Marine Life Park dolphins released from quarantine

SINGAPORE: The dolphins at Resorts World Sentosa's Marine Life Park have been released from quarantine and is expected to meet the public soon.

The park said the 24 dolphins have received the Agri-food and Veterinary Authority of Singapore's (AVA) approval for their release.

It added the mammals have adjusted well to their new home through the care of its staff and veterinary professionals.

The park looks forward to let the dolphins meet the public through progressive stages of introduction.

It also gave updates on the laboratory tests on the male dolphin that died on the flight to Singapore from the Philippines.

The final pathology report indicated that Wen Wen had succumbed to an acute bacterial infection.

There was, however, no evidence on the origins of the infection.

Medical examinations prior to the transport indicated that all animals were healthy prior to the move.

The park believes the infection was an isolated incident.

Recently, the park attracted controversy for its import of dolphins.

- CNA/xq

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Eurozone manufacturing shrinks in December

BRUSSELS: Eurozone manufacturing activity contracted for a 17th month running in December, a key survey of business managers showed on Wednesday.

The Purchasing Managers Index (PMI) for the manufacturing sector, a leading indicator compiled by the Markit research firm, came in at 46.1 points in November, down from an earlier estimate of 46.3 points and down from November's 46.2 points.

Any score below 50 points indicates contraction, not growth.

Ireland, as has frequently been the case in recent months, posted a score of 51.4 points, indicating growth.

But Germany (46.0 points), France (44.6) and Italy (46.7) were all signalling contraction.

While manufacturing activity "may have suffered its worst contraction around October," said London-based IHS Global Insight analyst, "the December purchasing managers' surveys indicate that the sector is still stranded well into recessionary territory."

- AFP/de

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BCA to source for workers from Sri Lanka, Philippines

SINGAPORE: Sri Lanka and the Philippines have been identified as new source countries for construction workers.

The Building and Construction Authority (BCA) told MediaCorp that two test centres will be set up in Sri Lanka.

Approval is also being sought from the Philippine authorities to establish test centres there.

The BCA hopes to bring in skilled construction workers from Sri Lanka and Philippines to boost supply and diversify the source for foreign labour.

Demand for foreign construction workers is expected to remain strong in the years ahead.

The government is ramping up infrastructure development such as expanding the rail network and building more flats and health-care facilities.

In a recent report, the National Population and Talent Division expects the demand for foreign construction workers on low-skilled work permit holders to increase from some 250,000 in 2011 to about 280,000 in the next two to three years.

The main sources of foreign construction workers in Singapore are from China, India and Bangladesh.

The authorities want to be less reliant on these countries and have identified Sri Lanka and the Philippines as viable options.

Mr Neo Choon Keong, who is the Group Director of Manpower and Strategies Policy at the Building and Construction Authority, said: "What we are seeing now is that the major sources like China, India, because of the fast development the number of workers is actually coming down over time, because there are plenty of jobs there.

"So for resilience perspective, we are working with the industry to open up new sources to locate skilled workers. Notwithstanding our efforts to reduce the numbers of foreign workers overall through the adoption of technology as well as better building designs."

The BCA said most workers in Sri Lanka and Philippines speak English and this will help improve communication on the construction site.

Construction workers who want to work in Singapore have to go through a rigorous training regime in their country.

They have to stay in the training centre and undergo a full-time programme lasting between three and six months.

Only seven out of 10 of these workers would eventually pass the test.

After the training, potential workers have to go through a five hour practical test on essential craft skills as well as a one hour theory test on trade knowledge.

Currently, there are 26 overseas testing centres in China, India, Bangladesh, Thailand and Myanmar.

Potential workers can choose to be tested in 29 construction skills.

Construction company Progressive Builders will be operating one of the two new test centres in Sri Lanka.

Its managing director Ng Yek Meng said for a start, workers will be tested in 12 construction skills such as steel reinforcement work, tiling and plastering.

He said these tests are to ensure workers coming to Singapore are of a certain standard and quality, and could in turn help raise productivity.

Mr Ng said: "Some of the workers, especially if they come from agriculture, don't even know how to operate certain equipment. The test is quite stringent not only in Sri Lanka but for all source countries. Whoever can pass the test, I think they are of a certain quality. So this is how we can sieve the good ones and the bad ones."

The test centres in Sri Lanka are expected to be operational in six months' time.

Besides bringing in better quality construction foreign workers, the BCA also has a comprehensive training framework to continuously upgrade them.

Some 12,000 foreign construction foreign workers have upgraded their skills through these various programmes.

- CNA/fa

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Singapore rigbuilders set for strong 2013: analysts

SINGAPORE : Singapore rigbuilders Keppel Offshore & Marine (O&M) and Sembcorp Marine have secured a slew of contracts this year.

Analysts have said the two companies could see another strong set of orders in 2013, driven by robust demand for ultra-deepwater rigs.

Keppel O&M booked about US$8 billion worth of contracts this year - its second highest on record.

This follows a record S$10 billion worth of contracts which Keppel O&M secured in 2011.

Keppel O&M said over 65 per cent (US$5.36 billion) of the orders in 2012 came from Brazil.

Looking ahead, Keppel said it is developing a new product that will enable drilling in deeper and harsher environments.

Tong Chong Heong, chief executive officer of Keppel Offshore & Marine, said: "There are also new frontiers, new areas where more rigs are required, and with the emergence of areas such as the Caspian, Black Sea, Mexico and many parts of Southeast Asia, demand for rigs has gone up."

Keppel O&M along with Sembcorp Marine are big players in the offshore rig building industry, accounting for some 70 per cent of the global market share for jack-up rigs.

Analysts said the growing demand for ultra-deepwater drilling vessels and equipment will continue to support business growth.

Low Pei Han, investment analyst at OCBC Investment Research, said: "O&M companies have seen very good order books, Keppel and Sembcorp Marine each secured about 10 billion dollars worth of orders this year.

"About 50 per cent of each came from Sete Brasil and Petrobras, which is what the market had more or less anticipated. Going into 2013, we expect Sete Brasil and Petrobras orders to remain about the same level as this year, which will be about S$4 billion to S$5 billion."

But the Singapore rigbuilders are likely to face stiffer competition from Korean and Chinese companies.

Analysts said some Chinese shipbuilders are offering similar products at a 20 per cent discount.

For example, earlier this month, Yangzijiang secured a US$170 million order for a jack-up rig, while a similar contract at Keppel O&M cost US$205 million.

According to the China Association of the National Shipbuilding Industry, China hopes to capture 20 per cent of the global market for rigs, production facilities and offshore products by 2015.

But some analysts said Singapore rig builders are not likely to lose their competitive edge anytime soon.

Janice Chua, head of equity research (Singapore) at DBS Vickers, said: "It is a tall order for the Chinese yards to try and get the global market share for rigs.

"In order for the Chinese yards to have a bigger market share globally, what is more important is the soft skills of project management, engineering, design expertise, as well as ensuring that they can deliver the projects on time and according to the clients specification. That will take at least three years to build for any of these offshore structures."

Increasing shale gas production in the US could also present a new competitive landscape for rigbuilders.

Jason Waldie, associate director at Douglas Westwood, said: "The wild card here is whether the US is going to export, or how much the US is going to export. Certainly I know the US government is planning to export a very good share of its gas to the market. Now what impact does that have for the yards?"

Analysts expect the demand for rigs to come under some pressure should the US decide to export a substantial amount of shale gas.

- CNA/ms

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French paper to publish comic book on life of Mohammed

PARIS: A French weekly known for publishing cartoons of the prophet Mohammed to the ire of conservative Muslims said on Sunday it plans to release a comic book biography, that will be researched and educational.

Satirical newspaper Charlie Hebdo has on several occasions depicted Islam's prophet in an effort to defend free speech and defy the anger of Muslims who believe depicting Mohammed is sacrilegious.

"It is a biography authorised by Islam since it was edited by Muslims," said Charlie Hebdo's publisher and the comic's illustrator, who goes by the name Charb.

"I don't think higher Muslim minds could find anything inappropriate," Charb said.

The biography will be published on Wednesday and was put together by a Franco-Tunisian researcher known only as Zineb, Charb said.

The publisher said the idea for the comic book came to him in 2006 when a newspaper in Denmark published cartoons of Mohammed, later republished by Charlie Hebdo, drawing angry protests across the Muslim world.

"Before having a laugh about a character, it's better to know him. As much as we know about the life of Jesus, we know nothing about Mohammed," Charb said.

In September Charlie Hebdo published cartoons of Mohammed as violent protests were taking place in several countries over a low-budget film made in the United States that insults the prophet.

In 2011 Charlie Hebdo's offices were hit by a firebomb and its website pirated after publishing an edition titled "Charia Hebdo" featuring several Mohammed cartoons.

Charb, who has received death threats, lives under police protection.

- AFP/xq

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Egypt's Morsi to focus on economy in senate speech

CAIRO: Egypt's President Mohamed Morsi is expected to address the economy on Saturday in a speech before a newly-empowered senate as concerns mount over a downturn and cracks in his government.

Morsi will give the address after the senate, invested with legislative powers under a newly ratified constitution until a new parliament is elected, convenes at 1100 GMT (1:00 pm local time).

A declining Egyptian pound and a US$4.8 billion IMF loan stalled after weeks of often violent protests have put the country on edge, two years after the economy nosedived with an uprising that overthrew president Hosni Mubarak.

"President to set a roadmap for security and the economy," reported Saturday's edition of the official Al-Ahram newspaper.

In televised speech on Wednesday, Morsi welcomed the approval of an Islamist-backed charter in a referendum, despite fierce opposition protests, and pledged to turn his attention to the economy.

He also pledged to reshuffle his cabinet. Two ministers, including an Islamist ally of Morsi, have so far resigned in disagreement with government policy.

Mass rallies that began in November after Morsi adopted extensive powers -- later repealed -- have now subsided, but the secular-leaning opposition this week called for further protests against the new constitution.

The opposition, led by the National Salvation Front coalition, sees the charter as a possible tool to introduce Islamic sharia law.

It also stressed that just one in three of Egypt's 52 million voters actually cast a ballot in the two-stage referendum on December 15 and 22.

The likelihood of prolonged "elevated" political conflict despite the adoption of the constitution prompted the ratings agency Standard and Poor's this week to knock Egypt's long-term credit rating down a peg to "B-."

The National Salvation Front is also now looking ahead and preparing for parliamentary elections in two months' time, after which the senate will be dissolved ahead of another round of elections.

Morsi's Muslim Brotherhood dominated the last parliament which was elected in late 2011 but later annulled by a top court stacked with his opponents.

- AFP/xq

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India gang-rape victim "struggling against the odds"

SINGAPORE: The Indian gang-rape victim who has been been admitted to Singapore's Mount Elizabeth Hospital remains in an extremely critical condition.

The 23-year-old student is still receiving treatment in the intensive care unit.

The medical team's investigations showed that in addition to her prior cardiac arrest, the patient had an infection of her lungs and abdomen, as well as significant brain injury.

According to Dr Kelvin Loh, the chief executive officer of Mount Elizabeth Hospital, the patient is struggling against the odds and fighting for her life.

Since her arrival on Thursday morning, a multi-disciplinary team of specialists has been working to treat her.

The hospital added that the High Commission of India has been fully supportive in helping the hospital and her family, and have also ensured that the best care is made available.

Some Facebook users on Channel NewsAsia's page have asked if there are ways they can help the victim and her family.

As for now, the Indian High Commission is assisting the family.

The hospital has requested privacy of the patient and family to be respected.

Channel NewsAsia understands that there is a prayer session planned for the victim at Shree Lakshminarayan Temple on Saturday morning, and all are welcome to attend.

- CNA/xq

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More cash payouts for Silver Housing Bonus and Lease Buyback Scheme

SINGAPORE: Authorities have announced plans to raise the cash bonuses of two housing monetisation schemes for the elderly in response to public feedback.

The latest changes to the Silver Housing Bonus (SHB) and Lease Buyback Scheme (LBS) will see households having to put less of their flat's sale proceeds into their Central Provident Fund (CPF) accounts - a national pension scheme. They will in return receive more cash.

Both schemes target the elderly poor that have little or no family support.

The elderly who opt for either the SHB or LBS can monetise their HDB flats by down-sizing or cutting their lease periods respectively.

The SHB offers a cash bonus for those who sell their flats and move to a 3-room or smaller unit.

With the announced changes, the CPF top-up requirement will be reduced to S$60,000. The S$20,000 bonus will also be given fully in cash.

Households were previously required to use all net sale proceeds from their flat to top up their CPF Retirement Accounts up to the prevailing minimum sum. This could add up to as much as S$278,000 per household.

The S$20,000 bonus was also given in the form of S$15,000 cash and a S$5,000 CPF top-up.

The LBS on the other hand helps lower-income elderly persons living in 3-room or smaller HDB flats by allowing them to sell the tail-end lease of their flat back to the government.

Under the changes, the LBS bonus will now be raised from S$10,000 to S$20,000, all in cash, for all households.

Eligibility criteria for the scheme have also been relaxed to include ex-private property owners and those who have enjoyed more than one housing subsidy, amongst others.

Beneficiaries will also now be able to withdraw any excess proceeds in cash after topping up their CPF Retirement Accounts to fixed amounts depending on their age.

Applications for both schemes will open on 1 February 2013.

Eligible households whose first housing transaction took place on or after 17 February 2012 can also apply for the SHB.

National Development Minister Khaw Boon Wan said: "We need to strike a balance between improving retirement adequacy by requiring a meaningful top-up to the CPF, and keeping the schemes attractive by allowing adequate cash proceeds. We received several good suggestions from the public on how such a balance could be better achieved."

- CNA/jc

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Football: Liverpool's Sterling commits himself to England

LONDON: Liverpool's teenage winger Raheem Sterling has pledged his international future to England, thereby calming fears he was considering a switch of allegiance to Jamaica.

The 18-year-old holds dual-nationality as he was born in Jamaica to Jamaican parents, but he has represented England at every level from under-16 upwards and made his senior debut in the 4-2 friendly loss to Sweden in November.

The fact that the game in Stockholm was non-competitive means that Sterling could still opt to play for Jamaica, but he told several British newspapers on Wednesday that he was committed to playing for England.

"It was a dream come true (to play against Sweden)," he said.

"As a 15-year-old, I can remember sitting at home and praying to get an under-16 call-up, so to be getting a senior call-up a few years later was one of the best things that ever happened to me.

"I want to keep driving on and do a bit more. Obviously I've got Jamaican roots, but no-one tried to put any pressure on me, which was the good thing.

"But I couldn't turn my back on England because I've grown up through the English youth system and progressed from there.

"I couldn't just switch over. So it was a good thing for me to be called up and make my debut. It's 100 percent going to be England from now on."

Liverpool announced on Friday that Sterling had signed a new long-term contract with the club.

The former Queens Park Rangers player only made his Liverpool debut in March, but he has quickly become an integral component of manager Brendan Rodgers' side.

- AFP/de

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BCA to look into Sembawang homes affected by cracks

SINGAPORE: The Building and Construction Authority (BCA) is looking into the concerns of some residents in Sembawang who have suffered damage to their properties.

Minister for Law and Foreign Affairs as well as MP for the area K Shanmugam visited the homes of affected residents along Jalan Legundi, Jalan Derum and Sembong Road on Monday and posted photos of the damage on his Facebook page.

At least 13 households have complained of cracks in their homes.

Mr Shanmugam said the cracks seem to have occurred after work started on a nearby development.

The minister has asked BCA to arrange for the developer to repair the homes with more serious damage first before Chinese New Year.

He also added that there would be a need to look at legal solutions if the developer does not accept responsibility.

A dialogue with the developer to address the concerns of residents is expected in two weeks.

- CNA/jc

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Cricket: Eager fans await India-Pakistan matches

NEW DELHI: India and Pakistan will soon resume their competitive cricket ties with the upcoming series.

The two sides continued to play each other in World Cup competitions and at third country venues.

But this is the first time in five years that Pakistani cricketers are visiting India for an exclusive competition between the two rival nations.

And that five-year gap has just understandably intensified the excitement and anticipation of India's cricket fans.

Pakistani cricket players have arrived in India to play their first official series in five years.

The South Asian rivals will be playing three One Day Internationals and two Twenty20s, and it all begins on December 25.

The last series between India and Pakistan held in either of the two home countries was in 2007-2008 when Pakistan visited India.

But relations between the two countries soured after the 2008 Mumbai terror attacks, in which 166 people were killed.

India blamed the Pakistan-based militant group Lashkar-e-Taiba for the attack.

Soumil Patel, a cricket fan in Ahmedabad city, said: "Expectations from this will be a good cricket, good competition and also some good relationship which can be made up between the two countries. Cricket is the best thing, we can improve our relationship between both the countries."

The matches will be played in five cities including Chennai, Delhi, Kolkata, Ahmedabad and Bangalore.

Most Indian fans are hoping for a good competition and, of course, a victory for their home team in the much-awaited series.

In southern Chennai city, eager fans waited in long queues to buy tickets for the match to be played at the M A Chidambaram Stadium on December 30.

Nitesh, a cricket fan in Chennai city, said: he had waited nearly eight hours in the queue to buy his ticket.

Wasim Mushtaq, a cricket fan in Chennai city, said: "This is a dream come true for me. I am just here to inquire about the tickets. Well, we are very excited about this match. Believe me or not, I am ready to remain here for the whole night to get the tickets."

India is likely to issue 3,000 visas to Pakistani cricket fans attending their team's first cricket series in India after five years.

The series is also likely to be a money spinner with private broadcaster ESPN demanding nearly US$18,000 for a 10-second advertising spot for T20s and US$11,000 for one-day matches.

Meanwhile, police bomb squad officers and sniffer dogs combed Bangalore stadium on Monday as part of a massive security operation for the start of the first Pakistan cricket tour to India for five years.

Hardline Indian nationalist organisations including Vishwa Hindu Parishad and the Shiv Sena have both threatened to hold protests outside all the venues for the five-match series which begins in Bangalore on Tuesday evening.

"As the governments of both the countries have agreed to hold the bilateral series, no organisation will be allowed to disrupt the match," Bangalore police commissioner Jyotiprakash Mirji told reporters on the eve of the first match.

An AFP reporter saw bomb squad officers carrying out a painstaking inspection with their dogs in and around the Chinnaswamy stadium in Bangalore, the capital of the southeastern state of Karnataka.

As many as 5,000 security personnel, including a 100-member bomb squad, have been deployed to cover the match, fearing attempts to disrupt the game or even stage an attack.

Shiv Sena, a Hindu nationalist party based in Mumbai, has branded the tour a "national shame" and accused Indian cricket authorities of "betraying the country for sake of money".

The same organisation dug up the wicket at the Feroz Shah Kotla cricket ground in the capital New Delhi in 1999 ahead of an India-Pakistan Test although the match did go ahead.

The Indian government has issued a record number of 3,000 visas to fans from Pakistan attending the series.

- CNA/AFP/de

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Lions receive roaring welcome in S'pore

SINGAPORE: The Lions returned from Bangkok to a hero's welcome at Changi Airport on Sunday, after lifting the AFF Suzuki Cup for an unprecedented fourth time.

Singapore won the 2-leg final 3-2 on aggregate, against the more-fancied Thais.

"I am proud that to come back here. The fans are crazy, they welcome us back... for me, the only thing was to bring the Cup back to our homeland," said team captain Shahril Ishak.

Some 600 fans and officials gathered at Changi Airport's Terminal 3 to welcome home the victorious Lions.

Among them was Acting Culture, Community and Youth Minister Lawrence Wong.

The national footballers then went on a victory parade through the city centre.

The open-top bus made its way along the Orchard Road shopping belt, stopping just outside Ngee Ann City mall, for fans to get close to the players.

They then proceeded to Jalan Besar Stadium, where more than a thousand fans gathered to join the celebrations.

- CNA/xq

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Gunmen kill 11 people on Pakistan-Iran border

QUETTA, Pakistan: Unknown gunmen killed 11 people as they prepared to illegally leave Pakistan in the southwestern province of Baluchistan, officials said on Saturday.

The gunmen, riding motorcycles, attacked a convoy on Friday night in Pakistan's Gwadar district near the border with Iran, some 1,600 kilometres (1,000 miles) southwest of Quetta.

Officials described the dead as "illegal immigrants" -- believed to be Pakistanis and Afghans who were attempting to leave the country.

"Six gunmen riding three motorcycles attacked the illegal immigrants' convoy in Suntsar Dasht area in Gwadar district. We have received 11 dead bodies of the immigrants," provincial home secretary Akbar Durrani told AFP.

"The immigrants were travelling in a convoy of three vehicles, however, their exact number is unknown," he said.

A local administration official said the victims could not be identified.

"We could not identify the victims. But their physical appearances suggest that seven of them were Pakistani while four others were Afghans," Sohail Rehman, the administration chief in Gawadar told AFP.

No group immediately claimed responsibility for the attack.

Pakistan's Gwadar district neighbours Iran's Saravan province. People smugglers use the route to traffick illegal immigrants to Europe, via Iran and Turkey.

- AFP/xq

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Asian markets retreat as US fiscal cliff fears grow

HONG KONG: Asian markets mostly fell on Friday after Republicans scrapped a vote on putting in place a back-up plan if talks on averting the US fiscal cliff end in failure.

The news out of Washington late Thursday cancelled out a rally on Wall Street and upbeat data on the US economy, while it also hit currency traders, who have sent the safe-haven yen higher despite more Bank of Japan monetary easing.

Tokyo fell 0.99 per cent, or 99.27 points to 9,940.06, Seoul shed 0.95 per cent, or 19.08 points, to 1,980.42 and Sydney was 0.23 per cent lower, losing 10.5 points to end at 4,623.6.

Hong Kong slid 0.68 per cent, fell 153.49 points to close at 22,506.29, while Shanghai lost 0.69 per cent, or 15.04 points, to end at 2,153.31.

With just under two weeks to go before huge tax hikes and spending cuts are due to kick in -- and likely tip the economy into recession -- US lawmakers are still unable to reach a compromise that will avert the fiscal cliff.

Late Thursday in Washington Republican House Speaker John Boehner scrapped a vote on a bill that would have extended tax cuts for all Americans earning less than $1 million even if a wider deal could not be struck.

The move, which he described as his "Plan B", was dropped because he did not have enough support. Boehner said his party would recess until after Christmas.

The measure had been blasted by President Barack Obama's Democrats as a diversionary tactic that would never have passed in the Senate, where they hold a majority.

Now both parties must come up with a budget that will cut the country's deficit with less painful measures before the start of January, when they take effect.

Wall Street ended in positive territory on Thursday, however, lifted by fresh data further indicating the US economy is getting back on its feet.

The Commerce Department said the economy grew 3.1 per cent in the third quarter, up from the estimates of 2.7 per cent and 2.0 per cent previously stated.

The figure reflects upward revisions to consumer spending, exports and government outlays, and a downward revision to imports.

Also Thursday the National Association of Realtors said existing home sales rose 5.9 per cent month-on-month in November to their highest level in three years.

The Dow rose 0.45 per cent, the S&P 500 gained 0.55 per cent and the Nasdaq climbed 0.20 per cent.

Thursday's delay in Washington sent the yen higher in Asian trade. The dollar bought 84.05 yen against 84.38 yen in New York late Thursday. The euro was at $1.3204 and 111.00 yen compared with $1.3241 and 111.72 yen.

However, the Japanese unit is still being pressured after the country's central bank announced fresh monetary easing Thursday, while dealers expect further measures in the new year when the new government is in control.

Oil prices fell, with New York's main contract, light sweet crude for delivery in February down $1.00 to $89.13 a barrel and Brent North Sea crude for February falling 53 cents to $109.67.

Gold was at $1,648.01 at 1045 GMT compared with $1,668.30 late Thursday.

In other markets:

-- Taipei fell 0.99 per cent, or 75.53 points, to 7,519.93.

Taiwan Semiconductor Manufacturing Co. was 1.25 per cent lower at NT$94.8 while leading smartphone maker HTC rose 1.63 per cent to NT$280.0.

-- Manila closed 0.45 per cent higher, adding 26.20 points to 5,823.94.

Metropolitan Bank and Trust rose 2.06 per cent to 101.70 pesos and Philippine Long Distance Telephone gained 1.18 per cent to 2,570 pesos.

-- Wellington fell 0.51 per cent, or 20.71 points, to 4,054.74.

Air New Zealand was down 0.78 per cent at NZ$1.28, Fletcher Building shed 2.37 per cent to NZ$8.25 and Telecom eased 2.59 per cent to NZ$2.26.

-- Singapore closed up 0.54 per cent, or 16.95 points, at 3,175.52.

Singapore Telecom rose 0.60 per cent to S$3.37 and DBS Group gained 0.54 per cent to S$14.99.

-- Bangkok shed 0.07 per cent or 1.00 points to close at 1,377.40.

Coal producer Banpu fell 1.42 per cent or 6.00 baht to 418.00 baht while PTT Plc was unchanged at 333.00 baht.

-- Jakarta ended down 21.04 points, or 0.49 per cent, at 4,254.82.

Carmaker Astra International fell 2.60 per cent to 7,500 rupiah, cigarette maker Gudang Garam lost 2.73 per cent to 57,000 rupiah, while palm oil producer Astra Agro Lestari decreased 1.62 per cent to 18,250 rupiah.

-- Kuala Lumpur shares gained 4.96 points, or 0.30 per cent, to close at 1,670.60.

British American Tobacco added 1.7 per cent to 60.50 ringgit, DiGi.com rose 1.5 per cent to 5.36 and Axiata climbed 1.2 per cent to 6.68.

-- Mumbai fell 1.09 per cent or 211.92 points at 19,242.0 points.

Jet Airways slid 7.03 per cent to 566.5 rupees while Jindal Steel fell 3.52 per cent to 454.25 rupees.

- AFP/ck

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Stocks likely to continue being investors' favourite

SINGAPORE: Stocks may continue to be a favourite asset for investors next year.

Improving corporate earnings and attractive valuations are expected to drive stock prices higher.

Experts said investor sentiment may also get a lift on hopes of a recovery in the Chinese and US economies.

Equities are among the star performers in financial markets this year.

In the US, key stock indices like the S&P 500 and Dow Jones Industrial Average has gained 15% and 9.3% respectively since the start of the year.

Meanwhile, the technology-laden Nasdaq rose 17.3% in the same period. In Asia, Japan's Nikkei rose 20.2%, Hong Kong's Hang Seng Index advanced 22.7% and Singapore's STI index gained 19.4% year to date.

Experts said this asset class may repeat its stellar performance again in 2013.

They added that a favourable macroeconomic outlook may also prompt some investors to switch out of bonds and back to investing in stocks.

"Valuations are not excessive at this juncture, liquidity is supportive of the equity markets," said Vasu Menon, vice president of wealth management in Singapore at OCBC Bank.

"Going forward, we could see some rotational money moving out of bond markets which have been favoured over the last two, three years into equity markets especially given the fact that economic growth is starting to pick up and we will see a modest recovery in the global economy in 2013."

Analysts are more upbeat of stock prospects in the North Asia region - particularly China.

They said companies there have stronger fundamentals, steady balance sheets and the stock markets have ample liquidity.

Experts added that they are positive on Chinese equities within this region, which have underperformed over the last three years - in view of a turnaround of the Chinese economy in the first half of 2013.

The Shanghai stock exchange composite index fell 1.7% year to date and the Shenzhen composite index decline 5.1% in the same period.

"The Chinese positioning is becoming more normalised from where we were before to something that is more sustainable going forward. On top of that, we've already seen the policies start to come through from the new regime, which is supportive to opening up China's market to foreign investors," said Jason Hughes, head of premium client management at IG Markets.

"We now have the stock market opened up to the institutional investors more so than before."

Among the sectors that may take the limelight next year are commodities and real estate investment trusts.

A pick up in global growth and the weaker US dollar will give commodities demand a boost , hence pushing gold prices higher.

Others expect property and financial names to lead the way like they did in 2012 - thanks to China's accommodating policies towards infrastructure and development of their own local economy.

Steve Brice, chief investment strategist at Standard Chartered Bank said: "One can make the case that REITs are overvalued and possibly, they are in a normalised environment. But we're not in a normalised environment, we have very low interest rates and that search for yield is still a very dominant theme and that should keep REITs very well supported going through at least the first half of 2013, and possibly into the second half."

Still, experts warn of looming risks such as the US fiscal cliff and the upcoming European elections that may dampen investor sentiment next year.

"Probably something more for the second half of 2013, is the risk of the fed withdrawing some of the monetary stimulus from markets," said Menon.

"If the economy of the US is growing at a faster than expected pace, and if unemployment starts falling below the 7% level then the markets will price in the possibility of the fed withdrawing the stimulus. The expectation of that alone may actually cause markets to pull back."

- CNA/xq

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Nature no excuse for cheating, says Chris Wang

SINGAPORE: Is it in men's nature to cheat?

Taiwan actor Chris Wang thinks so.

"The Fierce Wife" star said he came to this conclusion after reading up on the topic and observing similar cheating behaviour among males of other animal species, during his travels as the host of an adventure programme.

However, he stressed that this doesn't make it okay for men to betray their partners.

"I think this isn't a valid excuse. You have to respect her views, know her pain and the source of her tears.

"You can't be selfish," Wang told reporters, during a recent visit to Singapore with his "Love Me Or Leave Me" co-star Tiffany Hsu, to promote the drama.

Hsu, who plays a woman that hires another to test her lover's (played by Wang) fidelity in the drama, had rather different views on the topic.

"I don't think cheating is in men's nature," said the actress, pointing out that both men and women stray because "everyone wants new experiences".

"It's just that women can stay in a stale relationship for a longer time, but men really love to have lots of interactions with different people."

Hsu believed that both parties in a relationship need to work together to create new experiences for one another, in order to make it less likely that their partner will cheat.

-CNA/ha

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Asian stocks mostly higher on US fiscal hopes

HONG KONG - Asian markets mostly rose Tuesday, taking a lead from Wall Street as dealers grow confident US lawmakers will reach an agreement to avert the fiscal cliff.

Continued weakness of the yen helped send Japanese shares surging for a second straight session as Shinzo Abe prepares to take over as prime minister, vowing to press for a more aggressive policy of monetary easing.

Tokyo rose 0.96 percent, or 94.13 points, to 9,923.01, Seoul was up 0.51 percent, or 10.02 points, at 1,993.09, while Sydney added 0.48 percent, or 21.8 points, to 4,595.2.

Shanghai ended up 0.10 percent, or 2.12 points, at 2,162.46 while Hong Kong gave up earlier gains to end flat, dipping 18.88 points to 22,494.73.

Traders were reacting to news progress was finally being made in talks on a new deficit-cutting budget to replace the tax hikes and spending cuts due to come into effect at the start of January and which would likely tip the US economy into recession.

President Barack Obama hosted top Republican lawmaker John Boehner in the White House for 45 minutes Monday in the latest effort to avert going over the so-called fiscal cliff.

The meeting follows news that Boehner had changed his position on not allowing any more taxes, saying at the weekend that he would agree to some hikes for people earning more than US$1 million.

Although Obama has said he would only agree to rises on people earning more than US$250,000, analysts say the development shows the outline of a tentative deal is being formed.

Wall Street ended on a high, with the Dow closing up 0.76 percent, the S&P 500 gaining 1.19 percent and the Nasdaq adding 1.32 percent.

Japanese shares continued to be supported by the falling yen, which helps the country's exporters, as dealers bet on fresh central bank moves to boost the economy.

The election of Abe and his Liberal Democratic Party on Sunday was widely expected and investors now expect the Bank of Japan to unveil a further loosening of monetary policy at the end of its two-day meeting on Thursday.

Abe and central bank chief Masaaki Shirakawa held talks on Tuesday to discuss monetary policy.

In share trading, utility giant TEPCO, which runs the Fukushima plant at the centre of last year's nuclear crisis, surged 17.32 percent on expectations the new government will shelve any short-term plans to ditch atomic power.

In afternoon Tokyo trade, the dollar bought 84.96 yen, up from 83.87 yen in New York on Monday, while the euro also edged higher to 110.49 yen, from 110.40 yen.

The European single currency fetched US$1.3165, against US$1.3161 in New York.

Oil prices were up. New York's main contract, light sweet crude for delivery in January rose 58 cents to US$87.74 a barrel in the afternoon and Brent North Sea crude for February delivery advanced 73 cents to US$108.33.

Gold was at US$1,701.20 at 0800 GMT compared with US$1,690.10 late Monday.

In other markets:

-- Taipei rose 0.16 percent, or 12.46 points, to 7,643.74.

-- Manila rose 0.23 percent, or 12.74 points, to 5,636.59.

- AFP/ir

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Flat to low digit growth for S'pore telco sector in 2013: analysts

SINGAPORE: The three main telco operators in Singapore will have a tough year ahead as analysts expect flat to low single digit revenue growth, despite the rollout of the high speed 4G network.

The telcos face slowing industry-wide growth and loss of sales in core voice and data markets as their hip, young, internet-based competitors offering free services are stealing market share.

Yet, digital and mobile is where Singapore's biggest telco is placing its biggest bet.

Singtel's group CEO, Chua Sock Koong, said: "Growing the top line would involve better monetisation of mobile data, which is a fast growing area (and) looking at new revenue sources -- that's where our investments in a lot of digital life investments will come true."

According to the International Data Corporation (IDC), vendors will ship more than 1.7 billion mobile phones globally this year.

But the long queues for new releases of smart phones like iPhone 5 and Samsung Galaxy Note 2 do not immediately translate into higher revenue for SingTel, StarHub and M1.

OCBC Research's senior research manager, Carey Wong, said: "Singapore's penetration rate is already close to 150 percent. It is a very mature market. Any raise in ARPU (Average Revenue Per User) would probably take some time to flow through.

"We are also seeing a little bit of subscriber growth since the penetration is so high. We think low single digit is probably correct for such mature market."

New revenue may come from the telcos moving into content and infrastructure and may also tap upstream customers like government agencies and corporations.

Standard Chartered Bank's director of Technology and Global Equity Research, Don See, said: "We need to see telcos demonstrate willingness to be more entrepreneurial -- to try out new things and to actually have a more bigger willingness to step away from their legacy business to capture some of these growth opportunities."

StarHub has been the outperformer in 2012 with its shares up by 33 percent.

SingTel and M1 have both climbed about 10 percent.

- CNA/lp

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China commentary urges policy shift as Japan votes

BEIJING: China's state media on Sunday urged Japan to seek a post-election foreign policy that will improve relations with its neighbours, as Japanese voted in a poll likely to bring in a more hawkish administration.

It came just days after Beijing's latest effort to bolster its claim to disputed islands at the centre of a fierce row with Tokyo, by submitting to the United Nations information on the outer limits of its continental shelf.

The state Xinhua news agency commentary called on whichever party comes out on top to "devise its foreign policy with a long-term and pragmatic" view so Japan can "repair its strained ties with neighbours".

Ties between the Asian giants have soured in recent months due to the row over the East China Sea islands, which are controlled by Tokyo but claimed by Beijing.

Commentators believe the dispute has given a boost to right-wingers in Japan, where the conservative Liberal Democratic Party is expected to defeat the ruling Democratic Party of Japan in Sunday's elections for parliament's lower house.

Shinzo Abe, LDP president and the likely next premier, has said he would take a harder line on foreign policy and revitalise ties with the United States.

The Xinhua commentary cited a "troubling sign" that some Japanese political parties are advocating a hardline over the country's territorial disputes.

"These policies, if carried out, will surely further sour Japan's relations with its neighbors and even increase political and military risks in the region," it said.

China's foreign ministry said on Friday that Beijing told the UN in its submission that geographical characteristics "show that the continental shelf of China in the East China Sea extends to the Okinawa Trough, an important geographical unit with remarkable partition."

Such a definition of China's continental shelf would include the disputed islands. Japan's Okinawan islands lie to the east of the trough.

The escalation in the dispute over the uninhabited islands, known as Diaoyu in China and Senkaku in Japan, was triggered when the Japanese government in September purchased some of the islands from the private Japanese owner.

The purchase triggered sometimes-violent anti-Japanese riots in China.

Ships from Japan, China and Taiwan -- which also claims the island -- have engaged in stand-offs and last week Japan scrambled fighter jets after a Chinese state-owned plane flew over the area.

- AFP/xq

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India PM says reforms steps "only the beginning"

NEW DELHI: India's premier Manmohan Singh said on Saturday his government's new reforms to spur the economy were "only the beginning", while lashing out at the "excessive pessimism" that he said is hurting growth.

Singh's government has initiated a string of reforms to further open up sectors such as retail, insurance and aviation to foreign investment as it seeks to kickstart growth before facing voters in 2014 elections.

"The steps we have taken are only the beginning of a process to revive our economy and take it back to its trend growth rate of eight to nine per cent," Singh told an audience of corporate leaders in New Delhi.

"Our government has acted to reverse the cycle of negative expectations and stimulate investment," he said.

But "excessive pessimism at home" and a "less supportive" global environment have made the Congress-led government's task of reviving the flagging economy much tougher, he added.

India's economic growth slipped to a near-decade low of 6.5 per cent in the last fiscal year and is expected to fall to around 5.5 per cent this year.

While much of the world would envy such a growth rate, the pace is not enough for India which says it needs close to double-digit expansion to substantially reduce crushing poverty.

"Even as we make our growth process more inclusive, we cannot lower our guard in pursuing policies that restore growth momentum to the economy," Singh said.

He said the government had taken tough decisions to rekindle investor enthusiasm and rein in the ballooning fiscal deficit which has brought warnings of a downgrade from global ratings agencies.

"Some of the decisions we have taken were politically difficult and the naysayers and the cynics have tried to halt us in our tracks," Singh said.

Parties that have been fighting the reforms, including the main opposition Hindu nationalist Bharatiya Janata Party, "are either ignorant or constrained by outdated ideologies", Singh said.

Last week the fragile minority coalition government succeeded in winning approval for its move to allow in foreign supermarkets -- a flagship of its renewed reform agenda -- despite fierce political opposition.

- AFP/xq

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