Tokyo's Nikkei share average opens down 0.24 pct

Tue, Dec 11, 2012 at 05:52

TOKYOS-NIKKEI-SHARE-AVERAGE-OPENS:Tokyo's Nikkei share average opens down 0.24 pct

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TOKYO (Reuters) - Japan's benchmark Nikkei average opened down 0.24 percent at 9,510.60 on Tuesday, while the broader Topix shed 0.19 percent to 787.02.

(Reporting by Tokyo markets team)

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Asian shares, euro steady, Fed move in focus

By Chikako Mogi

TOKYO (Reuters) - Asian shares and the euro steadied on Tuesday, drawing support from expectations that the U.S. Federal Reserve will take fresh economic stimulus measures this week.

MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.1 percent to a 16-month high, led by Australian shares <.AXJO> which gained 0.3 percent to their highest in nearly two months on a rise in metals and oil prices and hopes for Fed action.

South Korean shares opened 0.3 percent higher while Japan's Nikkei stock average opened down 0.2 percent.

U.S. Treasury prices edged higher on Monday on worries about U.S. budget wrangling, Italy's political rumbling and expectations of further monetary easing by the Fed.

At the end of the two-day meeting which begins on Tuesday, the Fed is expected to announce it will buy $45 billion per month of longer-dated Treasuries beginning in January to replace the current Operation Twist programme, which expires at the end of December.

Under the programme, it sells shorter-dated U.S. government debt and buys longer-dated Treasuries to extend the duration of its balance sheet.

Such expectations weighed on the dollar and helped to underpin the euro, which traded at $1.2937, off Monday's low of $1.2880.

The dollar was steady around 82.37 yen.

The euro was also supported as Italian Prime Minister Mario Monti played down market fears over his decision to resign, saying there was no danger of a vacuum ahead of an election in the spring.

"The euro's dip below $1.2900 proved to be short-lived," said Vassili Serebriakov, strategist at BNP Paribas. "FX markets are showing some notable resilience following news of Italian PM Mario Monti's imminent resignation."

FISCAL WORRIES

European partners urged the next Italian government on Monday to stick to Monti's reform agenda, after his decision to resign early and Silvio Berlusconi's return to frontline politics rattled financial markets.

Monti had earned market confidence over the past year in indebted Italy, as he spearheaded a reform agenda to rescue the euro zone's third-largest economy from the threat of a Greek-style collapse.

His earlier-than-expected departure raised concerns about the prospects for Italy's fiscal reforms, lifting Italy's benchmark 10-year bond yield up to 4.83 percent, the highest in more than three weeks, while driving Italian shares <.FTMIB> down more than 2 percent.

Investors also worry about an impact on neighbouring Spain, which is struggling with high debt and studying the need for outside help.

Fiscal worries in the United States have also weighed on investor sentiment, limiting their activity as trading winds down towards the year-end holiday season.

"It would be difficult to take large positions before more details are out," said Hiroichi Nishi, general manager at SMBC Nikko Securities, referring to the U.S. budget impasse to avert some $600 billion of tax hikes and spending cuts scheduled to start in January, known as the fiscal cliff.

Economists have warned that a failure to break the impasse would send the U.S. economy back into recession, further weighing on the fragile global economy.

The White House and House of Representatives Speaker John Boehner's office held more negotiations on Monday on ways to break the budget stalemate, but neither side showed any public signs that they were ready to give ground. The talks picked up pace after Boehner met with President Barack Obama on Sunday, raising hopes of progress.

U.S. crude futures inched up 0.1 percent to $85.62 a barrel while spot gold was little changed at $1,711.20 an ounce, supported by a lack of progress in the U.S. budget talks and expectations for new Fed stimulus measures.

(Additional reporting by Ian Chua in Sydney and Ayai Tomisawa in Tokyo; Editing by Edmund Klamann)

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MP govt should clear Rs 19,450 cr DA arrears: Ajay Singh

Bhopal, Dec 9 (PTI) Leader of Opposition in Madhya Pradesh Assembly Ajay Singh today demanded that the BJP-led state government should clear the dearness allowance arrears worth Rs 19,450 crore for its employees and pensioners. "The ruling BJP government which had termed the erstwhile Congress government as 'anti-employees', has now pocketed Rs 19,450 crore due to them and pensioners as DA," he said in a statement. Singh said Congress General Secretary and former Chief Minister Digvijay Singh had brought the matter in the open recently in Bhopal, but the government chose to remain silent on the issue, which clearly shows the state of affairs. He said he had also written a letter to the Chief Minister on April 3 demanding that 96 month dues of the allowance be paid to pensioners in this regard, which was not answered. The Congress leader said these are the same pensioners to whom the BJP had promised in 2003 to pay DA as per their demands, but conveniently forgot this and other promises after coming to power. When contacted, Madhya Pradesh Parliamentary Affairs Minister and Cabinet spokesman Narottam Mishra said he would get back on the issue after verifying the figure mentioned by the Congress leaders in this regard. PTI MAS NP MNS BSM

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3RDLD EGYPT 2 LAST

The move comes after a week of protests against the The move comes after a week of protests against the referendum and constitutional declaration that lead to violent clashes between his supporters and opponents that killed at least seven people and injured nearly 700 others. The new declaration, Awa said, would not remove judicial oversight of Mursi's decisions, but the President is still tasked with protecting the revolution and its causes, and his appointment of new Prosecutor General Talaat Ibrahim Abdallah will stand. The present political turmoil began after President Mursi granted himself absolute powers through the November 22 decree that had put his decisions beyond judicial review, a move which gained him titles like "dictator" and "Pharaoh". The new declaration also reaffirmed the retrial of figures responsible for protester deaths in the uprising against former President Hosni Mubarak and called for investigations into the deaths of those who were killed in last week's clashes in front of the presidential palace. In the original declaration, Mursi had stated that Mubarak regime figures would be retried for the deaths of protesters nearly two years ago in the January 25 uprising. Egypt's Constituent Assembly on November 30 in a marathon session approved a draft constitution imposing Islamic values, a move opposed by Liberals as an attempt to restrict freedom of speech and religion in the country. According to Egyptian state TV, the articles passed, stipulated that Islam is the religion of the state, and the principles of Sharia, or Islamic law, are the "main source of legislation". Mursi then decided to hold a referendum on the controversial draft constitution on December 15, a move that sparked further outrage in the deeply polarised country. Khaled Dawood, the spokesman for the National Salvation Front, the aggregation of opposition parties in Egypt, said annulling the decree was "relatively meaningless". "The key issue of securing the process of adapting of the constitution is done," he was quoted by Al-Jazeera as saying. Ayman Nour, an opposition leader who attended the meeting at the palace, described the cancellation of the decree as a positive step. "(It) has opened the door to a possible solution to a national crisis and may calm the situation down," he said. PTI RAG ASK DDC

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Belfast rally demands return of British flag

By Ian Graham

BELFAST (Reuters) - Around 2,000 pro-British loyalists rallied in central Belfast on Saturday for the return of the British flag to the roof of city hall after a vote by Irish nationalist councillors to remove it sparked a week of rioting.

Twenty-eight police officers have been injured in the most widespread pro-British street violence for years in the province as the flag became a rallying point for people who feel there have been too many concessions to Irish nationalists.

Rioters fired bricks and petrol bombs at police and burned out cars overnight, hours after U.S. Secretary of State Hillary Clinton called for calm during a visit to the city and warned the peace process was not yet complete.

Loyalist political parties, who share the protesters' desire to remain part of the United Kingdom, condemned the rioting as did the Irish nationalist parties who they share power with.

Around 2,000 people gathered outside the imposing 19th century Baroque city hall, most waving British flags and many hiding their faces with balaclavas or scarves, prompting some local businesses in the area to close.

'NO SURRENDER'

The crowd cheered when one protester burned an Irish tricolour flag and sang the British national anthem before dispersing. Banners declared "Proud to be British" and "No Surrender."

"This goes on until the flag is back above city hall," said protester William Arthur. "Ulster is British and we will not stand for this".

Hundreds of riot police stood by, but did not intervene.

One police officer was injured during trouble in East Belfast as some of the crowd returned home, police said.

Assistant Chief Constable Will Kerr of the Senior Police Service of Northern Ireland said the disorder orchestrated by loyalist paramilitary groups was putting lives at risk.

"I am urging everyone to be calm, take a step back," he said.

LOYALIST FEARS

At least 3,600 people were killed over three decades as Catholic nationalists seeking union with Ireland fought British security forces and mainly Protestant loyalists determined to remain part of the United Kingdom.

A 1998 peace accord has mostly held, although militant nationalists have stepped up attacks in recent years and community relations remain fragile, with riots erupting every few months.

Monday's council decision means the British flag will be flown over city hall on 17 designated days including public holidays each year, as is the case at the provincial assembly at Stormont in the British-controlled province.

Until then, it had flown above the provincial capital's city hall every day since it opened a century ago, a symbol for many Catholic nationalists of Protestant domination.

Its removal has turned the tables, sparking fears of growing nationalist power.

"It's not just that the flag has come down, loyalists really sense that everything is about concessions," said Peter Shirlow, professor of conflict transformation at Queen's University. "Rightly or wrongly they sense that this is a one way process."

The violence, he said, was a sign that while loyalist paramilitaries have not in the past reacted violently to killings by dissident Irish nationalists, they may in future.

"It's a sign that it's getting harder to maintain the peace process within loyalism," he said. "Whether that breaks down is a different matter, but I think it's harder to hold the line." (Reporting by Ian Graham and Conor Humphries; Editing by Sophie Hares)

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Torres fires Chelsea to win at Sunderland, QPR set record

By Martyn Herman

LONDON (Reuters) - Fernando Torres scored twice as third-placed Chelsea won 3-1 at Sunderland to record their first Premier League victory under interim manager Rafael Benitez on Saturday.

The often-criticised Spaniard struck twice in the first half, his second from the penalty spot, and he almost completed a hat-trick shortly after halftime when his ferocious shot rebounded off the woodwork for compatriot Juan Mata to tap home.

Bottom club Queens Park Rangers set an unwanted Premier League record when a 2-2 draw at Wigan Athletic meant they have failed to win any of their first 16 matches.

Two Mikel Arteta penalties helped Arsenal to a 2-0 home win over West Bromwich Albion, a first victory in four league games moving the Gunners up to sixth.

Norwich City are unbeaten in 10 matches in all competitions after a 4-3 victory at Swansea City although Michu's double for the Swans after the break nearly helped the home side make an unlikely escape having trailed 3-0 at halftime.

Southampton climbed out of the relegation zone above Sunderland with a 1-0 defeat of second-bottom Reading while Aston Villa and Stoke City produced a dull 0-0 draw.

Leaders Manchester United face champions Manchester City on Sunday protecting a three-point advantage over their neighbours.

Torres had gone two months without scoring a Premier League goal but after scoring twice in his side's 6-1 thrashing of Nordsjaelland in the Champions League in midweek El Nino appears to be re-discovering some confidence in front of goal.

"Torres was always around but we needed to create more chances for him and he will score goals," Benitez, who can land some early silverware when he takes his side to the World Club Cup in Japan next week, told Sky Sports.

CLASSY FINISH

He struck in the 11th minute with a classy finish from Eden Hazard's cross and doubled the lead on the stroke of halftime when he sent Sunderland keeper Simon Mignolet the wrong way from the penalty spot.

Surprisingly it was the first penalty Torres had taken in English football.

Mata was on hand to make it 3-0 in the 49th minute when he converted a rebound after Torres let fly with his left foot and the ball cannoned against the crossbar.

Sunderland, who are heading for a relegation battle, responded with Adam Johnson's sweetly struck shot but Chelsea stood firm in the face of some belated home pressure to move to 29 points, seven behind leaders Manchester United.

QPR drew for a third match in a row since Harry Redknapp replaced Mark Hughes as manager and remain rooted to the bottom of the table having surpassed the 15-match winless streak from the start of a Premier League season recorded by Swindon Town.

Djibril Cisse had given the London side hope of a win when he shot them ahead after 70 minutes but James McCarthy deprived them of an unwanted place in the record books.

Arsenal were good value for their win against West Brom but the main talking point was an apparent dive by Santi Cazorla in the 26th minute which allowed Arteta to score from the spot.

There was no question about the legitimacy of Arsenal's second penalty in the 64th minute when Alex Oxlade-Chamberlain was taken out in the area by Chris Brunt.

Swansea may have lost at home to Norwich in a thrilling encounter in south Wales but Michu's stock is soaring after he underlined his position as the Premier League's top scorer with 12 since his move from Rayo Vallecano.

Goals from Steven Whittaker, Sebastien Bassong and Grant Holt had given Norwich a 3-0 lead at halftime. (Reporting by Martyn Herman; editing by Tony Jimenez and Alison Wildey)

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Canada approves Nexen and Progress Energy bids

By Michael Erman and David Ljunggren

NEW YORK/OTTAWA (Reuters) - Canadian authorities approved the acquisition of Nexen Inc by China's CNOOC Ltd <0883.HK> on Friday, but said they would block virtually all new attempts by foreign state-owned enterprises to buy controlling assets in the country's vast oil sands.

The ruling, closely watched by investors and politicians alike, followed months of heated debate over how much of Canada's energy sector, and especially its oil sands, should be absorbed by companies run by other governments.

The Nexen deal is the largest successful foreign takeover ever by a Chinese company. Separately, Ottawa also gave the green light for the purchase of Progress Energy Resources Corp by Petronas of Malaysia.

However, with the rulings, Prime Minister Stephen Harper served notice that future investments by state-owned enterprises would face much tighter scrutiny.

Harper said the two approvals marked the end of a trend for the pro-business Conservatives.

"Foreign state control of oil sands development has reached the point at which further such foreign state control would not be of net benefit to Canada," he told reporters.

CNOOC bid $15.1 billion for Nexen, which is involved in oil sands in Canada and offshore production operations around the world. Petronas offered C$5.2 billion for Progress, a mid-size gas producer. Its offer had been rejected once and the Malaysian company was invited to reapply. Both suitors offered hefty premiums.

The Canadian dollar firmed against the U.S. currency after Reuters reported the CNOOC deal had been approved. The shares of both takeover targets went on a wild ride after the government announced it would announce its decisions and both finished lower as the market closed before the positive rulings were known.

The Harper government also said it would impose stricter conditions in the future on investments by state-owned enterprises in all sectors of Canada's economy and that it would welcome non-controlling minority investments by such enterprises in Canadian companies.

In approving the deal, the Canadian government said CNOOC made significant commitments on transparency, employment and capital investments.

The takeover was overwhelmingly approved by Nexen shareholders in September, but the Canadian government delayed approvals while it drafted a long-promised update to the rules governing investments by state-owned foreign companies.

It also had to deal with the qualms of some of its own members over whether companies from the communist country should be allowed to buy up Canadian energy assets.

Harper has wooed investors in China and elsewhere in Asia to deploy capital in the Alberta oil sands, the world's third-largest crude deposit, and in other resources. The requirements are far too large for Canadian companies to fund alone.

"I realize there were a lot of politics that went into this thing. But I think the overriding factor is that in order for Canada to be able to develop all those tremendous resources that they have is that they were going to need a lot of foreign capital," said Keith Moore, managing director at MKM Partners LLC in Stamford, Connecticut.

"I think they probably played it very well. By pushing back quite a bit they were probably able to get concessions in both these deals, in Nexen and in Progress."

The acquisition will give CNOOC control of Nexen's 43 percent stake in the Buzzard field in the North Sea, the most important contributor to the crude blend used to set the Brent crude price that serves as the international oil price benchmark.

It also includes oil production from Yemen, offshore West Africa and the Gulf of Mexico.

CNOOC also gains full control of Nexen's Long Lake oil sands project in northern Alberta, properties containing as much as six billion barrels of recoverable crude and a 7.2 percent stake in the Syncrude Canada Ltd joint-venture.

Industry Minister Christian Paradis turned down in October the C$5.2 billion bid for Progress by Petronas, but gave the Malaysian state-owned energy company a chance to make new representations.

The companies, which already have a joint venture in the Montney shale gas region of British Columbia, said this week they are advancing an C$11 billion liquefied natural gas plant on Canada's West Coast. They held out the prospect of bigger project if the takeover is approved because Petronas would have access to all of Progress's gas reserves.

Nexen shares ended down C$1.58, or 6.3 percent, at C$23.29 on the Toronto Stock Exchange on Friday. Progress fell 88 Canadian cents, or 4.4 percent. to C$19.37. Nexen's New York-listed shares surged to $26.94 in after-hours trading.

(Additional reporting by Solarina Ho, Euan Rocha and Alastair Sharp in Toronto; Writing by Jeffrey Jones; Editing by Frank McGurty, Bernard Orr, Tim Dobbyn, Leslie Gevirtz and Andre Grenon)

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Feted in Gaza, Hamas leader to attend "victory rally"

By Crispian Balmer and Nidal al-Mughrabi

GAZA (Reuters) - After receiving a hero's welcome on his return from decades in exile, Hamas leader Khaled Meshaal will attend a rally in Gaza on Saturday to mark the founding of his Islamist group and celebrate "victory" over Israel.

At least 200,000 Palestinians are expected to attend the outdoor event, which is likely to be used by Meshaal to promote Hamas's growing stature in the Arab world and push the case for reconciliation with its secular political rival, Fatah.

Meshaal, 56, is on his first visit to the Gaza Strip and was moved to tears on Friday by the ecstatic reception he received from flag-waving crowds as he toured the tiny territory, which is home to 1.7 million Palestinians.

His trip comes just two weeks after Hamas fought an eight-day conflict with Israel that killed some 170 Palestinians and six Israelis and ended with an Egyptian-brokered ceasefire.

Hamas claims it won the conflagration. Israel disputes this, saying it not only killed the Islamist group's military commander but also caused significant damage to its arsenal of rockets. The Israeli media largely ignored his visit to Gaza.

There is no denying the fighting boosted Hamas's standing in the region, winning it the support of Arab neighbours, many of whom used to treat the group as a pariah before the Arab Spring uprisings ushered in several sympathetic Islamist governments.

"Israel must now be fuming as it watches this Gaza victory," said Abu Waleed, 52, as he stood in a crowd on Friday, waiting to catch a glimpse of Meshaal, who survived a 1997 assassination attempt by Israeli Mossad agents in Jordan.

The rally on Saturday commemorates the 25th anniversary of the founding of Hamas and the start of the first Palestinian uprising, or intifada, against Israel in December 1987.

UNITY PLEDGE

The recent war will feature prominently, with a huge model M75 missile erected on the open-air stage to recall the rockets that were fired last month towards Tel Aviv and Jerusalem.

Local Fatah leaders are also due to attend - the first time Palestinian President Mahmoud Abbas's faction has taken part in such an event since at least 2007, when it fought a brief civil war with Hamas in Gaza that was won by the Islamist group.

"Meshaal's speech will outline the priorities of the Hamas movement in the coming future, and especially the implementation of reconciliation (with Fatah)," Hamas spokesman Sami Abu Zuhri told Reuters.

Clearly aware of the yearning amongst ordinary Palestinians for an end to the divisions that have weakened their cause on the world stage, Meshaal repeatedly returned to the subject during his many stops around Gaza on Friday.

"With God's will ... reconciliation will be achieved. National unity is at hand," Meshaal shouted through a microphone at the ruins of one house destroyed last month by an Israeli air raid that killed 12 civilians, including four children.

But reconciliation is easier said than done.

While Hamas promotes armed resistance against the Jewish state, Fatah says it wants a negotiated deal with Israel. Equally problematic, both are embedded in their power bases, with their own security forces that they do not want to give up.

Hamas's founding charter calls for the destruction of Israel but its leaders have at times indicated a willingness to negotiate a prolonged truce in return for a withdrawal to the lines established ahead of the 1967 war, when Israel seized East Jerusalem, Gaza and the West Bank.

Nonetheless, it says it will not recognise the Jewish state officially, and is viewed as a terrorist group by Israel, the United States and most Western governments.

Meshaal ran Hamas from exile in Syria from 2004 until January this year when he quit Damascus because of Iranian-backed President Bashar al-Assad's war against Sunni Muslim rebels, whose religion and politics are closer to those of the Palestinians. He now divides his time between Qatar and Cairo.

His abrupt departure from Syria initially weakened his position within Hamas: ties with Damascus and Tehran had made him important, but with those links damaged or broken, rivals based within Gaza had started to assert their authority.

Despite regaining the initiative during the Israeli conflict, working closely with Egypt to secure the truce, he says he plans to step down as leader shortly.

Hamas has been staging a secretive leadership election for the last six months and some insiders said the huge welcome Meshaal has received on Gaza's pot-holed streets will put pressure on him to stay on as the group's overall chief. (Additional reporting by Marwa Awad; Editing by Michael Roddy)

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Tokyo's Nikkei share average opens up 0.02 pct

Fri, Dec 07, 2012 at 05:42

TOKYOS-NIKKEI-SHARE-AVERAGE-OPENS-UP-002-PCT:Tokyo's Nikkei share average opens up 0.02 pct

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TOKYO (Reuters) - Japan's benchmark Nikkei average opened up 0.02 percent at 9,547.14 on Friday, while the broader Topix gained 0.06 percent to 789.23.

(Reporting by Tokyo markets team)

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Asia shares edge higher, focus on U.S. jobs

By Chikako Mogi

TOKYO (Reuters) - Asian shares ticked up to a 16-month high on Friday following modest overnight gains in global equities as investors watched progress in U.S. budget talks and awaited U.S. nonfarm payrolls data later in the day.

The euro hovered near a one-week low against the dollar, having fallen after the European Central Bank painted a bleak outlook for the euro zone and discussed cutting interest rates at its policy meeting on Thursday when it kept rates steady.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent, pulled up by a 0.7 percent increase in Australian shares with top miners supported by rebounding iron ore prices and banks recovering from losses.

South Korean shares opened up 0.2 percent while Japan's Nikkei stock average opened little changed.

"The main board is expected to rise on Friday, but gains will be limited in the absence of game-changing events since the last session as we await U.S. employment data," Cho Byung-hyun, an analyst at Tong Yang Securities, said of Seoul shares.

U.S. stocks advanced modestly while the FTSEurofirst 300 index of top European shares hit an 18-month closing high on Thursday, with bullish technicals, an improving global outlook and attractive valuations raising equities' appeal.

As superstorm Sandy disrupted U.S. economic activity, nonfarm payrolls in November are expected to have increased only 93,000, compared to October's 171,000 job gain, a Reuters survey of economists showed. The unemployment rate is seen holding steady at 7.9 percent.

"A soft number should reinforce the case for the Fed doves ahead of next week's FOMC meeting where QE is likely to be increased in order to at least offset the expiration of Operation Twist. Hence a soft report should hurt USD and vice versa," Sean Callow, senior currency strategist at Westpac bank in Sydney, said in a note.

At its December 11-12 meeting, the Federal Reserve is expected to announce a new round of Treasury bond purchases to reinforce quantitative easing, replacing the expiring programme called Operation Twist, under which it bought $45 billion of longer-dated bonds a month while selling its shorter-date holdings.

The dollar traded at 82.44 yen, sticking close to a 7-1/2-month high of 82.84 hit on November 22.

With little to show after a month of posturing, the White House and Republicans in Congress dropped hints on Thursday that they had resumed low-level private talks on breaking the stalemate over the "fiscal cliff" but refused to divulge details.

Markets have been keeping up hope that Washington would eventually avert some $600 billion of tax hikes and spending cuts scheduled to start in January. Economists have warned that failure by Congress to reach an agreement on deficit reduction could tip the U.S. economy back into recession, further weighing on the fragile global economy.

The euro steadied at around $1.2962, after falling nearly 1 percent to $1.2950 on Thursday for its biggest one-day loss in a month, and retreating from a seven-week peak of $1.3127 set mid-week.

ECB President Mario Draghi said on Thursday policymakers held a wide discussion on interest rates, leaving the door open to a possible cut in borrowing costs next year.

The bank's new staff projected gross domestic product in a range of a declining 0.9 percent to growing just 0.3 percent next year, suggesting contraction is far more likely than not. It forecast inflation of 1.1 percent to 2.1 percent next year.

U.S. crude futures inched up 0.2 percent to $86.43 a barrel.

(Additional reporting by Joyce Lee in Seoul; Editing by Kim Coghill)

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