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KNM to list German unit in Singapore 2013 Posted: 06 Sep 2012 06:45 PM PDT Malaysian oil and gas services provider KNM Group Bhd will list its German industrial equipment unit on the Singapore stock exchange next year. The unit, Borsig Beteiligungsverwaltungsgesellschaft mbH, will have an indicative valuation of RM1.8 billion-RM1.9 billion (US$579 million-US$611 million) when it lists, KNM told the Malaysian stock exchange late on Thursday. KNM bought Borsig in 2008 for approximately RM1.7 billion. KNM said it had appointed UOB Bank as the sole manager, underwriter and placement agent for the planned listing. The IPO comes as Singapore sees a pick up in listing activity this year, with the dual listing of IHH Healthcare in a US$2.1 billion deal and Far East Hospitality Trust, which raised US$575 million in an IPO in August.-- Reuters

Wall Street closes at multi-year highs Posted: 06 Sep 2012 05:04 PM PDT NEW YORK: Stocks closed at multi-year highs on Thursday, with the S&P 500 ending at its highest level since before the collapse of Lehman Brothers as investors hailed a new European bond-buying program aimed at stemming the region's debt crisis. Sentiment was also boosted by stronger-than-expected data on the U.S. services sector and labor market, which was especially notable ahead of Friday's non-farm August payrolls report. The rally was broad, with more than three-fourths of stocks listed on both the New York Stock Exchange and Nasdaq ending higher. Materials, financials and industrials - groups tied to the pace of economic growth - led with gains of more than 2 percent, giving the Dow index its biggest daily gain in two months and helping the Nasdaq advance to its highest since 2000. "As clouds related to Europe start to drift off, there's no question that there's still juice left from here," said Richard Weiss, a Mountain View, California-based senior money manager at American Century Investments, which has about US$120 billion in assets under management. "That equities are up double digits year-to-date doesn't deter us from remaining overweight on them for the foreseeable future." Tech shares helped lift the Nasdaq in its best daily performance since July 27. SanDisk Corp climbed 8.4 percent to US$44.01 and Micron Technology Inc added 7.8 percent to US$6.68. The Dow was lifted by Walt Disney Co, which advanced 2.1 percent to an all-time closing high of US$51.86. ECB President Mario Draghi, backing up his July pledge to do whatever it takes to preserve the euro, said the central bank's plan for potentially unlimited bond-buying would address bond market distortions and "unfounded" fears of investors about the survival of the euro. "We think this is a credible plan to addressing the issue, and while there are still political hurdles, we expect those will be addressed," said Alec Young, global equity strategist at S&P Equity Research in New York. U.S. companies added staff in August at the fastest clip in five months, according to the better-than-expected ADP report, while a gauge of employment in the service sector also improved more than had been anticipated. New weekly claims for jobless benefits fell to the lowest level in a month. Even with Thursday's encouraging numbers, economists think the payroll report will show only modest hiring, at 125,000 new jobs, and the unemployment rate holding steady at 8.3 percent. "ADP doesn't correlate perfectly with payrolls, but people are feeling better about the jobs market these days," Young said. "There was confidence we would see jobs in the mid-100's even before this." The Dow Jones industrial average rose 244.52 points, or 1.87 percent, to 13,292.00. The Standard & Poor's 500 Index was up 28.68 points, or 2.04 percent, at 1,432.12-- its highest level since May 2008, before the financial crisis began to gather steam. The Nasdaq Composite Index was up 65.12 points, or 2.12 percent, at 3,134.39. Equities have rallied in recent months on growing expectations for ECB action. The S&P is up about 8 percent since the start of July. The ECB's program, which Germany's Bundesbank is known to have opposed, would focus on bonds maturing within three years and was strictly within the ECB's mandate. Draghi said only one member of the ECB Governing Council had dissented. The ECB also announced that it will keep its main interest rate at a record low 0.75 percent, holding fire after a pick-up in inflation last month offset pressure to breathe life into the flagging euro zone economy by easing borrowing costs. -- Reuters

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Glove makers seek fund for brand building Posted: 05 Sep 2012 07:20 PM PDT Glove manufacturers are looking for higher public allocation for brand building in the upcoming Budget 2013 tabling to ramp up efforts to create a strong local brand internationally. Datuk Seri Stanley Thai, Executive Chairman cum group Managing Director of Supermax Corp Bhd, one of the leading glove manufacturers, said building a domestic brand in the international scene is not an easy task, therefore concerted efforts and time need to be further strengthened. "The government needs to look into higher allocation for brand building. I think the existing brand building incentive is not good enough. "If you look at LG, Samsung, looking at how they build their brand, they got a lot of government support to build a global name. If Korea can do it, why not Malaysia," he said on the sidelines of the 6th International Rubber Glove Conference & Exhibition in Kuala Lumpur. Currently, Malaysia's glove manufacturers command about 60 per cent share of the world glove market. Supermax holds more than 10 per cent of the 60 per cent share. Thai also enchoed the Malaysian Rubber Glove Manufacturers Association's call (MARGMA) for the extension of reinvestment allowance (RA). "Malaysia can be proud of our rubber glove industry as we are able to keep sustainability and competitiveness up to now, despite the turbulence and challenges for the past few years. However, I think the industry also need the government's continuous support, for instance, the RA," he said. Meanwhile, MARGMA President Lim Kwee Shyan said the rubber glove industry is entering its new phase of development which required more innovations in order to remain competitive. "The government cannot look at the industry as an old industry. It is a newly branded industry. All of us have gone into different sizes, different modes of capacities and even the level of innovation is different (so) this is something that is very challenging to us," he said. He said the next level of development will be into civil automation and brand marketing which needs reinvestment over the next few years. This will not only create production efficiency but also reduce dependency on foreign workers, which accounted for some 30,000 workers out of the total 60,000 workers in the glove manufacturing sector, he added. MARGMA's immediate past president KM Lee revealed that Malaysian rubber and nitrile glove manufacturers are expected to invest between RM300 million and RM500 million in the next five to eight years in automation. Lee, who is also Managing Director of Top Glove Sdn Bhd, said with the extension of the reinvestment allowance, the manufacturers will be able to spend more money on building local skilled workers, as well as contributing to the country's growth. Currently, the reinvestment allowance is only up to 15 years while some rubber glove manufacturers have been operating over 15 years. Prime Minister Datuk Seri Najib Tun Razak will present Budget 2013 in Parliament on Sept 28. -- BERNAMA

Fair Isaac eyes Malaysia insurance sector Posted: 05 Sep 2012 07:22 PM PDT Fair Isaac Corp (FICO), a New York-listed predictive analytics and decision management technology provider, is keen to spread its wings to tap the local insurance market given the need for analytics and vast growth opportunities. Country Manager for Malaysia Dinesh Pereira said FICO was currently very active in the local banking system and was keen to offer services in the insurance sector due to the untapped growth opportunities in analytics usage. "Many banks are already our customers and we will continue looking into expanding our relationship with them and at the same time FICO is looking at other areas outside of banking. "We are getting a lot of interest today in the insurance area as companies are interested to utilise analytics to identify insurance claim frauds and auto claims which are the most common problem faced here currently," he told Bernama. FICO is in talks with several insurance companies and is optimistic to have at least one insurance company on board by early next year, he said. "No customers yet but we have top 10 insurers talking to us, some discussions in the early stage, some in advanced stage and we are fairly confident to have one customer from one of the top 10 companies," he said. Pereira said insurance companies have some parameters for these problems, mainly using judgmental approach. FICO is successful in using analytics widely to identify majority frauds in selected international markets such as North America, he said. On FICO's operations in Malaysia, Pereira said although Malaysia's business contribution was a small percentage to the group's worldwide number, it was growing at about 10 per cent a year. FICO Malaysia posted about five per cent revenue from 2008 to 2010. "Last year, we recorded close to 10 per cent revenue and we are growing in this rate now. We are maintaining the same growth target for this year and next year," he added.-- BERNAMA

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Tenaga wins Bangladesh power job Posted: 04 Sep 2012 07:00 PM PDT Malaysia's utility giant, Tenaga Nasional Bhd's (TNB), proposal has been selected by the Bangladesh Power Division for the installation and operations of a 1,320MW coal-fired plant in that country. The power plant, to be installed at either Anwara in Chittagong or Maheshkhali at Cox's Bazar, would be through a joint-venture company owned by the Power Development Board and TNB, Bangladesh's "New Age" newspaper reported, quoting unnamed officials. It said the plant would run on imported coal. A delegation, led by the Power Division's additional secretary Md Mofazzel Hossain, will visit Malaysia this month to finalise the memorandum of understanding on the installation and operations of the plant, the officials said. China and Thailand power generation companies have also submitted proposals to the Power Division for the project. A Power Division official told New Age they preferred the Malaysian proposal as it met the criteria set by the ministry. "Therefore, we're going to begin a formal process to implement the project with the Malaysian state agency," he said. Both the Chinese and Thai companies wanted to give engineering, procurement and construction contracts to their own firms while Bangladesh wants to award the contracts through a tender process, the official said. "Besides, they wanted the joint-venture company board to have the majority of the people from their side, which would have let them to pursue their interests through the board,' he said. According to Malaysia's proposal, the joint-venture company will implement the project on a build-own-operate scheme, the report said. The power board and TNB will have equal shares in the project. The board will be established with equal number of members from both the state-run power agencies. The board chairman and managing director will be alternated periodically with people from both the agencies. The government decided to go for joint-venture projects to draw funding for project implementation, the Power Division official said. With this, Dhaka has so far initiated three big coal-fired power projects, each having 1,320MW power generation capacity, in joint venture with equal shares with three state-run agencies. TNB is the biggest power utility company in Malaysia, with the experience to install and operate a number of plants, with a combined 12,000MW generation capacity in Malaysia and Pakistan. Bangladesh has set a long-range target to generate about 20,000MW power from coal-fired plants by 2030. According to the long-term power generation plan drawn up in 2010, the government will generate 11,250MW electricity using domestic coal and the remaining amount with imported coal. -- Bernama

KL shares open lower in early trade Posted: 04 Sep 2012 07:11 PM PDT Share prices on Bursa Malaysia open lower in early trading Wednesday on weak sentiments following renewed worries on the euro zone debt crisis, dealers said. The FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.95 points to 1,651.16 at 9.32 am after opening 0.21 of a point lower at 1,653.90. They said concerns over the prolonged European debt crisis were worsening after Moody's lowered the European Union's long-term rating to negative. HwangDBS Vickers Research said the local bourse is expected to wriggle inside a narrow trading range today, with immediate support seen at the 1,650 level. "The benchmark index, nevertheless, could show a slight positive bias as it attempts to chart new highs ahead," it said in a research note today. The research house said companies that may see share price actions today include MRCB after the substantial shareholder Employees Provident Fund has dismissed market talk that the pension fund plans to dispose of its entire stake in the property development and infrastructure company; and Favelle Favco, which has received purchase orders to supply offshore cranes totaling RM90 million. On Bursa Malaysia, the Finance Index fell 19.32 points to 14,762.89, the Plantation Index lost 8.32 points to 8,648.89 and the Industrial Index declined 4.21 points to 2,861.04. The FBM Emas Index dwindled 19.29 points to 11,257.32, the FBM Mid 70 Index dipped 20.10 points to 12,280.38, while the FBM ACE Index gained 12.09 points to 4,566.85. Losers led gainers 148 to 104 while 190 counters were unchanged, 1,179 untraded and 20 others suspended. Turnover stood at 197.27 million shares worth RM79.698 million. Among active counters, Ideal Sun City lost half-a-sen to 5.5 sen, Ingenuity Solutions rose three sen to 25.5 sen and Nextnation Communication earned one sen to 15 sen. Heavyweights, Maybank lost one sen to RM9.16, Sime Darby fell four sen to RM9.76, while CIMB gained three sen to RM7.80. -- Bernama

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Dem convention opens with focus on Obama accomplishments - USA TODAY Posted: 04 Sep 2012 09:06 AM PDT CHARLOTTE – Campaign 2012's rhetoric promises to heat up as the Democratic National Convention opens Tuesday night with the party taking to the national stage to combat the increasingly harsh political salvos of Republican challenger Mitt Romney. By H. Darr Beiser, USA TODAY First lady Michelle Obama waves after walking the stage at the Democratic National Convention in Charlotte on Tuesday. By H. Darr Beiser, USA TODAY First lady Michelle Obama waves after walking the stage at the Democratic National Convention in Charlotte on Tuesday. With the November election a virtual toss-up and President Obama's re-election bid hampered by the anemic economy and stubbornly high unemployment, the three-day convention is expected to be less about 2008's message of hope than making sure voters get the message of what's been accomplished and what needs to be done. Another core theme: the sharp contrast between a Romney presidency and four more years of Obama. In an interview with USA TODAY aboard Air Force One, Obama telegraphed the party's mission this week: defending his record, attacking Romney and convincing voters that America is better off than it was four years ago. The central themes: Obama kept the economy from plunging into recession, bailed out the now revived automobile industry, revamped health care, ended the war in Iraq and gave the orders to eliminate terrorist Osama bin Laden. "Gov. Romney spent a lot of time talking about himself and he spent a lot of time talking about me. He didn't spend a lot of time talking about the American people and how their lives will get better," Obama told USA TODAY. "I guess their premise is that the American people will be convinced, if we just get rid of Obama, then somehow that will be enough." The president and aides have acknowledged that Democrats are likely to be outspent by Romney in key battleground states. So the three-day convention amounts to some much-needed PR. Tonight's prime-time highlight: First lady Michelle Obama, who closes with a 20 minute speech scheduled for 10:35 ET. "I am going to remind people about the values that drive my husband to do what he has done and what he is going to do for the next four years," Michelle Obama told SiriusXM radio host Joe Madison in a taped interview aired Tuesday. "I am going to take folks back to the man that he was before he was president, because the truth is that he has grown so much — but in terms of his core character and values, that has not been changed at all." Newark (N.J.) Mayor Cory Booker will present the party platform at 6 p.m. ET Tuesday. Other prime-time players include Chicago Mayor and former Obama chief of staff Rahm Emanuel and Maryland Gov. Martin O'Malley— whose "no" answer to a question Sunday on whether Americans are better off now than four years ago made a soundbite pounced on by Republicans. O'Malley clarified his comment Monday: "None of us would disagree with the fact that we have not yet recovered from the Bush recession," he told USA TODAY and Gannett reporters during a Newsmaker session. "Clearly, we're headed in the right direction." San Antonio Mayor Julian Castro, a rising star and Hispanic, will deliver Tuesday night's keynote address. The 37-year-old Castro and his identical twin, Joaquin, have something in common with Obama: They were raised by a single mother and earned Harvard law degrees. Obama is scheduled to speak Thursday. Modesto Tico Valle, an Illinois delegate from Chicago, said the convention is key to Obama's re-election. "Most definitely, President Obama must say loudly and strongly that we are much better off today than four years ago,'' said Valle, the 48-year-old CEO of Halstead, an advocate organization for the lesbian, gay and transgender community. "The economy is slowly recovering from where it was when we got it, jobs are slowly coming back. There has been great progress made in LGBT and women's rights, among seniors and with health care. The choice is clear between Obama and the dark ages. He is the one that is moving us forward." Democrats released a party platform for ratification Tuesday underscoring Obama's call for higher taxes on the wealthy and support for gay marriage. And Tuesday morning, the party made its case for Obama through U.S. Senate candidate Elizabeth Warren on morning TV talk shows. Warren, who is challenging first-term Republican Scott Brown in Massachusetts, conceded that many Americans have it tough, but said Obama offers the better vision going forward. "Republicans are not helping us get back," she said. Republican GOP vice presidential candidate Paul Ryan, also making the talk show rounds, continued to hammer Obama's record on the economy. "Four years into a presidency and it's incomplete?" he asked. "The president is asking people just to be patient with him?'' Romney's campaign reinforced that message with a new Internet video answering Obama's statement that "There are always going to be bumps on the road to recovery." The video showcases a series of ordinary Americans who've lost their jobs saying, "I'm an American, not a bump in the road." Maryland Congressman Chris Van Hollen, the ranking Democrat on the House Budget Commitee, said many of the economic assumptions built into the Romney/Ryan budget plan just don't add up. "I call it marathon math,'' Van Hollen told USA TODAY, referring to the flap over Ryan's claim that he once ran a marathon an hour faster than he did. "If there's one thing you need to do on the budget committee, it's learn how to count," he said. "There's a lot of funny math in the Ryan budget." Contributing: Gregory Korte, David Jackson, Catlina Camia and John McAuliff in Charlotte; Associated Press

Tuesday on 'ABC World News': San Antonio Mayor Julián Castro to Speak with ... - ABC News (blog) Posted: 03 Sep 2012 03:46 PM PDT Sep 3, 2012 6:42pm San Antonio Mayor Julián Castro to Speak with Diane Sawyer in Advance of His Keynote Speech Interview to Air on Tuesday Night on "ABC World News" from Charlotte, North Carolina "ABC World News" anchor Diane Sawyer will talk to San Antonio Mayor Julián Castro on Tuesday, September 4. Mayor Castro is set to kick off the Democratic National Convention as its keynote speaker. The interview will air Tuesday night on "World News with Diane Sawyer." Portions of the interview will also be highlighted on ABCNews.com, Yahoo!, ABC News Radio, and ABC's local affiliates. As part of ABC's special "Your Voice, Your Vote" coverage of the Republican and Democratic National Conventions, Diane Sawyer will be talking to all of the key players in both Florida and North Carolina. Last week in Tampa Sawyer spoke with Mitt and Ann Romney's five sons, Speaker of the House John Boehner, had an exclusive interview with Ann Romney in advance of her convention speech, and spoke with former Governor Jeb Bush. "ABC World News with Diane Sawyer" airs at 6:30 p.m., ET on the ABC Television Network and on WFTS-TV locally in Tampa.  Michael Corn is the executive producer of the broadcast. Follow Diane Sawyer and the "World News" team online: @DianeSawyer; @ABCWorldNews; facebook.com/DianeSawyer; facebook.com/WorldNews. SHOWS: World News

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John King: To win, Obama must make history again - CNN International Posted: 03 Sep 2012 08:40 AM PDT President Barack Obama speaks during a campaign event at the University of Colorado in Boulder on Sunday. STORY HIGHLIGHTS No incumbent has ever been re-elected with unemployment this high Among Obama's advantages: incumbency, more room for error, demographics Independents and conservative Democrats in battleground states are key targets Economic data make it hard to make case that Americans are better off than four years ago Editor's note: The 2012 presidential race is CNN Chief National Correspondent John King's seventh campaign. He analyzed what challenger Mitt Romney and Republicans needed to do in their convention last week. Charlotte, North Carolina (CNN) -- It is a very different year - and very different mood -- as Democrats gather for their convention. But there is one carryover from 2008: To win the White House, Barack Obama will once again have to make history. Four years ago, it was a groundbreaking victory for the first African-American to win the presidency. Now, to win four more years, it is a less glamorous but still significant barrier in his way; no incumbent has ever been re-elected with unemployment this high. But while the historic statistical models would suggest defeat looms in November, the president arrives in Charlotte with several key advantages in the race, and with an easier path to 270 Electoral College votes and victory than his Republican rival. Among the advantages: A President Obama supporter shows off his T-shirt on Sunday, September 2, ahead of the Democratic National Convention in Charlotte, North Carolina. Photographer Zoran Milich is wandering around Charlotte during the convention this week. Take a look at his view of the action so far, or look back at his images from the Republican National Convention. Street cleaners pass by the American flag in Charlotte on Sunday. The Engine 90 firetruck, also known as the Pink Lady, parks outside of the convention center. The reserve truck honors the first woman to serve in the Charlotte Fire Department, who died of breast cancer. Adam Nuber talks to police in Charlotte. The city beefed up security in preparation for the convention. An estimated 15 tons of South Carolina beach sand made to resemble President Barack Obama promotes Myrtle Beach. Abigail Brundret of North Carolina and Paige Brundrett of Georgia look into Fire Bird, a multimirrored sculpture at the Bechtler Museum of Modern Art. Pedestrians walk past dump trucks that are serving as barriers. Matt Tippett is among the laborers setting up for the DNC. Motorcycle cops line up in the streets of uptown Charlotte. Rains flood parts of Charlotte on Saturday, September 1. Unconventional: Postcards from Charlotte Unconventional: Postcards from Charlotte Unconventional: Postcards from Charlotte Unconventional: Postcards from Charlotte Unconventional: Postcards from Charlotte Unconventional: Postcards from Charlotte Unconventional: Postcards from Charlotte Unconventional: Postcards from Charlotte Unconventional: Postcards from Charlotte Unconventional: Postcards from Charlotte HIDE CAPTION << < 1 2 3 4 5 6 7 8 9 10 > >> • Incumbency: Yes there are downsides to this, but the stage and powers of the presidency are on the whole an advantage, especially in a close, competitive race. • More room for error: Mitt Romney needs to win Florida and Ohio, and at least two of these three -- Virginia, North Carolina and Wisconsin -- to have a realistic shot at 270. Obama, on the other hand, enters his convention with several paths to cobble 270 together. Zelizer: What Democrats need to do in Charlotte • Demographics: As long as the GOP has a crisis with Latino voters, there is a built-in Democratic edge in several key states. New Mexico, not long ago a presidential swing state, is barely mentioned as a potential GOP target. And Nevada is a competitive tossup despite the highest unemployment rate among the states and a punishing housing crisis. Yet the challenges are obvious. While his path to 270 has more room for error, it is very different from the lopsided Democratic advantage in 2008. Then-Sen. Obama won three states that hadn't voted Democratic for president in more than a generation -- Indiana, North Carolina and Virginia. His campaign already concedes Indiana is an almost-certain red state this year, and North Carolina and Virginia are tossups. So are Wisconsin, Iowa, Nevada and Colorado -- all states where the president's margin was fairly comfortable four years ago. Poll: Romney 47%, Obama 43% in North Carolina The economy is of course the driving force behind the very different 2012 map and mood. The unemployment rate in February 2009 -- Obama's first full month is office -- was 8.3%. Last month, it was 8.3%. To the Romney campaign, that is proof the president's economic policies have failed. The Obama team, in turn, notes that unemployment hit 10% in October 2009, and argues that the president's policies are, albeit slowly, helping pull the economy out of a deep recession he inherited. Obama says fatherhood trumps schmoozing In any event, the jobless numbers and other economic data make it all but impossible for the president to make the case Americans are better off today than they were four years ago. So his convention priority is to make the case that his approach is the better, fairer path to sustained recovery. The primary target: independents and conservative Democrats in battleground states. "The thing I most love about them is how they discovered the middle class at their convention," Vice President Joe Biden mockingly told a crowd Sunday in Green Bay, Wisconsin -- pushing the fairness argument. "Wasn't that amazing? All of a sudden their heart was bleeding for the middle class." Where have all the protesters gone? Just as critical, if not more so, is the Obama tactical imperative of using the convention to re-energize his 2008 base. "Don't boo - vote," was the president's weekend appeal to a Colorado college audience, and it is a snapshot of the 2012 nuts-and-bolts approach of a campaign team that understands it cannot rely on the dynamics that motivated 2008 Obama voters. To be sure, he continues to enjoy a huge edge among African-Americans, Latinos and younger voters. But if Romney can make even marginal gains among those groups, or turnout dips even slightly, or both, it could make the difference in several key battlegrounds. The convention state of North Carolina is a test case of Obama 2012 vs. Obama 2008 in the ground game. Also noteworthy in Charlotte, though likely somewhat less obvious than it was in Tampa, will be the 2016 factor. Joe and Jill Biden have busy Charlotte schedules, and the vice president of course has a coveted speaking slot. Biden is 69, meaning he would be 73 at the 2016 convention, but he has not ruled out a third try for his party's presidential nomination. Ryan set to campaign on 'are you better off' question Hillary Clinton will have no Charlotte role -- inappropriate, she says, for a secretary of state. But as much as she says she is done with politics when this first Obama term ends, the convention has no shortage of Clinton loyalists, including her husband, the former president. From there, as in Tampa, the focus will be on ambitious next-generation prospects, among them Govs. Martin O'Malley of Maryland, Deval Patrick of Massachusetts and, for the first time in years, perhaps a Cuomo -- New York's governor, Andrew. To look at a map searching for Democrats of the future though, is to be reminded of a painful truth for the party gathering in Charlotte: President Obama is their undisputed leader, but the Obama presidency has been a time of deep Democratic decline. When Obama took office Democrats held: • 56 Senate seats. It is 51 now (plus two independents who align mostly with the Democrats). • 257 seats in the House of Representatives. It is 190 now (there are also three vacancies for seats last held by Democrats). • 29 of the 50 governorships. It is 20 now. • 4,073 state legislative seats. It is 3,319 now.

4000-acre brush fire shuts down San Gabriel Canyon on Labor Day - Los Angeles Times Posted: 03 Sep 2012 09:25 AM PDT Fire crews were battling a 4,000-acre brush fire Monday morning in rugged terrain in the Angeles National Forest as the blaze forced officials to shut down the popular San Gabriel Canyon to Labor Day visitors. The Williams fire was just 5% contained as hundreds of firefighters from several agencies were trying to stop the forward progress of the flames, which sent a towering plume of smoke that could be seen for miles. Flames Monday morning were threatening mobile homes and other structures at the Camp Williams resort on the east fork of the San Gabriel River, the U.S. Forest Service said.   PHOTOS: Brush fire burns in the Angeles National Forest The camp, along with other nearby campgrounds and picnic areas, typically has up to 12,000 visitors during the Labor Day weekend. Officials Monday morning had set up an evacuation center at Glendora High School at 1600 E. Foothill Blvd. As hotshot crews worked to cut containment lines, nine air tankers and four helicopters were making repeated water and fire-retardant drops on the flames, officials said. The blaze was raging in medium-to-heavy brush and chaparral and moving north toward the Sheep Mountain Wilderness area.

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IGB REIT's IPO said oversubscribed Posted: 02 Sep 2012 06:32 PM PDT The institutional tranche of Malaysia's IGB Real Estate Investment Trust's US$266 million listing is already oversubscribed, said two sources with direct knowledge of the matter, signaling strong demand for the deal. The deal is set to be Malaysia's fourth largest IPO this year and the REIT may become the Southeast Asian nation's largest REIT with a possible market value of up to RM4.25 billion (US$1.4 billion), topping Pavilion Real Estate Investment Trust's RM4.05 billion. The IGB REIT offered 469 million shares, or 70 percent, of its 670 million IPO shares to institutions at a price range of RM1.15-RM1.25 per unit. The sources said the offer had been covered "multiple times". "Most is covered at the top range," said one of the sources, who declined to be identified as the matter is not meant to be public. A second source added that the subscriptions were evenly split between foreign and local investors. The offer, which opened on Aug. 28, will close on Sept 6. The retail portion, offered at a maximum price of RM1.25 per unit, closes on Tuesday, according to a term sheet seen earlier by Reuters. The property trust, which owns two Kuala Lumpur shopping malls — the Mid Valley Megamall and the Gardens Mall — hired CIMB Investment Bank and Hong Leong Investment Bank as the principal advisers and joint managing underwriters for the IPO. CIMB, Credit Suisse and Hong Leong are the joint global coordinators. CIMB, Citigroup, Credit Suisse, DBS, Deutsche Bank, Goldman Sachs, Hong Leong, HSBC, JP Morgan and Maybank are the joint book runners. The joint underwriters are AmInvestment, CIMB, Hong Leong and Maybank. -- Reuters

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Ben Bernanke makes case for Fed to take more action - USA TODAY Posted: 31 Aug 2012 08:46 AM PDT In a highly anticipated speech Friday, Federal Reserve Chairman Ben Bernanke Friday called "the stagnation of the labor market in particular a grave concern," reiterating that the Fed is prepared to do more to stimulate stronger growth. Ted S. Warren, AP With the Teton Mountains behind them, Federal Reserve Chair Ben Bernanke, left, and Bank of Israel Gov. Stanley Fischer walk together outside of the Jackson Hole Economic Symposium, Aug. 31, 2012, at Jackson Hole, Wyo. Ted S. Warren, AP With the Teton Mountains behind them, Federal Reserve Chair Ben Bernanke, left, and Bank of Israel Gov. Stanley Fischer walk together outside of the Jackson Hole Economic Symposium, Aug. 31, 2012, at Jackson Hole, Wyo. Sponsored Links "We must not lose sight of the daunting economic challenges that confront our nation," Bernanke said in a speech at the Kansas City Fed's annual symposium that attracts an elite group of global central bankers and prominent economists. However, Bernanke may have disappointed Wall Street's hopes in giving no clear signal that the Fed will take action at its mid-September meeting. Yet, after having time to digest all of Bernanke's remarks, investors appear to have taken comfort in Bernanke's willingness to take action as needed. In the speech, Bernanke said "the Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability." That language echoes the Fed's statement after its early August policy making meeting and reflects a stronger inclination than it had conveyed in previous statements to take action if the economy doesn't pick up noticeably. Many economists believe the Fed likely will decide to buy more Treasury or mortgage-backed securities, possibly at its Sept. 12-13 meeting, to lower long-term interest rates and spark more economic activity. Alternatively, it could promise to keep short-term interest rates near zero longer. Friday's economic reports Consumer sentiment in August rose to 74.3, above July's small drop of 72.3 and above the consensus estimate of 73, according to the Thomson Reuters/University of Michigan's monthly consumer survey. Factory orders in July rose 2.8%, compared to a 1.6% gain in June and May, the Census Bureau said. Inventories rose 0.7%, beating June's 0.3% increase. Inventories have risen 30 of the past 31 months. Yet while Bernanke left the door open to such action soon, he stopped short of telegraphing the timing of any further action that many investors and Fed watchers were seeking. "He essentially did lay out the case for doing more action," says Nigel Gault, chief U.S. economist for IHS Global Insight. But while Bernanke appears to support more asset purchases, other member of the Federal Open Markets Committee have voiced varying views. "He's not going to ram it through," Gault adds. At a meeting in Jackson Hole two years ago, Bernanke strongly hinted the Fed was poised to buy more Treasury bonds, a strategy that lowered rates well before the Fed actually voted two months later to purchase $600 billion in Treasuries. A similar foreshadowing this year seemed possible. At its meeting early this month, many Fed policymakers determined that additional stimulus would be needed unless economic data "pointed to a substantial and sustainable strengthening in the pace of economic recovery," according to minutes of the meeting. While growth remains subpar three years into the economic recovery, the latest round of economic reports have been mixed. In July, employers added a better-than-expected 163,000 jobs, consumer spending picked up and pending home sales climbed to the highest level in two years. At the same time, manufacturing activity has weakened recently, consumer confidence in August fell to its lowest level in 10 months and second-quarter economic growth was revised up slightly last week to a still-tepid 1.7% annual rate. In his speech, Bernanke called the economy is "far from satisfactory" and he called job growth "painfully slow." New jobs created slowed from a monthly average pace of 226,000 the first quarter to 73,000 a month on average in the second quarter. He said obstacles to a stronger recovery include a weak housing market despite recent signs of life, the European financial crisis, tight credit standards and looming federal tax increases and spending cuts in January that could push the U.S. back into recession if a divided Congress can't agree on how to mitigate their impact. Bernanke also said further Fed action could help the economy because there's little evidence that the slow decline in the unemployment rate — now at 8.3% — reflects structural labor-market problems that would be immune to Fed action. Structural problems could include a high number of laid-off manufacturing or construction workers who lack skills needed for new high-tech or health care jobs. Still, the Fed chair said such costs "appear manageable, implying that we should not rule out the further use of such policies if economic conditions warrant." Bernanke also cited studies showing that the Fed's previous initiatives to buy more than $2 trillion in government securities have lowered yields on 10-year Treasuries by about a percentage point, lowering borrowing costs for consumers and small businesses, and possibly led to the creation of 2 million jobs. Even so, Bernanke pointed out that "the possible benefits" of more asset purchases "must be considered alongside its potential costs." For example, he said, the Fed could stoke inflation or become too dominant a player in the market, damping private trading. Addressing the Fed's risk of stoking inflation, many Fed watchers say, is for the Fed to buy mortgage-backed securities, rather than Treasuries, to more sharply push down mortgage rates and help jump-start the housing market. However, while mortgage rates are already near historic lows, many consumers can't qualify for home loans because their existing houses are worth less than what they owe. And a third round of stimulus would likely invite criticism from Republicans that the Fed's actions risk eventual inflation, a charge that could be particularly controversial less than 100 days before this fall's presidential election. The Fed could take the more modest step of suggesting it will keep short-term interest rates near zero until at least 2015, placing further downward pressure on interest rates, says Jason Schenker, president of Prestige Economics. The Fed has said it expects to keep rates very low until at least late 2014. There's no doubt that each round of Fed stimulus has had less impact than the previous one, analysts say. Since the 2008 financial crisis, the Fed has purchased more than $2 trillion in Treasuries, mortgage-backed securities and other debt in an unprecedented effort to lower long-term rates and coax investors to shift assets to stocks, boosting markets. It decided in early 2009 to buy $1.7 trillion in Treasury and mortgage bonds, followed by the $600 billion in Treasury purchases in 2010. Under a program begun last September — and extended in June through 2012 — the Fed plans to buy $667 billion of short-term Treasuries and use the proceeds to buy longer-term Treasuries. By reducing the supply of long-term Treasuries in the market, the Fed hopes to exert downward pressure on long-term interest rates. IHS Global Insight's Gault says the recent modest uptick in economic activity isn't enough to head off another round of Fed stimulus. "It's hard to argue that the evidence of the last month or two constitutes a substantial and sustainable improvement," Gault says. Still, he says that the cloudy economic picture suggests that Fed policymakers will look closely at upcoming data, likely avoiding a commitment to additional action in September until they see more recent data, particularly the government's employment report for August, which is due out Sept. 7. The European Central Bank also could take additional steps at a Sept. 6 meeting to ease Europe's debt crisis.

Clint Eastwood riff distracts from successful Romney convention - Washington Post Posted: 31 Aug 2012 09:26 AM PDT TAMPA—Now we know why political conventions are scripted. Mitt Romney delivered a good and personal acceptance speech on Thursday night. His campaign produced a sterling video about the candidate. People who know Romney offered testimony about his values, his compassion and his business acumen. But all anyone seemed to be talking about when the convention ended was Clint Eastwood and an empty chair.

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