Asian markets mixed ahead of Greece meeting

HONG KONG: Asian markets were mixed on Monday as investors awaited the outcome of a meeting later in the day aimed at finalising a bailout deal for Greece, amid a simmering budgetary impasse in Washington.

Tokyo rose 0.24 percent, or 22.14 points, to 9,388.94, Sydney gained 0.25 percent, or 11.2 points, to close at 4,424.2 but Seoul ended 0.15 percent, or 2.82 points, lower at 1,908.51.

Hong Kong closed down 0.24 percent, or 52.17 points, at 21,861.81 while Shanghai slid 0.49 percent, or 9.92 points, to finish at 2,017.46.

Eurozone finance ministers were to meet later Monday for their third effort to agree on unlocking a 31.2-billion-euro ($40.5-billion) slice of aid for Greece as it teeters on the verge of bankruptcy as nervous investors hope for positive news.

French Finance Minister Pierre Moscovici on Sunday offered some hope in the long-running saga to reach a deal for Athens, saying that ministers were "very close to a solution".

"I don't know if there will be an agreement tomorrow. I know it is possible and I want one," he said.

Europe's main stock markets fell at the start of trading on Monday ahead of the meeting on Greece, with London's benchmark FTSE 100 index of top companies down 0.26 percent at 5,803.98 points.

Frankfurt's DAX 30 shed 0.31 percent to 7,286.69 points and in Paris the CAC 40 dropped 0.40 percent to 3,514.86.

The mixed Asian trade came after US stocks rallied Friday on signs that holiday retail sales were off to a good start, with Walmart calling it the "best ever" Black Friday, the traditional discount sales day that kicks off the holiday shopping season.

That helped boost the Dow Jones Industrial Average by 1.35 percent to 13,009.68.

Investors were also looking out for news of a compromise in Washington that will avert the so-called fiscal cliff of spending cuts and tax hikes, which will likely send the economy into recession if it comes into effect.

Finding a new spending deal to replace the package, scheduled to come into effect on January 1, has been elusive in the bitterly-divided US Congress.

"Certainly from our perspective, we are sceptical about whether there has really been any progress in discussions regarding the US fiscal cliff," Angus Gluskie, managing director of White Funds Management in Sydney, told Dow Jones Newswires.

On currency markets the euro lost ground after hitting a seven-month high on the yen.

The single currency bought $1.2965 and 106.38 yen from $1.2973 and 106.90 yen in New York on Friday.

The euro had climbed above 107 yen in earlier Asian trade Monday but the unit quickly fell.

The dollar was also weaker at 82.01 yen against 82.40 yen in US trade.

However, the yen has been under pressure recently on expectations the country's central bank will unveil a new round of monetary easing next month.

Oil markets were also affected by Greek debt fears and the US fiscal cliff, analysts said.

New York's main contract, West Texas Intermediate (WTI) for January delivery, was down four cents to $88.24 a barrel in the afternoon, and Brent North Sea crude also for January eased 26 cents to $111.12.

"Having just enjoyed an unexpectedly strong week, global markets remain on a knife edge with uncertainty over Greece and the US taking centre stage again," said Jason Hughes, head of premium client management at IG Markets Singapore.

Gold was at $1,747.01 at 1030 GMT compared with $1,734.47 late Friday.

In other markets:

- Wellington rose 3.69 points, or 0.09 percent, to 4,012.03, its highest close since January 2008.

Contact Energy gained 1.38 percent to NZ$5.15 and Fisher & Paykel Healthcare was up 1.63 percent to NZ$2.50.

- Taipei was up 81.36 points, or 1.11 percent, at 7,407.37.

Leading smartphone maker HTC added 4.58 percent to Tw$251.0 while Hon Hai Precision was 0.87 percent higher at Tw$92.8.

- Manila rose 0.49 percent, or 27.08 points, to close at a record high of 5,579.42.

Philippine Long Distance Telephone added 0.4 percent to 2,510 pesos and Philippine National Bank increased 1.9 percent to 85.90 pesos.

- Singapore closed 0.51 percent, or 15.22 points, higher at 3,004.50.

Singapore Telecom rose 0.64 percent to finish at S$3.16 and property developer CapitaLand ended 0.59 percent higher at S$3.43.

- Jakarta ended up 0.61 percent, or 26.361 points, at 4,375.169.

Retailer Ramayana Lestari Sentosa jumped 11.63 percent to 1,440 rupiah and tin firm Timah rose 2.94 percent to 1,400 rupiah.

- Kuala Lumpur fell 0.40 percent, or 6.44 points, to end at 1,607.88.

Axiata Group shed 2.0 percent to 5.75 ringgit, while CIMB Group Holdings dropped 1.2 percent to 7.58.

- Bangkok gained 0.71 percent, or 9.15 points, to 1,290.85.

Coal producer Banpu jumped 5.35 percent to 394.00 baht, while Siam Cement lost 0.77 percent to 387.00 baht.

- Mumbai rose 0.16 percent, or 30.44 points, to 18,537.01.

GSK Consumer Healthcare, the local arm of GlaxoSmithKline, jumped 20 percent to 3,651.8 rupees on news that the parent firm planned to increase its stake in the local firm to 75 percent.

- AFP/de

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Logjam on FDI in Parliament: No consensus at all-party meet

NEW DELHI: NEW DELHI: An all-party meeting over the issue of FDI in multi-brand retail on Monday failed to break the Parliament logjam with the government appealing to opposition parties to reconsider their demand for a debate under rules that stipulate voting and the latter remaining adamant.

After an over two-hour-long meeting held in the Parliament House, parliamentary affairs minister Kamal Nath told reporters: "It was a good meeting. Many members said the house must run...

"I will appeal to the parties demanding a discussion under rule 184 to reconsider their view, and I will discuss the sentiments expressed in the meeting with the presiding officers of the two houses."

With the opposition disrupting Parliament for the third consecutive day on Monday and earlier efforts by the government not succeeding, the all-party meeting was held to end the impasse. The government has maintained that it is ready to discuss the FDI in retail issue but does not want it to be put to vote.

The meeting, held in Parliament House, was chaired by leader of the Lok Sabha Sushilkumar Shinde and attended by finance minister P Chidambaram, parliamentary affairs minister Kamal Nath, commerce and industry minister Anand Sharma and agriculture minister and NCP chief Sharad Pawar.

Sources said the government has reached out to its outside supporters SP and BSP to muster the required numbers. SP chief Mulayam Singh Yadav held a meeting with Prime Minister Manmohan Singh before the all-party meeting where the FDI issue is understood to have come up for discussion.

Union ministers have also been in touch with BSP leadership on the issue. BSP is pressing for passage of the reservation in promotion for SC/ST bill in Rajya Sabha, the sources said.

Union minister Ghulam Nabi Azad had met UPA ally DMK's chief M Karunanidhi on Sunday in Chennai to discuss the FDI issue. DMK has opposed the decision.

Leader of the opposition in Lok Sabha Sushma Swaraj, her Rajya Sabha counterpart Arun Jaitley, NDA working chairperson L K Advani, JD(U) chief Sharad Yadav, CPI(M) leader Sitaram Yechury, Reoti Raman Singh and Naresh Agrawal (both SP), T R Baalu (DMK), BSP leader Mayawati, her party colleague Satish Chandra Mishra, Sudip Bandyopadhyay (TMC) and Arjun Charan Sethi (BJD) were among those present.

Leaders of other parties, including from TDP, RJD, NC, RLD, SAD were also present.

(With inputs from agencies)

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GOP Starting to Rebel Against No-Tax-Hikes Pledge

With the fiscal cliff looming for the United States, some Republican members of Congress said today they are ready to break a long standing pledge not to raise taxes.

"The only pledge we should be making to each other is to avoid becoming Greece. And Republicans should put revenue on the table," South Carolina Sen. Lindsey Graham said on ABC's "This Week."

Read more of the discussion of the fiscal on "This Week" today.

Graham's comments followed those by another Republican senator, Saxby Chambliss of Georgia, who said last week he'll no longer abide by the pledge.

"I care more about my country than I do about a 20-year-old pledge," he said in a local interview.

He got support today from House member Peter King, another Republican from New York.

"I agree entirely with Saxby Chambliss -- a pledge he signed 20 years ago, 18 years ago is for that Congress," King said on NBC's "Meet the Press." He added, "The world is changed and the economic situation is different."

JIM WATSON/AFP/Getty Images

Sen. Lindsey Graham and Sen. Dick Durbin on 'This Week' Watch Video

Loathed and Loved: What We Never Knew About J.R. Ewing Watch Video

Read Matthew Dowd's analysis of the efforts to avoid the fiscal cliff.

This growing chorus is about the pledge that Americans for Tax Reform president Grover Norquist has gotten hundreds of Republicans to sign. But in an interview with ABC News, Norquist says it's just a few deserters.

"The people who have made a commitment to their constituents are largely keeping it," he said. "The fact is there is more support for both protecting the rates, you saw the Republican leader in the house say rates are non-negotiable, and he also talked about revenue coming from growth."

But President Obama has said rates will go up for the wealthy. There could be some political cover for Republicans if the country actually goes over the cliff. All the Bush era tax cuts would expire, including those for the wealthy. Congress could then vote to actually reduce taxes for everyone expect the rich. Therefore, they wouldn't technically raise taxes and violate Norquist's pledge.

But Nordquist said he doesn't think the public would buy those political moves, and he also doesn't think the country will actually go over the cliff.

"I think we'll continue the tax cuts. Not raise taxes $500 billion. Obama made the correct decision (by extending the Bush tax cuts) two years ago," Norquist told us.

Leading Democratic Sen. Richard Durbin also said he believes a deal is possible now that the Thanksgiving holiday break is over.

"We can solve this problem," he said on "This Week," adding: "There's no excuse. We're back in town."

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Egypt's Mursi faces judicial revolt over decree

CAIRO (Reuters) - Egyptian President Mohamed Mursi faced a rebellion from judges who accused him on Saturday of expanding his powers at their expense, deepening a crisis that has triggered violence in the street and exposed the country's deep divisions.

The Judges' Club, a body representing judges across Egypt, called for a strike during a meeting interrupted with chants demanding the "downfall of the regime" - the rallying cry in the uprising that toppled Hosni Mubarak last year.

Mursi's political opponents and supporters, representing the divide between newly empowered Islamists and their critics, called for rival demonstrations on Tuesday over a decree that has triggered concern in the West.

Issued late on Thursday, it marks an effort by Mursi to consolidate his influence after he successfully sidelined Mubarak-era generals in August. The decree defends from judicial review decisions taken by Mursi until a new parliament is elected in a vote expected early next year.

It also shields the Islamist-dominated assembly writing Egypt's new constitution from a raft of legal challenges that have threatened the body with dissolution, and offers the same protection to the Islamist-controlled upper house of parliament.

Egypt's highest judicial authority, the Supreme Judicial Council, said the decree was an "unprecedented attack" on the independence of the judiciary. The Judges' Club, meeting in Cairo, called on Mursi to rescind it.

That demand was echoed by prominent opposition leader Mohamed ElBaradei. "There is no room for dialogue when a dictator imposes the most oppressive, abhorrent measures and then says 'let us split the difference'," he said.

"I am waiting to see, I hope soon, a very strong statement of condemnation by the U.S., by Europe and by everybody who really cares about human dignity," he said in an interview with Reuters and the Associated Press.

More than 300 people were injured on Friday as protests against the decree turned violent. There were attacks on at least three offices belonging to the Muslim Brotherhood, the movement that propelled Mursi to power.

POLARISATION

Liberal, leftist and socialist parties called a big protest for Tuesday to force Mursi to row back on a move they say has exposed the autocratic impulses of a man once jailed by Mubarak.

In a sign of the polarization in the country, the Muslim Brotherhood called its own protests that day to support the president's decree.

Mursi also assigned himself new authority to sack the prosecutor general, who was appointed during the Mubarak era, and appoint a new one. The dismissed prosecutor general, Abdel Maguid Mahmoud, was given a hero's welcome at the Judges' Club.

In open defiance of Mursi, Ahmed al-Zind, head of the club, introduced Mahmoud by his old title.

The Mursi administration has defended the decree on the grounds that it aims to speed up a protracted transition from Mubarak's rule to a new system of democratic government.

Analysts say it reflects the Brotherhood's suspicion towards sections of a judiciary unreformed from Mubarak's days.

"It aims to sideline Mursi's enemies in the judiciary and ultimately to impose and head off any legal challenges to the constitution," said Elijah Zarwan, a fellow with The European Council on Foreign Relations.

"We are in a situation now where both sides are escalating and its getting harder and harder to see how either side can gracefully climb down."

ADVISOR TO MURSI QUITS

Following a day of violence in Cairo, Alexandria, Port Said and Suez, the smell of tear gas hung over the capital's Tahrir Square, the epicentre of the uprising that toppled Mubarak in 2011 and the stage for more protests on Friday.

Youths clashed sporadically with police near the square, where activists camped out for a second day on Saturday, setting up makeshift barricades to keep out traffic.

Al-Masry Al-Youm, one of Egypt's most widely read dailies, hailed Friday's protest as "The November 23 Intifada", invoking the Arabic word for uprising.

But the ultra-orthodox Salafi Islamist groups that have been pushing for tighter application of Islamic law in the new constitution have rallied behind Mursi's decree.

The Nour Party, one such group, stated its support for the Mursi decree. Al-Gama'a al-Islamiya, which carried arms against the state in the 1990s, said it would save the revolution from what it described as remnants of the Mubarak regime.

Samir Morkos, a Christian assistant to Mursi, had told the president he wanted to resign, said Yasser Ali, Mursi's spokesman. Speaking to the London-based Asharq Al-Awsat newspaper, Morkos said: "I refuse to continue in the shadow of republican decisions that obstruct the democratic transition".

Mursi's decree has been criticized by Western states that earlier this week were full of praise for his role in mediating an end to the eight-day war between Israel and Palestinians.

"The decisions and declarations announced on November 22 raise concerns for many Egyptians and for the international community," State Department spokeswoman Victoria Nuland said.

The European Union urged Mursi to respect the democratic process.

(Additional reporting by Omar Fahmy, Marwa Awad, Edmund Blair and Shaimaa Fayed and Reuters TV; Editing by Jon Hemming)

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BMW collides into van at Buona Vista, no injuries reported

SINGAPORE: A black BMW collided into a van at the signalised junction of Holland Road and North Buona Vista Road on Saturday morning.

A member of the public, Grace Lee, sent video footage of the accident to Channel NewsAsia.

The footage was filmed from a dashboard camera in a taxi driven by her husband.

When the traffic light turned green, the van in front of the taxi went ahead.

Shortly after, the black BMW, coming from the taxi driver's right, went past the junction and hit the van.

The BMW ended up on a road divider.

No one was injured and investigations are still ongoing.

- CNA/xq

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Aam Aadmi Party reflects intellectual bankruptcy of Kejriwal: Digvijaya Singh

BHUBANESWAR: Ridiculing Arvind Kejriwal's Aam Aadmi Party, AICC general secretary Digvijaya Singh on Sunday accused the activist-turned-politician of adopting Congress party's theme to name his political outfit.

"It reflects the intellectual bankruptcy of Kejriwal," Singh told reporters in Bhubaneswar, while replying a question on the use of word "Aam Aadmi".

"Let Mr Kejriwal first get elected as an MP or MLA or even a municipal corporator," the AICC leader who was in Bhubaneswar to attend a function of All India Kshatriya Federation (AIKF) said, criticising the Kejriwal's political party.

Replying to a question on the Congress's B team in Odisha, Singh said "Let Naveen Patnaik and (Pyarimohan) Mohapatra decided what are they."

Both, the ruling BJD led by Naveen Patnaik and Odisha Jan Morcha (OJM), had been accusing each other as the "B" team of Congress.

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AP PHOTOS: Simple surgery heals blind Indonesians

PADANG SIDEMPUAN, Indonesia (AP) — They came from the remotest parts of Indonesia, taking crowded overnight ferries and riding for hours in cars or buses — all in the hope that a simple, and free, surgical procedure would restore their eyesight.

Many patients were elderly and needed help to reach two hospitals in Sumatra where mass eye camps were held earlier this month by Nepalese surgeon Dr. Sanduk Ruit. During eight days, more than 1,400 cataracts were removed.

The patients camped out, sleeping side-by-side on military cots, eating donated food while fire trucks supplied water for showers and toilets. Many who had given up hope of seeing again left smiling after their bandages were removed.

"I've been blind for three years, and it's really bad," said Arlita Tobing, 65, whose sight was restored after the surgery. "I worked on someone's farm, but I couldn't work anymore."

Indonesia has one of the highest rates of blindness in the world, making it a target country for Ruit who travels throughout the developing world holding free mass eye camps while training doctors to perform the simple, stitch-free procedure he pioneered. He often visits hard-to-reach remote areas where health care is scarce and patients are poor. He believes that by teaching doctors how to perform his method of cataract removal, the rate of blindness can be reduced worldwide.

Cataracts are the leading cause of blindness globally, affecting about 20 million people who mostly live in poor countries, according to the World Health Organization.

"We get only one life, and that life is very short. I am blessed by God to have this opportunity," said Ruit, who runs the Tilganga Eye Center in Katmandu, Nepal. "The most important of that is training, taking the idea to other people."

During the recent camps, Ruit trained six doctors from Indonesia, Thailand and Singapore.

Here, in images, are scenes from the mobile eye camps:

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After Sandy, World Hopes to Hear New US Voice on Climate Change

During a year with a monster storm and scorching heat waves, Americans have experienced the kind of freakish weather that many scientists say will occur more often on a warming planet.

And as a re-elected president talks about global warming again, climate activists are cautiously optimistic that the U.S. will be more than a disinterested bystander when the U.N. climate talks resume Monday with a two-week conference in Qatar.

"I think there will be expectations from countries to hear a new voice from the United States," said Jennifer Morgan, director of the climate and energy program at the World Resources Institute in Washington.

The climate officials and environment ministers meeting in the Qatari capital of Doha will not come up with an answer to the global temperature rise that is already melting Arctic sea ice and permafrost, raising and acidifying the seas, and shifting rainfall patterns, which has an impact on floods and droughts.

They will focus on side issues, like extending the Kyoto protocol — an expiring emissions pact with a dwindling number of members — and ramping up climate financing for poor nations.

They will also try to structure the talks for a new global climate deal that is supposed to be adopted in 2015, a process in which American leadership is considered crucial.

Many were disappointed that Obama didn't put more emphasis on climate change during his first term. He took some steps to rein in emissions of heat-trapping gases, such as sharply increasing fuel efficiency standards for cars and trucks. But a climate bill that would have capped U.S. emissions stalled in the Senate.

"We need the U.S. to engage even more," European Union Climate Commissioner Connie Hedegaard told The Associated Press. "Because that can change the dynamic of the talks."

The world tried to move forward without the U.S. after the Bush Administration abandoned the Kyoto Protocol, a 1997 pact limiting greenhouse emissions from industrialized nations. As that agreement expires this year, the climate curves are still pointing in the wrong direction.

The concentration of heat-trapping gases like carbon dioxide has jumped 20 percent since 2000, primarily from the burning of fossil fuels like coal and oil, according to a U.N. report released this week. And each year, the gap between what researchers say must be done to reverse this trend, and what's actually being done, gets wider.

Bridging that gap, through clean technology and renewable energy, is not just up to the U.S., but to countries like India and China, whose carbon emissions are growing the fastest as their economies expand.

But Obama raised hopes of a more robust U.S. role in the talks when he called for a national "conversation" on climate change after winning re-election. The issue had been virtually absent in the presidential campaigning until Hurricane Sandy slammed into the East Coast.

The president still faces domestic political constraints, and there's little hope of the U.S. increasing its voluntary pledge in the U.N. talks of cutting emissions by 17 percent by 2020, compared to 2005 levels.

Still, just a signal that Washington has faith in the international process would go a long way, analysts said.

"The perception of many negotiators and countries is that the U.S. is not really interested in increasing action on climate change in general," said Bill Hare, senior scientist at Climate Analytics, a non-profit organization based in Berlin.

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Clashes in Cairo after Mursi seizes new powers

CAIRO (Reuters) - Angry youths hurled rocks at security forces and burned a police truck as thousands gathered in central Cairo to protest at Egyptian President Mohamed Mursi's decision to grab sweeping new powers.

Police fired tear gas near Tahrir Square, heart of the 2011 uprising that toppled Hosni Mubarak at the height of the Arab Spring. Thousands demanded that Mursi should quit and accused him of launching a "coup".

There were also violent protests in Alexandria, Port Said and Suez.

Mursi on Thursday issued a decree that puts his decisions beyond any legal challenge until a new parliament is elected. Opponents immediately accused him of turning into a new Mubarak and hijacking the Egyptian revolution.

"This is the point of no return for Mursi. He has dug himself deeper in a hole and won't know how to get out of it," said Ahmed Saleh, an activist who said many would stay in Tahrir square until Mursi withdrew the decree.

"The people want to bring down the regime," shouted protesters in Tahrir, echoing a chant used in the uprising that forced Mubarak to step down.

The United States, the European Union and the United Nations expressed concern at Mursi's move.

Mursi's rivals condemned him as an autocratic pharaoh who wanted to impose his Islamist vision on Egypt.

The president's aides said the decree was intended to speed up a protracted transition to democracy that has been hindered by legal obstacles

"I am for all Egyptians," Mursi said on a stage outside the presidential palace, adding that he was working for social and economic stability and remained committed to the revolution.

JUDGES MEET

Egyptian judges will meet on Saturday to respond to Mursi's move, which put him above the judicial oversight. The judges could threaten to go on strike, which would bring the judiciary to a halt.

Some non-Islamist political parties called for a million-strong march on Tuesday to demand that Mursi rescinds his decree.

But Islamist parties, including the Building and Development Party, accused Mursi's opponents of undermining the democratic process that brought him to office.

"Those calling for the downfall of President Mohamed Mursi have rejected democracy because President Mursi has been democratically elected by popular will," the party said in a statement. Mursi's decree would "save the revolution from the remnants of Mubarak's regime", it said.

Buoyed by accolades from around the world for mediating a truce between Hamas and Israel in the Gaza Strip, Mursi on Thursday ordered that an Islamist-dominated assembly writing the new constitution could not be dissolved by legal challenges.

Mursi, an Islamist whose roots are in the Muslim Brotherhood, also gave himself wide powers that allowed him to sack the unpopular public prosecutor and opened the door for a retrial for Mubarak and his aides.

TURBULENCE AND TURMOIL

The president's decree has consolidated his power but looks set to polarize Egypt further, threatening more turmoil in a nation at the heart of the Arab Spring.

In Alexandria, north of Cairo, protesters ransacked an office of the Brotherhood's political party, burning books and chairs in the street. Supporters of Mursi and opponents clashed elsewhere in the city, leaving 12 injured.

A party building was attacked by stone-throwing protesters in Port Said, and demonstrators in Suez threw petrol bombs that burned banners outside the party building.

Although Washington has praised Egypt for its part in bringing Israelis and Palestinians to a ceasefire on Wednesday, it expressed reservations about Mursi's latest move.

"The decisions and declarations announced on November 22 raise concerns for many Egyptians and for the international community," State Department spokeswoman Victoria Nuland said in a statement.

The European Union urged Mursi to respect the democratic process, while the United Nations expressed fears about human rights.

"The decree is basically a coup on state institutions and the rule of law that is likely to undermine the revolution and the transition to democracy," said Mervat Ahmed, an independent activist in Tahrir protesting against the decree.

Leading liberal Mohamed ElBaradei, who joined other politicians on Thursday night to demand the decree was withdrawn, wrote on his Twitter account that Mursi had "usurped all state powers and appointed himself Egypt's new pharaoh".

Almost two years after Mubarak was toppled and about five months since Mursi took office, Egypt has no permanent constitution, which must be in place before new parliamentary elections are held.

An assembly drawing up the constitution has yet to complete its work. Many liberals, Christians and others have walked out accusing the Islamists who dominate it of ignoring their voices over the extent that Islam should be enshrined in the new state.

(Additional reporting by Tom Miles in Geneva and Sebastian Moffett in Brussels; Editing by Giles Elgood)

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Pakistani Taliban claim blast near Shiite procession

PESHAWAR, Pakistan: The Pakistani Taliban on Saturday claimed responsibility for a bomb blast near a Shiite Muslim procession in northwest Pakistan that killed seven people.

"We carried out the attack against the Shiite community," spokesman Ehsanullah Ehsan told AFP by telephone from an undisclosed location after the explosion on the outskirts of Dera Ismail Khan in Khyber Pakhtunkhwa province.

He said the Taliban had dispatched more than 20 suicide bombers across the country for attacks against the minority community.

"We have 20-25 fidayeen (suicide bombers) in the country to launch bomb blasts and suicide attacks," Ehsan said.

"The government can make whatever security arrangements it wants but it cannot stop our attacks."

- AFP/fa

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