Jumaat, 28 Disember 2012

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US stocks fall for 5th straight day

Posted: 28 Dec 2012 06:21 PM PST

NEW YORK: Stocks fell for a fifth straight day on Friday, dropping 1 percent and marking the S&P 500's longest losing streak in three months as the federal government edged closer to the "fiscal cliff" with no solution in sight.

President Barack Obama and top congressional leaders met at the White House to work on a solution for the draconian debt-reduction measures set to take effect beginning next week.

Stocks, which have been influenced by little else than the flood of fiscal cliff headlines from Washington in recent days, extended losses going into the close with the Dow Jones industrial average and the S&P 500 each losing 1 percent, after reports that Obama would not offer a new plan to Republicans. The Dow closed below 13,000 for the first time since December 4.

"I was stunned Obama didn't have another plan, and that's absolutely why we sold off," said Mike Shea, managing partner at Direct Access Partners LLC in New York. "He's going to force the House to come to him with something different. I think that's a surprise. The entire market is disappointed in a lack of leadership in Washington."

The Dow Jones industrial average dropped 158.20 points, or 1.21 percent, to 12,938.11 at the close. The Standard & Poor's 500 Index lost 15.67 points, or 1.11 percent, to 1,402.43. The Nasdaq Composite Index fell 25.59 points, or 0.86 percent, to end at 2,960.31. -- Reuters
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Obama, Lawmakers Set for Fiscal-Cliff Meeting - Wall Street Journal

Posted: 28 Dec 2012 08:25 AM PST

Article Excerpt

WASHINGTON—Congressional leaders and the White House prepared for a Friday afternoon meeting, a last-ditch negotiation that could signal whether Washington is able to avert the tax increases and spending cuts known as the fiscal cliff.

"This afternoon's meeting, I think, is a first chance to put the four leaders in the room and see if there's any way to avoid this," Sen. Dick Durbin (D, Ill.), the No. 2 Senate Democrat, told The Wall Street Journal after speaking on the Senate floor.

Sen. Chuck Schumer (D, N.Y.) said Friday on "The Today Show" that "I'm getting a little more optimistic ...

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Gen. Norman Schwarzkopf, coalition forces leader during Persian Gulf War, dies - Fox News

Posted: 28 Dec 2012 08:02 AM PST

Americans mourned a military legend after retired Gen. H. Norman Schwarzkopf died Thursday at age 78, leaving behind a legacy that most famously included driving Saddam Hussein's forces out of Kuwait. 

Schwarzkopf died, in Tampa, from complications from pneumonia. He was remembered not only for his impressive military record, but his intelligence, his modesty and his warmth and dedication to fellow servicemembers. 

"His epitaph should read that he was a soldier who loved solders," retired Gen. Bob Scales, who knew the late general, told Fox News. 

Nicknamed "Stormin' Norman," Schwarzkopf went on after he retired to support various national causes and children's charities while eschewing the spotlight and resisting efforts to draft him to run for political office. 

He lived out a quiet retirement in Tampa, where he'd served his last military assignment and where an elementary school bearing his name is testament to his standing in the community. 

Schwarzkopf capped an illustrious military career by commanding the U.S.-led international coalition that drove Hussein's forces out of Kuwait in 1991 -- but he'd managed to keep a low profile in the public debate over the second Gulf War against Iraq, saying at one point that he doubted victory would be as easy as the White House and the Pentagon predicted. 

Former President H.W. Bush, who has been in an intensive care unit in Texas, called the general a "distinguished member of that Long Gray Line hailing from West Point."   

"General Norm Schwarzkopf, to me, epitomized the 'duty, service, country' creed that has defended our freedom and seen this great Nation through our most trying international crises. More than that, he was a good and decent man -- and a dear friend," Bush said. 

President Obama described Schwarzkopf as an "American original." 

"From his decorated service in Vietnam to the historic liberation of Kuwait and his leadership of United States Central Command, General Schwarzkopf stood tall for the country and Army he loved," Obama said in a statement.   

Schwarzkopf was named commander in chief of U.S. Central Command at Tampa's MacDill Air Force Base in 1988, overseeing the headquarters for U.S. military and security concerns in nearly two dozen countries stretching across the Middle East to Afghanistan and the rest of central Asia, plus Pakistan. 

When Saddam invaded Kuwait two years later to punish it for allegedly stealing Iraqi oil reserves, Schwarzkopf commanded Operation Desert Storm, the coalition of some 30 countries organized by President George H.W. Bush that succeeded in driving the Iraqis out. 

At the peak of his postwar national celebrity, Schwarzkopf -- a self-proclaimed political independent -- rejected suggestions that he run for office, and remained far more private than other generals, although he did serve briefly as a military commentator for NBC. 

While focused primarily on charitable enterprises in his later years, he campaigned for President George W. Bush in 2000, but was ambivalent about the 2003 invasion of Iraq. In early 2003 he told The Washington Post that the outcome was an unknown: "What is postwar Iraq going to look like, with the Kurds and the Sunnis and the Shiites? That's a huge question, to my mind. It really should be part of the overall campaign plan." 

Initially Schwarzkopf had endorsed the invasion, saying he was convinced that Secretary of State Colin Powell had given the United Nations powerful evidence of Iraqi weapons of mass destruction. After that proved false, he said decisions to go to war should depend on what U.N. weapons inspectors found. 

He seldom spoke up during the conflict, but in late 2004 he sharply criticized Defense Secretary Donald H. Rumsfeld and the Pentagon for mistakes that included erroneous judgments about Iraq and inadequate training for Army reservists sent there. 

"In the final analysis I think we are behind schedule. ... I don't think we counted on it turning into jihad (holy war)," he said in an NBC interview. 

Schwarzkopf was born Aug. 24, 1934, in Trenton, N.J., where his father, Col. H. Norman Schwarzkopf Jr., founder and commander of the New Jersey State Police, was then leading the investigation of the Lindbergh kidnap case. That investigation ended with the arrest and 1936 execution of German-born carpenter Richard Hauptmann for murdering famed aviator Charles Lindbergh's infant son. 

The elder Schwarzkopf was named Herbert, but when the son was asked what his "H" stood for, he would reply, "H."
As a teenager Norman accompanied his father to Iran, where the elder Schwarzkopf trained the Iran's national police force and was an adviser to Reza Pahlavi, the young Shah of Iran. 

Young Norman studied there and in Switzerland, Germany and Italy, then followed in his father's footsteps to West Point, graduating in 1956 with an engineering degree. After stints in the U.S. and abroad, he earned a master's degree in engineering at the University of Southern California and later taught missile engineering at West Point. 

In 1966 he volunteered for Vietnam and served two tours, first as a U.S. adviser to South Vietnamese paratroops and later as a battalion commander in the U.S. Army's Americal Division. He earned three Silver Stars for valor -- including one for saving troops from a minefield -- plus a Bronze Star, a Purple Heart and three Distinguished Service Medals. 

While many career officers left military service embittered by Vietnam, Schwarzkopf was among those who opted to stay and help rebuild the tattered Army into a potent, modernized all-volunteer force. 

After Saddam invaded Kuwait in August 1990, Schwarzkopf played a key diplomatic role by helping persuade Saudi Arabia's King Fahd to allow U.S. and other foreign troops to deploy on Saudi territory as a staging area for the war to come. 

On Jan. 17, 1991, a five-month buildup called Desert Shield became Operation Desert Storm as allied aircraft attacked Iraqi bases and Baghdad government facilities. The six-week aerial campaign climaxed with a massive ground offensive on Feb. 24-28, routing the Iraqis from Kuwait in 100 hours before U.S. officials called a halt. 

Schwarzkopf said afterward he agreed with Bush's decision to stop the war rather than drive to Baghdad to capture Saddam, as his mission had been only to oust the Iraqis from Kuwait. 

But in a desert tent meeting with vanquished Iraqi generals, he allowed a key concession on Iraq's use of helicopters, which later backfired by enabling Saddam to crack down more easily on rebellious Shiites and Kurds. 

After retiring from the Army in 1992, Schwarzkopf wrote a best-selling autobiography, "It Doesn't Take A Hero." He was knighted by Queen Elizabeth II and honored with decorations from France, Britain, Belgium, Kuwait, Saudi Arabia, the United Arab Emirates, Qatar and Bahrain. 

Schwarzkopf was a national spokesman for prostate cancer awareness and for Recovery of the Grizzly Bear, served on the Nature Conservancy board of governors and was active in various charities for chronically ill children. 

Schwarzkopf and his wife, Brenda, had three children: Cynthia, Jessica and Christian. 

The Associated Press contributed to this report.

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Khamis, 27 Disember 2012

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US stocks dip as fiscal cliff deadline nears

Posted: 27 Dec 2012 03:23 PM PST

NEW YORK: US stocks dipped Thursday in the absence of a deal to avert a "fiscal cliff" crisis as an end-of-year deadline crept closer.

The Dow Jones Industrial Average finished the session down 18.28 points (0.14 percent) at 13,096.31.

The broad-market S&P 500 slipped 1.73 points (0.12 percent) at 1,418.10 while the tech-rich Nasdaq Composite shed 4.25 points (0.14 percent) at 2,985.91.

Washington has until the end of the month to reach a compromise on how to avert a crisis that could lead to steep tax hikes and stringent budget cuts. But with the clock ticking, a deal has yet to take shape.

Experts say a fall over the so-called "fiscal cliff" could take the world's biggest economy back into recession.

Still, markets appeared to be bolstered by word that the House of Representatives would reconvene on Sunday, raising hopes of an 11th-hour compromise.

President Barack Obama cut short his family Christmas break in Hawaii and returned to the capital, and the Senate was also in session Thursday.

"News that the House will reconvene for a session Sunday night propelled stocks to end well off the lows of the day, erasing an earlier double-digit loss on the Dow that came courtesy of discouraging remarks from Senator Harry Reid and a fall in Consumer Confidence," said analysts with Charles Schwab & Co.

Traders were also digesting a sharp drop in consumer confidence in December, traditionally a key driver of the US economy.

In its monthly survey, the Conference Board said the index now stands at 65.1, compared to the downwardly revised 71.5 in November.

Stocks in focus included US auto giant Ford, which said Thursday it would invest $773 million to expand factories across its home state of Michigan, generating 2,350 new jobs, part of a plan to add 12,000 jobs by 2015. It fell 0.23 percent.

Microsoft edged 0.4 percent higher after announcing it would open six new stores in the United States in 2013.

US-listed shares of Toyota Motor Corporation climbed 2.4 percent. The Japanese automaker said Wednesday that it had agreed to pay about US$1.1 billion to settle a class action lawsuit launched by US vehicle owners affected by a series of mass recalls.

Marvell Technology Group dropped 3.5 percent after a jury on Wednesday hit it with a billion-dollar verdict, ruling that the US chip maker "willfully" infringed on patents held by Carnegie Mellon University. -- AFP

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Reid Says a Deal Is Unlikely Before the Fiscal Deadline - New York Times

Posted: 27 Dec 2012 08:57 AM PST

WASHINGTON — Senator Harry Reid of Nevada, the majority leader, warned Thursday morning that there was scant time to put together a Congressional deal to avert the impending fiscal crisis and that no resolution was in sight.

"I have to be very honest," Mr. Reid said as the Senate convened Thursday in an usual session between Christmas and New Year's Day. "I don't know time-wise how it can happen now."

Mr. Reid offered his pessimistic assessment shortly before President Obama, cutting his vacation short, arrived back in Washington on Air Force One. White House officials said that before leaving Hawaii, Mr. Obama had spoken separately by phone with each of the four Congressional leaders about the status of negotiations, but they gave no details of the discussion.

On the Senate floor, Mr. Reid excoriated House Republicans for failing to consider a Senate-passed measure that would extend lower tax rates on household income up to $250,000. He urged House members, who remained away from Washington, to return to the Capitol to put together at least a modest deal to avoid the more than a half-trillion dollars in automatic tax increases and spending cuts set to begin in January.

"The American people are waiting for the ball to drop," Mr. Reid said, "but it's not going to be a good drop."

House Republicans planned a midafternoon conference call among members to discuss, among other things, their possible return this weekend; members were told they would be given 48 hours notice before any impending return. Republican Senators were also planning to convene at the Capitol — normally somnolent during Christmas week — to strategize.

A spokesman for Senator Mitch McConnell, Republican of Kentucky, confirmed that he had spoken with the president, and said that Mr. McConnell was "happy to review what the president has in mind." But the spokesman, Don Stewart, said Senate Democrats had not come ahead with a plan.

"When they do, members on both sides of the aisle will review the legislation and make decisions on how best to proceed," Mr. Stewart said.

Mr. Reid said that absent a move from Republicans, the Senate would move forward this week on the national security measure concerning espionage, as well as a bill to help states that have suffered hurricane damage, with multiple votes possible.

"We are here in Washington working," Mr. Reid said. "While the members of the House of Representatives are out watching movies and watching their kids play soccer and basketball and doing all kinds of things. They should be here."

Senators, frustrated, pessimistic and in some cases downright miserable, returned to Washington with no clear fiscal agenda. Senator Ben Nelson, a retiring Democrat of Nebraska, arrived shortly after midnight on Thursday on a flight that was delayed more than four hours. As he walked through the airport, he lamented the deteriorating political comity that he has observed during two terms in the Senate and two terms as a Democratic governor of a conservative state.

"There are folks who are elected who have come here with an agenda to do nothing and want to stop everything," Mr. Nelson said in an interview. "It may be the new norm – blocking everything."

For Mr. Nelson, who decided against seeking a third term, the looming fiscal crisis would be the final legislative act of a political career built around a bipartisan voting record. He said he was not confident that a real deal could be reached that would be acceptable to both sides, considering that Congress is filled with many people "who didn't accept the 2008 presidential election and haven't accepted the 2012 election either."

Jeff Zeleny contributed reporting.

Ex-President George HW Bush in intensive care after suffering setbacks ... - Detroit Free Press

Posted: 27 Dec 2012 08:41 AM PST

HOUSTON — Former President George H.W. Bush is being treated in the intensive care unit at a Houston hospital after suffering "a series of setbacks," including a stubborn fever, his spokesman said.

In a brief email Wednesday, Jim McGrath, Bush's spokesman in Houston, said the 88-year-old former leader had been admitted Sunday to the ICU at Methodist Hospital. McGrath said Bush, the oldest living former U.S. president, was alert and talking to medical staff.

He said doctors are cautiously optimistic about Bush's treatment and that the former president "remains in guarded condition." He said Bush was surrounded by family.

Early Thursday, McGrath told The Associated Press he had no new information on Bush's condition and that he would release another statement "when events warrant it."

Bush has been hospitalized since Nov. 23, when he was admitted for a lingering cough related to bronchitis after having been in and out of the hospital for complications related to the illness.

A fever that kept Bush in the hospital over Christmas had gotten worse and doctors had put him on a liquids-only diet Wednesday following "a series of setbacks."

"It's an elevated fever, so it's actually gone up in the last day or two," McGrath said. "It's a stubborn fever that won't go away."

But he said the cough that initially brought Bush to the hospital had improved.

Bush was visited on Christmas by his wife, Barbara, his son, Neil, and Neil's wife, Maria, and a grandson, McGrath said. Bush's daughter, Dorothy, arrived Wednesday in Houston from Bethesda, Md. The 41st president has also been visited by his sons, George W. Bush, the 43rd president, and Jeb Bush, the former governor of Florida.

He has also been visited by former Secretary of State James A. Baker III, a longtime confidant.

Bush and his wife live in Houston during the winter and spend their summers at a home in Kennebunkport, Maine.

The former president was a naval aviator in World War II — at one point the youngest in the Navy — and was shot down over the Pacific. He's skydived on at least three of his birthdays since leaving the White House in 1992.

He suffers from a form of Parkinson's disease and in recent years has used a wheelchair to get around.

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Rabu, 26 Disember 2012

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KL shares stronger in early trade

Posted: 26 Dec 2012 06:07 PM PST

KUALA LUMPUR: Share prices on Bursa Malaysia opened on a stronger footing, in early trade this morning, supported by window-dressing activities in selected heavyweights and index-linked counters, dealers said.

After 42 minutes of trading, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.21 points better at 1,674.79 compared with yesterday's close of 1,671.58.

Other regional bourses were also firmer with Japan's Nikkei 225 rising 141.25 points to 10,372.99, Hong Kong's Hang Seng surged 164.28 points to 22,705.46 and Singapore's Straits Times added 4.92 points to 3,185.73.

Meanwhile, major equity indices on Wall Street slipped between 0.2 per cent and 0.7 per cent last night.

Back on the local front, the Finance Index eased 1.14 points to 15,277.46, the Plantation Index shed 5.15 points to 8,009.56 while the Industrial Index rose 7.89 points to 2,756.63.

The FBM Emas Index was 19.051 points higher at 11,328.9, the FBMT100 increased 20.12 points to 11,192.58, the FBM Mid 70 Index jumped 15.811 points to 12,145.62 and the FBM Ace Index was up 9.43 points at 4,212.26.

Advancers led decliners 157 to 82, with 177 counters unchanged, 1,232 untraded and 30 others were suspended. Volume was thin at 123.028 million shares worth RM68.358 million.

Among actives, Tiger Synergy added half-a-sen to 33 sen, DSC Solutions was unchanged at 19 sen while GSB Group perked one sen to 9.5 sen.

Heavyweights, Maybank eased one sen to RM9.09 while CIMB and Sime Darby were both up one sen each at RM7.61 and RM9.40, respectively. -- BERNAMA

Wall Street drops in thin session

Posted: 26 Dec 2012 04:15 PM PST

NEW YORK: US stocks fell Wednesday amid uncertainty about whether a deal to avert the "fiscal cliff" could be reached by an end-of-year deadline.

The Dow Jones Industrial Average was down 24.49 points (0.19 percent) to finish the session at 13,114.59.

The broad-market S&P 500 lost 6.83 points (0.48 percent) at 1,419.83, while the tech-rich Nasdaq Composite shed 22.44 points (0.74 percent) at 2,990.16.

"Investors in the US returned to business in the midst of the omnipresent tick-tick-ticking of the fiscal cliff clock," said analysts with Charles Schwab & Co.

The White House and Congress have until the end of the month to reach a compromise on how to avert a year-end crisis that could lead to stiff tax hikes and drastic budget cuts.

Experts say a dive over the so-called "fiscal cliff" could drive the world's biggest economy back into recession.

Obama was to head back to the capital late Wednesday from a shortened family Christmas break in Hawaii, and lawmakers are also expected back in Washington on Thursday.

Stocks in focus during the midweek session included those of online video giant Netflix, which gained 0.47 percent in the wake of an outage of its online film streaming service on Christmas Eve. On Wednesday, Netflix blamed Amazon for the incident, which rents out computing power in datacenters in the Internet "cloud." Amazon dropped 3.86 percent.

US commodities and derivatives market InterContinentalExchange (ICE) and its transatlantic peer NYSE Euronext were down 0.03 percent and up 0.09 percent respectively, after at least one shareholder complaint was filed to contest their planned fusion, announced last week.

Shares of BlackBerry maker Research In Motion meanwhile soared 11.5 percent, recovering after a plunge on Friday on investor fears that its new smartphone platform will thin the ranks paying for its service.

Tech heavyweight Apple meanwhile lost 1.4 percent. -- AFP

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Holiday travelers stranded as snow and wild weather heads east - NBCNews.com

Posted: 26 Dec 2012 07:49 AM PST

The Weather Channel's David Malkoff reports from Fishers, Ind., where snow and wind are expected to increase over the next few hours, with record-breaking snow possible for much of the Midwest.

By Tracy Connor, NBC News

A Christmas storm that unleashed heavy snow and deadly winds on the nation's midsection set its sights on the eastern half of the country Wednesday, creating a post-holiday travel nightmare with hundreds of planes grounded and roads covered in ice.

As millions of Americans braced for snow, rain, ice or even more tornadoes, some 644 flights had been and hundreds more delayed, according to the travel website FlightAware.com. The airports most affected were Indianapolis, Dallas/Fort Worth, Chicago O'Hare and Washington Dulles.

"Blizzard warnings stretch for 730 continuous miles due to Winter Storm Euclid," The Weather Channel's Tom Niziol reported.

The forecast called for heavy snow from northern Ohio into northern Pennsylvania into southern New York, possibly severe thunderstorms in the Southeast Atlantic, and a tornado threat in the eastern Carolinas.

In Indianapolis, seven inches of snow fell in three hours Wednesday morning, bringing post-Christmas shopping to a halt, the Indianapolis Star reported

Stephen Canter, 44, ventured out before 8 a.m., and the roads were thick with snow when he headed back 30 minutes later.

"By the time I got home, the street was covered," he told the newspaper. "I don't remember snow like this since Valentine's Day of 2007."

Parts of New York, Ohio and Pennsylvania are also forecast to get hit with more than a foot of snow, and New England could get up to a foot.

 The blizzard warning in Ohio prompted United Airlines to cancel at least 60 percent of their flights at Cleveland Hopkins Airport beginning at noon on Wednesday, according to NBC affiliate WKYC.com.

The weather system, which started over the weekend, has already wreaked havoc, claimed at least three lives and knocked out power to tens of thousands of people.

Wind-toppled trees killed a pickup truck driver near Houston, Texas, and a 53-year-old man in north Louisiana. NBC affiliate KJRH reported that a 28-year-old woman was killed in a crash on a snowy highway near Fairview, Okla.

Witnesses report significant storm damage in Mobile, Alabama. WPMI's John Dzenitis reports.

Hundreds of flights delayed, canceled as holiday storms travel across country

Christmas Day tornadoes – the preliminary count was 34 -- battered southern states, some captured on dramatic home videos. And Little Rock, Ark., didn't just have a rare White Christmas – it had its snowiest day ever with nine inches on the ground.

After sweeping through the Midwest with blinding snow, a major winter storm brought a rare white Christmas to parts of the South and set off damaging tornadoes. The Weather Channel's Jim Cantore reports.

The storms contributed to a 21-vehicle pile-up Tuesday that shut down a major highway in Oklahoma City, as well as tens of thousands of power outages. Emergency service provider MedStar told NBCDFW.com it responded to 71 crashes in the Fort Worth area between 5 p.m. and 9:50 p.m. Tuesday evening.

As it tracked east, authorities were taking the storm seriously.

In Indianapolis, Mayor Greg Ballard ordered "non-essential" workers to stay home and off roads. Homeowners in coastal Long Island, ravaged by Superstorm Sandy in October, were told to take precautions to prevent flooding with seas expected to peak at 15 feet, NBCNewYork.com reported.

By the time it leaves the New England coast Friday, the storm will have left snow from coast to coast – and there could be another wallop coming soon.

Weather Channel meteorologist Guy Walton said a weather pattern with the potential to become winter storm Freyr is poised to enter the West Coast on Wednesday and move through the Rockies on Thursday. It could then head for the lower Mississippi Valley, the Southeast and hit the Northeast on Sunday.

Read more at weather.com

The Weather Channel's Jim Cantore and The Associated Press contributed to this report.

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Teetering on the cliff, WH, Congress gear up for new round of talks - CBS News

Posted: 26 Dec 2012 09:03 AM PST

As the nation teeters on the edge of the so-called "fiscal cliff," President Obama returns to Washington Thursday to resume negotiations with Congress over a deal to keep taxes from going up on Americans. But a cloud of uncertainty hangs over the state of play as lawmakers trickle back to Capitol Hill for a new round of talks, and voters are expressing diminishing faith in the two sides' ability to hammer out an agreement.

Mr. Obama, who spent Christmas in Hawaii with his family, announced yesterday he would be returning to Washington on an overnight flight tonight. But after ongoing negotiations fell apart last week between the president and House Speaker John Boehner, R-Ohio, it's not clear if a deal will be made before a series of tax hikes and spending cuts set to go into effect next year.

According to a new Gallup poll, voters are markedly less optimistic now than in recent weeks that the two parties will be able to hammer out a compromise before January 1. The survey, conducted between Dec. 21-22, indicates that 50 percent of Americans believe that a deal is likely, while 48 percent say it's doubtful; in the previous three weeks, a firm majority of Americans expressed confidence that a deal could be reached.

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Americans are more scared of guns than "fiscal cliff"

Congressional Republicans have indicated in recent days that they have not been in communication with Senate Majority Leader Harry Reid, D-Nev., over the makings of a possible deal, and signs indicate that Reid is crafting his own package with input from the White House.

Reid's proposal would likely be a stopgap measure extending the Bush-era tax cuts on 98 percent of incomes while letting them expire for the wealthiest Americans. It could also include enough short-term spending cuts to temporarily offset across-the-board spending cuts set to go into effect on January 1, 2013, and try to tie up some year-end loose ends by extending long-term unemployment benefits, patching the alternative minimum tax, and preventing a big scheduled drop-off in Medicare reimbursement rates to doctors at the start of the year.

For such a bill to reach the president's desk, however, Boehner would have to agree to take it up in the House -- a move that could incite further ire among the conservative wing of his party. If he did decide to bring a Democratic bill up for a vote on the House floor, 26 Republicans and all 191 Democrats would have to vote for it to move the process forward.

Many Democrats believe they have a sufficient amount of Republican support, however, and are urging Boehner to bend to their will.

"If Speaker Boehner is willing to bring to the floor of the House a bill, and just let this House work its will, Democrats and Republicans voting as their conscience determines, then I believe we can get something done," Rep. Chris Van Hollen, D-Md., told Bloomberg TV recently.

Another possibility is that Republicans allow the nation to go over the cliff, at which point the Bush-era tax cuts would expire and rates would go up on all Americans, before promptly working to pass a bill in January restoring those cuts for most of the population. That outcome could increase economic uncertainty on Wall Street but would allow congressional Republicans to uphold their commitment to not raising tax rates.

"I'm not sure if either side is watching very carefully, and listening to what the American people think," said Republican strategist and pollster Frank Luntz in an interview today with "CBS This Morning." "When we asked the American people, Who is the GOP fighting for and representing? The number one answer, the rich. The number two answer, big business. Well, well back is number three, hard-working taxpayers. By the republicans fighting this tax increase on the most wealthy Americans, the public looks at that and says once again the GOP is standing up for the rich."

The Democrats, Luntz argued, have been equally tone deaf.

"What the Democrats don't understand is that the hostility towards how much Washington spends, that this whole discussion over the last six weeks has been about raising taxes on the wealthy rather than cutting wasteful Washington spending," he said.

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Selasa, 25 Disember 2012

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KL shares opened slightly easier

Posted: 25 Dec 2012 06:58 PM PST

Share prices on Bursa Malaysia opened slightly easier, in early trading, on mild profit taking activities in selected heavyweights and index-linked counters, dealers said.

After 40 minutes of trading, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.26 points to 1,667.14 compared with Monday's close of 1,669.4.

The local bourse was closed yesterday for the Christmas break.

HwangDBS Vickers Research said trading would be quiet today following the absence of visible market leads.

"With some investors still away on holiday, the benchmark index may back off from its immediate resistance barrier of 1,670 amid thin buying interest," it said in a note.

Meanwhile, major equity indices on Wall Street lost ground, slipping between 0.2 per cent and 0.4 per cent, during the half-day trading day on Christmas Eve due to slow progress in budget negotiations.

The research house said that essentially, US lawmakers were facing a year-end deadline to avert the effects of fiscal cliff.

Back on the local front, the Finance Index declined 36.91 points to 15,216.05, the Industrial Index edged down 0.02 of a point to 2,743.72 and the Plantation Index slipped 9.09 points to 8,010.57.

The FBM Emas Index was 9.75 points lower at 11,286.31, the FBMT100 dropped 10.67 points to 11,148.18 while the FBM Mid 70 Index rose 8.85 points to 12,128.33 and the FBM Ace Index was up 11.11 points at 4,196.93.

Advancers led decliners 119 to 102, with 154 counters unchanged, 1,274 untraded and 26 others were suspended.

Volume stood at 94.232 million shares worth RM47.369 million.

Among actives, Asia Media Group shed 2.5 sen to 21 sen but Permaju Industries added 4.5 sen to 41.5 sen while Sino Hua-An rose two sen to 15.5 sen.

Heavyweights, Maybank eased one sen to RM9.06, CIMB lost seven sen to RM7.57 while Sime Darby and Axiata were both unchanged at RM9.39 and RM6.62, respectively. Bernama

Ringgit opens lower against US dollar

Posted: 25 Dec 2012 06:59 PM PST

The ringgit was lower against the greenback, in early trade, on lack of commercial demand for the local unit, dealers said.

At 9 am, the ringgit was traded at 3.0675/0705 against the greenback from 3.0630/0660 on Monday.

The local market was closed yesterday for the Christmas holiday.

However, the ringgit was mostly higher against other major currencies.

It rose against the Singapore dollar to 2.5074/5117 from 2.5100/5127 and was marginally higher against the yen at 3.5999/6043 from 3.6279/6323 on Monday.

The domestic note appreciated against the British pound to 4.9473/9536 from 4.9590/9651 and was up against the euro at 4.0436/0481 from 4.0484/0533, on Monday. Bernama

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