Khamis, 26 September 2013

The Star Online: Metro: Sunday Metro

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The Star Online: Metro: Sunday Metro

Officials: Dozens feared trapped in Mumbai building collapse
World’s most expensive necklace to go on display
Taiwan's navy launches surface-to-air missile

Officials: Dozens feared trapped in Mumbai building collapse

Posted:

MUMBAI: A five-storey residential building collapsed in Mumbai at daybreak on Friday in the latest accident in India's financial capital, with dozens feared trapped inside.

Crowds formed around the rubble of the completely flattened block, owned by the city's civic administrative body the Brihanmumbai Municipal Corporation, in the east of the city.

"My son is inside. I'm waiting for them to get him out," distraught 62-year-old retiree Mithi Solakani told AFP at the scene.

Local people estimated between 40-60 people lived in the destroyed building, but BMC official Manisha Mahiskar and police said they believed some 20-24 were still trapped in the debris.

Seven people had been pulled out alive, Mahiskar said.

Five other apartment blocks have collapsed in or close to Mumbai in recent months, including one in April that killed 74 people.

They have highlighted poor quality construction and violations of the building code, caused by massive demand for housing and endemic corruption.-AFP

World’s most expensive necklace to go on display

Posted:

THE world's most expensive necklace – worth a whopping US$55mil (RM177mil) and embedded with 1,044 carats of diamonds – will be making its first Asian stop in Singapore.

Aptly named the L'Incomparable and created by international jeweller Mouawad, the necklace earned a Guinness World Record in January for being "the most valuable". It will be displayed from Oct 11 to 15 at Ngee Ann City Civic Plaza as part of a global tour targeted at potential buyers.

Studded with 91 diamonds, the necklace's crown jewel is a deep brownish yellow centrepiece that is said to be "the world's largest internally flawless diamond" weighing 407.48 carats and is set in 18K rose gold.

The display is part of the upcoming 11th Singapore JewelFest from Oct 11 to Oct 20, which will showcase a combined US$250mil (RM805mil) in jewellery – double that of last year's edition.

L'Incomparable was brought in to celebrate Mouawad's opening of its second boutique in Singapore later this year, and in recognition of the city-state's reputation as a top shopping destination, said JewelFest festival director Angela Loh-Bem. — The Straits Times / Asia News Network

Taiwan's navy launches surface-to-air missile

Posted:

ABOARD THE ROCS SU AO (Taiwan) (AFP) - Taiwan's navy launched its premier surface-to-air missile from the deck of a warship Thursday, its first test of the weapon in six years, destroying a drone simulating a Chinese air attack.

The US-made Standard II missile, fired from the Kidd-class Makung destroyer, soared into the skies over the ocean dozens of miles east off Hualien, eastern Taiwan, hitting the drone, according to the navy.

Artillery were also used in the drill, codenamed "Sea Standard", that simulated a Chinese strike on the Taiwanese fleet.

"Standard II is very stable. There is no need to fire the costly weaponry every year to verify its reliability," Admiral Wen Chen-kuo told AFP from the nearby Su Ao destroyer, citing its success six years ago in a similar naval manouevre.

Each Standard II missile costs around $3 million. With a range of over 130 kilometres (81 miles), it provides warships with a more comprehensive and longer-range air defence capability.

Currently, only four 10,000-tonne Kidd-class destroyers, the biggest warships of Taiwanese navy, are armed with the regional air defence weaponry.

Due to bad weather, Taiwan's military had to call off some of the exercises.

Taiwan and China split in 1949 at the end of a civil war.

Tensions between them have eased markedly since 2008, after Ma Ying-jeou of the China-friendly Kuomintang party came to power. He was re-elected in January 2012.

China has repeatedly threatened to invade Taiwan should the island declare independence, prompting Taiwan to keep modernising its forces and conduct regular military drills. - AFP

Kredit: www.thestar.com.my

The Star eCentral: Movie Buzz

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The Star eCentral: Movie Buzz

Ben Affleck the superhero

Posted:

Like him or hate him as the new Batman, Ben Affleck has worn a cape in movies before.

IT has taken Ben Affleck years to lay to rest his past life as a smug, aspiring Hollywood leading man, and to re-invent himself as an Oscar-winning filmmaker.

But you can imagine that smirk returning to his face – that same look he wore in movies as diverse as 1997's Good Will Hunting and 2001's Pearl Harbor – now that he is set to play Batman in Zack Snyder's Batman Vs Superman.

Affleck has donned a cape before, playing Superman actor George Reeves in 2006 biographical film Hollywoodland.

He also played blind superhero Daredevil in the 2003 comic-book movie of the same name, a commercial and critical disappointment that led him to say: "I have innoculated myself from ever playing another superhero."

Obviously, he has had a change of heart. Publications such as The Hollywood Reporter and New York magazine say Batman Vs Superman is an unmissable chance for him to re-visit his acting ambition.

Never mind that Twitter can scarcely contain the fury of fanboys who find him unworthy of the role.

Never mind that he may deserve to star in a better film.

As New York magazine's Vulture blog puts it, "the man who directed the latest Oscar winner for Best Picture is going to be directed by the man who did Sucker Punch," the reviled 2011 action-and-lingerie movie.

Playing Batman opposite Henry Cavill's Superman in a Man Of Steel sequel, "Affleck gets to be a tentpole actor again without the tentpole actor risk," says The Hollywood Reporter.

After all, "Ben Affleck didn't come to Hollywood to be a great director", says Vulture, though he won an Oscar for last year's Argo. "Ben Affleck came to Hollywood to be a famous, well-liked actor and he clearly still wants to be."

Here are some other actors who have played Batman on the big screen:

Michael Keaton, 61

Tim Burton's Batman (1989) and Batman Returns (1992), total gross US$678mil (RM2.1bil)

Reaction: Twitter did not exist then or it would have exploded into rage when Keaton, known for Burton's 1988 comedy Beetlejuice, was chosen as the Caped Crusader. Instead, fans wrote 50,000 protest letters to Warner Bros. Ultimately, however, they were won over by Burton and Keaton, who took the Batman films in a dark, serious direction.

Afterwards: After hanging up the cape and cowl, he was the voice of a Ken doll in Toy Story 3 (2010) and will be in Toy Story 4.

Val Kilmer, 53

Joel Schumacher's Batman Forever (1995), total gross US$337mil (RM1bil)

Reaction: The actor cut a fine figure in the Batsuit which, unfortunately, was ridiculed for the director's addition of nipples.

Afterwards: Kilmer clashed with Schumacher and refused to return for another Batman film, starring in Michael Mann's 1995 Heat instead. Kilmer, whose ballooning weight in recent years has drawn tabloid concern, is directing and starring in Mark Twain And Mary Baker Eddy.

George Clooney, 52

Schumacher's Batman & Robin (1997), total gross US$238mil (RM752mil)

Reaction: The campy movie was so hated that the franchise was in deep freeze for years. Clooney, who was called the worst Batman for his lightweight performance, disliked the film too and called it "a waste of money".

Afterwards: He has ascended to the A list, on the back of hits beginning with Steven Soderbergh's Out Of Sight (1998). He has won two Oscars, one for acting in Syriana (2005) and the other for producing Argo.

Christian Bale, 39

Christopher Nolan's Batman Begins (2005), The Dark Knight (2008) and The Dark Knight Rises (2012), total gross US$2.46bil (RM7.7bil)

Reaction: Putting on 45kg of muscle and a growly voice to play the menacing, tormented superhero, Bale is a fan favourite.

Afterwards: He has many high-profile movies coming up, including David O. Russell's American Hustle and Terrence Malick's Knight Of Cups. He is set to play Moses in Ridley Scott's biblical drama Exodus. – The Straits Times, Singapore/Asia News Network

Related news:

Get ready for Gotham

Kredit: www.thestar.com.my

The Star Online: World Updates

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The Star Online: World Updates

Iran proposes fully implementing nuclear pact within a year -U.S
Kerry's 'Shall we talk?' prompts rare private meeting between Iran and U.S
U.S., Russia agree on Syria U.N. chemical arms measure

Iran proposes fully implementing nuclear pact within a year -U.S

Posted:

UNITED NATIONS (Reuters) - Iran proposed carrying out an agreement to address concerns about its nuclear program within a year at talks with major powers on Thursday, a senior U.S. State Department official said.

Iranian Foreign Minister Mohammad Javad Zarif met with his counterparts from Britain, China, France, Germany, Russia and the United States at the United Nations to discuss the nuclear issue and then stepped into a side room for one-one-one talks with U.S. Secretary of State John Kerry.

Zarif made a "thoughtful" presentation about the next steps that Iran and the six powers might take to try to resolve the standoff, which has eluded solution for a decade.

"He made a presentation. It was thoughtful. He ... laid out what Iran's interests were - their desire to come to an agreement and to do so, fully implemented, in a year's time," the U.S. official told reporters on condition of anonymity.

"Not only come to the agreement, but fully implement the agreement in a year's time," the official added.

"He reassured everyone that Iran does not want nuclear weapons and all of the reasons why it made no sense for them to have them and then laid on the table some ideas that he had about how we should go forward," the official said.

That 30-minute session was the highest-level official meeting between the United States and Iran since the 1979 Islamic Revolution that ushered in a more than three-decade estrangement between the two nations.

Over the last decade, the most salient of the many disputes between the two has been Iran's nuclear program, which the United States and its allies suspect is a cover to develop nuclear weapons.

Iran denies this, saying its program is for solely peaceful, civilian purposes.

While U.S. and other officials said the wider meeting had a positive tone, they emphasized the challenge of resolving the nuclear dispute and the importance of Iran both making concrete proposals on how to settle it and then implementing any deal.

"It was a useful insight into Iranian interests, thinking, process, what their timeline is, but we will have to sort through this," the official said.

The United States hopes Iran will offer more detailed ideas before Zarif, European Union foreign policy chief Catherine Ashton and the political directors from the six powers meet in Geneva on October 15 and 16 to follow up, the official said.

"In the two years I have been doing this, no Iranian has sat down and said in such extensive terms here is what we're going to talk about," the official said of Zarif's presentation. "But again we are still a long way from any agreement."

The official said the Obama administration would continue to vigorously implement its existing sanctions and favoured working with the U.S. Congress on imposing additional ones.

"We are in conversations with Congress now. We want to make sure we have flexibility for the negotiating track but we have always been a dual-track policy, both engagement and pressure, and that pressure comes through sanctions," the official said.

Asked what was meant by "flexibility," the official said this was to ensure that there would be waiver authority or other provisions that would give the administration some latitude on how to implement the sanctions.

"We would hope that anything that goes forward does that as well," the official said.

"If we can make progress, and it's a big if - I would put that in capital letters, italics and bold - if we can make progress on the negotiating track and the day comes when there are sufficient concrete results on the table to either suspend or ultimately lift sanctions, we want to be able to do so," the official said.

(Additional reporting by Lesley Wroughton; Editing by Stacey Joyce and Lisa Shumaker)

Kerry's 'Shall we talk?' prompts rare private meeting between Iran and U.S

Posted:

UNITED NATIONS (Reuters) - First there was a handshake, then an invitation to talk and finally a 30-minute tete-a-tete that made for the highest-level official meeting between the United States and Iran in more than three decades.

The opportunity for a rare meeting between U.S. Secretary of State John Kerry and his Iranian counterpart, Mohammad Javad Zarif, came after talks concluded between Zarif and foreign ministers from the six major powers on resolving Tehran's disputed nuclear program.

At the start of the talks, Kerry and Zarif shook hands, a senior U.S. official told reporters.

Zarif and Kerry were then seated side by side at the corner of a U-shaped table during the meeting of foreign ministers from the five permanent members of the U.N. Security Council - Britain, France, Russia, China, the United States - and Germany, known as the P5+1.

At the end of the meeting, Kerry seized the opportunity to invite Zarif for private talks, according to the senior U.S. official, speaking on condition of anonymity.

"The secretary leaned over and said, 'Shall we talk for a few moments?'" the official said.

The two diplomats went into a room to the side of the main meeting hall where they met one-on-one without their aides, according to the official. "Informally there had been some chatting it might happen," the official said.

That 30-minute session was the highest-level official meeting between the United States and Iran since the 1979 Islamic Revolution and the taking of American hostages at the U.S. Embassy in Tehran that ushered in a more than three-decade estrangement between the two nations.

Earlier in the week, there had been speculation about a possible encounter between U.S. President Barack Obama and Iranian President Hassan Rouhani during the U.N. meetings, which would have been symbolically important given the strains between Washington and Tehran.

While the White House was open to a meeting between Obama and Rouhani in New York, the Iranians indicated it was too complicated, an Obama administration official said.

U.S., Russia agree on Syria U.N. chemical arms measure

Posted:

UNITED NATIONS (Reuters) - Ending weeks of diplomatic deadlock, the United States and Russia agreed on Thursday on a U.N. Security Council draft resolution that would demand Syria give up its chemical arms, but does not threaten military force if it fails to comply.

Samantha Power, the U.S. ambassador to the United Nations, said a deal was struck with Russia "legally obligating" Syria to give up its chemical stockpile and the measure went to the full Security Council in a closed-door meeting on Thursday night. U.N. diplomats said a vote could come within 24 hours.

"Just two weeks ago, tonight's outcome seemed utterly unimaginable," Power said. "Two weeks ago, the Syrian regime had not even acknowledged the existence of its chemical weapons stockpiles."

"But tonight we have a shared draft resolution that was the outcome of intense diplomacy and negotiations over the past two weeks," she said.

U.S., Russian, French and British diplomats told reporters the vote could come as early as Friday evening, provided the Executive Council of the Organisation for the Prohibition of Chemical Weapons in The Hague approves a plan for the destruction of Syria's poison gas arsenal beforehand.

"I know that some (foreign) ministers are extending their stay in New York in order to participate in that vote," Russian Ambassador Vitaly Churkin told reporters.

The agreement emerged from intense negotiations at the United Nations with Russia, Syrian President Bashar al-Assad's chief ally. The aim was to craft a measure to require destruction of Syria's chemical arsenal in line with a U.S.-Russian deal reached earlier this month that averted American strikes on Assad's forces in the midst of a bloody civil war.

Western powers on the Security Council backed away from many of their initial demands, diplomats say, in order to secure Russia's approval. Russian Foreign Minister Sergei Lavrov said an "understanding" had been hammered out, but gave no details.

A major sticking point had been Russia's opposition to writing the resolution under Chapter 7 of the U.N. charter, which covers the council's authority to enforce its decisions with measures such as sanctions or military force.

The compromise draft resolution, obtained by Reuters, makes the measure legally binding, but provides for no means of automatic enforcement as the United States, Britain and France originally wanted.

Power said the resolution was groundbreaking because the council, which has been deadlocked for years on the Syrian civil war, formally endorsed for the first time a plan for a political transition in Syria that was agreed on at an international conference in Geneva in June 2012.

'BREAKTHROUGH'

The only reference to enforcement in the draft is a threat that if Syria fails to comply with the resolution, the council would impose unspecified punitive measures under Chapter 7, which would require a second resolution that Russia could veto.

A U.S. State Department official hailed the deal as a "breakthrough."

"The Russians have agreed to support a strong, binding and enforceable resolution that unites the pressure and focus of the international community on the Syrian regime to ensure the elimination of Syria's chemical weapons," the official said.

Diplomats from the permanent Security Council members - China, Russia, the United States, France and Britain - had been haggling over the details of a resolution to back the American-Russian accord announced on September 14 in Geneva to eliminate Syria's chemical weapons.

Assad agreed to destroy Syria's chemical weapons amid an international outcry over a sarin gas strike in the suburbs of Damascus last month - the world's deadliest chemical attack in 25 years.

Washington has blamed Assad's forces for the attack, which it said killed more than 1,400 people, and President Barack Obama threatened a U.S. military strike in response.

Russia and Assad have blamed the attack on rebels battling to overthrow him in a civil war that, according to the United Nations, has left more than 100,000 people dead.

British Ambassador Mark Lyall Grant said he was pleased the draft resolution called for "accountability" for those responsible for the chemical attacks, although he added he would have liked a direct reference to the International Criminal Court in The Hague - something diplomats said Russia opposed.

TOUGH NEGOTIATIONS

In a speech to the U.N. General Assembly on Tuesday, Obama sought to persuade world leaders to apply pressure on Damascus with a resolution that included tough consequences should Assad not surrender his chemical weapons stockpiles in a verifiable way.

But by putting the Syria crisis back in the hands of the U.N. Security Council where Russia has the ability to block punitive action, the chances of U.S. military action appeared to recede even further. Obama faces tough opposition from a sceptical Congress and a war-wary public on the wisdom of intervening military in Syria.

With rebel forces plagued by divisions, the Friends of Syria - a bloc of mainly Western and Gulf Arab countries plus Turkey -followed up Thursday's announcement of the draft resolution with a pledge to boost aid to the opposition. Weapons shipments to the rebels have been inadequate to shift the military balance in their favour.

U.S. Secretary of State John Kerry said on Thursday that Syria "will implode before any side would claim a military victory" and that all sides needed to move rapidly to put a political solution in place to end the conflict.

A senior U.S. official said earlier that the United States and China - another permanent Security Council member - strongly agreed on the need to quickly adopt a binding resolution on eradicating Syria's chemical arsenal, a remark that appeared aimed at putting pressure on Russia to accept the measure.

Russia at first appeared unswayed.

Kerry met Chinese Foreign Minister Wang Yi for about an hour on the sidelines of the annual gathering of world leaders at the United Nations.

After the draft resolution was announced, the Chinese foreign minister said, "The major concerns of all the parties, including China's concerns, have basically been resolved."

China has backed Russia to veto three council resolutions since October 2011 that would have condemned Assad's government and threatened it with sanctions.

Western diplomats say Beijing has little reason to support Assad but is eager to ensure Russia will continue to back it in the Security Council on issues like North Korea.

Assad's government last week disclosed to a U.N.-backed weapons watchdog the extent of its arsenal, meeting the first deadline of the ambitious disarmament deal that calls for the weapons to be eliminated by June 2014.

Russian Deputy Foreign Minister Sergei Ryabkov said on Thursday that his country was ready to help guard Syrian chemical weapons sites and destroy Assad's stockpiles but would not ship any of the chemical arms to Russia for destruction.

FRAGMENTED OPPOSITION

The head of the opposition Syrian Supreme Military Council cut short a visit to France on Thursday and said he would head to Syria on Friday for talks with rebel brigades that broke with the Western-backed coalition.

General Salim Idris, who commands the coalition's military wing known as the Free Syrian Army, or FSA, said he would meet with fighters from the 13 groups that rejected on Tuesday the authority of the Turkey-based coalition.

The rebel groups, including at least three considered to be under the FSA umbrella, called on Tuesday for the rebel forces to be reorganized under an Islamic framework and to be run only by groups fighting inside Syria.

Thousands of Syrian rebels have broken with the Western-backed coalition and called for a new Islamist front, undermining international efforts to build up a pro-Western military force to replace Assad.

(Additional reporting by Arshad Mohammed, Asher Levine and Asma Alsharif; Writing by Matt Spetalnick and Louis Charbonneau; Editing by Will Dunham and Peter Cooney)

Kredit: www.thestar.com.my

The Star eCentral: Movie Reviews

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The Star eCentral: Movie Reviews

Ben Affleck the superhero

Posted:

Like him or hate him as the new Batman, Ben Affleck has worn a cape in movies before.

IT has taken Ben Affleck years to lay to rest his past life as a smug, aspiring Hollywood leading man, and to re-invent himself as an Oscar-winning filmmaker.

Affleck has donned a cape before, playing Superman actor George Reeves in 2006 biographical film Hollywoodland.

Never mind that Twitter can scarcely contain the fury of fanboys who find him unworthy of the role.

Never mind that he may deserve to star in a better film.

Playing Batman opposite Henry Cavill's Superman in a Man Of Steel sequel, "Affleck gets to be a tentpole actor again without the tentpole actor risk," says The Hollywood Reporter.

Here are some other actors who have played Batman on the big screen:

Michael Keaton, 61

Tim Burton's Batman (1989) and Batman Returns (1992), total gross US$678mil (RM2.1bil)

Afterwards: After hanging up the cape and cowl, he was the voice of a Ken doll in Toy Story 3 (2010) and will be in Toy Story 4.

Val Kilmer, 53

Joel Schumacher's Batman Forever (1995), total gross US$337mil (RM1bil)

Reaction: The actor cut a fine figure in the Batsuit which, unfortunately, was ridiculed for the director's addition of nipples.

George Clooney, 52

Schumacher's Batman & Robin (1997), total gross US$238mil (RM752mil)

Christian Bale, 39

Christopher Nolan's Batman Begins (2005), The Dark Knight (2008) and The Dark Knight Rises (2012), total gross US$2.46bil (RM7.7bil)

Reaction: Putting on 45kg of muscle and a growly voice to play the menacing, tormented superhero, Bale is a fan favourite.

Related news:

Get ready for Gotham

Kredit: www.thestar.com.my

The Star Online: Business

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The Star Online: Business

KLCI higher in early trade, banks up but UMW falls
Dollar firm, shares mixed after U.S. data
How Jack Ma can keep a tight grip on Alibaba after an IPO

KLCI higher in early trade, banks up but UMW falls

Posted:

KUALA LUMPUR: Malaysia's blue chips inched up in early Friday trade, lifted by mild fund buying of banks, while glove makers extended their gains.

At 9.04am, the FBM KLCI was up 2.44 points to 1,776.60. Turnover was 108.79 million shares valued at RM39mil. There were 154 gainers, 38 losers and 103 counters.

However, the gains could be restrained by worries over a budget impasse in the US and ongoing uncertainty about the Federal Reserve's policy outlook.

At Bursa Malaysia, Public Bank foreign rose 20 sen to RM17.86, RHB Cap added eight sen to RM7.68 and AmBank seven sen higher at RM7.42.

Glove makers Hartalega added nine sen to RM7.52 and Kissan eight sen up to RM6.60 as interest returned.

Sona Petroleum rose 1.5 sen to 45 sen and the warrants edged up two sen to 29.5 sen in active trade on StarBiz's report it was looking to buy a stake in Singapore-listed RH Petrogas in addition to acquiring some of the latter's offshore oil & gas blocks.

UMW fell the most, down 18 sen to RM12.42 with 25,700 shares done.

Malaysia Smelting Corp fell after the non-renewal of its PT Koba Tin's contract of working in Indonesia.

Dollar firm, shares mixed after U.S. data

Posted:

TOKYO: The dollar held firm in early Asian trade after U.S. jobless claims figures pointed to a improving labour market, reviving expectations of a reduction in U.S. monetary stimulus.

Lack of progress in budget and debt negotiations in Washington could also undermine investor risk appetite, capping gains in global shares.

Both Japanese shares and MSCI's broadest index of Asia-Pacific shares outside Japan were little changed in early trade.

"Though U.S. jobless claims data is positive enough to marginally lift the market, investors need further evidence of a U.S. economic recovery as well as a settlement in Washington," said Hanyang Securities analyst Lim Dong-rak.

The dollar's currency basket index held firm after gaining 0.2 percent on Thursday, extending its recovery from seven-month low hit last week when the Fed decided not to trim its bond buying.

The dollar was also helped by the euro's fall amid renewed concerns Italy's fractious coalition government could fall apart.

Italian centre-right deputies supporting former Prime Minister Silvio Berlusconi renewed threats to resign if their leader is expelled from Parliament following a tax fraud conviction.

The euro traded at $1.3487, off seven-month high of $1.3569 hit last week while the dollar fetched 98.87 yen, maintaining its 0.6 percent gain on Thursday.

The yen showed no reaction to data that showed Japan's core inflation rose to five-year high.

U.S. weekly initial claims for unemployment benefits dropped 5,000 last week despite economists' expectations of a rise, helping U.S. shares to end a five-day losing streak.

The claims data's four-week moving average, a key gauge that smoothes out weekly volatility, dropped to 308,000, the lowest level since June 2007.

That fall could add to the case that the Fed is safe to go ahead with winding down its bond buying programme later this year.

Indeed, Fed Board Governor Jeremy Stein, who voted for keeping stimulus in place at the Sept. 17-18 meeting, said on Thursday he would have been comfortable with tapering at that meeting, adding the decision was, for him, a "close call".

An end to U.S. monetary stimulus could, however, hurt emerging markets that rely on foreign capital, such as India and Indonesia. Overnight, most Latin American shares eased.

An impasse in U.S. congressional negotiations over the budget and increasing the federal borrowing limit is likely to cap global shares.

"The market thinks default will be averted in the end, as usual. Yet this is not something that makes the markets go risk-on," said Tohru Yamamoto, chief fixed income strategist at Daiwa Securities.

The cost of protection against U.S. sovereign debt default in the credit default swap market has risen to its highest level in four months.

Republican lawmakers in the U.S. House of Representatives refused to give in to President Barack Obama's demands for straightforward bills to keep the government running beyond Sept. 30.

The move makes does not bode well for prompt resolution of these fiscal battles that could lead to a government shutdown on Oct. 1 and at the very extreme, a default in mid-October, when the Treasury will have run out of money. - Reuters

How Jack Ma can keep a tight grip on Alibaba after an IPO

Posted:

NEW YORK/SAN FRANCISCO: Alibaba Group Holding Ltd founder Jack Ma wants to keep a tight grip on the Chinese e-commerce company he founded even after he takes it public, and U.S. law gives him several ways to do so.

The company had planned to list in Hong Kong, but the exchange there threw cold water on Ma's plan to give Alibaba's insiders, who only own about 10 percent of the stock, the power to nominate a majority of the board, sources say. Regulators in the Chinese territory said that all shareholders must be treated equally.

A source close to the company told Reuters that Alibaba, now effectively controlled by a group of 28 "partners" including Ma, senior executives and other insiders, is intent on keeping a similar structure when it goes public. Listing in the U.S. makes that possible, a key consideration in choosing New York over Hong Kong, the source said.

Alibaba, which some analysts estimate to be worth up to $120 billion, is the most anticipated Internet IPO since Facebook's $16 billion offering last year. The loss of the share sale, which bankers have estimate will be worth more than $15 billion, is a blow to the Hong Kong exchange, as the listing would have added to its clout and trading volume.

Keeping a tight rein on its operations may be one way for Alibaba's founders and top management to prevent the company from becoming victim of short-term market demands in a business that requires constant innovation and capital investments, the source said. Facebook Inc and Google Inc have made similar choices.

But while many U.S. companies, including Facebook and Google, use a dual-class stock structure to keep power within the hands of the companies' founders, Alibaba is likely to pursue a different approach, the source said.

The source did not elaborate. But several corporate lawyers, while noting that they had no direct knowledge of the company's plans, said that one likely route for the 28 partners would be to list Alibaba by effectively creating a new partner that would become the publicly traded company.

Setting up the corporation that way - known as an "Up-C corporation," or umbrella partnership - can give the original partners much stronger voting rights, lawyers said.

While Japan's Softbank Corp, which owns 35 percent of Alibaba, and Internet company Yahoo, with 24 percent, each have a seat on Alibaba's four-person board of directors, neither company is represented among the 28 partners. In fact, there are no outside investors in the partners' group.

The partners' powers may increase after the IPO as it gains control of an expanded board of directors. Yahoo will lose its board seat when it sells half its stake in Alibaba in the IPO.

Under the structure the company envisions, Alibaba's shareholders would still have the ability to approve or reject all the directors. But the structure would prevent an activist investor from ever taking control of the board by nominating a majority of directors.

MAINTAINING PARTNERSHIP

While relatively rare, companies that have employed the Up-C structure include investment bank Evercore Partners Inc, payment processor Vantiv Inc and online foreign exchange provider FXCM Inc.

Some corporate governance experts say that Alibaba's desire to maintain its partnership structure could create friction with investors.

"Short-term oriented retail investors may place very little value on voting, but longer-term institutional investors will put more weight on it," said Jason Schloetzer, an assistant professor at Georgetown University's McDonough School of Business.

But some institutional investors note that they have been willing to buy shares with weaker voting rights in the past, particularly at companies with a dual class shareholding structure. For example, Facebook CEO Mark Zuckerberg has almost complete control of the social media company through a dual share structure.

"Our view is that if we don't like something management is doing, we can always sell," said Dave Stepherson, chief investment officer at Hardesty Capital Management in Baltimore.

"The voting issue is a little silly because most investors don't vote," Stepherson added.- Reuters

Kredit: www.thestar.com.my

The Star Online: Nation

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The Star Online: Nation

Fighting back against blackmail
Eleven not defending positions in Umno's supreme council
Court to decide on bid to stop DAP from holding CEC elections

Fighting back against blackmail

Posted:

A blackmail victim beats her abuser at his game.

PETALING JAYA: Most blackmail victims are intimidated into succumbing to their extortioner's demands, but Susan (not her real name) did not take things lying down.

"My ex-boyfriend and I had a very rocky relationship. Four years ago, he suggested a romantic island getaway as a way to kiss and make-up," said the 30-year-old in an interview with The Star Online.

They had an enjoyable time, but unbeknownst to Susan, he secretly recorded her in the nude during that holiday.

"When it finally ended for good, I started dating a colleague of his after a few months. That was when the nightmare began," she said.

Her newfound happiness triggered her ex's jealousy, and the initial verbal abuse soon turned into threats of blackmail in an effort to bring Susan's fledgling relationship to an end.

"He sent e-mails threatening to release a recording of me taken while I was taking a bath, and demanded that I satisfy his sexual desires," she said.

Despite feeling lost and alone, Susan did not seek any help as she did not want the news to go to the police or her family and friends.

"I was terrified and disgusted, and felt so stupid for trusting and dating him," she said.

In a brave and unusual move, she decided to turn the tables on him by threatening to go public with information on his identity if he continued to blackmail her.

"I told him that if he released the clip, I would go to his parents with proof of his misdeeds, call in lawyers, and let them all know what he was doing to me. If I went down, I would drag him along with me," she said.

Thankfully, her aggressor backed off, and Susan has since steadily ignored his advances.

Still, the experience has left some scars, and until today, she does not respond to calls from unknown numbers in the fear that it will be a familiar and unwelcome voice on the line.

"I know stories of many young girls getting tricked by their lovers and losing quite a bit of themselves. Do not provide any form of data or participate in any form of activity that can be used against you unexpectedly," she said of her experience.

And according to Malaysian Psychiatric Association president Dr Abdul Kadir Abu Bakar, Susan's tale - where victims undergo a crippling fear of the unknown and anxiety - is a common one.

"Blackmail is a form of emotional abuse. There is no difference between the psyche of an emotional abuser and a blackmailer," he said.

To him, both perpetrators seek to exert power and control over their victims, albeit in different contexts.

Asked if many victims seek psychiatric help to deal with the mental trauma, he said that most try to solve it by themselves or resort to other methods.

Though victims often feel helpless, he terms it a perceived lack of control: "If the information has been disclosed to people important to you, it is no big deal. As long as it means something, it's a weapon."

"For example, if you know something about my past and threaten me with it for money, I can tell you to go ahead if the information has no value. When everyone knows it, the issue is made redundant," he added.

He advised those affected to "reassert control over your own life" and report the incident to the police as it is a criminal matter.

Eleven not defending positions in Umno's supreme council

Posted:

KUALA LUMPUR: Nearly half of the current line-up of 25 elected Umno supreme council members will not be defending their positions at the party polls, paving the way for many new faces to join Umno's highest decision making body.

Only 14 of the current 25 elected members will defend their seats. They will be joined by 50 other candidates hoping to make it into the supreme council.

The 64 candidates are among 260 aspirants vying for top posts in the supreme council and the three wings.

Umno election committee chairman Tan Sri Tajol Rosli Ghazali announced the full list of candidates at a press conference yesterday.

The incumbents who have opted out are party seniors and those who are leading state Umno, who will be appointed to the council.

The state Umno chiefs who are not contesting are Johor's Datuk Seri Mohd Khaled Nordin, Datuk Seri Adnan Yaakob (Pahang), Datuk Seri Dr Zambry Abdul Kadir (Perak), Datuk Seri Ahmad Said (Terengganu), Datuk Seri Musa Aman (Sabah), Datuk Seri Noh Omar (Selangor) and Datuk Zainal Abidin Osman (Penang).

Party seniors who will be making way for changes are former Works Minister Datuk Seri Shaziman Abu Mansor, former Sepang MP Datuk Seri Mohd Zin Mohamed, former deputy Finance Minister Datuk Dr Awang Adek Hussin and former Setiawangsa MP Datuk Seri Zulhasnan Rafique.

Khaled had said that he was not contesting to focus on administrating Johor while Zambry wants to make way for "other qualified party members".

Keningau Umno division chief and Sabah's assistant minister for Rural Development Datuk Sairin Karno said he is joining in the fray as he believed this was an opportune time to offer himself to serve the party at national level.

Datuk Seri Ismail Sabri Yaakob who is seeking a second term in office said he believed that he could still serve Umno and its members.

"I want to help the president to strengthen Umno so that it can continue with its agenda and be the champion of the Malay struggle."

Tajol Rosli also confirmed the withdrawal of Datuk Hamidah Osman from the Wanita Umno deputy chief race, adding that 33,682 members would be contesting for the various positions at divisional level after 268 candidates had pulled out.

He also confirmed that none of the six vice presidential candidates, five Umno youth chief contenders, three Wanita Umno and two Puteri chief aspirants had withdrawn.

Umno executive secretary Datuk Rauf Yusuh said the party was screening all candidates for bankruptcy and criminal court cases.

"Those whose names are in the Insolvency Department list or who have pending criminal court cases will be struck off immediately."

The final list of candidates is expected to be out by Oct 7.

Court to decide on bid to stop DAP from holding CEC elections

Posted:

KUALA LUMPUR: Sacked Ladang Paroi DAP vice-chairman A. David Dass will know tomorrow if his bid to stop the party from holding a special congress to re-elect central executive committee (CEC) members this weekend is successful.

High Court judge Justice Rosnaini Saub set the date to deliver her decision in the civil dispute.

During his submissions, DAP's lead counsel Karpal Singh had argued that the decision of a political party was final and conclusive as stipulated under Section 18(c) of the Societies Act 1966 and could not be challenged in any court.

"DAP is complying with the directive of the Registrar of Societies (ROS) in calling for a re-election of CEC and this decision was taken by the party," he argued, asking for the suit to be struck out.

The CEC re-election is scheduled for this Sunday.

In his lawsuit on Sept 10, Dass had filed for an injunction to stop the CEC polls for allegedly breaching the party's constitution.

He had stated that the coming re-election contradicted Clause 8 which stipulated that a party election must be conducted at a national congress.

He also wanted an order demanding a 10-week notice before holding the national congress.

Dass, who is also challenging his sacking, has named DAP secretary-general Lim Guan Eng and the party as defendants.

Dass' lead counsel K. Harikrishnan argued that it was the ROS' decision to direct DAP to hold a re-election of CEC members which warranted the court to entertain the claim.

DAP, he said, also had to follow certain basic procedures before holding the election.

Kredit: www.thestar.com.my

The Star Online: Entertainment: Movies

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The Star Online: Entertainment: Movies

Ben Affleck the superhero
Margot Robbie's time has come
Love is all around Rachel McAdams

Ben Affleck the superhero

Posted:

Like him or hate him as the new Batman, Ben Affleck has worn a cape in movies before.

IT has taken Ben Affleck years to lay to rest his past life as a smug, aspiring Hollywood leading man, and to re-invent himself as an Oscar-winning filmmaker.

Affleck has donned a cape before, playing Superman actor George Reeves in 2006 biographical film Hollywoodland.

Never mind that Twitter can scarcely contain the fury of fanboys who find him unworthy of the role.

Never mind that he may deserve to star in a better film.

Playing Batman opposite Henry Cavill's Superman in a Man Of Steel sequel, "Affleck gets to be a tentpole actor again without the tentpole actor risk," says The Hollywood Reporter.

Here are some other actors who have played Batman on the big screen:

Michael Keaton, 61

Tim Burton's Batman (1989) and Batman Returns (1992), total gross US$678mil (RM2.1bil)

Afterwards: After hanging up the cape and cowl, he was the voice of a Ken doll in Toy Story 3 (2010) and will be in Toy Story 4.

Val Kilmer, 53

Joel Schumacher's Batman Forever (1995), total gross US$337mil (RM1bil)

Reaction: The actor cut a fine figure in the Batsuit which, unfortunately, was ridiculed for the director's addition of nipples.

George Clooney, 52

Schumacher's Batman & Robin (1997), total gross US$238mil (RM752mil)

Christian Bale, 39

Christopher Nolan's Batman Begins (2005), The Dark Knight (2008) and The Dark Knight Rises (2012), total gross US$2.46bil (RM7.7bil)

Reaction: Putting on 45kg of muscle and a growly voice to play the menacing, tormented superhero, Bale is a fan favourite.

Related news:

Get ready for Gotham

Margot Robbie's time has come

Posted:

Margot Robbie is the most nearly-famous almost-star you've never heard of.

MARGOT Robbie is the most nearly-famous almost-star you've never heard of. At only 23 years old, the Australian actor has already been directed by Martin Scorsese and Richard Curtis and starred opposite Leonardo DiCaprio; a call from Woody Allen can't be far off. Next month she begins filming the caper comedy Focus, in which she'll star as a pickpocket who falls for a con artist played by Will Smith.

Consequently, she has a lot to be excited about. So once she starts talking about the thrill of getting this callback while she was doing that read-through, or interrupting a backpacking holiday in Croatia with her brother to travel for 50 hours by plane, train and catamaran to an audition in New York, it's best to just to let her finish; it's also highly refreshing to find that she has not yet had the ebullience ground out of her by promotional duties.

Near the end of our interview, the studio PR pops her head round the door to wrap things up, and I have to confess sheepishly that I will need a little longer. We've been talking for 45 minutes and we haven't even got round to discussing the film that Robbie has been flown here at great expense to promote: Curtis's time-travel romcom About Time.

It's not that I didn't try. When Robbie mentions her habit of people-watching, I ask how this came in useful in About Time. When she tells me that it's unwise to finalise a character's backstory in your mind - "The director might say, 'We're gonna make it that she had an abortion two years ago,' and you'd be, like, 'Really? I had her down as a virgin'" - I ask whether she and Curtis differed at all over her About Time character.

But on each occasion, she steers the conversation round to Scorsese's The Wolf Of Wall Street, which she recently finished shooting opposite DiCaprio. He plays the drug-addled stockbroker Jordan Belfort.About Time, on the other hand, provides her with a small, decorative role as the woman of the hero's dreams.

It isn't that she's not proud to be a part of Curtis's film. "You fall in love instantly with his characters," she says once we are all Wolfed out. "You want everything to go right for these people two minutes after meeting them." She has a bright, moonlike face, open and direct, with blond hair scraped back; she could pass for Denise Richards' naive kid sister.

She's sparky enough in About Time, but there isn't very much for her to play. It doesn't surprise me when she reveals how her character was described in the script. "It was so intimidating to read: 'She steps out of the car and she's the most gorgeous thing he's ever seen, she's got these beautiful long legs ...' I'm thinking: 'Oh, no, my legs aren't like that ...'

You just hope Richard's going to use reaction shots to convey all that, so it takes the pressure off me. Seriously, there were two whole sentences about how stunningly attractive she is. It was the same with Wolf ..."

There is a faint air of disbelief in the way she talks about The Wolf Of Wall Street. She keeps examining it from different angles, as if to confirm that it really happened - that she isn't going to wake up and still be starring in the Australian soap opera Neighbours, on which she was a regular for three years. Not that she has any shame about that. Why would she? Now that Guy Pearce, Russell Crowe, Kylie Minogue and Jesse Spencer (from House) have all passed through, it is practically the Australian equivalent of the Actors Studio.

Robbie was still a television actor when Scorsese called: she had been part of the ensemble cast of the now-cancelled Pan Am.Still, silver linings and all that: if Pan Am had continued, she wouldn't have been free to hurl herself at doors and walls under Scorsese's direction, or to tear her vocal cords to shreds howling like a banshee at DiCaprio for weeks on end.

It is around this point that the door creaks open and Curtis lopes in unexpectedly, snowy-haired and pink-faced in a comfortable jersey. As the PR beckons me out to allow actor and director some privacy to shoot the breeze about the previous evening's premiere, I find myself hoping for Curtis's sake that their conversation doesn't swing round too quickly to The Wolf Of Wall Street. Let the filmmaker enjoy his moment. It'll be Margot Robbie's time soon enough. – Guardian News & Media

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Love is all around Rachel McAdams

Posted:

Rachel McAdams is fast establishing herself as the rom-com queen.

THE idea for About Time came when director Richard Curtis (Four Weddings And A Funeral, Notting Hill and Love, Actually) had a conversation with a friend on what they would do if they only had 24 hours to live. Curtis' answer was simple – a normal day at home with the family, doing normal everyday things. Having reached this conclusion, Curtis was interested to incorporate it into his next movie. Hence, About Time is a romantic comedy with a time-travel element, and it features a lot of family dynamics.

It was this very subject that attracted Rachel McAdams to the project, apart from the fact that she is a huge fan of Curtis' films. In an interview transcript provided by United International Pictures, McAdams said: "Curtis reminds us to really enjoy and celebrate the best things in life which are sometimes hard to find and easy to overlook.

"And I felt that this film celebrated the small things in life, which are actually the biggest, most important things. It's about appreciating the people around you, the people you love, your family and friends. And it's about enjoying, and appreciating, the moment."

About Time revolves around Tim (Domhnall Gleeson) who finds out that the men in his family have the ability to travel through time. This 21-year-old then decides to use this ability to get a girlfriend. Well, he discovers through many trials and tribulations that love, actually, doesn't work that way.

This is especially true when Tim falls for Mary (McAdams), an insecure woman. Wanting to make his courtship absolutely perfect, Tim goes back in time whenever something goes wrong. But with any time-travel adventure, there is always repercussion – in one instance, Tim doesn't even meet the love of his life.

Describing her character as a little bit quirky and unsure of herself, McAdams said: "I love Mary. She's not a straight up ingénue. Part of the story is about how she gets together with Tim and how they become more sure of each other ... They bring out the best in each other. They are definitely meant to be together but it just takes a while to work it all out, even with the help of Tim's ability to travel back in time."

The 34-year-old actress from Canada is no stranger to romantic films – one of her first breakthrough role was in 2004 film, The Notebook, opposite Ryan Gosling. Since then she has apeared as the love interest in Wedding Crashers, Sherlock Holmes, Morning Glory, Midnight In Paris and The Vow. She has done one other film involving love and time-travel in The Time Traveler's Wife, opposite Eric Bana.

Even with all these films in her resume, she still found the experience of working on About Time a little different especially with Curtis' approach the film set.

"He does these family ensembles and everyone plays such a vital part in that unit and you can't live without each other. There are so many great actors in this film who contribute to that family dynamic. In fact, even the friends feel like family and that's what it's like working on a Richard Curtis film – you feel like you are part of his family.

"You are definitely brought into the inner circle and you are there to stay and everyone is valued and appreciated and treated incredibly well. So I feel like this is a real reflection of what Richard radiates out into the world. He is such a lovely man."

The filming locations included London and Cornwall. McAdams recalled that on the day she finished shooting in Cornwall, an ice-cream truck was brought to the location and McAdams herself served everyone ice cream. There were also traditional Cornish tea served.

"Richard's daughter had baked a couple of hundred scones the night before. Believe me, they really go the distance and make it very special. I felt very spoilt and very loved."

Even the English weather cooperated during the shoot – the sun shone constantly, even when the scene required rain, the sun was shining.

"It's funny because in the film you'll see that when we have the wedding (in England) it rains so hard it's like a monsoon. And we were expecting to have that volatile British weather with dark skies and rain at least one day a week while we were there. But there was nothing – not a drop of rain. I thought I was in Italy! It was just gorgeous – in fact it was so gorgeous it was hard for us all to actually go to work because we felt like we were in some kind of paradise.

"So when we shot the wedding scene – where it's meant to be pouring with rain – we had to put flags on the side of the buildings to cut out the light and make it darker and then we had rain machines and fire hoses that dumped water on everyone and everything. And actually, it was great because it was so hot and no one was bothered being drenched by the rain machines. It was so much fun and it worked out really well. It was just beautiful."

*About Time opens in cinemas nationwide tomorrow.

Related story:

Margot Robbie's time has come

Kredit: www.thestar.com.my

The Star Online: Metro: Central

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Survey: Asia to have most millionaires

Posted:

Hong Kong (AFP) - Asia will have the world's largest number of millionaires as early as next year despite the expected tapering of the US Federal Reserve's stimulus programme, according to a report published Wednesday.

With strong growth and high saving rates, the wealth of the region's millionaires will grow by an annual average 9.8 percent and reach nearly $16 trillion in 2015, according to the wealth management unit of Royal Bank of Canada.

Despite concerns of devaluing asset prices due to capital outflows triggered by Fed tapering, Asia is set to lead the world in the number of millionaires and their total wealth, the bank said in a report prepared with consulting firm Capgemini.

"The region's high net worth population and wealth has increased by 31 percent and 27 percent respectively since 2007, far outpacing growth in the rest of the world of 14 percent and nine percent," George Lewis, group head of RBC Wealth Management, said in a statement.

The number of millionaires in Asia surged by 9.4 percent year-on-year to 3.68 million in 2012, still trailing North America's 3.73 million.

Millionaires in the report are defined as individuals with investable assets of $1 million or more, excluding residence, collectibles and others.

Asia's continual population growth, and economic growth expected to continue outperforming the rest of the world, would help it take the lead as early as next year, according to Eric Lascelles, chief economist of RBC Global Asset Management.

He said the Fed's tapering plan could create "hiccups" but would not affect the trajectory of growth in the region.

The bank said Japan saw the slowest growth in its millionaire population last year among Asian economies, with only a 4.4 percent increase in 2012 compared to the previous year.

Hong Kong topped its Asian peers in the growth of both millionaire numbers and their investable assets in 2012. The number of millionaires rose by 35.7 percent year-on-year while their wealth grew by 37.2 percent.

The firm said the big jump was largely caused by an influx of capital from mainland China as well as rising asset prices. - AFP

Australia says Indonesia talks 'productive'

Posted:

SYDNEY (AFP) - Australian Foreign Minister Julie Bishop has declared her meetings with her Indonesian counterpart on the fraught issue of turning back asylum-seeker boats to the sprawling archipelago "very productive".

Speaking from New York, Bishop said she had spoken to Indonesia's top diplomat Marty Natalegawa about Australia's military-led operation to shut down people-smugglers by forcing their boats to turn around when safe to do so.

"I had a very productive and positive meeting with Foreign Minister Natalegawa," Bishop told reporters, according to a transcript from her office.

"I am not going into the operational details of our policy, but I had a very broad-ranging discussion with Minister Natalegawa and I am confident that we will be able to implement our policies."

Australia's new conservative government, headed by Prime Minister Tony Abbott who swept to power in national polls earlier this month, hopes to deter asylum-seekers from taking people-smuggling boats with the threat of potential towbacks.

Bishop said she told Natalegawa that Australia would be making changes to its laws "so that we take away the product that the people smugglers are currently selling -- and that is permanent residency in Australia".

"I also spoke of our support for efforts that not only Indonesia but other nations up the pipeline are making in terms of dismantling the people-smuggling trade," she said.

Asked whether Natalegawa had indicated that he was not happy with Australia's plan, Bishop said: "There can be some misunderstanding as to what our policy is, and it is certainly not to, in any way, show disrespect for Indonesian sovereignty."

"We had a very productive discussion. We talked about the issue generally, specifically, but I am not going into the details of what essentially are operational issues. But we had a very cordial meeting, I can assure you."

Bishop blamed the previous Labor government of leaving "a complete mess in border protection" which encouraged people smuggling, despite the fact that boat arrivals slowed sharply ahead of the elections due to their harsh permanent resettlement deal for refugees with Papua New Guinea and Nauru.

Bishop said that she looked forward to meeting with Natalegawa again during Abbott's upcoming visit to Jakarta.

Kredit: www.thestar.com.my

Khamis, 26 September 2013