Jumaat, 28 September 2012

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US stocks in the red on poor data

Posted: 28 Sep 2012 05:00 PM PDT

NEW YORK: US stocks were stuck in the red on Friday, the last trading day of the third quarter, after disappointing business activity and consumer spending reports fuelled concerns about the economy.

The major indices closed off the worst levels of the day after results of Spain's bank stress tests were basically in line with expectations, analysts said.

The Dow Jones Industrial Average fell 48.84 points (0.36 percent), finishing at 13,437.13.

The S&P 500-stock index lost 6.48 points (0.45 percent) at 1,440.67 and the tech-rich Nasdaq Composite shed 20.37 points (0.65 percent) at 3,116.23.

Business activity in the United States shrank for the first time in three years, according to the Institute for Supply Management-Chicago.

Its purchasing managers index for the Midwest region fell to 49.7, below the break-even 50 reading between growth and contraction.

Consumer spending rose by 0.5 percent in August from July, but the increase was due to higher gasoline prices, the Commerce Department said. Inflation-adjusted spending rose just 0.1 percent.

Dow member Bank of America skidded 1.6 percent after announcing it would pay $2.43 billion to settle a class-action lawsuit over its acquisition of Merrill Lynch at the height of the 2008 financial crisis.

Company earnings were in focus.

Research In Motion, the Canadian BlackBerry maker, jumped 5.0 percent to US$7.50, well off a high of US$8.20, after reporting a narrower quarterly loss.

Walgreen, the nation's largest drug store chain, slipped 0.4 percent after posting fiscal fourth-quarter results that topped expectations

Athletic apparel maker Nike dropped 1.1 percent on lower quarterly earnings and a glum outlook on China sales.

Accenture added 7.1 percent. The global technology services giant reported fiscal 2012 earnings and record sales, and raised its full-year outlook for 2013.

Apple apologised for its glitch-ridden maps application in its new operating system used by the iPhone 5. Shares tumbled 2.1 percent.

On Thursday, the markets rallied amid speculation of fresh stimulus from China and after Spain unveiled a 2013 austerity budget that included reforms agreed with the European Union. -- AFP

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Obama leads new polls - NBCNews.com

Posted: 28 Sep 2012 09:17 AM PDT

>>> florida, pennsylvania, iowa, and wisconsin. candidates and their running mates and wiving continue to blitz swing states today. brand-new nbc news/" wall street journal " mariss poll shows president obama with a seven-point lead in new hampshire, two-point leads in nevada and north carolina . virginia could be the bellwether. both the president and mitt romney campaigned there yesterday, and the latest poll shows the president with with a slight edge. let me bring in perry bacon and susan . good to see both of you. good morning.

>> good morning.

>> i'm sure you saw what charles c krauthhammer wrote this morning. make the case and go large. it might just work and it's not too late. what do you think, susan ? does mitt romney need to take risks and go big?

>> one thing is for sure. the debate this week in denver on wednesday is a big deal for the romney campaign. he has to make his case, and he has to make his case he's a better candidate than barack obama . he has to throw some punches. he can't just kind of go in there sort of apologetically and be very gentle with obama . he has to really throw some punches and show people why he's the better candidate. i think a lot of these polls are a little bit overstated. i think the democrats have been oversampled in a lot of polls, and i don't think there's that huge of a gap between romney and obama . nonetheless, he has to make a really strong stand in the first debate. this is probably the most important debate for him at this point in the campaign.

>> i don't want to let that statement about polls go unanswered. eugene robinson 's piece today is about what he calls the new conspiracy. republicans diluted that there are skewed polls. paul ryan was the latest one to join on the bandwagon last night talking about wisconsin.

>> i don't believe that particular poll. i won't get into the methodologies about it.

>> they weren't talking about a specific poll in na statement, which sounds like it doesn't matter to him which poll it is but it's tainted. what's your take on this? we've heard it a lot over the last 48 hours .

>> look at all the polls. if you go to realclearpolitics.com, for instance, in every poll in every swing state the president is a hit, it's hard to find a poll in a swing state where romney is leading. if you look at the data right now, we're looking at an election that looks more like 2008 than 2004 . the president is ahead in almost every swing state , whether you look at gallup pews or pugh poll or nbc news polls, the president is far ahead right now. romney does five points nationally in some big swing state that romney does need a big move in the debates to change the game. anytime a campaign says a poll is wrong, it's a sign they're not doing well from my experience doing politics.

>> susan , if you look at new hampshire where his lead is larger, but in north carolina and nevada it's close, and those are states not doing as well economically. does that make sense to you, that that's where mitt romney would be keeping it closer? i'm trying to get to the heart of this complaint about these skewed polls.

>> the idea behind the complaint is it's not the same dynamic as it was in 2008 . the idea that democrats would be turning out in the same mhuge numbers as they were in 2008 which some polls suggest doesn't make any sense. the economy is on the verge of another recession according to a lot of nonpartisan think tanks . people are out of work and the unemployment rate is skyrocketing. the idea the democrats turn out with the same numbers and the same level of enthusiasm as they did in 2008 has raised, rightfully so, the number of democrats sampled in the polls.

>> perry , what are hearing about the internal polls?

>> the romney campaign keeps putting out memos say the race is closer than the polls show. if it showed they were winning by a lot, they would say that. the romney campaign privately does not they think the polls awrong. they say the poll show obama leading by more than think he is. it's not they're saying the polls are wrong. when every national poll -- i don't think we can say -- when fox news' poll shows obama ahead in a bunch of swing states recently, i don't think we can say the polls are wrong and biased because fox news conservative leading. they show what the polls are showing as well. the president has a strong lead. pollsters have a strong incentive to have their polls be accurate, because that's what their profession is. i'm skeptical they're tries to missample people. the finding more democrats are anyway poll, when a democratic candidate is popular, more people call themselves democrats . that doesn't mean the poll is wrong. more people call themselves democrats than they might have been four or five weeks ago.

>> let me bring in mark m mckinnon. we'll bring you into this conversation. i want to start with something that newt gingrich said this morning on " morning joe ." mark, let me play that.

>> everybody i talk to agrees he's had two and a half very tough weeks, and i do agree. i think they started with the clinton speech, and then they got compoundeded by all the other stuff that happened. the person in the cross hairs in the next ten days is mitt romney .

>> let me ask you about your thought of where the campaign is right now, and if he's in the cross hairs feeling the heat , is he the kind of guy that stomach bems and withers, or is he the candidate to take that as i'm hitting rock bottom and i'm going to start to climb up?

>> well, i mean, mitt romney has shown a lot of resolve through the primaries, and he bounced back from a lot of bad periods. i remember well in september of 2000 we called it black september and we were down 3 to 5 points. it wasn't until the dethe baits we turned things around. there's opportunity here for sure, but what the romney campaign has to do, which is sort of what charles krauthhammer is saying is start to talk about policy and go big.

>> how does do that?

>> he takes an opportunity at the dethe bait to have defining moments. he can talk specifically about the tax plan he put out there, put specifics on the table. talk about where the deductions are going come from, talk about the entitlement reforms. talk about how, in fact, it's mitt romney mean-testing entitlement reforms. he's talking about returning benefits to seniors and others that don't make as much money, which is benefit redistribution.

>> well, i want to -- a lot of times when you look at where a campaign is, you can tell by how the money is moving. it was somethinging that the billionaire democrat has decided to give a million bucks it to a pro- obama super-pac including another half million for congressional races. before that he didn't think he wanted to do that or get involved. is he seeing a shift, and it's time to back the winning horse? do you watch the money and stay that gives me the indication of the mood out there?

>> of course. in politics you always follow the money, and that's a great example. george has seen the poker hand . he sees that obama is holding three aces and romney is trying to drive to an inside straight. he's putting his money on the table now.

>> do you think that similarly the republican money is going to start to dry up, or will you see people who start to get worried and put more in?

>> i think it's already drying up, and it's problematic. the republicans made a big bet on late money, and a lot of late money may not be there.

>> i want to ask buyou about a lot of buzz out there by what congressman todd akin said. he told "the kansas city star " that claire mchas kill had a confidence and more ladylike in 2006 . in the debate on friday she came out swinging and because she felt threatened. he also called her a wildcat. here's what nor the senator said on " morning joe ."

>> i don't know what his accusation not ladylike mines. i'm a former prosecutor and i'm strong and informed. he sometimes makes michele bachmann look like a hippy.

>> does this bring back this whole war on women narrative that's not repful to the republicans ?

>> of course it does. i have two words for todd akin . he is idiot-like. it does. it sends a message to the broader public and certainly independent voters in missouri that the republican running there is prehistoric. it brings up issues that republicans don't want to talk about right now. we want to talk about economic issues and not the issues that todd aakin keeps dragging back in.

>> some folks came out for him in recent days saying the republican establishment needs to get behind him. there's indications they're thinking about it. if they did that, would that be a big mistake ?

>> well, it's a strategy of necessity. he's the senate slot that could bring the majority to the republicans , so they don't have a choice now because he's in the race. they're trying to save him. this is a good example of what happens when you make the wrong bet in the primaries and elect the wrong people to represent your party in the primaries.

>> always interesting to have you on the program. thank you so much.

>> you bet.

>> let's bring susan and perry back in. i want to play another piece of what claire mhaskell said this morning.

>> watch the national republicans . they've all said it was unacceptable what he did, and i think scott brown and linda mcmahon and a lot of candidates out there are really going to be in trouble if the national republicans now go back on their word and come in and here try to fund todd akin .

>> susan , do you agree with that?

>> i agree that the democrats would really love to attach todd aakin to some of these critical swing state elections like brown in massachusetts. that's a real close race with democrat elizabeth warren , who definitely has her own problems with some of the things she's said and in connecticut as well. typically blue states where republicans have a real shot at winning. i think the problem for claire is in her own state is a state trending conservative. it's a state where people are unhappy with some of the major initiatives that claire mchas kill supported while p in congress. despite the gaffes she's running hard to hang onto her seat. this is not a done deal as i think her camp would be after he made those controversial statements last month. i think claire mccaskill , the fact she's talking about it shows she knows it's a competitive race in her state right now. we're going to see morance dorisments today. chip told akin to drop out and he's endorse him today. if they want to get ahold of the senate majority next year, they need to have a net gain of four seats and missouri is an important state and a must win state for republicans .

>> how hard a calculation, then, perry is that for them if they think they have a chance? they would love to win that seat. on the other hand, what are the consequences in other races if it brings up up rape comments again and the war on women?

>> it's where we are politically. the senate majority is so close they have to support akin. if you're scott brown , you have to figure on out a successful way it to distance yourself from akin and the broader republican party . if you're scott brown you're already doing it anyway because obama will win massachusetts by 20 points probably. brown is already doing that in some ways. i don't think supporting aakin in mosby the national party would kill scott brown known in the state as an independent person anyway. i think some of those republican candidates are artful enough to survive that particular move.

>> perry bacon, susan , thank you is both. it was great

Bo Xilai expelled from China's Communist Party - Washington Post

Posted: 28 Sep 2012 09:07 AM PDT

BEIJING — China's ruling Communist Party expelled the once-powerful political leader Bo Xilai and charged him with a long list of moral and criminal wrongdoings on Friday, even as it set a date for a once-in-a-decade transition to new leaders.

The two moves, taken together, appear to signal that the party's competing factions have settled their biggest lingering questions as they approach a political changing of the guard: Who will sit on the party's next ruling council? And how should the party handle Bo, who figured in China's biggest political scandal in a decade?

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Khamis, 27 September 2012

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US stocks score solid gains

Posted: 27 Sep 2012 04:32 PM PDT

NEW YORK: US stock markets scored solid gains on Thursday amid speculation of additional stimulus measures from China and after Spain announced a 2013 austerity budget.

The Dow Jones Industrial Average advanced 72.46 points (0.54 percent), closing at 13,485.97.

The S&P 500, a broad measure of the markets, jumped 13.83 points (0.96 percent) to 1,447.15, snapping a five-day slump. The Nasdaq Composite added 42.90 points (1.39 percent) at 3,136.60.

"US equities overcame some weak domestic data today to finish with solid gains on news that Spain has approved its 2013 budget. The budget is said to meet or exceed all the EU recommendations, which clears the path for Spain to request a bailout," Charles Schwab & Co. analysts said.

Disappointing government data showed durable goods orders plunged month-over-month in August and an unexpected downward revision to second-quarter economic growth, to a mere 1.3 percent, far below the prior estimate of 1.7 percent.

Technology stocks outshone the rest of the market. Apple added 2.4 percent, Dow member Intel advanced 1.9 percent and fellow blue-chip stock Cisco was up 1.2 percent. Intel rival AMD surged 3.3 percent after unveiling new apps for personal computers.

In merger and acquisition news, memory-foam mattress maker Tempur-Pedic International soared 14.4 percent after announcing it would buy rival bedding maker Sealy Corp in a US$1.3 billion cash-and-debt deal. Sealy gained 2.3 percent.

Dollar General fell 1.6 percent. The discount retailer said it plans to sell 30 million common shares.

On Wednesday, the indexes sank in the wake of markets in Asia and Europe amid rising turmoil in the eurozone, with the Dow down 0.3 percent, the S&P 500 0.6 percent and the Nasdaq 0.8 percent. -- AFP

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What will it take for Romney to win? - CNN International

Posted: 27 Sep 2012 08:59 AM PDT

STORY HIGHLIGHTS
  • A widening gap in battleground polls is a concern for Mitt Romney, GOP strategists say
  • Republican nominee must work overtime to define himself to voters; steer clear of mistakes
  • Strategists say it's critical for Romney to have a solid performance in next week's first debate

Washington (CNN) -- Mitt Romney's gambit of running as the anti-Barack Obama could still work, Republican strategists say, if the presidential hopeful spends less time trying to define his opponent and more time spelling out how he would handle the job.

"It would have to take a serious effort to define the race on (the Romney campaign's) terms," said one veteran Republican strategist familiar with the inner workings of the campaign. "They are going to have to run a more disciplined campaign. He needs to make the connection of what the state of the economy is and what his policies are."

Romney has been trying to do just that with a new series of ads refocusing on an economic message that has been drowned out lately by attention to his controversial comments that nearly half of the nation is dependent on government and will vote for Obama no matter what.

In one positive 30-second spot, Romney speaks interview-style about a few of the proposals he claims will help bolster earnings for middle income Americans and ultimately create 12 million jobs before the end of a potential first term.

"My plan is to help the middle class," Romney says in the ad. "Trade has to work for America. That means crack down on cheaters like China. That means open up new markets."

That's exactly the kind of messaging Romney needs to do more of, said GOP operatives who didn't want to be identified speaking about campaign strategy.

"He needs to have a good week and run a good campaign," one Republican strategist said of the period leading up to the first debate on October 3 in Denver. "Get his message out there and do it without making mistakes."

But some GOP strategists are starting to worry that the odds aren't in Romney's favor with the debate on top of him, the election just over a month out, and the candidate running behind in battleground polls.

"There are a couple of things going on," said a veteran Republican presidential campaign strategist, explaining the Romney campaign has struggled to define what he would do as president.

"They put their emphasis on the negative side" and are not well positioned to deal with a shifting electorate, noting that the economy is better and people are more hopeful, the strategist said.

While overall unemployment stood at 8.1 percent in August, joblessness has fallen in key battleground states, which were some of the hardest hit during the recession. For instance, Ohio's unemployment rate is 7.2%, down from nearly 9 percent in August of last year.

Moreover, nearly half of the 10 states with the highest foreclosure rates are battlegrounds, including Florida, Ohio, Michigan and Nevada. But the housing market is some of them is beginning to stabilize.

Jobless claims fell to lowest level since July

The Obama campaign outspent Romney in several battlegrounds in an effort to define the GOP nominee, former House Speaker and Republican presidential candidate Newt Gingrich said on CNN's "The Situation Room" on Wednesday.

And Romney's counterattacks haven't been effective.

"The Romney campaign is yet to find a thematic way of explaining itself and laying out in a clear crisp way the difference between Romney and Obama," Gingrich said. "And I think that frankly is a problem."

The Romney campaign has used an "overly methodical model where they go out and keep saying the same thing" instead of using the successes of Republican governors in battleground states like Ohio and Florida as examples of how his similar policy proposals could work on a national scale, Gingrich added.

Romney spent Wednesday in Ohio in an attempt to help turn things around. And he's campaigning on Thursday in Virginia, another key state where polls show he trails Obama.

"I know what it takes to get this economy going again. I care about the people of America," Romney said outside Columbus. "And the difference between me and President Obama is I know what to do and I will do what it takes to get this economy going."

Romney said his "heart aches" for families who are struggling.

That may be what he feels, but folks in Ohio are having a hard time believing it, said William Angel, a political science professor Ohio State University.

In a manufacturing state where union roots run deep, Romney's opposition to the auto bailout in 2009 rankles many while class differences could be an issue in southern Ohio where many people make their living as coal miners, Angel said.

"That 47 percent comment hasn't helped him," Angel said of Romney's controversial fundraiser comments about Obama supporters. "Ohio is pretty working class. It really cut against a lot of folks."

Sen. Rand Paul, a Tea Party favorite from neighboring Kentucky, joined Romney on the trail on Tuesday, taking his trademark populist message to the very groups the GOP nominee is counting on to help turn the tide of the election.

But CNN contributor Alex Castellanos, a Republican consultant who worked on Romney's 2008 presidential campaign, says Romney rallies aren't effective because he's preaching to the base.

"For months, I have publicly urged team Romney to go to Washington and campaign in the belly of the beast," Castellanos wrote in a column on Thursday. "Go to the center of Barack Obama's government-centered society. Tear down the columns in government's temples."

It will take more than winning over voters in Republican strongholds to give Romney the boost needed in the final leg of the campaign.

"One of the things has been discussed some is that there was a strategic decision that simply being an alternative to Obama would suffice to get the 50 plus one," said another Republican strategist who has also worked closely with GOP presidential campaigns. "He's run as a biographical candidate. The problem when you run as a biographical candidate is the other side can poke holes."

The Obama campaign spent the better part of this summer trying to define Romney by undercutting his narrative. Romney was characterized as an aloof executive whose private equity business at Bain Capital in Boston profited on deals that threw people out of work or sent jobs overseas, a tactic which some polls suggest worked in key areas of the country.

Out of context out of bounds? Not in 2012

"We saw Pennsylvania move during the early summer. It was associated with that first set of ads that Obama ran emphasizing Bain and outsourcing," said David Lowry, director of the Center for American Political Responsiveness at Pennsylvania State University. "Those really resonated. It's a very blue collar-state."

Some Republican strategists see the upcoming economic-themed debate as an opportunity for Romney to recover.

"The Romney campaign tactically probably wanted to have a race that was perceived as closer going into those debates," said a GOP strategist. "The debates provide an opportunity. ... They're not really equal until they stand next to each other in a debate."

Others feel it's more important that Romney perform at least solidly in the debate but work harder on the campaign trail to gain momentum. "The most fundamental thing he needs to do is define the race," said another strategist. "They have to reestablish the messaging inside the campaign."

However, political experts see Romney's debate performance as a pivotal moment.

"He needs a game-changer in the first debate. He has one good shot to change things and that's the debate," said CNN senior political analyst David Gergen, who said Romney has to prevail with his deficit in polls growing.

"To lose the debate at who is better at creating jobs and handling the economy is a serious indictment of his campaign. It's make or break time," Gergen said.

CNN's Kevin Liptak contributed to this report

Israeli Foreign Ministry Calls for More Sanctions on Iran - New York Times

Posted: 27 Sep 2012 09:22 AM PDT

JERUSALEM — An internal report prepared by Israel's Foreign Ministry calls for an additional round of international sanctions against Iran, an Israeli official confirmed on Thursday, in what appeared to be a rare Israeli acknowledgment that there might still be time to try to stop the Iranian nuclear program by means other than military action.

Details of the report were leaked to Haaretz and were published on Thursday morning as the prime minister of Israel, Benjamin Netanyahu, was on his way to New York to address the United Nations General Assembly. An Israeli official who is familiar with the report, but was not authorized to speak about it to it publicly, confirmed the points that appeared in Haaretz.

The Foreign Ministry report states that the international sanctions already imposed on Iran are having a deep effect on the country's economy, according to the official, and may, according to some assessments, also be affecting the stability of the Iranian government. But the sanctions have not yet persuaded the government in Tehran to suspend its nuclear drive. Therefore, the report concludes that "another round of sanctions is needed," the official said.

The question of how to deal with Iran's nuclear drive has become an acute source of tension between Mr. Netanyahu and the Obama administration. Israel views a nuclear Iran as an existential threat. Mr. Netanyahu has argued that sanctions have not worked and that time is running out to stop Iran from achieving a nuclear military capability.

President Obama opposes military action at this point, saying that there is still "time and space" to resolve the issue through diplomacy and pledging that the United States will do what it must to prevent Iran from obtaining a nuclear weapon. Iran insists that its nuclear program is for purely civilian purposes.

Mr. Obama has also rejected Mr. Netanyahu's demands to set clear "red lines" for Iran.

But there appears to be an effort by Israeli officials to smooth relations with Washington and lower the tone of the public argument.

"I think that this whole matter of red lines should be made, but not publicly," Israel's deputy foreign minister, Danny Ayalon, told Israel Radio on Thursday. "And I think that at the moment, the talks between us and the Americans, which are excellent, are precisely about this."

Mr. Ayalon added: "We are constantly coming closer in our positions, and this is because, among other reasons, Iranian activity continues without a break. And the more the Iranians defy the entire world, this coming closer will ultimately reach a point that we are united in our positions."

The timing of the leak to Haaretz raised questions among Israelis. It was unclear whether the Foreign Ministry, led by Avigdor Lieberman, was sending a pointed message of its own to counter the usually belligerent tone of Mr. Netanyahu, or whether the leak was coordinated with the prime minister and intended to send a more conciliatory message from Israel to Washington.

Mr. Netanyahu called for economic sanctions against Iran to be intensified at a meeting with the Italian foreign minister earlier this month.

Citing an Israeli Foreign Ministry official, Haaretz said Iran had suffered a 50 percent decline in its oil exports as a result of sanctions by the European Union and other countries, including the United States, Canada, Australia, Japan and South Korea. As a result, the country's oil revenues have declined by $40 billion since the beginning the year, it said.

Sanctions on the Iranian central bank have hampered the government's access to its foreign currency reserves and prices of basic necessities have risen sharply, it added. Haaretz said the internal Israeli report was based partly on assessments provided by countries that maintain embassies in Tehran.

But at the same time on Thursday, Israel's defense minister, Ehud Barak, underlined Israel's readiness to act militarily if faced with no alternative, and reiterated the Israeli doctrine of self-reliance when it comes to national security.

Speaking at a memorial ceremony for the soldiers who fell in the 1973 Yom Kippur war, Mr. Barak said the clear message to be learned on this anniversary was "not to be captivated by false hopes, aspirations or wishes."

"In the ultimate test, we can rely only on ourselves," he said.

Mr. Barak added that it was the government's responsibility to do everything possible to "break the circle of hostility" without resorting to war, but that if left with no choice, Israel was ready to fight any battle demanded of it "even at a painful price."

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Rabu, 26 September 2012

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KL shares rebound in early trade

Posted: 26 Sep 2012 06:43 PM PDT

KUALA LUMPUR: Share prices on Bursa Malaysia rebounded to open higher, lifted by gains in most heavyweight stocks, dealers said.
As at 9.15 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.39 points better at 1,623.69 after opening 1.8 points higher at 1,621.1.

HwangDBS Vickers Research said against a weak external backdrop, Malaysian equities may remain under pressure today.

"On the chart, the key FBM KLCI could be swinging sideways with a marginal negative bias as the benchmark index may find immediate support at the 1,600 psychological mark," it said in a research note.

On Wall Street, investors' sentiment was hit by growing worries that there was still no solution in sight for the ongoing euro zone financial crisis.


"This led US equity indices to slip between 0.6 per cent and 0.8 per cent at the closing bell last night," it added.

The Finance Index surged 24.43 points to 14,4466.6, the Plantation Index fell 3.42 points to 8,239.33 and the Industrial Index rose 1.87 points to 2,793.

The FBM Emas Index added 27.34 points to 11,015.07, the FBM Mid 70 Index improved 22.27 points to 11,810.08 and the FBM Ace earned 1.97 points to 4,280.39.

Gainer led losers 101 to 75 while 140 counters were unchanged, 1,323 untraded and 25 others were suspended.

Turnover stood at 47.59 million shares worth RM28.51 million.
Actives, Harvest Court advanced one sen to 38.5, Astral Supreme earned half-a-sen to 29 sen, Key West Global shed two sen to 2.5 sen and Inix Technologies eased half-a-sen to 15 sen.

Heavyweights, Maybank added four sen to RM8.99, Axiata Group rose two sen to RM6.36 while Sime Darby and CIMB were both flat at RM9.79 and RM7.38, respectively. -- BERNAMA

US stocks slip on eurozone turmoil

Posted: 26 Sep 2012 04:48 PM PDT

NEW YORK: US stocks sank on Wednesday following the paths of markets in Asia and Europe amid a rise in turmoil in the eurozone.

Losses were broad-based, with most tech leaders and Dow blue chips losing ground.

At the end of trade, the Dow Jones Industrial Average was down 44.04 points (0.33 percent) at 13,413.51.

The S&P 500 lost 8.27 points (0.57 percent) at 1,433.32, while the Nasdaq Composite shed 24.03 points (0.77 percent) at 3,093.70.

"European markets were mostly lower coming into the open this morning, and that certainly put downward pressure on our markets," said Joe Bell of Schaeffer's Investment Research.

"Some malevolent forces are rearing their ugly head again," said Patrick O'Hare at Briefing.com.

"In particular, worries about the eurozone are front and centre as protests over austerity measures flare up in Spain and Greece. Meanwhile, the US equity market seems to be recoiling at the thought that central bank support might not be the saving grace many had hoped it would be."

Among large-cap shares, Bank of America slipped 1.2 percent, American Express 1.7 percent, Apple 0.9 percent and Oracle 1.9 percent.

Struggling Hewlett-Packard bucked the trend and added 2.4 percent after losing ground for a week.

BlackBerry maker Research in Motion surged 6.1 percent after saying it had added two million new subscribers since June, holding on in its fight against rival smartphone makers.

Yahoo! fell 0.4 percent to US$15.68 a day after new chief executive Marissa Mayer spelled out the company's mission to staff and announced a new chief financial officer.

Troubled electronics chain RadioShack gained 1.6 percent a day after the company sacked its chief executive and launched a search for a new leader.

Electric sports car maker Tesla fell 0.4 percent after its revelation on Tuesday of being well behind on its production schedule. -- AFP

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THE RACE: Obama, Romney blast replacement NFL refs - The Associated Press

Posted: 26 Sep 2012 08:56 AM PDT

THE RACE: Obama, Romney blast replacement NFL refs

President Barack Obama and Republican Mitt Romney are crisscrossing Ohio's prime swing-state turf with opposing views on almost everything under the sun. But they seem to agree on throwing a penalty flag on a shared gripe: those unpredictable replacement NFL referees.

And they're sure to find bipartisan agreement from hordes of voters.

"NFL fans on both sides of the aisle hope the refs' lockout is settled soon. -bo," Obama tweeted.

Romney echoed the sentiment. "I'd sure like to see some experienced referees with NFL experience come back," he said.

Both were referring to the use of replacement referees by the National Football League during its lock-out of regular officials since June.

Frustration simmering throughout the league and among fans for weeks exploded when a mistake by a replacement official decided the outcome of a televised Monday night football game between the Green Bay Packers and Seattle Seahawks — in the Seahawks' favor.

A last-second pile-up in the end zone was ruled a touchdown for the Seahawks, even though Packers players, their fans and much of the football-watching public saw a clear-cut interception by Green Bay.

Among the irate Packers fans was Wisconsin Rep. Paul Ryan, the Republican vice presidential nominee. "I mean give me a break," Ryan said while campaigning in Cincinnati. He called the ruling "really troubling" and cracked that "I half-think these refs work part-time for the Obama administration in the Budget Office."

With polls showing an Obama edge in Ohio, both presidential candidates were busy there on Wednesday.

During a bus-tour stop in Westerville, Romney predicted that the $16 trillion national debt would swell to almost $20 trillion if Obama wins. It was Romney's 10th visit to Ohio since clinching his party's nomination in May. Obama, on his 13th visit this year, had events in Bowling Green and Kent.

Follow Tom Raum on Twitter: http://www.twitter.com/tomraum. For more AP political coverage, look for the 2012 Presidential Race in AP Mobile's Big Stories section. Also follow https://twitter.com/APcampaign and AP journalists covering the campaign: https://twitter.com/AP/ap-campaign-2012

Iranian president accuses West of intimidation in UN address - CNN

Posted: 26 Sep 2012 09:08 AM PDT

Mahmoud Ahmadinejad, president of Iran, takes a seat with his delegation during the 67th session of the United Nations General Assembly on Wednesday, September 26, in New York. The event gathers more than 100 heads of state and government for high-level meetings on nuclear safety, regional conflicts, health and nutrition, and environment issues.Mahmoud Ahmadinejad, president of Iran, takes a seat with his delegation during the 67th session of the United Nations General Assembly on Wednesday, September 26, in New York. The event gathers more than 100 heads of state and government for high-level meetings on nuclear safety, regional conflicts, health and nutrition, and environment issues.
President of the Republic of Liberia Ellen Johnson-Sirleaf sits after addressing world leaders on Wednesday.President of the Republic of Liberia Ellen Johnson-Sirleaf sits after addressing world leaders on Wednesday.
French President Francois Hollande, left, and his Egyptian counterpart, Mohamed Morsy, talk during a bilateral meeting on Tuesday, September 25.French President Francois Hollande, left, and his Egyptian counterpart, Mohamed Morsy, talk during a bilateral meeting on Tuesday, September 25.
Sheikh Hamad bin Khalifa Al Thani, emir of Qatar, arrives to address the U.N. General Assembly on Tuesday.Sheikh Hamad bin Khalifa Al Thani, emir of Qatar, arrives to address the U.N. General Assembly on Tuesday.
Brazilian President Dilma Vana Rousseff delivers her address to the General Assembly on Tuesday.Brazilian President Dilma Vana Rousseff delivers her address to the General Assembly on Tuesday.
The president of Libya's parliament, Mohamed al-Magariaf, attends Tuesday's speeches.The president of Libya's parliament, Mohamed al-Magariaf, attends Tuesday's speeches.
United Nations Secretary-General Ban Ki-moon, standing, makes a toast during a luncheon on Tuesday as U.S. Secretary of State Hillary Clinton, left, looks on. United Nations Secretary-General Ban Ki-moon, standing, makes a toast during a luncheon on Tuesday as U.S. Secretary of State Hillary Clinton, left, looks on.
Indonesia's President Susilo Bambang Yudhoyono waits to address the General Assembly on Tuesday.Indonesia's President Susilo Bambang Yudhoyono waits to address the General Assembly on Tuesday.
U.S. President Barack Obama addresses the United Nations General Assembly on Tuesday, September 25, in New York. U.S. President Barack Obama addresses the United Nations General Assembly on Tuesday, September 25, in New York.
Obama speaks at the assembly on Tuesday.Obama speaks at the assembly on Tuesday.
U.S. first lady Michelle Obama, center, listens to her husband speak on Tuesday.U.S. first lady Michelle Obama, center, listens to her husband speak on Tuesday.
Afghan President Hamid Karzai attends Tuesday's speeches.Afghan President Hamid Karzai attends Tuesday's speeches.
U.N. General Secretary Ban Ki-moon, second left, arrives on Tuesday.U.N. General Secretary Ban Ki-moon, second left, arrives on Tuesday.
Afghan President Hamid Karzai, center, arrives on Tuesday.Afghan President Hamid Karzai, center, arrives on Tuesday.
Palestinian Authority President Mahmoud Abbas, center, arrives at the United Nations on Tuesday.Palestinian Authority President Mahmoud Abbas, center, arrives at the United Nations on Tuesday.
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World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
World leaders at the U.N. General Assembly
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Felda Global gets 'market perform' call

Posted: 25 Sep 2012 06:41 PM PDT

RHB Research initiated coverage of Felda Global Ventures Holdings Bhd with a "market perform" rating and target price of RM5, a small premium to the stock's last closing price of RM4.88.

"We initiate coverage on Felda with this recommendation due to its relatively sober earnings growth and our downward projections for crude palm oil (CPO) prices, and similarly unexciting valuations," RHB Research said on Wednesday.

RHB projects a three-year compound annual growth rate (CAGR) of 4.9 percent for Felda. It expects 1.3 percent growth for the current year and 6.4 percent to 7.1 percent for the next two years. It adds that Felda's disposal of non-core and non-performing assets, which are weighing earnings down, may be the catalyst for a rerating.

Felda has been on a downward trend since its debut on the local bourse late July, last closing 10 percent lower than its initial offer price. The company's US$3.1 billion initial public offering was the biggest in Asia this year.

Felda shares were trading 0.21 percent lower at RM4.83. -- REUTERS

Ho Wah surges on RM800m contracts

Posted: 25 Sep 2012 07:18 PM PDT

Shares in Ho Wah Genting Bhd climbed as much as 4.64 percent to RM0.34 on Wednesday after one of its units won RM800 million (US$260.50 million) contracts from two Japanese firms.

Ho Wah said on Tuesday MyLed Opto Tech Sdn Bhd, a light emitting diode (LED) maker in which it owns 51 percent, secured the contracts from Japan's Kirutorisu Tech and Atotis Co Ltd, marking the company's venture into the Japanese vending machine market. -- Reuters

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