.08 points, or 0.66 per cent, to end at 16,481.94. The Standard and Poor's 500 Index advanced 9.50 points, or 0.52 per cent, to close at 1,848.38. The Nasdaq Composite Index gained 31.87 points, or 0.76 per cent, to finish at 4,214.88.
The SandP 500 ended at a record high, beating its previous record close by just 0.02 of a point. At its session peak, the index climbed to 1,850.84, a record intraday high.
Apple Inc shares rose two per cent to US$557.36 a day after chief executive officer Tim Cook said the company's deal with China Mobile would help it build on its momentum in the country. This was the third straight day of gains for the tech giant, and it is up 4.6 per cent over that period.
Trading will probably be driven by earnings as the season continues. With only five per cent of the SandP 500 having reported results so far, 52 per cent of companies have topped earnings expectations, according to Thomson Reuters data, a rate that is below the historical average of 63 per cent.
After the closing bell, CSX Corp reported fourth-quarter earnings and sales that were slightly below expectations. Shares fell 2.1 per cent in extended-hours trading. CSX ended the regular session at US$29.23, up 1.2 per cent.
During regular trading, Tesla Motors Inc shares rose 1.8 per cent to US$164.13. The stock's advance came a day after the electric car maker said that deliveries of its Model S sedan in the fourth quarter sharply exceeded what the company had forecast.
SolarCity Corp shares gained 4.5 per cent to close at US$68.50 after the top US solar installer unveiled a plan to let investors, including individuals, invest in its rooftop solar systems.
Shares of Chelsea Therapeutics soared after an advisory panel to the US Food and Drug Administration concluded on Tuesday that the company's drug to treat a rare form of low blood pressure is effective enough to warrant regulatory approval. The stock jumped 91.7 per cent to US$4.41.
On the downside, the stock of Fastenal Co slid 4.5 per cent to US$46.06 and ranked as the SandP 500's biggest decliner after the industrial and construction supply company reported fourth-quarter earnings below expectations.
About 62 per cent of the stocks traded on the New York Stock Exchange closed higher, while 63 per cent of Nasdaq-listed shares ended in positive territory.
Roughly 5.95 billion shares traded on all US platforms, according to BATS exchange data.-- Reuters
ROSWELL, N.M. – As mourners gathered for an evening vigil, witnesses described the pandemonium inside a middle school gymnasium when a seventh-grader opened fire with a shotgun, gravely injuring two students before classes began.
"I walked into the gym and heard the bangs, but I thought it was a joke – people pop bags in school all the time," Blas Mendez, 14, told the Los Angeles Times on Tuesday. "I didn't think it was a gun until I heard all the screaming and crying."
This southeastern New Mexico farming community of 50,000 was coming to grips with the nation's latest school shooting, which sent a 12-year-old boy and a 13-year-old girl, both students at Berrendo Middle School, to a hospital in Lubbock, Texas.
At a late-night news conference, state police identified the victims as Nathaniel Tavarez and Kendal Sanders. Nathaniel remained in critical condition after two surgeries, police said. Kendal's condition had been upgraded from serious to satisfactory.
New Mexico Police Chief Pete Kassetas said officers had interviewed 60 of the 500 people who were inside the gym at the time of the shooting. He said authorities planned to search the suspect's Roswell home, his school locker and his backpack.
Kassetas identified the weapon used in the shooting as a 20-gauge shotgun whose wooden stock had been sawed down, apparently to fit inside the bag in which it was sneaked into school.
He said police were investigating whether the shooter "published on social media about the attack."
The 14-year-old Blas, in an interview with The Times, said he knew the suspect, who, he said, had warned friends and cousins not to go to the gym that morning. "He told them to go to the cafeteria instead," Blas said.
He said the boy also warned of his attack on social media Sunday, two days before the shooting. Blas showed a post under the suspect's online nickname that read, "Tomorrow will be the first Monday that will be fun for me lol never thot I'd say that." However, it turned out the school was closed Monday because of plumbing problems.
At the evening news conference, authorities commended teacher John Masterson for approaching the armed boy and convincing him to lay down the weapon just after the shooting. They called him a hero.
Melissa Miranda was one of more than 1,000 community members who attended the vigil Tuesday night at the Roswell Convention Center, where people recited prayers and sang songs to the lead of a chorus and guitar player.
Miranda said all three of her children, two daughters and a son, were at the school at the northern end of town when the shooting occurred.
"I told them that no matter how bad this situation was, no matter how sad it makes you feel, it could have been a lot worse," she said. "That young man had a gun and he opened fire in a crowd of students."
Diego Miranda, 14, said the shooting took place before classes began and after the students had congregated in the gym, rather than in the schoolyard, because the day was cool and blustery.
He said the students were assembled on two facing bleachers, the eighth-graders taking up one and the sixth- and seventh-graders sitting in separate sections on the other.
"All the sixth- and seventh-graders started screaming and crying because they were the closest," Diego said. "People started running out of the gym."
Ellen Paiz, 13, was also in the gym. "I heard the first shots and thought they were fireworks," she said.
On Tuesday night, she sat inside the convention center with her mother and a friend. Tears streamed down Ellen's face. "I turned around to see if anyone was hit and I saw a teacher hit the floor," she said.
The young shooter had a shotgun in his hand, Ellen said, and she looked down and saw the boy who had been shot on the floor in front of him. "There was blood everywhere," she said, sobbing.
Later, a minister at the vigil led the mourners in prayer. In his talk, he mentioned the suspect, who was in custody Tuesday night. "I pray for that young man who walked into that school this morning with a shotgun," he said. "I pray for his heart and I pray for his future. What was going through his mind?"
Share prices on Bursa Malaysia resume the week's trading in positive territory in early trading today, bolstered by
positive overnight performance on Wall Street, dealers said.
They said major US equity indices rose between 0.7 per cent and 1.7 per cent amid rising confidence in the economy.
At 9.09am, the FTSE Bursa Malaysia KLCI was quoted 0.62 of a point easier at 1,834.35 after opening at 1,834.74.
Turnover stood at 209.12 million shares worth RM164.81 million.
Gainers edged losers by 191 to 145, with 1,229 counters unchanged.
HwangDBS Vickers Research said from a technical perspective, the key FBM KLCI could continue its rebound from a recent low of 1,822 ahead.
The benchmark index will probably rise further and challenge the immediate resistance hurdle of 1,840.
The research house said on the corporate front, investors may find interest in IOI Properties Group, as its shares will be making their debut listing on the Main Market this morning; CIMB, which will resume trading after raising RM3.6 billion via a private placement of 500m shares at RM7.10 apiece; and Perak Corp, in reaction to media report highlighting that a group of minority shareholders are fighting for a higher price than the existing takeover offer price.
On the scoreboard, the Finance Index lost 66.59 points to 16,731.5, the Plantation Index slipped 27.19 points to 8,608.91, while the Industrial Index added 12.62 points to 3,132.1.
The FBM Emas Index inched down 1.62 points to 12,704.36, the FBMT100 Index shed 3.92 points to 12,402.3, and the FBM Ace was 34.7 points higher at 6,046.85.
The FBM 70 gained 7.18 points to 14,112.69.
Among actives, Iris Corporation earned three sen to 45.5 sen, while Sumatec Resources Bhd was flat at 31 sen and IOI Properties rose 59 sen to RM3.09.
As for heavyweights, Maybank lost seven sen to RM9.84, Tenaga lost six sen to RM11.64 and Axiata slipped three sen to RM6.71.-- Bernama
A massive $1.1 trillion spending bill to fund the government through October and finally put to rest the bitter budget battles of last year is getting generally positive reviews from House Republicans eager to avoid another shutdown crisis with elections looming in 10 months.
Veteran Republicans said the generally positive response to the all-encompassing spending bill reflected the desire of the rank and file to avoid a repeat of the politically damaging budget standoffs with the White House that led to last year's 16-day partial government shutdown. The government closure sent congressional approval numbers plummeting and roughed up Republicans in particular. They've regained support amid the troubled rollout of President Barack Obama's health care law.
"The shutdown educated — particularly our younger members who weren't here during our earlier shutdown — about how futile that practice is," said House Appropriations Chairman Harold Rogers, R-Ky. "There is a real hard determination now that we will reacquire and use the power of the purse that the Congress constitutionally has been given."
Rep. Steve Womack, R-Ark., said the bill would get "our country off this notion of shutting the government down" and would allow Republicans to "keep the spotlight on some other issues that affect the other side that we think are very important," a reference to the health care law that's weighing politically on Democrats.
The massive measure contains a dozens of trade-offs between Democrats and Republicans as it fleshes out the details of the budget deal that Congress passed last month. That pact gave relatively modest but much-sought relief to the Pentagon and domestic agencies after deep budget cuts last year.
Western Republicans from timber country were anxious about a cutoff of funding of federal payments in lieu of taxes to towns surrounded by federal lands but were reassured that the payments would be extended though separate legislation. Gulf Coast lawmakers praised a provision aimed at delaying federal flood insurance premium increases from new flood maps that have proven faulty, but the provision left in place other reforms enacted in 2012.
The GOP-led House is slated to pass the 1,582-page bill Wednesday, though some tea party conservatives are sure to oppose it.
Democrats pleased with new money to educate preschoolers and build high-priority highway projects are likely to make up the difference even as Republican social conservatives fret about losing familiar battles over abortion policy.
The bill would avert spending cuts that threatened construction of new aircraft carriers and next-generation Joint Strike Fighters. It maintains rent subsidies for the poor, awards federal civilian and military workers a 1 percent raise and beefs up security at U.S. embassies across the globe. The Obama administration would be denied money to meet its full commitments to the International Monetary Fund but get much of the money it wanted to pay for implementation of the new health care law and the 2010 overhaul of financial regulations.
"This agreement shows the American people that we can compromise, and that we can govern," said Senate Appropriations Committee Chairwoman Barbara Mikulski, D-Md. "It puts an end to shutdown, slowdown, slamdown politics."
The House vote is expected less than 48 hours after the measure became public, even though Republicans promised a 72-hour review period for legislation during their campaign to take over the House in 2010.
On Tuesday, the House is slated to approve a short-term funding bill to extend the Senate's deadline to finish the overall spending bill until midnight Saturday. The current short-term spending bill expires at midnight Wednesday evening.
The measure doesn't contain in-your-face victories for either side. The primary achievement was that there was an agreement in the first place after the collapse of the budget process last year, followed by a 16-day government shutdown and another brush with a disastrous default on U.S. obligations. After the shutdown and debt crisis last fall, House Budget committee Chairman Paul Ryan, R-Wis., and Senate Budget Committee Chairman Patty Murray, D-Wash., struck an agreement to avoid a repeat of the 5 percent cut applied to domestic agencies last year and to prevent the Pentagon from absorbing about $20 billion in new cuts on top of the ones that hit it last year.
White House budget director Sylvia Mathews Burwell says the measure is a "positive step" because it "unwinds some of the damaging cuts caused by sequestration, ensures the continuation of critical services the American people depend on, and brings us closer to returning the budget process to regular order." She also praised investments in early childhood education and infrastructure.
To be sure, there is plenty for both parties to oppose in the legislation. Conservatives face a vote to finance implementation of President Barack Obama's health care overhaul and Wall Street regulations, both enacted in 2010 over solid Republican opposition. A conservative-backed initiative to block the Environmental Protection Agency from regulating greenhouse gas emissions was dumped overboard and social conservatives failed to win new restrictions on abortion.
Democrats must accept new money for abstinence education programs they often ridicule, and conservatives can take heart that overall spending for daily agency operations has been cut by $79 billion, or 7 percent, from the high-water mark established by Democrats in 2010. That cut increases to $165 billion, or 13 percent, when cuts in war funding and disaster spending are accounted for. Money for Obama's high-speed rail program would be cut off — a defeat for California Democrats — and rules restricting the sale of less efficient incandescent light bulbs would be blocked.
Democrats are more likely to climb aboard than tea party Republicans, but only after voting to give Obama about $6 billion more in Pentagon war funding than the $79 billion he requested. The additional war money is helping the Pentagon deal with a cash crunch in troop readiness accounts. Including foreign aid related to overseas security operations, total war funding reaches $92 billion, a slight cut from last year.
At the same time, the bill is laced with sweeteners. One is a provision exempting disabled veterans and war widows from a pension cut enacted last month. The bill contains increases for veterans' medical care backed by both sides and fully funds the $6.7 billion budget for food aid for low-income pregnant women and their children.
Yet the National Institutes of Health's proposed budget of $29.9 billion falls short of the $31 billion budget it won when Democrats controlled Congress. Democrats won a $100 million increase, to $600 million, for so-called TIGER grants for high-priority transportation infrastructure projects, a program that started with the 2009 stimulus bill.
The spending bill would spare the Pentagon from a brutal second-wave cut of $20 billion in additional reductions on top of last year's $34 billion sequestration cut, which forced furloughs of civilian employees and harmed training and readiness accounts.
Consistent with recent defense measures, the bill largely fulfills the Pentagon's request for ships, aircraft, tanks, helicopters and other war-fighting equipment, including 29 new F-35 Joint Strike Fighters, eight new warships as requested by the Navy, and a variety of other aircraft like the V-22 Osprey, new and improved F-18 fighters and new Army helicopters.
It also contains a longstanding provision blocking the Postal Service from ending Saturday mail delivery and closing rural post offices, a rule that's taking on greater importance as Congress contemplates cost-cutting steps for the post office.
Two former Fullerton police officers were found not guilty Monday in the beating death of Kelly Thomas and charges against a third officer will be dropped.
Family and supporters of the homeless schizophrenic man, who died after a violent 2011 altercation with police, are now hoping federal authorities will step in.
Ron Thomas, Kelly's father and a former sheriff's deputy, said he hoped that the U.S. Justice Department would file federal charges against the officers. The FBI had been investigating and monitoring the case.
"I've never seen something so bad happen to a human being, and have it done by on-duty police officers," Thomas said. "And they can walk away scot-free."
Laura Eimiller, a spokeswoman for the FBI's Los Angeles field office, said the agency opened a civil rights investigation into the case in 2011. Now that the state court trial has concluded, she said, "investigators will examine the evidence and testimony to determine if further investigation is warranted at the federal level."
The verdict came after nearly three weeks of testimony from 25 witnesses in an often-packed Santa Ana courtroom. At the heart of the trial was the 33-minute surveillance video, synced with audio from recorders worn by officers.
Orange County District Attorney Tony Rackauckas, who prosecuted the case himself, said the trial was fair.
"I would do the same thing again," he said. "I think it's a matter that the jury had to see."
After the jury returned the not guilty verdict -- after about eight hours of deliberation -- Rackauckas said he would not continue to pursue a case against Officer Joseph Wolfe, who was charged with involuntary manslaughter.
Monday night, dozens of people gathered at the Fullerton transit depot not far from where Kelly Thomas was beaten by police in the summer of 2011.
More protests and vigils were expected Tuesday and over the weekend.
Curtis Gamble, 53, who is homeless, said many of his friends witnessed the beating.
"They didn't get a chance to testify," Gamble said.
He recalled sleeping on benches at the station and waking to see Thomas sifting through trash cans at the site.
Some of the approximately 100 people who gathered at the site, known as "Kelly's corner," were crying. Others waved signs that said "No More Killer Cops" and "Change 4 Justice."
Near a memorial lighted by candles, people signed a guest book. Among those in the crowd was Thomas' mother, Cathy.
"To know all of these people are out here still supporting us means a lot," she said, her eyes teary. "It seems like everybody we talk to was in agreement: It was murder."
A lawmaker said Monday, that a federal agency will investigate whether New Jersey improperly spent Hurricane Sandy relief money on an ad campaign that featured the governor while he was running for re-election.
U.S. investigators are looking into whether embattled New Jersey Governor Chris Christie misused about $2 million in Superstorm Sandy relief funds for an ad campaign that put him in the spotlight in an election year, a lawmaker said on Monday.
Already enmeshed in a scandal over snarled traffic at the George Washington Bridge, Christie, a rising star in the Republican party, is now being audited by the Inspector General at the U.S. Department of Housing and Urban Development, said New Jersey Congressman Frank Pallone Jr., a Democrat.
The inspector is focusing on a federally financed $25 million Jersey Shore marketing campaign that included a television commercial featuring Christie and his family, which cost $2 million more than a competing bid without them.
"It is inappropriate for taxpayer-funded dollars that are critical to our state's recovery from this natural disaster to fund commercials that could potentially benefit a political campaign," Pallone said in an August 8, 2013 letter requesting the investigation.
"While promoting tourism at the Jersey Shore in the wake of Hurricane Sandy is certainly a worthy endeavor, recent reports have led me to believe that the state has irresponsibly misappropriated funding allocated by Congress from the Sandy aid package and taken advantage of this waiver for political purposes," the letter said.
The winning ad, with the tag line that New Jersey was "Stronger than the Storm," aired in the spring as Christie headed into a re-election campaign to win a second term.
On October 29, 2012, Sandy devastated New York, New Jersey and other parts of the East Coast. The historic storm killed at least 159 people, and damaged or destroyed more than 650,000 homes, many in Pallone's district on the Jersey Shore, where the storm made landfall.
"Had Governor Christie chosen the less expensive firm, $2.2 million in federal disaster aid could have potentially been directed elsewhere, for example, to provide 44 Sandy-impacted homeowners $50,000 grants to raise their homes," Pallone said in a press release.
There was no immediate response to calls and emails to Christie's office for comment.
News of the audit arrives in the shadow of a scandal dubbed "Bridgegate" by tabloids, in which a massive traffic jam was orchestrated by Christie's staff in September, apparently as political payback against the mayor of Fort Lee, New Jersey, who didn't endorse Christie for reelection.
Christie, a likely contender for the White House in 2016, last week fired a top aide who called for the closure of lanes to the George Washington Bridge, and has denied knowledge of the scheme.
The Democratic Assembly speaker-elect said he planned to call the New Jersey Legislature into a special session this week to continue to investigate the four-day incident, which paralyzed Fort Lee, on the Jersey side of the bridge.
U.S. Attorney for New Jersey Paul Fishman, whose job Christie held before being elected governor, has opened an investigation into the decision to close the lanes.
The governor also faces a class-action lawsuit filed in federal court on Thursday by Rosemarie Arnold, a lawyer charging that area residents suffered financially from being trapped in traffic.
The Israeli air force retaliated to Palestinian rocket attacks from the Gaza Strip on Monday, hitting sites used by militants after rockets were fired from the territory near the end of former Israeli Prime Minister Ariel Sharon's funeral.
The location in southern Israel where Sharon was later buried is within range of rockets from the Palestinian territory, and rockets have hit the area in the past. Israeli police said they exploded about 10 kilometers away from the ceremony.
Military spokesman Lt. Col. Peter Lerner said "The Terrorists and their infrastructure operating in the Gaza Strip will not succeed in their grotesque intentions. The IDF will seek them out, eliminate their capabilities and pursue them wherever they may hide," he said.
In Gaza, a security official said training sites used by militants from Islamic Jihad and Hamas were hit. Some damage was caused but no injuries were reported, the official said, speaking anonymously as he is not allowed to speak with the media.
Israeli media reported that the Iron Dome anti-missile system was deployed near Sharon's ranch in southern Israel to protect against rockets during the funeral. The military declined to comment.
Hundreds of Israeli VIPs and international dignitaries, including U.S. Vice President Joe Biden, attended the state memorial ceremony for Sharon, who died Saturday after a stroke left him in a coma for the last eight years. He was 85.
A convoy with Sharon's casket left the Israeli parliament in Jerusalem and drove toward the site of a 1948 battle in which he was wounded. From there, it traveled to Sharon's private desert ranch for burial.
Palestinian militants in Gaza fired two other rockets toward Israel a few hours before the funeral the military said, but they did not explode inside Israel.
Share prices on Bursa Malaysia were firmer in the early session today after opening slightLy lower on profit-taking.
Thirty three minutes after trading, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.84 points to 1,833.45 after opening at 1,825.42.
Dealers said the key FBM KLCI will probably range-bound with a marginal upward bias today.
On the chart, the benchmark index could pull away further from the immediate support level of 1,825 towards the resistance threshold of 1,840.
On the scoreboard, the Finance Index firmed 59.77 points to 16,790.789, the Plantation Index rose 25.91 points to 8,650.26 and the Industrial Index was 3.08 points higher at 3,090.49.
The FBM Emas Index surged 46.41 points to 12,705.85, the FBMT100 Index perked 45.55 points to 12,405.5, the FBM Ace garnered 32.86 points to 5,994.04, with the FBM 70 gaining 49.14 points to 14,142.67.
Gainers outnumbered losers by 264 to 153, with 1,143 counters unchanged.
Turnover amounted to 314.6 million shares worth RM155.5 million.
Among actives, Minetech Resources earned 1.5 sen to 22.5 sen, Iris Corporation inched up 2.5 sen to 40.5 and Malaysia Airlines added half-a-sen to 31.5 sen.
Heavyweights, Maybank added two sen to RM9.83, Tenaga gained 16 sen to RM11.74, Axiata and CIMB were flat at RM6.75 and RM7.30, respectively.-- Bernama
West Virginia authorities were aware of the hazardous chemicals stored at Freedom Industries' facilities long before Thursday's chemical spill, a newly released document reveals.
According to the Charleston Gazette, Freedom Industries, the company at the center of the massive spill, filed the required "Tier 2" form with the state back in February informing officials that one million pounds of the coal-cleaning chemical 4-methylcyclohexanemethanol (MCHM) were being stored in tanks at the Etowah River Terminal along the now-polluted Elk River.
Under the federal Emergency Planning and Community Right to Know Act, Freedom Industries was required to alert the state of the presence of hazardous chemicals at its facilities so authorities and emergency responders were aware of the potential risks.
"Obviously, the whole idea of the chemical inventory reports is to properly inform local emergency officials about the sorts of materials they might have to deal with," chemical safety expert Fred Millar said, according to the Gazette. "It's just head-in-the-sand to be ignoring this type of threat."
Officials seemed surprised to learn that MCHM was being stored in Freedom Industries' facilities, and they did not appear to have an emergency plan in place to respond to the spill. "This was not a chemical we were familiar with," West Virginia American Water Company spokesperson Laura Jordan told the Wall Street Journal Saturday.
At Friday's press conference, West Virginia Gov. Earl Ray Romblin called the spill "unacceptable," and is continuing to advise residents not to use tap water.As many as 300,000 residents remain without potable water as officials continue to investigate how the leak occurred. The West Virginia Poison Center by Saturday morning logged nearly 800 calls from residents reporting symptoms of nausea, vomiting, dizziness, headaches, and skin irritation.
Mr Sharon, who died on Saturday after spending the last eight years of his life in a coma following a devastating stroke, will be buried at his ranch in the Negev desert next to the grave of his late wife, Lily.
Israelisof all ages – including schoolchildren too young to recall Mr Sharon's career – gave a variety of reasons for paying homage to one of Israel's most controversial figures. Some acknowledged that the former prime minister had made serious mistakes, such as the 1982 invasion of Lebanon that led to the massacre of Palestinians at Sabra and Shatila refugee camps by Christian forces allied to Israel. But many agreed that he showed a strength of leadership unique in their country's 65-year history.
"He was a great man. He did a lot of things that were good for the country and maybe some things that were not good," said Ronen Yekutieal, 25, a law student from Holon, near Tel Aviv. "He was the last real leader that grew up here and there will be no other leader like him in the years ahead."
"As a leader, as a politicians and as a Zionist, he was a symbol. He was part of the history of this country," said Daniel Bergfeld, 44, a web designer from Jerusalem, who had allowed to his 12-year-old son, Gad, a day off school to attend.
Perhaps the most unusual mourner was Yehudi Dudevani, 69, a former brigadier-general who served under Mr Sharon in the Israeli paratroopers.
Mr Dudevani said his father, Moshe, had fought alongside Mr Sharon at Latrun, near Jerusalem, during Israel's 1948 War of Independence, when they were the commanders of parallel regiments.
Both men were wounded in the fighting, but while Mr Sharon allowed himself to be removed from the battlefield, Mr Dudevani snr insisted on staying with his comrades and perished. He was given a military funeral after his remains were discovered 50 years later.
His son kept his own identity hidden from Mr Sharon, despite being in frequent contact, until they met at the Knesset after both had left the army.
"When I told him who my father was his hands starting shaking and he broke out in a sweat," said Mr Dudevani. "Then he told me the most important thing in my life. He said, 'I was wounded and left my injured men in the field. Your father was injured and stayed with his men. The most important message I can give to the army is what your father did. He symbolises the message that we don't leave injured men in the field.'
"He was criticising himself for what he didn't do. That's why I'm here today."