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KL shares open lower in early trading Posted: 19 Feb 2013 06:14 PM PST Share prices on Bursa Malaysia opened lower in early trading Wednesday on further selling in heavyweights led by DiGi, dealers said. Twenty minutes after the opening bell, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.58 points to 1,610.49 from Tuesday's closing at 1,615.07. DiGi, which contributed 1.015 points to the benchmark index's loss, eased four sen to RM4.66. HwangDBS Vickers Research Sdn Bhd said the local bourse could face persistent pressures ahead despite an overnight rebound on the Wall Street. "From a technical perspective, the benchmark index may back off from its immediate support level of 1,615. Thereafter, the key market barometer is expected to make its way towards the psychological mark of 1,600," it said in a research note. Meanwhile, some of the regional bourses reacted positively to the Wall Street overnight's rebound, with Japan's Nikkei 225 garnering 100.86 points to 11,473.20, the Singapore's Straits Times gained 12.63 points to 3,308.40 while Hong Kong's Hang Seng lost 238.03 points to 23,143.91. Back on the local front, the Finance Index declined 23.58 points to 14,766.92, the Industrial Index slipped 6.15 points to 2,772.78 and the Plantation Index dwindled 14.52 points to 7,889.28. The FBM Emas Index was 23.5 points lower at 10,944.8, the FBMT100 shed 24.32 points to 10,797.72, while the FBM Mid 70 Index added 2.51 points to 11,876.33, but the FBM Ace Index lost 4.78 points to 4,003.26. Losers led gainers by 103 to 86, with 136 counters unchanged, 1,351 untraded and 17 others suspended. It was a thin trading with total volume at 156.493 million shares worth RM145.051 million. Tune Ins Holdings Bhd, which debuted on the Main Market, opened at RM1.38, three sen premium from its offer price of RM1.35 with 9.49 million shares traded. Twenty minutes later, the company, the first insurance firm to be listed in eight years, saw its counter unchanged at RM1.35, with 41.79 million shares traded. Besides Tune Ins, the other actives were The Media Shoppe, also unchanged at nine sen, while Patimas and Metronic lost half-a-sen each to eight sen and 9.5 sen, respectively. For heavyweights, Maybank rose five sen to RM8.89, while Sime Darby shed three sen to RM9.20, Axiata declined two sen to RM6.21 and CIMB lost five sen to RM6.93.-- Bernama

1MDB plans to buy Jimmah power plant? Posted: 19 Feb 2013 06:09 PM PST 1Malaysia Development Bhd, the state investment company also known as 1MDB, plans to buy the 1,400 megawatt coal-fired Jimah power plant for RM1.7 billion, said a person with knowledge of the matter. The plant is located in Port Dickson, south of Kuala Lumpur. Malaysia's Negri Sembilan royal family holds a 70 per cent stake in Jimah Energy Ventures Holdings Sdn, which owns the power plant, the person said, asking not to be identified as the information is private. The purchase would be the third of a power asset by 1MDB in the past year. The state-owned company bought billionaire T. Ananda Krishnan's electrical power generation business for RM8.5 billion in March and Genting Bhd's domestic energy operations for RM2.3 billion in August. An official at 1MDB declined to comment on the potential purchase. Energy is one of the group's core areas of focus, Shahrol Halmi, 1MDB's chief executive officer, said in a statement on March 7, when it announced the acquisition of Ananda Krishnan's power plants.-- Bloomberg

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Oscar Pistorius' account of fatal shooting, in his own words - CBS News Posted: 19 Feb 2013 08:52 AM PST Oscar Pistorius in court following his bail hearing in Pretoria, South Africa, Tuesday, Feb. 19, 2013. / AP Photo Oscar Pistorius, the famed double amputee South African Olympian, has been charged by prosecutors with intentionally murdering his girlfriend Reeva Steenkamp in his Pretoria home. Play Video Pistorius: I thought girlfriend was a burglar He has said it was an accident, that he mistook her for a burglar when he fired several rounds through a locked bathroom door with a 9mm pistol. When a judge ruled Tuesday that he could not outright dismiss the prosecution's premeditated murder charge, Pistorius told his side of the story to the court on the same day Steenkamp's family laid her to rest in coastal Port Elizabeth. The following are the portions of the statement Pistorius' lawyers submitted to the court via an affadavit that offer his view of the tragic events of this past Valentine's Day: 16.2 I have been informed that I am accused of having committed the offence of murder. I deny the aforesaid allegation in the strongest terms. 16.3 I am advised that I do not have to deal with the merits of the case for purposes of the bail application. However, I believe that it is appropriate to deal with the merits in this application, particularly in view of the State's contention that I planned to murder Reeva. Nothing can be further from the truth and I have no doubt that it is not possible for the State to present objective facts to substantiate such an allegation, as there is no substance in the allegation. I do not know on what different facts the allegation of a premeditated murder could be premised and I respectfully request the State to furnish me with such alleged facts in order to allow me to refute such allegations. 16.4 On the 13th of February 2013 Reeva would have gone out with her friends and I with my friends. Reeva then called me and asked that we rather spend the evening at home. I agreed and we were content to have a quiet dinner together at home. By about 22h00 on 13 February 2013 we were in our bedroom. She was doing her yoga exercises and I was in bed watching television. My prosthetic legs were off. We were deeply in love and I could not be happier. I know she felt the same way. She had given me a present for Valentine's Day but asked me only to open it the next day. 16.5 After Reeva finished her yoga exercises she got into bed and we both fell asleep. 16.6 I am acutely aware of violent crime being committed by intruders entering homes with a view to commit crime, including violent crime. I have received death threats before. I have also been a victim of violence and of burglaries before. For that reason I kept my firearm, a 9 mm Parabellum, underneath my bed when I went to bed at night. 16.7 During the early morning hours of 14 February 2013, I woke up, went onto the balcony to bring the fan in and closed the sliding doors, the blinds and the curtains. I heard a noise in the bathroom and realised that someone was in the bathroom. 16.8 I felt a sense of terror rushing over me. There are no burglar bars across the bathroom window and I knew that contractors who worked at my house had left the ladders outside. Although I did not have my prosthetic legs on I have mobility on my stumps. 16.9 I believed that someone had entered my house. I was too scared to switch a light on. 16.10 I grabbed my 9mm pistol from underneath my bed. On my way to the bathroom I screamed words to the effect for him/them to get out of my house and for Reeva to phone the police. It was pitch dark in the bedroom and I thought Reeva was in bed. 16.11 I noticed that the bathroom window was open. I realised that the intruder/s was/were in the toilet because the toilet door was closed and I did not see anyone in the bathroom. I heard movement inside the toilet. The toilet is inside the bathroom and has a separate door. 16.12 It filled me with horror and fear of an intruder or intruders being inside the toilet. I thought he or they must have entered through the unprotected window. As I did not have my prosthetic legs on and felt extremely vulnerable, I knew I had to protect Reeva and myself. I believed that when the intruder/s came out of the toilet we would be in grave danger. I felt trapped as my bedroom door was locked and I have limited mobility on my stumps. 16.13 I fired shots at the toilet door and shouted to Reeva to phone the police. She did not respond and I moved backwards out of the bathroom, keeping my eyes on the bathroom entrance. Everything was pitch dark in the bedroom and I was still too scared to switch on a light. Reeva was not responding. 16.14 When I reached the bed, I realised that Reeva was not in bed. That is when it dawned on me that it could have been Reeva who was in the toilet. I returned to the bathroom calling her name. I tried to open the toilet door but it was locked. I rushed back into the bedroom and opened the sliding door exiting onto the balcony and screamed for help. 16.15 I put on my prosthetic legs, ran back to the bathroom and tried to kick the toilet door open. I think I must then have turned on the lights. I went back into the bedroom and grabbed my cricket bat to bash open the toilet door. A panel or panels broke off and I found the key on the floor and unlocked and opened the door. Reeva was slumped over but alive. 16.16 I battled to get her out of the toilet and pulled her into the bathroom. I phoned Johan Stander ("Stander") who was involved in the administration of the estate and asked him to phone the ambulance. I phoned Netcare and asked for help. I went downstairs to open the front door. 16.17 I returned to the bathroom and picked Reeva up as I had been told not to wait for the paramedics, but to take her to hospital. I carried her downstairs in order to take her to the hospital. On my way down Stander arrived. A doctor who lives in the complex also arrived. Downstairs, I tried to render the assistance to Reeva that I could, but she died in my arms. 16.18 I am absolutely mortified by the events and the devastating loss of my beloved Reeva. With the benefit of hindsight I believe that Reeva went to the toilet when I went out on the balcony to bring the fan in. I cannot bear to think of the suffering I have caused her and her family, knowing how much she was loved. I also know that the events of that tragic night were as I have described them and that in due course I have no doubt the police and expert investigators will bear this out.

Obama applies fresh pressure on Republicans to avoid cuts - Reuters Posted: 19 Feb 2013 09:20 AM PST U.S. President Barack Obama speaks about strengthening the economy for the middle class and measures to combat gun violence during a visit to Hyde Park Academy in Chicago, Illinois February 15, 2013. Credit: Reuters/Kevin Lamarque By Steve Holland and Roberta Rampton WASHINGTON | Tue Feb 19, 2013 12:19pm EST (Reuters) - President Barack Obama renewed his pressure on congressional Republicans to head off budget cuts that are due to begin on March 1, staging a White House appearance with emergency workers to illustrate jobs he said were at risk. Obama is trying to get concessions from Congress to stall the cuts by ending tax breaks enjoyed mainly by wealthy Americans. "My door is open. I put tough cuts and reforms on the table. I am willing to work with anyone to get this job done," Obama said at the event, flanked by 17 uniformed firefighters and law enforcement officers. With both houses of Congress off this week, there seemed to be little movement toward a compromise on halting the cuts. Unless there is a deal, about $85 billion in across-the-board spending cuts begin on March 1 and continue through September 30 as part of a decade-long $1.2 trillion budget savings plan. "This is not an abstraction. There are people whose livelihoods are at stake," Obama said, noting the cuts, known as "sequestration," could hurt the economy. The non-partisan Congressional Budget Office has estimated that, if fully implemented, these cuts would hold back U.S. growth and prevent the creation of about 750,000 jobs this year. Half the cuts would be shouldered by the Pentagon and the other half scattered among many other government agencies. But even if the cuts happen, Congress is expected to blunt their effect by negotiating a replacement measure in March at the same time as lawmakers work on a deal to fund government agencies that run out of money on March 27. OPEN DOOR? Senate Republican Leader Mitch McConnell criticized Obama for holding a "campaign-style" event rather than focusing on cutting government waste or trimming spending on green energy programs. "President says his door is open, but he's spent more time in 2013 with Tiger Woods than with all congressional Republicans," said Doug Heye, a spokesman for House Republican Leader Eric Cantor, on Twitter. He was referring to Obama's golf weekend in Florida, during which he played with Woods. Republican Speaker John Boehner said the House has twice passed a plan to replace the sequester with "common sense cuts" and said the president needs to show he was willing to make cuts to keep emergency workers and others on the job. "Just last month, the president got his higher taxes on the wealthy, and he's already back for more," Boehner said in a statement. Obama has been adamant that any budget agreement to replace the cuts reflect a balanced approach and include both budget cuts and tax increases. To give Congress time to act on a long-term solution, Obama urged congressional Republicans to accept a smaller $110 billion package that Democrats proposed last week. But Republicans believe they have raised taxes enough after reluctantly agreeing to increase them on the wealthy as part of a deal that avoided the "fiscal cliff" of higher taxes and spending cuts that would have kicked in at the end of 2012. Republicans want deeper spending cuts to reduce the United States' $1 trillion annual deficits and $16 trillion national debt. At the same time, a bipartisan fiscal commission appointed by Obama added to the Washington debate over spending by proposing $2.4 trillion in deficit reduction over 10 years. The commission, led by Erskine Bowles, a Democrat, and Alan Simpson, a Republican, would cut spending, overhaul the tax system and reform the healthcare system. (Additional reporting by Matt Spetalnick; Editing by Doina Chiacu)

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Lend Lease eyes Malaysia's property mart Posted: 18 Feb 2013 07:07 PM PST Lend Lease Group, Australia's biggest developer, plans to expand in Malaysia to make up for a slowdown in residential sales and mining-related infrastructure projects back home. The company is in discussions to invest in about three development projects in Malaysia and expects to complete the first agreement by June 30, Chief Executive Officer Steve McCann said in an interview from Melbourne yesterday. Lend Lease wants to lower its dependency on the home market to about 60 per cent of earnings in five years from 73 per cent as of December 31, McCann said. Malaysia's growth exceeded 5 per cent in each of the five quarters through September, outpacing Australia's average 3.4 per cent expansion in the same period. Lend Lease's Asian Retail Investment Fund in May opened Setia City Mall in partnership with Malaysian developer SP Setia Bhd. "Over time, say about five years, we'll invest more capital overseas," McCann said. "There are a few encouraging signs in the Australian residential market and there's a bit more enquiry off the reduction in interest rates but there won't be a material turnaround soon in the land subdivision market." The Sydney-based company's future developments in Malaysia will be mixed-use projects dominated by retail space, McCann said. Two of its planned projects in the country will be in Kuala Lumpur and one elsewhere, he said. Lend Lease in October agreed to jointly develop a 10.9 acre site in a project that will include office, retail and hotel space and homes with Naza TTDI, according to an e-mailed statement from the closely held Malaysian developer.-- Bloomberg

KL shares higher in early trade Posted: 18 Feb 2013 05:49 PM PST Share prices on Bursa Malaysia were slightly higher in early trade today on mild buying support mostly seen in heavyweights, dealers said. Ten minutes into the opening, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.98 points to 1,622.91, compared to yesterday's close of 1,620.93. HwangDBS Vickers Research Sdn Bhd said with no visible market leads from abroad and as Wall Street was closed yesterday, Asian equities may swing sideways when trading resumes today. It said the local bourse could also continue its listless performance by drifting lower. "On the chart, the benchmark FBM KLCI is expected to slide towards the tentative support line of 1,615 anytime soon," it said in its research note here. Regional bourses were mostly lower with Japan's Nikkei 225 slipping 13.91 points to 11,393.96, while Hong Kong's Hang Seng declined 13.72 points to 23368.22. Singapore's Straits Times rose 7.93 points to 3,296.07. Back on the local front, the Finance Index improved 19.239 points to 14,848.27, the Industrial Index edged up 1.94 points to 2,786.71 and the Plantation Index increased 6.01 points to 7,926.67. The FBM Emas Index was 10.97 points higher at 11,029.62, the FBMT100 advanced 9.829 points to 10,879.52, while the FBM Mid 70 Index declined 5.14 points to 11,959.49, and the FBM Ace Index added 9.1 points to 4,048.26. Gainers led losers by 61 to 40, with 82 counters unchanged, 1,483 untraded and 17 others suspended. Trading was thin with total volume at 68.425 million shares worth RM15.15 million. Among actives, The Media Shoppe edged up one sen to 9.5 sen, Compugates was unchanged at 9.5 sen, while Ins Bioscience slipped 1.5 sen to five sen. For the heavyweights, Maybank was unchanged at RM8.87, while Sime Darby added two sen to RM9.24 and Axiata edged up one sen to RM6.28, with CIMB gaining three sen to RM7.03.-- Bernama

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Oscar Pistorius' girlfriend shot 4 times through bathroom door, official says - CNN Posted: 18 Feb 2013 09:18 AM PST STORY HIGHLIGHTS NEW: Detectives are examining role of a blood-stained cricket bat, newspaper reports Runner Oscar Pistorius has been charged with murder in model Reeva Steenkamp's death Steenkamp was still alive when Pistorius carried her downstairs, an official says Pretoria, South Africa (CNN) -- Model Reeva Steenkamp was shot four times through the bathroom door at the home of Olympian Oscar Pistorius, a South African official familiar with the case told CNN on Monday. She was alive after she was shot and was carried downstairs by Pistorius, said the official, who was not authorized to release details to the media. A blood-stained cricket bat has also emerged as key evidence in the case, according to the City Press newspaper of Johannesburg. Detectives are working to determine whether the bat was used to attack Steenkamp or she used it in self-defense, the newspaper reported, citing a source with inside knowledge of the case. Detectives are also looking into the possibility that Pistorius used the bat to break down the bathroom door. The details are the latest to emerge in the shooting death that has roiled the nation and left South Africans asking what went so terribly wrong inside the upscale Pretoria home of the man nicknamed "Blade Runner" for his lightning-fast prosthetic legs. The official, who spoke on condition of anonymity, said there were indications the 29-year-old model intended to stay the night at the house: She had an overnight bag and her iPad. Opinion: Pistorius case and the plague of violence against women Authorities have released little about a possible motive in the Valentine's Day shooting, while local media have reported that Pistorius had mistaken his girlfriend for an intruder. South African authorities have stressed that the scenario did not come from them, and said there was no evidence of forced entry at the home. Police have charged Pistorius with murder, and he will appear in court Tuesday for a bail hearing. South African prosecutors have said they intend to upgrade the charge to premeditated murder, but have not released further details. Pistorius, 26, has rejected the murder allegation "in the strongest terms," his agent said in a statement. Nike's bullet ad with Pistorius backfires Burial service The same day Pistorius returns to court, Steenkamp will be buried in a private service in her hometown of Port Elizabeth. Her burial Tuesday will come two days after South Africa's national broadcaster aired a pre-recorded reality TV show featuring Steenkamp discussing her exit from "Tropika Island of Treasure," on which local celebrities compete for prize money. The decision to air the program took "much deliberation," and "this week's episode will be dedicated to Reeva's memory," said Samantha Moon, the executive producer. The shooting has stunned South Africa, where Pistorius is a national hero as the first disabled athlete to compete in the able-bodied Olympic Games. He competed in the London Games as well as winning two gold medals in the Paralympic Games. Headlines about the case have dominated in the days since Pistorius was arrested, though tight-lipped authorities have revealed little about what, if anything, the track star has said. Oscar Pistorius with Reeva Steenkamp in January 2013. Questions swirl Reports say Pistorius and Steenkamp became an item around November and were popular in South African social circles. The night before the shooting, Steenkamp appeared to be looking forward to Valentine's Day. "What do you have up your sleeve for your love tomorrow?" she asked her Twitter followers the day before. "Get excited." Steenkamp was found in a pool of blood at Pistorius' home Thursday morning. Neighbors alerted authorities to the early morning shooting, saying they had "heard things earlier," police spokeswoman Denise Beukes has said. She did not clarify what the neighbors reported they heard. Authorities also have not said whether Pistorius called for help. Pictures of his walk to a police car, his head covered by a sweatshirt, have flashed repeatedly across television screens. On Sunday, Pistorius canceled his appearances in five upcoming races. The move is meant to help Pistorius focus on the legal proceedings and "help and support all those involved as they try to come to terms with this very difficult and distressing situation," said Peet Van Zyl of Pistorius' management company, In Site Athlete Management. CNN's Robyn Curnow reported from South Africa; Chelsea J. Carter and Faith Karimi reported from Atlanta. 0 Comments » Tweet Print Email More sharing

Venezuela's Chavez makes surprise return from Cuba - Reuters Posted: 18 Feb 2013 08:27 AM PST By Andrew Cawthorne and Daniel Wallis CARACAS | Mon Feb 18, 2013 11:26am EST (Reuters) - Venezuelan President Hugo Chavez made a surprise return from Cuba on Monday, more than two months after surgery for cancer that has jeopardized his 14-year rule of the South American OPEC nation. The middle-of-the-night homecoming by Chavez, 58, implies some medical improvement - at least enough to handle a flight of several hours - and will again fire up supporters with hope he could return to active rule. Yet there was no new information on the socialist leader's condition, nor images of his arrival, and aides say his condition remains "complex." Chavez could be returning to govern behind the scenes or could be hoping to ease political tensions in Venezuela and smooth a transition to Vice President Nicolas Maduro. Chavez has urged voters to back Maduro should he have to stand down and a new presidential election be held. "We have returned to the Venezuelan fatherland. Thank you, my God! Thank you, my beloved people! We will continue the treatment here," Chavez said via Twitter after flying in. Maduro said Chavez flew in at about 2:30 a.m. (2 a.m. ET) from Havana and was taken to a military hospital in Caracas. Until photos were published of him on Friday, Chavez had not been seen by the public since a six-hour operation in Cuba on December 11. There had been speculation Chavez was not well enough to travel despite wanting to return for continued treatment for the disease, which was first diagnosed in mid-2011. "I remain attached to Christ and trusting in my nurses and doctors," the president also tweeted on Monday. "Onwards to victory forever! We will live and we will conquer!" The tweets were his first direct communication with the outside world since he went to Cuba in December. His return thrilled supporters in the country of 29 million people, where his common touch and heavy spending on welfare policies have made him an idol to many of the poor. "It's fabulous news, the best thing possible," Chavez's cousin, Guillermo Frias, told Reuters from the president's rural birthplace in Barinas state. "Venezuela was waiting for him, everyone wants to see him. Welcome home! Thank God he's back!" FIREWORKS MARK RETURN Fireworks were launched in some Caracas neighborhoods as the news spread and "Chavistas" began to celebrate. Top government officials were jubilant, with the information minister singing "He's back, he's back!" live on state TV. Chavez's latest surgery was his fourth in just 18 months since the disease was detected. He also has undergone weeks of chemotherapy and radiation treatment, and the government has emphasized in recent days that his condition remains delicate. "It's a complex, difficult situation, but Chavez is fighting for his life," Foreign Minister Elias Jaua said at the weekend. A euphoric crowd quickly gathered outside the hospital where Chavez was taken, chanting slogans and dancing. Officials urged them to respect the peace of patients at the facility, where a huge banner of Chavez's face gazes out over a nearby hillside shanty-town. Congressional leader Diosdado Cabello said the president was comfortable at the hospital. "We're fixing all the details there so he lacks absolutely nothing," he said. In the first images since his latest surgery, officials published photos on Friday showing a smiling Chavez lying in a hospital bed, reading a newspaper and flanked by his daughters. The government said he was breathing through a tracheal tube and struggling to speak. One woman, who told state TV she was a nurse, said Chavez had arrived walking and without a wheelchair or visible tubes. After winning re-election in October - and wrongly declaring himself cured - Chavez was unable to attend his own inauguration ceremony in January. Enraging his foes, the Supreme Court ruled that he remained president and could be sworn in later. That could now take place at the military hospital. "Now the president is back, there can be no doubt about the democratic institutions working in Venezuela," said Information Minister Ernesto Villegas. "There were some who dreamed of unseating Chavez and the revolution, but here we always said Chavez is the president elected and re-elected by the will of the Venezuelan people." Chavez's condition means there is a little chance he could quickly slip back into his old routine of thundering oratory, hours-long talk shows and casual chats in the street with supporters. CUBA 'BREATHING EASIER' Chavez's pre-dawn return was a typical surprise move for the former soldier whose rule has combined constant political theatrics with radical anti-U.S. speeches, tough treatment of opponents and lavish spending of oil revenue on the poor. Critics have decried the secrecy over his health, and some want a formal declaration that he is no longer fit to rule. That would trigger a new presidential vote within 30 days, probably pitting Maduro against opposition leader Henrique Capriles. Chavez's lengthy stay in Cuba had fuelled a long-held opposition accusation that Venezuela's government was being manipulated and directed from Havana. Former Cuban leader Fidel Castro is a political mentor and father figure to Chavez, and the older man visited him regularly in the hospital. "I'm pleased you have been able to return to the piece of ... soil you love so much and the fraternal people who give you so much support," he wrote to Chavez in a letter published by the Cuban government on Monday. "You have learnt a lot about life, Hugo, in those tough days of suffering and sacrifice," he said, urging continued discretion over the president's condition to thwart "fascists" intent on toppling him. A senior diplomatic source in the region said Cuban officials would be breathing more easily after Chavez's departure, partly because the political costs to Cuba were starting to mount as many wondered who was running Venezuela. Maduro also was being hurt ahead of any new election, the source said, as Capriles increasingly accused the vice president and other officials of lying about the president's condition. Some 20 Venezuelan students have spent the past four days chained up close to the Cuban Embassy in Caracas in protest at what they see as interference from Havana. Maduro, 50, a former bus driver, is Chavez's heir apparent and would be favorite to win a close vote. Chavez's return eclipses debate over a recent devaluation of the local bolivar currency. It has been highly unpopular with Venezuelans and opposition politicians have sought to present it as evidence of economic incompetence by the government. Capriles welcomed Chavez back but pointedly said he hoped it would mean a return to order in government and attention to the daily problems of Venezuelans. (Additional reporting by Mario Naranjo, Deisy Buitrago, Girish Gupta and Eyanir Chinea in Caracas, Brian Ellsworth and Tomas Sarmiento in Quito; Editing by Kieran Murray)

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RHB cuts APM Automotive fair value Posted: 17 Feb 2013 06:45 PM PST RHB Research lowered its fair value on APM Automotive Holdings Bhd citing an "unspectacular" earnings forecast and a challenging short-term operational outlook. The automotive component maker remains reliant on sales to domestic original equipment manufacturers (OEMs) and has been struggling to break into regional automotive markets, RHB said in a note on Monday. The research house said it expected APM to report steady but unexciting results in the fourth quarter of its financial year ending December 2012, forecasting net profit to rise 10.5 per cent on quarter but dipping 11.9 per cent year-on-year. RHB lowered its earnings estimates for APM by 18.3 per cent to RM123.8 million for 2013, and by 20.2 per cent to RM132.8 million for 2014, after cutting out the wider margins from the weaker Japanese yen and on assumption that APM's customers will claw back gains going forward. APM shares were untraded on the Malaysian benchmark stock index that was down 0.2 per cent. -- Reuters

Cahya Mata plans plant expansion Posted: 17 Feb 2013 06:48 PM PST Cahya Mata Sarawak Bhd (CMS) is considering a "significant" expansion of its cement grinding capacity after deciding to proceed with a joint-venture development of the billion ringgit ferro silicon smelting plant project at the Samalaju Industrial Park in Sarawak. The company did not state how much additional grinding capacity will be built but it is expected to involve a capital expenditure of up to RM150 million (US$48.48 million). The expansion will be located at its plant adjoining its clinker plant on the outskirts of Kuching. The company's cement production capacity now stands at 1.75 million tonnes per year from plants in Kuching and Bintulu, and in excess of local demand. The expansion signals a fundamental change in the cement market in the state and CMS believes the urbanisation and industrial development in the state will drive up demand-Malaysian Reserve. -- Reuters

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WH immigration plan circulating in case Congress talks "break down ... - CBS News Posted: 17 Feb 2013 08:16 AM PST (CBS News) The White House immigration plan that would reportedly allow undocumented immigrants to become legal U.S. residents within eight years is being circulated among President Obama's administration in case the bipartisan efforts of Congress to draft a comprehensive reform bill "break down," the president's chief of staff Denis McDonough said today on "Face the Nation." "We will be prepared with our own plan," McDonough said, in the event that the so-called "gang of eight" senators - including Sens. John McCain, R-Ariz., Chuck Schumer, D-N.Y., and Marco Rubio, R-Fla. - fail to push their immigration proposals through both the Democrat-controlled Senate and the Republican-controlled House. One major discord from the president is that the senators maintain Congress needs to improve on enforcing current laws and tightening U.S. border control before opening up a pathway to citizenship for illegal immigrants. "There's no evidence that [the group's efforts] have broken down yet," he continued. "We're continuing to support that; we're involved in those efforts by providing them technical assistance, providing them ideas. And I hope that Republicans and Democrats up there don't get involved in some typical Washington back and forth sideshow here, and rather just roll up their sleeves and get to work on writing a comprehensive immigration reform bill." As laid out in his speech several weeks ago in Las Vegas, McDonough said, Mr. Obama's plan would include four pillars: Continue to strengthen U.S. border security, crack down on employers who hire illegal workers, offer a path to earned citizenship for the 11 million undocumented immigrants currently living in the United States and reform the current legal immigration system. Meantime, McDonough went on the defensive over the White House's response to the Sept. 11, 2012, attack on the U.S. Consulate in Benghazi that killed four Americans. Last week on "Face the Nation," Sen. Lindsey Graham, R-S.C. pledged to block confirmation votes for Chuck Hagel and John Brennan to head the Department of Defense and the CIA, respectively, until the president provided details about his actions on the night of the attack. "We did everything we could that night," McDonough argued, "which, by the way, was borne out by the Accountability Review Board which Secretary [of State Hillary] Clinton stood up to look at this. They said that... the Washington-based effort was a good effort that did everything it possibly could have. "But the question from the president now is," he continued, "what have we done to make sure that this does not happen again? And he's demanded of us, his team, be that at State Department, be that at the White House or at the Pentagon or the intelligence community, to make sure this never happens again. And he won't put up with it."

NASA: Russian Meteor Nuclear-Like - Daily Beast Posted: 17 Feb 2013 08:42 AM PST So the reports of the Russian meteor explosion were not exaggerating: the meteor that hit the Siberian city of Chelyabinsk on Friday was even bigger than originally suspected, NASA said Saturday. The meteor is the largest to hit earth since the asteroid explosion in Tunguska in 1908, which flattened trees over 820 miles of the Siberian forest. NASA officials said the asteroid was 50 feet wide and 7,000 ton and zoomed toward space at a velocity of 40,000 miles per hour—and was momentarily brighter than the sun. On Saturday, thousands of Russian emergency workers cleared the damage from the meteor, with divers focusing on a lake near Chelyabinsk where a hole several feet wide had opened up—but no fragments had been recovered yet.

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Russian Region Begins Cleanup After Meteor Blast - Wall Street Journal Posted: 16 Feb 2013 08:52 AM PST Associated Press CHELYABINSK, Russia—A small army of workers set to work Saturday to replace the estimated 200,000 square meters (49 acres) of windows shattered by the shock wave from a meteor that exploded over Russia's Chelyabinsk region. The astonishing Friday morning event blew out windows in more than 4,000 buildings in the region, mostly in the capital city of the same name and injured some 1,200 people, largely with cuts from the flying glass. Forty of the injured remained hospitalized on Saturday, two of them in serious condition, state news agency RIA Novosti reported, citing the regional health ministry. Chelyabinsk.ru/Associated Press A meteor contrail was seen over Chelyabinsk, Russia, on Friday. The meteor streaked across the sky of Russia's Urals, causing explosions and injuring around 1,000 people. A meteorite flew across the sky over Russia's Ural Mountains, showering fragments of rock over the area and causing explosions. More than 400 people were injured as the debris fell to the ground, many of them hurt by broken glass. Photo: Associated Press Regional Governor Mikhail Yuyevich on Saturday said that damage from the high-altitude explosion—estimated to have been as powerful as 20 Hiroshima bombs—is estimated at 1 billion rubles ($33 million). He promised to have all the broken windows replaced within a week. But that is a long wait in a frigid region. The midday temperature in Chelyabinsk, which is located approximately 900 miles east of Moscow, was minus-12 degrees Celsius (10 degrees Fahrenheit), and for many the immediate task was to put up plastic sheeting and boards on shattered residential windows. More than 24,000 people, including volunteers, have mobilized in the region to cover windows, gather warm clothes and food and make other relief efforts, the regional governor's office said. Crews from glass companies in adjacent regions were being flown in. In the town of Chebarkul, 50 miles (80 kilometers) west of Chelyabinsk city, divers explored the bottom of an ice-crusted lake looking for meteor fragments believed to have fallen there, leaving a 20-foot-wide (six-meter-wide) hole. Emergency Ministry spokeswoman Irina Rossius told Russian news agencies the search hadn't found anything. Police kept a small crowd of curious onlookers from venturing out onto the icy lake, where a tent was set up for the divers. Many of them were still trying to process the memories of the strange day they'd lived through. Valery Fomichov said he had been out for a run when the meteor streaked across the sky shortly after sunrise. "I glanced up and saw a glowing dot in the west. And it got bigger and bigger, like a soccer ball, until it became blindingly white and I turned away," he said. In a local church, clergyman Sexton Sergei sought to derive a larger lesson. "Perhaps God was giving a kind of sign, so that people don't simply think about their own trifles on earth, but rather look to the heavens once in a while." In Chelyabinsk, university student Ksenia Arslanova said she was pleased that people in the city of 1 million generally behaved well after the bewildering flash and explosions. "People were kind of ironic about it. And that's a good thing, that people didn't run to the grocery store. Everyone was calm," the 19-year-old architecture student said. "I'm proud that our city didn't fall into depression." —Copyright 2013 Associated Press

Highlights: Policymakers' quotes at G20 summit in Moscow - Reuters Posted: 16 Feb 2013 09:15 AM PST MOSCOW | Sat Feb 16, 2013 11:07am EST (Reuters) - Finance ministers and central bankers from the Group of 20 nations are meeting in Moscow under Russia's presidency. Following are key quotes from the meeting on Saturday. QUOTES AT END OF SUMMIT CANADIAN FINANCE MINISTER JIM FLAHERTY "The mood quite clearly early on was that we needed desperately to avoid protectionist measures and that the G20 stands firmly against protectionism and against manipulation of exchange rates. So that mood permeated quite quickly." On how to tell whether a country's monetary policy is targeting exchange rates: "It's quite difficult to gauge that." JAPANESE FINANCE MINISTER TARO ASO "I have explained that (Prime Minister Shinzo) Abe's administration is doing its utmost to escape from deflation and we have gained a certain understanding (at G20). "We're confident that if Japan revives its own economy that would certainly affect world economy as well. We gained understanding on this point." FRENCH FINANCE MINISTER PIERRE MOSCOVICI "The economic slowdown in Europe as a whole means that we should avoid adding austerity to the recession. We Must keep a medium-term orientation ... commitment must be maintained and at the same time avoid a recession spiral of austerity that prevents us from keeping medium-term financial goals." "The message of G20 (on monetary policies and exchange rates) is fully coherent with that of G7, which corresponds to the government's point of view. "We were right to evoke (this point) and that after G7, G20 addressed this question in a perfectly clear way." IMF MANAGING DIRECTOR CHRISTINE LAGARDE "As emphasized by the G-20, global growth is still weak, with unemployment remaining unacceptably high in many countries. The weak global performance derives from policy uncertainty, private deleveraging, continued fiscal drag, as well as insufficient progress on rebalancing global demand. "Implementation of the financial reform agenda to build a more resilient financial system remains a priority. Credible medium-term fiscal plans also need to be in place to provide flexibility while growth is more fully restored. "I welcome G-20 resolve to achieve a lasting reduction in global imbalances through joint actions to avoid persistent exchange rate misalignments, and the group's commitment to refrain from competitive devaluation, to resist protectionism in all forms, and to keep markets open. It was heartening to see the G-20 reaffirmed its commitment to move more rapidly toward more market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals. "We think that talk of currency wars is overblown. People did talk about their currency worries. The good news is that the G-20 responded with cooperation rather than conflict today." BANK OF CANADA GOVERNOR MARK CARNEY Asked if inflation expectations risked becoming unmoored in Britain and elsewhere because of loose monetary policy: "The risks globally are deficient demand." Asked if he agreed with the IMF that the Canadian dollar is overvalued: "We don't comment on levels of exchange rates. We've noted for some time that the Canadian dollar is persistently strong. It's something we take into account in the setting of monetary policy in Canada. It's one of the reasons why policy is as accommodative as it is." GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE "We had a broad consensus in the G20 that we will stick to the commitment to fulfill the Toronto goals. "What was said before the G20, that we are isolated (on debt-issue) is totally wrong." "We do not have any interest in US-bashing ... In St. Petersburg (G20-summit) follow-up-goals will be decided." BANK OF JAPAN GOVERNOR MASAAKI SHIRAKAWA "BOJ's monetary policy has been and will be aimed at stabilizing the domestic economy through stable prices, just as was stated in the G7 joint statement ... Therefore it is in line with what we have been doing in guiding monetary policy." "At this meeting, IMF and many other participants said it is not appropriate to describe the current situation as currency war and that such an expression is overblown. G20 as well as G7 share the view that efforts by each country to stabilize their own economy will lead to stability in the global economy." RUSSIAN FINANCE MINISTER ANTON SILUANOV "We need to take measures to increase the effectiveness of our economies - increase industrial output, increase stimulus measures ... This is what governments should be doing and not manipulating exchange rates." "We have reached an agreement that there should be no competition between (exchange) rates. The issue is not in currencies, but in their regime ... If we get governments and central banks meddling, then, as a result, there will be imbalances." "Changes of forex policy in one country, will affect the situation in partner countries and then currency competition may begin." EARLIER COMMENTS CANADIAN FINANCE MINISTER JIM FLAHERTY "The language has been strengthened since our discussions last night ... "It's stronger than it was, but it was quite clear last night that everyone around the table wants to avoid any sort of currency disputes." On fiscal policy: "First of all you need a medium-term plan to get to balanced budgets, and then at the same time you need some growth initiatives as we have in Canada with respect to trade and regulatory reform. Some of these initiatives don't cost money and do create jobs and growth, so the question was how do we strike the right balance, which is what I was encouraging my colleagues to do. Some countries put more emphasis on the previous commitments at Toronto than others do. I think we have to avoid backtracking. That would be a terrible error for the G20. As an organization we need to maintain our movement forward, to keep our commitments, to show that we can collaborate and work together, as we did successfully in 2008." CHINESE VICE FINANCE MINISTER ZHU GUANGYAO (VIA XINHUA) "BRICS countries demanded that major developed nations pay attention to their monetary policy spillover and that major developed countries implementation of excessively relaxed currency policy has an influence on the world economy, particularly for developing countries. Developed countries promised to consider the foreign spillover of their macro-economic policy, especially currency policy." "Under the strong request at this G20 meeting, developed country economies considered the need for oversight of their own banks and the United States has already made promises to implement the agreement (Basel III) in the coming months. European parties also expressed that this agreement was in the final stages of legislative approval. Despite the United States and Europe's delay in implementing the agreement, they have recognized the importance of implementing it and have agreed to undertake that responsibility. China welcomed their declaration and expects that they will genuinely carry out their promises, strengthen the financial oversight aspects of the G20 agreement and increase confidence in the G20." FRENCH FINANCE MINISTER PIERRE MOSCOVICI "We all agreed on the fact that we refuse to enter any currency war." "But we also want to have on an international level a cooperative approach ... excluding aggressive strategies for devaluation." "This is why we all agreed that the levels of currencies have to be determined by the markets." RUSSIAN FINANCE MINISTER ANTON SILUANOV "We expect by April countries will have made progress on reaching a balanced approach to establishing new budget indicators on both, deficit and the level of government debt." "Structural reforms in all countries, either with a positive or negative balance of payments, should play a bigger role." RESERVE BANK OF INDIA GOVERNOR DUVVURI SUBBARAO "The main refrain of emerging economies has been that the spillover impacts of easy monetary policies, there are push factors and pull factors and capital flows are happening more because of push factors rather than pull factors ... and that the macroeconomic costs can be more than advanced economies believe." BRITISH FINANCE MINISTER GEORGE OSBORNE "The G7 made a very clear statement this week. I think you'll see the G20 echo what was said, and say that currencies should not be used as a tool of competitive devaluation." "Countries shouldn't make the mistake of the past of using currencies as a tool of economic warfare."

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