Jumaat, 25 Januari 2013

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Strong earnings propel US stocks higher

Posted: 25 Jan 2013 05:02 PM PST

NEW YORK: Strong earnings reports from Procter and Gamble, Halliburton and other equities propelled US markets higher Friday, pushing the much-watched S&P 500 past the 1,500 mark for the first time in five years.

Apple shares lost another 2.4 per cent and ceded its position as the world's largest company by market value to ExxonMobil, but that had little impact on overall bullishness.

At the close, the Dow Jones Industrial Average was up 70.65 (0.51 per cent) to 13,895.98, its best level since October 2007.

The broad-based S&P 500 continued its streak of gains, adding 8.14 (0.54 per cent) to 1,502.96; the last time it topped the 1,500 level was December 10, 2007.

The tech-heavy Nasdaq Composite Index jumped 19.33 (0.62 per cent) to 3,149.71.

Friday's better-than-expected earnings reports were "boosting sentiment," according to a note from Charles Schwab & Co.

The markets largely overlooked a surprising slide in US new home sales in December and a larger than expected contraction in UK growth, Schwab said. Instead, markets fixated on the earnings and positive news from Europe.

Germany's business confidence rose to its highest level in seven months, according to the Ifo institute index; and the European Central Bank said that 278 eurozone banks will repay early 137 billion euros of loans made available in emergency liquidity measures.

Among the companies reporting earnings Friday, Procter and Gamble rose 4 per cent after besting forecasts by a wide margin and giving an improved outlook for 2013.

Halliburton soared 5.1 per cent higher after beating analyst forecasts on the strength of its international operations.

Among other companies reporting earnings, AT&T gained 0.8 per cent, Starbucks rose 4.1 per cent, and Honeywell added 0.1 per cent.

Microsoft rose 0.9 per cent one day after reporting earnings slightly above expectations.

Other technology issuers also flourished. Netflix jumped 15.5 pe rcent, Priceline.com rose 5.8 per cent and book retailer Amazon.com advanced by 3.8 per cent. - AFP

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Appeals court panel rules Obama recess appointments to labor board are ... - Washington Post

Posted: 25 Jan 2013 09:29 AM PST

A three-judge panel of the U.S. Court of Appeals for the D.C. Circuit said that Obama did not have the power to make three recess appointments last year to the National Labor Relations Board because the Senate was officially in session — and not in recess — at the time. If the decision stands, it could invalidate hundreds of board decisions.

The court said the president could only fill vacancies with the recess appointment procedure if the openings arise when the Senate is in an official recess, which it defined as the break between sessions of Congress.

The ruling threw into question Obama's recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau. Cordray's appointment, also made at the same time, has been challenged in a separate case.

The White House had no immediate comment.

Obama made the recess appointments on Jan. 4, 2012, after Senate Republicans spent months blocking his choices for an agency they contended was biased in favor of unions. Obama claims he acted properly because the Senate was away for the holidays on a 20-day recess. The Constitution allows for such appointments without Senate approval when Congress is in recess.

But during that time, GOP lawmakers argued, the Senate technically had stayed in session because it was gaveled in and out every few days for so-called "pro forma" sessions.

GOP lawmakers used the tactic — as Democrats had done in the past — specifically to prevent the president from using his recess power to install members to the labor board. They had also vigorously opposed the nomination of Cordray. The White House argued that the pro forma sessions — some lasting less than a minute — were a sham.

The three-judge panel, all appointed by Republican presidents, ruled that during one of those pro forma sessions on Jan. 3, the Senate officially convened its second session of the 112th Congress, as required by the Constitution.

"Either the Senate is in session, or it is in recess," Chief Judge David Sentelle wrote in the 46-page ruling. "If it has broken for three days within an ongoing session, it is not in "the Recess" described in the Constitution."

Simply taking a break of an evening or a weekend during a regular working session cannot count, he said. Sentelle said that otherwise "the president could make appointments any time the Senate so much as broke for lunch."

The judge rejected arguments from the Justice Department's Office of Legal Counsel, which claimed the president has discretion to decide that the Senate is unavailable to perform its advice and consent function.

"Allowing the president to define the scope of his own appointment power would eviscerate the Constitution's separation of powers," Sentelle wrote.

Sentelle was joined in the ruling by Judge Thomas Griffith, appointed to the court by President George W. Bush, and Karen LeCraft Henderson, who was appointed by President George H.W. Bush.

The Obama administration is expected to appeal the decision to the U.S. Supreme Court. But if the ruling stands, it means that hundreds of decisions issued by the board over more than a year would be invalid. It also would leave the five-member labor board with just one validly appointed member, effectively shutting it down. The board is allowed to issue decisions only when it has at least three sitting members.

Obama used the recess appointment to appoint Deputy Labor Secretary Sharon Block, union lawyer Richard Griffin and NLRB counsel Terence Flynn to fill vacancies on the NLRB, giving it a full contingent for the first time in more than a year. Block and Griffin are Democrats, while Flynn is a Republican. Flynn stepped down from the board last year.

The court's decision is a victory for Republicans and business groups that have been attacking the labor board for issuing a series of decisions and rules that make it easier for the nation's labor unions to organize new members.

___

Follow Sam Hananel on Twitter: http://twitter.com/SamHananelAP

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Obama Shakes Up White House as He Names Chief of Staff - New York Times

Posted: 25 Jan 2013 09:28 AM PST

WASHINGTON — President Obama shook up his White House staff on Friday, installing a new team largely made up of familiar faces moved to different positions as he gears up for an intense push on sweeping legislation early in his second term.

Mr. Obama named Denis R. McDonough, a longtime aide and currently the principal deputy national security adviser, as his new White House chief of staff, and he will shuffle around a series of other officials in the West Wing. The president made his announcement in the East Room in the early afternoon.

Moving up to deputy chief of staff will be Rob Nabors, currently the president's legislative affairs chief, and replacing Mr. McDonough at the National Security Council will be Tony Blinken, the national security adviser to Vice President Joseph R. Biden Jr. Dan Pfeiffer, the White House communications director and another early Obama aide, will move up to senior adviser, replacing David Plouffe, who is departing this week.

Replacing Mr. Pfeiffer as communications chief will be his deputy, Jennifer Palmieri, a veteran of Bill Clinton's White House. Serving as deputy senior adviser for communications and strategy will be David Simas, a former White House aide who served as head of polling and focus-group research for the president's re-election campaign. Replacing Mr. Nabors running the legislative affairs office will be Miguel Rodriguez, a former aide to departing Secretary of State Hillary Rodham Clinton and more recently Senate liaison for the Obama White House.

Lisa Monaco, currently the assistant attorney general for national security, will move over to the White House to replace John O. Brennan, the president's adviser for homeland security and counterterrorism, who has been tapped to take over as director of the Central Intelligence Agency if confirmed by the Senate.

The White House announced separately Friday that Christopher P. Lu, one of Mr. Obama's early aides dating back to his Senate days, will be leaving as White House cabinet secretary, the liaison to the various government departments. Replacing him will be Danielle Gray, the deputy director of the White House National Economic Council. Katy Kale will become the president's assistant for management and administration, moving up from deputy.

Mr. Obama released a statement praising Mr. Lu and his "dedication and tireless efforts." The president made clear that he does not accept Mr. Lu's departure, saying he has asked him to return in another capacity. "After he enjoys some time off, I hope he will consider those opportunities," Mr. Obama said.

In a separate move, the first lady's deputy communications director, Semonti Stephens, announced Thursday that she was leaving to move to San Francisco.

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Khamis, 24 Januari 2013

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RAM reaffirms Kesas AA3 rating

Posted: 24 Jan 2013 07:03 PM PST

Malaysia's RAM Ratings has reaffirmed the AA3 long-term rating of Kesas Sdn Bhd's (Kesas or "the Company") RM800 million Al-Bai' Bithaman Ajil Islamic Debt Securities (BaIDS) (2002/2014) while revising its rating outlook to stable from negative. Kesas is the toll concessionaire for the 35-km Shah Alam Expressway ("the Highway") under a concession agreement dated 19 November 1993.

RAM's rating action follows the Government's recent announcement that Kesas will receive an RM86 million cash compensation for non-revision of its toll rates in 2012. At the same time, toll rates for the Highway would be reduced effective 15 January 2013 while tariffs would not be raised until 2016 (the toll rate for Class 1 vehicles has already been lowered from RM2.20 to RM2.00).

Despite the loss of monthly revenue from the reduced tariffs, the one-off cash compensation is expected to boost the Company's cash coffers while improving its debt coverage. Moving forward, Kesas is expected to register respective minimum and average finance service coverage ratios of 1.4 times and 1.9 times (with cash balances, calculated on debt-repayment dates) throughout the remaining tenure of its BaIDS, compared to 1.2 times and 1.8 times expected during the rating review in October last year.

Further to that, RAM has been made to understand that the compensation is expected to be received before the Company's lumpy RM264 million repayment on the BaIDS in October 2013. In this regard, we expect Kesas to prioritise its debt obligations ahead of any distributions to its shareholders as this is imperative to preserving its debt-servicing ability. Any deviations from our current expectations will be reassessed for credit implications. -- Reuters

KL shares open higher

Posted: 24 Jan 2013 06:25 PM PST

Share prices on Bursa Malaysia extended Wednesday's gains to open higher Friday on continued buying interest, mostly
seen in the palm oil counters, dealers said.

As at 9.29 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.97 points better at 1,641.22 after opening 7.94 points higher at 1,643.19.

The local bourse was closed yesterday for the Maulidur Rasul public holiday.

HwangDBS Vickers Research said as the local bourse took a break yesterday, its regional peers ended broadly mixed, with Japan and Thailand rising, while South Korea and Taiwan were down.


"Over on Wall Street, major US equity indices closed between -0.7 per cent and +0.3 per cent last night amid news of lower jobless claims and better corporate earnings outlook.

"This could pave the way for our Malaysian stock market to extend its gradual recovery," it said in a research note today.

From a technical perspective, HwangDBS said the benchmark FBM KLCI may be eager to cross and pull away from 1,635 towards the next resistance line of 1,655.

The Finance Index rose 31.21 points to 14,899.22, the Industrial Index added 16.04 points to 2,756.05 and the Plantation Index gained 54.04 points to 8,061.84.

The FBM Emas Index jumped 42.36 points to 11,162.08, the FBMT100 picked up 42.09 points to 11,012.31, the FBM Mid 70 Index strengthened 55.97 points to 12,151.88 and the FBM Ace Index was 9.37 points higher at 4,144.48.

Gainers led losers 170 to 83 with 138 counters unchanged, 1,268 untraded and 28 others were suspended. Volume stood at 109.81 million shares worth RM176.6 million.

Actives, The Media Shoppe added one sen to 10 sen, Tenaga Nasional earned nine sen to RM7.05, D.B.E. Gurney rose half a sen to 8.5 sen but Patimas Computers eased half a sen to 10.5 sen.

Heavyweights, Maybank and CIMB rose one sen each to RM8.91 and RM7.25, respectively, Sime Darby jumped 14 sen to RM9.39 and Axiata Group added two sen to RM6.45. -- Bernama

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North Korea vows more nuclear testing, threatens US as 'sworn enemy' - MSNBC

Posted: 24 Jan 2013 08:43 AM PST

North Korea is using its most aggressive rhetoric against the U.S. since Kim Jong-un took power.

North Korea is using its most aggressive rhetoric against the U.S. since Kim Jong-un took power. (David Guttenfelder/AP/dapd)

Two days into President Obama's second term and with a transition of power on tap at the State Department, the North Korean military is using its most aggressive rhetoric toward the United States since Kim Jong-un took power–including a pledge to build up its arsenal and further nuclear testing.

In a lengthy statement, released on Thursday by its National Defense Commission through state-run media, North Korea wagged a finger in the face of the U.N. Security Council, and repeatedly challenged the U.S. role in pushing sanctions aimed at neutralizing the goading nuclear state. The defiant moves comes after the Security Council on Tuesday unanimously adopted a resolution that tightened sanctions against the country and condemned the Dec. 12 North Korea rocket launch as a violation of an existing resolution. China, one of North Korea's few international allies, joined the U.S. and other countries in support.

"The U.S. is taking the lead in encroaching upon the sovereignty of the DPRK, its allies are siding with it and the U.N. Security Council has been reduced into an organization bereft of impartiality and balance," the defense commission's statement reads.

The most hostile language is aimed directly at the United States.

"We do not hide that a variety of satellites and long-range rockets which will be launched by the DPRK one after another and a nuclear test of higher level which will be carried out by it in the upcoming all-out action, a new phase of the anti-U.S. struggle that has lasted century after century, will target against the U.S., the sworn enemy of the Korean people," the statement reads. "Settling accounts with the U.S. needs to be done with force, not with words as it regards jungle law as the rule of its survival."

The statement goes on to challenge a "more dangerous phase" in the U.S. policy toward North Korea and insists that only the "denuclearization" of the United States and rest of the world will stop the country from pursuing its own nuclear ambitions.

Glyn Davies, special envoy on North Korea, reacted to the statement–and the possibility of further North Korean nuclear testing–during a visit in South Korea.

"We think that would be a mistake obviously," Davies told reporters. "We call on North Korea as does the entire international community not to engage in any further provocations."

Davies put the onus on North Korea to comply with the Security Council.

"This unanimous action by the Security Council makes clear that the international community is sending as strong signal to North Korea," he said.

The provocation comes as Sen. John Kerry, D-Mass., testifies before his colleagues as nominee to replace Secretary of State Hillary Clinton.

Obama to tap former federal prosecutor to head SEC - Reuters

Posted: 24 Jan 2013 08:40 AM PST

Mary Jo White, Partner Debevoise & Plimpton and former U.S. Attorney for the Southern District of New York, speaks during the Reuters Finanacial Regulation Summit in New York, April 24, 2009. REUTERS/Brendan McDermid

Mary Jo White, Partner Debevoise & Plimpton and former U.S. Attorney for the Southern District of New York, speaks during the Reuters Finanacial Regulation Summit in New York, April 24, 2009.

Credit: Reuters/Brendan McDermid

WASHINGTON | Thu Jan 24, 2013 11:39am EST

(Reuters) - President Barack Obama will nominate former federal prosecutor Mary Jo White to head the Securities and Exchange Commission, the White House said on Thursday, showing a desire to have a tough cop policing Wall Street.

White, the former U.S. attorney for the Southern District of New York who was known for prosecuting terrorists and mob figures, would become the third consecutive woman to hold the powerful post.

She would succeed current SEC Chairman Elisse Walter, who took over in December after predecessor Mary Schapiro stepped down.

The president also plans to renominate Richard Cordray to continue as head of the Consumer Financial Protection Bureau, the U.S. watchdog for consumer products such as mortgages and student loans, said White House spokesman Jay Carney.

The formal personnel announcements are expected at 2:30 p.m. on Thursday.

White is a relatively uncontroversial pick, though she does not have a deep securities policy background and she has spent her recent private practice work defending Wall Street figures, including former Bank of America Chief Executive Ken Lewis.

A swift confirmation for White could help the SEC speed up its implementation of the dozens of unfinished rules required by the 2010 Dodd-Frank Wall Street reform law.

The SEC is currently divided between two Democrats and two Republicans after Schapiro, a political independent, departed in December.

Many SEC observers say the lack of a full five-person commission could make it nearly impossible to complete more controversial rules, such as the Volcker Rule, which bans banks from proprietary trading.

HIGH-PROFILE CASES

White, now a respected white-collar defense attorney with the law firm Debevoise and Plimpton, was the only woman in the 200-year history of the U.S. Attorney's Office for the Southern District of New York to serve in the top spot there.

She was in office from 1993 through to 2002, during a tumultuous time starting with the 1993 bombing of the World Trade Center and then later, the infamous September 11, 2001 attacks.

Under her watch, the U.S. Attorney's office won about 35 convictions of militant Muslims charged with plotting against Americans.

"I view her as an incredibly well-regarded lawyer who has spent a significant amount of time as a partner at Debevoise representing companies and individuals in high-profile securities related matters," said Cheryl Scarboro, the former head of the SEC's Foreign Corrupt Practices Act unit and now a partner with Simpson Thacher & Bartlett.

Like Schapiro, White has previously been identified as a political independent.

Unlike Schapiro, White has not worked as a Wall Street regulator. However, White's husband, John White, served as the director of the SEC's Corporation Finance division, which oversees public company disclosures, from 2006 to 2008.

As a defense attorney, White has been involved in some high-profile SEC and Justice Department cases. She represented healthcare provider HCA Holdings in an insider-trading investigation, according to her online biography.

She has also represented JPMorgan Chase & Co in its portion of the $25 billion multi-bank settlement to resolve allegations of mortgage servicing abuses, as well as former Bank of America CEO Lewis over a civil lawsuit in connection with Bank of America's acquisition of Merrill Lynch.

"I have met Mary Jo White, and anyone who knows her at all - extremely capable, competent, bright, tough, and a perfect choice," JPMorgan CEO Jamie Dimon said in an interview on Thursday with Fox Business News from Davos.

It is unclear whether her defense of Wall Street clients could prove troublesome for her during the U.S. Senate confirmation process.

So far, the reaction from liberal-leaning groups has been positive.

"Mary Jo White was a tough, smart, no nonsense, broadly experienced and highly accomplished prosecutor. She knew who the bad guys were, went after them and put them in prison when they broke the law," said Dennis Kelleher, the president of the non-profit organization Better Markets.

As for Cordray, he has already faced some uphill battles with Republicans in Congress.

Cordray, a former Ohio attorney general, was appointed in January 2012 while Congress was in recess after Republicans who were wary of the CFPB's independence blocked his nomination.

The controversial appointment limited the amount of time Cordray could serve without going through a full confirmation process.

The CFPB has drawn criticism from Republicans and business groups, who say it is virtually unchecked and will hurt lending and put small banks out of business.

Asked whether the White House foresees any problems getting Cordray confirmed, Carney said he did not expect any objections to him "on substance."

"He is absolutely the right person for the job," Carney said. He said earlier obstacles to Cordray's nomination had been based on "political considerations" from lawmakers who had opposed the creation of the financial protection board.

(Reporting by Aruna Viswanatha, Emily Stephenson, Sarah N. Lynch and Matt Spetalnick, with additional reporting by Douwe Miedema and David Henry; Editing by Karey Wutkowski, Vicki Allen, John Wallace and Tim Dobbyn)

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Rabu, 23 Januari 2013

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Clinton angrily defends handling of Benghazi attack - Reuters

Posted: 23 Jan 2013 09:27 AM PST

U.S.Secretary of State Hillary Clinton testifies on the September attack on U.S. diplomatic sites in Benghazi, Libya during a hearing held by the U.S. Senate Foreign Relations Committee on Capitol Hill in Washington January 23, 2013. REUTERS/Jason Reed

WASHINGTON | Wed Jan 23, 2013 12:22pm EST

(Reuters) - Secretary of State Hillary Clinton on Wednesday angrily defended her handling of the September 11 attack on the U.S. mission in the Libyan city of Benghazi and denied any effort to mislead people.

The attack by armed militants that killed U.S. Ambassador Christopher Stevens and three other Americans threatens to stain Clinton's legacy as secretary of state. It also may dent any hopes that Clinton, who mounted an unsuccessful presidential campaign in 2008, may run for the White House again in 2016.

By turns emotional and fierce, Clinton choked up as she spoke of comforting the victims' families and grew angry when a Republican senator accused the Obama administration of misleading the country over whether the Benghazi incident stemmed from a protest.

"With all due respect, the fact is that we had four dead Americans," Clinton shot back as she testified before the Senate Foreign Relations Committee, an appearance delayed more than a month because of her ill health.

"Was it because of a protest or was it because of guys out for a walk one night who decided they'd go kill some Americans? What difference, at this point, does it make?" she said, making chopping motions with her hands for emphasis.

Clinton cast the incident as part of a long history of such violence as well as the result of regional instability since the Arab Spring of popular revolutions began in 2011.

Clinton is expected to step down in the coming days once her designated successor, Senator John Kerry, is confirmed by the U.S. Senate.

Republicans harshly criticized her, and President Barack Obama's administration more generally, with one saying the Benghazi attack and the U.S. response displayed "woeful unpreparedness" for the events sweeping the region and another saying Clinton should have been fired.

Militants attacked and overwhelmed the U.S. diplomatic facility in Benghazi, Libya, on September 11 in a sustained assault.

An official U.S. inquiry concluded that the State Department was completely unprepared to deal with the attack, citing "leadership and management" deficiencies, poor coordination and unclear lines of authority in Washington.

Four lower-level U.S. officials were placed on administrative leave following the release of the inquiry, which did not find Clinton personally at fault.

A separate Senate committee report said the State Department made a "grievous mistake" in keeping the Benghazi mission open despite inadequate security and increasingly alarming threat assessments in the weeks before the attack.

Clinton was originally due to testify on December 20 but had to cancel after she suffered a concussion when she fainted due to dehydration. Doctors later found she had a blood clot in her head and hospitalized her for several days.

Several senators, noting the ferocity of Clinton's defense, said she appeared to have fully recovered. While many senators praised her four-year tenure as secretary of state, some Republicans were unsparing in their criticism.

Clinton at one point said that she had not seen requests from U.S. officials in Libya seeking additional security.

"Had I been president at the time and I found that you did not read the cables ... I would have relieved you of your post. I think it's inexcusable," Republican Senator Rand Paul of Kentucky told Clinton.

'AS COMBATIVE AS EVER'

"It's wonderful to see you in good health and as combative as ever," Senator John McCain, an Arizona Republican, told Clinton, who responded by laughing. He then went on to say that he categorically rejected one of her answers and found others unsatisfactory.

While tarnishing Clinton's tenure at the State Department, the controversy over the Benghazi attack also cost Susan Rice, the U.S. ambassador to the United Nations, her chance to succeed Clinton as secretary of state.

Republicans in Congress harshly criticized Rice for her comments days after the attack in which she said the incident appeared to be the result of a spontaneous demonstration rather than a planned assault.

Rice, who has said her comments were based on talking points from the U.S. intelligence community, eventually withdrew her name from consideration for the top U.S. diplomatic job.

"We were misled that there were supposedly protests and then something sprang out of that, an assault sprang out of that," Senator Ron Johnson, a Wisconsin Republican, told Clinton, referring to Rice's appearance on Sunday television talk shows.

"People have accused Ambassador Rice and the administration of, you know, misleading Americans," Clinton said. "Nothing could be further from the truth."

Clinton also appeared to try to subtly distance herself from Rice's comments.

"The very next morning, I told the American people that heavily armed militants assaulted our compound, and I vowed to bring them to justice. And I stood with President Obama in the (White House) Rose Garden as he spoke of an act of terror," she said.

Clinton's voice cracked as she spoke of comforting families who lost loved ones in the attack, the first since 1988 in which a U.S. ambassador was killed.

"For me, this is not just a matter of policy - it's personal," Clinton told the Senate panel on what is likely to be the last day that she will testify before Congress before stepping down as secretary of state.

"I stood next to President Obama as the Marines carried those flag-draped caskets off the plane at Andrews," she added, her voice breaking as she described the ceremony at Andrews Air Force Base in Maryland when the men's remains were brought home.

"I put my arms around the mothers and fathers, the sisters and brothers, the sons and daughters and the wives left alone to raise their children," she said.

"I take responsibility," Clinton said, echoing comments she first made in a TV interview on October 15 and stressing that she has accepted all of the recommendations of the independent review panel that held lower-level officials responsible.

"Nobody is more committed to getting this right. I am determined to leave the State Department and our country safer, stronger and more secure," she added.

Clinton was due to testify later in the day before a House of Representatives committee.

(Additional reporting by Andrew Quinn; Writing by Arshad Mohammed; Editing by Will Dunham)

Debt limit extension bill moves to vote in House - Reuters

Posted: 23 Jan 2013 08:56 AM PST

Italy's Prime Minister Mario Monti speaks during an interview as a guest on the RAI television Porta a Porta (Door to Door) in Rome January 14, 2013. REUTERS/Alessandro Bianchi

Italy's Prime Minister Mario Monti speaks during an interview as a guest on the RAI television Porta a Porta (Door to Door) in Rome January 14, 2013.

Credit: Reuters/Alessandro Bianchi

WASHINGTON | Wed Jan 23, 2013 12:01pm EST

(Reuters) - The House of Representatives on Wednesday began considering a Republican measure to extend the U.S. debt limit for nearly four months but many Democrats vowed to oppose the measure, calling it a gimmick that sets up a new "fiscal cliff."

A test vote to proceed with debate on the measure showed a nearly strict partisan split, with 234 votes in favor and 190 against. Just six Democrats supported it.

The bill, likely to pass both the Republican-controlled House and Democratic-controlled Senate, also was endorsed by the White House on Tuesday. It would avoid an immediate threat of U.S. default by suspending limits on the government's ability to borrow until May 19.

The U.S. Treasury is expected to exhaust all remaining capacity under the $16.4 trillion debt limit sometime between mid-February and early March.

The bill, a shift in tactics put together by House Republicans at a retreat in southern Virginia last week, buys them time to shift the debate over spending cuts from the highly charged - and politically toxic - debt limit to other fiscal deadlines that they see as more productive.

Senate Majority Leader Harry Reid on Wednesday praised the House debt limit measure for not requiring spending cuts and said the Senate would take up the measure upon House passage.

The bill aims to draw Senate Democrats into the debate by requiring the chamber to pass a formal budget resolution by April 15. If either the House or Senate fails to meet this deadline, lawmakers' pay is suspended until they pass a budget.

"The bill we are passing today, we think, will give us the ability to have a debate that will last a number of months about contrasting visions," House Budget Committee Chairman Paul Ryan told a breakfast for reporters sponsored by the Wall Street Journal.

"We see this as a very defining moment for this session of Congress and our caucus on getting a down payment on the debt crisis, on averting it."

But Democrats objected, saying it was irresponsible to set short-term debt limit deadlines that would keep a cloud of uncertainty hanging over financial markets, prompting volatility and higher interest rates.

"This legislation sets up another fiscal cliff, another financial nightmare, another problem for the American people that we should avoid," said Representative Rob Andrews, a Democrat from New Jersey. I urge all members to vote no."

The next fiscal deadlines that Congress must deal with are the March 1 start of automatic spending cuts for military and domestic programs, and the March 27 expiration of funding needed to keep federal agencies and programs operating.

(Additional reporting by Thomas Ferraro and Richard Cowan; Editing by Fred Barbash and Bill Trott)

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Selasa, 22 Januari 2013

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Tune Ins to raise RM222m from IPO

Posted: 22 Jan 2013 06:20 PM PST

Tune Ins Holdings Bhd, an insurance products manager, is raising RM222.2 million from its initial public offering (IPO) pursuant to its listing on the Bursa Malaysia Securities Main Board.

The company is an insurance product manager for its on-line partners which are currently AirAsia, Tune Hotels and AirAsia Expedia.

Tune Ins Holdings, among others, designs and manages insurance products that will be sold to customers of on-line insurance partners.

Under the IPO, Tune Ins Holdings will offer up to 210,224,900 ordinary shares to Malaysian and selected institutional investors and Bumiputera investors approved by the Finance Ministry, Malaysian retail investors and foreign institutional investors, the company said in a statement.

The retail portion of the IPO will consists of up to 41,346,800 public issue shares while the institutional portion will comprise up to 102,028,100 public issue shares and up to 66,850,000 offer shares.

The retail portion of the shares will be offered at RM1.55 while the institutional price will be determined by way of a book building process.

According to the prospectus, proceeds of the IPO exercise will be used for the repayment of bank borrowings (59.86 per cent), working capital (12.24 per cent), strategic investments (22.50 per cent) and payment of listing expenses. -- Bernama

Smartphone sales surge on new ruling

Posted: 22 Jan 2013 06:17 PM PST

Now that the government has decided to allow the RM200 rebate for all types of smartphones, local phone distributors and telecommunication providers are now experiencing a big jump in sales.

For some, problems have even cropped up: they do not have enough phones to sell because of the surge in demand.

The government's move to remove the limit to smartphones costing RM500 each or less is expected to benefit about one million youths between 21 and 30 years earning less than RM3,000 a month.

Jason Lo, Chief Executive Officer of Tune Talk Sdn Bhd, said since the announcement, demand for its smartphones has risen by over 50 per cent.

Tune Talk is one the service providers for the package under the Malaysian Communications and Multimedia Commission (MCMC).

"The announcement was a good move by the government. We receive around 10 to 15 new applications for the rebate daily and the number is rising," Lo told Bernama.

The government's pro-active move also benefited Tune Talk's 800 dealers nationwide, he said.

"We do not have a problem in terms of smartphones stocks as our policy is to order only when there is a demand. Currently, demand is still under control," Lo said.

Eddy Tay, Head of Sales at NineTology Malaysia Sdn Bhd, said youths were benefiting from the government effort to equip them with smartphones as they have more models now to choose from.

"Youths these days not only purchase smartphones to communicate but also for Internet data," he said.

With the latest announcement, Tay said demand from his distributors had increased.

Meanwhile, ZTE Malaysia Director of Terminal Division, Jeremy Zhao, hoped that the government could extend the campaign to not only smartphones but also to the entire list of mobile broadband products to help enrich end-user options and increase mobile broadband penetration in Malaysia.

"Initially, 23 models were shortlisted, but now all smartphone vendors stand to benefit," he said, adding that his company was also experiencing an increase in sales. -- Bernama

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Biden not shying away from 2016 speculation - NBCNews.com

Posted: 22 Jan 2013 08:57 AM PST

By Michael O'Brien, NBC News

Vice President Joe Biden has barely hidden his possible interest in running for president in 2016, and now, the loquacious former senator has begun to lay the groundwork for a potential campaign to succeed President Barack Obama.

"In a couple years, I think he's going to take a hard look at it," Beau Biden, the vice president's son and the attorney general of Delaware, said on MSNBC. "I hope he does."

Attorney General Beau Biden, D-Del., joins The Daily Rundown to discuss the proposal and whether the nation's lawmakers can reach a broader agreement on the issue.

A potential Biden bid for the presidency will come as little surprise to observers of the vice president over the past few years; Biden has often dropped hints of his interest in running as Democrats' nominee in 2016, and has repeatedly refused to rule out running in 2016 when asked.

Biden further stoked speculation this inaugural weekend, when he stopped by the Iowa State Society's inaugural ball, and invited top New Hampshire Democrats to his formal swearing-in ceremony on Sunday. Both Iowa and New Hampshire traditionally host the first two nominating contests of a presidential cycle.

At the Iowa ball, he mistakenly referred to himself as president, before correcting himself. "I'm proud to be president of the United States," he said before pausing to rephrase. "I'm proud to be vice president of the United States but I am prouder to be Barack Obama, President Barack Obama's vice president."

And on Monday, during the inaugural parade, he glad-handed his way down Pennsylvania Avenue. Biden waved and pointed at parade-goers on the sidelines, and even ran over to shake the hand of NBC's Al Roker, positioned behind a security barricade.

Moments after speaking with President Obama, NBC's Al Roker gets an impromptu handshake from Vice President Biden along the inaugural parade route.

When he ran into a Republican voter in Florida during the closing days of the campaign, Biden cautioned the Obama administration's health reform law would be a chit in his column during the next presidential campaign. "After it's all over when your insurance rates go down, then you'll vote for me in 2016," he said, employing a quip that quickly drew attention for its electoral implications.

Biden has twice run for president before, in 1988 and 2008. And each time, his candidacy flamed out. In the '88 campaign, Biden withdrew before the first nominating contest following allegations that he had plagiarized portions of speeches.

Biden survived through the Iowa caucus in 2008, but ended his campaign following a fifth place finish in the contest. The then-Delaware senator committed some trademark gaffes during that campaign, too. Biden joked, for instance, about how "you cannot go to a 7-Eleven or a Dunkin' Donuts unless you have a slight Indian accent." He also memorably referred to Obama, his future boss, as "the first mainstream African-American who is articulate and bright and clean."

But Biden, who served in the Senate from 1973 to 2009 and established himself as an expert on matters of foreign policy, now finds himself arguably at the apex of his political strength. Forty-one percent of Americans said they have a positive impression of the vice president in the most recent NBC News-Wall Street Journal poll, versus 37 percent who have a negative impression of Biden. Those aren't blockbuster numbers, but they're among Biden's best in the history of the poll.

But a successful run in 2016 would make Biden the nation's oldest inaugurated president.  He turns 74 in 2016, a year older than Ronald Reagan when he took the oath at his second inaugural.

Biden emerged during the 2012 Obama campaign as a key asset of the president's, stumping repeatedly in key blue collar corners of swing states like Ohio and Wisconsin. During those stops, the vice president offered some of the sharpest criticism of Republican nominee Mitt Romney's policies in a direct appeal to middle class voters.

Brian Snyder / Reuters

Vice President Joe Biden and his wife, Dr. Jill Biden, dance at the Commander-in-Chief's Ball in Washington, Jan. 21, 2013.

Biden acted as a key player during the president's first term on matters ranging from foreign policy to domestic. Biden was tasked with implementing the 2009 economic stimulus, and Obama asked him more recently to lead the task force that developed recommendations to curb instances of gun violence.

Obama has also repeatedly turned to Biden to lean on his long-standing relationships in the Senate to help forge deals with Republicans. When talks to avert the "fiscal cliff" reached an impasse late this past December, Senate Minority Leader Mitch McConnell, R-Ky., reached out to Biden, who won some of the credit for the last-minute deal.

Still, Biden has also become a favorite target of conservatives during the last four years, not least of which because of his not-infrequent gaffes. Conservative media outlets enjoyed stoking speculation, for instance, that Obama might bump Biden off of the ticket in favor of Secretary of State Hillary Rodham Clinton -- suggesting that Biden had become too big of a liability to the president's re-election campaign.

And indeed, there were moments during the 2012 campaign where Biden veered badly off script. When he expressed his personal support for same-sex marriage during a May 6 appearance on NBC's "Meet the Press," he preempted Obama's own anticipated endorsement of gay and lesbian marriage rights. Obama was forced to hastily follow in the footsteps of his vice president.

Biden also won the enmity of the Romney campaign when he told a predominantly African-American audience that the GOP ticket's economic policies would "put y'all back in chains."

But despite Biden's propensity to fall off-message on occasion, he still enjoys a champion in one key ally: Obama.

"One decision I know was absolutely correct -- absolutely spot on -- was my choice of vice president," Obama said Sunday at an inaugural reception. "I could not have a better partner than Joe Biden."

That's a line that Biden would no doubt love to feature in a campaign ad in just a few years. He might not be the only Democrat in the race -- many in the party hope that Clinton will seek the nomination again -- though the vice president's door to running is open than ever.

The 8 and One Half Things You Should Have Seen at Inauguration - ABC News (blog)

Posted: 22 Jan 2013 08:58 AM PST

Update: To avoid replicating the title born by a standing feature at Huffington Post, we have added a thing. This post originally listed 7 1/2 things; it now lists 8 1/2. The numerical duplication was unintentional.

A presidential inauguration is a big, long event that lasts all day and into the night–and who has time to really watch it? People have jobs, ones that don't let you off for a federal holiday.

Everyone (or, at least, some) will be talking about it, which means potential embarrassment for anyone who doesn't know what happened. Thankfully, ABC employs  news professionals stationed in Washington, D.C., to pay attention to these kinds of things and boil off some of the less noteworthy or interesting stuff, presenting you with short videos of everything that really mattered. Or at least the things a lot of people were talking about.

A full day of paying attention to President Obama's second Inauguration leads one of those professionals to offer these 8 /2 things:

1. Beyonce Sang the National Anthem

Boy, howdy! Did she ever? Beyonce has essentially become the Obama's go-to female performer: She recorded a music video for Michelle Obama's "Let's Move" initiative in 2011, and she performed at the president's last inauguration in 2009. Her velvety, soulful "Star Spangled Banner" is getting good reviews.

2. Kelly Clarkson Also Sang

Kelly Clarkson is not as "in" with the First Couple as Beyonce seems to be, but they let her sing "My Country 'Tis of Thee," and she did a pretty good job with it. This was kind of weird, though, because at one point she said she loved Ron Paul, although she later said she would vote for Obama.

3.  Obama Talked About Gay Rights

This may not seem shocking since more than half the country, including President Obama, supports gay marriage. But the president made a point of mentioning gay rights during his speech, equating the struggles of the LGBT community with those of  past civil rights movements, and in doing so made history.

He name-checked Stonewall, the New York City bar that was raided by police in 1969 sparking riots to protest the anti-gay crackdown. And he actually used the word "gay": "Our journey is not complete until our gay brothers and sisters are treated like anyone else under the law – for if we are truly created equal, then surely the love we commit to one another must be equal as well," Obama said in his address.

Plenty of inaugural addresses have been chock full of rhetoric about freedom and equality, but in the last four years, the political culture surrounding gay rights has changed significantly, as more states legalized same-sex marriage and as broad swaths of the country got more comfortable with homosexuality in general. Obama's "evolution" on gay marriage, and now his inaugural address, have helped signify that change.

4. Joe Biden Made Jokes and Shook Hands With People

Could we expect anything less?

Here's how the Vice President toasting Sen. Chuck Schumer instead of President Obama at the big luncheon:  "I raise my glass to a man who never, never, never operates out of fear, only operates out of confidence, and a guy–I'm toasting you, Chuck." Watch it:

And here he is, scurrying around and jovially shaking hands with people along the parade route:

5. Richard Blanco Read a Poem That Was Sort of Whitman-esque, But Not Entirely

Spanish-born Richard Blanco became America's first openly gay, Latino Inauguration poet. He read a nine-stanza poem entitled "One Today," which set a kind of unifying American tableau scene.

6. Obama and Michelle Walked Around Outside The Limo

President Obama walked part of the parade route, from the Capitol to the White House, with Michelle. They waved to people. It is not entirely abnormal for a president to do this at an inaugural parade. But they walked quite a ways.

7. John Boehner: 'Godspeed'

The speaker of the House presented American flags to Obama and Biden, telling them: "To you gentlemen, I say congratulations and Godspeed."

8. Sasha and Malia Were There. 

Obama's daughters, Sasha and Malia, were there. They didn't really do much, but they did wear coats of different shades of purple that got a lot of  attention on Twitter.

Reports of the daughters looking at smartphones and applying lip gloss highlighted their day. As did this .gif of Sasha yawning.

8 1/2. Alito Sleeping/Disgusted?

When it came time to stand for the inaugural oaths, Supreme Court Justice Samuel Alito, wearing sunglasses, appeared perhaps either to have nodded off or to be dissatisfied with being asked to physically move. Video is inconclusive.

This post has been updated. It inaccurately identified Richard Blanco as having been born in Cuba–his parents emigrated from Cuba to Spain shortly before his birth. The error has been corrected.

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