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KL shares open mixed on mild profit-taking Posted: 10 Mar 2013 07:04 PM PDT Share prices opened mixed in early trading Monday on mild profit-taking in selected heavyweights, dealers said. As at 9.29am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.49 of a point to 1,653.47, after opening 1.64 points lower at 1,652.32. HwangDBS Vickers Research Sdn Bhd said the benchmark FBM KLCI could break past 1,655 to move towards the next resistance threshold of 1,670 while awaiting the release of macro reports later today. "January external trade, industrial production index and February plantation statistics will be on investors' focus today," it said in a research note. On Wall Street, Major US stock indices made further gains of between 0.4 per cent and 0.5 per cent Friday amid optimism that the world's largest economy is showing visible signs of a sustainable recovery, it said. "This is expected to give investors a boost in confidence when Asian equities resume trading this morning," it added. Meanwhile, the Plantation Index slipped 8.07 points to 7,935.84, but the Industrial Index gained 0.03 of a point to 2,836.53 and the Finance Index added 12.59 points to 15,312.07. The FBM Emas Index shed 0.73 of a point to 11,290.42, the FBMT100 fell 2.01 points to 11,133.49, but the FBM Mid 70 Index rose 3.49 points to 12,464.93 and the FBM Ace Index advanced 26.76 points to 4,016.92. Gainers led losers by 130 to 92, 154 counters were unchanged, 1,256 untraded and 18 suspended. Turnover stood at 56.7 million shares worth RM74.3 million. Among actives, Tebrau Teguh added 0.35 sen to RM1.02, Padiberas Nasional and Puncak Niaga Holdings earned one sen each to RM3.68 and RM1.55, respectively, while Pan Malaysia Capital was flat at four sen. Among heavyweights, Maybank and Axiata earned one sen each to RM9.14 and RM6.43, respectively, while Sime Darby and CIMB were flat at RM9.21 and RM7.26, respectively.-- Bernama

Ringgit opens higher versus US dollar Posted: 10 Mar 2013 07:07 PM PDT The ringgit was traded lower against the US dollar Monday on lack of fresh leads, dealers said. At 9am, the ringgit was quoted at 3.1125/1150 for a US dollar against 3.1050/1080 at Friday's closing. A dealer said the market was still looking for fresh catalyst as Bank Negara Malaysia has left the overnight policy rate unchanged at three per cent last week, deeming the level as "appropriate" given the current outlook on inflation and growth. Against other major currencies, the ringgit was traded higher against the Singapore dollar at 2.4890/4926 from Friday's close at 2.4918/4944 but weakened against the yen to 3.2381/2424 from 3.2698/2747 last week. The local currency rose against the British pound to 4.6417/6457 from 4.6612/6670 at last week's close but strengthened against the euro to 4.0434/0473 from 4.0666/0709 Friday.-- Bernama

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Jeb Bush says he is not thinking about presidential bid - yet - Reuters Posted: 10 Mar 2013 09:53 AM PDT Former Governor of Florida Jeb Bush speaks while promoting his book ''Immigration Wars: Forging an American Solution'' at the Ronald Reagan Presidential Library in Simi Valley, California March 8, 2013. Credit: Reuters/Mario Anzuoni By John Whitesides WASHINGTON | Sun Mar 10, 2013 12:49pm EDT (Reuters) - Former Florida Governor Jeb Bush appeared on five morning talk shows on Sunday to plug his new book on immigration, but said his heightened visibility does not mean he is re-entering politics or planning a White House run - not yet, anyway. The talk-show marathon capped a busy week of public appearances for Bush, one of several Republicans seen as potential contenders for the 2016 presidential nomination. Bush said it is too early to seriously ponder a bid for the White House. "I've decided to defer any consideration of it until the proper time ... which is out more than a year from now, for sure," Bush said on CNN's "State of the Union" show. "When I go through that process, I'll let you know." Bush's book tour has sparked a torrent of speculation about his political future, but he has shrugged off questions about his plans without definitively ruling out a presidential bid. "I'm not viewing this as a political re-entry," he told ABC's "This Week" of the media tour for his book. On NBC's "Meet the Press," he described the media as "crack addicts" obsessed with speculation about the campaign. Bush is one of a handful of potential Republican contenders in the public eye in recent months, a list that also includes Republican Senator Marco Rubio of Florida, Louisiana Governor Bobby Jindal and New Jersey Governor Chris Christie. Bush has come under fire for appearing to backtrack on his support for a path to citizenship for illegal immigrants. A passage in his book proposes a path to legal residency for undocumented immigrants but tough conditions for citizenship. "I haven't changed," he said on CBS's "Face the Nation" show. "I support a path to legalization or citizenship so long as the path for people that have been waiting patiently is easier and costs less — the legal entrance to our country — than illegal entrance." Republicans have become more favorable to the idea of a path to citizenship since losing the Hispanic vote by a big margin in November, and Bush said he backs bipartisan Senate efforts to develop a comprehensive immigration plan led by a group including Rubio. "This is a very encouraging time, because if we can get immigration right, imagine, there's possibilities of cats and dogs living with one another in other policy areas as well," Bush said. While Bush's father and brother were both presidents, he said he did not believe he would carry any "Bush baggage" into a possible presidential bid. He said his brother George's unpopular 2001-2009 tenure in the White House will eventually be viewed more favorably. "I love my brother. I'm proud of his accomplishments. I love my dad, I'm proud to be a Bush and if I run for president it is not because of something in my DNA that compels me to do it," he said on "Fox News Sunday." (Editing by Eric Walsh)

Afghanistan's Karzai criticizes US, exposing tension - Reuters Posted: 10 Mar 2013 09:37 AM PDT By Mirwais Harooni and Phil Stewart KABUL | Sun Mar 10, 2013 12:36pm EDT (Reuters) - The top U.S. general in Afghanistan expressed dismay on Sunday at remarks by President Hamid Karzai, who suggested that Washington benefited from Taliban attacks on his country. Karzai's remarks, delivered during the first visit by new U.S. Defense Secretary Chuck Hagel, further strained already fraught ties between Karzai and the Western allies who are fighting to protect his government from insurgents. The United States still has 66,000 troops in Afghanistan, down from almost 100,000 two years ago at the height of a surge ordered by President Barack Obama. Washington intends to withdraw most of them by the end of next year but wants to negotiate a continued, smaller presence. Speaking a day after two Taliban bomb attacks that killed 17 people, Karzai said the bombings served Washington's aim of trying to convince Afghans that U.S. forces were needed. "Those bombs that went off in Kabul and Khost were not a show of force to America. They were in service of America. It was in the service of the 2014 slogan to warn us if they (Americans) are not here then Taliban will come," Karzai said. "In fact those bombs, set off yesterday in the name of the Taliban, were in the service of Americans to keep foreigners longer in Afghanistan," he said in a speech. Karzai's remarks drew a rebuke from General Joseph Dunford, the head of U.S. and NATO forces in Afghanistan. "We have fought too hard over the past 12 years, we have shed too much blood over the past 12 years, we have done too much to help the Afghan security forces grow over the last 12 years to ever think that violence or instability would be to our advantage," he told reporters. Of Karzai's remarks, he added: "I'll let others judge whether that's particularly helpful or not at the political level." Karzai has a history of making inflammatory statements that exasperate Washington. His comments have become increasingly bitter as the withdrawal date has approached. Karzai's government also alleged on Sunday that U.S.-led forces and Afghans working with them were abusing and arresting university students. Karzai issued an executive order banning foreign troops from entering all education institutions. The United States helped install Karzai in power in 2001 after driving the Taliban out of Kabul in a bombing campaign, in retaliation for the Taliban shielding al Qaeda leader Osama bin Laden. U.S. troops have fought since then to help prevent the Taliban from returning, but many in Afghanistan resent the presence of foreign forces and question their aims. The Taliban have for years demanded the withdrawal of foreign forces and have never suggested that they should stay. ALL TALK ABOUT DIALOGUE The issue of U.S. troop levels after most U.S.-led NATO combat troops withdraw by the end of 2014 will be one of the main subjects on the agenda at talks between Karzai and Hagel, who is making his first foreign trip as Pentagon chief. A joint news conference that had been scheduled for them was cancelled because of security worries, a U.S. official said. One of Saturday's bombings, a suicide attack which killed nine people, took place outside the defense ministry where Hagel's meetings with his Afghan counterpart were supposed to take place. A U.S. official said the venue for Hagel's meetings with Afghan officials had been changed. Among many sources of friction, Hagel's visit coincides with the passing of a deadline imposed by Karzai for U.S. special forces to leave the province of Wardak, after Karzai accused them of overseeing torture and killings in the area. U.S. forces have denied involvement in any abuses and a NATO official said on Saturday that U.S. special forces were still operating in Wardak. Hagel has sounded hopeful that a deal could be reached on their continued deployment. Karzai also said the Taliban and the United States had been holding talks in the Gulf Arab state of Qatar on a "daily basis", further fuelling his suggestion that Washington and the militants were working at common purposes. The militant group and Washington both denied they had resumed efforts on dialogue, which stalled a year ago. The U.S. government has said it is committed to political reconciliation involving talks with the Taliban, but progress would require agreement between the Afghan government and the insurgents. "This is simply incorrect," said a U.S. official, who declined to be identified, when asked about Karzai's remarks about the talks. The Taliban spokesman in Afghanistan, Zabihullah Mujahid, also denied that negotiations with the United States had resumed and said no progress had been made since they were suspended. "The Taliban strongly rejects Karzai's comments," he said. The Kabul government has been pushing hard to get the Taliban to the negotiating table before foreign troops withdraw. Afghan officials have not held direct talks with the militants. U.S. diplomats have been seeking to broaden exploratory talks with the Taliban that began clandestinely in Germany in late 2010 after the Taliban offered to open a representative office in Qatar. Regional power Pakistan indicated a few months ago that it would support the peace process by releasing Afghan Taliban detainees who may help promote the peace process. But there have been no tangible signs the move advanced reconciliation. (Additional reporting by Hamid Shalizi; Writing by Michael Georgy and Jeremy Laurence; Editing by Peter Graff)

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Uhuru Kenyatta wins Kenyan election by a narrow margin - The Guardian Posted: 09 Mar 2013 09:49 AM PST Jason Patinkin in Nairobi Kenyatta supporters celebrate his victory in Nairobi earlier today. Photograph: Simon Maina/AFP International criminal court indictee Uhuru Kenyatta was officially declared the winner of Kenya's presidential election afternoon, although his rival, Raila Odinga, will not concede defeat and a legal challenge, alleging widespread fraud, is certain. Kenyatta won by the slimmest of margins, earning 50.07% of the vote to clinch a first-round win, in an election that saw a record turnout of 84.9% of registered voters. Kenyans waited for nearly a week for its beleaguered electoral body, the Independent Electoral and Boundaries Commission, to announce the result. So far protests have remained peaceful in a country known for ethnic violence. "This is a coming of age for Kenya," Kenyatta said in his acceptance speech. "Despite the misgivings of many in the world, we have demonstrated a level of political maturity that surpassed expectation. We voted in peace, we upheld order and respect for the rule of law, and maintained the fabric of our society." Kenyan media called the election for Kenyatta before dawn after the electoral commission posted results from the last constituencies, but did not officially crown Kenyatta the winner until early afternoon. In the dawn hours, Kenyatta supporters blew whistles and vuvuzelas in celebration. Boniface Mwinde, 25, is a bus conductor and Kenyatta supporter who went out to celebrate at three in the morning. "I feel very, very good," he said, wrapping himself in a red flag of Kenyatta's party. "I've been waiting to go back to work." Businesses and schools were closed across Nairobi during the long wait. A Kenyatta presidency has worried western governments, which may have to limit diplomatic contact with Kenya due to the international criminal court charges against him. Kenya is an ally of the west in combating terror in Africa, and Nairobi, the capital, is home to a UN headquarters. John Kerry, the US secretary of state, released a statement after the election saying America would remain "a strong friend and ally of the Kenyan people", but outgoing assistant secretary of state for Africa Johnnie Carson had previously warned of "consequences" for Kenya's government with Kenyatta in office. In his acceptance speech, Kenyatta told the international community that he would work with the ICC prosecution. "To the nations of the world I give you my assurance that ... we will continue to co-operate with all nations and institutions," he said. "However," he added, "we also expect that the international community will respect the sovereignty and the democratic rule of Kenya." Kenyatta has called the ICC charges western meddling in Kenyan affairs. Kenya's last general elections in 2007 were racked by ethnic violence that killed more than 1,200 people and left hundreds of thousands homeless after disputes over election results. This time Kenyans mobilised against violence with rallies, concerts and online campaigns. Last Monday's vote earned international praise as peaceful and fair. But electronic glitches and lack of transparency tarnished the vote counting process, stretching the process over six days. Odinga's Coalition for Reforms and Democracy party accused the electoral commission of permitting vote-rigging, and a coalition of civil society groups filed a case against the electoral commission asking for a halt in the release of results, although this was dismissed. Tensions mounted as the long counting process tested Kenyans' patience. When official results gave Kenyatta the presidency, Odinga urged his supporters to remain peaceful despite losing. "Let the supreme court determine whether the result determined by the [Independent Electoral and Boundaries Commission] is the correct one. Any violence now will destroy this nation forever." Overall, peace held throughout the country, though there were reports of police in the western city of Kisumu dispersing small riots with tear gas and some rock throwing in the Nairobi slum of Kibera. Odinga alleged "massive tampering of the tallying process," and vowed to go to the Kenyan supreme court for redress. "Democracy is on trial in Kenya," said Odinga. "It is clear that the process of electing a new set of leaders has been thwarted by another tainted election." The case will begin tomorrow, and could lead to another lengthy wait for Kenyans. But Josh Ogure, an electrician in Kibera who supported Odinga, was not excited about a court battle. "I'm disappointed," he said of Odinga losing the election, "but I don't think there is anything that can change it. I will just now have to move on."

As Security Crisis Deepens in Egypt After Verdict, Calls for a Military Coup - New York Times Posted: 09 Mar 2013 09:05 AM PST By DAVID D. KIRKPATRICK and KAREEM FAHIM Published: March 9, 2013 PORT SAID, Egypt — Just months ago, demonstrators here and around Egypt were chanting for the end of military rule. But on Saturday, a court ruling about a soccer riot set off angry mobs that burned two buildings in Cairo and threatened the Suez Canal here, many in the crowd here said they had changed their minds. They argued that a military coup might now be the best hope to restore order. "Military rule was bad, but they would be better," Ahmed Abdel Fattah, 50, said. "Where is the state? Where is the interior ministry, the government? Where are the decisions to protect the interests of the people?" He added: "The military should take over until the police are ready." Although such calls are hardly universal and there is no threat of an imminent coup, murmurs that military intervention may be the only solution to the collapse of public security can be heard across the country, in circles opposed to the Islamists who have dominated post-Mubarak elections. The talk reflects the dire state of the security crisis, which threatens not only Egypt's transition to democracy but also its hopes to stave off economic collapse. And here in Port Said, a focal point of the widening crisis since the police lost control more than a month ago, a form of local military takeover has already taken place. As the city braced for a court ruling on Saturday about responsibility for a deadly riot last year at a match between Port Said and Cairo, security forces fled the city. The few local police stations where staff was still present "suspended" their work, officers said, in what appeared to be part of a widening strike by police and security forces across the country. The crisis in Port Said began in late January with a similar verdict. A court initially sentenced 21 local soccer fans to death for their role in a riot at match against a team for Cairo. When the verdict came, the court confirmed the death sentences it had issued last month to 21 Port Said soccer fans. Its preliminary decision set off a month of lethal clashes with security forces that killed at least four police officers and more than 40 civilians. It prompted the president to deploy the military. On Saturday the court reaffirmed the death sentences and added a verdict that only increased the anger in the streets. It convicted two senior security officials, sentencing both to 15 years in jail for negligence. But it acquitted seven police officers and two officials of the Port Said soccer club. With the police all but gone, crowds that had vowed revenge were unsure where to vent their rage. Hundreds of Port Said residents and several wailing relatives of those sentenced to die gathered in the square opposite the empty security headquarters, which was badly damaged by flames and pockmarked with broken windows from a weeklong siege by protesters. "The whole city comes to the streets!" one man shouted. But the mob was confused. "We don't know what to do!" one man shouted. "We want a police officer to kill, a soldier to rip apart." Another screamed in frustration: "They took the police outside the city so we will bang our heads against the wall!" When the crowd moved toward soldiers, a row of civilians linked hands and held back the mob. "The army and the people are one hand," they chanted, reprising the mantra of the early days after Mr. Mubarak's ouster, when protesters applauded the military for taking over to end his rule. Handmade banners around the city echoed the sentiments. "Port Said is in the protection of the military," read one notice signed by "the people of Port Said." And the military hung banners that appeared to take the side of the residents against the police. "The Armed Forces share the people's grief for the martyrs of Port Said," one military sign declared. 1 2 Next Page » David Kirkpatrick reported from Port Said, and Kareem Fahim from Cairo. Mayy El Sheikh contributed reporting from Port Said.

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I-Bhd airms higher profit this year Posted: 08 Mar 2013 06:30 PM PST I-Bhd is aiming for a jump in profit from the property and tourism segments of I-City this year to more than RM50 million from RM18 million in 2012. I-City is a RM5 billion development in Shah Alam and set over 29.14 hectares. It is also a MSC Malaysia Cybercentre township and an international business hub. It comprises corporate, leisure and residential components, including a shopping mall, office towers, cyber office suites, hotels, serviced apartments and data centres. I-City has also been declared a tourism destination and international park. I-Bhd executive chairman Tan Sri Lim Kim Hong said the main profit drivers at I-City will be the increasing revenue stream from ongoing and new property projects as well as upcoming leisure attractions. He said the leisure division in I-City had been achieving double-digit growth since its opening in December 2009. "In 2012, the revenue was RM32 million, double that for 2011," he added. The Group expects the same growth trend for 2013 driven by increased attendance at the existing attractions, as well new ones. "A new attraction in 2013 will be an Interactive Wax Museum, Red Carpet," Lim told Bernama. He said the Red Carpet, due to be opened to the public in August, will provide visitors with close to real-life simulating experiences with renowned celebrities, political figures and legendary icons, among others. "With an investment of between RM20 million to RM25 million, it comes with audio and motion automated figures of over 100 human characters. "We believe the I-City theme park in Shah Alam is well positioned to tap into the tourism market," he added. According to Lim, I-City attracts an average of 90,000 visitors weekly and with the completion of new attractions, it has the potential this to increase to 20 per cent more. He said while the main revenue contributor over the past few years had been the leisure division, this is set to change in 2013, with the property development division, expected to set the pace. "For this year, the group expects to launch phase one and two of the Residential Incubator Development project in I-City, comprising four tower blocks of MSC Malaysia status small office home offices, with retail components and ranging between 33 and 43 storeys each," he added. The project has a total gross development value (GDV) of RM1.1 billion on 4.85 hectares (12 acres),to be developed over three phases. "The first phase with a GDV of RM331 million is to be launched next month, phase two in August and phase three in 2014," Lim said. As for 2014, Lim said I-Bhd is targeting a profit of RM100 million to be derived from both the property and tourism segments of I-City, as well as the luxury condominium property development project in Jalan Changkat Kia Peng in Kuala Lumpur.-- Bernama

Volatile rubber prices seen next week Posted: 08 Mar 2013 06:34 PM PST Malaysian rubber prices are expected to be volatile next week amid weak global economic sentiment, dealers said. The dealers said the prices would be influenced by the key economic data to be released by China and the US which might give the cue on the demand for the commodity products. He added that rubber prices would gain some support amid the dry season in major producer countries which would affect rubber production. The local rubber market would also continue to monitor prices on the Tokyo Commodity Exchange (TOCOM) as its benchmark. Throughout the week, the rubber prices moved mostly higher in line with the movement on TOCOM and due to the weakening of the yen and ringgit against the US dollar. On a Friday-to-Friday basis, the Malaysian Rubber Board's official physical offer price for tyre-grade SMR 20 added 1.4 sen to 892.5 sen per kg while latex-in-bulk rose 5.5 sen to 622.5 sen per kg. The unofficial closing offer price for tyre-grade SMR 20 advanced 16 sen to 897.5 sen per kg and latex-in-bulk rose 9.5 sen to 625 sen per kg.-- Bernama

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Jobs report shows 236000 more jobs, decrease in unemployment - Kansas City Star Posted: 08 Mar 2013 09:15 AM PST A surprisingly strong jobs report for February sparked renewed faith in the economic recovery despite looming federal spending cuts and the recent increase in payroll taxes and gasoline prices. Unemployment fell to 7.7 percent last month, from 7.9 percent in January. It was the lowest rate of joblessness since December 2008, when the financial crisis and recession first pushed unemployment above 7 percent. February produced 236,000 more jobs than were lost, the report said, higher than many optimistic forecasts had expected. Much of the increase came in key areas such as construction work, which posted its best hiring in six years in part thanks to a recovery in housing activity. Employers also added to payrolls in health care, retail, and professional and business fields. The average reported work week grew longer in February and average wages rose. Stock prices climbed higher on the news with the Dow Jones industrial average rising 48.66 points to 14,378.15. The Dow already had reach record highs this week. Economist Scott Anderson at Bank of the West said the February jobs report showed the recovery accelerated despite the 2 percentage point increase in payroll taxes that took effect in January and the handwringing over federal spending cuts that began March 1 and are known as sequestration. "Any way you slice it, it was a solid report on the improving health of the labor market at a time when concerns have increased regarding sequestration's impact on jobs," Anderson wrote in a in a first-look analysis of the U.S. Labor Department data. The report was the government's first estimate of jobs growth in February. It revised downward its original report on job growth in January but raised is jobs count from earlier reports on December. If the last three years offer any guide, revisions to the February report are likely to find more jobs than today's report showed. For example, the Labor Department's revisions pushed November's job gains to 247,000 jobs, or 101,000 more than first reported. Despite the upbeat report, some economists caution that the job market still has a long way to go. Official unemployment totals fell partly because 130,000 more American's dropped out of the labor pool in February. And the long term unemployed did not gain ground in February. The Federal Reserve likely will see no reason to let up on its efforts to boost the job market with its purchases of bonds and policy of holding key interest rates near zero. "This is about half the rate (of jobs growth) we would require to absorb those unemployed in the Great Recession by the of the decade," said economist Michael Hicks of Ball State University in Muncie, Ind.

Chávez Funeral Has Begun in Venezuela - New York Times Posted: 08 Mar 2013 09:10 AM PST By WILLIAM NEUMAN Published: March 8, 2013 CARACAS, Venezuela — Foreign dignitaries and Venezuelans continued their extended goodbye to Hugo Chávez on Friday as the government began a stately funeral that seemed designed to showcase Mr. Chávez's appeal to the powerless and the powerful. Outside the military academy where Mr. Chávez lay in state, thousands of people stood in long lines with a mixture of weariness and giddiness: many had waited for as long as 24 hours and still were not close to entering the hall where they would have a chance to file past the president's body in its glass-covered coffin. Inside the three-story white stucco academy, a solemn ceremony was being attended by government leaders from more than 50 countries. As the dignitaries began to arrive Friday morning through a side entrance, to walk down a red carpet, the lines outside stopped moving. An announcement over a loudspeaker pleaded for patience. The crowd outside cheered when Mr. Chávez's mother, Elena, arrived and she waved to them. "I've been here since yesterday and to tell you the truth I don't feel tired," said Genesis Briceño, 22, an economics student, who had been waiting since early Thursday morning. "I want to see him." Ms. Briceño was elated by a government announcement that Mr. Chávez's body would be embalmed and displayed "eternally" in a glass case in a new Museum of the Revolution. "We will have him in there forever," she said. "We all will be able to see him." The V.I.P. guest list included leftist Latin American presidents like Raúl Castro of Cuba, Evo Morales of Bolivia, Rafael Correa of Ecuador, and Daniel Ortega of Nicaragua, who were among Mr. Chávez's closest allies. Other leaders attending include President Mahmoud Ahmadinejad of Iran, a fellow member of OPEC, whom Mr. Chávez reached out to as part of his aggressive campaign to counter United States influence in the region and around the world. The United States, which was often on the receiving end of Mr. Chávez's anti-imperialist diatribes, despite being the principal buyer of Venezuelan oil, said that it would send a delegation of Representative Gregory W. Meeks, Democrat of New York, and former Representative William Delahunt, Democrat of Massachusetts. Mr. Chávez, 58, died on Tuesday after a battle with cancer. His body was taken from the military hospital where he died to the military academy on Wednesday. The lines formed then to file past the glass-covered coffin where the leader lay, wearing a red beret and a green military uniform. Vice President Nicolás Maduro, Mr. Chávez's handpicked successor, said on Thursday that Mr. Chávez's body would remain on display for at least seven additional days before it was removed and embalmed for posterity. Officials said that Mr. Maduro would be sworn in as interim president on Friday evening, although some in the political opposition said that the Constitution designates that the interim post should go to the head of the National Assembly, who is also a close Chávez ally. Officials have said they will follow the constitutional requirement that new elections be held to replace Mr. Chávez. The Constitution says the nation should proceed to a new election within 30 days, but so far no timetable has been announced. Mr. Maduro will run as the government candidate. His opponent is expected to be Henrique Capriles Radonski, an opposition leader. Mr. Chávez used his country's vast oil wealth to carry out what he called a Bolivarian revolution, named after the indepence-era hero Simón Bolívar, based on Socialist principles and held together by his personal charisma. Venezuela has the world's largest estimated petroleum reserves and is the fourth-largest foreign oil supplier to the United States.

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Business Times : latest Posted: http://www.btimes.com.my enFriday, March 08, 2013, 09.37 AMhttp://www.btimes.com.my/articles/20130308100722/Article/ http://www.btimes.com.my/articles/20130308100722/Article/Fri, 08 Mar 2013 10:07:22 +0800Shares of Scomi Group Bhd rose as much as 10.6 per cent after the company secured a RM2.1 billion contract to provide drilling fluids and barites materials, equipment and services to Petronas Carigali Sdn Bhd. As of 9.17am, shares of the Malaysian oilfield services and energy logistics company were up 9.09 per cent at 36 sen, outperforming the benchmark stock index's 0.16 per cent rise. It is the most active stock in the local bourse. "The award of the tender... is expected to contribute positively towards the earnings and net assets per share of the company for the financial years ending March 31, 2013 to 2018," Scomi said in a local stock filing on Thursday evening. Petronas Carigali is a unit of Malaysia's state oil firm Petroliam Nasional Bhd, which finances nearly half of the Southeast Asia nation's government budget.-- Reuters http://www.btimes.com.my/articles/20130308102125/Article/ http://www.btimes.com.my/articles/20130308102125/Article/Fri, 08 Mar 2013 10:21:25 +0800Malaysia's ringgit rose for the first time in three days as signs the global economy is improving brightened the outlook for exports and spurred demand for riskier assets, helping emerging markets attract funds. The MSCI Asia Pacific Index of stocks reversed yesterday's losses after Japan's economy returned to growth and initial jobless claims in the US unexpectedly dropped. The two countries are Malaysia's third and fourth-biggest export markets, respectively. The Southeast Asian nation's central bank kept its benchmark interest rate at three per cent yesterday, a decision that was predicted by all 20 economists in a Bloomberg survey. The ringgit appreciated 0.1 per cent to 3.1053 per dollar as of 9:29am in Kuala Lumpur, paring the week's decline to 0.3 per cent, according to data compiled by Bloomberg. The currency touched 3.0945 today, the strongest since March 1. One-month implied volatility, a measure of expected moves in exchange- rates used to price options, increased one basis point, or 0.01 percentage point, to 6.67 per cent. "The Malaysian currency is getting interest because its growth prospects are good given the recovery in Japan and the US," said Yeah Kim Leng, chief economist at RAM Holdings Bhd in Kuala Lumpur. "The ringgit should continue to strengthen." Japan's gross domestic product rose an annualised 0.2 per cent in the three months through December, the Cabinet Office said today, compared with a preliminary calculation of a 0.4 per cent contraction. Jobless claims in the US fell to 340,000 for the week ended March 2, the Labor Department said in Washington yesterday. That was less than the median estimate of 355,000 in a Bloomberg survey of 50 economists. Malaysian government bonds advanced this week. The yield on the 3.418 per cent notes due August 2022 fell one basis point to 3.46 per cent, according to data compiled by Bloomberg. The rate was little changed today.-- Bloomberg http://www.btimes.com.my/articles/20130308104337/Article/ http://www.btimes.com.my/articles/20130308104337/Article/Fri, 08 Mar 2013 10:43:37 +0800Activist investor Carl Icahn is demanding Dell Inc pay out US$15.7 billion in special dividends, joining a growing chorus of opposition to founder Michael Dell's plan to take the world's No. 3 personal computer (PC) maker private. The billionaire investor, whose arrival on the scene typically puts companies on guard, wants the PC maker to pay US$9 a share in dividends immediately from its own cash and from raising new debt. Icahn, who has a reputation for demanding aggressive changes after amassing stakes in companies, argued in a letter to the company's board published on Thursday that Michael Dell's and Silver Lake's proposed US$24.4 billion buyout short-changed shareholders, undervalued the company and benefited mainly the company co-founder himself. "We see no reason that the future value of Dell should not accrue to all the existing Dell shareholders - not just Michael Dell," Icahn wrote in the letter, which Dell disclosed in a filing. Icahn's proposed special dividend of US$9 per share would include US$4.26 a share derived from US$5.25 billion in new debt. He argued that, combined with a "stub" value of US$13.81 per share that his firm calculated based on discounted cash flow, such a move would deliver shareholders a total value of US$22.81 per share. That would be a 67 per cent premium to the US$13.65 buyout price put forward by Michael Dell in partnership with private equity house Silver Lake and Microsoft Corp. In his letter, Icahn asked Dell's board to commit to his proposal to "avoid a proxy fight." He also wants Dell to combine an upcoming special shareholder vote on the buyout deal with its regular annual general meeting, when Icahn said he intended to put forward a slate of his own directors for election to the board. "If you fail to agree promptly to combine the vote ..., we anticipate years of litigation will follow challenging the transaction and the actions of the directors that participated in it," Icahn said in the letter. To speed up the payment of a special dividend, Icahn himself pledged to provide a US$3.25 billion bridge loan to Dell, if necessary. Icahn joins other major investors opposed to the deal. Excluding the activist investor, who has not disclosed his stake, shareholders representing almost 18 per cent of Dell shares, led by Southeastern Asset Management with a stake of more than 8 per cent including options, say they will vote against the buyout. The likelihood of alternative proposals prompting Dell to sweeten his offer has increased since a handful of major shareholders spoke out against the deal, analysts said. "Recent events have raised the level of scrutiny on the situation, which could end up increasing the take-private price," Wells Fargo analyst Maynard Um wrote in a note. Southeastern, run by activist investor Mason Hawkins, has said Dell could borrow money to make a major share repurchase or break up the company and sell units separately. Icahn said only that his interests held a substantial stake in Dell. He did not disclose his exact shareholding. CNBC, citing unnamed sources, reported on Wednesday that Icahn had accumulated about 6 per cent of Dell's shares. That would make him the third-largest shareholder, after Southeastern and Michael Dell himself. Dell shares finshed 0.7 per cent lower at US$14.22 on the Nasdaq on Thursday. They had risen about 8 per cent since trading closed on February 4, the day before Dell announced its plan to go private.-- Reuters http://www.btimes.com.my/articles/20130308101124/Article/ http://www.btimes.com.my/articles/20130308101124/Article/Fri, 08 Mar 2013 10:11:24 +0800The ringgit opened higher against the US dollar in early trading Friday, rebounded from yesterday's losses in tandem with gains in the local bourse, dealers said. The ringgit was quoted at 3.1050/1080 for a US dollar against 3.1070/1090 yesterday. Dealers said overnight rally in the US stocks with improved US job market helped fuel sentiments in the Asian and currency markets. Against other major currencies, the ringgit was lower against the Singapore dollar at 2.4918/4944 from 2.4906/4926 yesterday but rose against the yen to 3.2698/2747 from 3.3071/3106 Thursday. The local currency was traded lower against the British pound at 4.6612/6670 from 4.6574/6616 Thursday and lower against the euro at 4.0666/0709 from 4.0466/0498 yesterday.-- Bernama http://www.btimes.com.my/articles/20130308101425/Article/ http://www.btimes.com.my/articles/20130308101425/Article/Fri, 08 Mar 2013 10:14:25 +0800Short-term rates are expected to remain stable Friday, with Bank Negara Malaysia intervening to absorb excess liquidity from the financial system, dealers said. The central bank estimated today's surplus at RM24.392 billion in the conventional system and RM5.645 billion in Islamic funds. Bank Negara will call for four conventional tenders -- RM500 million for seven days, RM1 billion for 14 days, RM1.2 billion for 21 days and RM1.5 billion for 31 days. It will also conduct a repo tender for RM200 million for 61 days. The central bank will call for four Al-Wadiah tenders for RM600 million for seven days, RM200 million for 14 days, RM600 million for 21 days and RM1.9 billion for 28 days. At 4pm, Bank Negara will conduct up to RM20 billion conventional overnight tender and RM3.3 billion Al-Wadiah overnight tender.-- Bernama http://www.btimes.com.my/articles/20130308104741/Article/ http://www.btimes.com.my/articles/20130308104741/Article/Fri, 08 Mar 2013 10:47:41 +0800Share prices opened higher in early trading Friday, supported by selected heavyweights, dealers said. As at 9.52am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.2 points to 1,652.13, after opening at 1,650.69. HwangDBS Vickers Research Sdn Bhd said the external equities backdrop continues to be bullish. "Last night, key barometers on Wall Street posted further gains when they rose between 0.2 per cent and 0.3 per cent at the closing bell, driven by signs that the US economic recovery is picking up pace. "This may provide the lead for our Malaysian bourse to show a marginal upward bias today. "On the chart, the benchmark FBM KLCI could challenge the immediate resistance barrier of 1,655 again," the research house said. Meanwhile, the Plantation Index eased 24.6 points to 7,948.79, but the Industrial Index gained 2.26 points to 2,826.75 and the Finance Index advanced 11.42 points to 15,287.17. The FBM Emas Index garnered 12.26 points to 11,275.33, the FBMT100 gained 11.36 points to 11,122.49 and the FBM Mid 70 Index rose 27.71 points to 12,443.6. However, the FBM Ace Index dipped 0.84 of a point to 3,979.26. Gainers led losers by 182 to 110, with 1,367 counters untraded and 27 others suspended. Turnover stood at 155.457 million shares worth RM155.110 million. Among stocks that will likely be in the limelight today is Scomi Group, which has bagged a five-year contract worth RM2.1 billion from Petronas to provide drilling fluids and barites materials. As at 9.52 am, Scomi has gained two sen to 35 sen. Other actives, Metronic Global earned half sen to 10.5 sen and Ariantec Global was flat at eight sen. Among heavyweights, Maybank garnered 10 sen to RM9.15 and Axiata Group and Sime Darby were both unchanged at RM9.20 and RM6.40, respectively.-- Bernama http://www.btimes.com.my/articles/20130308072917/Article/ http://www.btimes.com.my/articles/20130308072917/Article/Fri, 08 Mar 2013 07:29:17 +0800NEW YORK: Growing investor enthusiasm for equities in the wake of this week's records pushed US markets higher again Thursday. The Dow Jones Industrial Average surged to an all-time peak for the third day in a row, adding 33.25 points (0.23 per cent) at 14,329.49. The broad-based SandP 500 also moved higher, gaining 2.80 points (0.18 per cent) at 1,544.26, while the tech-rich Nasdaq Composite Index climbed 9.72 (0.30 per cent) to 3,232.09. In addition, markets were gaining from better-than-expected economic data, such as Thursday's report on a weekly decline in jobless claims. The report boosted confidence that Friday's much-watched US payroll and unemployment data would be strong. This week's record run for the Dow has attracted new investors, said Art Hogan, chief market analyst for Lazard Capital Markets. "We're getting new participation," Hogan said. The record results were "dragging people in from the sidelines." Facebook picked up 4.1 per cent. The social network unveiled a project to offer users a "personalised newspaper" based on individual taste. Boeing gained 2.5 per cent after booking new orders for 27 jets, bringing its 2013 net orders through March 5 to 138. Time Warner shares added 2.4 per cent after the group said it would spin off its iconic Time Inc. magazine group. Computer company Dell retreated 0.7 per cent after activist investor Carl Icahn became the latest large shareholder to protest founder Michael Dell's plan to take the company private. Truck maker Navistar surged 27.8 per cent after it reported a narrowing of its quarterly loss and said it was promoting former General Motors executive Troy Clarke to be chief executive. Gap rose 4.1 per cent, lifted by the clothing chain's report of higher same-store sales compared with a year ago. Pet retailer PetSmart fell 6.6 per cent after the company's 2013 guidance missed analyst expectations. -- AFP

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US warns North Korea over 'suicidal' nuclear threat as UN expands sanctions - The Guardian Posted: 07 Mar 2013 09:58 AM PST Tania Branigan in Beijing and Ewen MacAskill in Washington UN ambassador Susan Rice votes at a security council meeting on imposing a fourth round of sanctions against North Korea. Photograph: Spencer Platt/Getty Images The United Nations security council has voted unanimously to punish North Korea for last month's nuclear test with a toughened sanctions regime, hours after Pyongyang threatened to unleash a pre-emptive nuclear strike on the United States. Secretary general Ban Ki-moon, a former South Korean foreign minister, said the resolution "sent an unequivocal message to [the North] that the international community will not tolerate its pursuit of nuclear weapons". The decision by the 15-member council followed lengthy negotiations between the United States and China, the North's main ally. Measures range from tightened financial restrictions to cargo inspections and an explicit ban on exports of yachts and racing cars to the North, but experts say the real issue is enforcement. China's UN ambassador Li Baodong said Beijing, Pyongyang's main trading partner, wanted to see "full implementation" of the resolution. Susan Rice, the US ambassador to the UN, told reporters that the measures would "bite hard". She added: "North Korea will achieve nothing by continued threats and provocations." A foreign ministry spokesman in Pyongyang threatened to launch "pre-emptive nuclear strikes on the headquarters of the aggressors" because Washington was pushing to start a nuclear war against it, in a statement hours before the UN vote. Experts do not believe the North has managed to produce a warhead small enough to be mounted on a missile that could reach the US. They also pointed out that the original Korean language version referred to "invaders" rather than merely the "aggressors" of the English translation. Jennifer Lind, assistant professor of government at Dartmouth College in New Hampshire, said that while the statement was disturbing, "North Korea has a long history of bluster and issuing threats that of course it does not carry out, [such as] its long term threats of turning Seoul into a sea of fire." Earlier this week the North threatened to cancel the 1953 armistice that ended the Korean War. Thursday's resolution condemns the North's third nuclear test "in the strongest possible terms" as a flagrant breach of previous resolutions, which bar it from testing or using nuclear or ballistic missile technology and importing or exporting material for the programmes. It aims to hinder those programmes but also targets the ruling elite. A ban on luxury exports was introduced in 2006, but countries could decide what fell under that rubric; this time, specific items are identified. The resolution warns the North against further provocations and demands its return to the Nuclear Nonproliferation Treaty. But it also stresses the council's commitment "to a peaceful, diplomatic and political solution" and urges a resumption of six-party talks. All countries are required to freeze financial transactions – including the transport of suitcases stuffed with cash – or services that could contribute to the North's nuclear or missile programmes. Public financial support for trade deals that could assist the programmes is outlawed. Countries must expel agents working for blacklisted companies from the North. They must inspect aircraft or vessels with suspect cargo and deny entry to those that refuse inspection. Hazel Smith, an expert on the North at Cranfield University, said the key question was how rigorously the US implemented financial sanctions, citing tough measures taken by Washington towards the end of the Bush administration. "They did have a major effect; they also paralysed diplomacy. But there is no diplomacy happening now," she said. Analysts suggest the immediate reaction of the North is likely to be further angry rhetoric and possibly another nuclear test, as Pyongyang hinted earlier. South Korean government sources cited by Seoul news agency Yonhap said on Wednesday that the North had imposed no-fly and no-sail zones off its coasts, apparently preparing for military drills. "North Korea will throw their usual histrionics about the resolution," said Andrei Lankov of Kookmin University in Seoul in an interview prior to the latest threat. "Every time there's an escalation the risk of confrontation increases. But neither side wants anything to happen." At a Senate foreign relations committee hearing on North Korea, chairman Robert Menendez described the nuclear strike threat as "absurd and suicidal". Menendez, a Democrat, was holding the hearing as the UN security council voted for the resolution. He welcomed the new sanctions but said the US needed to do more to combine sanctions and military countermeasures with strong and realistic diplomacy aimed at North Korea and China. "There should be no doubt about our determination, willingness, and capability to neutralise and counter any threat that North Korea may present," Menendez said. "I do not think the regime in Pyongyang wants to commit suicide, but that, as they must surely know, would be the result of any attack on the United States." Glyn Davies, the State Department's special representative on North Korea, warned of "costly consequences" for the country. Its 12 February nuclear test, he said, represented "an even bolder threat to US national security, the stability of the region and the global non-proliferation regime". Davies told the committee the Pentagon was working with its counterparts in Japan and South Korea to ensure protection against an attack. The US would continue to look at unilateral sanctions against banks and other North Korean-linked bodies and seek to harmonise existing sanctions with other countries, he added. The US will not engage in negotiations unless there is a fundamental change in attitudes in North Korea. "The DPRK leadership must choose between provocation or peace, isolation or integration," Davies said.

Thousands Line Up for Last Glimpse of Chávez - New York Times Posted: 07 Mar 2013 09:08 AM PST By WILLIAM NEUMAN and CHRISTINE HAUSER Published: March 7, 2013 CARACAS, Venezuela — Thousands of people waited for hours on Thursday to pay a moment of respect to the body of the late president of Venezuela, Hugo Chávez, dressed in his iconic red beret and green military uniform, visible to his people one last time. The lines, steeped in loyalty and grief, started on Wednesday and stretched through the night at a military academy Mr. Chávez once attended, where he will lie in state until his funeral on Friday. Many saluted the president's remains. Others crossed themselves. Government television broadcast the endless passage of mourners. One elderly woman beat her breast and nearly fainted. Parents and guards in dark suits picked up small children to give them a look. "He had his beret on, his red beret, and he looked as if he were sleeping," said Luis Cabrera Aguirre, a retired rear admiral who served as an adviser to Mr. Chávez and was among the first group of officials permitted access. He said that Mr. Chávez's head and torso were visible through a panel of glass at the coffin's upper half. The closed lower half was draped with the Venezuelan flag. Admiral Cabrera Aguirre said that Mr. Chávez's face and especially his neck appeared a little swollen or puffy, but that otherwise, "he looked just like he did in life." Mr. Chávez, who was nearly omnipresent here in his 14-year rule, was not seen in Venezuela since leaving for Cuba for his fourth and last cancer surgery on Dec. 11. Even after the announcement of his return, in a pre-dawn flight on Feb. 18, he remained out of sight, while officials said he continued treatment at a Caracas military hospital. His death was announced Tuesday afternoon. He was 58 years old. Conflicting accounts of his final days were beginning to emerge. On Thursday, the Reuters news agency reported that a government source said that Mr. Chávez's health deteriorated rapidly after he held a bedside meeting with government ministers over the weekend. The source said that, with the cancer having spread to his lungs, Mr. Chávez had fallen into a coma on Monday, and that he died the next day of respiratory failure. However, the head of Venezuela's presidential guard, Gen. José Ornella, told The Associated Press late Wednesday that Mr. Chávez died of a major heart attack. General Ornella said that he was with Mr. Chávez at the moment of his death, and that among his final words were, "I don't want to die. Please don't let me die," the general said, adding, "because he loved his country, he sacrificed himself for his country." "He couldn't speak, but he said it with his lips," General Ornella said. Over his final weeks of seclusion, the opposition clamored for Mr. Chávez to make an appearance, and even some of his supporters began to question why he was unable to show himself. On Thursday, lying in state, Mr. Chávez was finally reunited with his people once more. Despite a rocky economic record and strings of broken or half-filled promises during his 14 years in office, the fundamental legacy of Mr. Chávez was intangible: he has changed the way Venezuelans think about themselves and their country. Just as they did on Thursday, when people lined up for one last glimpse of their leader, enormous crowds thronged the streets on Wednesday to watch Mr. Chávez's modest brown wood coffin, covered in a Venezuelan flag, being carried through the capital, Caracas. As it wound its way from the hospital where he died to the military academy where he studied as a young, unheralded cadet, hundreds of thousands of mourners — many dressed in his movement's characteristic red shirt — chanted, cried, tossed flowers or held up cellphones to photograph the coffin as it passed. The procession on Wednesday stretched for miles, a river of red with drivers and motorcyclists trailing behind in an impromptu cortege. "Chávez opened our eyes," said Carlos Pérez, 58, a cookie salesman who drove into town with his wife and took part in the caravan. "We used to be stepped on. We felt humiliated." Conditions for the poor have certainly improved over the last decade and a half, and the ranks of the poor have shrunk. Government programs have given poor people access to low-cost food and free health care and have knocked down barriers to higher education, though many of those programs are plagued by inefficiencies and long waits. Mr. Chávez mined and deepened the divide between the masses of Venezuela's poor and the middle and upper classes, presiding over a bitterly divided country. He mercilessly taunted and insulted those who disagreed with him, calling them fascists, good-for-nothings, traitors, oligarchs, reactionaries and puppets of the United States. And he warned ceaselessly of enemies, inside and outside the country, who he said were poised to take away from the poor the benefits they had received under his government. According to the Constitution, a new presidential vote must be called within 30 days. The vice president, Nicolás Maduro, 50, became the acting president, and already he appears likely to face a Chávez rival who had put in a strong performance in previous polls. Reuters quoted opposition sources as saying on Wednesday that they have agreed to back Henrique Capriles, 40, the centrist governor of Miranda State who garnered 44 percent of the vote but lost to Mr. Chávez in last year's election. William Neuman reported from Caracas, and Christine Hauser from New York.

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