Report details final minutes for ambassador, 3 others






STORY HIGHLIGHTS


  • U.S. Ambassador Chris Stevens was killed in September of this year

  • He was the first U.S. ambassador murdered since 1988

  • Along with Stevens, three other Americans were killed




(CNN) -- They were in hiding in a place security officers called a "safe area." It was anything but.


Outside an angry crowd grew, gunfire rang out and a fire blazed.


Thick smoke blinded the three trapped men. The intruders banged on the fortified safety gate of the bunker-like villa.


A security officer handed his cell phone to Ambassador Chris Stevens. Prepare for the mob to blast open the locks of the safety gate, the officer said.









Attack on the U.S. Consulate in Libya























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It was a little before 10 at night on September 11, 2012. And time was running out for Stevens.


Vivid new details of the attack on the U.S. Consulate in Benghazi, Libya, were released Tuesday night by a federal committee trying to come to grips with the violence that led to the first murder of a U.S. ambassador since 1988 and the deaths of three other Americans.


The report spoke of grossly inadequate security, an issue that Stevens had complained about well before September 11.


Inquiry cites 'failures' at State Department


The brief phone call


Instead of blasting their way into the villa, the crowd retreated for some reason. But the fire still blazed.


Stevens used the cell phone to try to alert others about the attack.


Struggling to see, choked by smoke, he dialed.


He may have wanted to tell embassy officials in Tripoli that he and the small security detail at that 13-acre compound were in big trouble.


They were outmanned, outgunned. The militants had doused a large area with diesel fuel and started a hideous fire.


He may have wanted to say that he was trapped in a building they called Villa C with a security officer, and Foreign Service Information Management Officer Sean Smith.


They had to flee to the villa after intruders stormed the walled-in consulate compound armed with machine guns and rocket-propelled grenades.


But in that 9:50 p.m. phone call, Stevens could only tell the U.S. deputy chief of the mission in Tripoli that they were under attack.


The call promptly dropped.


Warning signs


Though fierce and sudden, the attack may not have been surprising for some.


U.S. diplomats who worked in Libya, a country struggling to form a government after overthrowing longtime dictator Moammar Ghadafi, had repeatedly asked for more security.


American officials, for the most part, were well-received in Libya, where many locals were grateful for the help the United States provided in overthrowing Ghadafi.


But danger remained.


There were still many Ghadafi loyalists, there was easy access to guns and the new fledgling government was having a difficult time maintaining security.


On June 1, a car bomb exploded outside a hotel in Tripoli where Stevens was staying.


The same month, Stevens had to move with his security team from the hotel because of a "credible' threat.


On June 6, a roadside bomb exploded near the U.S. compound in Benghazi, hurting no one but blasting a large hole in a wall of the compound.


The threats continued for U.S. officials and diplomats from other countries -- but security staffing remained unchanged.


The ambassador is missing


But now, there was no time to fret about woeful security.


Black smoke was filling up the safe area.


Stevens, Smith and the security officer crawled to a bathroom, hoping to open a window.


The security officer placed towels under the bathroom door and flung open the panes.


It made things worse.


The open window pulled more smoke into the bathroom, making breathing impossible.


Despite the explosions outside, they would have to flee the safe area, the officer thought. The smoke had choked out the lights. They were in total darkness.


The officer left the bathroom, crawled through a hallway, banging on the floor and yelling that the ambassador and Smith follow him.


He slipped though another window and collapsed in an enclosed patio area.


And then he noticed it.


Stevens and Smith were not there.


The officer slipped back through the window several times, even though the intruders were still shooting at him.


The smoke and heat was unbearable. He could not find either man.


He used a ladder to climb to the roof of the villa and radioed for help.


He had been in the smoky room for so long he could hardly speak. It took some time for the officers on the other end of the line to understand what he was saying.


He did not have Smith, he said. And the ambassador is missing.


The battle at the Annex


Three other security officers had barricaded themselves in another building when the siege began.


Once the first wave of attackers seemed to retreat, the officers got out of their "defensive" positions and drove an armored car to the villa. They found their colleague on the roof, vomiting, about to pass out.


The three officers crawled through the smoke inside.


They found Smith. They dragged his body out. But they were too late.


A team, from a nearby U.S. facility called the Annex, arrived and helped search for Stevens. They could not find him.


Concerned that the large crowd of militants was about to overtake the entire compound, they decided to flee back to the Annex without Stevens.


Men in the crowd began shooting, the bullets almost piercing the armored vehicle and blowing out two of its tires.


They drove on. At least two vehicles followed them.


They made it to the Annex, preparing for another fight. It was about 11:30 at night.


Just before midnight, bullets began hitting the Annex. This started a gun battle that lasted for an hour.


Hours later, another wave of attacks hit the facility with mortars, killing security officers Tyrone Woods and Glen Doherty.


Finding Stevens


Hours passed and no one knew where Stevens was.


About 2 a.m., the U.S. Embassy in Tripoli received a phone call.


It was from the cell phone of the security officer who had given his phone to Stevens.


The man on the line spoke Arabic, telling embassy officials that Stevens had been taken to a hospital in Benghazi.


Officials could not determine what hospital Stevens was taken to.


Some wondered if the phone call was a trick from militants who wanted to lure U.S. officers to their death.


A Libyan official was sent to Benghazi Medical Center. He said Stevens was there.


Hospital staff said six civilians brought Stevens to the emergency room about 1:15 a.m.


Even though the ambassador showed no signs of life, doctors worked to revive him for 45 minutes.


It was too late.







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UBS to pay $1.5B in fines for rate manipulation

Updated 4:30 a.m.

GENEVA Switzerland's UBS AG agreed Wednesday to pay some $1.5 billion in fines to international regulators following a probe into the rigging of a key global interest rate.

In admitting to fraud, Switzerland's largest bank became the second bank, after Britain's Barclays PLC, to settle over the rate-rigging scandal. The fine, which will be paid to authorities in the U.S., Britain and Switzerland, also comes just over a week after HSBC PLC agreed to pay nearly $2 billion for alleged money laundering.

The settlement caps a tough year for UBS and the reputation of the global banking industry. As well as being ensnared in the industry-wide investigation into alleged manipulations of the benchmark LIBOR interest rate, short for London interbank offered rate, UBS has seen its reputation suffer in a London trial into a multibillion dollar trading scandal and ongoing tax evasion probes.

As a result of the fines, litigation, unwinding of real estate investments, restructuring and other costs, UBS said it expects to post a fourth quarter net loss of between $2.2-2.7 billion.

Nevertheless, the Zurich-based bank maintained that it "remains one of the best capitalized banks in the world."

Other banks are expected to be fined for their involvement in the LIBOR scandal. LIBOR, which is a self-policing system and relies on information that global banks submit to a British banking authority, is important because it is used to set the interest rates on trillions of dollars in contracts around the world, including mortgages and credit cards.

UBS characterized the probes as "industry-wide investigations into the setting of certain benchmark rates across a range of currencies."

The UBS penalty is more than triple the $450 million in fines imposed by American and British regulators in June on Barclays for submitting false information between 2005 and 2009 to manipulate the LIBOR rates. Those fines exposed a scandal that led to the departure of Chief Executive Bob Diamond and the announcement that Chairman Marcus Agius would step down at the end of the year.

In accepting the fines, UBS said some of its employees tried to rig the LIBOR rate in several currencies, but that its Japan unit, where much of the manipulation took place, entered a plea to one count of wire fraud in an agreement with the U.S. Justice Department.

UBS said some of its personnel had "engaged in efforts to manipulate submissions for certain benchmark rates to benefit trading positions" and that some employees had "colluded with employees at other banks and cash brokers to influence certain benchmark rates to benefit their trading positions."

UBS added that "inappropriate directions" had been submitted that were "in part motivated by a desire to avoid unfair and negative market and media perceptions during the financial crisis."

Britain's financial regulator called the misconduct by UBS "extensive and broad" with the rate-fixing carried out from UBS offices in London and Zurich.

Different desks were responsible for different rate submissions. At least 2,000 requests for inappropriate submissions were documented -- an unquantifiable number of oral requests, which by their nature would not be documented, were also made, the U.K.'s Financial Services Authority said.

"Manipulation was also discussed in internal open chat forums and group emails, and was widely known," the FSA said. "At least 45 individuals including traders, managers and senior managers were involved in, or aware of, the practice of attempting to influence submissions."

Sergio Ermotti, who was appointed CEO of UBS AG in November 2012 in the wake of a major trading scandal, said the misconduct does not reflect the bank's values or standards.

"We deeply regret this inappropriate and unethical behavior. No amount of profit is more important than the reputation of the firm, and we are committed to doing business with integrity," he said.

With more than $2.4 trillion in invested assets, UBS is one of the world's largest managers of private wealth assets. At last count, the bank had 63,745 employees in 57 countries. It has said it aims for a headcount of 54,000 in 2015.

Along with Credit Suisse, the second-largest Swiss bank, UBS is on the list of the 29 "global systemically important banks" that the Basel, Switzerland-based Bank for International Settlements, the central bank for central banks, considers too big to fail.

It's not the first time that UBS has fallen afoul of regulators. Notably, in 2009, U.S. authorities fined UBS $780 million in 2009 for helping U.S. citizens avoid paying taxes.

The U.S. government has since been pushing Switzerland to loosen its rules on banking secrecy and has been trying to shed its image as a tax haven, signing deals with the United States, Germany and Britain to provide greater assistance to foreign tax authorities seeking information on their citizens' accounts.

In April, Ermotti called Switzerland's tax disputes with the United States and some European nations "an economic war" putting thousands of jobs at risk.

And in September 2011, the bank announced more than $2 billion in losses and blamed a 32-year-old rogue trader, Kweku Adoboli, at its London office for Britain's biggest-ever fraud at a bank.

Britain's financial regulator fined UBS, saying its internal controls were inadequate to prevent Adoboli, a relatively inexperienced trader, from making vast and risky bets. Adoboli has been sentenced to seven years in prison.

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Newtown Settles In for Prayerful, Somber Christmas













Residents of Sandy Hook, Conn., gather every year under an enormous tree in the middle of town to sing carols and light the tree. The tree is lit this year, too, but the scene beneath it is starkly different.


The tree looms over hundreds of teddy bears and toys, but they are for children who will never receive them. The ornaments are adorned with names and jarringly recent birth dates.


Wreaths with pine cones and white ribbons hang near the tree, one each for a life lost. A small statue of an angel child sleeps among a sea of candles.


A steady flow of well-wishers, young and old, tearfully comes to cry, pray, light candles, leave gifts and share hugs and stories.


CLICK HERE for complete coverage of the massacre at Sandy Hook.


The Christmas season is a normally joyful time for this tight-knit village, but in the wake of a shooting rampage, holiday decorations have given way this year to memorial signs. And instead of cars with Christmas trees on top, there are media vans with satellites.


Connie Koch has lived in Newtown for nine years. She lives directly behind Sandy Hook Elementary School, where Adam Lanza, 20, killed 20 children and six adults before turning the gun on himself. Earlier that Friday morning, he had also killed his mother at home.










President Obama on Newtown Shooting: 'We Must Change' Watch Video







Koch said the shocked town, which includes the Village of Sandy Hook, is experiencing a notably different Christmas this year.


"It's more somber, much more time spent in prayer for our victims' families and our friends that have lost loved ones," she said as she stood near the base of the tree.


CLICK HERE for a tribute to the shooting victims.


Her family has been touched by the tragedy is multiple ways.


"My daughter, she lost her child that she babysat for for six years," she said, holding back tears. "And for her friend who lost her mother. And for my dear friend who lost one of her friends in the school, one of the aides.


"It's hard. And there will be much prayer on Christmas morning for these people, for our community."


Koch said her community always rallies in the face of tragedy, but the term "hits close to home" resonates this time more than ever before. She says the only way to make it through is one day at a time.


"It's all you can do, one hour at a time," Koch said. "For me, I don't even want to wake up in the morning because I don't want to have to face it again. You feel like it's still just a dream and with the funerals starting, it's becoming more real. It's becoming more final."


Another Newtown parent, Adam Zuckerman, stood by the makeshift memorial with a roll of red heart stickers with the words, "In Our" above a drawing of the Sandy Hook Elementary School welcome sign. He was selling the stickers to collect money for a Sandy Hook victims' fund.


"It's a lot," he said of the events of the past few days. "We don't know how it's going to affect our community, but I feel very strongly that I needed to do something to keep it positive, to keep this community positive."


Zuckerman's 20-year-old stepdaughter came home from college for winter break the night before the shooting. As a high school student, she worked in one of the town's popular toy stores.


"She knew a lot of the kids," he said of his daughter. "Their parents brought them in over the years. We have other friends who have lost family here and good friends who are dear friends with the principal of the school. … It's pretty rough."






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2013 Smart Guide: Revolutionary human stem cell trial



































Read more: "2013 Smart Guide: 10 ideas that will shape the year"












If all goes to plan, 2013 should see the first human trial of "rewound" cells. These are produced by turning adult cells back to a stem cell state and then coaxing them into becoming another type of cell. It will mark a milestone in our ability to generate new tissue - and maybe whole organs - from people's own cells.











In 2006, Shinya Yamanaka reverted skin cells to an embryonic state. He called these cells induced pluripotent stem cells. iPSCs can grow into any tissue in the body by exposure to natural growth factors.













The long-term goal of the pioneering trial of iPSC-derived cells is to provide blood platelets to people undergoing cancer therapy, who need platelet transfusions to repair damaged tissues and prevent uncontrolled bleeding. Initially, however, platelets grown from iPSC will be given to healthy volunteers. Researchers in charge of the proposed trial, planned by Advanced Cell Technology (ACT) of Marlborough, Massachusetts, want to ensure that the cells are well tolerated before moving on to people with cancer and other blood-related conditions.












Some studies of iPSCs have suggested that they may have a higher risk of becoming cancerous. "Since platelets don't have nuclei they can't form tumours, which makes them ideal for the first iPSC clinical trial," says Robert Lanza, chief medical officer at ACT.












Volunteers will be given platelets made from pre-existing stocks of iPSCs, but if the trial goes well, Lanza says they will create platelets from cancer patients' own cells.




















































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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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NBC's Engel free after abduction in Syria

Updated at 5:26 a.m. Eastern

LONDON NBC News said Tuesday morning that veteran foreign correspondent Richard Engel, two of his colleagues and their security guard were free after five days of captivity at the hands of unidentified assailants in Syria.

NBC said in a statement that Engel, who went missing along with his crew on Thursday, was "freed from captors in Syria after a firefight at a checkpoint on Monday, five days after they were taken prisoner." The network did not identify the others who had been abducted with Engel.

"We are pleased to report they are safely out of the country," NBC added.

It remained unclear exactly who abducted Engel and the rest of his team. NBC said only that the captors "were not believed to be loyal to the Assad regime."

According to NBC, two of the captors were killed in the shootout at the checkpoint manned by a Syrian rebel group, the Ahrar al-Sham brigade, an Islamic Salafist group which operates across Syria, but has its strongest presence in the northern city of Idlib.

Several Western journalists have been detained by the increasingly isolated regime of President Bashar Assad, which has virtually banned independent reporting inside Syria. The journalists held by the regime have generally been set free in a matter of days. Others have been abducted and held briefly by armed militant groups fighting against Assad. The myriad rebel militias in Syria have vastly varying

One American journalist, freelance writer Austin Tice, remains missing after disappearing in mid-August. His parents visited Beirut, Lebanon in November, seeking information about their son, but said they still had not learned who was holding him or what condition he was in.

The U.S. government has said Assad's regime is likely holding the 31-year-old former Marine, who had been reporting on Syria's civil war for The Washington Post, McClatchy Newspapers and others.

Engel, NBC's chief foreign correspondent, has extensive history reporting on and living in the Middle East. He was reporting on the war from inside Syria when he was captured. His work has won him numerous awards, including five News & Documentary Emmys.

According to NBC, Engel speaks and reads fluent Arabic and can comfortably transition between several Arabic dialects spoken across the Arab world.

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Conn. Kids Laid to Rest: 'Our Hearts Are With You'













Visibly shaken attendees exiting the funeral today for 6-year-old Noah Pozner, one of 20 children killed in the Connecticut school massacre last week, said they were touched by a story that summed up the first-grader best.


His mother, Veronique, would often tell him how much she loved him and he'd respond: "Not as much as I [love] you," said a New York man who attended the funeral but was not a member of the family.


Noah's family had been scheduled to greet the public before the funeral service began at 1 p.m. at the Abraham L. Green & Son Funeral Home in Fairfield, Conn. The burial was to follow at the B'nai Israel Cemetery in Monroe, Conn. Those present said they were in awe at the composure of Noah's mother.


Rabbi Edgar Gluck, who attended the service, said the first person to speak was Noah's mother, who told mourners that her son's ambition when he grew up was to be either a director of a plant that makes tacos -- because that was his favorite food -- or to be a doctor.


Outside the funeral home, a small memorial lay with a sign reading: "Our hearts are with you, Noah." A red rose was also left behind along with two teddy bears with white flowers and a blue toy car with a note saying "Noah, rest in peace."


CLICK HERE for complete coverage of the tragedy at Sandy Hook.






Don Emmert/AFP/Getty Images













President Obama on Newtown Shooting: 'We Must Change' Watch Video







The funeral home was adorned with white balloons as members of the surrounding communities came also to pay their respects, which included a rabbi from Bridgeport. More than a dozen police officers were at the front of the funeral home, and an ambulance was on standby at a gas station at the corner.


U.S. Sen. Richard Blumenthal, U.S. Rep. and Sen.-Elect Chris Murphy and Gov. Dannel P. Malloy, all of Connecticut, were in attendance, the Connecticut Post reported.


Noah was an inquisitive boy who liked to figure out how things worked mechanically, The Associated Press reported. His twin sister, Arielle, was one of the students who survived when her teacher hid her class in the bathroom during the attack.


CLICK HERE for a tribute to the shooting victims.


The twins celebrated their sixth birthday last month. Noah's uncle Alexis Haller told the AP that he was "smart as a whip," gentle but with a rambunctious streak. He called his twin sister his best friend.


"They were always playing together, they loved to do things together," Haller said.


The funeral for Jack Pinto, 6, was also held today, at the Honan Funeral Home in Newtown. He was to be buried at Newtown Village Cemetery.


Jack's family said he loved football, skiing, wrestling and reading, and he also loved his school. Friends from his wrestling team attended his funeral today in their uniforms. One mourner said the message during the service was: "You're secure now. The worst is over."


Family members say they are not dwelling on his death, but instead on the gift of his life that they will cherish.


The family released a statement, saying, Jack was an "inspiration to all those who knew him."


"He had a wide smile that would simply light up the room and while we are all uncertain as to how we will ever cope without him, we choose to remember and celebrate his life," the statement said. "Not dwelling on the loss but instead on the gift that we were given and will forever cherish in our hearts forever."


Jack and Noah were two of 20 children killed Friday morning at Sandy Hook Elementary School in Newtown, Conn., when 20-year-old Adam Lanza sprayed two first-grade classrooms with bullets that also killed six adults.






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Is the obesity epidemic caused by too much sugar?



Luc Tappy, contributor



LON124750.jpg

(Image: Martin Parr/Magnum)


In Fat Chance, endocrinologist Robert Lustig argues that insidious changes to our eating habits have caused disruptions to our endocrine systems



THE number of obese people in the world has doubled in the last three decades. During the same period, the way we eat has changed insidiously: the proportion of meals eaten outside the home has grown, people have come to rely more and more on ready-to-eat processed foods, and sugar consumption has soared to the highest levels in human history. Unsurprisingly, none of this is for the better of our health, says endocrinologist Robert Lustig.





fat_chance_175.jpg

Obese people struggling to lose weight, and health professionals involved in helping them to do so, will agree that obesity is not down to mere gluttony or sloth. Subtle, yet unrecognised neuroendocrine defects likely also play a role.



In Fat Chance, Lustig argues that the rise of obesity is the result of high concentrations of insulin in the blood, together with resistance to leptin - a hormone secreted by the body's fat cells that normally signals the brain to shut down food intake.



According to his hypothesis, the problem begins when dietary sugar stimulates insulin secretion, promoting storage of food energy in fat cells. Because this energy is not available to other cells, the signal to eat doesn't get switched off. In such conditions, leptin should tell the brain to reduce food intake. But the brains of obese people who have developed insulin resistance also become resistant to the effects of leptin. Lustig says that is because high insulin levels block leptin's signals to the brain, but unfortunately he doesn't show by what mechanism this might be happening, or clarify whether leptin resistance is a direct consequence of eating sugar. Still, if these factors are at work, it would help to explain uninhibited overeating.



After laying out his theory, Lustig goes on to scrutinise the composition of the average modern diet. He concludes that four specific nutrients are instrumental in the development of obesity. Top of the list are "sugars", and more specifically fructose. This monosaccharide is consumed when foods contain added sugar (be it cane or beet sugar, or high-fructose corn syrup). Fructose, which Lustig describes as a toxin, can be converted into fat by the liver, and hence can be directly involved in the development of complications of obesity such as heart disease and non-alcoholic fatty liver disease. The other three nutrients on his hazards list are alcohol, branched-chain amino acids and trans fats.



Once he has made a case for the causes of obesity, Lustig outlines the dietary changes and public policies required to reduce them. These are very familiar: a drastic reduction in sugar consumption, increasing intake of foods that contain high amounts of dietary fibre - whole fruits rather than juices, for example - and an increase in physical activity.



There are many books on the ills of obesity. So what does this one add? Fat Chance is certainly not intended as a practical guide for people attempting to lose weight, and with often superficial presentations of the science, it is not for health professionals either. Instead, this book offers the general reader a critical appraisal of our present diet and eating habits. Most important, Lustig's recommendations to reduce sugar intake, eat more fibre-rich foods, and lobby the food industry and government to take practical steps to improve the quality of our diet, are certainly valid and more than appropriate.



Fat Chance is a position statement. Lustig argues that sugar and processed foods are driving the obesity epidemic, and he calls for policy interventions to reduce their consumption by any possible means. He is venturing into controversial territory and many of his hypotheses remain unproven, and at times draw on a rather thin scientific background. Yet they are nonetheless highly plausible - and worrying.




Luc Tappy is a professor of physiology at the University of Lausanne in Switzerland



Fat Chance: Beating the odds against sugar, processed food, obesity, and disease by Robert H. Lustig
Fourth Estate/Hudson Street Press
£13.99/$25.95



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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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