Ahad, 1 Disember 2013

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Business Times : latesthttp://www.btimes.com.my enMonday, December 02, 2013, 12.31 PMR&F to pay RM4.5b for Malaysian siteshttp://www.btimes.com.my/articles/20131202112215/Article/ http://www.btimes.com.my/articles/20131202112215/Article/Mon, 02 Dec 2013 11:22:15 +0800Guangzhou RandF Properties Co, a landlord in the southern Chinese city's business district, will pay RM4.5 billion (US$1.4 billion) for six sites in Malaysia from a royal family, marking its first acquisition abroad. The developer plans to build commercial and residential properties on the 47 hectares in the southern Malaysian state of Johor Bahru, according to a statement to the Hong Kong stock exchange today. Developers from China are committing billions of dollars to projects around the world, from apartment towers in New York and a new business district in the UK to a residential redevelopment in Sydney. Regulatory restrictions at home and concerns that the Chinese property market is overheating have spurred companies to venture overseas for the first time. "Like other developers, RandF made the move to diversify its investment portfolio outside China as domestic property curbs don't seem to end soon," said Alan Jin, a Hong Kong-based property analyst at Mizuho Securities Asia Ltd. "It remains uncertain how much demand is out there." RandF will purchase the land from the Sultan of Johor for the development that could have about 3.5 million square meters of floor area including homes, offices and a hotel, according to the statement. RandF shares fell 1.3 per cent to HK$12.30 as of 11.01am in Hong Kong trading. The Hang Seng China Enterprises Index, tracking Chinese companies traded in Hong Kong, climbed 0.3 per cent, while the Shanghai Stock Exchange Property Index, which tracks 24 developers traded in the city, lost 3.3 per cent. Li Ka-shing, Asia's richest man, said last week that his companies have slowed land purchases in Hong Kong and China as prices have escalated to a high level. At least 10 Chinese cities have tightened their property policies in November as local governments face pressure to meet annual home-price targets, according to Centaline Property Agency Ltd, the nation's biggest real estate brokerage. Three of China's four major cities -- Shenzhen, Shanghai and Guangzhou -- raised minimum down-payment requirements for second-home mortgages to 70 per cent from 60 per cent. RandF's entry into Malaysia follows Country Garden Holdings Co, the developer controlled by China's richest woman Yang Huiyan, which said last year it will buy prime waterfront land in the southern part of the Southeast Asian nation. RandF has been exploring opportunities to tap into fast- developing markets overseas to boost its longer-term profitability, chairman Li Sze Lim said in today's statement. "The Malaysian property market has significant growth potential that comes from strong economic fundamentals and demographic factors offering opportunities which the group is well positioned to take advantage of," he said. Average Malaysian home values rose 43 per cent to a record in the four-and-a-half-years to June, according to government data. Prices in the capital Kuala Lumpur climbed 62 per cent to RM605,711 between the start of 2009 and the end of the second quarter this year, while those in Johor climbed 37 per cent to RM187,644, CBRE Group Inc said.-- Bloomberg Short-term rates to remain stablehttp://www.btimes.com.my/articles/20131202103915/Article/ http://www.btimes.com.my/articles/20131202103915/Article/Mon, 02 Dec 2013 10:39:15 +0800Short-term interbank rates are expected to remain stable today following Bank Negara Malaysia's intervention to reduce excess liquidity from the financial system. The central bank estimated today's liquidity at RM28.17 billion in the conventional system and RM8.59 billion in Islamic funds. The bank will conduct a RM7 billion range maturity auction money market tender for two days to 91 days and a RM100 million repo tender for 91 days. It will also call for two RM700 million Islamic range maturity auction Al-Wadiah tender for 14 days and RM1.3 billion for 31 days. At 4pm, the bank will undertake a conventional overnight tender of up to RM21.1 billion and a RM6.7 billion Al-Wadiah overnight tender.-- Bernama Tin price unachangedhttp://www.btimes.com.my/articles/20131202111601/Article/ http://www.btimes.com.my/articles/20131202111601/Article/Mon, 02 Dec 2013 11:16:01 +0800On the Kuala Lumpur Tin Market, business was done today at US$22,670 per tonne (ex-smelter), unchanged from last Friday on a turnover of 50 tonnes.-- Bernama KL shares remain mixed mid-morninghttp://www.btimes.com.my/articles/20131202104211/Article/ http://www.btimes.com.my/articles/20131202104211/Article/Mon, 02 Dec 2013 10:42:13 +0800Shares on Bursa Malaysia remained mixed at mid-morning today with investors' interest confined to selected heavyweights in consumer stocks, dealers said. British American Tobacco gained 30 sen to RM63.20 and Apex Healthcare added 29 sen to RM4.89. As at 11am, the FTSE Bursa Malaysia KLCI (FBM LCI) increased 7.52 points to 1,815.12, after opening 5.15 points higher at 1,812.75. Losers led gainers 273 to 225, with 254 counters unchanged, 812 untraded and 20 others suspended. Turnover was low with 392.1 million shares traded valued at RM244.2 million. The Finance Index improved 12.369 points to 16,688.02, the Plantation Index gained 15.87 points to 8,895.92 and the Industrial Index was 9.29 points higher at 3,163.12. The FBM Emas Index increased 34.86 points to 12,585.79, the FBMT100 Index advanced 36.43 points to 12,315.21, the FBM Ace added 23.87 points to 5,606.97 and the FBM 70 rose 18.159 points to 14,182.11. Among actives, XOX lost half a sen to 16.5 sen, 1 Utopia gained half a sen to eight sen and Sumatec declined half a sen to 30 sen. As for heavyweights, Maybank rose three sen to RM9.81, CIMB fell one sen to RM7.57 and Sime Darby was flat at RM9.65.-- Bernama Gold up 11 sen at RM125.02http://www.btimes.com.my/articles/20131202104553/Article/ http://www.btimes.com.my/articles/20131202104553/Article/Mon, 02 Dec 2013 10:45:53 +0800The physical price of gold as at 9.30am stood at RM125.02, up 11 sen from RM124.91 at 5pm last Friday.-- Bernama Gold futures contracts open marginally higherhttp://www.btimes.com.my/articles/20131202104747/Article/ http://www.btimes.com.my/articles/20131202104747/Article/Mon, 02 Dec 2013 10:47:47 +0800Gold futures contracts on Bursa Malaysia Derivatives opened marginally higher Monday, continuing its last week's buying momentum, dealers said. A dealer said the precious metal was in favour ahead of the uncertain US economic data expected to be released this week. The data would give the cue on when the Federal Reserve would start to taper its bond-buying programme, the dealer added. At 9.29am, only one contract month was traded in the local market. December 2013 was traded at RM129.75 a gramme, up six ticks from Friday's settlement, with two lots traded. January 2014 stood at RM129.55 a gramme while February 2014 and March 2014 were both pegged at RM129.95 a gramme, respectively. Open interest stood at 1,132 contracts.-- Bernama FTSE Bursa Malaysia update: 10.30amhttp://www.btimes.com.my/articles/20131202104953/Article/ http://www.btimes.com.my/articles/20131202104953/Article/Mon, 02 Dec 2013 10:49:53 +0800At 10.30am today, there were 211 gainers, 228 losers and 248 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,814.28 up 6.68 points, the FBMACE was at 5,617.81 down 13.03 points, and the FBMEmas was at 12,583.98 up 33.05 points. Turnover was at 313.171 million shares valued at RM186.155 million.-- Bernama KLCI futures traded higher in early sessionhttp://www.btimes.com.my/articles/20131202111307/Article/ http://www.btimes.com.my/articles/20131202111307/Article/Mon, 02 Dec 2013 11:13:07 +0800The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract (FKLI) on Bursa Malaysia Derivatives was higher, in early session today. As at 10.40am, spot month December 2013 was 3.5 points better at 1,814.50, January 2014 added 4.5 points to 1,816, February 2014 garnered 2.5 points to 1,814 and March 2014 was flat at 1,806. Volume stood at 1,525 lots while open interest totalled 35,991 contracts.-- Bernama Ringgit traded lower against US dollarhttp://www.btimes.com.my/articles/20131202104411/Article/ http://www.btimes.com.my/articles/20131202104411/Article/Mon, 02 Dec 2013 10:44:11 +0800The ringgit opened lower against the US dollar today on profit-taking after benefiting from the greenback at Friday's close, dealers said. At 9am, the ringgit was quoted at 3.2270/2300 to a US dollar from Friday's closing at 3.2215/2245. The ringgit was also traded lower against other major currencies. The local unit fell against the Singapore dollar to 2.5711/5739 from 2.5678/5703 on Friday and weakened against the yen to 3.1492/1537 from 3.1469/1514 last week. The domestic currency depreciated against the British pound to 5.2958/3020 from 5.2604/2663 on Friday and declined against the euro to 4.3855/3902 from 4.3832/3885 last week.-- Bernama
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Commuter train derailment kills 4 in NYC - USA TODAY

Posted: 01 Dec 2013 08:51 AM PST

Four people were killed and more than 60 were injured Sunday when a Metro-North commuter train derailed in the Bronx. VPC

Kevin McCoy, Rick Hampson and John Bacon, USA TODAY 12 p.m. EST December 1, 2013

NEW YORK — Four people were killed and more than 60 were injured Sunday when a commuter train derailed in the Bronx.

The Fire Department of New York said more than 130 firefighters raced to the derailment scene just north of the Spuyten Duyvil station, helping extricate passengers and crew from the Metro-North train. Four or five of the southbound train's seven cars derailed in an area on the edge of the Hudson River near the station just north of Manhattan, the Metropolitan Transportation Authority said.

The crash shattered the Sunday morning calm in one of the city's most bucolic neighborhoods. Wilma Rosen has lived-in the Spyten Dyvll section of the Bronx for 35 years. Hilly, leafy and on the water at the confluence of the Harlem and Hudson rivers, "it's such a beautiful spot. Most people's idea of the Bronx is not like this," she said.

The train originated at 5:54 a.m. in Poughkeepsie, one of New York City's northern suburbs. The derailment, at about 7:20 a.m., forced a suspension of all service on the Hudson line between Grand Central Station in Manhattan and the Croton Harmon station in Westchester County, a northern suburb.

The New York City Police Department declared a "level-three mobilization" — a somewhat-common alert for a serious incident — sending officers from across the Bronx to the derailment scene. The National Transportation Safety Board said it was sending a "Go-Team" to investigate the tragedy.

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Gov. Andrew Cuomo, who arrived at the scene later Sunday morning, said all train passengers and crew were accounted for. The cause of the derailment remained under investigation.

"What we do know is four people lost their lives in the holiday season after Thanksgiving," said Cuomo, who called for memorial prayers. Cuomo said 11 of the 63 injuries were considered critical, with the remainder less serious.

Families trying to get information about relatives or friends who were aboard the train were advised to contact New York City's 311 information system, Cuomo said.

NYPD Commissioner Raymond Kelly said the train engineer "got banged up somewhat, but is conscious and alert." The engineer made some "unofficial statements" to investigators, but that information is being withheld for the NTSB, Kelly said.

Frank Tatulli, a passenger on the train, told WABC-TV in New York that he takes the train every Sunday morning, and that it was travelling faster than usual as it approached a curve. Tatulli said he got out of the train on his own, but suffered head and neck injuries.

MTA President Tom Prendergast, who joined Cuomo for a briefing near the derailment site, said speed was one factor in the investigation. He also said the incident took place near the area of a July derailment, but was believed to involve a different track.

The White House released a statement saying President Obama had been briefed on the tragedy by Lisa Monaco, assistant to the President for homeland security and counterterrorism.

"His thoughts and prayers go out to the friends and families who lost a loved one and everyone affected by this incident," the statement said. "The White House will continue to stay in contact with the federal, state and local partners as they respond to this event."

Charles Manley lives with his family on fifth floor of apartment house overlooking the tracks on Palisade Avenue. He said he was in bed when he heard a sound "like someone dropping a pile of pipes down next to your head" -- even though the crash was hundreds of yards away and below.

"There there was this long terrible sound of sheet metal screeching," Manley said.

Enrie Morales, 50, of the Riverdale section of the Bronx, said she was out for her morning walk along an escarpment overlooking the tracks about 60 feet below.

"It sounded like the earth rumbled," she said. She ran to the edge of the cliff and saw train cars spread across the tracks like toys.
She said that for many years when she lived north of the city she took this early morning train. The train has fewer cars than most, she said.

"At that hour it's always the same people, the same conductors. Everybody knows everybody" and many passengers are asleep, she said.

The Metro-North's Hudson line serves New York City and Westchester, Putnam, and Dutchess counties, ending in Poughkeepsie.

Service on the line was at first suspended from Poughkeepsie to Grand Central Station. Later Sunday morning, Metro-North said rail service was restored from Poughkeepsie to Tarrytown. Passengers would then take buses to the White Plains station on the Harlem line, where they would catch trains to and from Grand Central Station.

Amtrak Empire Line service between New York City and Albany was suspended after the derailment, according to a service update on the national rail carrier's website. However Amtrak Northeast Corridor service between New York City, Washington, D.C. and Boston was not affected, according to the update.

Contributing: Bart Jansen; David Jackson

White House declares victory on fixing healthcare website - Chicago Tribune

Posted: 01 Dec 2013 08:18 AM PST

The Obama administration declared victory on Sunday in its effort to get HealthCare.gov working smoothly for the vast majority of users, saying the site had reached a goal of handling 50,000 simultaneous users after a five-week "tech surge."

In a six-page progress and performance report, administration officials said the troubled website could now handle at least 800,000 visitors per day, with the system remaining up at least 90 percent of the time.

The new performance levels mark significant improvement after the Obamacare website's disastrous October 1 launch, when it crashed in the face of high traffic volumes and remained down 60 percent of the time for weeks.

But officials remain concerned about high volumes this month, with the potential for large numbers of people entering the site to apply for insurance coverage beginning January 1.

Reuters

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Sabtu, 30 November 2013

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Did the feds fix HealthCare.gov? How we'll know - NBCNews.com

Posted: 30 Nov 2013 08:57 AM PST

Obamacare

35 minutes ago

(FILES)A woman looks at the HealthCare.gov insurance exchange internet site in this October 1, 2013 file photo in Washington, DC.  With America's budg...

KAREN BLEIER / AFP - Getty Images file

The HealthCare.gov insurance exchange website.

Today's the deadline – it's the last day of November and the day the Obama administration promised its health insurance website would be working smoothly for "the vast majority" of people.

Officials say there won't be an obvious "before" and "after" picture of HealthCare.gov. "November 30 does not represent a relaunch of HealthCare.gov. It is not a magical date," says Julie Bataille, spokeswoman for the Centers for Medicare and Medicaid Services, which operates the site.

To show how serious they are, CMS took the website down for an extended maintenance from 9 p.m. ET Friday, Nov. 29 to early morning Saturday.

But if you really want to know it's working, look for insurance company ads. So far, insurers have been a little bit quiet about the site which, after all, is supposed to be driving them lots of business.

"As the technical issue get worked out, health plans are going to get more and more engaged," says Robert Zirkelbach of America's Health Insurance Plans, meaning they're waiting until it works better before they start a full-court press of ads. 

The administration says the site, which crumpled almost as soon as it opened on Oct. 1, is now working for just about everyone. "We're happy to report that 90 percent of users are now able to create accounts," the Health and Human Services Department said in a statement Tuesday night.

"Two key factors are whether the site can handle the volume of people who are expected to want to enroll through the end of the year and whether the process is smooth and error-free," says Larry Levitt of the Kaiser Family Foundation, which has been monitoring the rollout. "It doesn't have to work perfectly for everyone."

CMS says it can now handle 50,000 users at the same time, or 800,000 a day, which was the original specification. CMS also cautions that it may not work perfectly for people with complicated situations.

But Zirkelbach says the "back end" of the site — the part where the policy actually gets bought and paid for — is still rough. "Health insurers are still seeing enrollments that are duplicated, missing information, things like that," he said.

And one big piece is missing: so-called direct enrollment. If that ever works as it should, people should be able to go directly to a health insurer's site and sign up with a small detour to HealthCare.gov to see if they are eligible for a subsidy. That function is barely working now.

Nonetheless, the government says it is ready for an end-of-the-month rush, combined with a post-Thanksgiving pile-on.

"Health care is going to be a popular topic of conversation over the holidays," Levitt said. The Monday after Thanksgiving has, in the past, been a popular day for people to sign up for Medicare Part D (the prescription drug coverage plan) and Medicare Advantage (Medicare provided by a private insurer) coverage, for example.

The White House knows it cannot count on the insurers for now so it's turned to advocacy groups. Organizing for America, which campaigns for President Barack Obama, plans a public relations blitz called "Health Care for the Holidays".

"Are your family members traveling home for the holidays? There are a few things they'll need to sign up for health coverage," it advises. Their "packing list' includes W-2s and Social Security numbers.

"Don't forget to follow up: 'Have you signed up yet?'" it urges.

AARP, the group for people over 50, has its own campaign, with e-cards ready to send out to adult children. One choice: "Get health insurance so I can stop pestering you to sign up and start pressuring you to get married."

The White House has asked Democrats to reach out to constituents, and urged them to tell success stories. 

The right-leaning Heritage Foundation has counter-programming e-cards. "Let's be thankful the government doesn't regulate how much we can eat at Thanksgiving dinner," one reads.

A little worried about all this propaganda working too well, the White House and HHS officials have asked groups like Enroll America and labor unions to hold off on driving traffic to the site until it's clear what it can handle. HHS Secretary Kathleen Sebelius advised shoppers to "Shop HealthCare.gov during off-peak hours (mornings/nights/weekends)."

The health insurance exchanges are the centerpiece of the 2010 Affordable Care Act. They're the main vehicle for getting insurance coverage to the more than 40 million Americans who don't have any now.

No one expects all those people to sign up on the exchanges, however. The Congressional Budget Office originally projected that 7 million people would sign up for private insurance on the exchanges the first year, with another 9 million signing up for Medicaid in states that are expanding their programs.

It's not clear whether the publicity surrounding the slow start has put a significant number of people off. During the first month the exchanges were open, HHS says about 26,000 people signed up on the federal exchange, operating on behalf of 36 states, while close to 80,000 signed up on the state-run websites.

Some states say they have done much better since then. New York says 76,177 have signed up on its exchange.

"The way we are going to be evaluating success will be based largely on anecdotes," Levitt says.

It may be hard to tell, given that critics of the site have been pushing out tales of woe from people who said they couldn't sign up, found their insurance premiums were more expensive than they had expected, or found their favorite doctors or hospitals were excluded from the new insurance networks. The White House has countered with first-name-only anecdotes of people who have succeeded in enrolling.

Hard new numbers from the administration will come in mid-December, when HHS will release enrollment numbers for November.

"More important than how many sign up is who signs up," Levitt says.

Experts agree it will be important to get the right mix of sick vs. well people into the exchange plans. Insurance companies will go broke if they have to cover too many sick people without premiums from healthy people to balance them out. 

That's why there's been so much attention lavished on the "young invincibles" — young adults who don't yet have the chronic health conditions that are so expensive to pay for, and who may be wary of shelling out for health insurance.

The administration's already had to admit that parts of the system don't work. On Wednesday, it said small businesses will have to wait until next year to use the exchanges. It's extended the open enrollment period for people who want health insurance to start on Jan.1 – they get an extra week now, until Dec. 23.

But the White House has repeatedly reminded people that they have until March 31 to sign up for insurance to get credit for being covered in 2014 and avoid the tax being levied on those who don't have health insurance. 

Follow Maggie Fox on Facebook and on Twitter.

Police Helicopter Crashes Into Crowded Glasgow Pub - New York Times

Posted: 30 Nov 2013 08:54 AM PST

LONDON — Eight people were killed when a police helicopter that apparently lost power crashed through the roof of a crowded pub in Glasgow, injuring at least 30 people, police officials said Saturday.

Three people in the helicopter died as did five of those in the wrecked building, where a ska band was performing about 10:30 p.m. Friday  when the chopper, carrying two police officers and a civilian, spun down onto the pub, the Clutha.

Chief Constable Stephen House, who announced the latest casualty figures, said that of the 32 people taken to three Glasgow hospitals after the accident, 14 had suffered serious injuries and were still receiving treatment.

Scotland's first minister, Alex Salmond, said it was a "black day for Glasgow and Scotland," and Prime Minister David Cameron of Britain described the accident as a "tragic event."

The crash took place on the eve of Scotland's national day, St. Andrew's Day, and left the country in shock. But there was widespread praise for the reaction of Glaswegians who rushed to help get the injured clear. Mr. Salmond said Scots could take "pride and courage in how we respond to adversity and tragedy."

Fraser Gibson, who was at the pub at the time of the crash, estimated that there were about 120 people inside. "It sounded like a giant explosion," he told the BBC. "Part of the room was covered in dust. We didn't know what had happened. We froze for a second, there was panic and then people trying to get out the door."

At first, patrons did not understand the seriousness of the situation, said Grace MacLean, who was also inside.

"There was like a whoosh noise," she said. "Then there was some smoke, what seemed like smoke, so the band were laughing and we were all joking that the band had made the roof come down, and at the time they carried on playing. Then it started to come down more and someone started screaming, and then the whole pub just filled with dust, like you couldn't see anything, you couldn't breathe."

A Labor member of Parliament, Jim Murphy, was driving nearby and saw "a pile of people clambering out of a pub, the dust, no smoke, no fire, but huge dust and people covered in dust and multiple injuries," he said.

Patrons formed a human chain to help pull others out of the pub, he said.

"The helicopter was inside the pub," Mr. Murphy told Sky News. "It's a mess. I could only get a yard or two inside."

"No one knew what it was, but you saw the pandemonium of people trying to get out of the pub. It was a horrific scene," said Mr. Murphy, whose shirt had bloodstains from one of the injured as he spoke to a BBC reporter. "It was not something I have ever seen, and it is not something I ever want to see again."

The editor of The Scottish Sun, Gordon Smart, was in a parking lot nearby and heard a misfiring engine, he said. The helicopter was about 500 yards above him.

"It was falling at great speed," he said. "It looked like the rotors weren't spinning. The helicopter was sort of turning in a strange position and dropped at great speed. But oddly enough there was no explosion, no fireball."

Glasgow's deputy chief constable, Rose Fitzpatrick, said in a statement, "We are working hard to recover people still inside the building and we will make further details available when we have them." She said it was too early to know why the helicopter — a Eurocopter EC135 T2, with twin engines — had crashed.

The Scottish Fire and Rescue Service said teams of some 125 firefighters were working to stabilize the building and safely remove those remaining inside, using sniffer dogs. The left side of the building appeared to have collapsed, and a department spokesman, Lewis Ramsay, said the building was "very unsafe."

The Accident Investigation Branch said it had sent a team to investigate.

Images of the aftermath of the crash showed wreckage from the tail of the helicopter littering the roof of the pub, one piece sticking out of a hole gashed in the building's ceiling.

John McGarrigle waited by the police cordon outside the pub, anxious for news about his father. "I think he was in there when it crashed," he said. "I've checked every hospital and there's no sign of him. I'm very anxious. I'm just going to stand here till I see casualties come out of the building."

In a statement, Mr. Cameron praised the emergency services and said he wanted to "pay tribute to the bravery of the ordinary Glaswegians who rushed to help."

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Jumaat, 29 November 2013

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US stocks close mostly lower

Posted: 29 Nov 2013 04:20 PM PST

NEW YORK: US stocks on Friday closed a holiday-shortened session mostly lower despite some early statements by retailers reporting a successful launch to the critical holiday shopping season.

The Dow Jones Industrial Average shed 10.92 points (0.07 percent) at 16,086.41.

The broad-based S&P 500 declined 1.42 points (0.08 percent) to 1,805.81, while the tech-rich Nasdaq Composite Index rose 15.14 points (0.37 percent) to 4,059.89.

Retail giants Wal-Mart Stores and Target both reported "record" openings to the critical "Black Friday" shopping weekend, which kicks off the holiday shopping period. The period between Thanksgiving and New Year's accounts for about 20 percent of annual retail sector sales.

Despite the positive comments, analysts have expressed concerns that profits among retailers may suffer due to a hyper-competitive promotional market in which retailers are cutting prices to try to lure tight-fisted consumers in the low-growth economy.

Retail stocks had a mixed day. Walmart gained 0.1 percent, The Gap rose 0.5 percent and JC Penney tacked on 1.1 percent, while Target dipped 0.8 percent and Macy's lost 0.5 percent.

Technology stocks continued to ride high after the Nasdaq closed above 4,000 earlier this week for the first time in 13 years. Apple jumped 1.9 percent, Dow component Microsoft advanced 1.4 percent and eBay added 2.5 percent.

Agricultural giant Archer Daniels Midland fell 3.0 percent after Australia rejected its proposed US$2.7 billion takeover of grain handler GrainCorp.

Australian Treasurer Joe Hockey said the sector was still moving towards more robust competition and that a foreign takeover of the biggest grain handler in eastern Australia could undermine public support for foreign investment in general.

Oil and gas producer Pioneer Natural Resources fell 0.7 percent after announcing that severe weather forced it to cut output in a number of major projects. The company said an "extensive recovery period is expected" and that the outages were not accounted for in previous forecasts.

Fortinet, a technology security company, tumbled 12.9 percent after announcing on the eve of the Thanksgiving holiday that chief financial officer Ahmed Rubaie would step down for "personal reasons." -- AFP

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Rabu, 27 November 2013

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Business Times : latest

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Business Times : latesthttp://www.btimes.com.my enThursday, November 28, 2013, 12.29 PMRinggit opens higher against US dollarhttp://www.btimes.com.my/articles/20131128101217/Article/ http://www.btimes.com.my/articles/20131128101217/Article/Thu, 28 Nov 2013 10:12:17 +0800The ringgit opened higher against the US dollar today on short covering after the recent low, dealers said. At 9am, the ringgit was quoted at 3.2290/2320 against the greenback from yesterday's 3.2350/2380. A dealer said buying interest emerged for the ringgit after the local unit closed at an almost two-month low yesterday, following a sell-down in institutional funds. Meanwhile, the ringgit was traded mixed against other major currencies. It appreciated against the Singapore dollar to 2.5760/5805 from 2.5772/5798 on Wednesday, and strengthened against the Japanese yen to 3.1691/1733 from 3.1750/1795 previously. The currency fell against the British pound to 5.2656/2711 from yesterday's 5.2394/2455, and weakened against the euro at 4.3883/3930 from 4.3872/3920.-- Bernama Malaysia's richest refinancing on rate signalhttp://www.btimes.com.my/articles/20131128103611/Article/ http://www.btimes.com.my/articles/20131128103611/Article/Thu, 28 Nov 2013 10:36:11 +0800Malaysia's richest people are refinancing Islamic bonds on concern the fastest inflation in almost two years will further drive up borrowing costs. Binariang GSM Sdn Bhd, the telecommunications provider owned by billionaire T. Ananda Krishnan, is considering selling about RM6 billion (US$1.9 billion) of Islamic bonds, said a person familiar with the matter. Malakoff Bhd, a power producer controlled by Tan Sri Syed Mokhtar Al-Bukhary, is planning an issue of as much as RM5.4 billion, according to a November 26 stock exchange filing. Companies rushing to raise money before tightening by Bank Negara Malaysia and the Federal Reserve led to an increase in enquiries, according to CIMB Group Holdings Bhd and RHB Capital Bhd, the second and third-largest ringgit sukuk underwriters of 2013. Inflation accelerated to 2.8 per cent in October, the fastest pace in 22 months, while interest-rate swaps signal the central bank will boost borrowing costs for the first time since May 2011. "Issuers see a window of opportunity and want to lock in rates before they start rising," Badlisyah Abdul Ghani, chief executive officer at CIMB Islamic Bank Bhd, the Shariah- compliant unit of CIMB Group, said in a telephone interview yesterday. "Issuers are refinancing because borrowing costs in Malaysia have stabilized." Binariang last sold Islamic bonds maturing in five to 50 years in 2007. It issued 2017 securities at a coupon rate of 6.1 per cent and 15-year notes at 7.1 per cent. Average yields on top- rated Malaysian corporates were 4.38 per cent yesterday, compared with an average of 4.61 per cent in 2007 when the global financial crisis froze credit markets, according to a central bank index. The company's Ananda Krishnan is Malaysia's second-richest man with estimated assets of US$8.8 billion, according to the Bloomberg Billionaires Index. The corporation is rated A2 by RAM Rating Services Bhd, the sixth-highest investment grade. One-year interest-rate swaps climbed to 3.26 per cent this year, compared with the 2013 low of 3.15 per cent in May and exceeding Bank Negara's three per cent overnight policy rate. Eight of 17 economists surveyed by Bloomberg predict Governor Tan Sri Zeti Akhtar Aziz will raise the benchmark rate by at least 25 basis points before the end of the second quarter. The prospect Zeti will tighten rates is "by no means a certainty" as policy makers will continue to seek to support economic growth, said Angus Salim Amran, the Kuala Lumpur-based head of financial markets at RHB Investment Bank Bhd, a unit of Malaysia's fifth-biggest lender by market value. Malaysia's Islamic government bond market is also showing investors' concerns about inflation. The difference in borrowing costs between two- and 10-year securities, the most sensitive to expectations for consumer-price gains, widened 51 basis points this quarter to 121 basis points, the highest since at least June 2010, central bank indexes show. The Bloomberg-AIBIM Bursa Malaysia Corporate Sukuk Index, which tracks the most-traded local-currency notes, gained 2.6 per cent in 2013 to 104.97, the highest level since its inception in February 2012. Global Islamic borrowing costs are starting to rise on odds the Fed will trim stimulus that's driven inflows to emerging- market assets. Average yields climbed 95 basis points this year to 3.76 per cent, poised for their first annual increase since 2009, according to the HSBC/Nasdaq Dubai US Dollar Sukuk Index. "We've spoken to a few of our established clients and they have indicated that refinancing is a very strong proposition given expectations of Fed tapering," Angus Salim said in a telephone interview yesterday. "Some issuers will try to refinance before tapering manifests itself and yields start to go higher." Malakoff, which is seeking a listing and is rated two levels higher than Binariang at AA3, plans to sell Islamic bonds with maturities of one to 18 years, according to the exchange filing. Syed Mokthar owns more than 50 per cent of MMC Corp and DRB-Hicom Bhd, which have a combined market value of RM13.3 billion, data compiled by Bloomberg show. The company sold RM9.3 billion of sukuk last year with maturities ranging from one to 30 years to refinance debt and for plant expansion, according to data compiled by Bloomberg. The coupon rate on the 10-year securities was 4.84 per cent, while the 2032 debt was issued at 6.2 per cent. Binariang will make a decision on its planned sukuk offering before year-end, said the person who asked not to be named as the details are private. Chan Chee Beng, a director at the Kuala Lumpur-based company, couldn't be reached by telephone yesterday and didn't respond to an e-mail seeking comment. "Everyone knows that the Fed will have to taper no matter what as we have had low global rates for too long," Lam Chee Mun, a fund manager at TA Investment Management Bhd overseeing RM680 million, said in a telephone interview. "Global yields will start to normalize because of the recovery in the US and globally."-- Bloomberg KL shares continue uptrend mid-morninghttp://www.btimes.com.my/articles/20131128101038/Article/ http://www.btimes.com.my/articles/20131128101038/Article/Thu, 28 Nov 2013 10:10:39 +0800Shares on Bursa Malaysia continued the uptrend at mid-morning today, led by selected heavyweights. At 11am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.47 points higher at 1,802.93. Gainers led losers 272 to 259, with 270 counters unchanged, 792 untraded and 48 others suspended. Volume stood at 473.32 million shares worth RM355.58 million. Top gainers included Petronas Dagangan, which rose 60 sen to RM31.10, while British American Tobacco was 48 sen higher at RM62.48. On the scoreboard, the Finance Index soared 26.89 points to 16,601.88, the Plantation Index was 9.55 points higher at 8,801.02 and the Industrial Index rose 1.06 points to 3,122. The FBM Emas Index increased 21.02 points to 12,522.63, the FBMT100 Index was 23.92 points better at 12,249.36, the FBM Ace advanced 25.99 points to 5,676.26 and the FBM 70 rose 1.1 point to 14,175.56. Among actives, Barakah Offshore added six sen to RM1.40, while Tiger Synergy and Ingenuity Consolidated eased half sen each to 21.5 sen and eight sen respectively. For the heavyweights, Maybank gained six sen to RM9.61, Sime Darby remained unchanged at RM9.64, while CIMB eased one sen to RM7.59.-- Bernama KLCI futures opens higherhttp://www.btimes.com.my/articles/20131128101345/Article/ http://www.btimes.com.my/articles/20131128101345/Article/Thu, 28 Nov 2013 10:13:45 +0800The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract (FKLI) on Bursa Malaysia Derivatives opened higher today, following the strong performance of the cash market. At 9.50am, spot month November 2013 was 5.5 points higher at 1,806, December 2013 and June 2014 rose 5.0 points each to 1,807 and 1,800 respectively, while March 2014 added 2.5 points to 1,801.5. Volume stood at 3,530 lots, while open interest totalled 46,077 contracts. The underlying FBM KLCI was 6.6 points higher at 1,805.06 after 50 minutes of trading.-- Bernama FTSE Bursa Malaysia update: 10.30amhttp://www.btimes.com.my/articles/20131128110205/Article/ http://www.btimes.com.my/articles/20131128110205/Article/Thu, 28 Nov 2013 11:02:05 +0800At 10.30am today, there were 254 gainers, 228 losers and 262 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,802.30 up 3.84 points, the FBMACE was at 5,668.12 up 17.85 points, and the FBMEmas was at 12,520.30 up 18.68 points. Turnover was at 405.204 million shares valued at RM302.568 million.-- Bernama US oil prices extend losseshttp://www.btimes.com.my/articles/20131128111036/Article/ http://www.btimes.com.my/articles/20131128111036/Article/Thu, 28 Nov 2013 11:10:36 +0800SINGAPORE: US oil prices fell further in Asian trade Thursday as dealers focused on an unexpectedly large surge in stockpiles, stoking concerns about oversupply in the world's biggest economy. New York's main contract, West Texas Intermediate (WTI) for January delivery was down 17 cents at US$92.13 in mid-morning trade, after sinking US$1.38 in New York trade on Wednesday to its lowest closing price since May 31. European benchmark Brent North Sea crude for January rose 10 cents to US$111.41. The drop in WTI came after the US Energy Department on Wednesday reported that commercial stocks of crude oil increased by three million barrels last week, well above the 500,000 forecast by analysts in a Wall Street Journal survey. Wednesday's rise in stockpiles was the latest in a series of surprisingly large builds in recent weeks. Since September 13, commercial crude stocks have increased 35.8 million, or more than 10 per cent. "WTI crude oil suffered significant losses over the last two days, mostly driven by stockpiles concerns in the US," Singapore-based Phillip Futures said in a note. "High US stockpiles are likely to be contributed by persistent strong production in the nation," it said, adding that output hit 8.02 million barrels in the week to November 22, the highest level since January 1989. US oil prices traded above $100 a barrel for much of the summer, but have dipped below that since October 21 due to rising supplies and easing geopolitical tensions, including Washington's decision to hold off military action in Syria and better relations with Iran. European benchmark Brent remained supported by escalating concerns over political strife in Libya, a member of the OPEC oil producing cartel, analysts said. Protesters with a wide range of demands have been blocking oil and gas export terminals since late July, causing revenues to plunge 80 per cent.-- AFP Brent holds above US$111 on supply worrieshttp://www.btimes.com.my/articles/20131128112152/Article/ http://www.btimes.com.my/articles/20131128112152/Article/Thu, 28 Nov 2013 11:21:52 +0800SINGAPORE: Brent futures held above US$111 a barrel on Thursday on worries OPEC member Libya isn't anywhere close to ramping up output as winter oil demand increases, while a bigger-than-expected rise in US crude stock kept the gains in check. Libya's Prime Minister Ali Zeidan said his government will be unable to pay public salaries and may have to seek loans if armed militias blockading oilfields and ports continue to choke off crude shipments. But a surge in US crude production to the highest since 1989 may mean the upside for oil is limited once demand eases after winter due to a weak global growth outlook. Brent crude gained 5 cents to US$111.36 a barrel by 0234 GMT, extending gains after settling 43 cents higher. US oil fell 16 cents US$92.14, hovering near the lowest in almost six months. It touched a low of US$91.77 on Wednesday, its weakest level since June 3. "The weather and supply issues are supporting oil at the moment," said Jonathan Barratt, chief executive of commodity research firm Barratt's Bulletin in Sydney. "But beyond that, we are seeing inventory levels are rising, the demand outlook is weak and there is a possibility of more supplies coming into the market." Zeidan's warning and renewed armed clashes, including an attack on a centuries-old shrine near Tripoli, have added to a growing sense of chaos in Libya two years after the NATO-backed ouster of Muammar Gaddafi. But Barratt expects the Libyan government to come to an agreement with the militias given that nearly all of the country's revenue comes from oil exports. Once that happens, supplies will rise by about 1 million barrels per day (bpd). In addition, Iranian supplies may increase if Tehran follows through on its commitments reached in the breakthrough deal with world powers over the weekend. That, and dwindling US demand for imported oil, may push prices lower in the next few months. "That's the next big question - how do you find a home for all the oil that US has and will stop importing?" said Barratt. "That's the elephant in the room." Barratt sees an immediate support for US oil at US$92.50 and prices falling to US$90 if that level is breached. Over the next few months, there is a possibility that both the benchmarks head to around the US$80 a barrel mark, he said. Crude oil stocks last week rose almost 3 million barrels to 391 million barrels, their highest levels for November since records began in 1982. The EIA also said crude oil output last week exceeded 8 million bpd for the first time since January 1989. Earlier this month, its data showed that crude production exceeded imports for the first time in nearly two decades.-- Reuters Short-term rates to remain stablehttp://www.btimes.com.my/articles/20131128101522/Article/ http://www.btimes.com.my/articles/20131128101522/Article/Thu, 28 Nov 2013 10:15:22 +0800Short-term interbank rates are expected to remain stable today with Bank Negara Malaysia continuing its intervention to reduce excess liquidity from the financial system. The central bank estimated today's liquidity at RM23.46 billion in the conventional system and RM6.4 billion in Islamic funds. The bank will conduct four RM1 billion conventional tenders for four days, seven days, 14 days and 28 days respectively. It will also conduct two repo tenders of RM250 million for 32 days and RM200 million for 92 days, and three Al-Wadiah tender comprising RM1.5 billion for one day, RM1.3 billion for seven days and RM700 million for 11 days. At 4pm, the bank will undertake a conventional overnight tender of up to RM19 billion and a RM2.6 billion Al-Wadiah overnight tender.-- Bernama Batista's OGX lost US$912m in Q3http://www.btimes.com.my/articles/20131128111539/Article/ http://www.btimes.com.my/articles/20131128111539/Article/Thu, 28 Nov 2013 11:15:39 +0800RIO DE JANEIRO: Brazilian tycoon Eike Batista's oil company, OGX, lost 2.12 billion reais (US$912 million) in the third quarter as it scrambled to start output from an offshore oil field that represents one of its last chances to remain afloat. The results were announced by the company, formally known as OGX Petróleo e Gas Participações SA, on Wednesday, when it also resumed talks with holders of more than half its US$3.6 billion of bonds. OGX is seeking to cut that obligation as part of a court-supervised restructuring plan. OGX, based in Rio de Janeiro, filed for bankruptcy protection with a Brazilian court on October 30, the largest ever bankruptcy case in Latin America. "Management understands that, given the current economic and financial situation, the request for judicial recovery is the most appropriate measure to preserve the continuity of its business and protect the interests of the stakeholders," OGX said in its earnings statement. OGX also reported net sales, or total sales minus sales taxes, of 172 million reais in the quarter. Earnings before interest, taxes, depreciation and amortization, or EBITDA, a measure of the ability to generate cash profit from operations, was 4 million reais. OGX had US$85 million of available free cash at the end of the quarter. Losses were also driven by the need to write off the value of money-losing and underperforming assets, the statement said. OGX missed a US$45 million bond payment in October and faces another US$100 million installment next month. Its failure to pay caused the largest high-yield corporate bond default in the world this year, according to Eric Rosenthal, senior director of Fitch Ratings in New York. Instead of paying debt, the company spent US$815 million on capital expenses, much of it to start hooking up the OSX-3 oil production ship owned by sister shipbuilder OSX Brasil SA to wells in the Tubarao Martelo offshore field northeast of Rio de Janeiro. The first of six wells in Tubarao Martelo is already connected to the ship and output is expected to start in early December, several weeks behind the latest forecast date. Production still awaits an environmental license. OGX expects to produce an average of about 17,000 barrels a day of oil from the field in 2014, generating about US$645 million in gross oil sales revenue, based on an oil certification report by Dallas-based hydrocarbon-resource certification company Degolyer and MacNaughton. Attempts to get bondholders to agree to a swap of their debt for Batista's shares in the company have so far been unsuccessful, with some investors complaining that the company's investments were throwing money that could be used to pay debt into projects with little chance of return. Others questioned payments to OSX Brasil SA, part of Batista's EBX group, which owns the oil-production vessels leased by OGX. OGX, though, now has nearly six months to deliver a restructuring plan to a Rio de Janeiro judge. Negotiations "will continue until a definitive agreement is reached," after which creditors will have the opportunity to approve or reject the accord, the filing added. The company, which tycoon Batista founded in 2007 and at its peak was valued at around $30 billion, has spent more than 10 billion reais on exploration and production activities since 2007. OSX, the Batista-controlled company, also sought court protection from creditors in the wake of OGX's bankruptcy filing. OSX depends on OGX for nearly all its current and future income. Pacific Investment Management Co, or Pimco, the world's largest bond fund, and half a dozen money management companies are among bondholders that stand to lose millions if OGX fails to emerge from bankruptcy proceedings. Investors also worry that a lengthy legal battle is on the horizon in Brazil, where recent debt restructuring and bankruptcy proceedings have turned out badly for them. A committee formed by Pimco and the other investment funds picked investment banking firm Rothschild in August as its adviser on the matter, two sources told Reuters at the time. Law firms Cleary Gottlieb Steen and Hamilton LLP and Pinheiro Neto Advogados were also hired, both sources added. The selection process followed a decision by OGX in late July to hire Blackstone Group LP and Lazard Ltd to help the company review its capital structure. OGX's main financial adviser is Rio de Janeiro-based Angra Partners. OGX faces the December interest coupon payment on about US$2.5 billion bonds due in 2018. The price of the 8.5 per cent bond was at about 9 cents on the dollar on Wednesday, according to Thomson Reuters data. Shares in OGX, which have fallen 97 per cent over the past year, rose 7.1 per cent to 0.15 reais on Wednesday in São Paulo.-- Reuters Gold futures open lowerhttp://www.btimes.com.my/articles/20131128101646/Article/ http://www.btimes.com.my/articles/20131128101646/Article/Thu, 28 Nov 2013 10:16:46 +0800Gold futures contracts on Bursa Malaysia Derivatives opened lower today amid fear among the investors that the US Federal Reserve would soon begin rolling back its stimulus programme. At 9.08am, spot month November shed 24 ticks at RM128.90 per gramme and December 2013 was traded at RM129.15 per gramme, down 26 ticks, with seven lots traded. Open interest stood at 1,148 contracts.-- Bernama Gold down 72 sen at RM124.59http://www.btimes.com.my/articles/20131128101842/Article/ http://www.btimes.com.my/articles/20131128101842/Article/Thu, 28 Nov 2013 10:18:42 +0800The physical price of gold as at 9.30am stood at RM124.59 per gramme, down 72 sen from RM125.31 at 5pm yesterday.-- Bernama Dow and S&P 500 hit recordshttp://www.btimes.com.my/articles/20131128102503/Article/ http://www.btimes.com.my/articles/20131128102503/Article/Thu, 28 Nov 2013 10:25:03 +0800NEW YORK: The Dow and the SandP 500 closed at record highs on Wednesday, led by Hewlett-Packard's jump a day after the personal computer maker's earnings, while the Nasdaq finished at a 13-year high. The tech-heavy Nasdaq got its biggest boost from Apple Inc, which rose 2.4 per cent to US$545.96, the stock's highest level since January. Technology stocks have lagged the broader market this year, with the SandP information technology sector index rising almost 21 per cent, compared with the SandP 500's 27 per cent surge. "We're seeing some rotation into the tech sector, which was left out of broader market gains," said Frank Davis, director of sales and trading at LEK Securities, in New York. Hewlett-Packard Co shares shot up nine per cent to US$27.36, the highest since August, after the company reported stronger-than-expected results late Tuesday. Expectations were low for HP's fourth quarter following a disappointing third quarter and after tech bellwethers IBM and Cisco Systems Inc reported poor results. Overall trading volume was light at 4.37 billion shares, according to BATS. Many traders were out for the Thanksgiving holiday, as the US stock market will be closed on Thursday. On Friday, the market will close at 1pm (1800 GMT). The Dow Jones industrial average rose 24.53 points or 0.15 per cent, to end at 16,097.33, a record closing high. The SandP 500 gained 4.48 points or 0.25 per cent, to finish at 1,807.23, a record closing high. The Nasdaq Composite added 27.001 points or 0.67 per cent, to close at 4,044.75. Energy was the day's worst-performing sector. The SandP index of energy shares fell 0.7 per cent after a higher-than-expected increase in US crude oil inventories. US light crude oil futures fell 1.5 per cent to settle at US$92.30 a barrel, which may translate into lower gasoline prices for consumers. Weekly jobless claims for unemployment benefits unexpectedly fell in the latest week, a sign of steady improvement in the labor market. Analysts were expecting an increase in claims.-- Reuters
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Berlusconi Expelled from Senate in Italy - New York Times

Posted: 27 Nov 2013 09:08 AM PST

ROME — Having spent months manufacturing procedural delays or conjuring political melodrama, Silvio Berlusconi on Wednesday could no longer stave off the inevitable: Italy's senate stripped him of his parliamentary seat, a dramatic and humiliating expulsion, even as other troubles loom on his horizon.

In the hours before the vote, Italian senators read speeches for or against Mr. Berlusconi, the once-powerful former prime minister. Mr. Berlusconi responded with an outdoor rally in central Rome, transforming the day into a televised, split-screen standoff: on one screen was the former prime minister, declaring himself a victim of persecution and pledging to remain a political force; on the other, the Italian senate, with a majority of rival politicians, who finished their speeches and lowered the boom.

His expulsion came in a series of votes, and after a day of passionate arguments, the reaction in the chamber after the final tally was striking: a resigned silence.

Mr. Berlusconi, 77, is now staring at a cascade of stubborn realities. His removal from the senate means he is without elective office for the first time in roughly two decades and that he has lost the special immunities awarded to lawmakers.

With other legal cases underway against him – and the possibility that new litigation could be filed – Mr. Berlusconi is now far more vulnerable than when, as prime minister, he seemed virtually untouchable, batting away sex and corruption scandals.

He also is expected to soon start performing one year of community service for the tax fraud conviction that is the basis of his removal from the senate. Moreover, a court in Milan has ruled that Mr. Berlusconi cannot seek any public office for the next two years. For a man who once dominated Italy with a ribald swagger, Mr. Berlusconi is suddenly a sharply reduced figure, having recently watched several longtime lieutenants break away from him.

Determined to show his political viability, Mr. Berlusconi bused in supporters from around Italy for the rally outside his palace in central Rome. They waved flags, braved the November cold and sang songs hailing their leader.

"It's just unfair that they would condemn him when Parliament is full of people who are way worse than him, who have avoided taxes, stolen public money and worked against the people," said Alessandra Abbate, 49, a supporter from Bologna. "This country would be nothing without him."

Mr. Berlusconi appeared at 4:35 p.m., before the senate had voted, and stood on a cheery, sky-blue stage erected for the occasion. He repeated his familiar complaints against Italy's judiciary, blaming reckless magistrates for his legal problems.

"It is a bitter day, a day of mourning for democracy," Mr. Berlusconi told the crowd.

Mr. Berlusconi's undisputed reign as leader of Italy's powerful center-right political movement was dealt a crippling blow in July when the country's highest court upheld a prison term against him on the tax fraud conviction. His effort to avoid expulsion from the Senate was fatally undermined earlier this month when his party's unity ruptured.

Mr. Berlusconi's longtime protégé, Angelino Alfano, announced on Nov. 15 that he and other former lieutenants would refuse to join the former prime minister's re-branded political party, Forza Italia (or Go Italy). Instead, Mr. Alfano formed the New Center-Right, attracting many lawmakers in Parliament who had been committed to Mr. Berlusconi and eliminating the possibility he could beat an expulsion vote.

Despite his litany of troubles, lawyers for Mr. Berlusconi have dismissed as highly unlikely the possibility that he could face arrest over other legal transgressions that have shaped his political legacy, including paying for sex with a minor.

Gaia Pianigiani contributed reporting.

Winter Storm To Hit Thanksgiving Travelers - TIME

Posted: 27 Nov 2013 08:06 AM PST

Seth Wenig / AP

Travelers at LaGuardia Airport in New York, on Nov. 26, 2013.

Inches of rain, snow and sleet are pummeling parts of the east coast Wednesday as a massive storm system continues its crawl across the country just in time to wreak havoc on Thanksgiving travel.

With more snow and ice still to come, Winter Storm Boreas is projected to have affected about 58 million Americans by Thanksgiving morning, the Weather Channel reports. More than 200 flights were delayed on Tuesday, the Los Angeles Times reports, and more than 5,000 saw delays, in what could cause a cascade of travel woes throughout the long holiday weekend. Airports in Chicago, Denver, Cleveland and Charlotte saw some of the worst problems.

The National Weather Service has issued winter storm warnings and advisories for "the Tennessee and Ohio Valleys eastward across the Appalachians to the interior mid-Atlantic region, the lower Great Lakes as well as interior New England." Still, the biggest problem for millions of travelers this week could be the gusty winds forecast to mix in with that wintery precipitation.

Already there have been flight cancellations, road closures, hundreds of car accidents and at least 10 deaths from crashes.

Sustained winds in New York City, for example, are forecast to hover around 20 miles per hour on Wednesday, with potential gusts of up to 55 miles per hour, according to CNN. Those winds will be only slightly calmer on Thursday – Thanksgiving Day. There's even a chance high winds will ground some of the city's famous Thanksgiving Day Parade balloons.

Similar windy conditions are expected throughout the northeast in combination with wintery weather, potentially creating a travel nightmare. Gusty winds can cause long delays at airports, sending reverberations through the entire country's air traffic control system. Freezing rain is a safety hazard for aircraft as well — ice buildup can reduce the amount of lift generated by an airplane's wings — so expect delays as airport crews work to de-ice aircraft before takeoff.

Drivers, too, will be slowed by the combinations of wind and rain or wind and snow. Visibility will be reduced and roads will be slippery, leading to slower and more dangerous than normal commutes. Those on the roads this week are advised to take caution to avoid accidents, as this storm's already caused hundreds of collisions across the country.

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