S'pore shares end firmer in shortened pre-holiday session






SINGAPORE: Singapore shares closed slightly firmer after wavering between positive and negative territories in a shortened pre-holiday session.

Dealers said volume was thin as investors were unwilling to take on new positions ahead of the Christmas holiday break.

Uncertainty over the US fiscal cliff also kept players away.

The Straits Times Index (STI) rose 5.01 points, or 0.16 per cent, to 3168.57.

Volume totalled 1.09 billion shares valued at only S$430.8 million. Gainers led losers 195 to 134.

SingTel was the main drag on the STI, dropping 8 cents to S$3.32 as the stock went ex-dividend.

Rowsley was the most active stock traded, with its price surging 11.9 cents to end at 26.5 cents, its highest since September 2007, after the investment-holding company said it planned to enter Malaysia's property segment.

Rowsley, controlled by Singaporean tycoon Peter Lim, plans to acquire RSP Architects and land in the Iskandar region, located in Johor, for S$581 million in all-stock deals.

If the deals go through, Rowsley plans a bonus issue of two free warrants for every share held, with an 18-cent a share exercise price.

Singapore Land gained 18 cents to S$7.58, SIA Engineering added 12 cents to S$4.42, while OCBC Bank edged up 5 cents to S$9.77.

Among the losers, Bukit Sembawang fell 19 cents to S$6.63, Osim lost 5.5 cents to $1.645, and UE dropped 5 cents to S$3.38.

Olam finished unchanged at S$1.555 after the commodity-trader said it acquired Seda Solubles' coffee business for US$52 million.

- CNA/al



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Manmohan, Putin meeting venue shifted from Hyderabad House to 7RCR

NEW DELHI: With India Gate and its surrounding area the scene of violent protests against a gang rape, the venue of the meeting between Russian President Vladimir Putin and Prime Minister Manmohan Singh on Monday was changed from Hyderabad House to 7, Race Course Road.

The meeting was earlier scheduled at Hyderabad House, which adjoins India Gate where thousands of people, mostly youth, clashed with police during protests over the gangrape of a 23-year-old woman a week ago.

The meeting venue was changed to the prime minister's official residence, according to a statement.

Putin arrived early Monday for the annual bilateral summit between the two nations. He is to leave in the evening.

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Pictures: Fungi Get Into the Holiday Spirit


Photograph courtesy Stephanie Mounaud, J. Craig Venter Institute

Mounaud combined different fungi to create a Santa hat and spell out a holiday message.

Different fungal grow at different rates, so Mounaud's artwork rarely lasts for long. There's only a short window of time when they actually look like what they're suppose to.

"You do have to keep that in perspective when you're making these creations," she said.

For example, the A. flavus fungi that she used to write this message from Santa grows very quickly. "The next day, after looking at this plate, it didn't say 'Ho Ho Ho.' It said 'blah blah blah,'" Mounaud said.

The message also eventually turned green, which was the color she was initially after. "It was a really nice green, which is what I was hoping for. But yellow will do," she said.

The hat was particularly challenging. The fungus used to create it "was troubling because at different temperatures it grows differently. The pigment in this one forms at room temperature but this type of growth needed higher temperatures," Mounaud said.

Not all fungus will grow nicely together. For example, in the hat, "N. fischeri [the brim and ball] did not want to play nice with the P. marneffei [red part of hat] ... so they remained slightly separated."

Published December 21, 2012

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Get 'em While You Can? Gun Sales Soar













The National Rifle Association may still get its way and defeat the lawmakers calling for a ban on the sale of assault ridles, but some gun store owners say it seems their customers aren't taking any chances.


"We have never seen anything like this," said Larry Hyatt, who owns a gun shop in Charlotte, N.C. "We have the Christmas business, the hunting season business, and now we have the political business.


"We have seen a lot of things, but we have never seen anything like this, this is probably four times bigger than the last time we saw a big rush," he said.


Some of the customers in his store said it is the talk of stricter gun control in the wake of the shooting at the Sandy Hook Elementary School in Newtown, Conn., that is driving the rush.


"The way they are trying to approach it, they are just making people who have never thought about buying a gun, now they want to come in here and buy a gun," one customer said.


At NOVA Firearms in Falls Church, Va., there have been "skyrocketing" sales following the Newtown shooting, chief firearms instructor Chuck Nesby said.


"They've been off the charts. Absolutely skyrocketing," Nesby said. "If I could give an award to President Obama and Senator Feinstein would be sales persons of the year."


He was referring to Sen. Dianne Feinstein, D-Calif., who said she will introduce an assault weapons ban in January.


Sales are up 400 percent, he said.


"We're completely out of the so-called assault weapons, semi automatic firearms that are rifles," Nesby said. "Forty percent of those sales went to women and senior citizens. We can't get them now. Everybody, nationwide is out of them the sales have just been off the charts nationwide."










National Rifle Association News Conference Interrupted by Protesters Watch Video







The horrific shooting, when 20-year-old Adam Lanza broke in to the elementary school and killed 20 children and six adults with a semi-automatic rifle, has even some former NRA supporters saying it's time to change the rules on assault weapons.


Those guns were banned from 1994 until 2004, when the ban expired and was not renewed.


Now it's not just lawmakers who have traditionally advocated stricter gun control talking about the need to act.


Republican Sen. Kay Bailey Hutchison of Texas suggested today on CBS' "Face the Nation" that new regulation should be considered.


"We ought to be looking at where the real danger is, like those large clips, I think that does need to be looked at," Hutchison said. "It's the semi-automatics and those large magazines that can be fired off very quickly. You do have to pull the trigger each time, but it's very quick."


Virginia Sen. Mark Warner, a Democrat but a long-time opponent of gun control who like Hutchison has received an A rating from the NRA, has also come out in support of strengthening gun laws.


NRA chief Wayne LaPierre said Friday that more gun control is not the way to stop such shooting from happening again: the answer is more guns, in the form of armed guards in every school.


After being criticized for two days for the proposal, LaPierre today stuck by his guns.


"If it's crazy to call for putting police and armed security in our schools to protect our children, then call me crazy," he said on NBC's "Meet the Press."


"When that horrible monster tried to shoot his way into Sandy Hook school, that if a good guy with a gun had been there, he might have been able to stop [it]," LaPierre said.


LaPierre and the NRA said that the media, the entertainment culture and lack of proper mental health care are to blame, not the proliferation of guns in the United States.


Asa Hutchinson, the former congressman who will lead the effort by the NRA to place armed security guards in schools across the country, said today on "This Week" that gun control efforts would not be part of the "ultimate solution" to gun violence.






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History of gun control is cautionary tale for those seeking regulations after Conn. shooting



Hours earlier, in the afternoon, a deranged man armed with semiautomatic weapons had gone on a rampage, slaughtering eight people at an office building in downtown San Francisco. The gunman’s motive would remain forever a mystery. Among the slain: Steve’s wife, 30-year-old Jody Jones Sposato, the mother of his 10-month-old daughter, Meghan.


His anguished letter to the president asked how it was possible for someone to possess rapid-fire weapons with 30-round magazines, seemingly designed to kill as many people as possible as quickly as possible. “Now I’m left to raise my 10-month-old daughter on my own,” he told the president. “How do I find the strength to carry on?”

That letter reached President Bill Clinton. The next year, Sposato stood by Clinton’s side in the Rose Garden as the president demanded that Congress pass a ban on assault weapons, such as the TEC-9s used to kill Sposato’s wife. Sposato testified on the Hill wearing little Meghan on his back in a baby carrier.

With some moderate Republicans joining the Democratic majority, both houses of Congress passed a 10-year ban on the sale of assault weapons and large ammunition magazines. An attempt to extend the ban in 2004 died in Congress amid opposition from the gun lobby.

Now gun control has roared back into the national conversation as the country reels from the horror in Newtown, Conn. President Obama and his fellow Democrats are vowing to pass a new assault weapons ban, along with other new laws to strengthen background checks on gun purchasers and limit the size of ammunition magazines.

But although Newtown has supercharged the conversation on how to stop another massacre, the history of gun control is a cautionary tale for those who push for more regulations. If past is prologue, the legislative fights ahead will be protracted and brutal — and any resulting legislation may well be riddled with loopholes.



There is no uncontested ground here. Few issues in the country are as polarized as gun control.

The ideological chasm was on full display in Washington on Friday when the National Rifle Association’s executive vice president, Wayne LaPierre, held a take-no-prisoners news conference in which he called for a federal program to put armed guards in every school in the country, saying, “The only thing that stops a bad guy with a gun is a good guy with a gun.”

He said laws making schools gun-free zones have backfired: “They tell every insane killer in America that schools are the safest place to inflict maximum mayhem with minimum risk.” LaPierre’s remarks were twice interrupted by protesters; one held a sign saying, “NRA Killing Our Kids.”

The news conference provided a reminder that gun policy is a central feature of what is loosely known as the culture wars. The gun-control and gun-rights camps don’t even speak the same language, with one side arguing that the Second Amendment can’t possibly mean the right to own an assault weapon, while the other side says “assault weapon” is a pejorative invented by an urban elite that wouldn’t know an AR-15 from an AK-47.

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Japan Emperor Akihito turns 79, says back to health






TOKYO: Japanese Emperor Akihito turned 79 years old on Sunday and reassured thousands of well-wishers that he has regained his health since his heart bypass surgery in February.

The softly-spoken monarch gave his birthday address to the public from a glass-covered balcony at the Imperial Palace overlooking the East Garden, filled with visitors braving the bitter cold and waving small Japanese flags.

"In February, I had a heart surgery and worried many people. Please remain assured that I am now living normally like before," he said in a brief speech.

Surgeons carried out the operation on February 18 -- the emperor's first since he was treated in 2003 for prostate cancer -- after tests showed a narrowing of two of his coronary arteries.

The four-hour operation went without a hitch.

During his birthday address, Akihito also said his thoughts were with those who have be unable to return to their homes since the devastating earthquake and tsunami that hit northern Japan in March 2011.

"There is only a little time left this year, which once again was a difficult year," he said.

"I plan to spend my time praying for the happiness of all of the Japanese public, particularly those who were affected by the disaster," Akihito said.

The disaster crippled the Fukushima Daiichi nuclear plant, which went through meltdowns and explosions, forcing tens of thousands of residents around the facility to abandon their homes, farmland, fishing boats and livestock.

Before his birthday, Akihito told a ceremonial press conference that his health has recovered to the point where he can play tennis.

He added that he wanted to continue to carry out his public duties at the same level, despite calls from his family and court officials to reduce his workload.

Since his heart surgery, Akihito and his wife Michiko have travelled around Japan and visited Britain in May to celebrate Queen Elizabeth II's diamond jubilee, the royal couple's first overseas trip since 2009, when they visited Canada and Hawaii.

- AFP/ck



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Railways pitches for 5-10 paise fare hike per kilometre

NEW DELHI: Faced with mounting deficit of over Rs 20,000 crore in the passenger segment, Railways is keen on raising passenger fares between 5-10 paise per km in the coming months to generate about Rs 4,000 crore revenue.

The hike could come close on the heels of railways finalising the broader contours of the proposed Rail Tariff Authority (RTA), which would be placed before Cabinet in January.

"The passenger fares should be hiked by 5 paise to 10 paise per km in the Rail Budget (2013-14). The financial condition of Railways is not good. We need funds, otherwise Railways will not survive," Minister of State for Railways KJ Surya Prakash Reddy told PTI.

The other Minister of State Adhir Ranjan Chowdhury also advocated an urgent hike in fare.

"There is an urgent need for passenger hike as railways' financial condition is bad."

Railways has incurred a loss of Rs 22,000 crore in the passenger segment this year, an increase of deficit of Rs 4000 crore from the last year.

However, a senior railway official said, "A decision is yet to be taken whether to increase the passenger fare before the Rail Budget or announce it in the budget."

Asked about the quantum of possible hike, the official said, "It is likely to be between 10 per cent and 15 per cent," something which former Railway Minister Dinesh Trivedi had proposed in the last Rail Budget.

Reviewing the performance of Railways, the PMO's has asked the chairman railway board to finalise and submit its recommendations on the constitution of proposed RTA by December 31.

RTA is expected to suggest the quantum of hike in passenger fare and freight tariff.

"We are working on it (RTA)," said Railway Minister Pawan Kumar Bansal when asked about the progress on RTA.

Read More..

Pictures: Fungi Get Into the Holiday Spirit


Photograph courtesy Stephanie Mounaud, J. Craig Venter Institute

Mounaud combined different fungi to create a Santa hat and spell out a holiday message.

Different fungal grow at different rates, so Mounaud's artwork rarely lasts for long. There's only a short window of time when they actually look like what they're suppose to.

"You do have to keep that in perspective when you're making these creations," she said.

For example, the A. flavus fungi that she used to write this message from Santa grows very quickly. "The next day, after looking at this plate, it didn't say 'Ho Ho Ho.' It said 'blah blah blah,'" Mounaud said.

The message also eventually turned green, which was the color she was initially after. "It was a really nice green, which is what I was hoping for. But yellow will do," she said.

The hat was particularly challenging. The fungus used to create it "was troubling because at different temperatures it grows differently. The pigment in this one forms at room temperature but this type of growth needed higher temperatures," Mounaud said.

Not all fungus will grow nicely together. For example, in the hat, "N. fischeri [the brim and ball] did not want to play nice with the P. marneffei [red part of hat] ... so they remained slightly separated."

Published December 21, 2012

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Obama, Congress Waving Bye-Bye Lower Taxes?













The first family arrived in the president's idyllic home state of Hawaii early today to celebrate the holidays, but President Obama, who along with Michelle will pay tribute Sunday to the late Sen. Daniel Inouye at the National Memorial Cemetery of the Pacific, could be returning home to Washington sooner than he expected.


That's because the President didn't get his Christmas wish: a deal with Congress on the looming fiscal cliff.


Members of Congress streamed out of the Capitol Friday night with no agreement to avert the fiscal cliff -- a massive package of mandatory tax increases and federal spending cuts triggered if no deal is worked out to cut the deficit. Congress is expected to be back in session by Thursday.


It's unclear when President Obama may return from Hawaii. His limited vacation time will not be without updates on continuing talks. Staff members for both sides are expected to exchange emails and phone calls over the next couple of days.


Meanwhile, Speaker of the House John Boehner is home in Ohio. He recorded the weekly GOP address before leaving Washington, stressing the president's role in the failure to reach an agreement on the cliff.


"What the president has offered so far simply won't do anything to solve our spending problem and begin to address our nation's crippling debt," he said in the recorded address, "The House has done its part to avert this entire fiscal cliff. ... The events of the past week make it clearer than ever that these measures reflect the will of the House."








Fiscal Cliff Negotiations Halted for Christmas Watch Video









Cliffhanger: Congress Heads Home after 'Plan B' Vote Pulled from House Floor Watch Video









Fiscal Cliff: Boehner Doesn't Have Votes for Plan B Watch Video





Senate Minority Leader Mitch McConnell echoed the sentiment while lamenting the failure to reach a compromise.


"I'm stuck here in Washington trying to prevent my fellow Kentuckians having to shell out more money to Uncle Sam next year," he said.


McConnell is also traveling to Hawaii to attend the Inouye service Sunday.


If the White House and Congress cannot reach a deficit-cutting budget agreement by year's end, by law the across-the-board tax hikes and spending cuts -- the so called fiscal cliff -- will go into effect. Many economists say that will likely send the economy into a new recession.


Reports today shed light on how negotiations fell apart behind closed doors. The Wall Street Journal, citing unnamed sources, reported that when Boehner expressed his opposition to tax rate increases, the president allegedly responded, "You are asking me to accept Mitt Romney's tax plan. Why would I do that?"


The icy exchange continued when, in reference to Boehner's offer to secure $800 billion in revenue by limiting deductions, the speaker reportedly implored the president, "What do I get?"


The president's alleged response: "You get nothing. I get that for free."


The account is perhaps the most thorough and hostile released about the series of unsuccessful talks Obama and Boehner have had in an effort to reach an agreement about the cliff.


Unable to agree to a "big deal" on taxes and entitlements, the president is now reportedly hoping to reach a "small deal" with Republicans to avoid the fiscal cliff.


Such a deal would extend unemployment benefits and set the tone for a bigger deal with Republicans down the line.


In his own weekly address, Obama called this smaller deal "an achievable goal ... that can get done in 10 days."


But though there is no definitive way to say one way or the other whether it really is an achievable goal, one thing is for certain: Republican leadership does not agree with the president on this question.


Of reaching an agreement on the fiscal cliff by the deadline, Boehner said, "How we get there, God only knows."



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Tax fight sends GOP into chaos



Now that very issue is tearing the GOP apart and making it an all-but-ungovernable majority for Speaker John A. Boehner (R-Ohio) to lead in the House.


Disarray is a word much overused in politics. But it barely begins to describe the current state of chaos and incoherence as Republicans come to terms with electoral defeat and try to regroup against a year-end deadline to avert a fiscal crisis.

The presidential election was fought in large measure over the question of whether some Americans should pay more in taxes. Republicans lost that argument with the voters, who polls show are strongly in favor of raising rates for the wealthy.

But a sizable contingent within the GOP doesn’t see it that way and is unwilling to declare defeat on a tenet that so defines them. Nor are they prepared to settle for getting the best deal they can, as a means of avoiding the tax hikes on virtually everyone else that would take effect if no deal is reached.

When Boehner tried to bend even a little, by proposing to raise rates on income over $1 million, his party humiliated him, forcing him Thursday night to abruptly cancel a vote on his “Plan B.”

“We had a number of our members who just really didn’t want to be perceived as having raised taxes,” Boehner said Friday. “That was the real issue.”

Whether and how the party can resolve the issue has implications going forward. It could determine Boehner’s viability — even his survival— as leader of the only part of the federal government controlled by the Republicans.

It also could set the terms of engagement for the battles that lie ahead, including such contentious ones as immigration and the fiscal 2013 spending bills, which are funded for only half the year and which expire March 31.

As things stand now, some worry that nothing short of a catastrophe could force a resolution.

“We have sunk to the lowest common denominator in order to get a deal — sheer panic,” said Republican strategist Ron Bonjean, a former aide to House and Senate leadership. “The reality of a stock market crash is probably the only way Washington will strike a deal. It is probably the only scenario that could likely force the speaker’s hand and allow for a deal driven by Democratic votes to pass the House.”

Which, of course, is not an ideal way to govern.

“The hard-core anti-tax conservatives in the GOP seem to believe that Barack Obama will be blamed if there is no agreement reached to avoid sequestration and the tax increases that are coming,” said Sheldon D. Pollack, a University of Delaware law and political science professor who has written a history of Republican anti-tax policy. “Calculated gamble? Or are they simply incapable of recognizing that they do not control the White House or the Senate, and hence do not have the ability to control the agenda? Sadly, I think it is the latter.”

Their intransigence alone is unlikely to sell the electorate on the Republican point of view on taxes.

“You have to make an argument. You have to go out there and engage. You can’t just simply assert a position,” said GOP pollster David Winston, who advises the House leadership. “Part of the dynamic for Boehner is that he’s trying to have the debate over economic policies that should have occurred during the election, and he also has to deal with this piece of legislation.”

As long as there has been a Republican Party, there has been at least a faction within it that has taken a hard-line stance on taxes, Pollack said. But it has not always had the upper hand.

Abraham Lincoln, the first Republican president, was also the first to put a national income tax into place, as a temporary means of funding the Civil War. Even then, House Ways and Means Chairman Thaddeus Stevens (now enjoying a return to popular consciousness as Tommy Lee Jones’s character in the movie “Lincoln”) denounced the idea of a graduated rate structure as a “strange way to punish men because they are rich.”

The 16th Amendment, which established the constitutionality of the federal income tax in 1913, was proposed by a Republican, Senate Finance Committee Chairman Nelson W. Aldrich. But it was decried by another one, Sen. Henry Cabot Lodge of Massachusetts, as “confiscation of property under the guise of taxation” and “a pillage of a class.”

The divisions went on until the 1980 election of Ronald Reagan, who ran as an advocate of tax-cutting supply-side economics.

In 1990, Newt Gingrich established himself as the de facto head of his party in the House, when he stood up to a president of his own party and led the opposition to George H.W. Bush’s tax increases.

Gingrich insisted in an interview Friday that the Republicans still have leverage, if they are willing to fight hard enough.

“They need a strategy, not just a way of getting through this week,” he said.

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