Rabu, 16 Januari 2013

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Kenanga initiates Hai-O with 'outperform'

Posted: 16 Jan 2013 07:04 PM PST

Kenanga Research initiated coverage of multi-level marketing firm Hai-O Enterprise Berhad with an "outperform" call, citing the company's strong business prospects.

"We like Hai-O for its strong multi-level marketing business growth that will see it making a substantial growth in earnings," Kenanga said in a research note on Thursday.

Hai-O has a decent dividend yield and has been constantly liquid with a net cash position while its capital expenditure and advertising costs are low, it added.

Kenanga set a target price of RM2.90 per share for the stock. At 1013 (0213 GMT) Hai-O was down RM0.01 at RM2.48 while the benchmark composite index was down 0.02 points at 1682.62. -- Reuters

KL shares open higher

Posted: 16 Jan 2013 06:45 PM PST

Share prices on Bursa Malaysia recovered to open higher, from yesterday's losses, in tandem with gains in regional bourses, dealers said.

At 9.20 am, The FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.25 points better at 1,685.20 after opening 3.26 points higher at 1,686.21.

Elsewhere, US stocks were flat with sentiment remaining cautious in view of the soft global economic outlook while in Japan, shares recovered from yesterday's declines.

On the local front, the Finance Index gained 34.36 points to 15,433.4 and the Industrial Index perked 2.28 points to 2,811.24.

The Plantation Index rose 10.62 points to 8,101.57, FBM Emas Index increased 17.25 points to 11,462.51, FBMT100 added 16.74 points to 11,304.91, the FBM Mid 70 Index gained 26.01 points to 12,461.74 but the FBM Ace Index declined 7.94 points to 4,284.02.

Gainers led losers 139 to 80, while 167 counters were unchanged, 1,270 untraded and 23 others were suspended. Volume stood at 193.4 million shares worth RM79.2 million.

Actives, Patimas Computers was unchanged at 18 sen, Scomi Group gained one sen to 37 sen, Karambunai Corp was unchanged at 12.5 sen and D.B.E Gurney Resources rose half-a-sen to nine sen.

Maybank rose four sen to RM9.08, Sime Darby slipped two sen to RM9.57, CIMB Group declined one sen to RM7.65 and Axiata Group increased two sen to RM6.68. -- Bernama

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Obama calls for sweeping new gun laws - CBS News

Posted: 16 Jan 2013 09:33 AM PST

Updated: 12:24 p.m. ET

Setting the stage for what could be the most sweeping political battle over gun control in decades, President Obama today laid out a comprehensive package for reducing gun violence in America, a multi-part plan he says will not only "help prevent mass shootings" but also "reduce the broader epidemic of gun violence in this country."

Speaking to an audience that included family members of those killed a month ago in the shootings at Sandy Hook Elementary School, as well as children who wrote to Mr. Obama in the wake of recent episodes of mass violence, the president acknowledged the difficulties of pursuing stricter legislation on gun laws, but argued that he would use "whatever weight this office holds" to achieve his goals.

"Because while there is no law or set of laws that can prevent every senseless act of violence completely, no piece of legislation that will prevent every tragedy, every act of evil, if there's even one thing we can do to reduce this violence, if there's even one life that can be saved, then we've got an obligation to try," he said. "This is our first task as a society: Keeping our children safe. This is how we will be judged. And their voices should compel us to change."

The president, who was accompanied by Vice President Biden onstage, outlined a series of steps both political and administrative he says would limit access to guns and certain types of ammunition, make mental health care more attainable, and increase federal funds for both research and law enforcement. Invoking the words of children who wrote to him in the aftermath of the Sandy Hook murders, he urged Americans to demand change from Congress -- and "get them on the record" about their positions on his various proposals.

"This will not happen unless the American people demand it," he said.

Among the initiatives outlined in Mr. Obama's plan include universal background checks for gun sales, the reinstatement and strengthening of the assault weapons ban, capping ammunition magazines to a 10-round limit, banning armor-piercing ammunition, providing schools with resource officers and school counselors, putting more police officers on the streets, creating serious punishments for gun trafficking, and ensuring that health insurance plans cover mental health benefits.

The president also outlined a series of 23 executive actions he can take without congressional approval, including measures aimed at making federal background check data widely available, accessible, and maximally effective; staying ahead of the curve on the newest gun safety measures; tracing seized guns and ensuring they don't go back into the hands of dangerous gun owners; making sure schools and other institutions are equipped and prepared for the possibility of shooter situations; aggressively prosecuting gun crime; and improving mental health resources and discourse.

Any effort on behalf of the White House to push new gun laws through Congress is sure to face immense opposition from the gun lobby, which has for years wielded its formidable financial and organizing power to prevent the passage of federal laws that would tighten restrictions on gun ownership. And groups like the National Rifle Association are clearly gearing up to fight the president's recommendations: Early this morning, before Mr. Obama had even unveiled his proposals, the group released an ad calling the president an "elitist hypocrite" because his daughters have Secret Service protection.

The majority of House Republicans, who will set the legislative agenda, have also shown little appetite for most of the new gun laws on the table.

"The assault weapons ban, the magazine limitations, does not solve the problem of gun crime," said Rep. Dave Reichert, R-Wash., a former sheriff, in an interview today with CBS News. "I think you really have to address the mental health issues and that's the first and foremost issue. And then secondly, the laws that we have in this land already need to be enforced."

Despite the obvious hurdles, some gun control advocates believe that a recent groundswell of support for stricter gun laws could exert enough pressure on moderate Republicans to force a vote in the House.

The White House has also pointed to the push for universal background checks as its central priority in this fight. Part of the reason for that, according to the administration, is what Biden called a "surprising" and near-universal emphasis on the subject in his meetings with stakeholders over the past few weeks. But many also believe the background checks could be a more palatable option for some on the right.

Reichert, though he dismissed the effectiveness of the assault weapons ban and caps on high-capacity magazines, called the idea of universal background checks "a part of the total package that should be examined that could make a difference."

"Local laws, gun crime laws, state laws and federal laws, we need to have more emphasis on enforcing those laws, holding people accountable who have committed crimes or about to commit crimes," he told CBS. "We need to gather that information and hold those people accountable that commit gun crimes."

French Troops Move North as Mali Rebels Dig In - New York Times

Posted: 16 Jan 2013 09:31 AM PST

BAMAKO, Mali — French ground troops battled armed Islamist occupiers of a desert village in central Mali on Wednesday, a Malian army colonel said, in the first direct combat between them since France launched its military operation here last week to help wrest this nation back from an Islamic jihadist expansion.

The Malian colonel, who also said his army's ground troops had joined the French forces, reported that they had ringed the village of Diabaly, which Islamist fighters had seized the day before, and were engaged in fighting to extricate them. "It's a very specialized kind of war," said the colonel, who spoke on condition of anonymity. "The town is surrounded."

The ground fighting expanded the confrontation between the Islamists and the French forces, which had been largely limited to aerial assaults since President François Hollande of France ordered an intervention in Mali last Friday to thwart a push to the south by Islamist rebels controlling the north of the country.

The Diabaly battle followed a northward push by a French phalanx of armored vehicles from the capital of Bamako to confront the Islamist expansion. It came as news reports from the region said Islamist militants from northern Mali affiliated with Al Qaeda in the Islamic Maghreb had seized a foreign-run gas field near the Algeria-Libya border, hundreds of miles away, and had seized dozens of foreign hostages in retaliation for the French intervention in Mali and for Algeria's cooperation in that effort.

The developments came soon after Defense Minister Jean-Yves Le Drian of France forecast a protracted campaign to turn back a southward thrust by the rebels from their redoubts in the northern Malian desert.

"We're in a better position than last week, but the combat continues and it will be long, I imagine," he said Wednesday on RTL radio. "Today the ground forces are in the process of deploying," he said. "Now the French forces are reaching the north."

Adm. Edouard Guillaud, the French chief of staff, told Europe 1 television that ground operations began overnight.

He accused jihadists of using civilians as human shields and said, "We refuse to put the population at risk. If there is doubt, we will not fire."

In Paris, Mr. Hollande said Wednesday that he took the decision to intervene last Friday because it was necessary. If he had not done so, it would have been too late. "Mali would have been entirely conquered and the terrorists would today be in a position of strength."

On Tuesday, witnesses in Mali reported, the insurgents had regrouped after French airstrikes and embedded themselves among the population of Diabaly, hiding in the mud and brick houses in the battle zone and thwarting attacks by French warplanes to dislodge them.

"They are in the town, almost everywhere in the town," said Bekaye Diarra, who owns a pharmacy in Diabaly, which remained under the control of insurgents. "They are installing themselves."

Benco Ba, a parliamentary deputy there, said residents were fearful of the conflict that had descended on them. "The jihadists are going right into people's families," he said. "They have completely occupied the town. They are dispersed. It's fear, " he said, as it became

clear that airstrikes alone will probably not be enough to root out these battle-hardened insurgents, who know well the harsh grassland and desert terrain of Mali.

Containing the rebels' southern advance toward Bamako is proving more challenging than anticipated, French military officials have acknowledged. And with the Malian Army in disarray and no outside African force yet assembled, displacing the rebels from the country altogether appears to be an elusive, long-term challenge.

The jihadists were "dug in" at Diabaly, Defense Minister Le Drian said Tuesday at a news conference. From that strategic town, they "threaten the south," he said, adding: "We face a well-armed and determined adversary."

Mr. Le Drian also acknowledged that the Malian Army had not managed to retake the town of Konna, whose seizure by the rebels a week ago provoked the French intervention. "We will continue the strikes to diminish their potential," the minister said.

Adam Nossiter reported from Bamako, Mali, Alan Cowell from Paris and Eric Schmitt from Washington. Reporting was contributed by Steven Erlanger and Scott Sayare from Paris, Julia Werdigier from London, and Elisabeth Bumiller from Madrid.

Kredit: www.nst.com.my

Selasa, 15 Januari 2013

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KL shares lower in early trading

Posted: 15 Jan 2013 06:22 PM PST

Share prices on Bursa Malaysia were traded lower in the early session Wednesday, dragged down by profit-taking in heavyweights, dealers said.

As at 9.22 am, The FTSE Bursa Malaysia KLCI (FBM KLCI) lost 6.21 points to 1,679.68 after opening 0.63 of a point higher at 1,686.52.

Elsewhere in regional markets, the US stocks were higher on upbeat retail data but in Japan shares fell on profit-takiing.

The Finance Index lost 40.62 points to 15,398.08 and the Industrial Index eased 15.17 points to 2,789.87.

The Plantation Index, however, dipped 20.46 points to 8,115.02.

The FBM Emas Index slipped 32.29 points to 11,426.19, FBMT100 declined 30.8 points to 11,273.65 and the FBM Mid 70 Index, however, rose 15.75 points to 12,455. The FBM Ace Index tumbled 3.76 points to 4,259.61.

Losers upstaged gainers by 110 and 106, while 186 counters were unchanged, 1,247 untraded and 23 others suspended.

Volume was at 213.8 million shares worth RM68.3 million.

Actives, Patimas Computers eased one sen to 17 sen, Krisassets Holdings added 16.5 sen to 22.5 sen, Alam Maritim Resources rose 3.5 sen to 89 sen and Asian Pac Holdings earned half a sen to 11 sen.

Maybank fell three sen to RM9.01, Sime Darby shed 13 sen to RM9.46, CIMB Group eased seven sen to RM7.60 and Axiata Group lost three sen to RM6.65.--Bernama

Dow, S&P 500 inch up

Posted: 15 Jan 2013 03:09 PM PST

NEW YORK: The Dow and S&P 500 edged higher on Tuesday after stronger-than-expected retail data, though tech heavyweight Apple dragged on the market for a third day.

Apple was the biggest weight on both the S&P 500 and Nasdaq 100 after reports on Monday of cuts to orders for iPhone parts. Shares declined 3.2 percent to US$485.92 and closed below US$500 for the first time since February.

Retail stocks advanced after a government report showing retail sales rose more than expected in December was seen as a favorable sign for fourth-quarter growth. A separate report showed manufacturing activity in New York state contracted for the sixth month in a row in January.

"A little better-than-expected news on retail sales once again reinforces that the consumer remains alive and reasonably well," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, which manages about US$54 billion in assets.

Among retailers, American Eagle Outfitters Inc gained 4.8 percent to US$20.58 and Gap Inc rose 3.4 percent to US$32.46. The Morgan Stanley retail index advanced 1.5 percent.

The Dow Jones industrial average was up 27.57 points, or 0.20 percent, at 13,534.89. The Standard & Poor's 500 Index was up 1.66 points, or 0.11 percent, at 1,472.34. The Nasdaq Composite Index was down 6.72 points, or 0.22 percent, at 3,110.78.

Apple's stock has lost about 7 percent in the last three sessions and is down 8.7 percent since the start of the year.

"It's tough to discern exactly what's putting the pressure on it. But at the end of the day, its influence, considering it's still 3 1/2 to 4 percent of the S&P 500 index, is being felt," Luschini said.

"I attribute (it) to just some of the bloom coming off of the rose. They haven't necessarily done anything wrong, as much as others have caught up." -- Reuters

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France to stay in Mali until stability restored - Reuters

Posted: 15 Jan 2013 09:14 AM PST

French soldiers walk past a hangar they are staying at the Malian army air base in Bamako January 14, 2013. REUTERS/Joe Penney (MALI - Tags: CONFLICT MILITARY POLITICS)

BAMAKO/DUBAI | Tue Jan 15, 2013 12:13pm EST

(Reuters) - France will end its intervention in Mali only once stability has returned to the West African country, French President Francois Hollande said on Tuesday, raising the prospects of a costly, drawn-out operation against al Qaeda-linked rebels.

Paris has poured hundreds of soldiers into Mali and carried out air raids since Friday in the northern half of the country, which Western and regional states fear could become a base for attacks by Islamist militants in Africa and Europe.

Thousands of African troops are due to take over the offensive but regional armies are scrambling to accelerate the operation - initially not expected for months and brought forward by France's bombing campaign aimed at stopping a rebel advance on a strategic town last week.

"We have one goal. To ensure that when we leave, when we end our intervention, Mali is safe, has legitimate authorities, an electoral process and there are no more terrorists threatening its territory," Hollande told a news conference during a visit to the United Arab Emirates.

Foreign Minister Laurent Fabius, accompanying Hollande, said the offensive against the Malian rebels could take some time, and the current French level of involvement could last weeks. Elections, however, would take months to organize.

French aircraft earlier hit rebels with fresh air strikes and a column of dozens of French armored vehicles rumbled into the dusty riverside capital of Bamako overnight, bringing to about 750 the number of French troops in Mali.

Paris has said it plans to deploy 2,500 soldiers in its former colony to bolster the Malian army and work with the intervention force provided by West African states.

West African defense chiefs met in Bamako on Tuesday to approve plans for speeding up the deployment of 3,300 regional troops, foreseen in a United Nations-backed intervention plan to be led by Africans.

Nigeria pledged to deploy soldiers within 24 hours and Belgium said it was sending transport planes and helicopters to help, but West Africa's armies need time to become operational.

Mali's north, a vast and inhospitable area of desert and rugged mountains the size of Texas, was seized last year by an Islamist alliance combining al Qaeda's north African wing AQIM with splinter group MUJWA and the home-grown Ansar Dine rebels.

Any delay in following up on the French air bombardments of Islamist bases and fuel depots with a ground offensive could allow the insurgents to slip away into the desert and mountains, regroup and counter-attack.

The rebels, who French officials say are mobile and well-armed, have shown they can hit back, dislodging government forces from Diabaly, 350 km (220 miles) from Bamako on Monday.

Residents said the town was still under Islamist control on Tuesday despite a number of air strikes that shook houses.

An eye witness near Segou, to the south, told Reuters he had seen 20 French Special Forces soldiers driving toward Diabaly.

Malians have largely welcomed the French intervention, having seen their army suffer a series of defeats by the rebels.

"With the arrival of the French, we have started to see the situation on the front evolve in our favor," said Aba Sanare, a resident of Bamako.

QUESTIONS OVER READINESS

Aboudou Toure Cheaka, a senior regional official in Bamako, said the West African troops would be on the ground in a week.

The original timetable for the 3,300-strong U.N.-sanctioned African force - to be backed by western logistics, money and intelligence services - did not initially foresee full deployment before September due to logistical constraints.

Senegal, Burkina Faso, Niger, Nigeria and Guinea have all offered troops. Col. Mohammed Yerima, spokesman for Nigeria's defense ministry, said the first 190 soldiers would be dispatched within 24 hours.

But Nigeria, which is due to lead the mission, has already cautioned that even if some troops arrive in Mali soon, their training and equipping will take more time.

Sub-Saharan Africa's top oil producer, which already has peacekeepers in Sudan's Darfur and is fighting a bloody and difficult insurgency at home against Islamist sect Boko Haram, could struggle to deliver on its troop commitment of 900 men.

One senior government adviser in Nigeria said the Mali deployment was stretching the country's military.

"The whole thing's a mess. We don't have any troops with experience of those extreme conditions, even of how to keep all that sand from ruining your equipment. And we're facing battle-hardened guys who live in those dunes," the adviser said, asking not to be named because of the sensitivity of the subject.

FRENCH LINING UP SUPPORT

France, which has repeatedly said it has abandoned its role as the policeman of its former African colonies, said on Monday that the U.S., Canada, Denmark and Germany had also offered logistical support.

Fabius has said Gulf Arab states would help the Mali campaign while Belgium said on Tuesday it would send two C130 transport planes and two medical helicopters to Mali following a request from Paris.

A meeting of donors for the operation was expected to be held in Addis Ababa at the end of January.

Security experts have warned that the multinational intervention in Mali, couched in terms of a campaign by governments against "terrorism", could provoke a jihadist backlash against France and the West, and African allies.

U.S. officials have warned of links between AQIM, Boko Haram in Nigeria and al Shabaab Islamic militants fighting in Somalia.

Al Shabaab, which foiled a French effort at the weekend to rescue a French secret agent it was holding hostage, urged Muslims around the world to rise up against what it called "Christian" attacks against Islam.

"Our brothers in Mali, show patience and tolerance and you will win. War planes never liberate a land," Sheikh Ali Mohamud Rage, al Shabaab's spokesman, said on a rebel-run website.

U.S. officials said Washington was sharing information with French forces in Mali and considering providing logistics, surveillance and airlift capability.

"We have made a commitment that al Qaeda is not going to find any place to hide," U.S. Defense Secretary Leon Panetta told reporters as he began a visit to Europe. Panetta later said the U.S. had no plans to send troops to Mali.

"I don't know what the French endgame is for this. What is their goal? It reminds me of our initial move into Afghanistan," a U.S. military source told Reuters.

"Air strikes are fine. But pretty soon you run out of easy targets. Then what do you do? What do you do when they head up into the mountains?"

(Additional reporting by Elizabeth Pineau and Raissa Kasolowsky in Abu Dhabi; Felix Onuah in Abuja and Tim Cocks in Lagos; Abdi Sheikh in Mogadishu; Michelle Nichols Louis Charbonneau at the United Nations; Richard Valdmanis in Dakar; Joe Bavier in Abidjan; Jan Vermeylen in Brussels; Writing by Pascal Fletcher and David Lewis; editing by Richard Valdmanis and Giles Elgood)

Pakistan Supreme Court Orders Arrest of Prime Minister - New York Times

Posted: 15 Jan 2013 08:20 AM PST

ISLAMABAD, Pakistan — Pakistan's Supreme Court ordered the arrest of Prime Minister Raja Pervez Ashraf in a corruption case on Tuesday afternoon, in a drastic intensification of hostilities between the country's embattled government and its opponents.

The court order came as an enigmatic preacher turned politician, Muhammad Tahir-ul Qadri, addressed thousands of supporters outside parliament and repeated calls for the government's ouster. In earlier speeches, he said that a caretaker administration led by technocrats should take its place.

"Victory, victory, victory. By the grace of God," Mr. Qadri said at the conclusion of a speech to his supporters, who have vowed not to leave a public square outside Parliament until their demands are satisfied.

The confluence of the two events stoked growing speculation that Pakistan's powerful military was quietly supporting moves that would delay general elections that are due to take place this spring, most likely through the imposition of a military-backed caretaker administration.

It was not certain that the events were linked. Some analysts said that in ordering the prime minister's arrest, the court, which is led by the independent-minded chief justice, Iftikhar Muhammad Chaudhry, was simply taking advantage of anti-government sentiment generated by Mr. Qadri in order to pursue its longstanding grudge against President Asif Ali Zardari.

Whatever the motivations, the court's actions added to the chaos in Pakistan, a country whose nuclear arsenal and strategic interests in next-door Afghanistan has made it a nexus of intrigue in Asia.

In its order issued Tuesday, the Supreme Court ordered the National Accountability Bureau, a government body that investigates graft, to arrest Mr. Ashraf and 15 other senior current or former officials, including a former finance minister and a former finance secretary.

The case relates to allegations that Mr. Ashraf took millions of dollars in kickbacks as part of a deal to build two electricity power plants while serving as minister for water and power between March 2008 and February 2011. A court prosecution in the case been ongoing for over one year, so it was the timing of the arrest order that raised eyebrows.

It started in December 2011 when two senior opposition figures filed a petition against Mr. Ashraf in the Supreme Court; four months later the court ruled that the plants were illegal, ordered their closure, and instituted proceedings against Mr. Ashraf.

The case has particular political resonance because Pakistan's energy crisis, which has seen severe electricity rationing across the country, is the source of some of the main complaints against the government.

The information minister, Qamar Zaman Kaira, said the government had not received any official notification of the order to arrest Mr. Ashraf. Fawad Chaudhry, a senior adviser to the prime minister, said that any such order would be "illegal and unconstitutional."

"Under the law, the court cannot arrest him," he said.

President Zardari has called a meeting of senior advisers at his Karachi residence to discuss the crisis late Tuesday, Mr. Chaudhry added.

Mr. Ashraf's ouster would not necessarily collapse the government, as he could be replaced with another candidate, and the court order could be simply the latest salvo in a long-running conflict between Mr. Zardari and the court.

Last June, Justice Chaudhary forced the resignation of Mr. Ashraf's predecessor as prime minister, Yousaf Raza Gilani, in another corruption case. Whether there was a link between the court and Mr. Qadri's march on Islamabad — billed by the preacher as a "million man march" but in reality far smaller — was the subject of rampant public speculation.

Mr. Qadri stormed onto the political scene in Pakistan after returning home from a seven-year stint in Canada, where he also holds citizenship, armed with considerable funding that he has used for an intensive television advertising campaign and large rallies.

In his speech Tuesday, which was peppered with emotional Islamic references and delivered with some gusto, he demanded the immediate resignation of the government, and painted the political class as "criminals" who deserved to be prosecuted for corruption.

Salman Masood contributed reporting from Islamabad, and Waqar Gillani from Lahore, Pakistan.

Kredit: www.nst.com.my

Isnin, 14 Januari 2013

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KL shares open higher

Posted: 14 Jan 2013 06:01 PM PST

Share prices on Bursa Malaysia were higher in early trade driven by gains in major heavyweights, dealers said.

As at 9.24 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.38 points better at 1,689.01, after opening 3.26 points higher at 1,687.89.

Elsewhere in regional markets, Japan stocks surged to a record high with the yen's weakness while other major markets were mixed.

The Finance Index rose 8.13 points to 15,425.81, the Plantation Index gained 23.75 points to 8,182.56, and the Industrial Index gained 9.86 points to 2,804.13.

The FBM Emas Index added 32.18 points to 11,479.38, the FBMT100 perked 32.021 points to 11,322.49, FBM Ace Index added 2.16 points to 4,283.82 and the FBM Mid 70 Index increased 36.29 points to 12,445.97.

Gainers beat losers 134 to 68, with 163 counters unchanged, 1,284 untraded and 23 others were suspended. Volume stood at 125.5 million shares worth RM59.86 million.

Actives, Patimas Computers and Ingenuity Consolidated gained one sen each to 17 sen and 10 sen, respectively. Karambunai Corp rose half-a-sen to 13 sen and Hubline warrant 2009/2019 was unchanged at two sen.

Heavyweights, Maybank rose five sen to RM9.08, Sime Darby increased six sen to RM9.62, CIMB Group gained two sen to RM7.69 but Axiata Group slipped one sen to RM6.68. -- Bernama

US stocks mixed; Apple weighs on Nasdaq

Posted: 14 Jan 2013 03:18 PM PST

NEW YORK: Stock markets had a mixed day on Monday as the Dow Jones industrials finished in positive territory while other leading indices closed in the red as earnings season gets under way.

The Dow Jones Industrial Average finished with a gain of 18.89 points (0.14 per cent) at 13,507.32.

But the broad-based S&P 500 fell 1.37 (0.09 per cent) to 1,470.68. Also lower was the Nasdaq Composite, which fell 8.13 (0.26 per cent) to 3,117.50.

Monday lacked major economic indicators; later this week, several major companies will report quarterly earnings.

"In general, there is a wait-and-see mentality in the marketplace," said Patrick O'Hare of Briefing.com.

Participants are eager to hear the guidance coming out of upcoming earnings reports, "which can either be a catalyst for an extended breakout or a cause for a breakdown," O'Hare said.

Dell shares soared on rumours that the computer maker would go private. Dell, which declined to comment on the issue, jumped 13 per cent.

Dell's rival Hewlett-Packard rose 4.9 per cent.

The Nasdaq index took a hit on reports of weak demand for Apple's new iPhone 5. Apple shares were 3.6 per cent lower.

Apple's decline Monday also led lower telecommunications providers Verizon (down 1.6 per cent), AT&T (down 0.7 per cent) and Sprint Nextel (down 3.9 per cent).

BlackBerry maker Research in Motion rose 10.3 per cent in anticipation of a product launch scheduled at month-end.

United Parcel Service rose 1.7 per cent after it abandoned a proposed US$7.03 billion acquisition of Dutch TNT Express following objections from European antitrust regulators.

US aerospace giant Boeing, which was under pressure last week due to problems with its latest 787 aircraft, rallied Monday, closing 1.9 per cent higher. -- AFP

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Malian Rebels Take Town and Vow to Avenge French Attack - New York Times

Posted: 14 Jan 2013 08:31 AM PST

PARIS — The French Defense Ministry said on Monday that a town in central Mali had fallen to Islamist insurgents from the north, hours after Foreign Minister Laurent Fabius said his country's dramatic intervention there had succeeded in blocking a rebel advance that could have had "appalling consequences."

At the same time, an Islamist leader in Mali said France had "opened the gates of hell" for all its citizens by intervening, reinforcing concerns that the far-flung military operation in Africa could inspire vengeance in mainland France.

French forces, Mr. Fabius said in a radio interview late Sunday, were now "taking care" of rear bases used by Islamists who took control of much of the north of the country last year after a military coup in the capital, Bamako. The duration of the French operation was "a question of weeks," Mr. Fabius said, unlike the American-led military campaign in Afghanistan.

But within hours, reports began to emerge of a rebel counterattack in the small town of Diabaly, north of Ségou on the approaches to the capital — the first indication that the insurgents had regrouped after a wave of French airstrikes. The fighting in the town pitted government forces against rebels seeking to press southward under heavy fire from the air.

Reuters quoted residents and Malian military officials as saying that Islamists counterattacked after the insurgents infiltrated overnight in small groups. The French defense minister, Jean-Yves Le Drian, said the rebels "took Diabaly after fierce fighting and resistance from the Malian Army that couldn't hold them back."

The French intervention, which began on Friday and continued over the weekend, appeared to halt the main thrust of an Islamist rebel advance farther east, as West African nations authorized what they said would be a faster deployment of troops in support of the weak government.

French aircraft dropped bombs and fired rockets from helicopter gunships and jet fighters after the Islamists, who already control the north of Mali, pressed southward and overran the village of Konna, which had been the de facto line of government control.

The French struck two columns of Islamist fighters, the French Defense Ministry said. The first was in and around Konna, driving out the rebels from the village, and the second was to the west, across the Niger River, heading south toward Ségou.

That second column appeared from local accounts to still be advancing, with the rebels taking the small town of Alatona as well as Diabaly, a military camp on a main road to Ségou, the administrative capital of central Mali, according to The Associated Press.

A spokesman for the Malian Army, Lt. Col. Diarran Kone, confirmed the rebel attack on Diabaly.

The French defense minister, Mr. Le Drian, said on Monday that the situation in Mali "is evolving favorably," but he acknowledged that fighting continued.

"There is still a difficult spot in the west, where we're dealing with extremely well-armed groups and where the operations are ongoing," he said.

The rebel takeover of northern Mali began after the fall of Col. Muammar el-Qaddafi in Libya in October 2011, when Tuareg fighters from northern Mali, who had been fighting alongside Colonel Qaddafi's forces, returned home with weapons from Libyan arsenals.

They joined with Qaeda-affiliated Islamist militants who had moved to the lightly policed region from Algeria, and the two groups easily drove out the weakened Malian Army in late March and early April last year. The Islamists then turned on the Tuaregs, routing them and consolidating control in the region in May and June.

The rebels struck a defiant posture on Monday.

Oumar Ould Hamaha, an insurgent leader, said the French intervention had "opened the gates of hell for all the French."

He taunted French forces to launch a ground offensive, saying French warplanes had bombed from high altitude. "Let them come down onto the ground, if they are men," he said. "We will greet them with open arms."

France, he told Europe 1 radio, "has fallen into a trap which is much more dangerous than Iraq, Afghanistan or Somalia. And that is only the beginning." On Sunday evening, French jets attacked the northern town of Gao, an insurgent stronghold.

Steven Erlanger reported from Paris, Alan Cowell from London, and Adam Nossiter from Bamako, Mali.

Obama Presses House GOP on Debt Limit - New York Times

Posted: 14 Jan 2013 08:47 AM PST

WASHINGTON — President Obama on Monday warned Republicans against refusing to raise the nation's debt ceiling, calling such talk "irresponsible" and "absurd" and saying it would set off an economic crisis and financial hardship.

"They will not collect a ransom in exchange for not crashing the American economy," Mr. Obama said during his final news conference of his first term in office. "The full faith and credit of the United States of America is not a bargaining chip."

The president repeated his vow to seek what he called a "balanced" approach to reduce the nation's deficit during the months ahead. But he said he would not negotiate on the debt ceiling, and he said Republicans in Congress would be responsible for the effects of a refusal to raise it.

"It would be a self-inflicted wound on the economy. It would slow down our growth and tip us into recession," Mr. Obama said. "To even entertain the idea of this happening is irresponsible. It's absurd."

He added: "America cannot afford another debate with this Congress about whether or not they should pay the bills they've already racked up."

Mr. Obama disclosed that Vice President Joseph R. Biden Jr. had already presented him with proposals to combat gun violence and promised to unveil them publicly later this week. He said his package would include a ban on assault weapons and on high-caliber magazines, as well as expanded background checks. But he declined to say how hard he would push for an assault weapons ban, and acknowledged that it and other gun measures might not pass.

"We're going to have to come up with answers that set politics aside. And that's what I expect Congress to do," he said, reiterating his support for gun measures. "Will all of them get through this Congress? I don't know. But what's uppermost in my mind is making sure I'm honest with the American people and Congress about what I think will work."

Mr. Biden said last week that he would present his recommendations to Mr. Obama on Tuesday, so the president's comments suggested that the timetable had been moved up. He said the vice president's working group has "presented me now with a list of sensible common sense steps" and that he would meet with Mr. Biden later on Monday. He added that he expected to make a "fuller presentation" later in the week in advance of his inauguration on Sunday.

Six days before he is to be inaugurated again, Mr. Obama is preparing a rapid-fire agenda for the early days of his second term. In addition to negotiations over the debt limit, Mr. Obama is preparing for a difficult debate over spending cuts and has said he will propose a comprehensive overhaul of the nation's immigration system.

The president is also seeking approval of a new team to lead his government, having made nominations to replace his secretaries of state, defense and the Treasury. The efforts to reshape his administration — some of which are already proving difficult — are likely to dominate much of the next several weeks.

Holding a news conference now suggests that the president is eager to begin pushing that agenda even in advance of his inaugural speech next Monday and his State of the Union speech on Feb. 12.

Mr. Obama rejected the idea of a "Plan B" that might avoid a clash with Republicans over the debt ceiling. Some ideas that have been floated include minting a $1 trillion platinum coin that could allow the government to spend beyond the debt ceiling.

The president did not directly address the idea of such a coin, but he said: "There are no magic tricks here. There are no loopholes. There are no easy outs."

Mr. Obama said he understood the "impulse to get around this in a simple way," but he said that there was no way around the need for Congress to authorize enough debt as is necessary to pay for spending that had already been approved.

"What Congress can't do is tell me to spend 'X' and then say we're not going to give you the authority to pay the bills," Mr. Obama said.

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KL shares open higher in early trade

Posted: 13 Jan 2013 06:04 PM PST

Share prices on Bursa Malaysia opened higher in early trading Monday on renewed buying interest, dealers said.

After 30 minutes of trading, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.93 points to 1,685.63 after opening 3.71 points better at 1,686.41.

HwangDBS Vickers Research, however, said the local bourse may extend its consolidation mode today in the absence of new market leads.

"On the chart, its benchmark FBM KLCI could struggle to overcome the support-turned-resistance level of 1,685," it said.

Meanwhile, Wall Street ended broadly flat on Friday as profit-taking activity set in following recent run-ups.

On the local front, pending the emergence of fresh market directions, stocks that could add interest include SP Setia, after getting an overwhelming response for its first phase of the Battersea Power Station property project in London.

Others include Malaysia Airports Holdings Bhd amid a business weekly report saying that its non-aeronautical income is set to grow when KLIA2 comes on stream and Sime Darby following the Securities Commission's approval for its US$1.5 billion multi-currency Sukuk fund-raising programme.

On the scoreboard, the Finance Index rose 11.55 points to 15,411.15, the Industrial Index improved 6.83 points to 2,804.70 and the Plantation Index added 8.97 points to 8,158.30.

The FBM Emas Index gained 21.39 points to 11,460.69, the FBMT100 increased 19.79 points to 11,304.59, the FBM Mid 70 Index rose 22.67 points to 12,448.18 but the FBM Ace Index was 6.48 points lower at 4,271.85.

Gainers led losers 159 to 99 with 173 counters unchanged, 1,211 untraded and 26 others were suspended. Volume was thin at 192 million shares worth RM56.67 million.

Among actives, Patimas Computers earned half-a-sen to 15 sen, Kassets-CB:CW gained five sen to 10 sen but ETI Tech Corp fell one sen to 5.5 sen.

Heavyweights, Maybank and Sime Darby added two sen each to RM9.02 and RM9.61, respectively, but CIMB eased two sen to RM7.64. -- Bernama

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