Rabu, 3 Oktober 2012

The Star Online: World Updates

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The Star Online: World Updates


Romney takes fight to Obama in first debate

Posted: 03 Oct 2012 07:55 PM PDT

DENVER (Reuters) - An aggressive Mitt Romney took the fight to President Barack Obama on Wednesday and the Republican candidate appeared to breathe new life into his struggling campaign with a solid performance at their first debate.

Republican presidential nominee Mitt Romney answers a question as President Barack Obama listens during the first 2012 U.S. presidential debate in Denver October 3, 2012. REUTERS/Rick Wilking

Republican presidential nominee Mitt Romney answers a question as President Barack Obama listens during the first 2012 U.S. presidential debate in Denver October 3, 2012. REUTERS/Rick Wilking

As polls showed Obama with a slight edge among voters, Romney was on the offensive throughout the 90-minute encounter between the two rivals at the University of Denver.

The two men, standing side-by-side for the first time after months of brutal campaign attacks hurled at each other, clashed over taxes, healthcare and the role of government, reflecting the deep ideological divide in Washington.

Appearing poised and well-prepared, Romney zeroed in on weak economic growth and 8.1 percent unemployment that has left Obama vulnerable in his effort to win a second four-year term.

"Now, I'm concerned that we're on the path that's just been unsuccessful. The president has a view very similar to the one he had when he ran for office four years go, that spending more, taxing more, regulating more, if you will, trickle-down government would work. That's not the right answer for America," Romney said.

The debate saw no haymaker punches thrown and not much in the way of one-line zingers. Instead, it was a war of attrition as each man used facts and figures to make his points and stress the differences between them.

Romney, however, may have done himself some favours with crisper answers than Obama, who sounded professorial and a bit long-winded despite his staff's best efforts to get him to give snappier comments.

The incumbent Democrat did put Romney on the defensive about his proposals for overhauling the U.S. tax system.

Obama said Romney was promoting the same kind of tax cut proposals that former President George W. Bush pushed through Congress in 2001 and 2003.

"We ended up moving from surpluses to deficits and it all culminated with the worst recession since the Great Depression," said Obama.

In the face of attacks from Romney that the Obama healthcare overhaul of 2010 will hurt small-business hiring, Obama basically said his healthcare plan was modelled after the program Romney put in place as governor of Massachusetts, and it "hasn't destroyed jobs" there.

ROMNEY NEEDED VICTORY MORE

Romney was in need of a victory at the debate to help him put his campaign back on a positive footing after a rocky few weeks.

He was damaged by a hidden-camera videotape in which he said 47 percent of voters were dependent on government and unlikely to support him.

Obama, holding a slight edge in national polls and leading Romney in some swing states where the election will be decided, was looking in the debate to do avoid harming his position as the apparent front-runner.

The debate moderated by PBS anchor Jim Lehrer was the best opportunity to date to reach large numbers of voters in an unfiltered way, with an estimated television audience of 60 million possible.

Both men have been under pressure to provide more specific details on how to get America's economy surging again after a prolonged recovery from recession.

Obama charged that Romney's plan to reduce income taxes by 20 percent across the board and eliminate some tax deductions would leave middle-class Americans paying more taxes, an allegation that Romney vociferously denied.

"The fact is that if you are lowering the rates the way you described, Governor, then it is not possible to come up with enough deductions and loopholes that only affect high-income individuals to avoid either raising the deficit or burdening the middle class. It's - it's math. It's arithmetic," Obama said.

Replied Romney, "Virtually everything he said about my tax plan is inaccurate."

The debate was the first of three such face-offs scheduled in the next four weeks. Biden and Romney's running mate, U.S. Representative Paul Ryan, will debate once, on October 11.

(Editing by Alistair Bell and Peter Cooney)


Related Stories:
Factbox - Quotes from first U.S. presidential debate

Copyright © 2012 Reuters

Argentina's coast guard, military police in wage protest

Posted: 03 Oct 2012 07:53 PM PDT

BUENOS AIRES (Reuters) - Argentina's coast guard and military police held unprecedented wage protests on Wednesday, prompting the government to fire the heads of both services while Congress called for an orderly resolution of the dispute.

Argentine Coast Guard officers applaud during a protest outside their headquarters in Buenos Aires October 3, 2012. REUTERS/Enrique Marcarian

Argentine Coast Guard officers applaud during a protest outside their headquarters in Buenos Aires October 3, 2012. REUTERS/Enrique Marcarian

Strikes over wages are common in Argentina, where inflation is running at more than 20 percent annually, according to private economists.

But this was the first time in memory that uniformed Argentine military forces have taken to the streets over wages. Talks aimed at ending the dispute reached late into the night.

"We support democracy. This is not a political uprising. It's nothing strange," military police officer Fernando Parodi shouted into a bullhorn at a rally in front of military police headquarters in Buenos Aires, where hundreds of olive green-clad officers chanted slogans in solidarity.

"We are workers, like any others, who need to support our families," Parodi said.

The top leaders of Argentina's military police and coast guard were replaced by the government earlier in the day.

The protests started on Tuesday when officers demonstrated against an administrative measure that cut some of their pay checks by up to 70 percent. The strike soon morphed into a demand for higher wages generally.

The government promised to revise the measure that sparked the protest. Cabinet Chief Juan Manuel Abal Medina said violence would not be tolerated and Congress issued a statement calling on the striking officers to conduct the protests "within the confines of democracy."

The officers assured the country that basic coast guard and military police duties, particularly at border crossings, continued to be carried out despite the protests.

INFLATION UP, POPULARITY DOWN

Buenos Aires provincial Governor Daniel Scioli issued a statement calling for calm. "It's time to reflect, go back to work and to the sensitive responsibilities that have been entrusted to you as members of our security forces," it said.

President Christina Fernandez's popularity sank to 24.3 percent in September from 30 percent in August.

A year ago, just before winning her second term, she had 64.1 percent popularity while campaigning on a promise to expand on the policy model of her late husband and predecessor, Nestor Kirchner, who increased the government's role in the economy.

After winning re-election in October, Fernandez imposed new currency controls to stem capital flight and the investment climate also took a hit when her government seized a majority stake in the country's No. 1 energy company YPF.

With the economy of the grains-exporting country hampered by fallout from Europe's debt crisis, slow demand from key trade partner Brazil and low soy output caused by a December-January drought, Argentines are increasingly worried about inflation. So disputes over wages are likely to continue.

Tens of thousands from all walks of life rallied in major cities last month to protest policies such as the de facto ban on buying foreign currency and a possible bid to overhaul the constitution so Fernandez can run for a third term.

(Editing by Stacey Joyce, Todd Eastham and Lisa Shumaker)

Copyright © 2012 Reuters

Romney goes after Obama in fight about U.S. economy at debate

Posted: 03 Oct 2012 07:44 PM PDT

DENVER (Reuters) - Mitt Romney accused President Barack Obama on Wednesday of promoting "trickle-down government" policies that are burdening the U.S. economy, as the Republican candidate sought to use a high-stakes debate to right his struggling campaign before the November 6 presidential election.

President Barack Obama (L) and Republican presidential nominee Mitt Romney share a laugh at the end of the first presidential debate in Denver October 3, 2012. REUTERS/Jason Reed

President Barack Obama (L) and Republican presidential nominee Mitt Romney share a laugh at the end of the first presidential debate in Denver October 3, 2012. REUTERS/Jason Reed

As polls showed Obama with a slight edge among voters, Romney was the aggressor throughout the 90-minute encounter between the two rivals at the University of Denver.

The two men, standing side-by-side for the first time after months of brutal campaign attacks hurled at each other, clashed over taxes, healthcare and the role of government, reflecting the deep ideological divide in Washington.

Appearing poised and well-prepared, Romney zeroed in on weak economic growth and 8.1 percent unemployment that has left Obama vulnerable in his effort to win a second four-year term.

"Now, I'm concerned that we're on the path that's just been unsuccessful. The president has a view very similar to the one he had when he ran for office four years go, that spending more, taxing more, regulating more, if you will, trickle-down government would work. That's not the right answer for America," Romney said.

The debate saw no haymaker punches thrown and not much in the way of one-line zingers. Instead, it was a war of attrition as each man used facts and figures to make his points and stress the differences between them.

Romney, however, may have done himself some favours with crisper answers than Obama, who sounded professorial and a bit long-winded despite his staff's best efforts to get him to give snappier comments.

The incumbent Democrat did put Romney on the defensive about his proposals for overhauling the U.S. tax system.

Obama said Romney was promoting the same kind of tax cut proposals that former President George W. Bush pushed through Congress in 2001 and 2003.

"We ended up moving from surpluses to deficits and it all culminated with the worst recession since the Great Depression," said Obama.

In the face of attacks from Romney that the Obama healthcare overhaul of 2010 will hurt small-business hiring, Obama basically said his healthcare plan was modelled after the program Romney put in place as governor of Massachusetts, and it "hasn't destroyed jobs" there.

ROMNEY NEEDED VICTORY MORE

Romney was in need of a victory at the debate to help him put his campaign back on a positive footing after a rocky few weeks.

He was damaged by a hidden-camera videotape in which he said 47 percent of voters were dependent on government and unlikely to support him.

Obama, holding a slight edge in national polls and leading Romney in some swing states where the election will be decided, was looking in the debate to do avoid harming his position as the apparent front-runner.

The debate moderated by PBS anchor Jim Lehrer was the best opportunity to date to reach large numbers of voters in an unfiltered way, with an estimated television audience of 60 million possible.

Both men have been under pressure to provide more specific details on how to get America's economy surging again after a prolonged recovery from recession.

Obama charged that Romney's plan to reduce income taxes by 20 percent across the board and eliminate some tax deductions would leave middle-class Americans paying more taxes, an allegation that Romney vociferously denied.

"The fact is that if you are lowering the rates the way you described, Governor, then it is not possible to come up with enough deductions and loopholes that only affect high-income individuals to avoid either raising the deficit or burdening the middle class. It's - it's math. It's arithmetic," Obama said.

Replied Romney, "Virtually everything he said about my tax plan is inaccurate."

The debate was the first of three such face-offs scheduled in the next four weeks. Biden and Romney's running mate, U.S. Representative Paul Ryan, will also debate once, on October 11.

(Editing by Alistair Bell and Peter Cooney)


Related Stories:
Factbox - Quotes from first U.S. presidential debate

Copyright © 2012 Reuters

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The Star Online: Entertainment: TV & Radio

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Video shows new judge Nicki Minaj in heated exchange at "Idol" auditions

Posted: 02 Oct 2012 11:25 PM PDT

LOS ANGELES - The controversial rap star Nicki Minaj, who recently joined the "American Idol" judging panel, is shown yelling and making heated comments toward her fellow judge Mariah Carey, in a video posted to celebrity website TMZ on Tuesday.

The release of the video, which TMZ reported was recorded during an audition of "Idol" hopefuls in Charlotte, North Carolina, follows rumors that Minaj and Carey had been feuding.

"Idol" broadcaster Fox is looking to the new line-up of judges, which includes country star Keith Urban, to help revitalize a show that has seen falling ratings in recent years.

Minaj, 29, a rap star known for her outlandish outfits, is shown in the TMZ video yelling and cursing. It is not clear from the clip, which is less than a minute long, what might have led to the outburst or who shot the video.

"I told them, I'm not (expletive) putting up with her (expletive) highness over there," Minaj is seen saying at one point in the video, as she turns toward Carey.

Carey can be heard in the video speaking in the direction of Minaj, but her words are less audible.

Urban, who is seated between the two women pop stars, at one point raises his arms, and fourth judge Randy Jackson - whose tenure on the show dates from its 2002 debut - can be heard saying "Hold up" in an apparent effort to defuse the conflict.

A Fox spokeswoman declined to comment on the video.

Minaj, Urban and Carey were brought onto the "Idol" judging panel in recent months after Aerosmith frontman Steven Tyler and singer-actress Jennifer Lopez each left the show following a two-year stint.

"American Idol" has been a ratings juggernaut since it debuted on Fox a decade ago, but audiences are now only about half the more than 30 million who watched regularly in the show's 2005 and 2006 heyday.

Minaj has emerged as the top female rapper in a hip-hop world dominated by male artists. She burst onto the music scene in 2010 and has become famous for her numerous alter-egos and her multiple hit records, including "Starships."

A representative for Minaj could not immediately be reached for comment.

"Idol" fans were divided about the selection of Minaj for the judging panel. Her appeal to young audiences is seen as potentially key to helping "Idol" regain youthful viewers, but she has also proved controversial. In February, she appeared on the Grammy awards red carpet with a fake pope. - Reuters

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The Star Online: Sports

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England and Pietersen reach agreement: ECB

Posted: 03 Oct 2012 03:56 AM PDT

COLOMBO: Axed England batsman Kevin Pietersen has reached an agreement with the England Cricket Board over his future as an international player, the ECB said on Wednesday.

"The ECB and Kevin Pietersen confirm that agreement has been reached concerning a process for his re-integration into the England team during the remainder of 2012," the ECB said in a statement.

"Upon completion of the programme, the England selectors will consider Kevin for future matches."

The 32-year-old star batsman was cast into international exile in August after sending text messages to touring South Africa players that contained criticism of then England captain Andrew Strauss during the Test series.

He missed out on England's failed World Twenty20 title defence in Sri Lanka and was not also selected for the upcoming tour of India.

The ECB confirmed reports that Pietersen had apologised to Strauss for what he admitted were "provocative" messages to the South African players.

"Pietersen has apologised to Andrew Strauss and wishes to express to all those who support England his regrets at the impact the recent controversies have had on the England team," the statement continued.

"He now wishes to put the events of the summer behind him and to focus on regaining his place in the England team.

"Kevin conceded that the messages exchanged were provocative. The ECB is satisfied, following receipt of this binding assurance, that to the best of his recollection, Kevin did not convey any messages which were derogatory about the England captain, the England team director (Andy Flower), the ECB or employees of the ECB.

"Furthermore, there was no tactical information whatsoever provided to members of the South African touring party."

It was unclear if Pietersen, who is in Sri Lanka working as a studio expert for the host broadcaster for the World Twenty20, will be considered for the Indian tour starting next month.

Defending champions England failed to qualify for the semi-finals of the tournament.-AFP

Greece gives 29 mn euros for Formula One racetrack

Posted: 03 Oct 2012 03:40 AM PDT

ATHENS: Debt-ridden Greece is to spend 28.9 million euros ($37.3 million) on a Formula One racetrack despite the nation's economic crisis, the development ministry said Wednesday.

The funds, which will subsidise about one-third of the 94-million-euro project, were released as part of a government effort to speed up investments that it considers top priorities but that have been delayed by bureaucratic procedures.

The government gave the project the green light in May, saying the racetrack would boost tourism and create jobs, in a country where severe austerity measures and a crippling recession now in its fifth year have driven the unemployment rate over 20 percent.

The racetrack, to be built by Greek construction group Avtokinitodromio Patras will host Formula One races - pending approval from the sport's governing body - as well as motorcycle and go-kart races.

The town of Fares in the northwest of the Peloponnese peninsula will host the track, which will be built over the next three years.

Greece's leaders have been debating for years whether to build a Formula One racetrack but have faced resistance from residents and environmentalists.

The country spent 8.95 billion euros to host the 2004 Athens Olympics, including 7.2 billion euros to build and outfit venues, according to opposition party Syriza. As the country has slid into financial catastrophe, the government has come under fire for that tab.

The development ministry also announced Wednesday the release of credit lines of 29.25 million euros to help fund construction of a solar panel factory in the northeast and 15 million euros to renovate the Elounda Bay luxury hotel on the island of Crete.- AFP

S. Korean star Choi looks forward to homecoming

Posted: 03 Oct 2012 02:58 AM PDT

SEOUL: South Korea's K.J. Choi says hosting his own tournament will allow him to reunite old friends and give back to the community, ahead of the CJ Invitational which starts on Thursday.

Choi, who has been based in the United States since 1999, described his homecoming as "a very meaningful event".

"I've all of my close friends coming to play in my tournament and also participate in this Build a Nest program which is going to help many kids fulfil their dreams," said Choi.

The Build a Nest campaign is part of a charity initiative under the KJ Choi Foundation where players volunteer to be ambassadors and donate 100,000 won ($90) for every birdie they record in the tournament.

Choi said: "This tournament extends beyond the boundaries of just playing a tournament. It's more of a community thing and giving back to society and my fans.

"When I play in the US, all the people from Korea would cheer me on TV even though it's very late in the night there. Without my fans' support, I wouldn't be able to be where I'm today," said Choi.

The CJ Invitational, jointly sanctioned by the Asian Tour and Korean Golf Tour, is in its second year and has a total prize fund of US$750,000.

Choi, a five-time winner of the Asian Tour, who also holds eight wins on the PGA Tour, joined the likes of Jack Nicklaus, Arnold Palmer and Tiger Woods as players with their own tournaments.

Although he won the inaugural event last year, the Korean superstar does not believe his title defence will be easy.

"The Asian Tour has come a long way and the field is getting stronger and stronger each year. It's not going to be easy but I'll try my best as always to defend my title this week," said Choi.

Other Asian Tour stars to look out for include India's Gaganjeet Bhullar, Singapore's Mardan Mamat and Thailand's Thaworn Wiratchant who holds the record of having 14 Asian Tour wins.- AFP

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The Star Online: Business

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Blue chips higher in early trade, BAT, KLCCP climb

Posted: 03 Oct 2012 06:39 PM PDT

KUALA LUMPUR: Blue chips advanced in early trade on some mild buying of consumer heavyweight BAT and KL Kepong, in line with the firmer key regional markets.

At 9.23am, the FBM KLCI was up 3.58 points to 1,653.33. Turnover was 74.80 million shares valued at RM51.75mil. There were 139 gainers, 69 losers and 150 counters unchanged.

Asian stocks advanced as reports on US jobs and service industries beat economist estimates, easing concern the world's biggest economy is slowing, Bloomberg reported.

At Bursa Malaysia, BAT rose 28 sen to RM61.28, KLCCP 12 sen to RM6.02 and KLK 10 sen to RM21.

Scientex rose 14 sen to RM2.59 on its RM283mil plan to expand its manufacturing capability for the products by acquiring GW Plastics Holdings' two plastic packaging units.

KrisAssets added 12 sen to RM2.82 and Pharmaniaga seven sen to RM7.57.

Lafarge fell 22 sen to RM8.74, Amedia 13.5 sen to 85 sen, DLady eight sen to RM43.10, Genting six sen to RM8.84 and Public Bank four sen to RM14.36.

New projects bump up UOA’s GDV to RM15bil

Posted: 03 Oct 2012 06:33 PM PDT

UOA DEVELOPMENT BHD

By Kenanga Research

Outperformed (maintain)

Target price: RM2.30

UOA Development Bhd's total gross development value (GDV) has increased to RM15bil from its initial public offering guidance of RM13bil, thanks to its new projects at Jalan Ipoh and Kepong, which exclude the potential 15% to 20% upside to Bangsar South's remaining GDV of RM5bil due to the area's run-up in capital values.

The group is targeting RM3.1bil to RM3.2bil of new launches (mainly affordable segments) over the next 12 to 18 months in highly sought-after locations.

Cash proceeds from sale of its en bloc offices of RM298mil means UOA can comfortably undertake Bangsar South's next growth phase, while ensuring it meets our expected financial year 2012 and 2013 net yields of 7.6% to 6.9%, higher than the sizeable Malaysian real estate investment trusts of around 4.5% to 5.%.

To recap, UOA in the first half of this year registered RM900mil sales.

Our 2012 target of RM1.2bil is achievable with its en bloc sales to Lembaga Tabung Haji (LTH) of RM204mil and ongoing project sales, including the recently previewed Desa Green with GDV of RM600mil.

The group has three more Horizon office blocks, of which two will be kept for rental while the remaining is earmarked for sale.

Assuming similar sale price as LTH's, or RM102mil per block, with transaction by year-end, it will increase its estimated financial year 2012 core earnings by 13% to RM305.0mil in addition to higher sales.

Upon completing of the three en bloc sales (one to DKLS Industries Bhd and two to LTH), the group will have amassed an additional RM298mil cash, in addition to its second quarter ended June 30 cash pile of RM137mil and ongoing billings.

UOA is now in a net cash position while its two latest (Jalan Ipoh and Kepong) pieces of land have already been paid for.

Based on the abovementioned GDV on Bangsar South, we estimate UOA's capital commitments will be around RM100mil-RM150mil per annum for the next three to four years, which can be easily funded by borrowings.

In terms of landbanking, the group did express interest in doing niche developments in Iskandar Malaysia although no timeline or specific plan was offered. We believe it is a step in the right direction as we view Johor as the next growth market.

We are confident of dividend payouts on the back of unchanged financial year 2012 and 2013 estimated core earnings and sales of RM1.2bil to RM1.5bil.

In addition to the capital commitments and assuming minimum RM1bil per annum sales and conservative 30% net margin, we believe it will not affect dividend payouts that average around RM150mil per annum for the next two to three years.

IHH HEALTHCARE BHD

By RHB Research Institute

Outperform (initiate coverage)

Target price: RM3.53

IHH Healthcare Bhd is a global private healthcare service provider with operations in three markets, namely Singapore, Malaysia and Turkey. The company owns 60% equity stake in Acibadem Saglik Hizmetleri & Ticaret AS (Acibadem), which is Turkey's largest hospital chain, as well as an 11.2% stake in India's private healthcare operator Apollo Hospitals.

Following the acquisition of Acibadem in January 2012, the company is the second-largest private healthcare service provider in the world (behind HCA Holdings of the US), and has expanded its operations across eight countries.

IHH's core operations are located in Singapore, Turkey and Malaysia, which accumulatively accounted for between 91.9% and 92.8% of revenue for financial years ending Dec 31, 2009 until 2011.

Singapore and Turkey have a relatively large working population which we believe would remain sustainable over the longer term given the increasing trend of non-residents seeking job opportunities there. Additionally, both countries are common destinations for medical tourists given their strategic locations as well as the advanced medical technology available in each country's hospitals.

As for Malaysia, a declining trend in public healthcare expenditure as a percentage of total healthcare expenditure and an improvement in insurance coverage are expected to sustain earnings growth in the country moving forward.

We forecast financial year 2012 to 2014 core net profit growth of 5.8%, 25.9% and 26.0% respectively, driven by hospital expansion plans across all operating segments and improving earnings before interest, tax, depreciation and amortisation (EBITDA) margins to between 20.4% and 22.4% per annum.

This will mainly be attributable to better operating leverage and margin expansion in both Parkway Pantai Ltd and Acibadem. We expect IHH's operations in Singapore to be the main earnings driver for the company with the newly-opened state-of-the-art Mount Elizabeth Novena hospital.

The first phase of the Novena hospital comprises 183 beds. Management has guided that plans to open the second phase with 153 beds in the second half of 2013 remains on track, and the initial target of turning the hospital operations EBITDA positive by mid-2013 remains intact.

Our assumptions are driven by expectations that the hospital's operations would be fully ramped-up by 2014; and an inflation rate of 5% to 8% per annum across all Singapore hospitals.

Our forecast implies a 3-year net profit compounded annual growth rate (CAGR) of 58.1% and core net profit CAGR of 18.8%.

Our target price implies a 36.9 times calendar year 2013 (CY13) price-earnings ratio (PER). While valuations for IHH are relatively expensive at 33.5 times CY13 PER compared to its peers', we believe there is room for IHH's valuations to move higher given its strong earnings visibility and its wider network of hospitals, which could result in significant savings from better economies of scale compared to its regional peers.

SAPURAKENCANA PETROLEUM BHD

By Kenanga Research

Outperform

Target price: RM2.80

SapuraKencana's latest order book was RM14.5bil while the other local heavyweights, Malaysia Marine & Heavy Engineering has an order book of RM2.8bil and Bumi Armada has an order book of RM7bil.

Even excluding the longer-term Petrobras contract worth RM4.3bil (which will only kick start by end- 2014), SapuraKencana possesses the largest domestic order backlog.

The order book also seems to be growing as it has been consistently winning new contracts, albeit 2012 being a relatively sluggish domestic contract award year so far.

Year-to-date, it has locked in around RM3.3bil of new wins, and we are pretty sure it will be one of the local participants for at least another marginal field when Petronas finally kick-starts the award rounds, expected later this year. Forward prospects seem similarly bright where current tender book was guided at a hefty RM25bil.

In our view, SKPETRO is a strong contender within the domestic engineering, procument, construction market and pretty much the market leader in the domestic installation and commissioning segment.

As such, continual domestic contract wins is unlikely to be an issue.

Globally, SapuraKencana footprint now spans South-East Asia, North America, Brazil and Australia.

Hence, further international wins are also highly possible. The company is currently undergoing asset expansions, which will further support its chances in securing new contracts.

Our financial year 2013 and 2014 net profit estimates are driven by its current sizeable order book and maiden contributions from its first marginal field (Berantai).

Earnings trend from 2015 onwards earnings could be significantly higher on account of the Petrobras contract starting up, full year earnings from Berantai and potential cost savings as SpauraKencana mobilises more of its own assets.

BOUSTEAD HEAVY INDUSTRIES CORP BHD

By HwangDBS Vickers Research

Hold (maintain)

Target price: RM2.60

THE largest beneficiary of national defence projects Boustead Heavy Industries Corp Bhd (BHIC) announced that its 51%-owned sub-subsidiary, Contraves Advanced Devices Sdn Bhd (CAD) has received a letter of award (LOA) from its 21%-held Boustead Naval Shipyard Sdn Bhd (BNS) for a RM203.8mil engineering and integration contract in relation to the second generation offshore patrol vessels (OPV) project which carries a ceiling price of RM9bil (awarded to BNS on Dec 11).

CAD will procure, engineer and integrate a Combined Integrated Communication System and Communications ESM System into the DCNS SETIS Combat Management System over a 10-year implementation period, commencing in October.

BHIC also clarified that this contract is a recurrent party transaction, for which a shareholder mandate has been received during the company's AGM on April 5.

The LOA does not come as a surprise as we have highlighted previously that BHIC is bound to benefit substantially from the RM9bil OPV contract given its leading role in weaponry, combat system, vessel design, naval electronics etc.

With the latest contract, BHIC has secured RM1.7bil worth of contracts related to the RM9bil OPV project on track to meet our expectation of winning RM2.1bil worth of contracts from BNS. Therefore, we maintain our earnings forecast.

Despite the contract award, we believe that there is no near-term catalyst in sight as we remain concerned on its outlook due to the massive losses from its commercial shipbuilding business (estimated more than RM30mil losses).

The second half will be challenging for BHIC as contributions from the OPV contract will only start kicking in by second half of next year.

Yayasan Iqra set to elevate Islamic endowment

Posted: 03 Oct 2012 06:27 PM PDT

KUALA LUMPUR: Yayasan Iqra, a foundation promoting wealth creation through Muslim endowment principles, is set to make corporate Islamic endowment Malaysia's third financial force.

Board of trustees member Datuk Seri Idris Jusoh, who is also Mara chairman, said Islamic endowment principles ensured transparency and accountability in managing finance while weaning off reliance on the Government for funds.

"As we have seen in Greece and Spain, attempts by the respective governments to reduce the national debt have met with protests.

"In the long run, finances for projects and community-based activities can come from Islamic endowment, which will help ease the Government's financial burden," he told a press conference here yesterday.

Under its proposal, individuals and the corporate sector will commit shares or financial instruments as endowment with a portion of the profits returning to the principal sum and the remaining channeled to the community.

Idris said the foundation had begun talks with various government agencies and state Islamic religious councils to meet its objective.

"At present, only the public and private sectors generate finances for various projects.

"We are pleased that the Prime Minister recognises the importance of Islamic endowment playing a role in the nation's economic well being while giving returns to the rakyat," Idris said.

Fellow board member Tan Sri Muhammad Ali Hashim cited Johor Corp as an example of successful management of Islamic endowment, which was now worth RM21bil.

Muhammad, who is president of the Malaysia Islamic Chambers of Commerce, said Malaysia could become a global hub for Islamic endowment, following its success in Islamic banking and finances.

Kredit: www.thestar.com.my

The Star Online: Entertainment: Movies

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Taken 2 is back to thrill

Posted: 03 Oct 2012 07:25 AM PDT

Liam Neeson sprung back into high-octane action in Taken 2 and enjoyed every moment.

HE'S been an actor for close to 40 years and has played a varied list of characters from that of a priest in Lamb (1985) to a Jedi master (Qui-Gon Jinn) in Star Wars Episode 1: The Phantom Menace. He's been nominated for an Academy Award for his portrayal of Oskar Schindler in Steven Spielberg's Schindler's List (1994) and voiced Aslan, the lion, in The Chronicles Of Narnia series. He's been described as the "thinking woman's sex symbol". He has rarely taken a role, where he puts to good use his training as a boxer.

That, of course, changed when the now 60-year-old Liam Neeson took the helm as Bryan Mills in the sleeper hit Taken (2008). Who would have guessed that this 1.63m Irish man had the potential to be an action star?

Certainly not him.

Despite his refusal to call himself an action star – "I'm first and foremost an actor" – he is one. He has starred in several other similar movies since his first leading role in a commercial action movie. Most notably he played Hannibal in The A-Team, Dr Martin Harris in Unknown and Ra's Al Ghul in Batman Begins and The Dark Knight Rises.

His latest movie brings him back to where his action adventure began in Taken. In the sequel simply titled Taken 2, which also stars Famke Janssen and Maggie Grace, Neeson reprises his role as retired CIA agent Mills, whose particular set of skills puts him a class above the rest.

After having killed his daughter's abductors in Taken, Mills and his family are now targeted by the father of one of the men he killed. "The beginning of this movie is a reminder that the people my character has killed in the last film are not objects. They are human beings who have family who are pledging revenge," the actor tells an entourage of international press people gathered in Seoul, South Korea.

Neeson was there to promote the movie and also because Korean movie-goers love him. "He's one of the biggest international stars here," says one of the local movie executives. In fact, she adds, Taken took in more than US$16mil (RM48mil) in Korea itself.

That's a million more than the box office receipts the movie had in the United States. Despite how big he is in South Korea, the actor manages to enter and leave the country with very little fanfare. There were no screaming fans waiting by the hotel but that could have been because Hurricane Sanba was blowing through Seoul on the same day.

"I'm glad you guys are here. Thank you for coming. What a weather, huh?" the actor says, surprised to find the grand ballroom filled with journalists and news crews from around Asia. When asked if he did any sightseeing, he says with a smile: "I went down to the lobby last night."

But he can be forgiven for not having the time to visit the many sites the South Korean capital has to offer. Neeson had flown in from Moscow, Russia, just the night before. "I've been on the go for the last few days. I was in Paris for four days, and then it was Copenhagen, Berlin, and London before Moscow. Tomorrow I fly back to New York and then to Los Angeles before returning to New York."

He admits that travelling from one country to another does take a toll on him. "I do get up sometimes wondering where I am, but otherwise it's okay."

The actor, who was an amateur boxer in his early years, keeps fit by power-walking eight to 16km a day. "I'm generally in good health. You have to be in this game," he says when asked how he's able to cope with the strenuous timetable.

His good health and his stint as a boxer helped with the action scenes too, he says. "When I was a boxer I used to go to the gym four or five times a week and I trained hard. So that actually helped by giving me the discipline to stay fit for these kinds of action films."

Neeson confesses that he enjoys the physicality of his role as Mills. "It's great to do that stuff, and we have a great stunt team. I have a wonderful stunt double, Mark Vanselow, who is my buddy. He's been in my life, professionally, for the past 12 or 13 years. He does all the hard stuff."

Despite that, the actor did do some of his own fight scenes. "I did most of the close-combat fighting with (stunt coordinator) Alain (Figlarz)'s help, but I left the big stunt stuff to Mark," he says, explaining that Figlarz is an ex-special forces soldier who has worked on several movies, including Bourne Identity where he pioneered the close combat fighting techniques.

"Alain does a whole medley of different fighting styles in this movie from Asian to European," Neeson says, singing the stunt coordinator's praises.

But the actor is quick to add that there were no serious injuries on the set. "There were the normal minor scrapes, but nothing serious. We practised the fight scenes everyday during filming so that when it came time to actually do the fight scene it was like second nature for us."

Although filming Taken and Taken 2 was physically strenuous, Neeson tells the press that the movies were also emotionally straining. The actor, who is a goodwill ambassador for Unicef, says he knows of the reality of human trafficking, a subject the first movie tackled.

"I get access to reports from Unicef of the horrors some of the girls and boys who have been taken go through. Most of them are sold as sex slaves and it's horrible. And it's still occurring, but Unicef is trying to come to the aid of these victims, but the prevalence of these crimes is still very extensive. I'm a father of two boys, so I could imagine the horror I'd feel, as any parent would, if something bad happened to my children."

Despite the subject matter in both films, Neeson says he was glad to do the movie. "I liked the story," he explains when asked about what convinced him to do the sequel. "I thought the story worked and it seemed a worthy successor to the first one."

On a personal level, he adds, the satisfaction of finishing a film is what keeps him going. "It's always satisfying when you finish a film, especially one shot in different locations and more so when you know it was very physical and there was a lot of training, so the satisfaction of actually finishing is just terrific."

The bulk of Taken 2 was shot in Istanbul, Turkey, a locale rarely seen on screen. Director Olivier Megaton spent much of his prep time scouting locations and walking around the city for hours at a time. When principal photography commenced, he knew Istanbul's streets and passageways better than some of the local crew.

Neeson says shooting in Istanbul was like nothing he has experienced and despite filming on locations around the globe for the various movies he has done, the actor remains impressed with the city's sights and sounds. "Istanbul is where East meets West – a beautiful city full of wonderful people."

Like its illustrious predecessor, Taken 2 highlights non-stop, high-octane action. But the realities of shooting in that exciting but challenging environment meant the filmmakers had to think fast to keep the action going. "We didn't have a lot of crew members for the Istanbul shots. The merchants you see in the movie are real street merchants. They are not extras," Neeson explains.

He adds that Megaton and director of photography Romain Lacourbas have to be given credit for the authentic feel of the movie. Shooting atop landmark buildings like the roof of the Grand Bazaar was both a coup and a logistical challenge.

In a separate interview, Megaton explains: "There are only four different concrete lines on the roof we were able to step on. And you can't deviate because it's too fragile. No crane could be installed and we could only go forward or backward with a Steadicam, because going to the side is too far." Fixing a cable to hold the camera as actors ran across the roof was equally impossible, so the director came up with a brilliant idea – a toy helicopter. Megaton mounted a camera onto a small toy helicopter and flew it around Neeson as his character got shot.

"With the action, Olivier is phenomenally efficient and proficient with his camera. There would always be three or four cameras working, and that's exciting," the actor gushes, adding he's hoping to work with Megaton in the near future.

In the meantime, however, Neeson has two more action-thrillers in pre-production (A Walk Among The Tombstones and Non-Stop) and an upcoming romantic film (Third Person). But the actor is quite adamant you won't see him in any The Expendables movie. "Oh no. I think there are enough of those guys. I think they're great, don't get me wrong. I just can't see myself in there. I don't think so, no."

n Taken 2 opens in Malaysian cinemas tomorrow. For more on Neeson, as well as free movie passes to a special screening of Taken 2, go to ecentral.my.

I, soldier

Posted: 03 Oct 2012 03:41 AM PDT

Jean-Claude Van Damme and Dolph Lundgren 'welcome' a new protagonist in Universal Soldier: Day Of Reckoning.

THE success of the Universal Soldier franchise has always been attributed to the rivalry between UniSols GR44 Luc Deveraux (Jean-Claude Van Damme) and GR13 Andrew Scott (Dolph Lundgren).

Remember the original 1992 Universal Soldier? We learned the two were at odds because the process of genetically transforming these ordinary, long-dead soldiers into soldiers with superior combative and healing abilities inadvertently amplified the last feeling or memory the soldiers had before they died.

The two were engaged in a violent altercation before killing each other. From then on, these genetically-revived soldiers have been at each other's throat as witnessed in sequels Universal Soldier: The Return and Universal Soldier: Regeneration.

But in the fourth instalment, Universal Soldier: Day Of Reckoning, director John Hyams is throwing away the franchise's tried-and-tested formula which banked on the animosity between Deveraux and Scott. He takes a risk, switching things up a little by bringing in a new protagonist.

"It was my desire to take the story in a radically different direction and, most importantly, to tell the story from a different perspective from the other movies," he said in production notes courtesy of Rainfilm.

That "different direction" comes in the form of a man known only as John (Scott Adkins). The character wakes up from a coma and finds his wife and daughter dead. John has no recollection of his former life save one: moments before he was knocked out, a UniSol trooper had brutally killed his family.

With the help of an FBI agent (Rus Blackwell), John discovers that it was Deveraux. He swears to hunt the murderer down to avenge his family's death.

Meanwhile, Deveraux partners with his long-time rival (now a comrade) Scott to start a revolution that frees all UniSols from the government's deceitful clasp. They informed the UniSols that they were merely the result of a government project that sought to revive dead soldiers to produce an elite and imperishable special force.

All the while, the government had suppressed memories of their past life and implanted memories of their own instead. By systematically indoctrinating them with this truth, the two assemble what could be UniSols' most powerful, enraged army yet.

But will their best laid plans be foiled when John finally manages to track down Deveraux?

In casting the new protagonist, John, the director shared that he was taken by Adkins' eagerness: "I had not had the opportunity to see any of his work, but what I liked about Scott was he was very persistent and really wanted the part. He reached out to me on Facebook and didn't stop until the part was his.

"I loved that because when writing the script and developing John's character, it was really important that the actor really wanted the part and could pull it off, Scott is both," he said.

True enough, Adkins could not have been a more perfect fit as his martial arts training lends itself nicely to the film's action stunts. The Brit first practised martial arts at the age of 10 and has since mastered the sport of kickboxing, taekwondo, wushu and various kung fu techniques.

In being a part of the film, Adkins commented: "It's really hard work, but one of the best parts of this character is that I get to kick-ass and work with one of my idols, Jean-Claude Van Damme."

Speaking of action sequences, the film is chock-full of them but instead of copping out by using CGI bomb blasts or gunshots, Hyams said that he decided "to ground the action into a more realistic style".

For instance, the director described a scene in which Adkins was faced by an axe-wielding attacker: "It was a very violent scene played out in close confines, and there were many times when the actors were performing with a real axe. I think we all realised how much trust we needed to have between each other in order to make it through the shoot without anyone getting seriously injured."

By taking a dive with a new protagonist and a refreshing storyline plus experimenting with more organic action sequences, it looks like Universal Soldier: Day Of Reckoning is marching to theatres to the beat of its own drum.

Universal Soldier: Day Of Reckoning hits cinemas nationwide tomorrow.

'Paranormal Activity' latest cult horror saga

Posted: 03 Oct 2012 02:54 AM PDT

Remember grisly franchises like "Friday the 13th," "Halloween" and the "Saw" movies? Now, "Paranormal Activity" is the latest horror saga to earn cult status, and on a tight budget.

Paramount, the studio behind the films, launched the fourth outing in a suitably noctural midnight screening at the Fantastic Fest for horror fans in Austin, Texas, ahead of its release later this month.

An audience which appeared to be 98 percent male -- the core horror movie demographic -- squeezed in to the Alamo Drafthouse, an arthouse movie theater strangely jammed between a yoga studio and a scooter retailer.

Bizarrely, while there was a strict cellphone and talking ban, movie-goers were offered full restaurant food service during the film, with an army of waiters zipping up and down the aisles, crouching to avoid blocking the screen.

Directed by Henry Joost and Ariel Schulman, the film has similar ingredients to the first three: a family terrorized by strange nocturnal activity in a darkened house, filmed in amateur "found footage" style.

"The first one really kicked back in the sort of found footage style. It revamped the thing," said Will Sullans, who traveled all the way from Casper, Wyoming to see the movie last week.

"It's doing pretty well. It seems he's got some lasting power," added Sullans, a fan of "Nightmare on Elm Street" and "Friday the 13th," the 1980s classics which he says set the bar high for the genre ever since.

"Paranormal Activity" is doing great business for Paramount. The first film in 2007 had a ridiculously small budget of $15,000, and made $183 million at the box office, echoing the success of 1999's "The Blair Witch Project."

In all, the first three movies -- "Paranormal Activity 2" was in 2010, and "Paranormal Activity 3" in 2011 -- have grossed nearly $560 million.

"I think the 'Paranormal Activity' franchise doesn't get the credit it deserves because it's always dumped in that 'found footage' category and there are lot of bad 'found footage' movies,"said Brad Henderson from Florida.

"The series is elaborating and it's much better than 'the killer dies, comes back, dies, comes back.' They actually try to build something," he added.

The first film, starring Katie Featherston, Micah Sloat and Mark Fredrichs, told the story of a couple moving into a suburban home and becoming increasingly disturbed by a nightly demonic presence.

"Paranormal Activity 2" again had Featherston and Sloat, but was made as a prequel to the first film, with the family setting up security cameras around the home, while the third movie is also a prequel to the first two.

Speaking after the new movie's first screening, Henderson said: "I'm happy with it. The scares were excellent. I'm glad they kind of elaborate more on the cult, but it's still not very detailed. It keeps your adrenaline pumped in."

And, like those other franchises, in plot and character terms the way is open for a "Paranormal Activity 5" and then six, and seven.

"They didn't close anything off, they opened another portal. They had all these open things and they didn't seal anything up. They just left it all open and there's no closure for us," he said.

"Paranormal Activity 4" will be released in North America on October 19. - AFP

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PM says its expensive to give 20% rebate for entire PTPTN loan

Posted: 03 Oct 2012 08:41 AM PDT

KUALA LUMPUR: Prime Minister Datuk Seri Najib Tun Razak on Wednesday indicated that it would be too expensive to give the 20% rebate incentive to those who pay regularly for the entire PTPTN loan rather than just the outstanding amount.

"We can't give everything. The incentive is to encourage those who have good values - that of paying back loans.

"If these loans are not returned than it will burden others," he said, responding to questions from the online community about Budget 2013 on #TanyaNajib on Wednesday.

He was responding to a question from Mohd Faisal who asked why the government did not offer the 20% rebate incentive on the entire PTPTN loan.

Asyrah Adlan asked about the rationale behind giving young people RM200 to buy help buy smartphones.

Najib said that the government considered the youth important to the country and, as one of their aspirations was to have greater access to the digital world, helping them buy smartphones would aid them achieve a lifestyle they aspired to.

The government is still working out a mechanism to disburse the RM200 rebate on smartphone purchases by youths under Budget 2013.

Moderator Suhaimi Sulaiman asked Najib to respond to some comments that this was an election budget.

Najib clarified that this was a budget ahead of an election and not an election budget that implied that it was designed purely to fish for votes.

"This is a fiscally responsible budget that even proposes a reduction in the deficit (from 4.5% this year to 4% next year).

"No analyst, local or international, has said this budget was fiscally irresponsible. As such, this budget is not an election budget," he said.

Lee Yong Aik, an architect from London, asked what the government was doing to lure Malaysians abroad to return.

Najib said that aside from the excellent work by TalentCorp, the the budget was designed to support public and private initiatives that would generate more jobs with higher salaries.

He also pointed out that the cost of living in Malaysia was relatively low.

However, he acknowledged that entry-level salaries for graduates was still low.

"I have a message for employers. If you can pay more, please pay more," he said.

To a question about a reduction in car prices, Najib said that the matter was still being studied and a decision would be made in due time.

"It's a complex matter. It's not just about cutting excise duties although the ramification for the government is also there as the duties bring in 7bil in revenue

"The second hand car market would collapse and we have to consider Proton and the entire eco-system attached to Proton," he said, adding that, despite the prices, Malaysians had among the highest car ownership in the world.

Related Stories:
Budget 2013: Tax breaks, affordable housing and cash for the needy
Big budget boost for crime-fighting efforts
Tertiary students not eligible for RM250 handout
Government working on smartphone rebate mechanism
Police plan massive intake next year
Budget 2013 is not a polls gimmick, but a realistic plan
PM: Budget 2013 not populist, but the result of good governance
Budget 2013 expedites creation of knowledgeable, world class soldiers

Augustine Ong, one of three recipients of Merdeka Award 2012

Posted: 03 Oct 2012 08:21 AM PDT

KUALA LUMPUR: Malaysian palm oil advocate and promoter, Prof Emeritus Tan Sri Dr Augustine Ong Soon Hock and prominent Muslim philosopher and thinker Prof Tan Sri Dr Syed Muhammad Naquib Al-Attas are among the three recipients of this year's Merdeka Award.

The third recipient is Indonesian botanist, Prof Dr Engkik Soepadmo who is the foremost authority on Malaysia's forest plant diversity.

The Raja Muda of Perak, Raja Dr Nazrin Shah, who is the chairman of the board of trustees of the Merdeka Award announced here today that Ong, 78, was awarded in the Health, Science and Technology category.

This is for his outstanding contribution to research and development of the chemistry and technology of palm oil and for his significant role in advocating and promoting the Malaysian palm oil industry to the world.

Syed Muhammad Naquib, 81, is awarded in the Outstanding Scholastic Achievement category for his contribution to the Islamisation of contemporary knowledge and Muslim education.

Soepadmo, 76, is awarded for his outstanding contribution to the people of Malaysia through his research and conservation of Malaysia's forest plant diversity.

Raja Nazrin said the three winners, in their course of work, had demonstrated the true spirit of Merdeka, that of the liberation of mind and spirit and the pursuit of excellence.

However, he said, this year there were no winners for two other categories, namely Environment and Education and Community.

On Ong, who is a scientist, innovator, inventor and pioneer in fundamental palm oil research, Raja Nazrin said he had paved the way for younger scientists to support the industry through research and development.

Syed Muhammad Naquib, the contemporary Islamic scholar and thinker, was meanwhile recognised as among the most influential Muslim scholars in the world, he said.

"He has made significant contributions to the study of the history of the modern Malay language, and to scholarly research in the area of Islamisation of contemporary knowledge and Muslim education," he added.

Among Syed Muhammad Naquib's many achievements was the establishment of the International Institute of Islamic Thought and Civilization (Istac).

On Soepadmo, Raja Nazrin said the scientist-cum-ecologist first came to Malaysia in 1968 and went on to become Universiti Malaya's Profesor of Ecology and had described 56 new species of tropical plants and trees, with six species named after him.

"Through advocacy, collaboration and scientific research and publications, he has contributed significantly towards the establishment of protected forest areas in Malaysia."

He said Soepadmo had done pioneering work on the reproductive biology and population dynamics of selected groups of economically important tree species.

Each recipient will receive the prize money of RM500,000, a trophy and a certificate.

With these awards, a total of 17 individuals and two organisations have received the Merdeka Award since it was established in 2007. - Bernama

Adibah Amin awarded National Translation Personality Award 2012

Posted: 03 Oct 2012 08:04 AM PDT

PUTRAJAYA: Former journalist Khalidah Adibah Amin, better known as Adibah Amin, was awarded the National Translation Personality Award 2012 on Wednesday.

Johor-born Adibah, 76, was selected based on her contributions to developing the thinking psychology of the race through translation.

"I am very moved by the award and thank you...may the award such as this continue to recognise the efforts of translators," she said when met by reporters here.

She translated a book of national laureate Shahnon Ahmad's 'Ranjau Sepanjang Jalan' (No Harvest But Thorns) in 1972 and Keris Mas' 'Rimba Harapan' (Jungle of Hope) in 2000.

Describing her effort to translate 'Ranjau Sepanjang Jalan' as her toughest piece, Adibah, who was a teacher, dedicated the award to the writer.

"The younger generation needs to be bold to produce better quality, translated works," she said, appearing frail but determined to produce more translated books.

Apart from being active in translation, Adibah was also a writer of several novels and general reading materials, including a book, 'Seroja Masih Di Kolam' in 1968, followed by 'Tempat Jatuh Lagi Dikenang' (1985), 'As I Was Passing 1' (2006) and 'As I Was Passing 2' (2007).

The award was presented by Deputy Prime Minister Tan Sri Muhyiddin Yassin, who also presented other awards such as the 'Best Translation Award' and 'Translation Appreciation'. - Bernama

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