The ringgit traded higher against the US dollar in early trade today amid renewed concerns over the Euro debt crisis, dealers said.
At 9am, the ringgit was quoted at 3.0950/0970 from yesterday's close of 3.0980/1000.
A dealer said sentiment remained fragile as investors are still worried of more unwanted surprises stemming from the Euro debt crisis.
Meanwhile, the ringgit also traded higher against other major currencies.
The local currency strengthened against the Singapore dollar at 2.4903/4940 from 2.4912/4930 on Wednesday, but depreciated against the Japanese yen to 3.2828/2863 from 3.2752/2790 previously.
The ringgit also rose against the British pound to 4.6868/6910 from 4.6984/7024 yesterday, and strengthened against the euro to 3.9560/9589 from 3.9757/9785.-- Bernama
Short-term interbank rates are expected to remain stable today as Bank Negara Malaysia intervenes to absorb excess liquidity from the financial system.
The central bank has estimated today's liquidity at RM27.344 billion in the conventional system and RM8.539 billion in Islamic funds.
Bank Negara will call for four conventional tenders comprising RM1.5 billion each for seven and 28 days, respectively, and RM500 million each for 14 and 21 days.
It will conduct four Al-Wadiah tenders comprising RM2.2 billion for seven days, RM100 million for 14 days, RM200 million for 28 days, and RM300 million for 92 days.
At 4pm, the central bank will conduct an up RM23.5 billion conventional overnight tender and RM6 billion Al-Wadiah overnight tender.-- Bernama
WASHINGTON -- A lawyer defending the federal law that denies benefits to legally married same-sex couples faced skeptical questions from key Supreme Court justices, who suggested the law wrongly discriminated against gays and improperly intruded into the right of states to define marriage.
Paul Clement, the former solicitor general who was defending the 1996 Defense of Marriage Act on behalf of the Republican leadership of the House of Representatives told the justices in Wednesday's argument that the law made only a "narrow" technical point, defining marriage for the purposes of federal law. But a majority of the justices indicated doubts about his attempt to minimize the law's impact.
Marriage affects "every aspect of life," said Justice Ruth Bader Ginsburg. For the federal government to say that some legally married couples deserve benefits and others don't "diminishes what the state says is marriage." Couples would be left with "full marriage" on the one hand and "skim-milk marriage," on the other, she said.
Justice Anthony M. Kennedy, who is widely seen as the swing vote in the case, also challenged Clement on that point, noting that in defining marriage, the law affected benefits under roughly 1,100 federal statutes.
In doing so, he said, the federal government was putting itself in conflict with "the essence" of a state's power -- the right to define which of its citizens is considered to be married. "The question is whether the federal government" has "the authority to regulate marriage," he said later in the argument.
Kennedy's past opinions often have shown considerable concern about federal encroachment on state powers. His comments suggested two possible routes that the justices could use to strike down the law -- either that it violates the rights of same-sex couples by treating them differently than opposite-sex couples or that it violated the rights of states to decide for themselves how marriage should be defined.
In one of the argument's most dramatic moments, Justice Elena Kagan read from the House report which accompanied the law when it passed, quoting a passage that said Congress was passing the law to express "moral disapproval of homosexuality."
"When Congress targets a group that isn't everyone's favorite group in the world," the courts traditionally have treated those statutes as suspect, she said. The report "sends up a pretty good red flag that that's what was going on."
Clement partially conceded the point. "If that's enough to invalidate the statute, you should invalidate the statute," he said, before going on to argue that the justices should look at the other reasons Congress had for passing the law and uphold it if any of them could be considered valid.
David Petraeus apologized in front of an audience of about 600, who welcomed him with a standing ovation, for an extramarital affair with his biographer in his first public speech since resigning as the head of the CIA.
"Needless to say, I join you, keenly aware that I am regarded in a different light now than I was a year ago," Petraeus said Tuesday night to an audience of mostly veterans at the University of Southern California's annual ROTC dinner at a hotel in Los Angeles.
"I am also keenly aware that the reason for my recent journey was my own doing. So please allow me to begin my remarks this evening by reiterating how deeply I regret -- and apologize for -- the circumstances that led to my resignation from the CIA and caused such pain for my family, friends and supporters," Petraeus said.
The decorated war hero and former four-star general has remained out of the public eye since his affair with writer Paula Broadwell was revealed in November.
The former commander of U.S. and ISAF forces in Afghanistan addressed the affair only one other time in a statement the day he resigned as CIA director.
"After being married for over 37 years, I showed extremely poor judgment by engaging in an extramarital affair," Petraeus confessed in a letter to CIA staff.
Since announcing his resignation, Petraeus has only appearing in closed-door hearings before the House and Senate intelligence committees to testify about what he learned first-hand about the Sept. 11 attack in the U.S. Consulate in Benghazi.
"I know I can never fully assuage the pain that I inflicted on those closest to me and a number of others," Petraeus said Tuesday.
Petraeus' wife, Holly, was not in attendance at the dinner.
"As I close, I want to say thank you for words of encouragement to family. ... This has been difficult episode for us ... to fall as far as I did," Petraeus said in his closing remarks before he received another standing ovation.
Petraeus, 60, spent much of his time at the ROTC dinner speaking about what can be done for veterans and the families facing transition challenges from military life to civilian life.
"In reality, the transition often is quite challenging. Hanging up the uniform is quite difficult," he said.
Petraeus also penned an op-ed in today's Wall Street Journal about helping veterans find employment, assimilate into the workforce and set them on a definitive career path.
The speech and op-ed are Petraeus' first steps in what appears to be a carefully choreographed comeback bid as he tries to rehab his once-pristine image.
Petraeus' affair with Broadwell was discovered during an FBI investigation into emails she sent to Florida socialite Jill Kelley.
Broadwell, 40, who is also married, wrote the biography on Petraeus, "All In."
ABC News' Maria Nikias contributed to this report.
A federal judge on Tuesday recommended the dismissal of a lawsuit against Facebook Inc in which Paul Ceglia, an upstate New York wood pellet salesman, claimed a huge ownership stake in the social media company.
US Magistrate Judge Leslie Foschio said there is "clear and convincing evidence" that an alleged 2003 contract with Mark Zuckerberg, now Facebook's chief executive, that Ceglia claimed entitled him to a one-half interest in the company is a "recently created fabrication."
In October, federal prosecutors in Manhattan announced criminal mail and wire fraud charges against Ceglia, whom US Attorney Preet Bharara accused of seeking "a quick pay day based on a blatant forgery."
Ceglia, who has lived in Wellsville, New York, pleaded not guilty. Each criminal charge carries a maximum sentence of 20 years in prison.
Paul Argentieri, a lawyer for Ceglia, was not immediately available on Tuesday for comment.
In his 2010 civil lawsuit, Ceglia claimed that a 2003 contract he signed with Zuckerberg, then a Harvard University freshman, entitled him to the Facebook stake.
Though Zuckerberg had done programming work for Ceglia's company StreetFax.com, Facebook maintained that a separate agreement involving that entity, which did not entitle Ceglia to a big Facebook stake, was the real contract between the two.
In a 155-page recommendation, Foschio said Ceglia's arguments largely consisted of "self-defeating inconsistencies" that established the "fraudulent nature" of his claims.
"Plaintiff has utterly failed to rebut the plethora of evidence establishing that it is highly probable and reasonable the StreetFax document was the operative contract," the Buffalo, New York-based judge wrote.
Foschio also said it is "highly probable and reasonably certain" that the contract Ceglia said was real was "fabricated for the express purpose of filing the instant action."
The case now goes to US District Judge Richard Arcara, who will decide whether to approve Foschio's recommendation.
Colin Stretch, deputy general counsel of Facebook, said in a statement that Foschio's recommendation "confirms what we have said from day one: this lawsuit is an inexcusable fraud based on
forged documents."
Facebook's market value is now about US$60 billion.
The accusations against Facebook and Zuckerberg had been an unusual distraction during the Menlo Park, California-based company's march toward its May 2012 initial public offering.
Facebook's origin was also the focus of separate litigation by Zuckerberg's twin Harvard classmates Cameron and Tyler Winklevoss, chronicled in the 2010 movie "The Social Network."
Ceglia claimed that Zuckerberg shared his plans for a social networking website while working at StreetFax, and contracted to give him a stake in exchange for a US$1,000 investment.
To build his case, Ceglia submitted what he said were emails from Zuckerberg that proved the pair discussed the project that eventually became Facebook.
But Facebook said Zuckerberg did not even conceive of the idea for a social media company until December 2003.
Its lawyers said Ceglia had produced fraudulent documents, citing work by forensic experts who concluded that he had typed text into a Microsoft Word document, and declared it the text of emails with Zuckerberg in 2004.
Ceglia went through a string of lawyers from prominent firms, including DLA Piper and Milberg, who worked with him on various parts of the civil case but later withdrew.
Earlier this month, Ceglia filed a separate civil lawsuit against Bharara and US Attorney General Eric Holder to halt the criminal case.
The civil case is Ceglia v. Zuckerberg et al, US District Court, Western District of New York, No. 10-00569. The lawsuit against Bharara and Holder is Ceglia v. Holder et al in the same court, No. 13-00256. The criminal case is US v. Ceglia, US District Court, Southern District of New York, No 12-cr-00876.-- Reuters
SAN FRANCISCO: Facebook Inc is expanding the advertising system that lets marketers tailor messages to users of the No.1 social network based on their browsing history, in the company's latest step to refine its ad business.
So far, the system has been used to target graphical display ads on the right side of a Facebook user's page, based on websites visited in the past, such as for products or potential vacation destinations.
The move announced on Tuesday will incorporate this system, called Facebook Exchange, to the ads in Facebook's News Feed.
It ties together two of the most significant innovations that Facebook Inc has made in the past year to its advertising business, which accounts for roughly 84 per cent of the company's revenue.
Marketers last year welcomed the launch of Facebook Exchange as it provided a common online advertising technique long missing on the social network.
Ads that appear directly within the Facebook News Feed are considered crucial to its future business prospects since they can be seen on mobile devices such as smartphones. About two-thirds of Facebook users accessed the site on a mobile device in December.
Facebook said the Facebook Exchange system will initially be available for newsfeed ads that appear on desktop PCs but not on mobile devices.
"Desktop is more in line with what FBX (Facebook Exchange) has been doing effectively in the right hand side. And we also find that desktop is the place where more people convert from seeing direct-response ads," said Facebook spokeswoman Elisabeth Diana.
The company is testing the new service with a limited set of partners, with plans for broader availability in the coming weeks.
Shares of Facebook closed 7 cents higher at US$25.21 on Nasdaq.-- Reuters
The U.S. Supreme Court hears arguments today on California's voter-approved ban on same-sex marriage. Kris Perry and Sandy Stier and Paul Katami and Jeff Zarrillo filed a federal lawsuit to overturn the ban. (March 26)
WASHINGTON -- As the Supreme Court heard arguments on Tuesday on the delicate and divisive issue of gay marriage, Chief Justice John Roberts expressed doubt that California opponents of gay marriage had a right to be heard in federal court.
U.S. citizens in general do not have a right to sue to enforce laws they favor. Roberts pressed lawyer Charles Cooper, who represents gay marriage opponents, on why his clients are any different as they seek to enforce California's gay marriage ban, known as Proposition 8.
"I don't think we've ever allowed anything like that," Roberts said in the first half of an hour of scheduled argument.
If Cooper's clients lack the right to appear, known as standing, the Supreme Court may not reach the central question of gay marriage rights.
Justice Anthony Kennedy, who like Roberts is seen as a potential swing vote, pressed Cooper. Kennedy used one of his questions to focus on the "imminent legal injury" facing 40,000 California children being raised by gay and lesbian couples.
"They want their parents to have full recognition and full status," he said.
Cooper, facing a barrage of questions mostly from the Supreme Court's liberal wing, called California's law the equivalent of a "pause button."
A ruling that finds a fundamental right to marry for gays and lesbians would unfairly cut off spirited public debate nationwide, Cooper said.
Justices Sonia Sotomayor, Elena Kagan, Stephen G. Breyer and Ruth Bader Ginsburg pounded Cooper for linking marriage to child-bearing, with Kagan asking if states could also prohibit couples over age 55 from getting married. Cooper responded that even in that case, at least one member of the marriage would likely still be fertile, a suggestion that drew laughter from the courtroom.
This morning's 80-minute exchange opened the first of two days of oral arguments on gay marriage before the Supreme Court. On Wednesday, the court will consider the 1996 federal Defense of Marriage Act (DOMA), which limits the definition of marriage to opposite-sex couples. Rulings in both cases are expected by the end of June.
Over the two days of arguments, the justices will have their say on what gay activists see as a civil rights issue reminiscent of famous Supreme Court cases of the past, including Loving v. Virginia, a 1967 case in which the court invalidated bans on interracial marriage.
The cases come before the high court at a time when more states have legalized gay marriage. Last year three more - Maryland, Maine and Washington - did so, bringing the total to nine plus the District of Columbia.
"Never before in our history has a major civil rights issue landed on the doorstep of the Supreme Court with this wave of public support," said Theodore Boutrous, a lawyer for opponents of Proposition 8.
Strong opposition to gay marriage still exists, however, both among Republicans in Congress and in many states. A total of 30 states, including California, have constitutional amendments that ban gay marriage. Nine states, including California, recognize civil unions or domestic partnerships among same-sex couples.
Reuters and David G. Savage and Noam N. Levey, Tribune Washington Bureau
ROME -- American Amanda Knox and her Italian ex-boyfriend, Raffaele Sollecito, must be retried for the 2007 death of British exchange student Meredith Kercher, Italy's highest court ruled Tuesday.
The Italian Supreme Court overturned the pair's acquittal and ordered an appeals court in Florence to rehear the high-profile case that attracted international attention. Knox and Sollecito initially had been convicted of murder and served four years in prison before they were acquitted on appeal in 2011.
Knox, 25, issued a statement through a family spokesman that said it was "painful" to have the acquittal overturned but that she was "confident" about the truth.
"The prosecution responsible for the many discrepancies in their work must be made to answer for them, for Raffaele's sake, my sake, and most especially for the sake of Meredith's family. Our hearts go out to them," the statement said. "No matter what happens, my family and I will face this continuing legal battle as we always have, confident in the truth and with our heads held high in the face of wrongful accusations and unreasonable adversity."
Kercher's family attorney, Francesco Maresca, said after ruling: "Yes, this is what we wanted."
Sollecito's attorney, Giulia Bongiorno, noted that Tuesday's ruling was not a determination of guilt for his 29-year-old client, but merely a need for further study of the appeals court ruling.
Legal experts will now try to gauge the likelihood of Knox, who attends the University of Washington in Seattle, being extradited to Italy to stand trial. The fact that she had been acquitted may complicate the case.
A 2010 Congressional Research Service Report says most U.S. extradition treaties allow or require that extradition be denied under certain circumstances, including "crimes barred by double jeopardy."
Since the U.S. Constitution prohibits successive prosecutions for the same offense -- double jeopardy -- but some other countries do not, "it is common for extradition treaties to contain clauses proscribing extradition when the transferee would face double punishment and/or double jeopardy," the report says.
Giorgio Spangher, head of the law school at Rome's Sapienza University, said that the case hasn't actually been reopened. Instead, the 2011 appeal that acquitted Knox and Sollecito was annulled.
He said that Knox cannot be compelled to raeturn to Italy but can choose to do so voluntarily. If she's convicted in absentia, Italy could request her extradition.
"We have to wait and see what she decides to do, but if she were my client I would not advise her to return for this case," said Spangher.
Kercher's body was found in November 2007 in her bedroom of the house she shared with Knox and other roommates in Perugia, an Italian university town where the two women were exchange students. The 21-year-old's throat had been slashed.
Prosecutors argued that Kercher, from south London, was killed as a result of a sex game that went amiss.
Knox, then 20, and Sollecito, then 24, were prosecuted and found guilty of killing Kercher. Knox was sentenced to 26 years in prison; Sollecito got 25 years. They were released four years later, in October 2011, after their convictions were overturned.
An Ivory Coast man, Rudy Guede, was convicted of the slaying in a separate proceeding and is serving a 16-year sentence.
Reaction to Tuesday's ruling was mixed in Italy, befitting a case that captivated people from the U.S., the United Kingdom and Italy.
Enrico Campione, 50, an art restorer from Rome, said: "The poor girl. I don't know if she's innocent or guilty, but they had two trials already and they should know that. If she's guilty she should be punished, of course. But I feel bad for her that she can't put his behind her."
Sabina De Tomaso, 29, a restaurant worker, said: "I had a feeling she was guilty before and she got off because she had expensive lawyers and they found technical problems. I hope they will find the truth now."
Contributing: Kim Hjelmgaard reported from London; Associated Press
Business Times : latesthttp://www.btimes.com.my enTuesday, March 26, 2013, 11.40 AMD&B launches CCM coursehttp://www.btimes.com.my/articles/20130326101001/Article/ http://www.btimes.com.my/articles/20130326101001/Article/Tue, 26 Mar 2013 10:10:01 +0800Dun and Bradstreet Malaysia Sdn Bhd (DandB), has launched its first-ever professional Competency Certificate in Credit
Management (CCCM) course in Malaysia, to enhance credit management knowledge and functions of small and medium enterprises (SMEs).
In a statement today, DandB said the course is aimed at producing highly competent and efficient credit professionals.
The two-stage course will be conducted by a group of experienced credit practitioners who have trained many SMEs, financial institutions and professional bodies in Malaysia.
Taught over a period of six months, it covers an entire spectrum of important topics in credit management, including business economics, legal aspects of credit management and key tools used in evaluating the financials and non-financials of firms.
DandB Malaysia Regional Director Edwin Wong, said the CCCM programme was a resounding success in other Asian countries such as Hong Kong.
"We believe the launch of the CCCM in Malaysia is timely and meets the capability development needs of local firms, specifically in the area of credit management," he added.
DandB is the world's leading provider of business-to-business credit, marketing and purchasing information and receivables management services.-- Bernama Short-term rates to remain stable Tuesdayhttp://www.btimes.com.my/articles/20130326101330/Article/ http://www.btimes.com.my/articles/20130326101330/Article/Tue, 26 Mar 2013 10:13:30 +0800Short-term interbank rates are expected to remain stable on Tuesday as Bank Negara Malaysia intervenes to absorb excess
liquidity from the financial system.
The central bank estimated today's surplus at RM24.499 billion in the conventional system and RM6.650 billion in Islamic funds.
Bank Negara will call for four conventional tenders comprising RM1.5 billion for seven days, RM1 billion each for 14 and 28 days, and RM500 million for 21 days.
It will conduct two Al-Wadiah tenders comprising RM1.5 billion for seven days and RM400 million for 14 days.
The central bank will also conduct a RM100 million Commodity Murabahah Programme for 21 days.
At 4pm, Bank Negara will conduct a conventional overnight tender for up to RM20.7 billion and a RM5 billion Al-Wadiah overnight tender.-- Bernama KL shares higher in early tradehttp://www.btimes.com.my/articles/20130326100552/Article/ http://www.btimes.com.my/articles/20130326100552/Article/Tue, 26 Mar 2013 10:05:52 +0800Share prices on Bursa Malaysia were mostly higher in early trade in spite of declines in share prices in major regional markets due to ongoing concerns over risks in the Cyprus financial
bailout by the International Monetary Fund and European Union, dealers said.
At 9.17am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.14 points higher at 1,649.03 after opening 7.95 points higher at 1,651.84, driven by gains in selected heavyweights.
The Finance Index increased 58.38 points to 15,504.66, the Industrial Index added 6.57 points to 2,852.69 and the Plantation Index rose 16.10 points to 7,849.77.
The FBM Emas Index advanced 31.04 points to 11,280.67, the FBMT100 added 30 points to 11,117.86, the FBM Mid 70 Index gained 14.45 points to 12,522.49 but the FBM Ace Index was 2.14 points lower at 3,964.92.
Advancers led decliners by 102 to 51 with 127 counters unchanged, 1,363 untraded and 15 others suspended.
Total volume stood at 58.8 million shares worth RM56.8 million.
Among actives, Krisassets Holdings gained one sen to 6.5 sen, ETI Tech Corporation declined half a sen to 5.5 sen, Alam Maritim Resources increased two sen to 94 sen and GPRO Technologies rose half a sen to 10.5 sen.
Of the heavyweights, Maybank increased 11 sen to RM9.34, Sime Darby was unchanged at RM9.20, Axiata declined one sen to RM6.44 and Petronas Dagangan increased 16 sen to RM23.34.-- Bernama Ringgit opens slightly lower in early tradehttp://www.btimes.com.my/articles/20130326100146/Article/ http://www.btimes.com.my/articles/20130326100146/Article/Tue, 26 Mar 2013 10:01:47 +0800The ringgit was traded slightly higher against the US dollar in early trading on Tuesday on mild buying interest for the local currency, dealers said. At 9am, the local currency was quoted at 3.0950/0980 from yesterday's close of 3.0970/1000. The dealers said the risk appetite had risen after a bailout deal was reached for Cyprus. Meanwhile, the ringgit was traded mostly lower against other major currencies. The local currency weakened against the Singapore dollar to 2.4907/4948 from Monday's close of 2.4887/4928 and declined against the Japanese yen to 3.2859/2898 from 3.2696/2745 previously. The ringgit appreciated against the British pound to 4.6967/7028 from 4.7152/7207 yesterday but appreciated against the euro to 3.9811/9859 from 4.0249/0291.-- Bernama Dow ends lower on renewed Cyprus worrieshttp://www.btimes.com.my/articles/20130326095544/Article/ http://www.btimes.com.my/articles/20130326095544/Article/Tue, 26 Mar 2013 09:55:44 +0800NEW YORK: US stocks fell on Monday on renewed concerns about the developments in Cyprus and the euro zone, which wiped away earlier gains that drove the SandP 500 index to less than a point away from its record close.
Stocks fell after Jeroen Dijsselbloem, who heads the Eurogroup of euro-zone finance ministers, told Reuters and the Financial Times that when failing banks need rescuing, euro-zone officials would turn to the bank's shareholders, bondholders and uninsured depositors to contribute to their recapitalization.
He also said that Cyprus was a template for handling the region's other debt-strapped countries.
But stocks came off their lows after Dijsselbloem clarified his previous comments and said, "Cyprus is a specific case with exceptional challenges, which required the bail-in measures we have agreed upon yesterday. Macro-economic adjustment programmes are tailor-made to the situation of the country concerned and no models or templates are used."
Before his remarks, the Dow industrials hit yet another record intraday high and the SandP 500 edged closer to its highest closing level ever on Monday after negotiators reached a deal to keep Cyprus afloat with a financial bailout and avert the country's possible exit from the euro zone.
"There was certainly a sigh of relief that a deal was reached, but there are still growing concerns that more work needs to be done," said Jack Ablin, the chief investment officer of BMO Private Bank in Chicago.
Banking shares were among the day's top decliners. Shares of Morgan Stanley fell 1 per cent to US$21.97 while Bank of America dropped 1.3 per cent to US$12.40.
The Dow Jones industrial average slipped 64.28 points, or 0.44 per cent, to end at 14,447.75. The Standard and Poor's 500 Index dipped 5.20 points, or 0.33 per cent, to 1,551.69. The Nasdaq Composite Index declined 9.70 points, or 0.30 per cent, to close at 3,235.30.
Earlier, the Dow climbed to an intraday record high of 14,563.75. The SandP 500 rose to a session high of 1,564.91 - just a fraction of a point below its record closing high of 1,565.15 set on October 9, 2007.
The CBOE Volatility Index, known as the VIX, Wall Street's favorite barometer of investor anxiety, ended up 1.3 per cent at 13.74, off its intraday high of 14.61.
In company news, Dell Inc said it received alternative proposals from Blackstone and billionaire investor Carl Icahn that could be superior to the US$24.4 billion offer from founder Michael Dell and private equity fund Silver Lake Partners last month.
Dell shares rose 2.6 per cent to US$14.51.
Merger and acquisition activity has been among the reasons for stocks' stellar performance so far this year.
Shares of University of Phoenix owner Apollo Group rose 7.1 per cent to US$18.25 after the company reported a better-than-expected profit even as student sign-ups fell for the fourth straight quarter.
The stock was the SandP 500's biggest percentage gainer.
Best Buy Co Inc shares rose 1.8 per cent to US$23.20 after the company said that founder Richard Schulze would rejoin the consumer electronics retailer as chairman emeritus and add two of his former colleagues to the board. The news helped dispel rumors that the largest investor in the world's largest consumer electronics chain was contemplating selling his stake in the company.
Volume was roughly 5.8 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.
Decliners outnumbered advancers on the NYSE by a ratio of about 3 to 2, while on the Nasdaq, about 13 stocks fell for every 12 that rose.-- Reuters
WASHINGTON -- The Supreme Court is broadening its examination of affirmative action by adding a case about Michigan's effort to ban consideration of race in college admissions.
The justices already were considering a challenge to the University of Texas program that takes account of race, among many factors, to fill remaining spots in its freshman classes. The Texas case has been argued, but not yet decided.
The court on Monday said it would add the Michigan case, which focuses on the 6-year-old voter-approved prohibition on affirmative action and the appeals court ruling that overturned the ban. The new case will be argued in the fall. A decision in the Texas case is expected by late June.
The dispute over affirmative action in Michigan has its roots in the 2003 Supreme Court decision that upheld the use of race as a factor in university admissions. That case concerned the University of Michigan law school.
In response to the court's 5-4 decision in that case, affirmative action opponents worked to put a ballot measure in front of voters to amend the state constitution to outlaw preferential treatment on the basis of race and other factors in education, as well as government hiring and contracting. In November 2006, 58 percent of Michigan voters approved the measure.
Civil rights groups sued to block the provision the day after the vote. In November, the 6th U.S. Circuit Court of Appeals voted 8-7 to invalidate the ban as it applies to college admissions. It did not address hiring or contracting.
The appeals court said the constitutional amendment is illegal under Supreme Court rulings from the late 1960s and early 1980s that prohibit placing special burdens on minority groups that want to bring about changes in laws and policies. The court said that forcing opponents of the ban to mount their own long, expensive campaign through the ballot box to protect affirmative action amounts to different, and unequal, treatment.
That burden "undermines the Equal Protection Clause's guarantee that all citizens ought to have equal access to the tools of political change," the court said. By way of example, the court said that children of university alumni remain free to lobby lawmakers and university officials to adopt policies to take family ties into account in admissions.
The 6th Circuit divided along ideological lines, with its more liberal judges in the majority.
Michigan Attorney General Bill Schuette asked the Supreme Court to review the 6th Circuit's ruling. "Entrance to our great colleges and universities must be based upon merit, and I remain optimistic moving forward in our fight for equality, fairness and rule of law at our nation's highest court," Schuette said Monday.
In the Texas case, a white student who was denied admission to the University of Texas is suing to overturn the school's use of race among many factors to fill out its incoming freshman classes. The bulk of the slots go to Texans who graduated in the top 10 percent of their high school classes.
The Michigan case is Schuette v. Coalition to Defend Affirmative Action, 12-682.
Departing show runner Glen Mazzara has long contended that in the world of "The Walking Dead," no one is safe. And it's true that so far in the life of the AMC zombie series, a host of characters have met untimely deaths — at the hands of walkers and other dangers.
(A strong warning to anyone who might have missed Sunday's episode, "This Sorrowful Life," stop reading right now unless you want to know which major character met his end last night.)
In a shocking turn of events, David Morrissey's ruthless Governor shot and killed Merle, leaving fans of the Dixon brothers heartbroken — even as they might have breathed a sigh of relief that Daryl's life was spared — for now. (If there's anyone the writers can't kill, it's Norman Reedus' fan favorite; Mazzara conceded to Hero Complex that he's heard from plenty of audience members who promise to revolt should anything happen to him.)
Michael Rooker's Merle might not have been the most affable guy, but his exit surely will be felt in surprising ways. The ghosts of earlier members of Rick's band of survivors continue to echo out in episodes even now, either as actual manifestations or as factors that cause the living characters to behave in certain ways.
At the end of Season 2, Shane turned on Rick, then turned zombie (note the contacts), then Carl turned on Shane. (AMC)
In Season 1, a walker took several big bites out of Amy (Emma Bell). That turned her big sister Andrea (Laurie Holden) suicidal for a time. The character recovered her will to live and went on to former a sisterly relationship with Michonne (Dania Gurira), though obviously that particular bond has been sorely tested.
Season 2 proved especially lethal, though. Carl (Chandler Riggs) was nearly killed by a hunter's bullet, and though he survived, that event set the stage for the death of Otis (Pruitt Taylor Vince) at the hands of Shane. Nor was Carl the only child in danger.
In what remains one of the show's most heartbreaking moments, Season 2 brought the end of Carol's daughter Sophia, who turned into a walker and had to be put down. Then there was Dale, followed almost immediately by Jon Bernthal's Shane. Although the loss of Jeffrey DeMunn's Dale represented a deep blow — he had become the group's unfailing moral center — Shane's death proved more complicated.
Anyone familiar with Robert Kirkman's comic books might have had an inkling that the increasingly unhinged former lawman wouldn't survive the show's unforgiving post-apocalyptic landscape. But it wasn't a hungry zombie that did Shane in — it was a knife wound to the gut courtesy of his former best friend and partner, delivered in a spectacular moonlight standoff in the second-season finale that gave the actor a chance to finally pop in a pair of zombie contact lenses.
And in taking Shane's life to protect the group, Andrew Lincoln's Rick Grimes stepped onto the path he's followed this season, one of deep inner turmoil.
Lori — wife of Rick, mother of young Carl — made a monumental self-sacrifice in Season 3 when she had a Caesarean to save her unborn baby, the child-of-questionable-parentage, and it spelled Lori's doom, and the departure of actress Sarah Wayne Callies. We also said goodbye to another original Atlanta survivor, T-Dog — how could you not like T-Dog? From Seasons 1 to 3, he seemed to get sidelined, but he did suffer a heroic death, sacrificing himself to walkers to save Carol (whose abusive husband Ed, played by actor Adam Minarovich, died in Season 1).
After losing a couple of new characters met along the way — Axel, we hardly know you — now there's Merle.
Speaking on the Georgia set of the show earlier this year, Rooker was quick to defend his often unlikable character.
"Merle for me has always been not at all what I think most people think of Merle, as somewhat of a cliched Southern bigoted redneck," Rooker explained. "Merle's been around the world, been around the corner a few times, had some knocks and bruises, encounters with law enforcement. And you know what? He's a tough … you don't want to mess with him. In the way I sort of envisioned and developed the character, so far Merle is not some sort of psychopathic killing machine — when it comes to zombies, yes, he absolutely loves it and is quite good at it. [But now] Merle's kind of found a home, but there's still something missing, his family. His family is his brother."
The Season 3 finale is upon us, "Welcome to the Tombs." Starting Monday night, AMC will begin a weeklong marathon of "The Walking Dead," from the first episode through "This Sorrowful Life," in preparation for the finale. The big question is, are we going to lose someone else from our diminishing band of survivors?
In the gallery above, we look back on 10 characters who have completed their time on "The Walking Dead." Also included: five characters who might be in grave danger.
Tell us your thoughts in the comments below, as well as your ideas of who might be next.
Malaysia's RAM Ratings has reaffirmed Kenanga Investment Bank Bhd's long- and short-term financial institution ratings at A3 and P1, respectively; the long-term rating has a stable outlook.
The ratings take into consideration Kenanga IB's expanded retail stockbroking franchise following the completion of its acquisition of ECM Libra Investment Bank in December 2012.
The acquisition has cemented its position as Malaysia's second-largest brokerage firm by trading volume in 2012, besides widening its branch network and enlarging its remisier base.
The acquisition is expected to strengthen the Bank's brokerage income while non-stockbroking income will still largely stem from its investment-banking business. On this note, Kenanga IB has made strides in building its investment-banking franchise.
However, as it is not part of a universal-banking group, the Bank lacks access to a larger balance sheet to secure more sizeable deals that requires bridging financing.
In the short term, the Bank will focus on realising synergistic cost savings through staff and branch rationalisation. We envisage that it will need 1-3 years before realising the large-scale benefits of the integration exercise.
Similar to all acquisitions, there could be integration risks, especially with respect to aligning the best practices of both entities as well as the retention of human capital and clients.
RAM will closely monitor the post-merger integration process.
Kenanga IB has healthy loan and securities portfolios, with no exposure to impaired corporate loans or debt securities during the period under review. Its earnings profile is inherently volatile due to the unpredictability of capital market movements.
Meanwhile, Kenanga IB's financial performance in none months FY December 2012 was affected by weaker brokerage income and higher personnel costs. On balance, however, the Bank has retained its sound liquidity profile and sturdy capitalisation.-- Reuters
Share prices on Bursa Malaysia opened higher in early trading Monday, as investors took the cue from the gains seen on Wall Street, dealers said.
As at 9.09am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.52 points to 1,629.41, after opening 3.77 points higher at 1,630.66.
They said global sentiment was positive as Cyprus' worries eased after a European Union official said an agreement has been made on an aid package for Cyprus.
HwangDBS Vickers Research said the FBM KLCI should see its immediate support level at 1,615 level while immediate resistance stood at 1,635 level.
"With the uncertainty of the general election looming over Malaysian equities, our market barometer FBM KLCI may remain range bound as the market awaits more clues," it said in a research note.
On the score board, the Plantation Index gained 18.81 points to 7,803.97, the Finance Index rose 22.72 points to 15,347.94 but the Industrial Index slipped 3.26 points to 2,820.32.
The FBMT100 earned 17.7 points lower at 11,003.33, the FBM Mid 70 Index was 22.84 points higher at 12,467.49 and the FBM Emas Index advanced 16.67 points to 11,167.18.
The FBM Ace Index, however, lost 10.41 points to 3,980.84.
Gainers led losers 87 to 57, with 97 counters unchanged, 1,403 untraded and 16 suspended.
Turnover stood at 25.75 million shares worth RM20.69 million.
Actives, Eti Tech Corp and Luster Industries earne half sen each to six sen and 10.5 sen, respectively, Destini gained 1.5 sen to 36.5 sen, while Efficient E-Solutions was flat at 13 sen.
Heavyweights, Maybank improved one sen to RM9.15, CIMB Group gained four sen to RM7.20, but Petronas Chemicals and Maxis were all flat at RM6.38 and RM6.51, respectively.
Sime Darby lost four sen to RM9.15 and Axiata Group shed one sen to RM6.35.-- Bernama
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