Sabtu, 6 April 2013

The Star Online: World Updates

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The Star Online: World Updates


Chavez protégé invokes curse on those who vote against him

Posted: 06 Apr 2013 06:39 PM PDT

CARACAS (Reuters) - Venezuelan acting President Nicolas Maduro said on Saturday a centuries-old curse would fall on the heads of those who do not vote for him in next week's election to pick a successor to late leader Hugo Chavez.

An indigenous girl gives a feather headgear to Venezuela's acting president and presidential candidate Nicolas Maduro (R) during a campaign rally at the state of Amazonas, in this picture provided by Miraflores Palace on April 6, 2013. REUTERS/Miraflores Palace/Handout

An indigenous girl gives a feather headgear to Venezuela's acting president and presidential candidate Nicolas Maduro (R) during a campaign rally at the state of Amazonas, in this picture provided by Miraflores Palace on April 6, 2013. REUTERS/Miraflores Palace/Handout

Maduro's invocation of the "curse of Macarapana" was the latest twist in an increasingly surreal fight between him and opposition leader Henrique Capriles for control of the South American OPEC nation of 29 million people.

"If anyone among the people votes against Nicolas Maduro, he is voting against himself, and the curse of Macarapana is falling on him," said Maduro, referring to the 16th century Battle of Macarapana when Spanish colonial fighters massacred local Indian forces.

Wearing a local indigenous hat at a rally in Amazonas state, a largely jungle territory on the borders of Brazil and Colombia, Maduro compared Capriles and the opposition coalition to the enslaving Spanish occupiers.

"If the bourgeoisie win, they are going to privatize health and education, they are going to take land from the Indians, the curse of Macarapana would come on you," he added.

CAPRILES SAYS ONLY CURSE IS GOVERNMENT

Calling himself the "son" of Chavez, Maduro has more than a 10-point lead in most polls, although Capriles supporters are predicting a late pro-opposition surge as sympathy wears off from the former president's death a month ago.

Capriles, 40, a state governor, says Venezuela needs a fresh start after 14 years of Chavez's hardline socialism, and is vowing to install a Brazilian-style administration of free-market economics with strong social policies.

He ridiculed Maduro's latest speech.

"Now in their desperation, they're threatening a curse on the people. The people are with God, so nothing like that will happen," he told a rally in the western state of Tachira.

"He (Maduro) lied and threatened the people, saying that if they trust in progress, a curse will fall on them. I tell you here, all Venezuelans, the real curse is that little group that we are going to get rid of on April 14."

The opposition leader also continued to mock Maduro's twice-told story of having seen the spirit of Chavez in a bird that flew over his head and sang to him last week.

While to some outsiders, talk of spirits and curses may seem absurd in an election campaign, Venezuela's mix of Catholic and animist beliefs, especially in the south-central plains and jungles, is fertile ground for such references.

In his daily campaign rallies, Maduro has been referring constantly to Chavez and playing a video where the former president endorses his protégé last year as his successor.

Puncturing Capriles' public admiration of Luiz Inacio Lula da Silva, Maduro has also been playing a video of the former Brazilian president endorsing him too.

At his rallies, Capriles mocks Maduro as a poor imitation of Chavez. He says Maduro's track record during the president's sickness from cancer and after his death has wrought disaster on Venezuelans in terms of a currency devaluation and price rises.

Maduro, 50, was a bus driver and union leader who rose to become Chavez's foreign minister and then vice president.

Venezuela's vote will decide not only the future of "Chavismo" socialism but control of the world's biggest oil reserves and economic aid to a handful of left-leaning nations in Latin America and the Caribbean from Cuba to Ecuador.

(Editing by Peter Cooney)

Copyright © 2013 Reuters

U.S. delays missile test to avoid stoking North Korea tensions

Posted: 06 Apr 2013 06:32 PM PDT

WASHINGTON (Reuters) - The United States has decided to delay a long-planned missile test scheduled for next week out of California "to avoid any misperception or miscalculation," given tensions with North Korea, a senior U.S. defence official said on Saturday.

The unusual precaution by the United States follows a barrage of hostile rhetoric from North Korea - including the threat of open war - that has created jitters in South Korea's financial markets.

It also came after reports in the South that Pyongyang, under its 30-year-old leader, Kim Jong-un, had moved two medium-range missiles to a location on its east coast.

The White House said on Friday it would "not be surprised" if the North staged another missile test. At the same time, officials have said there are no signs Pyongyang is gearing up for war, such as large-scale troop movements.

The U.S. decision will delay a test of the Minuteman III intercontinental missile, which had been scheduled for next week out of Vandenberg Air Force Base in California.

"This is the logical, prudent and responsible course of action to take," the official said, speaking on condition of anonymity.

The U.S. official said the test had been unconnected to "anything related to North Korea" and added that another test launch could be expected next month. The United States remained fully prepared to respond to any North Korean threat, the official said.

Analysts are looking anxiously ahead to April 15, the birthday of Kim Il-sung, North Korea's founder and the grandfather of its current leader, Kim Jong-un. The anniversary is a time of mass celebrations, nationalist fervour and occasional demonstrations of military prowess.

EMBASSIES STAYING PUT

North Korean authorities have told diplomatic missions they could not guarantee their safety from next Wednesday - after declaring that conflict was inevitable amid joint U.S.-South Korean military exercises due to last until the end of the month.

Still, staff at embassies in North Korea appeared to be remaining in place on Saturday despite the appeal.

Most countries saw the appeal to the missions as little more than strident rhetoric after weeks of threats by North Korea to launch a nuclear strike on the United States and declarations of war against the South.

But Russia said it was "seriously studying" the request.

A South Korean government official expressed bewilderment.

"It's hard to define what is its real intention," said the official, who asked not to be identified. "But it (North Korea) might have intensified these threats to strengthen the regime internally or to respond to the international community."

The United States is walking a difficult line, seeking to assure allies it will defend them in a crisis while trying to avoid further escalating tensions.

Initially, Washington used the drills with South Korea as an opportunity to demonstrate that commitment, including flying two B-2 stealth bombers over the Korean peninsula in March. The Pentagon also announced new or expanded missile defence systems in Alaska and Guam.

But the officials have told Reuters the United States will likely be less public about the drills in April, perhaps giving North Korea space to wind down its rhetoric. The latest decision to delay the U.S. missile test was also described as a prudent step.

"This test ... has been delayed to avoid any misperception or miscalculation in light of recent tensions on the Korean peninsula," the official said.

Shares in South Korea slid on Friday, but analysts said much of the decline was linked to the Bank of Japan's monetary easing policies and one analyst said further major falls were unlikely.

Most Korea watchers believe Kim is a rational actor who understands his military is no match for Seoul and its U.S. ally and that straying too far from historic North Korean practices could jeopardize his own political survival.

(Additional reporting by Jane Chung in Seoul,; Editing by Peter Cooney)

Copyright © 2013 Reuters

Egyptian police fire tear gas to disperse Cairo protest

Posted: 06 Apr 2013 02:51 PM PDT

CAIRO (Reuters) - Egyptian police fired tear gas to prevent opponents of President Mohamed Mursi storming a court and the prosecutor-general's office in central Cairo on Saturday, witnesses said.

Eight people were injured in Cairo during another protest in al-Fayoum south of the capital, the state news agency MENA said.

A protester throws rocks during clashes with police in front of the High Court in Cairo April 6, 2013. REUTERS/Asmaa Waguih

A protester throws rocks during clashes with police in front of the High Court in Cairo April 6, 2013. REUTERS/Asmaa Waguih

Some 500 people marched for much of the day through central Cairo, chanting "The people want to topple the regime" on the fifth anniversary of the founding of the opposition April 6 youth movement.

When some protesters hurled fireworks and rockets at the court, which also houses the prosecutor's office, and tried to break down the main gate, police fired tear gas from upstairs windows, witnesses said.

Egypt has been in political turmoil since the ousting of President Hosni Mubarak in 2011, with Mursi and his Islamist allies pitted against various secular opposition groups.

The prosecutor-general angered activists a week ago by questioning a popular TV satirist who is accused of having insulted Mursi. The government denies opposition claims that the case is evidence of a crackdown on dissent.

"We are Muslims but we want a civilian state," said Saffeya Mustapha, a female protester on the Cairo march.

Seven protesters were taken to hospital, MENA said, citing the Health Ministry.

Separately, opponents and supporters of the Muslim Brotherhood, Mursi's Islamist allies, attacked each other with stones and fireworks in the Mediterranean city of Alexandria, MENA said. It did not report any injuries.

(Reporting by Maggie Fick, Ahmed Tolba and Reuters Television; Writing by Ulf Laessing; Editing by Kevin Liffey)

Copyright © 2013 Reuters

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The Star Online: Entertainment: TV & Radio

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The Star Online: Entertainment: TV & Radio


Serial killers getting prominence on TV

Posted: 06 Apr 2013 09:14 AM PDT

Serial killers are given prominence on television and viewers are loving it... for now.

CRIME has always been a prevalent topic on television, which explains the popularity of shows revolving around cops and lawyers. Within that one hour, a criminal is caught and punished by our valiant hero(es), ultimately giving victims of crimes in the real world a phantom satisfaction that there is justice. Or it could be just the basic reason for providing good-old entertainment to audiences who like crime shows. Despite its popularity however, police dramas thrive on a formula – earning some of them the apt term, procedural drama.

Well, this year, the trend has shifted quite significantly – a few new series premiering in the US have boldly switched the storytelling style – from the points of view of the lawmaker to the criminal. More specifically, serial killers.

Are murderers about to take over the prime time slots with police playing secondary roles? It seems so with the arrival of series like Bates Motel, The Following, Ripper Street, Cult and Hannibal. No doubt these shows with a flawed central character already have an advantage as they provide the audience with surprising plot twists.

In an interview with The Salt Lake Tribune, Jennifer Salke, the president of NBC Entertainment, explained the shift: "You need somebody who's going to grab people by the shoulders and force them to watch. We can't just launch a procedural show with a great, well-crafted cop story. It's not going to happen. So we need to just make a little more noise."

One of the new shows about to make some noise in Malaysia is Hannibal, premiering on AXN on April 9 (see story on page 6). This new series developed by Bryan Fuller (Pushing Daisies) looks at the early days of Dr. Hannibal Lecter. Lecter is, of course, author Thomas Harris' fictional cannibal killer, most famously portrayed by Anthony Hopkins in the 1991 film The Silence Of The Lambs. In this new series, he is played by Mads Mikkelson (Bond villain in Casino Royale).

Evil has two faces

Self-confessed TV addict Sue Tan, who is an actor and scriptwriter, deduced why audiences are currently interested in shows like these: "Serial killers can be very interesting characters and definitely more captivating than your boring one-time killer. Why I love watching crime TV shows/films especially, is because of the motive and what drives someone to kill. They are also usually very charismatic characters plus all that careful planning! How is that not interesting TV? Also, vampires are so last season."

She added: "If the character is written and played well, as it is in The Following by James Purefoy (who portrays convicted serial killer Joe Carroll), somehow it makes a ruthless killer somewhat acceptable. By no means do I mean that slicing someone's throat for fun is acceptable at all but that sick part of the person is just one part of him that he can't help and the rest of him is, well, for lack of a better word, normal. It also helps that they choose good-looking actors.

"I still want to see him caught and punished, but maybe after season two?"

Airin Zainul, the group general manager for Ntv7 and 8TV, theorised it is human nature to be curious about how other people live. In the case of these new shows, they just happen to be serial killers. "In my opinion, their lives intrigue (the audience) and offer a kind of escapism from our normal everyday lives. With a good storyline, you'd (develop) a relationship with the characters ... they may be anti-heroes, but guided by our altruistic nature, we want to believe that there is good in them still."

That notion of empathy is echoed by Asha Ganesan, a graduate student in social psychology at University of Northern Iowa. "Personally, I think a lot of TV shows are upping the ante, by writing negative characters that people can identify with, (these) grey characters. We are all capable of doing 'not-so-nice' things, but not necessarily to the extremes like these characters. Feeling empathetic may be a good thing because it shows the audience may still value that person's life, even if they have committed heinous acts. Also, maybe the audience needs to be given credit for looking beyond what's on screen. It's possible the audience is taking into consideration other factors that led this person to take on such as lifestyle."

A psycho's path

What drives these individuals to carry out these horrible acts make for continuous debates and scientific researches; no doubt, there are dozens of theories out there. Chemical-imbalance theory aside, what goes on in the mind of a serial killer? How did he get to be the way he is; was there a moment in his life when this violent response was first triggered?

According to the series Dexter – which is based on the first Dexter novel, Darkly Dreaming Dexter, by Jeff Lindsay – the character Dexter Morgan gained his desire to kill after witnessing his mother's murder. Both he and his older brother, who were present when the tragedy occurred, became serial killers as adults. Dexter calls his urges to kill as "the Dark Passenger", a presence in his mind that guides him when he is on the hunt and when he does the dirty deed.

Dexter is also one of the earliest TV series to wander into a criminal mind – it premiered in 2006 and enters its eighth season this year. The series, starring Michael C. Hall in the title role, paints a sympathetic portrait of a murderer (with its whimsical voiceover and ironic observations of people). But the series has its share of creepy psychopaths including one Ice-Truck Killer, who drains the blood of his victims, and The Trinity Killer, who kills in three. As the series progresses, Dexter's cheery disposition – a mechanism he uses to blend in and hide his inhuman self – turns dark. Undoubtedly all these make Dexter an entertaining show.

So what makes serial killers an entertaining subject? Asha answered: "I think the entertainment value comes from the curiosity people have about individuals who are different from the norm, similar to some of the oddest reality shows we see. However, it could also be a way to see people doing things that most of us can't imagine doing to others. Most of the good shows make the serial killers multi-dimensional, dramatic and so different from the average Joe that seeing how investigators react to them is interesting."

Mikkelsen, who portrays a young Hannibal Lecter in Hannibal, agreed with that sentiment. "Yes, I do understand the fascination. I'm not sure it just goes on the topic of serial killers, but there is this fascination with the devil or the dark side of the coin. I don't know how many biographies have been written about Stalin, Hitler or Mao and we want to not embrace it but we want to understand what is going on," the 47-year-old actor said in a published interview.

When asked about the side effects shows like these may have on the audience, Asha said: "I think people immediately assume that all serial killers are geniuses, enigmatic or psychopaths. In real life, most of the stories are not as romantic, not all of them are as attractive as the actors on TV and not all of them are misunderstood.

"On the positive side, I think it exposes audiences to information on certain psychological disorders that may not be talked about if they hadn't seen it on TV. I think the TV show portrays how some of them do need some kind of psychiatric help and their current state could be the consequence of not having people around them realise this."

Entertainment value aside, there is the never-ending argument of violence on TV influencing the audience to commit crime. According to the psychology student, research findings tell very different stories. "I would say violence on TV has led most of us to have a higher tolerance towards viewing violent acts, maybe a result of pushing the envelope with how much TV channels can get away with.

"But I wouldn't say violent acts in real life are attributable only to violence on TV," Asha said.

Tan agreed that watching TV is just a form of entertainment. And sometimes for her, it serves as a form of research especiall when she writes script. "From the amount of crime dramas I watch, and read – inclusive of watching serial killers at work – I would be in serious trouble by now if it had any effect on me. I don't think people who are violent in real life got that way after watching something violent on TV. They might have learnt how to chop up a body, put the parts through a meat grinder and serve it so as not to leave a trace of evidence though." she deadpanned.

Now trending

But how long is this fascination with serial killers going to last on TV? It doesn't seem like it has the stronghold in the industry looking at viewing patterns. In the early 1980s, soap opera was in vogue (Dallas, Dynasty and Falcon Crest) only to fade out and to be replaced by family sitcoms (Family Ties, The Cosby Show, Growing Pains and Full House) ... and so, the cycle continues for it to arrive at our fascination with serial killers. When it first aired seven years ago, Dexter was the first of its kind on prime time. The popularity of the show, both with critics and fans, proved that this is an area that's ripe for interesting storytelling.. So, networks started to order more scripts based on serial killers.

In the end, however, the question remains, would an influx of shows revolving the same kind of characters simply turn into a nasty case of overkill?

Well, whether that happens or not, it's safe to say, serial killers are on the loose on TV for now, and the audience are simply loving it.

Related Stories:
A peek into the lives of fictional serial killers
Dr Hannibal Lecter is back
Hannibal's onscreen life

A peek into the lives of fictional serial killers

Posted: 07 Apr 2013 01:51 AM PDT

Serial killers are all the rage now on television. Here are seven series bent on feeding our morbid fascination with serial killers.

Bates Motel – Just mention the name Norman Bates, and those of us who are familiar with Alfred Hitchcock's film, Psycho, will picture the famous shower scene. Another lasting impression gleaned from that film is Norman's relationship with his mother. This series is based on the characters from the novel Psycho by Robert Bloch and, Hitchcock's film, but it's a prequel set in the present day (although the clothes and the furniture are all very retro). It has a teenage Norman Bates (Freddie Highmore), moving into the old house with his possessive mother, Norma Bates (Vera Farmiga), so they can run the motel. Oh, come on, you know which motel. When a boy's best friend is his mother, he never stood a chance.

Cult – Get this, Cult is a TV show within a TV show. Billy Grimm (Prison Break's Robert Knepper) is an actor playing a cult leader on a show called Cult. Now the thing is, a series of disappearances and murders in the "real world" are somehow connected to the show. Is this a case of a copy cat serial killer or something else?

Dexter – Dexter Morgan (Michael C. Hall) is a blood splatter analyst with the Miami Police department by day, and a serial killer by night. His father, a police officer, has given Dexter a strict set of rules to abide when he goes on his killing spree so he can never be caught by the law. One of the strict rules is: Dexter must only kill serial killers who have escaped the clutches of the law. Does this make Dexter the good guy or the bad guy? This is something that's debated on the show (and by fans) continously.

Hannibal – From Thomas Harris' book Red Dragon, we know Special Agent Will Graham is a great criminal profiler. But even the great ones need help sometimes – whether they want to admit or not. That's where renowned psychiatrist Dr. Hannibal Lecter steps in. Needless to say, the audience knows something that Will Graham does not. Hannibal looks at the early relationship between Hannibal (Mads Mikkelsen) and Will Graham (Hugh Dancy). Hopefully, Will doesn't eat any meal prepared by Hannibal.

Ripper Street – Jack the Ripper is the most famous serial killer – one whose identity is still not known. This series is setin the Victorian era, as the police precinct at the Whitechapel district deals with the aftermath of Jack the Ripper. This BBC series stars Matthew Macfadyen, Jerome Flynn and Adam Rothenberg.

The Following – Joe Carroll (James Purefoy) is so obsessed with Edgar Allan Poe that he teaches about the famous writer in a university. Yeah, a whole subject on Poe. Carroll also happens to be a psychotic serial killer with a legions of followers (hence the title) who kill on his orders. Although Carroll is now jailed, his obsessive fans – some 300 of them – are committing murders on the outside, and all over the United States. Only problem is, the authority has no clue who these people are or how they are communicating with each other, much less with their jailed leader. Former FBI agent Ryan Hardy (Kevin Bacon) has the tough job of finding the trail of the followers ignited by Joe Carroll.

The Mentalist – Although this series, starring Simon Baker, falls under a procedural drama, the one thing that sets it apart from other procedurals is the unseen serial killer named Red John. This madman's heinous actof murdering the family of Patrick Jane (Baker) is the basis for our protagonist to join the California Bureau of Investigation. Even after five seasons in, Red John continues to taunt Jane. Will Red John ever get his comeuppance?

Related Stories:
Serial killers getting prominence on TV
Dr Hannibal Lecter is back
Hannibal's onscreen life

Hannibal’s onscreen life

Posted: 07 Apr 2013 01:56 AM PDT

> Hannibal Rising (2006 novel, 2007 movie, pic above): Thomas Harris wrote this origin story only after being told a new movie would be made with or without him. Eight-year-old Hannibal witnesses his sister's murder and later goes all Munich on the Nazi perpetrators. Directed by Peter Webber, with Gaspard Ulleil (pic, above) as Lecter.

> Hannibal (2013): Lecter (Mads Mikkelsen) is living undetected as a psychiatrist and FBI consultant with an awesome kitchen.

> Red Dragon (1981 book, 2002 movie): Lecter (Anthony Hopkins), now behind bars, toys with the FBI agent (Edward Norton) trying to find a psycho called the Tooth Fairy. Directed by Brett Ratner.

> Manhunter (1986 movie, based on Red Dragon): The first big-screen adaptation of a Harris novel, its "Dr Lecktor" is played by a menacing Brian Cox. Director Michael Mann gave it a surreal, Miami Vice-air.

> The Silence Of The Lambs (1988 book, 1991 movie): The Oscar-drenched effort put Hopkins' portrayal on everyone's best-villain lists. With Jodie Foster as FBI agent Clarice Starling, who needs Lecter's help to catch a skinner called Buffalo Bill.

> Hannibal (1999 book, 2001 movie): Having escaped from prison, Lecter (Hopkins) wreaks havoc in Italy before returning to the United States in search of Starling (Julianne Moore).

He drugs Starling and, uh, brainwashes her into becoming his lover. Ridley Scott directed this unpleasant, tedious experience. – The Kansas City Star/McClathchy-Tribune Information Services

Related Stories:
A peek into the lives of fictional serial killers
Serial killers getting prominence on TV
Dr Hannibal Lecter is back

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The Star Online: Business

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The Star Online: Business


Treasury pulse

Posted: 05 Apr 2013 10:37 PM PDT

Global forex market

MONTHS of speculation over the Bank of Japan's (BoJ) stimulus path has built up into this specific policy meeting that governor Kuroda pledged to do "whatever it takes" to end deflation, and return inflation to 2% within two years.

A 25% advance from US dollar/yen in less than six months carries a very clear fundamental drive outside of the normal bounds of risk trends or relative economic performance and that is the hallmark of excessive stimulus expectation, and markets are now expecting more than pledges and something beyond the anti-deflation credentials of BoJ.

The April 3-4 BoJ meeting turned out to be a surprise as markets expressed their support with the yen depreciated to trade above 96 compared to 93.32 in the early part of the week. Added to this was the announcement by Prime Minister Shinzo Abe to give every citizen the ability to print currency using a desktop computer application.

The reopening of European markets after the Easter holiday has brought fresh risk appetite, with European indices enjoying healthy gains. Markets didn't set to high expectations on the European Central Bank (ECB) given that its own policy bearings have been held broadly steadfast for some time (with a few words of concern about the euro and downgrade on growth forecasts). No talk of further easing has been offered by the ECB and with some kind of stability seen in Cyprus and region-wide austerity drive. Euro rebounded from recent low and kept above the 200MA of 1.2893. The ECB president Draghi appeared to leave the door open for a cut in official interest rates if forthcoming data in the weeks ahead show extended weakness in activity.

In response to these developments and weaker US data, the benchmark S&P 500 posted its biggest daily drop in five weeks and moved the market up to the lower boundary of this year's persistent bullish trend channel. The tension is high, but this has not yet upgraded to a truly serious risk aversion situation. The ADP national employment gauge showed that 158,000 private sector jobs were created in March, the weakest growth in five months and below expectations for a gain of 200,000 positions. Also, the ISM services index eased from 56.0 to a seven month low of 54.4 in March.

Australia was the best-performing major, after a better-than-expected trade balance emboldened the Australian dollar bulls, with the currency sitting just below a two-month high at 1.05. The Australian dollar was stronger also due to an upbeat central bank report, which cited a reduction in downside risk for the domestic economy. This left rates unchanged.

The ringgit ended the week on bullish tone with 1.1% appreciation against the US dollar following from Prime Minister Najib's announcement to dissolve Parliament in preparation for the 13th General Elections. Barisan Nasional currently controls 137 seats in Malaysia's 222 member parliament and Najib's popularity rating stands at 61% based on survey conducted from Jan 23 to Feb 6 by the Merdeka Centre for Opinion Research.

US Treasuries (UST) Market

US Treasuries advanced this week, with yields easing lower on the back of softer economic prints. Employment data for the month of March is expected to come in softer than the previous month. Yields on 2-, 5- and 10-year note seen easing to settle at 0.23%, 0.70% and 1.77% respectively at time of writing.

Malaysian bond market

This week saw the re-issuance of the seven-year Malaysian Government Securities (MGS) benchmark. The issue size of RM3.5bil was within market expectations. The tender attracted a bid to cover of 1.64 times with an average yield of 3.417%.

Trading in the MGS/GII was thin at the beginning of the week following the announcement of the tender. Market players were also on the sideline waiting for details of the upcoming election. Sentiment turned in mid-week following the dissolution of the current Parliament. Local bond activities picked along with the bullish sentiment in the ringgit. The newly re-issued MGS 03/20 saw trading volume reaching RM3.3bil at time of writing.

On private debt securities, total trading volume amounted to RM3bil, of which 69% came from the GG/AAA, 29% from the AA segments and the remaining trades from the single A segment. Daily average trade volume rose to RM742mil compared with RM740mil average seen in the prior week.

In the GG/AAA segment, active trading was seen on Manjung Island's bonds maturing 2018-2031, last dealt in the range of 3.71% to 4.43% with a collective trading volume of RM291mil. Other notable trades include the bank-guaranteed Boustead's bonds maturing in 2015, which attracted a total trading volume of RM280mil, last dealt in the range of 3.77% to 3.9%.

In the AA band, power-related bonds were flavour of the week. Tanjung Bin Power's bonds maturing 2019-2028 were well sought with a collective trading volume of RM165mil, last dealt in the range of 4.02% to 4.72%. Elsewhere, Gamuda 03/18 attracted a volume of RM135mil with yield easing 3bp to 4.02%.

MYR IRS market

The dissolution of the Parliament had minimal impact on the ringgit (MYR) interest rate swap (IRS) rates and rates only dipped towards the end of the week after US data disappointed and US Treasuries rallied. The IRS curve ended the week 1-3bps lower.

For enquiries, contact: fx-research@ambankgroup.com or bond-research@ambankgroup.com

Biological aspects of boom and bust

Posted: 05 Apr 2013 10:35 PM PDT

The Hour between Dog and Wolf: Risk-taking, gut feelings and the biology of boom and bust

Author: John Coates

Publisher: 4th Estate

ON the surface, The Hour between Dog and Wolf seems like a gimmick that cashes in on the most recent financial crisis, the one that turned the world upside down and wreak havoc in the lives of traders and bankers.

Given a quirky title, the book looks intriguing, and its premise ground-breaking how biology explains Wall Street's booms and busts. That, coupled with the book's portability and affordability, makes it a book that stopper at first glance.

Truly it is. This book is wondrous to read. John Coates, who is a neurologist and a former Wall Street trader, disentangles the dichotomy of economics and biology. He shows how hormones of traders collectively form the physiology foundation of highly volatile financial markets, and that it is our body that affects our brain, not entirely the other way round as commonly understood where our brain commands our bodily actions. According to Coates, our body, through muscles, transmits information back to the brain fast enough to keep up with our emotion as well as to generate it. This theory can best be tested in the highly fluid and intense financial markets as Coates did on four professional traders.

With consummate skills, Coates narrates and demonstrates how these traders, when placed in the nerve vortex of world economy, can discern the tiniest clues with their sense and react to market events so quickly that their brains cannot keep up and they have to draw on signals from their bodies to optimise their trades.

Following Coates' theory, the traders pass through various cycles of changes both in their bodies and in minds from thrill and excitement to the belief that they are infallible. At their euphoric high points, one trader with impaired judgement places dangerous risk-taking bets, and his positions grow to dangerous sizes. As a result, traders are generally time-bombs having no inkling of their biological workings. But neither did we until Coates tells us so.

"Human biology can today help us understand over-confidence and irrational exuberance, and it can contribute to a more scientific understanding of financial market instability," writes Coates, heralding a new movement that explains the tacit knowledge that we subconsciously concede but do not know how to explain it.

This tacit knowledge shared between the body and the brain is now completely brought to light by Coates who ploughs deep down into our body like a surgeon. Hormones such as adrenalin, testosterone, cortisol that send instructive messages for us to react come to life under Coates' command. Along the veins as they travel, they fight to subdue each other, affecting rationality and regularity.

But Coates obviously is not as wry and dry like a serious surgeon. He is funny, making the process of understanding the unification of body and brain, a process called homeostasis, highly entertaining and enlightening. Our goose bumps rise because our animal instincts have called for us to raise our fur, which we do not have. Our throats turn dry because in the face of challenges, our body conserves water, hence the dry mouth. The amount of bodily signals coming as they do from various tissues, every muscle and organ to be processed by the brain is as voluminous as the fun of reading this book.

The entire narrative is awe-inspiring, and Coates himself, unlike most traders in the financial markets, displays cool composure in vindicating his theory. Hormones, brain cells, dollar and sense criss-cross and blink like security prices on traders' screens, but Coates is unfazed.

He deals with them one at a time and in an organised manner. In the end, two highly distinctive fields of study coalesce, and the truth is out to our dismay the financial system balances precariously on the mental health of those risk-taking, risk-loving, adrenalin-pumping traders who have way too many of the bad hormones to be trusted. Like athletes, these traders are short-term sighted and they do not make great use of their cognitive abilities because cognitive reactions are too slow for the cut-throat environment. Instead their responses are guided by subconscious fast reactions. In less scientific terminology, they follow instincts rather than methodical reasoning.

Coates' compelling narrative questions the grand theory of Efficient Market Hypothesis and wobbles the foundations of one of neo-classical economics' most sacred tenets that human behaviour is volitional we choose our course of actions with a rational mind! This tete-a-tete conversation between biology and economics is a total game changer, as Coates says, "If the walls separating brain from body came down, so too would the barriers between many subjects."

There are many ways to better manage fluctuations of financial markets, and defusing the explosive mix of hormones and risk-taking is likely to work if we do as Coates believes financial bubbles are largely a male phenomenon. In that case, we should manage by first changing the biological diversity of markets. Welcome then women (calmer) and older men (wiser) to the testosterone world of trading.

5%-10% increase in Khazanah CR initiative funding seen

Posted: 05 Apr 2013 10:31 PM PDT

KUALA LUMPUR: Khazanah Nasional Bhd will likely increase funding for its corporate responsibility (CR) initiatives this year by 5% to 10% from the RM62.4mil spent in 2012.

The Malaysia's state investment arm said its CR initiatives last year had benefited more than 140,000 individuals across the country. Since 2004, Khazanah's total funding for its CR initiatives stood at RM255mil, and was believed to have touched more than 500,000 lives nationwide.

"It is important for us to work with NGOs (non-governmental organisations) to build their capacity and ensure their resilience," Khazanah managing director Tan Sri Azman Mokhtar said after the launch of Khazanah's 2012 CR Report yesterday.

"We want organisations to align with our thinking, where we can add value. Not just the money, but also the corporate mindset in terms of achieving efficient delivery."

The report, its fourth since 2009, detailed a range of CR initiatives on which Khazanah focused, including responsible investments and value creation; human capital development; social capital development and environmental stewardship.

"We hope that the publication of this CR Report will encourage more corporates to help underserved communities and protect the environment," Azman said, after pointing out that Khazanah was more than just about financial and strategic returns.

This year, Khazanah collaborated with Wolfson College of Cambridge to sponsor two Malaysian journalists for the inaugural Khazanah-Wolfson Press Fellowship programme for 10 weeks. The first two recipients of the award were Marhaini Kamarudin of Utusan Malaysia and Cecilia Kok of The Star.

The annual programme aims to provide Malaysian journalists the opportunity to enhance their expertise and knowledge in the field and contribute towards the further development of journalism in Malaysia.

Khazanah's investment portfolio registered a growth of 138.7% from RM50.9bil on May 14, 2004 to RM121.6bil as at Dec 31, 2012. This was accompanied by an increase in value created in excess of RM53bil over the same period.

Kredit: www.thestar.com.my

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Ill-prepared Chong Wei no match for Houwei

Posted: 06 Apr 2013 06:08 PM PDT

PETALING JAYA: Forget Chen Long and Lin Dan. An ill-prepared Lee Chong Wei will need to buck up after being sent crashing out in the semi-finals of the Australian Open GP Gold by another of China's badminton princelings – Tian Houwei – in Sydney.

World No. 1 Chong Wei was expected to stroll to an easy victory Down Under but struggled to get his game going as world No. 196 Houwei outplayed him for a 21-19, 17-21, 21-18 win yesterday.

Houwei, the 2009 world junior champion, playing in only his first tournament of the year, got off to a bright start and showed no fear against Chong Wei, taking a close first game 21-19.

The two-time Olympic silver medallist, however, utilised all his experience to fight back ad level the tie by winning the second 21-17.

But Chong Wei, who was ill prior to the tournament, appeared a spent force as Houwei raced to an 11-3 lead in the deciding rubber.

To his credit, Chong Wei managed to close the gap to 14-17, but the 21-year-old Houwei held firm for a famous victory.

Making the final represents Houwei's best career achievement, having been beaten in the first round of this tournament by Hong Kong's Hu Yun last year.

For the title, he will face 19-year-old compatriot Xue Song, who also gave a polished display to oust Indonesia's Alamsyah Yunus 21-10, 18-21, 21-15 in the other semi-final.

National singles head coach Rashid Sidek believes that "the defeat is a good lesson for Chong Wei never to underestimate his opponents".

"The China shuttler really played well. He showed maturity in his game and was not afraid to take on Chong Wei," said Rashid.

"We did not even expect him to play like such a seasoned and experienced player.

"In contrast, Chong Wei's performance was affected by the fact that he is still recovering from a sickness, although that should not be used as an excuse.

"This defeat is a good lesson for him to never ever underestimate the younger players ... especially those from China.

"But I'm confident though that he will bounce back well and be better prepared for his next tournament."

Chong Wei's next assignment will be the India Open Super Series in New Delhi from April 23-28.

Meanwhile, it was a fairly disappointing day for the professional duo of Mohd Zakry Abdul Latif-Mohd Fairuzizuan Mohd Tazari as they were beaten 18-21, 18-21 by Malaysian Open champions Hendra Setiawan-Muhammad Ahsan of Indonesia.

The fifth-seeded Indonesians will face compatriots Angga Pratama-Ryan Agung Saputra for the title.

Results

Semi-finals
Men's singles:
Xue Song (Chn) bt Alamsyah Yunus (Ina) 21-10, 18- 21, 21-15; Tian Houwei (Chn) bt Lee Chong Wei (Mas) 21-19, 17-21, 21-18.

Men's doubles: Hendra Setiawan-Muhammad Ahsan (Ina) bt Mohd Zakry Abdul Latif-Mohd Fairuzizuan Mohd Tazari (Mas) 21-18, 21-18; Angga Pratama-Ryan Agung Saputra (Ina) bt Kim Dae-eun-Shin Baekcheol (Kor) 21-9, 21-14.

Women's singles: Sayaka Takahashi (Jpn) bt Pai Hsiao Ma (Tpe) 21- 16, 21-15; Nichaon Jindapon (Tha) bt Suo Di (Chn) 9-21, 21-8, 21-11.

Women's doubles: Aprilsasi Putri Lejarsar Variella-Vita Marissa (Ina) bt Ko A-ra-Yoo Hae-won (Kor) 19-21, 21-11, 21-12; Savitree Amitapai- Sapsiree Taerattanachai (Tha) bt Chen Qingchen-Huang Dongping (Chn) 21-17, 26-28, 21-15.

Mixed doubles: Irfan Fadhilah-Weni Anggraini (Ina) bt Liu Yuchen- Huang Dongping (Chn) 21-19, 13-21, 22-20; Shin Baek-cheol-Jang Yena (Kor) bt Huang Kaixiang-Chen Qingchen (Chn) 23-25, 21-13, 21-19.

Divers to skip Canada Grand Prix to focus on US GP

Posted: 06 Apr 2013 06:10 PM PDT

PETALING JAYA: A change of plans will see Malaysian divers going only for the United States Grand Prix in Fort Lauderdale from May 9-12.

It will be a crucial meet to assess their readiness ahead of the World Championships in Barcelona in July.

Head coach Yang Zhuliang had earlier planned to take the divers to the Canada Grand Prix on the preceding week but has since changed his mind.

"If we were to go for the Canada GP, it will be troublesome. We have to go to Singapore to apply for the visas this time and they have to skip training.

"We're only going for the US GP next month. It's important to us and we cannot afford to miss it.

"It's an outdoor competition and conditions will be similar to what we'll face at the World Championships.

"Many countries will be sending their top divers to the US GP this time ... it will be like an Olympic field," he said.

The biennial world meet will be held from July 19-Aug 4 at the Piscina Municipal de Montjuic.

Zhuliang said that the venue for the world meet was located on a hilly area and "can be unnerving for divers who have no experience competing in an outdoor pool".

"They can feel the force of the wind when they stand on the 10m platform. In indoor competitions, you do not have to worry about anything except your dives and the competition," he said.

"But diving outdoors is challenging because wind conditions make it harder for co-ordination.

"We're planning to go to China after the US Grand Prix for training and we are looking at an outdoor venue."

The squad have not been finalised but several newcomers – like Chew Yiwei, Traisy Vivien Tukiet and Nor Dhabitah Sabri – could be included.

Malaysia won a medal at the aquatics world meet in 2009 when Pandelela Rinong and Leong Mun Yee bagged a bronze in the 10m synchro platform in Rome.

Olympic bronze medallist Pandelela will be competing along with Wendy Ng Yan Yee, Leong Mun Yee, Cheong Jun Hoong, Ooi Tze Liang and Yiwei in the third leg of the FINA Diving World Series in Edinburgh next weekend.

Pandelela already has a bronze medal in individual platform from the first leg in Beijing last month.

Friendlies with China on road to World League semis

Posted: 06 Apr 2013 06:10 PM PDT

KUALA LUMPUR: The national hockey team will play five friendlies against China here next month in preparation for the World League semi-finals at the Taman Daya Stadium in Johor Baru from June 29 to July 7.

The friendlies will be played after the Malaysia Hockey League (MHL), which ends on May 19. The scheduled dates for the matches are May 25, 26, 28, 30 and 31.

The competition in Johor Baru is an important assignment for Malaysia to qualify for next year's World Cup in the Hague, Holland.

Malaysia have failed to qualify for the last two World Cups – Germany (2006) and New Delhi (2010).

Eight teams will feature in the World League semi-finals. Besides Malaysia, the other teams are Olympic champions Germany, Argentina, England, South Korea, Pakistan, South Africa and one more team to be named later.

However, all the six teams are ranked higher than 13th-placed Malaysia.

There are two World League semi-final competitions. Rotterdam are hosting the first semi-finals from June 13-22 and the teams competing there are Australia, Spain, India, Ireland, New Zealand and two more teams that will be announced later.

Four teams from each semi-finals will qualify automatically for the 2014 World Cup.

National assistant coach S. Arulselvaraj said that the friendlies against fast-attacking China would be vital in preparation for the World League semi-finals.

"The matches will also give us an idea on our team's strengths and areas which we need to work on," he said. There are 30 players in the squad and training will commence next week.

The World League is an important assignment for national coach Paul Revington, who was hired last September to help Malaysia qualify for the World Cup.

Under the South African coach's guidance, Malaysia finished fourth in Champions Challenge I in Argentina last November. A month later, in the second edition of the Asian Champions Trophy in Doha, the national team won the bronze.

And in the six-nation Sultan Azlan Shah Cup in Ipoh last month, Malaysia lost 3-2 to Australia in the final.

Kredit: www.thestar.com.my

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